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Angular Ventures: Coronavirus Impact Survey - Comment

Description: In an effort to support the community of early-stage founders, Angular Ventures surveyed 128 founders in Europe, Israel, and the United States.
We asked them how the Coronavirus has impacted their businesses and how they are responding.
This report is the result of that work.

Topics covered in the presentation slides:


1. May 7, 2020 Coronavirus: Impact & Response A global survey of early-stage technology founders
2. May 7, 2020 2 Gil Dibner Partner gil@angularventures.com @gdibner LON/TLV Anne Blum Head of Platform anne@angularventures.com @anneablum NYC Andrew Poesaste Associate andrew@angularventures.com @poetential LON Angular Ventures is a venture capital fund based in London, Tel Aviv, and New York that backs early-stage enterprise tech companies from Europe and Israel. We typically invest between $250K and $1.5M anywhere from “day zero” to Series A.
3. May 7, 2020 3 “I believe, or perhaps hope, that the VC industry will take what I consider to be a more mature approach to financing startups, with less talk of unicorns and more focus on making ventures economically sustainable. Those ventures with the capacity for stunning valuations will retain that capacity, but all ventures will carry lower risk as a result.” CEO, UK proptech company “My concern is the influence on 2021-2022 customers budgets and priorities. We have been growing organically 2.5x each year in the past 3 years, we now expect this growth to be slowed.” CEO, Israeli drone company “Corporates and start-ups will adjust to this new normal. Selling over video-calls already worked, but now is necessary. Same for fundraising. The faster everybody adjust to the new normal, the less impact Covid19 will have to the economy. Big corporates are all saying: it's business as usual but adjusted to the new normal.” CEO, Dutch SaaS company “Our current strategy is to stay alive by any means possible and be top of mind for when customers are ready to buy again.” CEO, Romanian edtech company “Overall, I'm cautiously optimistic about our chances of survival, it’s looking likely we could thrive. If we can raise sometime in the next 6 months, I believe we could dominate the space.” CEO, UK transportation company In an effort to support the community of early-stage founders, Angular Ventures surveyed 128 founders in Europe, Israel, and the United States. We asked them how the Coronavirus has impacted their businesses and how they are responding. This report is the result of that work.
4. May 7, 2020 4 Founder, 97% Survey demographics 34% 30% 17% 14% 5% 1% 1-5 6-10 11-20 21-50 51-100 Over 100 Number of employees Europe, 37% UK, 29% Israel, 23% USA, 6% Other, 5% 84% 4% 2% 2% 2% 2% 5% CEO CTO COO VP Eng. VP Mktg / CMO VP Sales / CRO Other Job title 16% 23% 36% 20% 2% 4% Pre-revenue Early POC revenue Less than $1M/year $1M-$5M/year $5M-$10M/year $10M-$25M/year Revenue level 12% 34% 39% 11% 3% 2% None Pre-seed / angels Seed Series A Series B or later Other Funding stage
5. May 7, 2020 5 Contents 1 2 3 4 5 6 Concern & resilience Fundraising & runway Top-line impact Product considerations Marketing strategy Human capital 45% of founders are not confident their startup will survive the recession 53% of companies have 12 months or less of runway 58% of founders are already seeing a negative impact from Coronavirus on sales 47% of founders are changing their product offering in response to Coronavirus 55% of companies are eliminating or reducing the marketing spend 51% of companies are implementing pay cuts
6. May 7, 2020 6 Coronavirus Impact Survey: Concern & resilience
7. May 7, 2020 7 Coronavirus Impact Survey Fears & concerns • As a group, most founders are more concerned about the impact of the pandemic on the economy (81%) than they are concerned about the virus itself (13%) • 55% of founders we surveyed are confident their company will survive the recession • 9% of founders are very concerned that their company won’t survive the recession 81% 13% 6% More concerned about COVID-19 or its impact on the economy COVID-19's impact on the economy COVID-19 Neither 55% 37% 9% Concern of startup's survival during recession Not worried, startup will survive this recession Somewhat worried startup won't survive this recession Very worried startup won't survive this recession
8. May 7, 2020 8 Coronavirus Impact Survey Does revenue buy resilience? • Early stage companies that are pre-revenue or in early POC stages seem to be the most concerned about survival • There is also a high level of concern among substantially more mature companies, perhaps due to a higher cost basis “We're pre-product market fit. We can't iterate and improve without customers and feedback. Any leads we had, have gone cold. I think this has killed us.” - CEO of a UK SaaS pre-seed company 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Pre-revenue Early POC revenue Less than $1M/year $1M-$5M/year $5M-$10M/year $10M-$25M/year Concern level by revenue level Not worried, startup will survive this recession Somewhat worried startup won't survive this recession Very worried startup won't survive this recession
