Startups

TechCrunch+ roundup: H-1B worker layoffs, cyber-risk quantification, SaaS whiplash

Comment

Famous Golden Gate Bridge with buildings in the background in San Francisco, California, USA TechCrunch Disrupt
Image Credits: Wirestock (opens in a new window) / Getty Images

Dear Sophie,

I was laid off and I’m on an H-1B. I have enough savings to survive for a while. What should I do if I have been let go from my job?

I am on an H-1B, have an approved I-140 and an I-797 that expires in March 2024.

If I have to leave the U.S., can my current I-797 be transferred to my next employer? Are there any issues I should be aware of?

— Upended & Unemployed

The seasons won’t change for another 43 days, but in San Francisco, it already feels like winter.

As an offshore weather system brings gusts and downpours, local employers like Twitter, Lyft, Stripe, Brex, Opendoor and Chime are laying off thousands of employees. This week, Meta will reportedly announce the first large-scale staff cuts in its history.


Full TechCrunch+ articles are only available to members
Use discount code TCPLUSROUNDUP to save 20% off a one- or two-year subscription


For tech workers who are immigrants, this is an especially fraught time, as their ability to remain in the U.S. is conditional on their employment.

Most visa holders have a 60-day grace period after an unexpected layoff, but with thousands of skilled workers hitting the market at once, the clock is ticking.

We usually run Silicon Valley-based immigration attorney Sophie Alcorn’s column on Wednesday, but in light of current events, we ran it yesterday (without a paywall).

First order of business: If you’ve been impacted, don’t delay. Start looking now for a new position, and tell everyone in your network that you’re open to work.

“At a job interview, be direct about your need to transfer your H-1B to a new employer. If the company is not willing to sponsor you, move on,” advises Sophie.

“Ideally, you should accept a job offer no more than 45 days into your 60-day grace period unless you have applied for another fallback status because it can take several weeks to prepare and file the H-1B transfer.”

Brace yourself: More layoffs are coming. Update your resume, save as much money as you can and, most importantly — don’t panic.

Thanks for reading,

Walter Thompson
Editorial Manager, TechCrunch+
@yourprotagonist

Dear Sophie: How can I stay in the US if I’ve been laid off?

2023 will be the year of cyber-risk quantification

Risk configurable toggle switch. Position high low; cybersecurity risk
Image Credits: Olemedia (opens in a new window) / Getty Images

Myriad factors determine a company’s valuation, and cybersecurity is one of them.

Public companies that experience a breach tend to see a -3.5% drop in stock value after the news goes public.

That’s why cyber-risk quantification (CRQ) “has slowly grown from a nice-to-have to become the foundation for addressing the most critical concerns about a business’ cybersecurity posture,” writes John Chambers, founder and CEO of JC2 Ventures.

2023 will be the year of cyber-risk quantification

How ButcherBox bootstrapped to $600M in revenue

Mike Salguero at ButcherBox's dry ice factory
Mike Salguero at ButcherBox’s dry ice factory. Image Credits: ButcherBox

Grocery delivery service ButcherBox ran a Kickstarter campaign in 2015 to identify customers who wanted to receive 100% grass-fed beef.

Since then, the company “has seen $600 million worth of revenue without taking a penny of external investment,” reports Haje Jan Kamps, who spoke to CEO and co-founder Mike Salguero about how the founding team bootstrapped their D2C startup.

“I was meeting meat farmers in parking lots, buying a couple of trash bags full of meat — I’m sure that didn’t seem sketchy at all,” he said.

“But it was too much meat for my freezer, so I ended up selling the excess meat to friends or people I was working for.”

How ButcherBox bootstrapped to $600M in revenue

New data show how SaaS founders have been dealing with whiplash from public markets

Group of people moving data together.
Image Credits: puruan / Getty Images

According to OpenView Venture Partners’ 2022 SaaS benchmarks report, “an overwhelming majority of respondents are slashing spending regardless of cash runway.”

In this year’s survey, which covered 660 companies, OpenView operating partner Kyle Poyar and senior director of growth Curt Townshend found that “the rule of 40 is back,” as the need to generate profits has overtaken investors’ obsession with growth.

“Achieving 40 each quarter is not required,” they concluded. “But it is required to have a grasp on what caused a drop or spike, and what can be done to get to 40 long term.”

New data shows how SaaS founders have been dealing with whiplash from public markets

How to land investors who fund game-changing companies

(L-R) Tim De Chant, Senior Climate Writer, TechCrunch+, Gene Berdichevsky, Co-founder & CEO, Sila, Erin Price-Wright, Partner, Index Ventures and Milo Werner, General Partner, The Engine, speak onstage during TechCrunch Disrupt 2022 on October 19, 2022 in San Francisco, California.
Image Credits: Kelly Sullivan / Getty Images

A SaaS startup can conceivably find product-market fit within a few months of launching, but companies that work with hardware and robotics may wander in the pre-revenue wilderness for years.

To learn more about how investors approach risk when it comes to emerging technology, Tim De Chant moderated a panel at TechCrunch Disrupt with Milo Werner (general partner, The Engine), Gene Berdichevsky (co-founder and CEO, Sila) and Erin Price-Wright (partner, Index Ventures).

“Hire people to do the technical stuff,” said Berdichevsky. “Keep an eye on it, but then go learn the other pieces.”

