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When a cat is scared, it may hide under the couch; a startled fish will swim into a dark hole. And when humans feel uneasy, we tell ourselves stories.

An example: “growth at all costs” is a fairy tale made possible by cheap money that helped venture capitalists set expectations for founders — and each other — for years.

Similarly, “everyone needs 18-24 months of runway” is a nice motto, but when it takes three times longer to raise a round than it used to, it may no longer be useful advice.

“These ‘VCisms’ borne out of an era of plenty have permeated boardrooms and investor meetings everywhere,” notes Neotribes Ventures partner Rebecca Mitchem in a TechCrunch+ post this morning.

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

“It’s time to ask ourselves if these VCisms are still relevant or if it’s time to change.”

In a data-driven piece that looks at post-money valuations, deal sizes and dilution rates going back to 2012, Mitchem says we’re now heading into a new era where the tech industry will embrace “growth at reasonable costs.”

Founders can continue to water down their ownership by pursuing fat rounds, or they can decide to grow more slowly, which will leave everyone involved with a larger stake over time.

“While it may feel counterintuitive, given the recent market environment, the value of the equity for all parties — investors, founders and employees — is higher in the more conservative growth scenario,” says Mitchem.

Thanks very much for reading TC+ this week,

Walter Thompson
Editorial Manager, TechCrunch+
@yourprotagonist

6 investors discuss why AI is more than just a buzzword in biotech

Biotech firms widely use AI and machine learning to reduce R&D spending and bring products to market faster, but “the bigger question for investors is getting a better understanding of what exactly AI is attempting to model and predict,” says Shaq Vayda, principal at Lux Capital.

In her latest investor survey, Anna Heim spoke to six biotech investors about where AI creates value, short-term market shifts, and how they’d like to be approached by founders:

Robert Mittendorff, M.D, general partner and head of healthcare, B Capital
James Coates, health and human performance principal, Decisive Point
Shaq Vayda, principal, Lux Capital
Franck Lescure, partner, Elaia Partners
Francisco Dopazo, general partner, Humboldt Fund
Sarah Guo, founder, Conviction

Which Instagram ad placement is more cost-effective: Reels, Feed Posts, or Stories?

Consumer-facing startups are spending more on platforms like TikTok and Instagram to reach customers, but which ad products offer the best return?

In a case study based on Instagram campaigns for a site that facilitates bookings for freelance beauty professionals, digital marketer Angelina Liparteliani looked at Instagram Reels, Feed Posts and Stories.

Her highly detailed breakdown includes examples of the ads used in various campaigns, the process she used for optimizing creative materials, and a cost-per-click analysis that shows how she reduced CPC from $1.51 to 17 cents.

“Definitely don’t chase trends,” advises Liparteliani. “Diversify your ad strategy, test different ideas and don’t give up if your ad doesn’t show results right away.”

Pitch Deck Teardown: MedCrypt’s $25M Series B deck

Many medical devices are just as vulnerable to cybersecurity threats as other IoT products, which is why Y Combinator graduate MedCrypt creates software to protect patients.

The company predicts that manufacturers will need to secure $1 trillion of “new and legacy” devices over the next three years, a truly tantalizing TAM.

After redacting some customer adoption details, MedCrypt’s founders shared with TC+ the 12-slide deck that helped it raise a $25 million Series B:

Cover slide
Problem slide
Target audience/market size slide
Opportunity slide
Mission slide
Product slide: Vulnerability tracking
Product slide: Behavior monitoring
Product slide: Cryptography
Product slide: MedISAO
Team slide
Summary/traction slide

Dear Sophie: When can I register my employee for the H-1B lottery?

Dear Sophie,

We’re a pre-seed startup thinking about sponsoring an early employee’s H-1B visa to stay in the U.S. and work for us.

How does the process work?

— Seeking in San Mateo

A guide to navigating your first 90 days as a new CISO

I’m used to working under pressure, but taking a job as a chief information security officer sounds extraordinarily stressful: people are far more likely to learn about your failures than your successes.

Managing the cybersecurity needs of an entire organization is “a big job that touches just about every part of the organization,” says Heather Gantt-Evans, CISO at SailPoint.

She’s written a guide for incoming CISOs that contains a framework for setting goals, creating action plans and, most importantly, documenting risk.

“The first 90 days of a new CISO’s term are critical,” writes Gantt-Evans. “They’re the best chance you’ll ever have to research, gather documentation, and assess where things stand and how they can be improved.”

