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Data suggests that startup offices are valuable

Late in 2022, several business owners told me that they planned to revive the in-person work culture the following year to boost productivity and, in some cases, loyalty. Some of these business owners cited Elon Musk as an inspiration for this move. Over drinks, I spoke with one of the founders who assured me that they had no concerns about losing good employees because those who would leave because of a face-to-face requirement never really cared about the company’s mission to begin with.

Some of the original founders are dead set on coming back, but others aren’t sure what to do. Venture capitalists who are invested in their portfolio companies’ success may argue that increased productivity and profits can be achieved through face-to-face meetings. The counterargument is that remote work paves the way for more diverse and widespread hiring, which is good for morale and, well, the bottom line.

If 2023 isn’t the year of financial success, I don’t know what is. Kruze Consulting, a startup accounting firm, analysed the financials of more than seven hundred and fifty companies, uncovering quarterly revenues and expenditures totaling over $750 million and $300 million, respectively. I discussed his findings with Healy Jones, who oversees financial planning and analysis for Kruze. He believes the findings add nuance to the discussion.