Jack quits Twitter, Black Friday data, Nubank lowers IPO price – TechCrunch
Jack Dorsey was Twitter’s first CEO – and also its fourth.
He led the platform from its launch in 2006 until he passed the torch to co-founder Ev Williams two years later. In 2015, Dorsey returned to the post after Dick Costolo had passed, even though he was simultaneously CEO of the fintech platform Square.
Like many, I wondered how a person could properly handle this level of responsibility. And apparently Dorsey too.
“There is a lot of talk about the importance for a company to be ‘run by its founder,’ he wrote in a letter to employees.
“At the end of the day, I think it’s very limiting and it’s a single point of failure. I worked hard so that this company could break with its founder and its founders.
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The Equity podcast team discussed his departure in a TechCrunch + article yesterday afternoon:
- Alex Wilhelm: a call to return to the old normal from the new normal
- Natasha Mascarenhas: A reset would rewrite the way VCs and entrepreneurs do business
- Amanda Silberling: Founders Aren’t Rock Stars
It is too early to say if this decision will change the founders’ ethics that permeate Silicon Valley.
Personally, I hope this will start a trend where mature tech companies do a better job of recognizing and rewarding employees who naturally understand their culture, products, and services. Case in point: Former CTO Parag Agrawal was first hired as a software engineer, but a decade later he’s leading Twitter’s 5,500 employees.
Maybe it should be pro forma for boards looking for a new CEO to start by talking to the company’s longtime engineers, product managers and marketing managers.
Thank you very much for reading,
Editor-in-Chief, TechCrunch +
Is Nubank’s IPO price drop bad news for Brazilian startups?
Brazilian firm Nubank initially said it planned to raise a maximum of $ 3.66 billion on its next IPO, but this morning the Latin American neobank’s holding company lowered that amount to 2, $ 86 billion.
This public offer arrived hot; why slow down now? In this morning’s edition of The Exchange, Anna Heim and Alex Wilhelm unbox the numbers for the proposed new assessment and ask, “Is the revision important?” “
Product-induced growth and signal substitution syndrome: bringing it all together
Collecting data to optimize B2B marketing is notoriously difficult.
“Practitioners tend to view each new source of information about their potential buyers – each type of signal – as a substitute for the last that didn’t work,” according to Kerry Cunningham, senior director of the Engagement Platform. 6sense account.
Adopting a product-driven growth mindset allows organizations to view users as signals, “just like form-filling leads, anonymized website traffic, your booth visitors and the rest,” Cunningham explains.
Black Friday data adds to evidence that ecommerce growth is slowing
News of the omicron coronavirus variant may have wiped out retail activity over Thanksgiving weekend, but what’s the explanation for the stagnation in online spending?
This year, Black Friday e-commerce totaled just $ 8.9 billion, up from $ 9 billion in 2020.
“Maybe we shouldn’t have been surprised,” writes Alex Wilhelm. “There were warning signs.
Thinking back to the missed third quarter estimates from companies like Shopify, Amazon and Pinduoduo, “slightly weaker e-commerce numbers just shouldn’t come as a surprise,” he concludes.
Due to supply chain issues and ongoing pandemic restrictions, retailers say consumers started shopping earlier this year. Yet this is the first time we’ve seen a decrease in spending on Black Friday.
“The pandemic has given, and now seems less inclined to keep giving, even as e-commerce itself continues to grow,” writes Alex. “It’s just that it’s growing more slowly than investors expected. “
4 key strategies for successful international expansion
International expansion counts as one of the milestones for every startup, but the path to realizing your global ambitions “is strewn with obstacles,” writes angel investor Marjorie Radlo-Zandi.
Drawing on over 20 years of experience leading and expanding a food diagnostics business in over 100 countries, Radlo-Zandi shares four fundamental strategies for companies looking to enter overseas markets:
- Market research
- Prioritize locations based on return on investment
- Personalization of offers and marketing
- Performance monitoring and contractual objectives
As human capital becomes scarce, flexible compensation can help attract and retain talent
The workforce shortage caused by the pandemic has many causes, but inflexible and inadequate pay is one of the most debated.
However, employees do not always leave because of their salary. “An opaque model for awarding compensation” is often the cause of employees feeling invisible and ignored, writes Boyd Davis, CEO of Compright.
Davis explains how startups can solve this problem by analyzing employee and market data to come up with transparent, fair, and fair compensation strategies.
The pandemic has taught us to be flexible and to “accept change and be open to adjustment processes, [which] is also true for compensation planning, ”writes Davis.
Why SoundHound is rated at 5 Shazams
The SoundHound music recognition service more or less died out about five years ago, so it was a surprise when its backer PSPC announced the company’s IPO at a valuation of $ 2.1 billion.
That, notes Anna Heim, is five times more than what Apple paid for Shazam, its biggest competitor.
SoundHound turned the volume down as it quietly developed a conversational AI product that it now sells to a number of big brands. “If you believe his SPAC deck, it looks like it only does magic for everyone to see,” writes Anna.
Dear Sophie: How long does the parole of an international entrepreneur last?
My co-founders and I believe we may be eligible for International Entrepreneurial Parole.
How long does it take to get approval from the IEP? How does this compare to other options available to startup founders, and can my spouse work?
– COO engaged
How Pilot convinced Index Ventures to think long term on the margins
Investors often get a bad rap for pushing companies to grow without spending too much money, but according to Pilot CTO and founder Jessica McKellar, clear communication is key to allaying investor concerns.
In the latest episode of TechCrunch Live, McKellar and Index Ventures partner Mark Goldberg spoke about their early tensions and how communicating a clear roadmap has helped the company deliver excellent customer experiences while providing a broad understanding of the long-term situation.