Silicon Valley's Survival of the Fittest with Peter Walker of Carta

Peter Walker, Head of Insights at Carta, joins Nolan Church and Kelli Dragovich for a round 2 discussion to talk about the hidden currents reshaping the startup world.From the brutal reality of today's hiring landscape to the unexpected reasons top companies avoid IPOs, Walker challenges conventional wisdom, exploring how the "Big Stay" phenomenon and emerging equity models are redefining employee-company relationships. With startling data on fund performance and company shutdowns, this conversation poses a provocative question: Are we witnessing the end of the startup golden age, or the birth of a new, leaner ecosystem?*Email us your questions or topics for Kelli & Nolan: [email protected] Heretics is a podcast from Turpentine.🔥 Apply to join over 400 Founders and Execs in the Turpentine Network:https://www.turpentinenetwork.co/Support HR Heretics Sponsor:Metaview is the AI assistant for interviewing. Metaview completely removes the need for recruiters and hiring managers to take notes during interviews—because their AI is designed to take world-class interview notes for you. Team builders at companies like Brex, Hellofresh, and Quora say Metaview has changed the game—see the magic for yourself: https://www.metaview.ai/hereticsKEEP UP WITH PETER, NOLAN, + KELLI ON LINKEDINPeter: https://www.linkedin.com/in/peterjameswalker/Nolan: https://www.linkedin.com/in/nolan-church/Kelli: https://www.linkedin.com/in/kellidragovich/—LINKS:Carta:https://carta.com/data/—TIMESTAMPS:(00:00) Intro(00:29) Hiring Market Remains Brutal(05:06) Tenure Correlation in Layoffs(10:08) The "Big Stay"(10:15) Sponsor: Metaview(11:27) Venture Ecosystem Driven by Investor Returns(15:34) M&A Activity is Rising(17:22) Emerging Fund Managers Under Pressure(19:37) Employee Compensation Trends(21:16) Company Valuations(25:13) Dissonance Between IPO Market and Public Market Performance(29:14) Series A and Beyond Round Activity(32:05) Resetting Expectations in Venture(37:38) Emerging Models for Employee Equity(40:23) Equity Returning to the Pool(42:16) The 90-Day Exercise Window(43:48) Wrap This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit hrheretics.substack.com