Business leaders must prepare their ventures for a long, cold capital winter. Since November 2021, when technology stocks peaked, the market for initial public offerings and startup investing has nearly shut down.
Will things get better in 2023? After the worst year for stocks since 2008’s so-called Great Recession — which sent the Nasdaq down 33 percent and the S&P 20 percent lower — the short answer is no.
The best hope for business leaders seeking to raise money from other people is a rapid plunge in the inflation rate that calls off the Fed hawks who are pushing hard to raise interest rates until rising unemployment slashes workers’ bargaining power, so that wage and price increases remain below 2 percent.
