Welcome to Startups Weekly. A nuanced take on his news and trends in this week’s startup from Senior Reporter and Equity co-host. Natasha Mascarenhas. Subscribe here to receive this in your inbox.
I feel like technology forgot the umbrella. Just as we didn’t forget to pack a water bottle, wear the right shoes, and dress in layers, when it’s officially time to go outside, that is, for next year, a waterproof hoodie won’t be enough. I just realized that you need an industrial umbrella.
you know what i mean?
Here’s what I’m dancing to, or, uh, writing. Over the past year, the macroeconomic environment feels rather volatile.and we yet We see entrepreneurs reacting to the market as if they happened to knock on their door, stumble, and start stealing all their belongings. I’m not saying that the founders and investors should have fully predicted what the first quarter of the year would look like. I’m wondering how long “economy” will give us as a catalyst for hard decisions.
What is the ultimate reason for CEOs to resign? Ultimately why are companies laying off for the third time? Is it the economy or are they told to grow at all costs? A uniquely human decision made just a few months after? I think it’s important when we’re talking about pivots and layoffs to talk about the realities of the shift to deal with the new normal. Now, more than a few months after it became, abstractions such as the economy have plateaued.
What I’m trying to say is that if you leave your house in a drizzle and end up at the grocery store, it can be a little damp. If you forget your umbrella when it’s raining, you’ll be soaked and no one will be offended. don’t forget them.
Can you see it raining on the East Coast? Follow me twitter Or check out my other subpar tropes and thoughts on Instagram. In the rest of this newsletter, we’ll talk about a new venture fund that isn’t afraid to talk about privilege and integrity.
Zeongie
We spoke with Sophia Amoruso, founder of Nasty Gal and Girlboss, about Trust Fund, a new venture fund for founders.
The goal is $5 million and check sizes range from $50,000 to $150,000. She has already earned a check from the technician. Notable investors include numerous of her a16z partners such as Marc Andreessen, Andrew Chen and Chris Dixon, entrepreneur Ebb Williams, icon Paris Hilton, investors Ryan Huber and Cleo Capital. includes the assistance of Sarah Kunst of
Here’s why this is important: Her high-profile and challenging experience in the limelight of Silicon Valley ultimately gave Amoruso the operational experience she needed to launch her own venture. She opens her $5 million allocation to accredited investors outside of her network, but in terms of her portfolio construction, she doesn’t necessarily seek a “diamond in the rough” or a specific diversity allocation. Do not mean.
“I’m going to invest in men and women and everything in between. If anything, why not invest in privilege and ride a man’s coattail?” “As a woman, don’t you want to invest in the advantages that men have? Feel free to expose it. It’s true.”
Image credit: Emily Maran
gas
Discord has acquired Gas, a compliment-based social media app for teens. Report Amanda Silverling:
At Gas, users sign up for school, add friends, and complete surveys about their classmates. But poll questions are meant to increase user trust, not undermine it. Teenagers may be asked to choose who of their four friends is the best DJ or has the best smile. The chosen person then receives an anonymous message containing a compliment sent by a vague “10th grade boy” or “11th grade girl”.
Important reasons are: When Clubhouse first rose to prominence, investors and founders alike were energized around innovation opportunities in the consumer social space. Since then, Clubhouse has had its share of struggles — here he is with the CEO Listen to his episode of Equity — and so has Twitter. I think Gas’s early exit and the large number of similar apps already on the site could bring the necessary optimism to the conversation.
Image credit: Bryce Durbin/TechCrunch
follow up
I have covered Clearco, formerly known as Clearbanc, for many years. Like many companies, Toronto-based fintech has been particularly volatile in the past 12 months. But this week, co-founder Michele Romanou stepped down as CEO of the tech unicorn, truly marking the end of an era.
Important reasons are: Clearco has made multiple layoffs over the pandemic, including one that affected 25% of its staff. Additionally, in 2022, the Toronto-based fintech will see another co-founder, Andrew D’Souza, step down from his CEO role and be replaced by Romanow. . Both of the co-founders now have executive his chairman positions.
“We never lie. Like every other company, we are under pressure to be a profitable business. … and stay ahead of the curve,” Romanow said in an interview with TechCrunch, explaining the change.
Image credit: Javier Zayas Photography (opens in new window) / Getty Images
etc
Saw it on TechCrunch
Musk stands to lose billions in court over ‘funds secured’ tweets
Boston Dynamics’ latest Atlas video demonstrates a robot that can run, jump, grab and throw
Microsoft announces 10,000 job cuts, nearly 5% of global workforce
Next Steps for the Entrepreneurs Behind Layoffs.FYI
Seen on TechCrunch+
Pitch Deck Breakdown: Scrintal’s Million Dollar Seed Deck
Dear Sophie: What are the quick options for hiring someone whose grace period is expiring?
Building a company, not a function
7 Space Technology Predictions for 2023
Now you’re off to enjoy a weekend in Philadelphia with friends old and new. Anyone sick of my east coast tours? just me? I will be back in San Francisco and your inbox soon.
Be careful,
