A word from Slush In the startup community, we 昀椀nd ourselves facing a challenging chapter. Amidst layoffs and down rounds, it is safe to say that there have been sunnier days for founders and VC inves- tors alike. The European and global startup ecosystem has entered into a new reality, marking an end to easy access to capital, customers and talent — a reality where new rules apply. This new reality is evident in multiple ways, as this report shows. Valuation multiples for software companies have dropped by a third, and the European tech sector witnessed over 10,000 layoffs just in the 昀椀rst quarter of 2023. Additionally, the total capital invested in European startups has declined by half in comparison to the record-breaking year of 2021. Nevertheless, despite the evident challenges, we believe that this also marks the beginning of a promising new era for the European tech ecosystem. While this chapter certainly presents its di昀케culties, it also comes with many positive aspects for entrepreneurship in Europe, serving as a reminder to focus on what matters. 17 | A word from...