A wave of would-be entrepreneurs is emerging from the ashes of the mass job losses seen in Silicon Valley in the second half of 2022.
Nic Szerman lost his job at Meta Platforms in November, just two months after joining full-time, falling victim to aDays later he was back working, seeking investment for his own company Nulink, a blockchain-based payment company, and sent pitches to start-up accelerator Y Combinator and Andreessen Horowitz’s cryptocurrency fund.
US tech giants including Meta, Microsoft, Twitter and Snap have purged more than 150,000 staff, according to Layoff.fyi, which tracks technology job losses.While overall venture capital financing fell 33 per cent globally to about $US483 billion in 2022, early-stage funding was robust, with $US37.4 billion raised in so-called angel or seed rounds, in line with the record level seen in 2021, according to data from research firm PitchBook.
“We’re investing $US2 million in 20 companies – if we just find one unicorn it almost returns the fund, which, I think, is a really unique opportunity for us as fund managers,” said Masha Bucher, co-founder at Day One Ventures. “In every period of economic uncertainty, there is opportunity – to reset, re-prioritise and re-focus energy and resources.”Mr Szerman said his project was rejected by Y Combinator, while he has not heard back from Andreessen Horowitz yet, though he added that other early-stage venture capitalists had expressed interest.
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