It's a new era for start-ups: after two years of splendor, financing is becoming scarce at the rate of monetary tightening and the banking crisis is adding to doubts... without cutting off the tap. From now on, "there are on the one hand tech start-ups with a return on investment that will take a long time and on the other hand Treasury bonds, without risk, which with the rise in rates yield 5%" to the investors," explains Jared Fine, Technology partner in Boston, to Zone Bourse. In short, "raising funds has become more difficult." For the analysts interviewed, it is actually a change of cycle, especially in tech. This change of era, although considered healthy, could leave young shoots on the side of the road, in all sectors. "Some companies declare themselves bankrupt and are taken over by competitors," testifies Thomas Dupont-Sentilles, Technology and Life Sciences partner in Paris, who expects a wave of consolidation.