Footnotes on Sequoia’s startup memo

May 30, 2022

Image Credits: Bryce Durbin/TechCrunch

Pitch Deck Teardown

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Sequoia takes things seriously. The storied venture firm is known to react to macro-economic events with grand memos aimed at portfolio companies, and sometimes the entrepreneurship scene at large. Most recently, Sequoia created a 52-slide deck, first reported by The Information, titled Adapting to Endure; the document reads like a follow-up course to its infamously ill-timed “Coronavirus: The Black Swan of 2020” memo of March 2020.

The firm is not always right in its prognostications — which is maybe why it stuck to internal musings instead of a Medium post this time — but it does do a service in providing a snapshot of how one of the most weathered, and successful, firms of all time thinks about a looming downturn.

“Our intention in gathering today is not to be a beacon of gloom,” the deck reads. “But we also believe that winning in the years ahead is going to depend on making hard, decisive choices confronting uncomfortable challenges that may have been masked during the exuberance and distortions of free capital over the past two years.”

Sequoia’s advice largely followed the same script that other venture firms have been using: extend runway, focus on sustainable growth and recognize that an economic recovery may be a ways away. There were, however, some tidbits that stood out, such as a subtweet I’m guessing is for Tiger Global and a precise explanation of how founders should define fluff these days.

For my full take on this topic, read my TechCrunch+ column, “Sequoia is the latest VC firm that wants you to take the downturn seriously.” In the rest of this newsletter, we’ll bring in a founder’s perspective on this moment in tech, a pitch deck teardown and a deal that may have flown under your radar this week. As always, you can support me by forwarding this newsletter to a friend or following me on Twitter or subscribing to my blog.

Let’s have a Heart to Heart

On Equity this week, Heart to Heart CEO Josh Ogundu joined us to talk about his perspective on the market for early-stage founders. Ogundu told us what he’s rethinking, the importance of honesty and what to do before considering a layoff. It’s not too often that we have guests on the show, so when we do, you know it’s going to be a good one.

Here’s why it’s important: So much of the advice, as this newsletter’s intro shows, has come from investors. Yet, founders are the ones living the change and making the hard decisions, so consider this episode an overdue reality check.

A ping-pong match between bulls and bears

Image Credits: Bryce Durbin/TechCrunch

Pitch Deck Teardown

Our own Haje Jan Kamps has started a weekly series in which he reviews a startup’s pitch deck in …read more

https://techcrunch.com/2022/05/28/footnotes-on-sequoias-startup-memo/

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