9. May 7, 2020 9 Coronavirus Impact Survey Most common concerns • Out of the major concerns listed, fundraising was the most frequently cited (58%) by founders • Declining sales (46%) and changing customer priorities (38%) completed the top three concerns “We were just about to close our pre-seed round when the virus arrived. All of our investors went cold and have pushed conversations with us out by 4-6 months.” - CEO of an Irish analytics company 58% 46% 39% 25% 15% 9% 9% 3% Fundraising in this environment and running out of cash Declining sales Customers deprioritizing startup's solution Team moral Reduction in employee productivity Pressure to reduce pricing Disappearance of marketing channels Layoffs Top concerns (up to three selected)
10. May 7, 2020 10 Coronavirus Impact Survey Back to normal? • 43% of survey respondents believe things will be back to normal by the end of 2020 • 59% of founders expect things will be back to normal by March of 2021 • 11% of founders believe things will never return to normal “While I expect in one year life will feel normal again, I expect the recession to take at least two years to overcome.” - CEO of an American hospitality company 1% 21% 21% 16% 13% 7% 7% 4% 11% April to June 2020 July to September 2020 October to December 2020 January to March 2021 April to June 2021 July to September 2021 October to December 2021 Sometime in 2022 or later Never Expectation for when things will "return to normal"
11. May 7, 2020 11 Coronavirus Impact Survey Optimism is not equally distributed • UK founders are the most pessimistic - only 48% stating things will return to normal by March 2021 • American founders are the most optimistic 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% UK Europe Israel USA Expectation for when things "return to normal" by region Never Sometime in 2022 or later October to December 2021 July to September 2021 April to June 2021 January to March 2021 October to December 2020 July to September 2020 April to June 2020
12. May 7, 2020 12 Coronavirus Impact Survey: Fundraising & runway
13. May 7, 2020 13 Coronavirus Impact Survey Fundraising slowdown • Venture investment in Europe and Israel in 2020 started at the highest pace on record for January and February – both were record months • In March, as the effects of Coronavirus became clear, the pace of investment started to drop off and dipped below last year’s levels 3,489 2,842 2,870 3,037 3,560 4,394 3,889 2,852 2,831 3,651 3,583 1,904 3,755 3,398 2,436 2,611 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Number of VC Investments (US $M, Europe & Israel) 2019 2020 Source: Angular Ventures Data
14. May 7, 2020 14 Coronavirus Impact Survey VC deals keep steady • Although the total investment amounts slowed in March and April, the number of deals done actually remains above last year’s levels Source: Angular Ventures Data 182 157 154 184 194 197 218 103 194 228 180 152 197 213 174 194 100 120 140 160 180 200 220 240 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Number of VC Investments (Europe & Israel) 2019 2020
15. May 7, 2020 15 0 50 100 150 200 250 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr 2017 2018 2019 2020 US$M Total VC Investment Volume (Europe & Israel) Total volume of investments (US $M) Number of Investments Viewed over a longer time horizon, the first part of 2020 is still looking relatively strong. This picture does not match what many founders are seeing in the field. Why not? Part of the reason is the long lead time. Investments concluded in March or April may have been sourced in January or February, well before the scope of the Coronavirus slowdown became clear Source: Angular Ventures Data Source: Angular Ventures Data
16. May 7, 2020 16 Coronavirus Impact Survey Into a new era • 1Q20 saw the lowest annual growth rate in quarterly VC investment volume across Europe & Israel in over three years • This comes after two distinct periods of acceleration (in 2017 and 2019) • VC investment in April 2020 was down 14% from April 2019, a figure that doesn’t bode well for 2Q20 activity 9.3% 40.1% 79.7% 39.8% 43.2% 12.7% 11.2% 32.5% 57.7% 69.2% 53.7% 40.4% 3.5% -14.0% 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 April 20 VC Investment, YoY growth rate by quarter (Europe & Israel, US $M) Source: Angular Ventures Data
17. May 7, 2020 17 Coronavirus Impact Survey Runway is everything • Roughly half of early stage companies surveyed have 12 months or less of runway, not surprising given that most raise for 18 months • 37% have 12-24 months of runway • Only 8% are cash-flow positive 25% 28% 17% 20% 2% 8% 1 to 6 months of runway 7 to 12 months of runway 13 to 18 months of runway 19 to 24 months of runway More than 2 years of runway Positive cash flow Current runway (in months)