In a turbulent market, it’s time to get methodical about sales

Many SaaS sales teams haven’t worked in an environment where so many customers are cutting back on spending, and it shows: When everyone’s in the mood to buy, it’s less important to develop a critical understanding of your customer’s needs.

“Sellers shouldn’t hop right into pushing features,” advises Steve Goldberg, chief revenue officer at Salesloft. “They should illustrate the unsustainable nature of a customer’s current behaviors and processes.”

In this post, Goldberg looks at MEDDPICC and design thinking, two sales methodologies that are “particularly effective when times get tough.”

TechCrunch+ roundup: New VC rules, AI biotech investor survey, Instagram ad case study by Walter Thompson originally published on TechCrunch

Although we’re in a period of economic uncertainty, I come bearing good news: All signs point to IT spending going up in 2023. By all rights, that should be outstanding tidings for startups. But it’s not all rosy, however, because in times of turbulence, startups really have to prove their worth.

Companies recognize that they must keep one eye on the future and that innovation tends to happen at new companies, not those supposedly trusty older ones. Sure, the tried and true may have solid balance sheets, but they also perhaps stagnated in the idea department sometime around 2012.

CIOs need to balance established players with startups as they set their IT budgets for next year. And startups building essential services in an innovative way should have fewer worries.

Execs clearly want to invest in your startup’s innovation, but they are wary, especially in times like this, of putting all their eggs in your startup basket. It’s understandable, so you have to show that you’re in it to win it.

We spoke to a number of CIOs, venture capitalists and analysts to get their perspective on what’s coming for enterprise startups in 2023.

With IT spending forecast to rise in 2023, what does it mean for startups? by Ron Miller originally published on TechCrunch

It seems like a lot of startups are born from an idea someone had while in college. But what if, instead of being honed years later at an accelerator, that initial idea was supported on campus while the dreamer was still enrolled?

For example, David Lin started food delivery service Duffl two years ago while an undergrad at the University of California Los Angeles. The company went on to be a part of Y Combinator and raised $13 million. Oculus co-founder Brendan Iribe was a University of Maryland student before dropping out to launch a startup. Some of the research on image-generating AI models came out of the University of Maryland as well, and the quantum chip technology behind EeroQ stemmed from Michigan State University research.

We’ve all heard success stories about schools like Harvard and Stanford churning out startup founders. While schools don’t often set out to be the next YC, they do seek ways to get some of the best research-based technology out of tech transfer offices and into the marketplace. That’s why schools, including the University of Maryland, Michigan State University, The Ohio State University and UCLA, are sinking resources into entrepreneurship programs and centers.

The original thought for many of these hubs may have been technology transfer — the process by which university-supported research is taken to market — but as entrepreneurship became a more viable career path and more people sought to work for a startup, many schools added tailored support for student founders and their community at large.

I spoke with representatives from those four universities about their entrepreneurial programs to learn how they have found success.

Michigan State University

Jeff Wesley, executive director of Red Cedar Ventures, the venture investment subsidiary of the Michigan State University Foundation, said its infrastructure — and its depth and breadth of team and services – is what makes MSU unique.

“Between the venture creation group and the statewide efforts with funding organizations like Michigan Rise, we have invested in 60 companies now at an early stage, some from the university and some from the Michigan network,” Wesley told TechCrunch. “It’s very active and focused on the early-stage, and we run two accelerator programs.”

It also taps into a lot of entrepreneurs-in-residence, who can bring both the knowledge of how to grow a company and the ability to leverage new ideas from faculty, staff and students and turn them into new companies.

In terms of investment, the foundation is one of the leading investors in the state — the state of Michigan gives Red Cedar a tranche of funds to invest — with its capital investment activity doubling in the past few years, Wesley said.

While there are similar programs across the country, Wesley said it was only recently that universities in the Big 10 came together to share ideas. In November, he traveled to Chicago for the inaugural Big 10 Venture Summit to learn from all of the other creation arms, including how states and college alumni are supporting these efforts.

“I couldn’t believe we had never done this before,” he said. “We shared notes and looked at best practices, and after all of that, decided to continue doing events like this where we could actually share opportunities and learn the approaches taken by different programs.”

As with everything startup-related, funding continues to be a challenge. “Even with success, early-stage investing is different,” Wesley said. Though many schools are tapping alums and seeking more support from university administration and different avenues within the state, “frankly, there is not enough funding to support efforts, especially with cancer therapeutics, which take a lot of capital,” he added.

