An early-stage venture capital firm, Day One Ventures has introduced a program where it will pay $100,000 (around Rs. 81 lakh) to the laid-off employees.
This step comes after a number of companies have laid off many employees. Most recently, Meta announced that the company is laying off more than 13% of its staff, or more than 11,000 employees.
On the other hand, Twitter laid off approximately half its workforce in the days following Elon Musk’s $44 billion acquisition of the company. Followed by Snap, TikTok, HCL Technologies, and Google. On the other hand, ed-tech companies such as Byju’s, Vedantu, and many more have laid off many employees.
Day One Ventures will award the amount of around Rs. 81 lakh on the grounds of presenting a startup idea. The program is called ‘Funded not fired’ by Day One Venture and the amount will be provided to 20 startup teams.
The company said that in six months, it will pick the top companies and lead their seed rounds with a $1 million check.
“With Funded, not Fired, we are helping 20 new entrepreneurs and teams like you get funded with their first $100k check and get to work. In 6 months, we will pick the top companies and lead their seed rounds with a $1M check,” the firm said.
The company said, “You will have weekly check-ins with our team. We will pair you with subject-matter experts and top entrepreneurs as advisors who will host office hours and help you hands-on to build your company.”
“You’ll be introduced to the top VCs in the Valley and world to continue fundraising. For B2B startups, we will help you get in contact with customers from our portfolio and beyond. For B2C companies, our team will help you build viral product mechanics that will help your product grow”, the company added.
How to apply
Submitting an application form by November 25, 2022 by 11:59 PM Pacific Time. (at least one co-founder must have been recently laid from a tech company to apply). To apply click here.