The prize for the people who survive is not insignificant. Sometimes you just have to accept reality and make a plan. When everyone's getting rich, it's easy to be cantankerous. I think Zapartino at Rowan Roman health saw the writing on the wall in October, November. We were able to raise capital in December of 2021 to buy insurance before insurance got very expensive. And then by January or February of 2022, we had already ripped up the approved budget and said, Hey, the budget we did in October,. November, December of 2021 is irrelevant. Now, the cost of capital has changed so much. You couldn't run as many projects because they were doing this time
Jason is joined by FirstMark Capital’s Rick Heitzmann, who started his investment career in 1999. They discuss “sobering up” after the 14-year bull run (1:55), Airbnb’s response to the downturn (7:38), how senior leaders must act as shock absorbers for their founders (26:30), and more!
(0:00) Jason kicks off the show
(1:55) Rick’s experience of the “Speculative Asset Bubble”
(7:38) Airbnb’s reaction to the downturn
(11:33) LinkedIn Jobs - Go to https://linkedIn.com/angel and post your first job for free
(12:58) Rick’s memory of the Dot Com bubble
(19:39) Advice for founders in a downturn
(22:27) Embroker - Use code TWIST to get an extra 10% off insurance at https://Embroker.com/twist
(23:29) How CAC and LTV have changed
(26:30) The emotional state of Founders and keeping them focused
(35:09) Term sheets in the Dot Com era and today
(40:06) Letterhead - get 50% off their first year at tryletterhead.com/twist
(41:21) Different forms of exits + Key attributes in founders
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