Hello and welcome back to Equity, a podcast about the business of startups where we unpack the numbers and the nuance behind the headlines.

My name is Alex and this is our Wednesday show where we niche down to a single person, in this case, think about their work and unpack the rest.

Today we are talking about software, modern software that is, the stuff that's hosted on the

cloud and the startups busy building it. It's a topic I've been covering for roughly one to three to five billion years

most recently digging into changing investor preferences when it comes to the growth

profitability trade-off the massive slowdown in unicorn creation and whether or not startup valuations are done

correcting from prior highs to recent lows. Given the huge percentage of startups that build

software as their kind of core remit, I've been reading and parsing data on the topic from

Crunchbase and Pitchbook and Karta and CBN sites and most recently, Bessamer.

Bessamer is a venture shop with a lot of capital and investors that also does pretty useful data work on cloud trends, valuations, and data.

So I've chatted with Bessammer folks like Mary and Elliot and Byron quite often over the years, but today we are bringing a new voice on to Equity

from the firm.

And that is Janelle Tang, who, by the way,

has a great sub-stack called the next big Tang.

Janelle, welcome to the show.

Thank you so much for having me, Alex.

So glad to be on. And that was easily the show. Thank you so much for having me Alex so glad to be on.

And that was easily the longest scripted intro I've done in my entire life and I wrote it myself

and it wasn't that bad so I'm giving myself like a solid eight.

Whoa! Okay so Jeanette we have you on because you are a co-author of I'm giving myself like a solid eight. Ooh!

Okay, so Jeanette, we have you on because you are a co-author

of the Bessamer 2023 State of the Cloud Report.

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