Wesley is often asked by other universities how to get a similar program started and how to invest in companies. His biggest advice is to create infrastructure around the campus’ research arm and to focus on places where they could get initial funding, either from alumni or the state.

Collegiate entrepreneur hubs look to provide first support for would-be startups by Christine Hall originally published on TechCrunch

Global audit firm Mazars has deleted the website that hosted proofs-of-reserves work for cryptocurrency exchanges. The company told Bloomberg that it is suspending its work with crypto companies on proofs-of-reserves reports going forward.

Mazars appeared a few times in crypto news over the past few weeks because it started issuing those reports for cryptocurrency exchanges. The idea is that exchanges could reassure their users after the FTX downfall. Mazars also used Merkle trees so that users could check that their crypto assets are included in the report by entering a hash.

Clients of the audit firm include Crypto.com and Kucoin. But the most prominent client was Binance. Mazars certified last week that Binance held enough bitcoins and wrapped bitcoins to cover all users’ balances on the exchange as of November 22 at 23:59 UTC.

But when Binance and Mazars announced the proof-of-reserves report for the exchange’s bitcoin reserves, many people were quick to point out that this report only covered a small portion of Binance’s activities.

It could be seen as a step in the right direction, but it doesn’t mean much when it comes to Binance’s handling of all crypto assets across all its products. Similarly, it’s hard to see whether user assets are separated properly from Binance’s own balance sheet.

As long as Binance doesn’t share the full picture, it’s impossible to say with 100% certainty that Binance currently holds user accounts in segregated crypto wallets without any market exposure.

Mazars’ move doesn’t mean that the reports were wrong. It just means that the audit firm doesn’t think working with crypto firms for these reports is worth the risk. People have paid a lot of attention to these reports, which means that Mazars is putting its reputation on the line if one of those exchanges fail in one way or another.

Building trust requires a lot of effort and these auditing reports appeared a bit too quickly after the collapse of FTX. While they were a step in the right direction, proving that user assets are safe will require a more thorough approach.

Audit firm Mazars ceases proof-of-reserves work for Binance and others by Romain Dillet originally published on TechCrunch

How hard is it to do things? Often it turns out to be pretty hard.

There’s an infamous Hacker News thread about Dropbox that crops up whenever there’s a conversation about how difficult it would be to build a replacement for a well-known service. The forum note, which you can read here, comes from back in 2007, when Dropbox was a “YC app” that had a very simple pitch: “Throw away your USB drive.”

The poster argues that what Dropbox built at the time was something potential users could replicate “quite trivially by getting an FTP account, mounting it locally with curlftpfs, and then using SVN or CVS on the mounted filesystem,” provided they are on Linux. The commenter helpfully included instructions for Windows and Mac as well.

This is my last Exchange for some time. Starting Monday, I am on leave for a few months.

Thankfully, my amazing colleague Anna Heim — who already co-writes with me weekly — will be at the helm.

Back soon! — Alex

Perhaps the comment was right at the time; Dropbox’s core user group when it was just a little YC company was likely tech-heavy. And some of them must have had the chops — and interest — to build a Dropbox clone on their local machine.

It was a small group in the end. Dropbox grew to become a massive company, went public, and in its most recent quarter (Q3 2022) posted $591.0 million worth of revenue. That’s nearly $200 million permonth.

The real argument that we might pick with the Hacker News scribbler is that building a single piece of software for one’s own use may be, at times, doable as an alternative to using a paid, hosted service. Hats off to folks who tinker, build, and write their own code; may you make really cool things that are beloved.

But for us who don’t get paid to noodle with code, we’re going to use services that abstract away the technical challenges, as well as all the complicated company-building work that comes with highly usable and portable digital systems.

On Dropbox, Slack pings and Twitter moderation by Alex Wilhelm originally published on TechCrunch

Members of the general public will be able to take a Waymo robotaxi, with no human safety operator behind the wheel, between downtown Phoenix and Sky Harbor International Airport starting Friday. Waymo will also be doubling its service area in downtown Phoenix following an initial launch of driverless rides in the area to the public last month, the company said.

The developments come a month after Waymo first began offering its robotaxi service to the airport — or rather an airport shuttle stop at the 44th Street Sky Train station — for trusted testers, riders who have been vetted by the company and have signed non-disclosure agreements.

