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It’s Friday, May 6. All that matters 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 had expletives in their reporting, for example this report from Natasha and Amanda detailing all the tech layoffs we’ve seen this week.
Meanwhile, in the MovieUpdates Slack today, Amandaafter some reluctance with minimal contextasked: “Ron, are you saying that Britney Spears didn’t single-handedly create more American jobs?” More national labor market analyzes will be coming soon. † Christine and hi
The MovieUpdates Top 3
- Coinbase NFT is a kind of NOT: The Coinbase NFT marketplace opened to the public this week, and unlike the line to enter an Apple Store on the first day a new iPhone comes out, not as many users flock to the service as the company might had expected. We may see some NFT fatigue. You can judge for yourself if Jacquelyn reports that an expert wonders what the problem could be – and if there is anything that can fix it.
- We have a ticket to ride, but maybe we missed the bike: It looks like Peloton is turning the red knob to the left to get the company back on track, Brian reports. In a new report from The Wall Street Journal, the home bike company that came in handy when we couldn’t go to the gym in 2020 started some trouble, but is trying to correct the course by potentially selling a 20% stake.
- I’m missing a piece of the puzzle: If you read something that says, “Simone Giertz, the one-time queen of YouTube’s shit robots, hasn’t renounced her crown so much as it has outgrown it,” move on. What follows is a delightful discussion Brian had with Giertz about how her Yetch (you have to read it to know what this is) product collection came about. The title gives away what one of those products is.
Startups and VC
In what must be one of our favorite articles on MovieUpdates in recent memories, Brian joins Tony Fadell – the man behind the iPod, iPhone and Nest Thermostat – in his garage to see which prototypes and curiosities the old product maestro is walking around with. It’s a very fascinating tour of the products that could have been and a must-read for all gadget lovers out there.
We also loved this piece from 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 of the app developers are already sharing details with third parties. “It’s unlikely that the sensitive data you share with your period-tracking app will end up in the hands of those who want to ban abortion,” she writes. “That’s not to say that these tools don’t have extensive privacy concerns.”
A few thin musical puns and great stories:
- Lost chain, never coming back: The NFT ecosystem just keeps going, but the bulk of the volume is still moving through the centralized halls of the NFT marketplace OpenSea, making crypto VCs eager for new channels. Haun Ventures is leading a $50 million bet on Zora Labs.
- Old MacDonald had a farmand it’s about time it was kinder to the planet: Tomorrow Farms is fueling a sustainable food train with ingredients to turn the pantry and refrigerators we know today into food that’s better for us and kinder to animals and the planet.
- Then I fell for … the leader of the tax: MainStreet, a startup that helps other startups discover tax credits valued at $500 million last year, has laid off about 30% of its workforce.
- Do you want to go back – do you want to go back forever: Metals and fossil fuel giant Glencore is pumping $200 million into battery recycler Li-Cycle as part of a larger, symbiotic supply agreement between the two companies.
- Don’t call it a comeback; it’s dawn already: Meanwhile, on our subscription site TC+, Alex and Anna conclude that the company’s delay is not coming – it’s already there.
6 places investors look for trouble raising money
According to Bill Petty, a Tercera partner, these are the six questions investors are likely to ask when conducting due diligence:
- How is your historical business performance?
- How do you think about and plan for growth?
- What is the property division?
- Who are your most important customers and what is the nature of the work you perform for them?
- How do you run the business? What is your churn, usage, billing rates, etc.?
- Are there any outstanding risks?
If you can’t answer these by heart, you’re probably not ready to start raising money yet. Investors have higher expectations than the friends and family who may have helped you this far.
“It’s the difference between inviting a friend to dinner and preparing for an open house,” Petty says.
“With a friend, you might be able to clean up and put a few things in the closet. If you have buyers who come to have a look, they will open that cabinet.”
(MovieUpdates+ is our membership program that helps founders and startup teams get ahead. You can sign up here.)
Big Tech Inc.
Since it’s almost weekend, let’s start with some driving time: Chinese electric vehicle company Nio drives into a parking lot at the Singapore stock exchange. The company is said to be seeking a secondary listing of its Class A common stock to match those in Hong Kong as the company awaits news about whether its shares will be delisted from the New York Stock Exchange. Meanwhile, Lucid, the maker of the luxury Air sedan, said demand is so good that it will increase the prices of its vehicle line.
Controls, hang up: The UK is cracking what it sees as Big Tech’s unfair advantage, and Natasha has read all the long docs about some new rules so you don’t have to. The tl;dr – the government is drafting some rules for Big Tech companies that it believes will be necessary to boost competition and allow consumers to do things more easily and securely, such as switching between Android and iOS, social media accounts switch without losing data (ouch!) and have more control over who has access to their data.
In the meantime:
- Can’t stop (won’t stop) stopped the beat: Spotify Stations, the streaming service’s lightweight listening app that provides easy access to curated playlists, will be discontinued on May 16.
- causing a stir: And in case you missed it yesterday, to fend off the TikTok threat, Meta announced this week that it will now be handing out additional bonuses to Reels creators who publish original content on Facebook.