A few days ago, Sequoia unveiled the memo it had sent to all of the start-ups in its portfolio to deal with the coronavirus. Between advice on the operational level and parallel with Darwinism, the famous American fund, which has supported companies like Apple, Google, Airbnb, PayPal, Cisco, Stripe, DoorDash or Instagram in almost half a century of existence, said in essence: be prepared for any eventuality, including the worst. This note with the evocative title – “Coronavirus: The Black Swan of 2020” – recalls the presentation “RIP Good Times” of Sequoia at the dawn of the subprime crisis in 2008.
If the economic crisis of the time had shaken the whole world for several years, the situation is very different with the Covid-19 epidemic which is currently raging in several countries around the world. Because in addition to the health crisis, there is an economic crisis which seems inexorable in the face of the free fall of world stock markets. In this context, it is difficult for start-ups and investment funds to predict what will happen in the coming months.
In a climate filled with uncertainties, François Véron, co-founder of Newfund, gives us his perspective on the current situation. What are the best practices and guidelines for a fund in these times of crisis? What is the impact of the coronavirus on investment funds? Is the financing chain of the French ecosystem in danger? What are the most feverish sectors? So many questions to which François Véron tried to provide answers in an exchange to find here: