According to Crunchbase, more than 17,000 tech workers have lost their jobs since the beginning of this year. It hurts, but for perspective: TechCrunch Tracking More than 100,000 technical layoffs Between August and December 2008.
In my experience, founders and investors usually come out unscathed from the other side of such events. For employees below the line, however, unexpected layoffs can be life-changing: one former product manager I worked with now sells residential real estate, and another works in public health.
Now’s the time to be careful: Update your resume, ask for your summer vacation plans and start adding more to your rainy day fund.
Like I said earlier, if your name doesn’t appear on the team slide in your company’s planned presentation, now is the time to exercise caution: Update your resume, ask for your summer vacation plans and start adding more to your rainy day financing.
Building a company is a very risky effort, so here’s my promise: I won’t endorse articles with tips for dealing with this economic downturn Unless the author has direct experience with this issue.
Before becoming managing partner of VC M13, Karl El Omar led one company during the dot-com crash in 2000 and helped another survive the Great Recession of 2008.
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“The main difference between previous recessions in 2022 is that this downturn was expected for a long time, while previous downturns were much more abrupt,” he says.
Age shared eight elements that entrepreneurs should consider in this environmentincluding his high-profile advice that anyone collecting donations should set out for at least two years off the runway.
“Investors are likely to remain on the sidelines for the most part as markets stabilize and a new set of similar multipliers are created,” Al-Omar said. “This may take some time.”
On Wednesday, June 29 at 2:30 PM ET, Karl Omar will join me in the Twitter space to share more strategic fundraising tips during the downturn. To get a reminder, follow Tweet embed And the Tweet embed.
Many thanks for reading; I wish you a wonderful weekend.
Senior Editor, TechCrunch +
Dear Sophie: How do we approach the full dimension when it comes to immigration?
Our fully remote start-up is looking to fill several new engineering positions.
We have not gone through the immigration process with employees before, and two potential employees will need visas.
One is currently on H-1B and lives in Dallas. Another candidate who currently lives in Germany and wants to work from Miami.
What should be considered before hiring these engineers? How do we come to terms with being totally back when it comes to immigration?
Distributed and designed
Marketing experts survey: How will you spend $75,000 in your summer 2022 budget?
As entrepreneurs began to turn lessons learned in bootcamps into core best practices, startups began giving growth marketers more respect and resources over the past decade.
Here’s the good news: Managers can’t cut your respect budget. Unfortunately, to maximize ROI, every dollar now needs to expand beyond Reed Richards in the latest “Doctor Strange” movie.
This time around, we asked four experts to tell us how they would manage a $75,000 budget and the recommendations they would make for someone who only has $10,000 to spend:
- Elaine Kim, Vice President of Creative, MarketerHire
- Jack Hallam, Growth and Community Leader, Ammunition
- Jonathan Mitrick, Chief Growth Officer, Portage Ventures
- Jonathan Martinez, founder of JMStrategy
Pitch Deck Teardown: Lunchbox’s $50 Million B Series Platform
Nabil Al-Amghair, CEO of Launch Box, co-founded the company with Andrew Borek and Hadi Rashid to give restaurants a way to create and manage delivery and delivery online without paying high fees to delivery platforms.
Since then, it has expanded to create tools for ghost kitchens and restaurant chains, creating a comprehensive digital food service suite.
In February 2022 the team raised $50 million in Series B, and we have its unabridged set of 15 slides, which includes a case study, two compelling problem slides, and several data points that helped investors visualize their path toward exit.
Venture capital is pouring into TikTok to reach the next generation of founders and investors
Investors are turning to social media as they expand their talent funnel, Dominic Madhuri Davis reports.
On TikTok, founders and VCs interact directly with a global audience, leading to acquisitions, funding rounds, and the democratization of information historically held by insiders.
“These are really smart guys who are capable of great things in the future,” said Kraft Ventures partner Ara Malekzadeh.
“I want to capture their interest and interest early in their life, so when they decide to become an entrepreneur or investor, I will be someone they know to come to.”
As markets drop, government spending on technology remains flat: How can investors benefit?
Federal spending on technology is expected to remain flat even as a recession approaches, and investors and startups should take advantage of this opportunity, write Josh Mendelson and Mike Ference, Hangar founders.
“The current government spending, much of which will only start moving in states as their legislative sessions complete this summer, means that companies have a once-in-a-decade opportunity (or more) to enter a funded market in search of ideas.”
With the infrastructure spending bill including $110 billion for more than 4,300 projects, “for investors, it’s a fantastic opportunity to support the next wave of innovation.”