“This is the only service of its kind in the world carrying passengers from a busy airport, especially during the holiday season, all the way to a downtown fully autonomously,” said Saswat Panigrahi, chief product officer at Waymo, during a press briefing. “All people have to do is just download an app. No wait time. No NDA. 24/7 from the airport to the downtown.”

Waymo also said Friday it is now driving fully autonomously across all of San Francisco. In most of the city, anyone with the Waymo One app can hail a driverless ride for free. The core downtown area is restricted to Waymo employees and their guests for now.

The autonomous vehicle company recently received a permit from the California Department of Motor Vehicles to begin charging for driverless services, like delivery, but it still needs to secure a separate permit from the California Public Utilities Commission (CPUC) before it can ask robotaxi riders to cough up a fare. Waymo finally applied for that permit earlier this week so it can catch up to competitor Cruise, which has been charging for driverless robotaxi rides at night since June and recently began offering rides during the day, as well.

As 2022 comes to a close, the strategies of both Cruise and Waymo appear to be diverging slightly. Cruise has said it aims to launch in Austin and Phoenix by the end of this year, and scale to “hundreds of thousands” of its yet-to-be-launched purpose-built Cruise Origin AVs across major U.S. cities in the coming years. Waymo, while certainly not averse to scale, seems to be focused more on hitting new use cases in existing markets.

“Instead, what I would say we’re focused on is the markets were are in — which is now two serious ride-hailing markets,” he said. “As we’re launching the service, making the service more useful, getting more of the trip occasions…Now it’s more important to us that where we are in Phoenix and San Francisco, we’re serving more kinds of riders…which is why the airport occasion really matters in Phoenix.”

Aside from reaching airport customers — which is vital for the success of any ride-hailing business, autonomous or otherwise — Panigrahi said by simply expanding its surface area in existing cities, Waymo can hit new businesses and residences, and can also create more stickiness with existing customers who might have previously used another app to get to a desired location.

A Waymo spokesperson also noted to TechCrunch that this is why operating 24/7 has been an important marker for Waymo.

Of course, with a new airport service, there will be issues with demand and wait times, so expect Waymo to go through some growing pains. Panigrahi said Waymo has practiced moving supply to more in-demand locations and that the company has “hundreds of vehicles there to be working with.”

“I think the pool of hundreds of vehicles gives us enough flexibility to be able to dynamically increase the number of available fully autonomous vehicles at times of demand, and in other times, just make sure we’re getting value from test mileage and other kinds of experiments we’re running,” he said.

While Waymo won’t have to deal with ride-hail drivers who might cancel a fare because it’s going somewhere inconvenient, like the airport, the company will still have to make decisions as to where to send vehicles — which customers it makes wait and which it helps get to a location on time. Panigrahi said multiple factors will play into that decision, like which rider is closest, who Waymo expects it’ll be able to give better service to and how much the ride will cost.

Speaking of costs, Panigrahi said Waymo is experimenting with different pricing methods, but that he expects costs for a robotaxi to be comparable to “other ride-hailing options.”

Another risk factor with the new service is incidents on the road. Videos have surfaced of both Cruise and Waymo vehicles randomly stopping in the middle of the street and, in the case of the former, having strange interactions with law enforcement. If something like that happens when a rider is on their way to the airport, it could mean trouble for Waymo.

Panigrahi said he hopes those events will be rare, but when they do happen, it’s because the vehicle is prioritizing safety by not attempting an unfamiliar task. If a Waymo car stops, a “life support agent” will reach out to the rider in the car and carry them through the process. In the background, the vehicle will reach out to fleet response to ask for help interpreting a situation.

“I’m gonna be very clear, this is not somebody remotely driving the car,” said Panigrahi.

Whatever response is given might help the vehicle make a decision on how to proceed around whatever situation or obstacle arose. If not, then Waymo will deploy a team to manually disengage the car.

How long that could take is anybody’s guess. Waymo said response time depends on a variety of factors, but roadside assistance is typically within a few minutes reach if needed. The company didn’t specifically say how it might help a customer who’s trying to get to a flight on time and is stuck in a non-responsive AV.

“In the event a vehicle stops and cannot proceed, our rider assistance team will do all they can to get the rider to their destination on time,” a spokesperson told TechCrunch.

Waymo opens Phoenix airport rides to the public, doubles downtown service area by Rebecca Bellan originally published on TechCrunch

Alphonzo “Phonz” Terrell and DeVaris Brown met during orientation on their first day working at Twitter. They didn’t know that just a few years later, they’d be building a social media platform of their own.

