For over a decade, startups have been religiously pursuing hockey stick growth.

But in 2025, we’ve discovered that’s not true anymore. Startups aren’t growing like they used to—so we’re discovering newer, more unfamiliar curves. Most strikingly, we now know what the shape of the downward curve looks like.

How startups and companies respond to the pressures of a new environment where growth is no longer easy can be represented through a melting ice-cream curve. And it has three distinct stages.

Praveen Gopal Krishnan explains in this episode of The Nutgraf. Tune in.

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You can also read this edition here: The melting ice-cream curve

Earlier edition referenced here: Founders are choosing respawning over resistance