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I first covered the Launch House in October 2020, when the founders explained the importance of inclusivity when creating hack houses. Then one founder said, “I’m not going to say we’re the next Y Combinator, but the next YC is like that.” The company has recently started to raise business funds for its vision of the future ecosystem, which combines the benefits of remote work with the growth of ideas around “community”. . It received funding from Andreessen Horowitz, Lightship, CAA co-founder Michael Ovitz, Chris Ovitz of Electric Ant, Mike Dudas of 6th Man Ventures and other angels.
Meanwhile, a Vox investigation last week revealed detailed allegations of abuse, harassment and abuse of power at Launch House. The answer was difficult. The irony with the “build the crowd” mentality is that when complaints and forward-looking, personal – or at least opacity – come back into vogue.
As reported by TechCrunch, several investors in the startup and its venture capital have issued public statements supporting the accused and rejecting the behavior that Vox said in its article on Launch House. Now, Launch House has confirmed to TechCrunch through a spokesperson that it is launching an independent third-party investigation through a contracted law firm.
A few days after the trial began, Launch House held a town hall with several members of its community. Co-founder Michael Houck said the startup “dropped the ball by responding quickly to this [and] so much love… it doesn’t show the values we have built this community from day one that we are in charge of.
“Simply put, we need to meet with all of you sooner than today,” Houck said, “what I’m saying now is that we’re ready to talk and we’ve got a plan.” The conversation focused on three topics: what Launch House said it has done in the past, what it will do in the future, and how it plans to regain the trust of female founders to his companies.
Vox’s investigation, Launch House’s public and private response, and the community’s outrage or silence over the above allegations are a reminder that community is not a word. . It’s hard. Some people may think of LH as a caricature of the “community-backed startup” trend, but this gives a real look at what happens when these “buzzing trends” come together. in a bull market, on a world far away. belts and balance.
For the full story of the important details of the private city hall, read my story: “Owner of the private museum, says investigation continues.” For the investor and the impact of the community, read my story with Rebecca Szkutak, “Community House Raises Allegations of Crime and Violence”.
For the rest of this news, we talk about Y Combinator paranoia, changes in fund managers, and the follow-up from some of the sickest startups that prove them wrong. Make sure you read the whole thing to get a TC+ discount code, especially for Startups Weekly readers, in the post.
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Y Combinator is always paranoid
Michael Seibel of Y Combinator, the managing partner and head of the accelerator, is one of the most important people in the startups. He joined Equity to talk about the demo day, the various issues and the competition.
Find out why: Since YC doesn’t do a lot of press, the interview ended up with a few mistakes. More on TechCrunch+ tomorrow, but for now, see how he explains the importance of demo days.
It’s hard for me to extend the demo days. There are many different demo days in the world, and I don’t know how they work.
I would say that the YC Demo Day does two things. The first is the obvious one, which is: introduce teams and create leads. The second is an important task for founders, right? Only [as] YC does not require an application deadline. Of course, we read applications throughout the year. But as a motivational exercise [say] “Yes, today is the day we want to achieve this and it is important” [it] in fact, it really helps the founders to go at a higher speed than a general system.
I will say [Demo Day] also help investors. If I’m an investor and I’m talking to a company, and I know they’re going to expand [at] Demo day is a week away, maybe I’ll be a little hasty in my decision. So one of the things we say to founders is that they come through YC [that] different groups will enjoy the Demo Day. And that’s good. It’s a tool and it’s your job to use it in the best way for your business.
Here comes Figma
Adobe bought Figma for $20 billion, reminding us that there could be mergers and acquisitions in 2022. As TC’s Ingrid Lunden reports:
The idea now is to create a relationship between them and Figma, to build it as a real platform to collaborate. Adobe, of course, has something like this, in the form of AdobeXD. It’s unclear what will happen if that deal closes. In fact, whether these things are getting the attention of antitrust authorities is worth noting: Adobe has won many of the tools used, and is also the main player on the platform to bring and give everything. of these tools.
Here is the main reason: Having a lot has a ripple effect. In this case, Adobe has teamed up with one of its biggest competitors in digital design. Figma will soon become a private company and therefore does not need to share its specific funds, and Figma employees may be a new generation of angel investors. There are also many investors who come from this source; a homogeneous group, one note.
I’m testing a new segment on Startups Weekly, where each week we follow an old story or trend to see what has changed since our first look. This week, we’ll take a look back at Maven, a venture-backed edtech startup that raised $25 million in two years.
Here’s what’s new: The life education platform announced a pivot this week. Instead of creating courses taught by professionals, focus on courses taught by experts. Another example of how working in the community – this time in a learning environment – can be difficult to do. I appreciated the clarity of their mistakes and innovations for the future.
“We had the idea that a producer with a large audience would have a good board and could fill it, and we were surprised by how wrong this idea was,” Kao said in an interview with TechCrunch. “Just because someone is motivated doesn’t mean they’re going to take an advanced course. But we are seeing a few teachers who are subject matter experts in their field and don’t need the general public, they want to shoot and print … doing well on the platform. “
Wait for it. Watch? Yes, I’m happy too. And since we’re on the clean topic, here are a few more notes:
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Seen on TechCrunch
Codi gets $16M, led by A16z, make sure we don’t want to work
Why This Investor Is Switching VC Firms After Becoming a Partner Last Year
Most fintechs are affiliated with banks. Varo became one, and said he was paying
Twilio lays off 11% of its company as it seeks revenue in 2023
Uber is investigating a cybersecurity incident after a hacker breached its internal network
Seen on TechCrunch+
Now that Ethereum fusion is behind us, what’s next?
Pitch Deck Released: Helu.io’s $9.8M Series A Deck
VC fundraising is a strange time of year
Have you downgraded your portfolio? Your time to hide is running out
And that’s this week’s diary boot.