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  "documentTitle": "cb q1 2024 ie outlook report",
  "authorId": "JPMorgan",
  "authorName": "J.P. Morgan",
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  "notes": "The slide uses an indexed line chart to show relative valuation changes from Q1 2022 to Q4 2023, paired with a detailed data table and qualitative commentary.",
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      "kind": "callout",
      "text": "IMPLICATIONS: Based on our Business Leaders Outlook survey, respondents said that declining tech valuations would have a negative impact on capital fundraising...",
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      "text": "Based on our Business Leaders Outlook survey, respondents said that declining tech valuations would have a negative impact on capital fundraising (67%), growth projections (42%) and cash runway (41%).",
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      "text": "Pre-money valuation index: 1.20",
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      "text": "TRENDS: Private company valuations typically lag public market pricing... Valuations have held up at the early stage as investors moved downstream.",
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      "text": "Sources: PitchBook, J.P. Morgan Business Leaders Outlook (BLO). More information on BLO can be found here.",
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      "text": "Mixed impact as valuation trends diverge",
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