Startup Snapshot, a data-sharing platform for the entrepreneurial ecosystem, recently released its latest report, The Untold Toll: The Impact of stress on the well-being of startup founders and CEOs.
Clearly, the emotional state of founders and entrepreneurs in any period, especially now in this economic environment, is a critical driver of success. Yet the emotional, cognitive, and physical toll that founding and leading a startup takes is dangerously overlooked and rarely spoken about.
Startup Snapshot is illuminating the current state of the startup mindset through global data collected from hundreds of founders in startups of all sizes, in all verticals. It’s the largest study of its kind. And it is honest and gritty, with no punches pulled.
- The startup grind takes a major toll on a founder’s mental health. 72% of founders reported that the entrepreneurial journey affected their mental health, 37% suffered from anxiety, and 36% from burnout.
- Founders are known for their innovative spirit, but in terms of therapy, they are stuck in the past. Only 23% of founders report going to a psychologist or coach.
- 50% of founders report a negative stigma around professional mental health support. Surprisingly, the stigma is higher for younger founders, with 59% of founders under 35 reporting a negative stigma, compared to only 47% of founders over 35.
- Founders mask the stress, and it catches up to them. 81% of founders reported they do not openly share their stress, fears, and challenges, worried that vulnerability could affect their reputation or chances of success.
- Venture capitalists need serious self-reflection as their portfolio companies don’t turn to them for support. Only 10% of founders reported that they talk to their investors about their stressors, worried that transparency could affect their chances of securing additional funding.
Startup Snapshot is continuing to research founder mental health, if you want to take part in normalizing the dialogue around this important topic, reach out to yael@ybenjamin.com.