How to land investors who fund game-changing companies

More TechCrunch

Welcome to Week in Review: TechCrunch’s newsletter recapping the week’s biggest news. This week Apple unveiled new iPad models at its Let Loose event, including a new 13-inch display for…

Why Apple’s ‘Crush’ ad is so misguided

The U.K. Safety Institute, the U.K.’s recently established AI safety body, has released a toolset designed to “strengthen AI safety” by making it easier for industry, research organizations and academia…

U.K. agency releases tools to test AI model safety

AI startup Runway’s second annual AI Film Festival showcased movies that incorporated AI tech in some fashion, from backgrounds to animations.

At the AI Film Festival, humanity triumphed over tech

Rachel Coldicutt is the founder of Careful Industries, which researches the social impact technology has on society.

Women in AI: Rachel Coldicutt researches how technology impacts society

SAP Chief Sustainability Officer Sophia Mendelsohn wants to incentivize companies to be green because it’s profitable, not just because it’s right.

SAP’s chief sustainability officer isn’t interested in getting your company to do the right thing

Here’s what one insider said happened in the days leading up to the layoffs.

Tesla’s profitable Supercharger network is in limbo after Musk axed the entire team

StrictlyVC events deliver exclusive insider content from the Silicon Valley & Global VC scene while creating meaningful connections over cocktails and canapés with leading investors, entrepreneurs and executives. And TechCrunch…

Meesho, a leading e-commerce startup in India, has secured $275 million in a new funding round.

Meesho, an Indian social commerce platform with 150M transacting users, raises $275M

Some Indian government websites have allowed scammers to plant advertisements capable of redirecting visitors to online betting platforms. TechCrunch discovered around four dozen “gov.in” website links associated with Indian states,…

Scammers found planting online betting ads on Indian government websites

Around 550 employees across autonomous vehicle company Motional have been laid off, according to information taken from WARN notice filings and sources at the company.  Earlier this week, TechCrunch reported…

Motional cut about 550 employees, around 40%, in recent restructuring, sources say

The deck included some redacted numbers, but there was still enough data to get a good picture.

Pitch Deck Teardown: Cloudsmith’s $15M Series A deck

The company is describing the event as “a chance to demo some ChatGPT and GPT-4 updates.”

OpenAI’s ChatGPT announcement: What we know so far

Unlike ChatGPT, Claude did not become a new App Store hit.

Anthropic’s Claude sees tepid reception on iOS compared with ChatGPT’s debut

Welcome to Startups Weekly — Haje‘s weekly recap of everything you can’t miss from the world of startups. Sign up here to get it in your inbox every Friday. Look,…

Startups Weekly: Trouble in EV land and Peloton is circling the drain

Scarcely five months after its founding, hard tech startup Layup Parts has landed a $9 million round of financing led by Founders Fund to transform composites manufacturing. Lux Capital and Haystack…

Founders Fund leads financing of composites startup Layup Parts

AI startup Anthropic is changing its policies to allow minors to use its generative AI systems — in certain circumstances, at least.  Announced in a post on the company’s official…

Anthropic now lets kids use its AI tech — within limits

Zeekr’s market hype is noteworthy and may indicate that investors see value in the high-quality, low-price offerings of Chinese automakers.

The buzziest EV IPO of the year is a Chinese automaker

Venture capital has been hit hard by souring macroeconomic conditions over the past few years and it’s not yet clear how the market downturn affected VC fund performance. But recent…

VC fund performance is down sharply — but it may have already hit its lowest point

The person who claims to have 49 million Dell customer records told TechCrunch that he brute-forced an online company portal and scraped customer data, including physical addresses, directly from Dell’s…

Threat actor says he scraped 49M Dell customer addresses before the company found out

The social network has announced an updated version of its app that lets you offer feedback about its algorithmic feed so you can better customize it.

Bluesky now lets you personalize main Discover feed using new controls

Microsoft will launch its own mobile game store in July, the company announced at the Bloomberg Technology Summit on Thursday. Xbox president Sarah Bond shared that the company plans to…

Microsoft is launching its mobile game store in July

Smart ring maker Oura is launching two new features focused on heart health, the company announced on Friday. The first claims to help users get an idea of their cardiovascular…

Oura launches two new heart health features

Keeping up with an industry as fast-moving as AI is a tall order. So until an AI can do it for you, here’s a handy roundup of recent stories in the world…

This Week in AI: OpenAI considers allowing AI porn

Garena is quietly developing new India-themed games even though Free Fire, its biggest title, has still not made a comeback to the country.

Garena is quietly making India-themed games even as Free Fire’s relaunch remains doubtful

The U.S.’ NHTSA has opened a fourth investigation into the Fisker Ocean SUV, spurred by multiple claims of “inadvertent Automatic Emergency Braking.”

Fisker Ocean faces fourth federal safety probe

CoreWeave has formally opened an office in London that will serve as its European headquarters and home to two new data centers.

CoreWeave, a $19B AI compute provider, opens European HQ in London with plans for 2 UK data centers

The Series C funding, which brings its total raise to around $95 million, will go toward mass production of the startup’s inaugural products

AI chip startup DEEPX secures $80M Series C at a $529M valuation 

A dust-up between Evolve Bank & Trust, Mercury and Synapse has led TabaPay to abandon its acquisition plans of troubled banking-as-a-service startup Synapse.

Infighting among fintech players has caused TabaPay to ‘pull out’ from buying bankrupt Synapse

The problem is not the media, but the message.

Apple’s ‘Crush’ ad is disgusting

The Twitter for Android client was “a demo app that Google had created and gave to us,” says Particle co-founder and ex-Twitter employee Sara Beykpour.

Google built some of the first social apps for Android, including Twitter and others