Tiger Global, fickle checks and the difficulty of acceleration • TechCrunch

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When On Deck had to cut staff twice within a few months, co-founders Erik Torenberg and David Booth announced a memo promises to be more focused. Thus, marking the company’s reversal to the original group of customers – the founders needed networking and advice.

Since that day, I’ve been looking into what happened at On Deck that led to a string of layoffs and refocusing. We know The manufacturing community has its challenges. But what are those challenges and how do they manifest beyond employees losing their jobs?

A month later, we have some answers. On Deck is turning half of its business, which focuses on career services, into a new startup slated to launch in October. Torenberg, the founder, is stepping down from his position. his position as co-CEO after just one year, returning to the role of executive chairman. And the vision of an On Deck accelerator has completely collapsed, with the company just launching a new fund to invest in startups according to market conditions. According to the source, I learned how a Tiger Global terms table being pulled down was one of the first dominoes, forcing the company to prioritize growth over the runway.

Even if you don’t mind the intricacies of this startup, On Deck’s pivot and challenge presents an opportunity for the intricacies of building a business. Especially after last week’s Launch House news, I thought it was interesting to see two examples of how startups are trying to provide a network in exchange for equity and/or money already reached. obtain growth rates at different points.

In the case of Launch House, the allegations highlight poor leadership. In the case of On Deck, the product changes emphasize the fragmentation focus. Both, while wildly different stories, explained how selling something as vague and as broad as “community” wasn’t so straightforward to success. I’ve talked a lot about how a community is more than just a Slack group where people exchange ideas; it lives, breathes and requires more than just expression. That in itself is hard to force but adds the need for exponential growth of a venture-backed startup and the trade-offs begin.

It’s hard to get a founder to pay for a network without knowing exactly how the network will benefit the founder. How do you convince the founders that your network is more than the one they found for free? How do you tackle buying or creating a space that’s more than just transactions? And how do you ask people to wait for long-term in-game rewards instead of short-term wins?

For full story, read my feature: “On Deck tried to do it all. Now it’s trying to do less, be better. “ If you like this newsletter, please help me quickly? Forward it to friends, share it on Twitter, and tag me so I can thank you for reading it myself!

The ideal runway is a legend

When it comes to advice, technology loves standardization. Startups are often told that there are certain metrics to achieve, deadlines to meet, and a timetable to measure themselves against. But for this week TechCrunch+, I’ve delved into the idea that having an ideal runway at a startup is a myth.

Here’s why it’s important: The numbers are nuanced. Sure, 20 years of runway could mean the startup is so profitable that it has an infinite runway and it’s confident in its future. But it can also mean founders aren’t taking as many risks as they should. Some might argue that 20 years of runways is too much of a runway. I mean, spend a little, right?

Plane landing on runway

Image credits: Derek Croucher / Getty

Merge does not increase

Last week, Equity and Chain Reaction teamed up to talk about The Merge. It was a perfect episode for those who, like me, didn’t know the intricacies of the event or really understand its impact or understand why it sounded like a crypto-specific version of a lunar eclipse.

Here’s why it’s important: As you listen to the episode, TC crypto reporter Jacquelyn Melink has a follow-up bulletin that simply has many differences. She reports that Ethereum has dropped more 17% after what some describe as an “excessive” Merge.

Image credits: Bryce Durbin

The track

I’m testing a new section in Startups Weekly, where each week we follow an old story or trend to see what has changed since our first glance. This week, we’ll be signing up with The latest and greatest in insurtech.

Here’s what’s new: Our latest Equities episode explains why the sector, somewhat overshadowed by its mass-market nature, is still getting millions of dollars from venture capitalists. As my working Mary Ann Azevedo reports, the future of investing in engineering technology is focused on more niche cases. It’s good to see that specialization, at least in the early days of a startup, help it stand out.

orange traffic cone

Image credits: beautiful pictures

A few notes

We’re less than a month away from TechCrunch Disrupt and I’m already thrilled. It will be an explosion, a short talk, a realization and a week not to be missed. This is Full working programand this is where you can take your ticket.

While I have you, want to hang? As you know, I co-host Equity, which comes out three times a week and is TC’s longest running podcast. We also have some close friends to listen to, including crypto-focused program made by Chain Reaction and Founder-focused program run by Found. TechCrunch Podcast is also impossible to miss, so pay attention to all the good shows they are putting on.

Seen on TechCrunch

Dream of how Blaseball’s fantasy sports craze is covering the future

Brelyon is turning his head with a vivid virtual screen

South Korean prosecutors say Do Kwon is ‘clearly on the run’, asking Interpol to issue a red notice

Technology is at the heart of the biggest chess play in years

Kitty Hawk, Larry Page-backed electric plane moon, is about to be decommissioned

Seen on TechCrunch +

8 investors discuss what’s ahead for reproductive health startups in a post-Roe world

Smaller Dreamforce still gets big in first face-to-face meeting in three years

In Latin America, founders and investors find a balance between caution and optimism

A quick check of consumer fintech activity ahead of Q3 data

By the way, I passed Dreamforce this week in downtown San Francisco and it was quite an interesting sight. I met iconic mountaineer Alex Honnold, saw Marc Benioff and Bret Taylor talk about the future of genies, and was even reminded by Salesforce’s head of communications that it was a Salesforce conference, not a Salesforce conference. Twitter (where Taylor is chairman of the board).

Either way, it was a hit. Same time, same site, next week?


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