Founders of venture-backed companies are increasingly motivated by long-term impact rather than personal wealth, even as they face a more demanding fundraising environment, according to a new survey from Morgan Stanley. The study, conducted in partnership with research firm 8 Acre Perspective during the first quarter of 2026, polled 150 founders of private U.S. and Canadian companies that have completed at least a Series A round.
Nearly half of respondents cited making a positive difference as their primary reason for starting a company, while only 17% ranked wealth accumulation as their top motivation. The findings suggest founders are balancing growth ambitions with tougher trade-offs around capital, liquidity, and operational scaling.
Revenue expansion emerged as the leading business priority, cited by 63% of founders. Among companies generating more than $100 million in revenue, the emphasis on capital raising climbed to 59%. Liquidity planning is also central: 62% of respondents are considering or planning an initial public offering, with most expecting to move within one to two years. Secondary sales are on the table for 31%, and 22% are weighing acquisition opportunities.
Operational pressure remains intense. Eighty-four percent of founders said they feel continual pressure to make their businesses succeed, and 77% said they often feel like they are “building the plane while flying it.” Predictable financial performance was identified as the biggest barrier to liquidity events, ahead of broader market conditions or IPO timing. Nearly half cited inconsistent financial results as a major obstacle.
Artificial intelligence presents both an opportunity and a challenge. While 95% of founders agreed AI will be critical to their company’s future success, only 23% said they feel very well supported in keeping up with AI and emerging technologies. The survey also highlighted the importance of mentorship: nearly every founder reported having mentors, and those running larger businesses were more likely to describe mentorship as “very valuable.”
Founders expressed lingering frustration over fundraising decisions, particularly around valuations, equity dilution, and investor partnerships. One-third said they believe they gave up too much equity during fundraising rounds. Knowledge gaps around dilution, liquidation preferences, and investor alignment were common during earlier discussions.
Personal financial planning is becoming an earlier priority. More than three-quarters of respondents said working with a single firm for both investment banking and wealth management services would be valuable, reflecting how closely personal wealth is tied to business outcomes. This aligns with broader trends in the wealth management industry, where workers still want a human touch in advice, UBS finds in 22-country survey.
Mandell Crawley, Morgan Stanley’s chief client officer, noted that founders are making interconnected decisions at a breakneck pace, with implications extending well beyond the next financing round. The survey underscores the need for advisors to address both business and personal financial planning needs, as Morgan Stanley wealth chief signals a new compensation grid that may further integrate these services.
