The warning to navigators of the investors, who recommend caution, patience, control of expenses and efficient management to the ‘start up’, has to do with a change in the financing conditions that lead the former to be more selective. We are entering a period of adjustment to align the valuations of the companies with their growth and future profitability. Founders are asked to be good managers rather than skillful ‘raisers’.

The call to prudence of the large funds; Spartan recommendations from accelerators like Y Combinator; a situation of uncertainty; the invasion of Ukraine; the rise in rates; the results of the Stock Market, including the threat of a possible