In the wake of the pandemic's easy money era, Alma CEO Louis Chatriot is pushing back against the 'growth at all costs' mentality that defined many startups. Speaking with Sifted, Chatriot criticized what he calls the 'bullshit' of startup hype, arguing that founders need to make hard choices rather than chase unrealistic valuations. The French fintech company, which has raised over €419 million in funding, is taking a more measured approach to growth.

Chatriot's comments come as the tech sector faces a sharp downturn, forcing many startups to lay off employees or shut down entirely. He points to the dangers of what he terms 'cardboard unicorns' - companies that appear valuable on paper but lack sustainable business models. The CEO emphasizes that building a real business requires focus on fundamentals rather than chasing the next funding round.

The conversation highlights a growing divide in the startup world between those still chasing hypergrowth and those advocating for more sustainable approaches. Chatriot suggests that the current market correction is separating truly viable businesses from those built on hype. His perspective reflects a broader shift in investor sentiment away from unlimited growth toward profitability and sustainable unit economics.