Teams coming to market continue to be of high quality The idea that a tough macro environment has a Darwinian effect on the startup landscape - where only the 昀椀ttest survive - is re昀氀ected to some extent in investors’ sentiment on the quality of opportunities they have evaluated in 2023 compared to 2022. 39% of venture capital investors and 38% of angel investors stated in the 2023 survey that the average quality of founding teams they have taken into due diligence is greater this year compared to last. Just 14% of VCs and 17% of angels had the opposing perspective. How does the average quality of founding teams you have diligenced so far in 2023 compare to that of last year’s? Lesser No change 100 Higher 80 s t 60 n e d n o p s e r f o 40 % 20 0 VCs Angels Notes: VCs and angel respondents Sources: only. Respondents who selected “Unable to comment / Do not know” are excluded from the data. | 178