“How to hire” is the new “how to keep track”
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When COVID-19 started infecting the world, my interviews with venture capitalists all fit somewhat into the same mold. Investors would tell me that they are “sorting out” their own portfolio to figure out how to help startups hit by the pandemic. While no one has said outright that he will stop investing in new opportunities, many have spoken of looking inward rather than outward to navigate this uncertain time.
Then the conversation would inevitably turn to the trail, which is the amount of capital that would dictate how many months they could stay in business before they shut down. Every founder thought about it, every VC advised their portfolio companies to be smart about spending, and a startup even launched a product to help founders raise money for a broader withdrawal from traditional investors. For what it’s worth, this startup, ClearCo, is now a unicorn.
Fast forward to over a year later and it’s been months since I’ve heard the word track. The phrase has all but disappeared as venture capital as an asset class has exploded with new check issuers and record fund closings. As companies mobilize weeks of follow-up funding, instead of years, after previous rounds, I wondered what the new tension was in startup land.
In a conversation this week, NEA partner Ann Bordetsky said simply: “It’s easy to raise and difficult to hire. “
Bordetsky, who joined the NEA this year, said the next six months of advice to founders will be spent on hiring. “Determine your unfair advantage in hiring the best talent,” she said. “Not everyone can hire the best of the best, so hiring will make or break a lot of businesses. In other words, “how to hire” is the new “how to keep track”.
Hiring has always been tough for startups, which are more strapped for resources than, say, a Facebook that can give an engineer a $ 1 million signing bonus without blinking. Still, founders tell me that hiring is getting harder and harder as more well-capitalized startups grow with impressive valuations.
We’ve covered it for years, but we expect the conversation to only intensify. We are in the Great Resignation, after all.
In the rest of this newsletter, we’ll discuss Nuro’s growth and resilience, the explosive news of OnlyFans, and the first unicorn in women’s health. As always, you can support me by following me on Twitter @nmasc_ and share this newsletter with two of your friends.
The Nuro EC-1
Image credits: Nigel sussman
Quiet, self-contained delivery doesn’t necessarily end up in the same sentence often, unless, of course, you’re talking about Nuro. Our last EC-1 looks under the hood of the AV startup, built by former employees of Google’s Self-Drive Project, as it finds its voice.
Here’s what you need to know: The 4-part series explores Nuro’s path to a $ 5 billion valuation, which includes Domino’s and a regulatory obstacle course. It was written by Mark Harris and edited by Kirsten Korosec.
Will OnlyFans lose its only fans?
Image credits: Bryce Durbin / TechCrunch
OnlyFans, a platform where creators pay for exclusive content for their biggest fans, announced this week that it will ban explicit content. While the platform wasn’t designed exclusively for porn, content was largely its best-known use case, fueling OnlyFans’ lucrative growth over the past year. So, the ban came as a shock as many see OnlyFans’ success inextricably linked to porn.
Here’s what you need to know: Many saw OnlyFans’ choice to move away from porn in response to the inability to find outside investors, news that broke earlier today due to financial data leak. As pressure from the banking world would have forced OnlyFans to focus on more SFW content, my colleague Lucas Matney gave his two cents.
From Matney’s editorial:
This shutdown is also the opportunity of a lifetime for the crypto industry, which could capitalize on the shutdown and a recent wave of increasingly user-friendly crypto payment infrastructure products to create a platform that does not. will not collapse under the influence of payment providers.
The real challenge is to make it easier for new users to onboard both a new platform and potentially their first crypto wallet – while still complying with regulatory guidelines – at a time when more conventional web payment structures have become. so streamlined and free adult content is just still so prolific.
Learn more about the current state of crypto:
Women’s health gets its first unicorn
Image credits: Bryce durbin
This week on equity, we discussed a rarity in the tech world: A business run by women in the women’s health space has become a unicorn in a fund run by women. The historic Maven movement, founded by Kate Ryder, shows how women’s health is anything but a niche market.
Here’s what you need to know: With new capitalization, Maven’s comprehensive digital women’s health clinic and benefits department could now become a platform game. My opinion is that the company quietly wants to show people how women’s health relates to everyone’s health. We’ll likely see the startup expand its focus on the people it serves, and we’ve seen it expand into family care before.
Dive further into digital health:
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Seen on TechCrunch
Seen on Extra Crunch
Same time, same place, next week? Alright cool.