Equity JP Morgan's head of startup banking says 'Founder Mode' won't get you a unicorn
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Sep 18, 2024 
Ashraf Hebela, Head of Startup Banking at J.P. Morgan, brings a wealth of experience from his 13 years at Silicon Valley Bank. He discusses the declining unicorn creation rate since 2021 and how 'Founder Mode' might hinder progress. The conversation highlights emerging startup hubs like Seattle, Austin, and Miami, emphasizing the necessity for resilience and passion in today's founders. Hebela also addresses the rise of fintech and robotics investments, pointing out the shifts in the startup ecosystem beyond traditional tech hubs.
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Ashraf's Career Journey
- Ashraf Hebela's career began in software development after realizing economics wasn't for him.
- He transitioned to product management and later joined Silicon Valley Bank.
2021 Unicorn Boom
- The 2021 surge in unicorn creation was fueled by high liquidity and low interest rates, not solely entrepreneurial activity.
- This environment drove investment into alternatives like venture capital, benefiting innovative startups.
AI Advantage
- The current investment landscape favors AI-focused companies, creating a "haves and have-nots" situation.
- Non-AI startups face greater scrutiny on profitability and valuations.