We're in challenging, but favourable macro environment ' but from falling valuations, layoffs and a skewed path to profitability ahead, how are startups playing their cards in the current climate? As founders shift focus from growth at all costs back to business basics ' what are the new measures of success? Will VCs ever drop that dry powder? What are the bubbling macro trends shaping Europe's tech landscape? As optimism creeps back ' what is next for Europe's startups?