Startups End a Bruising 2022, Stare Down Another Challenging Year

Startups had a dismal year by nearly every measurement in 2022, from plummeting investment to scarce public listings, and data point to a 2023 that could be even more difficult.

As markets tanked in early 2022, many startup executives and investors were confident that a record amount of venture capital waiting to be spent—known as dry powder—and a lingering enthusiasm for new tech trends would buffer Silicon Valley.