A spate of layoffs is just the first sign of trouble for early-stage companies facing an economic downturn.
The layoffs, and the language around them, are a sharp departure from the optimism of the past two years, when venture capitalists passed around multimillion-dollar deals like canapés at a cocktail party. Soaring valuations and booming IPOs made startups seem like a safe bet, inspiring hundreds of new venture funds. Now, the party seems to be suddenly ending—and downsizing may signal even worse times ahead..
The mood among venture capitalists has already changed notably from 2021, says Kyle Stanford, a senior VC analyst at PitchBook. The enthusiasm has waned, in part, because of broader economic factors—rising interest rates, inflation, and geopolitical uncertainty—that have already created a downturn in public markets. It takes longer for those factors to affect private companies, but the mass layoffs in growth-stage startups are one indication that it already has.
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