18. May 7, 2020 18 Coronavirus Impact Survey Runway drives perceived risk • Not surprisingly, shorter runways lead to higher levels of concern • Concern among positive cash flow companies may reflect companies operating on thin margins “I largely think the crisis will make life harder for startups. Having said that, I think the startups that will be most affected are startups that have immediate cash flow concerns and that are in a scaling phase.” - CEO of a UK construction pre-seed company 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 1 to 6 months of runway 7 to 12 months of runway 13 to 18 months of runway 19 to 24 months of runway More than 2 years of runway Positive cash flow Concern level by runway Very worried startup won't survive this recession Somewhat worried startup won't survive this recession Not worried, startup will survive this recession
19. May 7, 2020 19 Coronavirus Impact Survey Runway lengthening is an active process • Companies with longer runways typically engaged in aggressive cost-cutting to achieve that runway “As an early stage startup in high corona impact industry, we have to extend our runway as much as possible. We made cuts that would allow us to run for 24 months with only hands on staff.” - CEO of an American hospitality company 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 1 to 6 months of runway 7 to 12 months of runway 13 to 18 months of runway 19 to 24 months of runway More than 2 years of runway Positive cash flow Cost cutting by runway No costs cut Cut costs but no meaningful impact on runway Cut costs and added 1-3 months of additional runway Cut costs and added 3-6 months of additional runway Cut costs and added 7-9 months of additional runway Cut costs and added 10-12 months of additional runway Cut costs and added more than 12 months of additional runway
20. May 7, 2020 20 Coronavirus Impact Survey Big rounds help • 54% of Series A companies report 18+ months of runway • For seed companies, that drops to about 36% • Only 16% of pre-seed companies have over 18 months of runway • 66% of pre-seed companies have 12 months or less of runway, and 40% have less than six months 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% None Pre-seed / angels Seed Series A Runway (months) by last round of financing Positive cash flow More than 2 years of runway 19 to 24 months of runway 13 to 18 months of runway 7 to 12 months of runway 1 to 6 months of runway
21. May 7, 2020 21 Coronavirus Impact Survey Extending runway • Across our group of respondents, only 13% have not taken any actions to extend runway 13% 52% 46% 43% 30% 23% 17% 15% 14% 8% 6% No changes made or planned Reduced marketing spend Hiring freeze Reduced or eliminated office space/rent Significant changes to the product roadmap and timing Across-the-board salary reductions Significant product changes Termination of service provider contracts Employee furloughs or unpaid leave Increased use of outsourcing Employee layoffs Actions taken to extend runway
22. May 7, 2020 22 Coronavirus Impact Survey Modest impact of cost cutting for most • 88% of companies surveyed have cut costs • About a quarter of those that cut costs failed to achieve any meaningful impact on their cash runway • 11% of companies have been able to cut costs to achieve more than 6 months of additional runway 18% 20% 28% 23% 5% 3% 3% No costs cut Cut costs but no meaningful impact on runway Cut costs and added 1- 3 months of additional runway Cut costs and added 3-6 months of additional runway Cut costs and added 7-9 months of additional runway Cut costs and added 10-12 months of additional runway Cut costs and added more than 12 months of additional runway Cost cutting to extend runway
23. May 7, 2020 23 Coronavirus Impact Survey Fundraising strategy • 17% of companies have begun fundraising immediately to ensure sufficient cash • 28% of companies have delayed their fundraising plans in response to the pandemic “We’re delaying fundraising and focusing on being break-even.” - CEO of an Israeli SaaS Series A company 17% 3% 5% 46% 17% 11% Beginning fundraising immediately to ensure sufficient cash Brought fundraising earlier by more than six months Brought fundraising earlier by less than six months Fundraising strategy has not changed Pushed fundraising back by less than six months Pushed fundraising back by more than six months Change in fundraising strategy
24. May 7, 2020 24 Coronavirus Impact Survey: Top Line Impact
25. May 7, 2020 25 Coronavirus Impact Survey ACVs • Companies in the survey had a wide range of ACVs (annual contact values): from under $100/year to over $500K/year • The most common ACV range was between $10K/year and $100K/year • We also asked founders about their go-to-market methodology and assigned each company to one of five categories 7% 10% 21% 42% 16% 4% Less than $100 per year Between $100 and $1,000 per year Between $1,000 and $10,000 per year Between $10,000 and $100,000 per year Between $100,000 and $500,000 per year Over $500,000 per year Average contract value 29% 25% 23% 19% 5% Self-service Inside sales Field sales Mixed (Inside & Field) Channel / Indirect Go-To-Market models used
