Launching a startup isn't easy. At each stage of scaling - from founding to product-market fit, from product-market fit to hyper growth, and from hyper growth to maturity - entrepreneurs face unique challenges. Greylock Partners hosted an event, called Greyscale, focused on these challenges at each stage. In the opening keynote, Jerry Chen of Greylock Partners discusses the state of enterprise software after the first quarter of 2016. He summarizes the private and public markets, M&A activity, and explains how this climate affects the startup environment.