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Welcome to Startups Weekly, this week’s spotlight on startup news and trends by Senior Reporter and co-host of Equity Natasha Maskerenhas To get this in your inbox, sign up here.
It feels like Tech forgot his umbrella. Like, he remembers packing his water bottle, putting on the right shoes and layering it up, but when it’s time to officially go outside—and let’s face the year ahead—he realizes that a waterproof hoodie isn’t enough. He needs an industrial umbrella.
you know what i mean?
I dance, or, um, write, around. He feels that the macroeconomic environment has been reasonably volatile for the past year. And we are Still To see entrepreneurs respond to the market by knocking on their doors, holding hostages and stealing all their possessions. I’m not saying founders and investors should have predicted exactly what this year’s Q1 should look like. I wonder how long we’ll get the “economy” to drive hard decisions.
What ultimately causes a CEO to step down? Finally, what makes a company go through a third round of layoffs? Is it the economy, or is it a uniquely human decision that comes months after being told to grow at all? When we talk about pivots and layoffs, I think it’s important to talk about transition realities to deal with the new normal. Subtleties like the economy have just fallen because the markets have been gray for more than a few months.
I guess what I’m trying to say is, you can probably walk out of your house in the rain and walk into the grocery store just a little wet. If you forgot your umbrella in the rain, now you are wet and no one will feel bad for you. Don’t forget them, and better yet, sport them with pride.
Can you tell if it’s raining on the east coast? follow back Twitter Or Instagram for other sub styles and ideas. In the rest of this newsletter, we’ll talk about a new venture fund that isn’t afraid to talk about privilege or loyalty.
G by G
I spoke to Sofia Amoruso, founder of Nasty Gal and Girlboss, about her new venture fund Trust Fund for Founders.
It is starting with a target of $5 million, targeting check sizes between $50,000 and $150,000. She had already landed a who’s who of tech checks. Prominent investors include Marc Andreessen, Andrew Chen and Chris Dixon, as well as entrepreneur Eve Williams, icon Paris Hilton and a slew of a16z partners from investors Ryan Hoover and Chloe Capital’s Sarah Kunst.
Here’s why this is important: It was her high profile and rocky experience in the Silicon Valley spotlight that ultimately gave Amoruso the work experience she needed to launch her own venture firm. While she’s opening up the $5 million allocation to accredited outside-network investors, she’s not necessarily looking for “distressed diamonds” or a specific diversification quota, in terms of portfolio construction.
“I plan to invest in men and women and everything in between. And if anything, why not invest in the opportunity and ride my dude coat?” Amoruso said. – is true . “
Image Credits: Emily Malan
Gas
Discord has got gas, a social media app based on the praise of teenagers. Amanda Silberling reports:
On Gas, users register with their school, add friends and comment on their classmates. But the questions in the poll are meant to boost consumer confidence rather than undermine it. Teens can be asked to choose which of their four friends is the best DJ or has the best smile. The selected person will then receive an anonymous message from a “10th grade student” or “11th grade girl” with an unknown message.
Here’s why it’s important: When Clubhouse first came to prominence, investors and founders were excited about the opportunity to create in the user’s social space. Since then, Clubhouse has gone through its share of struggles — listen to my equity segment with the CEO here — but so has Twitter. I think the early release of Gas and the killing of similar apps already on the site could bring some much-needed optimism to the discussion.
Image Credits: Bryce Durbin / TechCrunch
follow up
I have covered Clearco, formerly known as Clearbanc, for years. Like many, the Toronto-based fintech has had a volatile past 12 months. But this week actually marked the end of an era, with co-founder Michelle Romano stepping down as CEO of Tech Unicorn.
Here’s why it’s important: Clerco has dealt with several layoffs due to the pandemic, including layoffs that affected 25 percent of its workforce. In addition, the In 2022, the Toronto-based fintech saw co-founder Andrew D’Souza step down from the CEO role to be replaced by Romanow. Both co-founders now hold executive chairman positions.
“We will never lie, we are under pressure like any other company to be a profitable business. And now we continue to make tough decisions … and we continue to be ahead of the curve,” Romano said in an interview with TechCrunch explaining the change.
Image Credits: Javier Zayas photography (Opens in a new window) / Getty Images
etc. etc.
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With that, I’m going to hang out with some new and old friends in Philadelphia. Anyone tired of my east coast tour? no? just me I will be back in San Francisco and your mailbox soon.
take care of,
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