The abrupt end to free-flowing venture capital has made it necessary for some founders of once high-flying unicorns to learn fast how to tighten their budgets and curb costs. But in actuality, only a tiny fraction of startups ever enjoyed the luxury of having millions to burn, even in the best of times.
A 2020 study by Kauffman Fellows and MaC Venture Capital found that startups with diverse founding teams produced a median return multiple of 3.26, as compared with 2.5 for startups with white founding teams. At least two previous studies have indicated a similar pattern for companies with women on their founding team.
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