SoftBank Group CEO Masayoshi Son had sobering words for startups, warning the economic downturn may last longer for them.

Companies large and small are beginning to experience a reversal of fortunes amid the downturn. While larger companies are already feeling the pain, Son is warning it could be worse for startups — largely because of their founders.

According to TechCrunch, Son says unicorn founders are placing too high a value on their companies, impeding their ability to secure funding.

“Unicorn companies’ leaders still believe in their valuations and they wouldn’t accept that they may have to see their valuations [go] lower than they think,” he said, according to company’s official translator.

“So until the multiple of listed companies is lower than those of unlisted companies, we should wait,” said Son, referring to a popular way investors assign value to firms. While saying the winter for public companies continues, he said startups may experience a “longer” downturn.

Son also acknowledges the temptation to invest when the market is depressed but highlights the risks of doing so.

“Now seems like the perfect time to invest when the stock market is down so much, and I have the urge to do so, but if I act on it, we could suffer a blow that would be irreversible, and that is unacceptable,” he added.