One day, ventures will award $100,000 to fired employees of Meta, Twitter, and Amazon for a startup idea
- ByStartupStory | November 18, 2022
A US-based company has started a program specifically for those affected by the worldwide computer industry layoffs. The startup capital firm Day One Ventures created the “Funded not fired” campaign. By the end of the year, the company will invest in 20 startup teams with $100,000 in checks (about Rs. 81 lakh), according to a Tech Crunch report. Day One Ventures has agreed to lead the pre-seed round of funding for the best companies with a $1 million check.
From its $52.5 million fund, the venture firm will allot $5 million (but no more than $10 million) to support the fired workers from businesses including Meta, Twitter, and Amazon.
A minimum of 0.1% to 1% of the thousands of employees affected by tech layoffs this year would succeed as brilliant founders, according to entrepreneur Masha Bucher, who abandoned her previous profession as a politician and TV reporter in Russia. The program, according to Bucher, is “not a charity” but rather a serious endeavor. According to her, people from Twitter and Stripe won’t be given any special treatment during the pitching round. In addition to Day One Ventures, other initiatives have emerged to support the next generation of entrepreneurs, such as Z Fellows and the defunct fellowship program for laid-off employees run by Cleo Capital. There has been an increase in job losses over the last few weeks at well-known corporations like Amazon.com Inc., which plans to make its largest-ever staff reduction this week by terminating 10,000 employees. Significant austerity measures have been declared by both tech industry giants and startups. Lyft and the online car-hailing service Stripe have recently announced significant layoffs. Over 10% of the staff at Lyft Inc. and Meta Inc. was cut. Elon Musk recently acquired Twitter, which fired roughly half of its 7,500 employees earlier this month. According to consulting firm Challenger, Gray & Christmas Inc., technology companies have already announced plans to cut 31,200 jobs this month.
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