Tech startups are impacted by the shaky economy. But some are feeling it more than others.
That was the takeaway from our conversations Tuesday evening at a BBQ in Seattle’s Ballard neighborhood hosted by the Allen Institute of Artificial Intelligence.
We asked startup leaders the same question: On a scale from 1-10, how impacted is your business by the ongoing economic uncertainty — 1 being no impact at all, and 10 being the most severe impact.
Number: 1 or -1
Reason: “People have quit their jobs and they want to be independent and entrepreneurs. Being a creator seems like a great opportunity. Being a coach or a teacher seems like an awesome opportunity. That drives our licensing. Every user pays us a certain amount to make and edit videos.”
Reason: “The biggest impact for us right now is runway. It’s been dramatic. But our business, it still has strong fundamentals. We are in an industry that does well in economic [uncertainty].”
Reason: “I’m in biotech. Biotech has generally done pretty well [in downturns]. We are a little unique. We’re supported by sales and grants; we’re not supported by VC money. We’ve been all right.”
Reason: “There’s a positive side and a negative side. The positive is that we’re in affordable housing. Affordability is the biggest issue. We’re seeing huge demand. But from the macro-perspective, there’s housing costs, the housing market, cost of capital.”
Reason: “It’s a bad environment to be raising funding. But we’re self-funded. We are hiring. We’re just building our product for now. We just need people to be shopping and buying stuff.”