Your investors have moved on from 2022. Have you?

The relocation story served a purpose. It explained the disruption, established the context, and for a while made founders appealing to circles that might otherwise have been more sceptical. That period is over — global investors have now seen enough 'exodus-2022' companies to form an opinion: those who got funded are not the ones with the most moving stories about leaving, but those who arrived with a clear position in a category.

There is a specific problem with origin narratives that outlive their usefulness: when a company begins with where it came from rather than what it is building, investors who came in on the displacement story find themselves asking whether the thesis still holds. Investors hearing the pitch for the first time see a company that cannot explain its current value.

The transition from origin story to category story does not require a rebrand, a new logo, or a new website. It requires a genuine answer to the question: what does this company do that no one else does, and why does it matter now? The necessity to formulate the answer clearly may feel uncomfortable. The displacement was real. The product may be strong. But great products in undefined categories do not close rounds. A company needs to set a new frame, with every consequent update — revenue milestones, product launches, new hires — being a part of the logic.

The founders who make a transition well have one thing in common: they start with where they are going, bring their perspective, and focus on being relevant.