26. May 7, 2020 26 Coronavirus Impact Survey Impact on sales • As expected, the majority of respondents (58%) reported that Coronavirus has negatively impacted sales • 19% reported that Coronavirus has had a positive impact on their sales “Customers don't want to pay right now even for vital services like rent, so they definitely aren't even thinking to pay for SaaS services.” - CEO of an American hospitality SaaS company 8% 11% 23% 31% 27% Sales have drastically increased Sales have slightly increased Sales have not changed Sales have slightly decreased Sales have drastically decreased Impact on sales
27. May 7, 2020 27 Coronavirus Impact Survey Sales cycle • Many respondents reported some negative impacts on sales cycles • 71% of respondents reported either a partial or significant slowdown in sales cycles • 23% reported that customers are “ghosting” them • 20% reported that budget priorities seem to be shifting away from their offering “Our entire pipeline of enterprise customers is frozen.” - CEO of a Romanian EdTech company 23% 36% 35% 20% 5% 15% 23% Some customers are disengaging or ghosting Significant slowdown in aales cycles Some slowdown in sales cycles Deprioritization of product Some key customer contacts have been laid off No impact on sales cycles Some customers are now more available Impact on sales cycles
28. May 7, 2020 28 Coronavirus Impact Survey Churn & pricing • 66% of respondents reported that Coronavirus has not yet had an impact on churn • In the two months since the Coronavirus emerged, nearly a quarter of companies have seen churn increase • 36% of companies reported some pricing pressure • 5% reported “significant” pricing pressure 3% 8% 66% 20% 3% Churn has drastically decreased Churn has slightly decreased Churn has not changed Churn has slightly increased Churn has drastically increased Impact on churn 5% 31% 64% Significant pushback on pricing Some moderate pushback on pricing from some accounts No pricing pressure Pricing pressure
29. May 7, 2020 29 Coronavirus Impact Survey Sales motion matters • Companies with strong channel/indirect sales motions are showing more resilience in sales “Hardware startups need face-to-face meetings! Zoom doesn’t cut it for us.” - CEO of an Israeli AgTech company 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Self-service Inside sales Mixed (Inside & Field) Field sales Channel / Indirect Sales by primary sales motion Sales have drastically increased Sales have slightly increased Sales have not changed Sales have slightly decreased Sales have drastically decreased
30. May 7, 2020 30 Coronavirus Impact Survey Sales motion & churn • Reports of increased churn seem concentrated in companies with sales motions that emphasize self-service or field sales • This may reflect the difficulty of rapidly spinning up an inside sales operation which – today – is the only way to effectively engage with customers 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Self-service Inside sales Mixed (Inside & Field) Field sales Channel / Indirect Churn by primary sales motion Churn has drastically decreased Churn has slightly decreased Churn has not changed Churn has slightly increased Churn has drastically increased
31. May 7, 2020 31 Coronavirus Impact Survey Churn concentrated at mid-range prices • While many companies are reporting moderate increases in churn, reports of dramatic increases in churn seem highly concentrated at the $1,000 to $10,000 ACV price point • This price point is large enough to get noticed (and cut) by distressed customers, but not high enough to signal deep customer commitment 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Less than $100 per year Between $100 and $1,000 per year Between $1,000 and $10,000 per year Between $10,000 and $100,000 per year Between $100,000 and $500,000 per year Over $500,000 per year Churn by ACV Churn has drastically decreased Churn has slightly decreased Churn has not changed Churn has slightly increased Churn has drastically increased
32. May 7, 2020 32 Coronavirus Impact Survey More money, more problems • The higher the ACV, the more likely a company is to report pricing pressure • Interestingly, there is also significant pricing pressure being reported by the sub $100/year ACV companies 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Less than $100 per year Between $100 and $1,000 per year Between $1,000 and $10,000 per year Between $10,000 and $100,000 per year Between $100,000 and $500,000 per year Over $500,000 per year Pricing pressure by ACV No pricing pressure Some moderate pushback on pricing from some accounts Significant pushback on pricing
