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Fired from your technical job? Day One wants to give you $100,000 to start a business • londonbusinessblog.com

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Day One Venturesa venture firm launched in 2018 with a pitch to combine venture capital knowledge with marketing and communications support has launched a program explicitly targeting those affected by tech layoffs this year.

The program, entitled “Funded not fired”, will be writing $100,000 checks to 20 startup teams by the end of the year. Top companies from the cohort will then receive follow-up capital from Day One Ventures’ commitment to lead their pre-seed round with a $1 million check. In total, the company is drawing at least $5 million from its $52.5 million fund to support founders emerging from turbulent startups.

Founder and GP Masha Bucher, who left? her past life in Russia as a politician and TV reporter to become a venture capitalist, the program continued in the wake of Stripe and Twitter layoffs in the past week. Her bet? At least 0.1% to 1% of the thousands of workers affected by tech layoffs this year could become incredible founders.

The program is essentially a formalized double-click on the company’s obsession with mafia founders, aka people who left high-profile gigs at even bigger corporations to start their own businesses. However, the added layer of complexity is the downturn that has somewhat defined 2022 technology. For example, if I were fired from my job, I don’t know if my first thought would be to bet on myself and a risky venture most likely to fail. However, according to Bucher, that mentality is exactly what would remove me (and presumably many laid-off technical workers) from the entrepreneurial world anyway.

“I think if you’re afraid of risk, you’re just not going to make a great founder,” Bucher said. “Don’t get me wrong, starting a business in this day and age when so many changes have happened in the past three years,” she added, is difficult, she added, saying it makes perfect sense for people to have a job. want to find or work with founders instead of becoming one. Other examples of programs designed to help energize the next generation of entrepreneurs include Z Fellows and Cleo Capital’s former layoffs fellowship.

She made sure that the program is “not a charity” and that people from Stripe and Twitter would not receive preferential treatment when pitching Day One Ventures (even though they were the inspiration for the program).

Aspiring founders don’t need a corporate partnership or even a fully fledged startup idea to apply to the program. The form asks about the founders’ background, top ideas, stats, and the why behind their journey into entrepreneurship. To qualify for the accelerator, at least one co-founder must be recently fired, be employed full-time, and be able to provide three references.

The application deadline is November 25, 2022 and final decisions will be made by December 20, 2022.

“Compared to all the other VCs taking off until next year, we’re working until December 31 — which is totally fine,” Bucher said. “I just feel like times like these are just a perfect opportunity for us to do a little bit more, go the extra mile, take no time off and hopefully give back some of the companies that are so so in the future.” will be as big as Coinbase, Airbnb and Streep.”


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