1/ In April we surveyed 250 early stage founders about the impact of COVID19 on their startups.

Key differences between Europe/UK founders and US founders discussed below.

2/ Our survey of European/UK founders found they have:

https://abs.twimg.com/emoji/v2/... draggable="false" alt="💰" title="Money bag" aria-label="Emoji: Money bag">Raised much less capital ($500k on avg vs $1.5M in the US)
https://abs.twimg.com/emoji/v2/... draggable="false" alt="📉" title="Chart with downwards trend" aria-label="Emoji: Chart with downwards trend">Expect more negative impacts to their business from COVID19 (62% vs 43% in the US)

3/ European/UK founders have made deeper cuts:

https://abs.twimg.com/emoji/v2/... draggable="false" alt="👯" title="People with bunny ears" aria-label="Emoji: People with bunny ears">75% of European founders have cut team expense (vs 51% of US founders). This includes layoffs, furloughs, salary cuts, hiring freezes

https://abs.twimg.com/emoji/v2/... draggable="false" alt="✂️" title="Scissors" aria-label="Emoji: Scissors">95% of European startups have cut other expenses to extend runway (vs 80% of US founders)

4/ European/UK early stage founders may get hit harder by fundraising slowing:

https://abs.twimg.com/emoji/v2/... draggable="false" alt="👩🏽‍💻" title="Woman technologist (medium skin tone)" aria-label="Emoji: Woman technologist (medium skin tone)">Less European angels have been through tech downturns
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🇬🇧" title="Flag of United Kingdom" aria-label="Emoji: Flag of United Kingdom">UK angel environment driven by tax incentives
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🇪🇺" title="Flag of European Union" aria-label="Emoji: Flag of European Union">Lack of European preseed funds, need more like @seedcamp @speedinvest @pmoe @shemtovo

5/ Underrepresented founders are hit even harder by investor conservatism, pattern matching and "flight to quality." In crisis, it& #39;s more important than ever not to let diversity fall by the wayside.

Great read by @checkwarner https://medium.com/@checkwarner/investors-the-future-of-the-tech-industry-depends-on-us-8a384911ef86">https://medium.com/@checkwar...

6/ More European female founders say their gender has been a disadvantage in being an entrepreneur (58% vs 50% of US founders).

Great article by @JFLenhard in @crunchbase about our survey on COVID& #39;s impact on European and American founders: https://news.crunchbase.com/news/a-global-perspective-covids-impact-on-european-and-american-female-founders-vcs/1035/">https://news.crunchbase.com/news/a-gl...

7/ Something that gives me hope:

European female founders feel more supported by the founder community (58% vs 45% in the US).

Could be all the strong female networks here: @femstreet @diversityvc @zincvc @ThisIsYSYS @weareonetech @AdasList @bloomingfoundrs @angelacademe

8/ Founders in Europe/UK and other emerging ecosystems haven’t had the luxury of free flowing capital, so scrappiness is built into their DNA. Founders are taking decisive action, which gives me confidence.

Read the full report here https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇🏽" title="Down pointing backhand index (medium skin tone)" aria-label="Emoji: Down pointing backhand index (medium skin tone)"> https://medium.com/janeventurecapital/founder-survey-reveals-impact-of-covid-19-on-early-stage-startups-c3dbae129040">https://medium.com/janeventu...