The war in Ukraine; the CryptoCrash; the ongoing impact of Covid-19… these are wobbly times for the global economy, and in the tech world, startups are bracing for a tough period ahead. Investment firm Y Combinator has sent some no-nonsense advice to its alumni of startups suggesting how they should prepare.
It’s important reading for music/tech startups, but also worth reading by anyone in the music industry who licenses, works with and/or invests in startups.
“No one can predict how bad the economy will get, but things don’t look good,” suggested Y Combinator in an email to founders. “The safe move is to plan for the worst. If the current situation is as bad as the last two economic downturns, the best way to prepare is to cut costs and extend your runway within the next 30 days… it’s your responsibility to ensure your company will survive if you cannot raise money for the next 24 months.”
TechCrunch has published the email in full here.
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