Adapting to Endure

Sequoia Capital

Research

52 Pages

Sequoia Capital explains how founders can adapt to a higher cost of capital and a tougher fundraising climate. The deck frames the moment as a forced reset, noting 61% of software, internet, and fintech stocks traded below pre pandemic prices.

Date published: June 14, 2022

Key Takeaways

Runway mindset: PayPal had 7 months runway, so leadership cut costs and introduced fees.
Cost of capital: Fed funds expectations rose about 10x since September 2021, ending the free money era.
Comp reset: Nasdaq fell 28% from November, with deeper declines outside mega caps.
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