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Capital market climate change

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What startups should do if the environment is worse than expected

By Ben Horowitz

"Hope that you feel this  Feel this way forever You can plan a pretty picnic But you can't predict the weather."

 --Outkast, Ms. Jackson

FORTUNE -- If you run a startup and are currently raising money, you probably planned for a somewhat different fundraising environment than the one you find yourself in today. You probably thought that valuations would be roughly MORE


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