This year several companies took the decision to sack many of their employees, with the reason being ‘cost-cutting’. To save themselves economically, tech giants like Facebook, Twitter, and Amazon let go off thousands of employees. Amidst the layoff crisis, A US-based company is offering funding of $1,00,000 million to employees who were sacked by the above-mentioned tech giants. This US-based company is also going to launch programs for founders affected by the layoffs.
Meta sacked about 11000 employees across the globe which amounts to 13% of the company’s manpower while Twitter laid off 7500 employees after Elon Musk took over the company. Many other companies have also resorted to the same.
‘Day One Ventures’ a venture capital firm based out of San Fransisco founded by Masha Bucher, an angel investor and Founder of PR Studio announced that they will be investing $100,000 (Rs 81 Lakh) in 20 startups led by people who were sacked. The programme called ‘Funded Not Fired’ was introduced and the funds will be transferred to the startups by the end of 2022.
“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 (both companies ended up shutting down just a couple of years later),” wrote Masha Bucher, founder of Day One Ventures.
“VC investors are sitting on billions of dollars, and now we have thousands of talented people in engineering, salespeople, support staff and other functions looking for new job opportunities, so why not direct some of this money towards them?” said Masha Bucher during an interview. ‘Day One Ventures’ will be investing $5 million which is about Rs 40 crore from the fund of $52.5 million to back the founders who were laid off.
According to reports in the media, there are a few other entities that are offering opportunities for the affected employees.
