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New research highlights how capital decisions, liquidity planning and trusted networks are reshaping the founder journey amid a complex market
Morgan Stanley today released a survey examining how founders of private companies are navigating growth, capital raising and the path to liquidity in a market where building and scaling a business increasingly requires managing multiple, overlapping decisions at once.
A survey of 150 founders at Series A and later-stage private companies in the U.S. and Canada indicated that the founder journey is becoming more operationally complex. While revenue growth remains the top priority, founders are simultaneously managing fundraising, liquidity planning, talent needs, ownership tradeoffs and personal financial decisions that are often closely tied to the future of their business.
The survey suggests that for many founders, liquidity remains the destination, but the route is less linear than it once appeared. Founders report sustained pressure to deliver results, uneven support across some of their most important challenges and growing recognition that early decisions around capital, control and partnerships can carry long-term consequences.
A companion Morgan Stanley at Work Liquidity Trends survey adds further context, suggesting that private-company liquidity planning is increasingly being treated as an ongoing business consideration rather than a single event tied to an IPO or acquisition.
"What comes through in this survey is that founders are not managing one defining challenge at a time. They are making interconnected decisions at a breakneck pace, often under pressure and with implications that extend well beyond the next financing round," said Mandell Crawley, Chief Client Officer at Morgan Stanley. "We see this in our work with clients through the Integrated Firm. Founders increasingly seek comprehensive solutions throughout the lifecycles of their companies and their personal wealth accumulation, from creation to capital raising to going public and beyond."
Research findings include:
- Growth remains the priority, but the path is increasingly demanding. Revenue growth ranks as the top business priority for founders surveyed, followed by capital raising. At the same time, 84% say they feel continual pressure to make the business succeed, underscoring how much of the founder role is defined by execution, not just vision.
- The cost of capital extends beyond the financing event itself. Founders generally report satisfaction with their fundraising decisions, but concerns remain around valuation, dilution and investor fit. One-third say they gave up too much equity, and the research points to a broader set of tradeoffs around ownership, governance and long-term flexibility.
- Internal readiness matters as much as market timing on the road to liquidity. When asked what holds them back from pursuing liquidity, founders point first to delivering consistent, predictable financial performance. Market conditions matter, but the research suggests many founders view execution and operational readiness as the more immediate barrier.
- Trusted networks can be a strategic advantage. Most founders rely on a relatively small group of close decision-makers, typically co-founders, executives and boards. At the same time, the research suggests mentorship and access to experienced networks are associated with better outcomes, particularly among founders leading larger companies and those with greater personal wealth.
- Founders want more than advice from financial partners. When asked what defines a founder-centric financial partner, respondents place the greatest value on access: introductions to investors, customers, talent and experienced operators. Responsiveness and deep equity expertise also rank highly, suggesting founders are looking for practical help at critical moments, not just products or transaction support.
- Business and personal financial planning are increasingly intertwined. The research suggests founders do not view company outcomes and personal financial goals as separate tracks. Most say integrated planning that connects personal wealth and business equity is appealing, and many place high value on working with a single firm that can support both business and personal needs.
The research also highlights areas where founders feel less supported. In one of the clearest gaps identified, 95% of founders say AI is critical to success, yet only 23% say they feel very well supported in that area, the lowest support score across the challenges measured.
Morgan Stanley is releasing the study in conjunction with its inaugural Founders Summit, a gathering focused on issues facing private-company founders, including growth strategy, capital raising, liquidity and leadership.
Methodology
The Founder Survey was commissioned by Morgan Stanley and conducted in the first quarter of 2026 in partnership with 8 Acre Perspective, an independent research firm. The study included 150 founders of private companies headquartered in the U.S. and Canada with 25 or more employees. Qualifying founders were required to be employed, have an active role in the company and hold 15% or more of the company's equity. All participating companies had raised venture capital and completed a Series A or higher fundraising round; 67% of participants were Series C+.
The Morgan Stanley at Work Liquidity Trends Survey, also referenced in the research, surveyed 150 senior leaders at private companies offering equity compensation plans.
About Morgan Stanley
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals.
About Morgan Stanley at Work
Morgan Stanley at Work provides workplace financial benefits and equity solutions designed to help companies support employees and manage growth across different stages of the business lifecycle.
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