We need to destigmatize down rounds in 2023

Holden Spaht
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Holden Spaht is a managing partner at private equity firm Thoma Bravo.


A new year is upon us, and with it comes uncertain, and uncomfortable, market conditions. Accompanying those conditions are equally uncomfortable decisions. For startup founders, determining which path is right for their business may require fundamentally rethinking the way they measure success.
The business climate in 2023 will be unfamiliar to many who founded a company in the past decade. Until now, a seemingly e

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