This was clearly borne out in the Upfront VC Survey where 62% of firms are advising companies to cut costs / burn as markets tighten Which statement best describes the spending behavior at most of the companies in which you are on the board or observe? Generally not too worried about burn rates 4% Don’t see much change from a year ago 35% Generally cutting costs expecting 62% markets to tighten 16 Source: Upfront Survey Jan 2016, 156 VCs.