First day companiesa venture company launched in 2018 with the goal of combining venture capital acumen with marketing and communications support, has launched a program aimed explicitly at those affected by tech layoffs this year.
The program, entitled “financed Not Fired,” will write checks for $100,000 on 20 startup teams by the end of the year. The top companies in the cohort will get follow-on capital from the Day One Ventures pledge to lead their pre-seed round with a $1 million check. In total, the company is allocating at least $5 million of his $52.5 million fund to support founders emerging from turbulent startups.
Founder and GP masha bucher, who left his previous life in Russia as a politician and TV reporter to become a venture capitalist, he spun the show behind the line Y twitter layoffs During last week. Your bet? At least 0.1% to 1% of the thousands of employees affected by tech layoffs this year could become amazing founders.
The program is essentially a double click company obsession with mob founders, aka people who left high-profile jobs at even higher-profile companies to start their own business. The added layer of complexity, however, is the recession that has somewhat defined the 2022 of technology. For example, if I got fired from my job, I don’t know if my first thought would be to bet on myself and start a risky business that is more likely to fail. According to Bucher, though, that mindset is exactly what would get me (and presumably many laid-off tech employees) out of the business world anyway.
“I think if you’re afraid of risk, you’re just not going to be a great founder,” Bucher said. “Don’t get me wrong, starting a company at this time when there has been so much change in the last three years” is difficult, he added, saying it definitely makes sense if people want to find a job or work with founders. instead of becoming one. Other examples of programs created to help activate the next generation of entrepreneurs include Z Scholars Y Former Cleo Capital scholarship for laid-off workers.
He made sure to stress that the show “isn’t a charity” and the folks at Stripe and Twitter wouldn’t get preferential treatment by hosting Day One Ventures (even though they were the inspiration for the show).
Aspiring founders don’t need an incorporated company, or even a totally scrapped startup idea, to apply to the program. The form asks for the background of the founders, the main ideas, the metrics and the why behind their journey towards entrepreneurship. To qualify for the accelerator, at least one co-founder must have recently been laid off, be dedicated full-time to the startup, and be able to show three references.
The deadline to apply is November 25, 2022 and final decisions will be made by December 20, 2022.
“Compared to all the other venture capitalists who are taking time off until next year, we are going to work until December 31, which is totally fine,” Bucher said. “I feel like times like this are a perfect opportunity for us to do a little bit more, to go the extra mile, to not take time off and hopefully support some companies that will be the size of Coinbase, Airbnb in the future. and Ray.