Saskia Fiszel, Founder & COO at Virgil

For Series A startup founders and beyond, navigating the current landscape to finish 2024 on a high note requires two seemingly contradictory — yet logical — approaches.

For one thing, we all have now shifted the focus to profitability rather than vanity metrics. The old music of high-speed growth with no business model has run its course. The new tune is clear: profitability, profitability, profitability. And that’s excellent for building a sounder economy!

However, let’s be equally cautious with profitability-only blinders as we should be with growth-only mirages: 

Founders, in my view, are trying to change the world. And to do so, they must create innovation on a massive scale. We know this requires a huge deal of ambition. Creating a small, profitable SME is one thing, but creating a profitable AND disruptive business that changes the face of our economy is even greater. While being financially prudent is essential, it should not stifle the desire to transform the industries in which startup founders operate. In my view, the big challenge for start-ups in 2024 is to adopt responsible business practices while maintaining their ambitious goals. 

To remain competitive and make a real difference, start-ups must continue to innovate strategically. However, with scarcer resources, founders need to prioritize the most promising initiatives and focus on those with the greatest potential to create value, while avoiding dispersion. To be “successful” in 2024, there is no magic formula: we will have to be extremely selective and rigorous in steering the company as well as meeting deadlines to give innovation the place it rightfully deserves.

Loic Mocellin, Executive Coach, Startups Operating Partner

Don’t shut your ambitions down…

…at least not all of them!

Investments and startups’ valuations are not at their very best, you might have noticed that already! But that is not enough to make a crisis. It’s possibly enough to show a bubble that just burst after a couple of crazy decades. 

Assign your teams to “bread and butter” business. 

Don’t leave any low-hanging fruit on the tree.

Trust your management team to make the right decisions. 

Hire well, fire fast, out of respect for the hard workers.

By being pragmatic and resilient, you’ll be able to spend 20% of your time, along with your exec team, foreseeing what will happen beyond H2. Work on plans A, B, and C…and define in advance what will trigger them. When you’re in the heat of the moment, decisions can be irrational, and you might want to avoid that. 

Learn to listen to your emotions. Gain a clear understanding of what sets them off. Elaborate ways to channel them to be the great and inspiring leader they all need you to be. 

If you trust your teams to keep the engine going, they will trust you to make the best decisions in critical moments and to take the right turn.

Oh…and if you can’t manage, open up and find yourself a sparring partner. It’s your duty to work on yourself and challenge your status quo, so you can remain good at what you do.