According to Crunchbase, more than 17,000 tech workers have lost their jobs since the start of this year. It’s painful, but for perspective: TechCrunch tracked over 100,000 tech layoffs between August and December 2008.
In my experience, founders and investors usually come out unscathed on the other side of events like these. For employees below the line, however, the unexpected layoffs can be life-changing: A former product manager I worked with now sells residential real estate, and another works in public health.
Now’s the time to be on the safe side: update your resume, reminisce about your summer vacation plans, and start adding more to your rainy day fund.
Like I said before, if your name doesn’t appear on the team slide of your company’s pitch deck, now’s the time to be on the safe side: update your resume, remind your vacation plans summer and start adding more to your rainy day. funds.
Building a business is a high-stakes endeavor, so here’s a promise: I won’t endorse articles with tips for getting through this downturn. unless the author has direct experience of the subject.
Before Karl Alomar became managing partner of venture capital firm M13, he led one company through the internet business bust of 2000 and helped another survive the Great Recession of 2008.
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“The main difference between 2022 and previous downturns is that this contraction was long anticipated, whereas previous downturns were much more sudden,” he says.
Alomar shared eight things entrepreneurs should consider in this environment, including his high-level advice that anyone fundraising should set at least two years of trail.
“Investors will likely remain on the sidelines for the most part as markets stabilize and a new set of comparable multiples have been established,” Alomar said. “It might take a little while.”
On Wednesday, June 29 at 2:30 p.m. ET, Karl Alomar will join me in a Twitter space to share more strategic tips for fundraising during a downturn. To receive a reminder, follow @techcrunch and @techcrunchplus.
Thank you very much for reading; I hope you’re having a good weekend.
Dear Sophie: How do we deal with being completely remote on immigration?
Our fully remote startup is looking to fill several new engineering positions.
We have never gone through the immigration process with employees before, and a few potential hires will require visas.
One is currently on an H-1B and lives in Dallas. Another candidate currently lives in Germany and wants to work from Miami.
What should we consider before hiring these engineers? How do we deal with being completely remote on immigration?
— Distributed and Determined
Survey of Growth Marketing Experts: How Would You Spend a $75,000 Budget in Summer 2022?
As entrepreneurs have begun to turn lessons learned in bootcamps into grassroots best practices, startups have begun to give growth marketers more respect and resources over the past decade.
Here’s the good news: Managers can’t reduce your respect budget. Unfortunately, to maximize ROI, every dollar now has to go further than Reed Richards in the latest “Doctor Strange” movie.
This time, we asked four experts to tell us how they would handle a $75,000 budget and what recommendations they would offer someone with only $10,000 to spend:
- Ellen Kim, VP of Creative, MarketerHire
- Jack Hallam, Head of Growth and Community, Ammo
- Jonathan Metrick, Director of Growth, Portage Ventures
- Jonathan Martinez, Founder, JMStrategy
Pitch Deck Teardown: Lunchbox’s $50 Million Series B Deck
Lunchbox CEO Nabeel Alamgir co-founded the company with Andrew Boryk and Hadi Rashid to give restaurants a way to create and manage delivery and takeout online without paying high fees to delivery platforms.
Since then, it has expanded to create tools for ghost kitchens and restaurant chains, creating a complete digital stack for the restaurant business.
In February 2022, the team raised a $50 million Series B round, and we have their full 15-slide deck, which includes a case study, two compelling issue slides, and several data points that helped investors. to imagine his way to an exit.
VCs flock to TikTok to reach the next generation of founders and investors
Investors are turning to social media as they expand the top of their talent funnel, reports Dominic-Madori Davis.
On TikTok, founders and VCs engage directly with a global audience, leading to acquisitions, funding rounds, and the democratization of information that was historically held by insiders.
“These are really smart and capable young people who will do great things in the future,” said Craft Ventures partner Arra Malekzadeh.
“I want to capture their interest and attention early in their life, so when they decide to become entrepreneurs or investors, I will be someone they can see.”
As Markets Fall, Government Tech Spending Remains Stable: How Can Investors Benefit?
Federal spending on technology should remain flat even if a recession looms, and investors and startups should capitalize on this opportunity, write Hangar co-founders Josh Mendelsohn and Mike Ference.
“Current government spending, much of which won’t start moving to states until their legislative sessions end this summer, means businesses have a once-a-decade (or more) chance to get in on a funded marketplace looking for new ideas.
Given that the infrastructure spending bill included $110 billion for more than 4,300 projects, “for investors, this is an incredible opportunity to support the next wave of innovation.”