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Here, public markets provide the best basis for recalibrating private growth valuations because public markets tend to see the effects of decreased valuations first. For instance, in the current market (as the graph below shows), median public company software valuations have dropped from 12x forward revenue to 5x or less since highs in October 2021, representing an almost 60% decline. The same goes for fintech and consumer internet companies, which are also down over 70-80%.
A Framework for Navigating Down Markets
Martin Casado
This can happen when the individual subsystems each have a different goal, and it’s called *policy resistance*
Thinking in Systems
Blinkist
A far more important requirement is that they can work well in teams, often cross-disciplinary teams, they can see things in new ways, they can quickly learn and come up to speed on a new technique that seems to be required, and they are very good at adapting old methods to new situations.
_9c059607dd356dedbb3544de6a53a078_Background_Reading
d3c33hcgiwev3.cloudfront.net
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