“We were the only two Black guys in there, and we were like, ‘Hey, we’ll be friends!’” said Terrell, who served as the platform’s Global Head of Social & Editorial until last month, when he was one of thousands of employees laid off upon Elon Musk’s takeover. Brown was a product manager lead at Twitter working on machine learning, but left Twitter in 2020 to found Mexora, a Series A startup that makes it easier for companies to build their data pipelines.

Today, Terrell and Brown are announcing waitlist signups for Spill, which they describe as “a real time conversational platform that puts culture first.” They expect that the platform will launch in about six to eight weeks.

As Black creatives and technologists working in social media, Terrell and Brown have watched as Black women, queer people and other diverse communities have powered new trends on platforms like Twitter and TikTok, only to be overlooked. In the same way that Black founders areunfairly dismissedinventure capital, Black content creators have had theirwork stolenandearn fewer brand deals than white creators, studies have shown.

“I think this is really a platform issue,” Terrell told TechCrunch.”Even before I left Twitter, over the last several months, I was just talking to Black female creators, talking to Black queer creators and I’m like, ‘How do you make your money? Is any platform supporting you? Does the idea of Spill interest you?’”

So, it was important to the founders that Spill builds in creator monetization features from the get-go. Spill will use blockchain technology to chart how posts go viral and compensate the creators behind them, but Terrell deliberately refuses to call Spill a web3 company.

“It’s not a web3 thing. I don’t want that,” Terrell told TechCrunch. “But the use of blockchain is for both crediting creators and setting up a model for us to compensate them automatically. If they have a spill that goes viral and we monetize it, it’s really effective.” Spill hasn’t decided yet what the revenue share will look like, or what method will be used to track how posts drive ad revenue, but Terrell says that creators will “absolutely get real cash” in US dollars, not cryptocurrency. The blockchain technology is something that lives under the hood in the tech stack, not something that users will be bombarded with.

Like Twitter, Spill will have a live news feed where users can post “spills” (a step up from Mastodon‘s “toots“). They’re called “spill” after the phrase “spill the tea,” and Terrell said that they’re leaning into the teacup motif. Even their website sports a kermit sipping tea meme (which, by the way, was popularized on Black Twitter). Spill is also building a feature called “tea parties,” where users can host both online and IRL events, then get in-app bonuses to apply to things like boosting their posts. Users can still buy boosted posts, but Terrell says that, “if you’ve been creating and crushing it on Spill, we’re going to give you these things.”

Brown, who is serving as Spill’s CTO, is extending the company’s commitment to honoring cultural production into the very fabric of the platform.

“This will probably be the first, from the ground up, large language content moderation model using AI that’s actually built by people from the culture,” Brown told TechCrunch.

There is an established history of racial biases within the hate speech detection algorithms that most social platforms use — one study showed that tweets written by African Americans were 1.5 times more likely to be flagged as offensive or hateful, while tweets written with AAVE (African American vernacular English) were 2.2 times as likely. AI can’t understand the cultural context in which certain speech is being used, especially if the developers behind the AI are people who don’t understand — and have made no attempt to understand — the linguistic nuances of cultures beyond their own. But if anyone can change that, maybe it’s Brown.

“We’re going to be more intentional and be more accurate around things that will be deemed offensive, because, again, this is our lived experience or learned experience,” he said. “It’ll be much more accurate to catch those kinds of things that will detract from the platform that would not lend to creating a safe space for our users and our creators.”

Spill is building with a small team — under ten people, plus three advisors including Dantley Davis, Twitter’s former design chief. Other buzzy Twitter competitors like Hive have run into security issues when building these kinds of products without a robust team. But Spill’s founders are confident that they won’t fall into the same trap.

“You’ve got John McClane and MacGyver here!” said Brown. “Phonz, on the content and social side, has run some of the largest and most successful campaigns in the world.” At Twitter, Terrell’s team won a Webby Award for Best Overall Social Presence, and before that, he led social media marketing at HBO. “And then you have me, who literally has run some of the largest web scale services, probably since the advent and popularization of cloud computing. This isn’t our first rodeo.”

Spill’s waitlist is live now, where users can reserve their handle and receive updates before the platform’s launch.

