Navigating the Startup Storm: Lessons from 2023's Market Turbulence

Jose Kont is Managing Director of Cuantico, Venture Partner of Impacta VC and Member of the Central America Angel Fund Initiative, CAFI.

Last year, over 3,200 venture capital-backed startups were shut down. Despite each raising an average of USD 8.5 million, it was not enough to survive the downturn. A PitchBook report highlights that the actual figure is higher. Many closed their doors quietly as no one likes to publicly talk about a failure, especially due to the implications these closures have.

Therefore, if your Startup, Business, SME, or Project managed to remain self-sustainable, grew, reached break-even, increased billing, profits, or market share, etc., congratulations! You are among the few winners and this implies a commitment to continue working hard so that the macro conditions of 2024 do not impose themselves, but on the contrary, your long-term dream is one step closer.

In my case, I closed 2023 "a little sad..." because the growth of our company was 12% YoY, when our goal had been 20%.

This has led me to think that we humans are very strange (and I mainly speak for myself) because even though it was a great year for our company in business terms, still, at the end of the year, that did not translate into more happiness or a sense of accomplishment. Perhaps because we always see the grass greener on the neighbor's lawn? The truth is that we must be more grateful. If we ended 2023 with health and work, we are luckier than many other people, and that should lead to an attitude of gratitude.

"Be thankful for what you already have while you pursue your goals. If you're not thankful for what you already have, what makes you think you would be happy with more?" Roy T. Bennett.