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Friday, May 6 has arrived. The only important thing about this is the “Friday” part – and we’re excited and curious to see what this weekend has in store for us, because this week many of our colleagues have been using swear words in their reporting, for example this report of Natasha and Amanda outlining all of the tech layoffs we’ve seen this week.
Meanwhile, in TechCrunch Slack today, Amandaafter some reprisals with minimal contextasked: “Ron, are you suggesting that Britney Spears alone hasn’t created more American jobs? Other national labor market analyzes will soon be available. – Christina and haje
TechCrunch’s top 3
- Coinbase NFT is a kind of PAS: The Coinbase NFT marketplace opened to the public this week, and unlike queuing to enter an Apple store on the first day of a new iPhone’s release, fewer users flock to the service than the company might have expected it. Maybe we’re seeing some NFT fatigue. You can judge for yourself as Jacqueline reports that an expert considers what could be the problem – and if there is anything that can fix it.
- We have a ticket to ride, but we may have missed the bike: It looks like Peloton is turning its red button to the left in order to get the company back on track, brian reports. in a new Wall Street Journal reportthe home bike business that came in handy when we couldn’t hit the gym in 2020 has started to struggle, but is trying to course-correct by eventually selling a 20% stake.
- Missing a piece of the puzzle:When you read something that says, “Simone Giertz, YouTube’s former shitty robot queen, didn’t so much relinquish her crown as she surpassed it,” you keep going. What follows is a delightful chat Brian had with Giertz about how his collection of Yetch products (you have to read it to find out what it is) came to be. The title reveals what one of these products is.
Startups and VCs
In what has to be one of our favorite TechCrunch articles in recent memory, brian joined Tony Fadell — the man behind the iPod, iPhone and Nest Thermostat — in his garage to see what prototypes and curiosities the longtime product maestro has to offer. It’s a deeply fascinating tour of the products that could have been and a must-read for all gadget lovers.
We also loved this piece of Carly discuss whether you should remove your period tracking apps if Roe v. Wade turns out to be a thing of the past, pointing out that many app developers already share details with third parties. “The sensitive data you share with your period-tracking app is unlikely to end up in the hands of those seeking to ban abortion,” she writes. “That’s not to say these tools don’t have significant privacy issues.”
A handful of tenuous musical puns and great stories:
- Chain on the run, never coming back: The NFT ecosystem continues to progress, but the vast majority of volume is still moving through the centralized corridors of the NFT OpenSea market, leaving crypto VCs eager to find new channels. Haun Ventures is leading a $50 million bet on Zora Labs.
- Old Macdonald had a farmand it’s time it was kinder to the planet: Tomorrow Farms is fueling a sustainable food train with ingredients to transform the pantry and fridge staples we now know into foods that are better for us and kinder to people. animals and the planet.
- This is where I fell for… the tax leader: MainStreet, a startup that helps other startups uncover tax credits valued at $500 million last year, has laid off about 30% of its staff.
- I want you back – I want you back for good: Fossil fuel and metals giant Glencore is pumping $200 million into battery recycler Li-Cycle as part of a larger symbiotic supply deal signed by the two companies.
- Don’t call it a comeback; it’s already dawn: Meanwhile, on our TC+ subscription site, alexander and Anna conclude that the business slowdown is not coming – it’s already there.
6 places investors look for trouble in your fundraising
According to Bill Petty, a partner at Tercera, here are the six questions investors are most likely to ask during due diligence:
- What is your company’s historical performance?
- How do you envision and plan for growth?
- What is the distribution of ownership?
- Who are your main clients and what is the nature of the work you do for them?
- How do you run the business? What is your attrition, usage, billing rates, etc. ?
- Are there any outstanding risks?
If you can’t answer these questions off the top of your head, you’re probably not ready to fundraise. Investors have higher expectations than friends and family who may have helped you get this far.
“It’s the difference between having a friend over for dinner and planning an open house,” says Petty.
“With a friend, you can tidy up and put away a few things in the closet. If you have buyers coming to take a look, they’ll open that closet.”
(TechCrunch+ is our membership program, which helps founders and startup teams grow. You can join here.)
Big Tech inc.
Since it’s about to be the weekend, let’s start with some driving time: Chinese electric vehicle company Nio parks in a parking space at the Singapore Stock Exchange. The company is reportedly seeking a secondary listing of its Class A common stock to match one in Hong Kong as the company awaits news on whether its shares will be delisted from the New York Stock Exchange. Meanwhile, Lucid, the maker of the Air luxury sedan, said demand is so good it will raise prices for its line of vehicles.
Regulators, turn up: UK cracks down on what it perceives as Big Tech’s unfair advantage, and Natasha read all the long documents about some new regulations so you don’t have to. The tl; dr – the government is setting some rules for big tech companies that it says will be needed to spur competition and make it easier and safer for consumers to do things like swap between android and ios, switch social media accounts without losing data (ouch!) and having more control over who has access to their data.
- I can’t stop (I won’t stop) I stopped the beat: Spotify Stations, the streaming service’s lightweight listening app offering easy access to curated playlists, is shutting down May 16.
- causing a stir: And in case you missed it yesterday, to help fend off the TikTok threat, Meta announced this week that it will now be handing out additional bonuses to Reels creators who post original content on Facebook.