The ongoing market correction and destruction of several leading crypto tokens is wiping away wealth so fast you can almost hear it.
Companies in other industries are on a hiring spree, but startups like Robinhood, Better.com and Peloton are laying off thousands as FAANG companies slow down hiring and look for places to save money.
For many tech workers, this is the first time they’ve experienced real uncertainty. Investors are rich and founders will weather this storm well, but in downturns like this, rank-and-file employees are the first to feel any pain.
So if your face doesn’t appear on the team slide on your startup’s presentation platform, this would be a good time to cancel your next vacation. And maybe one of his subscription boxes.
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In this environment, every entrepreneur must be fluent with their key metrics. If you can’t remember exactly how much track you have left by the time you finish reading this sentence, I’m a little worried about you.
For her latest TC+ column, angel investor Marjorie Radlo-Zandi addresses a related question on every founder’s mind: what is my current valuation?
For many startups, finding that figure requires more art than science, as companies with no revenue are still collecting data and fine-tuning their products.
“Many traditional valuation methods, such as discounted cash flow, are not as useful for valuing early-stage startups,” he writes. “This means that investors have to assess other factors that are not as easily measured.”
There is no antidote to uncertainty, but it can be mitigated: immerse yourself in your data, activate your personal network, and find ways to support your co-workers.
Thank you very much for reading TechCrunch+.
Senior Editor, TechCrunch+
Launchpad teardown: Dutch’s $20 million Series A platform
As the CEO and founder of the Dutch virtual veterinary care platform, Joe Spector initially intended to raise a $15 million Series A, but his presentation platform so cleverly mixed images of adorable pets with market research and traction metrics which ended up closing a $20 million round.
In style, Dutch’s presentation tells a compelling story of how the company used its seed funding to launch a service in three months, establish a brand identity, build a team, and expand from 12 to 32 states.
If you’re working on a pitch deck and need inspiration, start here – all 17 slides are available to TC+ members.
When and how to hire your startup’s first growth marketer
Emotion and intuition often drive many hires in the early stages of new businesses, but when a business adjusts to the product market and finds its target audience, it’s a sign that “hiring a growth marketer will enable that your efforts scale much faster than without one,” says Jonathan Martinez, who has helped companies like Chime, Uber and Postmates scale.
In a TC+ post, Martinez explains how to identify the right kind of growth hire, what traits to look for, and how to set clear expectations and milestones once they’re on board.
“Priority tasks should be setting up a growth technology stack, creating a testing roadmap to find the most efficient growth levers, and strong copy and creative testing in the first 90 days.”
Dear Sophie, What are the visa options for international founders?
I started a startup in Pakistan with a couple of co-founders a few years ago. One of the co-founders and I want to move to the United States to access the market.
What are our visa options? Thanks in advance for your help!
— With purpose in Pakistan
To drive early-stage growth, take a jobs-to-do marketing approach
Understanding your customer’s needs is paramount to any marketing strategy, but it can be difficult to test your hypotheses when your budget is limited.
However, by adopting a “jobs-to-do” framework, early-stage startups can define, categorize, capture, and organize all of their customers’ needs, writes Michael Popchuk, co-founder and CEO of Saldo Apps.
Using real-life examples, Popchuk explains how startups can employ and leverage the JTBD framework to improve their SEO, marketing, and product development strategy.
“Thinking about and using the jobs users want to do to inform your strategy will help boost SEO, improve conversion on generic pages, and increase the virality of your product.”
Battery startups are working to disrupt more than just cars and trucks
Electric vehicles are the biggest market for battery startups these days, but some enterprising companies are forging into new territory with batteries that can do more than a typical lithium-ion cell.
Natron Energy, whose batteries use Prussian blue along with a sodium-based electrolyte, can charge much faster and can withstand discharge cycles of more than “5 to 10 times what lithium-ion batteries are capable of.” , reports Tim De Chant.
This capability gives these batteries unique use cases, such as power backups for data centers. Additionally, “because batteries can be rapidly charged over and over again without risk of significant degradation, data center managers can task them with reducing power demand when prices rise.”