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Thinking of playing League of Legends during your next investor pitch? (If so, reading this might not be worth your time.)
In her latest TC+ article, investor/entrepreneur Marjorie Radlo-Zandy lays out five basic principles for founders who want to build on their own potential, maintain control, and avoid the fundraising treadmill.
It’s not for everyone: Self-funded companies demand more from their employees than larger jobs that offer free lunches and other perks. At a bootstrap startup I work for, I was asked to hand over a portion of my salary – after I was hired.
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Radlo-Zandy covers the basics when it comes to hiring, managing costs and shaping company culture, but she urges self-funders to lower expectations and take a measured approach.
“Don’t be tempted to jump on a plane at a moment’s notice to find clients in fancy locations or remote locations for meetings,” she writes. “Your designed business may not have such a large alternative financing costs.”
Improved founders face longer odds, but if they can drive growth and achieve product-market fit, “funding becomes that much easier.
Thank you very much for reading
Walter Thompson
Editorial Manager, TechCrunch+
@your main actor
The pendulum of power is swinging back to employers, isn’t it?
Image Credits: Aoosthuizen (Opens in a new window) / Getty Images
More than 120,000 tech workers have lost their jobs this year, according to layoffs.fyi. And with more than a fifth of those layoffs in November at several well-capitalized public companies, it’s easy to see why Next CEO Nolan Church believes this is just the beginning of a wave.
“Over the past 12 years, the pendulum of power between workers and employers has swung heavily toward employees,” he said on the TechCrunch Equity podcast last week.
“Now we’re at a point where the pendulum is swinging back.”
Answers for H-1B workers who are (or think they may be) laid off
A group of young adults, photo above, on the multi-colored asphalt, at sunrise.
Sophie Alcorn, an immigration attorney in Silicon Valley, estimates that 90% of the 15% of recent layoffs from Bay Area startups are immigrants, 90% of whom are H-1B holders.
If you’re a fired visa holder, your first task is to “find out your last day of employment because that’s when you start counting the 60-day grace period,” says Alcorn.
You get a new job, leave, or find another way to stay in the United States legally, but you must take some action within 60 days.
As US LPs retreated offshore, 80% of venture capital was raised in just two states
Image Credits: Bryce Durbin / TechCrunch
After the pandemic began, there was a lot of buzz about how venture capital would shift from San Francisco and New York to the Midwest.
But after the extended slump in public markets has put many investors on the sidelines, data shows that “most funds outside of the two biggest startup hubs … are feeling the chill due to LPs,” reports Rebecca Szkutak.
“So far this year, 77% of capital has been raised in California and New York alone. By 2021, those states will raise 68% of the year’s total.”
Preparing for fintech’s second decade: 4 moves your organization must make now.
Image Credits: Emilia Manevska (Opens in a new window) / Getty Images
According to consultant Grant Easterbrook, fintech startups hoping to succeed in the next few years must be prepared to deal with:
- Major banks and financial service providers with loyalty programs and “super apps.”
- Emerging DeFi protocols “may offer financial products that involve real-world assets.”
- Banking, invoicing, loans, payments, accounting packaged as “embedded financial products”.
- Several countries are issuing their own Central Bank Digital Currency (CBDC).
“Your organization needs a very strong value proposition to compete against all four types of competitors,” Easterbrook writes.
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