Laid-off employees could get Rs. 81 lakh for their startup idea.


Source : Moneycontrol

People who have lost their jobs in the mass layoffs by top companies in recent weeks stand a chance to get $1,00,000 (over Rs. 81 lakh) if they have a great startup idea. Thousands of people have across the world have lost their jobs as global technology giants are on a layoff spree globally. Meta, Twitter, Stripe, Lyft, Affirm and CloudKitchens are among companies that have sacked employees recently.

A San Francisco-based venture capital firm ( day one ventures) has announced that it will invest $1,00,000 (over Rs. 81 lakh) in 20 companies started by people who have been laid off recently and six months later, add $ 1 million (Rs. 8.13 crore) in the ones with the most traction.

The company aims to transfer the first round of funds by the end of this year as part of the programme titled ““Funded Not Fired”.

“Being laid off was the best thing that ever happened to me. I started my first and second companies after being laid off from previous jobs (both companies ended up shutting down just a couple years later),” wrote Masha Bucher, founder of Day One Ventures.

Born and raised in Russia, Bucher, 33, was an angel investor and founder of a PR studio that worked with companies like Houzz, HotelTonight, and Gett.

“VC investors are sitting on billions of dollars, and now we have thousands of talented people in engineering, salespeople, support staff and other functions looking for new job opportunities, so why not direct some of this money towards them?” Bucher told CNBC Make It.

The parent company of Facebook Meta, recently sacked over 11,000 employees across the globe and is set to extend the freeze it has imposed on new hiring. This is 13 percent of the company’s workforce.

Shortly before Meta laid off, twitter sacked nearly half of its 7,500-strong workforce under the new owner Elon Musk. Snap also cut about 20 per cent of its workforce and scrapped several projects

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