‘The Negative Split: A Data-Led Framework for Founder Endurance’ notes that, like in a marathon, fatigue sets in during the later stages of the founder’s journey. Only the best runners are able to run the second half faster than the first.

The report is the brainchild of Itxaso del Palacio, General Partner of Notion, who, as a keen athlete and early-stage investor, has experienced the commonalities of elite performance. “I deeply believe that a healthy mind and body are the foundation of clarity and lasting performance. Every founder has different levels of resilience and unique ways of coping with pressure,” she says, adding that the report outlines a range of strategies for them.

The ‘Negative Split’ also reports on a survey of more than 100 venture capital-backed founders about their wellbeing and performance. The key findings include:

• Nearly 10% of founders work over 80 hours a week, but don’t report having experienced burnout. Only 30% of those working more than 80 hours a week reported experiencing burnout. Interestingly, around a half of the founders that reported to work between 50 and 60 hours a week reported having experienced this kind of exhaustion. This could indicate that burnout is not related to the number of hours worked, but rather the capacity to acclimate and adjust to stress

The report notes how managing energy is important for founders. Founding Partner of Seedcamp, Reshma Sohoni, comments: “Once that initial thrill of raising capital fades, the reality of scaling sets in fast. It’s a long and arduous journey that impacts every founder, regardless of background.”

• More than 40% of founders exercised for more than five hours a week. More than 70% of founders carve out at least 2.5 hours a week for exercise. Meanwhile, 42% of those surveyed practised mindfulness

The stamina that comes from physical training is also useful for pacing oneself for the founder’s journey. Suranga Chandratillake, General Partner of Balderton Capital, comments that investments last for an average of nine years, which means that time to rest also needs to be planned. “You have to balance the sprints and the critical periods with gaps for rest and recovery. What this looks like is different for every founder but every great one we’ve backed builds this into the very fabric of how they live and work.”

One founder, who has also been a professional athlete, shares his insight on the fears that can hamper one’s path to success. Tom Powell, Co-Founder and CEO of fintech company Bondaval and Former England 7s Rugby Captain, comments:  “I was never more nervous than right before a game. Fear is natural, and being a CEO is no different, it can be lonely and doubts creep in. In sport I learned to acknowledge those nerves, then apply logic and step forward anyway. As a founder, I remind myself that I chose this path, and that leading is a privilege.”

• Companies of 10-50 employees reported a better mental and physical health than smaller businesses. Mental health was particularly low in founders of very early-stage businesses. As companies grow, founders rated their own well-being as improving rather than deteriorating. With more people to share the load, the founder role shifts from sheer endurance to orchestrating support

While coaching doesn’t seem to be a magic bullet for everyone, half of the founders reported having a network of support.

• 50% of founders cited having a support system to lean on. This support network can come from peer founders or from family and friends. While some founders report finding coaching helpful, this source of support is not preferred by everyone

This is in line with the founder advice of Dr Wayne Diesel, high-performance coach who has worked with top teams in the NFL, NBA and the Premier League among others: “In sport, no athlete wins alone. The same is true in business: a CEO cannot carry the entire game. By surrounding themselves with exceptional talent across functions, founders can delegate, trust, and focus on where they add the most value.”

The report validates observations that partners at Notion Capital had already made from their work with founders of startup and scaleup companies. Kamil Mieczakowski, Partner of Notion, comments that there isn’t a playbook that investors can give founders to boost their stamina and protect their wellbeing. However, “What we can do is help create conditions that make endurance possible.” He adds: “Endurance rarely comes from isolation. It comes from community and connection. From leaning on partners, peers, mentors, or trusted advisors. From practical coping systems, whether through coaching, exercise, or blocking time off with family. And from knowing you are allowed to step back and reset without losing ground.”

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