California-based Day One Ventures announced that it is alllocating $1,00,000 (around Rs 81 lakh) to 20 selected start-ups under a programme called ‘ Funded, not Fired.’
This brings a spot of cheer for people who have been at the receiving end of economic slowdown as companies started laying off people. Employees who have been fired from companies like Twitter, Stripe, Lyft, Affirm and Cloud Kitchen can apply for this fund with their start-up ideas.
On its website, Day One Ventures claimed, “With Funded, not Fired, you’ll get your first institutional angel check. Over the next month, we’re selecting 20 founders to invest in and support. Whether you have an idea already or not, let’s get to work.”
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The company will shortlist top business ideas from the laid-off employees of Meta, Twitter and Amazon and will provide a follow-up capital of $1 million as seed funding.
The process of application has begun and will go on until November 25th. The selected start-ups will undergo interviews and assessments before they receive funds at the end of the year.
Masha Bucher, the founder of Day One Ventures said, "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 of years later)."
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In the backdrop of socio-economic challenges and slowing growth, many companies have opted for mass layoffs to cut costs. Elon Musk-led Twitter has fired over 7,500 staff, while Meta has laid off 13 per cent of its workforce. E-commerce giant Amazon is also planning to fire 10,000 employees in the coming months.
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