"...we find that recession startups experience better long-term outcomes in terms of employment and sales growth (both driven by lower mortality) and future inventiveness. While funding conditions cannot explain differences in outcomes, a labor market channel can: recession startups are better able to retain their founding inventors and build productive R&D teams around them."

There is also a selection bias in the companies that do get funded, and the fact that they're coming out the door without a growth-at-all-costs culture.