Hello and welcome back to Equity, a podcast about the business of startups, where we unpack the numbers and nuance behind the headlines.

This is our Wednesday show, where we niche down to a single topic, think about a question and unpack the rest. This week, Natasha and Alex asked: How do founders hold two ideas in their heads: both that there is an economic downturn, but also that things are looking up for many industries?

After a series of episodes about the tensions within the downturn, this is a "good news, despite" episode.

• We started with a vibe check based on recent interviews with recently venture-backed founders, before getting into the bright spots from Q2 2022 data. 
• Then we spent some time talking about specific sectors enjoying fresh cash right now, including climate and European edtech.
• Geographically, Africa continues to be one to watch. The continent is set to have its best year yet.
• In the second half of the show, lean back and enjoy the riffing: we talk VC vacation homes, good news, and somehow end with tater tots.

We had a great time, and hope you like this show. We’re back Friday with our regular news roundup!

Equity drops every Monday at 7 a.m. PDT and Wednesday and Friday at 6 a.m. PDT, so subscribe to us on Apple Podcasts,Overcast, Spotify and all the casts.

Credits: Equity is produced by Theresa Loconsolo with editing by Kell. Bryce Durbin is our Illustrator. We'd also like to thank the audience development team and Henry Pickavet, who manages TechCrunch audio products.