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They all have starters To navigate the turbulent economic landscape of 2023. But whether your company can survive depends on many factors, the viability and originality of your idea and the amount of money you have in the bank.
Of course, there are ways to survive and deal with the vicious economic cycle. Companies with long runways can avoid the hustle and bustle of the market, but to really grow and thrive, you need to have an idea that solves a real business problem.
At the start of the 2020 pandemic, many VCs extolled the virtues of “putting your head down and building a product.” If you’re at that stage, it’s not a bad way to look at this time. Test and drive the Storm in development, and things are improved when you have a product ready to go to market.
But if you’re trying to sell or maintain your position based on a customer base, it’s a different story. Although many CIOs predict that enterprise spending will remain the same or increase through 2023, that doesn’t mean good news for startups. When every line item in the tech budget is under intense scrutiny, you still have to convince key decision makers to keep your product in the mix.
Two trends have emerged from this area in the corporate startup space: There are many great startups – with VC funding – targeting specific problems that companies face. And there are companies that are expanding to look like platforms rather than single-issue solutions.
So does this mean 2023 will be a good year for corporate startups with product portfolios and long-term contracts? Do one-trick startups struggle — or fail? As expected, in this case it depends on which part of the company a company works in.
But perhaps the more important questions are: How important or unique is your product – what makes it stand out? And will you survive the cut? We talked to several early stage investors about the types of startups that are doing well in 2023 and which ones could be in for a rough ride in 2023.
Carefully evaluate the cost
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