33. May 7, 2020 33 Coronavirus Impact Survey: Product evolution in response to crisis
34. May 7, 2020 34 Coronavirus Impact Survey Product changes • 47% of early stage companies are taking steps to change their product offerings in response to the Coronavirus “We added cheaper, more self-service oriented options to our original enterprise only product.” - CEO of a German FinTech company 53% 26% 21% Product has not changed Changes to the product are planned Product has already changed Product changes
35. May 7, 2020 35 Coronavirus Impact Survey Everyone is changing their products • Companies of all stages are adjusting their products • It’s notable and potentially surprising that Series A+ companies are changing their products more aggressively than their earlier stage peers – potentially due to more experienced product teams and more engineering resources 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% None Pre-seed / angels Seed Series A Series B or later Product changes Product has not changed Changes to the product are planned Product has already changed
36. May 7, 2020 36 Coronavirus Impact Survey Specific product changes • The most frequent product changes involve improving self- service onboarding, reflecting an era where customer support is more challenging than ever • Some companies are also adding features to support remote work or new markets, such as healthcare • 6% of companies are “completely pivoting” their product 6% 15% 19% 25% 46% Completely pivoted the product Added features to support remote work Changes in product to support targeting a new market (e.g. healthcare) Improved self-service onboarding No planned changes to the product Product changes
37. May 7, 2020 37 Coronavirus Impact Survey: Marketing in a time of crisis
38. May 7, 2020 38 Coronavirus Impact Survey Marketing budgets • More than half of respondents indicated that they are eliminating or reducing their marketing budget in response to Coronavirus “We cut off all paid marketing and are only doing things for free, and only online (webinars, blog posts, partnerships).” - CEO of an Israeli enterprise SaaS company 14% 31% 3% 39% 13% Marketing budget has been increased Marketing budget has remained the same Marketing budget reductions are planned or likely, but haven't happened yet Marketing budget has been reduced Marketing budget has been eliminated Change in marketing budget
39. May 7, 2020 39 Coronavirus Impact Survey Marketing is changing • In addition to reducing marketing spend, most companies (63%) have changed their marketing content to reflect the situation • Only 26% of companies report no change in marketing content “We are changing our message to be supportive in the situation and not product pushing at all.” - CEO of an oil & gas SaaS company 26% 63% 11% Marketing content has remained the same Marketing content has changed to reflect the current situation Marketing has been put on pause for now Change in marketing content
40. May 7, 2020 40 Coronavirus Impact Survey Marketing stories • Companies are more likely to put their marketing efforts on pause if their sales are negatively impacted by Coronavirus • Companies that have dramatically increased sales are changing their content to reflect the current situation “As some segments are moving slower, we can invest more time on marketing and content to have a stronger playbook when deals start moving again.” - CEO of an Estonian HR SaaS company 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Sales have drastically decreased Sales have slightly decreased Sales have not changed Sales have slightly increased Sales have drastically increased Impact of sales on marketing strategy Marketing content has remained the same Marketing content has changed to reflect the current situation Marketing has been put on pause for now
41. May 7, 2020 41 Coronavirus Impact Survey Marketing agility • The higher the ACV, the more likely it is that a company has reduced its marketing spend • This may be due to increased market uncertainty coupled with long sales cycles “I think my market is going to sleep now and it's stupid to waste money trying to wake the dead.” - CEO of a German enterprise AI company 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Less than $100 per year Between $100 and $1,000 per year Between $1,000 and $10,000 per year Between $10,000 and $100,000 per year Between $100,000 and $500,000 per year Over $500,000 per year Marketing spend by ACV Marketing budget has been increased Marketing budget has remained the same Marketing budget reductions are planned or likely, but haven't happened yet Marketing budget has been reduced Marketing budget has been eliminated
42. May 7, 2020 42 Coronavirus Impact Survey: Tough HR decisions
