The State of Startups in 2023 and 2024: A Conversation with Peter Walker of Carta

In this episode of HR Heretics, Nolan and Kelli chat all things “data from Carta” with Peter Walker, Head of Insights and Data Storytelling at Carta.They discuss Carta’s comprehensive report on startup compensation trends in H2 of 2023 influencing the flow of “dry powder” and the alarming increase in startup shutdowns. Peter proves VC’s will have less leeway in 2024 to throw good money after bad forecasting an even tougher year ahead.The team also discuss honesty in HR around equity structures, including liquidation preferences, and Peter offers advice for job candidates on evaluating startup offers with an investor's mindset. HR Heretics is a podcast from Turpentine.Share this with your friends, forward to your enemies. Hit subscribe now.This episode is brought to you by AttioAttio is the next generation of CRM. It’s powerful, flexible and easily configures to the unique way your startup runs, whatever your go-to-market motion. The next era deserves a better CRM. Join OpenAI, Replicate, ElevenLabs and more at https://bit.ly/AttioHRHereticsKEEP 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/TIMESTAMPS:(00:00) Intro: Peter Walker and Startup Compensation Trends(00:39) VC in 2023: Dry Powder and Capital Deployment(03:02) 2023's Investment Distribution: Early vs. Late Stage(07:43) Startup Shutdowns and Future Predictions(11.13) Sponsor Ad: Attio CRM(12:09) The M&A Market for Startups(15:05) The Impact of the Economic Shift on Startup Hiring and Industry Trends(21:59) Job Offers in Today's Market(22.30) Valuations and Equity in Job Negotiations(24:07) Key Questions Candidates Should Ask About Equity(25:34) Understanding Equity and Liquidation Preferences(27:59) Transparency in Startup Equity(30:17) Educational Resources and Support for Job Candidates(34:22) Options vs. RSUs in Late-Stage Companies(37:35) Startup Compensation(41:21) The Equity Dilemma: Exercising Options and Market Realities(42:32) Post termination Exercise Window(43:49) 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