FirstMark told all portfolio companies to scrap 2022 budgets in January 2022
Rick Heitzman · Rick Heitzmann – New York Venture Investing at FirstMark Capital (EP.350) · Nov 13, 2023 · at 59:32
Rick Heitzman, founder and managing partner of FirstMark Capital, explains how the firm guided its portfolio through the market transition following late 2021 valuations.
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“In the fourth quarter of 21, we were budgeting for 22, with still a consensus in the broader market that the top three things that matter for your company in twenty-twenty-two were going to be growth, growth, and growth. And we went back in January of 22 across all of our companies and saying, the budget we did 60 days ago, we gotta throw out. That's no longer relevant in this environment. We're gonna have to change our priorities, we're gonna have to focus on path to profitability, unit economics, and capital efficiency”
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