43. May 7, 2020 43 Coronavirus Impact Survey Hiring strategy • 56% of respondents indicated that they have either scaled back hiring plans or implemented a complete hiring freeze “We’re implementing a hiring freeze and cutting (almost) all consulting and purchased services.” - CEO of an Estonian HR SaaS company 10% 34% 9% 9% 38% Increased the number of hires planned Hiring strategy has not changed Reduced the number of hires planned by up to 25% Reduced the number of hires planned by more than 25% Implemented a complete or near-complete hiring freeze Impact on hiring strategy
44. May 7, 2020 44 Coronavirus Impact Survey Hiring by runway • Companies with less runway are more likely to freeze hiring 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 1 to 6 months of runway 7 to 12 months of runway 13 to 18 months of runway 19 to 24 months of runway More than 2 years of runway Positive cash flow Hiring strategy by runway Increased the number of hires planned Hiring strategy has not changed Reduced the number of hires planned by more than 25% Reduced the number of hires planned by up to 25% Implemented a complete or near-complete hiring freeze
45. May 7, 2020 45 Coronavirus Impact Survey Hiring plans by region • American early stage companies have been the most aggressive in implementing hiring freezes with 50% choosing to do so • Israeli early stage companies are the most aggressive in terms of potential future hiring “We have accelerated hiring of key staff as appropriate candidates suddenly became available in the market.” - CEO of a UK construction company USA UK Europe Israel Hiring plans by region Increased the number of hires planned Hiring strategy has not changed Reduced the number of hires planned by up to 25% Reduced the number of hires planned by more than 25% Implemented a complete or near-complete hiring freeze
46. May 7, 2020 46 Coronavirus Impact Survey Pay cuts • Half of survey respondents are implementing pay cuts • Nearly a quarter indicated that across-the-board pay cuts have already taken place “We’re doing pay cuts to lengthen our positive cash flow capability while not firing any employees. All employees accepted the situation with understanding.” - CEO of an Israeli drone company 49% 15% 1% 13% 23% No pay cuts are planned Pay cuts are planned or likely, but haven't happened yet Only employees have taken a pay cut Only founders have taken a pay cut All founders and employees have taken a pay cut Pay cuts implemented
47. May 7, 2020 47 Coronavirus Impact Survey Pay cuts vary • Where companies are implementing pay cuts, they are most frequently between 10% and 20% • Some companies, however, are implementing far more severe pay cuts in an effort to survive the crisis • 30% of companies that have implemented pay cuts have cut pay by over 40% 5%6% 1% 12% 14% 62% More than 50%Between 40% and 50% Between 30% and 40% Between 20% and 30% Between 10% and 20% No pay cuts have been made Pay cut amounts
48. May 7, 2020 48 Coronavirus Impact Survey Layoffs • 76% of companies are not planning to lay off any staff • The companies that have conducted layoffs have mostly laid off less than 30% of their workforce 76% 10% 14% No one has been laid off, layoffs are not likely to happen Layoffs are planned or likely, but haven't happened yet Team members have already been laid off Companies planning layoffs 46% 42% 13% Between 0% and 10% Between 10% and 30% More than 30% Percentage of workforce laid off
49. May 7, 2020 49 Coronavirus Impact Survey Layoffs by runway expansion • Layoffs have been a key driver of increases in runway • 50% of companies which added 7-12 months of runway have already conducted layoffs 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% No costs cut Cut costs but no meaningful impact on runway Cut costs and added 1-3 months of additional runway Cut costs and added 3-6 months of additional runway Cut costs and added 7-9 months of additional runway Cut costs and added 10-12 months of additional runway Cut costs and added more than 12 months of additional runway Layoffs by runway expansion No one has been laid off, layoffs are not likely to happen Layoffs are planned or likely, but haven't happened yet Team members have already been laid off
50. May 7, 2020 50 Coronavirus Impact Survey Layoffs by region • Overall, Americans and Israelis have been the most aggressive in implementing and planning layoffs • European founders have been the least aggressive • This may be partially cultural, but may also reflect strong government support policies in European countries 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% USA Israel UK Europe Layoffs by region No one has been laid off, layoffs are not likely to happen Layoffs are planned or likely, but haven't happened yet Team members have already been laid off
51. May 7, 2020 For more resources, visit www.angularventures.com and subscribe to our weekly newsletter. ©2020 by Angular UK Opco Ltd. In compliance with applicable UK regulations, Angular Ventures is an Appointed Representative of Sapia Partners LLP (550103), a firm authorised and regulated by the Financial Conduct Authority (FCA).

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