Morgan Stanley (NYSE: MS) released survey results showing founders of private companies are managing increasingly complex business decisions involving growth, capital raising and liquidity planning simultaneously.

The survey of 150 founders at Series A and later-stage private companies in the U.S. and Canada found that revenue growth remains the top business priority, followed by capital raising. However, 84% of founders report feeling continual pressure to make their businesses succeed.

The research indicates founders are managing multiple interconnected decisions including fundraising, liquidity planning, talent acquisition and ownership considerations. One-third of surveyed founders said they gave up too much equity during fundraising rounds.

"Founders are not managing one defining challenge at a time. They are making interconnected decisions at a breakneck pace, often under pressure and with implications that extend well beyond the next financing round," said Mandell Crawley, Chief Client Officer at Morgan Stanley.

When asked about barriers to pursuing liquidity, founders identified delivering consistent financial performance as the primary obstacle, ahead of market conditions. The survey suggests founders view operational readiness as a more immediate challenge than external market timing.

The study found a significant gap in artificial intelligence support, with 95% of founders calling AI critical to success while only 23% feel well-supported in that area. This represented the lowest support score across all challenges measured in the survey.

Most founders rely on small groups of decision-makers including co-founders, executives and board members. The research indicates that mentorship and experienced networks are associated with better outcomes, particularly for founders of larger companies.

Morgan Stanley commissioned the survey through independent research firm 8 Acre Perspective during the first quarter of 2026. All participating companies had completed Series A or higher fundraising rounds, with 67% at Series C or later stages.