Hello and welcome back to our regular morning look at private companies, public markets and the gray space in between.

We’ve dug into churn twice in the last week from an expert and data-based perspective. We’ve also spent a good amount of time talking to venture capitalists about how they are approaching today’s turbulent market.

This morning we’re adding to both conversations by bringing Menlo Ventures‘ Matt Murphy into the discussion. Murphy spent 16 years at Kleiner Perkins before joining Menlo Ventures in 2015. TechCrunch spoke with Murphy late last week, working to understand how startups should plan for what could prove a difficult Q2 and how churn expectations should adapt as the economy changes.

In Murphy’s view, Q1 startup results are likely to come in a bit better than some expect considering the how the quarter finished from a macroeconomic perspective. Q2, however, is a different beast. Murphy expects B2B startup growth to slow, which could make the world much harder for the cohort of startups with less than 18 months of cash; fundraising off slowing growth as valuations broadly dip is not a recipe for an enjoyable capital cycle.

So let’s talk about how Q2 is going to impact startups and how young companies might respond. After we get through the nitty-gritty stuff, I pulled a bit more from our interview as a treat, exploring what the Menlo Ventures investor thinks about the recent Notion deal, and how the firm’s portfolio is set up heading into a possible recession.