Day One Ventures has come to the aid of all those who have lost their jobs or may lose their jobs at a time when major tech companies are on a firing spree. By the end of 2022, the company will issue $100,000 checks (roughly Rs 80 Lakh) to 20 start-ups as part of its flagship program, “Funded, not Fired.”

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Masha Bucher, the company’s founder, thinks that people who have been affected by tech companies like Twitter, Meta, and more recently, Amazon’s widespread layoffs, will probably go on to found their own businesses. 

About Day One Venture

Day One Venture, founded in 2018, invests in companies from pre-seed to seed stage. The company describes itself as a “early-stage venture capital firm that backs customer-obsessed companies and spearheads their communications,” according to its website.

The company’s mission is aligned with the life story of its founder, Masha Bucher. Prior to relocating to the United States in 2014, she was a TV reporter in Russia. She established M&A PR Studio, which worked with businesses like Houzz, HotelTonight, and WeWork, before founding Day One Ventures.

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“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,” she said.

The company believes that leaving one’s job shows off a person’s talents despite the demoralizing nature of being fired. The company wants to invest in the top 0.1% of fired tech employees. People who are hesitant to start their own business are also given an extra push by the company. 

Day One Ventures has raised about $100 million, according to a CNBC report, and has invested that money in over 100 companies. The company owns a wide variety of companies in its portfolio. Participants in the program must complete a thorough application that includes questions about their employment history, place of residence, interests, and other details. In addition, applicants must present investors with their business plans.

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The company is choosing 20 founders to invest in and support over the course of the next month. The chosen candidates will need to succeed in a series of interviews and subsequent tests. Although Twitter and Stripe served as the program’s inspiration, Bucher also emphasized that it is not “a charity” and that the company will not favour former employees of those businesses.

Applications are now being accepted by the company. The application period will last until November 25. Although Day One Ventures may be the most recent company to offer financial aid to startups, it is not the only one.

Aspiring founders who want to start a cryptocurrency start-up can apply for a week-long sabbatical program and a $10,000 check through a company called “Z Fellows,” which was launched by First Text—a company that connects founders and investors—in 2020. According to a TechCrunch article, Z Fellows is one of the first businesses to introduce a similar program designed specifically for start-ups with a cryptocurrency focus.