Jason says, "fortunes are made in the down market and collected in the up market." In today's VC Sunday School Jason and Molly discuss how a down market impacts early-stage investors (01:45). You will learn:

1. Risks to VC fundraising when valuations are down
2. If your investing process should vary depending on market conditions
3. How a down market impacts future returns
4. Why founders should have 18 months of runway
5. How founders can turn a down market into an advantage

Then, Molly chats with Emily Kirsch, Managing Partner of Powerhouse Ventures for a This Week in Climate Startups segment (25:53). Emily is a climate investor and they discuss:

1. Why Powerhouse is focused on software
2. Climate change's potential impact on GDP
3. How financial tools enabled the solar revolution
4. Regulations impacting climate investing
5. How different climate tech investors work together
6. The imbalance between climate tech founders and companies