“I think that the first question is, should they go to market for fundraising? I think that's a genuine question to ask within the founders. The second point is when you looking at the cash flow and whether the product is generating unit economics. Finally, I would also encourage the startup founders to think about the structure, because the default option is to go for direct equity, but there's a packing order in the capital structure. There's often a potential way to call for private debt as an example. There's also convertible or safe structure. So instead of a down round, potentially, you can structure a convertible and buy you more time to go for the market in 6 - 12 months.”

“First half of next year, I think it will still be pretty challenging for most people. For primary investment, the U.S. potentially will come back sooner than Asia. Asia will likely follow the sentiment that will be building up in the U.S. over the next few months or so. But given the geopolitical tension and also some of the events that will be happened according to the calendar in Asia, Q1 will be a little slow for fundraising for startups in asia. Q2 will be slowly coming back and potentially if we are in a good scenario, Q3 and Q4 will be quite vibrant. There's a lot of dependency such as inflation,”said Alfred.