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David Spreng, CEO of Runway Growth, discusses getting the right funding for startups, the increase in new businesses during COVID-19, using debt for early-stage companies, and the role of AI in entrepreneurship.
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Quick takeaways
- Debt financing can be a viable option for late-stage startups to meet their financial needs, particularly if they have already raised significant venture equity.
- Artificial intelligence is an essential consideration for all companies as it has the potential to enhance efficiency, decision-making, and overall competitiveness, regardless of their core operations.
Deep dives
The Shift in Small Business Formation
Since the onset of COVID-19, there has been a significant increase in the number of new businesses formed, with approximately 450,000 new businesses opening every month. This is a 50% increase compared to pre-pandemic levels in 2019. While some may question whether this is too many, it is seen as a sign of a dynamic and healthy economy. It should also be noted that not all new businesses are meant to become large companies, and many of them may have only one employee or cater to niche markets.
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Listen to the best highlights from the podcasts you love and dive into the full episode