Insights By Accel
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Episode
49
The State of the VC Ecosystem amidst the COVID-19 Crisis
In this episode, we hear from Subrata Mitra and Prashanth Prakash, founding partners of Accel who were entrepreneurs before and have seen other downturns in the past, on their take on the COVID situation and how it impacts the VC ecosystem
Subrata and Prashanth share an on the ground view of the state of the VC ecosystem in India amidst the COVID situation and what to expect for the road ahead. They share advice for founders as they plan for the tough times ahead, along with learnings and observations from previous economic downturns, including some of the positive outcomes.
The podcast clears the air around what founders can expect the fundraising situation to look like in the next near future.
Notes:
01:27 — Comparing COVID-19 times with dot-com bubble burst and 2008 recession
06:23 — Efforts going on in the startup- VC ecosystem around helping fight COVID
09:50 — Current state of Indian VC ecosystem amidst COVID
13:00 — Assessing risk at a portfolio level
16:08 — Actionable advice to startup founders
20:20 — Planning for cash runway- time frame and approach
21:55 — Advice for founders looking to startup or in pre-PMF stage
24:30 — Fast forward: view of 24 months ahead
28:43 — Reinventing yourself in crisis times (link to the story of BookMyShow)
30:25 — Fundamental transformation of some sectors
31:13 — Dealing with anxiety
33:25 — Rapid Fire Round
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We’re building Passionfroot 1, an operating system for creators to manage their business.
We’re based in Europe and raised our $ 3.4m pre-seed round from Creandum and US angels such as Vlad (Webflow) and creators like Ali Abdaal.As we’re creating a new category and as the creator economy is global and mostly online, we’re building from Day 1 a global company and product that helps creators monetize around the world.
This brings a lot of complexities especially in terms of payments and taxes as our early users are based both in Europe and the US and deal with cross-border transactions.What are Do’s and Dont’s for European startups who have a global ambition and build products for a global customer base from Day 1. Anything you would do differently?
Thanks @pjbouten! Love how you’ve thought about incrementally shaping a category with a focus on product and service, and only then thinking about getting the message out there vs the other way around.
And totally agree on the distinctions and overlaps both self-serve and enterprise motions share.
Thanks, PJ, for taking the time to address questions from the great vantage of shaping Showpad into a global, enterprise SaaS brand!