Hello and welcome back to Equity, a podcast about the business of startups, where we break down the numbers and the nuances behind the headlines. This is our Wednesday show, where we zero in on a single topic, think of a question, and unpack the rest. This week, Natasha asked: How do early-stage founders think about this downturn? the inimitable Alex teamed up with her to interview Josué Ogundu, the founder and CEO of Heart to Heart on this timely topic. The question comes after Natasha’s recent Startups Weekly column, “Everyone is writing their own Black Swan startup memo.” The column analyzed a series of memos that venture capital firms sent to portfolio companies about the market downturn. Some were hopeful, some were simple, and some were mood checks as simple as: Can you tell us your ARR and cash usage in writing? Enough please? To flip the script, as we do here at Equity, we’re bringing in the founder’s perspective to verify these memos and tell us what it’s really like to be a founder. Ogundu told us what he is reconsidering, the importance of honesty and what to do before considering dismissal. It’s not very often that we get guests on the show, so when we do, you know it’s going to be good. Equity drops every Monday at 7am PT and Wednesday and Friday at 6am PT, so subscribe to us on Apple Podcasts, Overcast, Spotify, and all casts.