Twitter is a mess, so former employees are creating Spill as an alternative by Amanda Silberling originally published on TechCrunch

Dropbox today announced that it’s acquired FormSwift, a cloud-based platform designed to help businesses build, edit, approve, share and print custom personalized and documents. Under the terms of the agreement, which closed yesterday, Dropbox says that it’ll pay $95 million in cash for the San Francisco-based startup, which will soon join the Dropbox team.

In a press release, Dropbox says that FormSwift will bolster the former’s existing document storage, signing and sharing capabilities including Dropbox Sign, Dropbox Forms and DocSend, bringing Dropbox closer to its goal of building an end-to-end “agreement workflow capability.”

“At Dropbox, we’re building tools to help our customers succeed in today’s virtual-first world by modernizing manual workflows and digitizing tasks,” VP and GM of Dropbox’s document workflows group Chetan Dandekar said in a statement. “With a similar customer base of small businesses and freelancers, and a library of commonly used forms and agreement templates, we firmly believe that FormSwift is a strong addition to our document workflows product suite, and will help us bring even more value to our customers.”

FormSwift was co-founded by David Becker and Sathvik Tantry in 2012 with the goal of reducing the amount of time businesses spend filling out commonly-used forms. The platform allows corporate customers to use prebuilt templates to design forms like onboarding waivers, rental agreements and NDAs, fill up documents through editing tools or create reusable, shareable and completable forms by adding various custom fields.

FormSwift — which appears to have taken on no outside funding prior to the acquisition — claims that it’s helped to create more than 10 million documents to date for small businesses owners and contractors.

“Over the last decade, FormSwift has become a leading provider of tools to help people easily create, edit, sign and collaborate on documents and workflows in the cloud, eliminating unnecessary printing, faxing, and snail mail,” Tantry said in a statement. “By joining forces with Dropbox, we can better scale our capabilities to make work easier for a larger number of small businesses and freelance customers.”

Dropbox’s purchase of FormSwift comes after the storage giant snatched up Boxcryptor assets, a startup that protects companies’ data across numerous cloud services, earlier this year. Both are a part of a continued small acquisition strategy that looks to enhance rather than cannibalize Dropbox’s core services to better position them against rivals in the ultra-competitive cloud storage space.

So far, Dropbox has made 28 such acquisitions, according to Crunchbase data, the largest being the buyout of HelloSign in 2019 at a reported $230 million. In addition to enhancing its existing product offerings, the purchases have fueled the launch of new Dropbox services like Dropbox Shop, which launched earlier this year with tools that let creators sell digital content directly to their customers.

Dropbox, which will announce its Q4 earnings later today, beat analysts’ estimates last fiscal quarter after a year of slow but steady growth, expanding its paying user base to 17.55 million (versus 16.49 million in Q3 2021). Revenues increased 7% annually to $591 million while net profit was $83.2 million, up from $75.6 million in the third quarter of 2021.

Dropbox buys form management platform FormSwift for $95M in cash by Kyle Wiggers originally published on TechCrunch

Hello and welcome back toEquity, the podcast about the business of startups, where we unpack the numbers and nuance behind the headlines.

To end the year, we are bringing back our predictions episode with the entire Equity crew: Alex, Natasha, Mary Ann, Maggie, Theresa, and Becca. Grace couldn’t make the mic but we have a feeling she’d agree with at least 2% of our predictions, anyways.

Let’s not ruin the episode, but to give you a taste, here’s what topics we based our predictions on:

Startup building and culture trends
M&A and the return of secondaries
The future of media and how social will shift
Deep tech and generative AI
And, of course, crypto

We end on an earnest note. Good luck to Alex as he embarks on parenthood, welcome to Becca, who will be joining Equity in the new year, and, of course, thank you to all of you for sticking by us during this rollercoaster of a year.

And with that, chat in 2023!

Equity drops at 7 a.m. PT every Monday, Wednesday and Friday, so subscribe to us onApple Podcasts,Overcast,Spotifyandall the casts. TechCrunch also has agreat show on crypto, ashow that interviews founders, one thatdetails how our stories come together, and more!

Equity’s 2023 predictions on the future of building, crypto and AI by Natasha Mascarenhas originally published on TechCrunch

Meta has announced that it’s shutting down its Cameo-like app, Super, on February 15, 2023. The company says when it began developing Super in 2020, it had hoped to create a virtual meet and greet experience that was similar to what you experience at a real-life event like VidCon on Comic-Con.

“What we found we’d created, however, was a much greater opportunity for creators and fans to connect in fun and exciting ways,” the company said in a statement. “We saw creators and fans raise funds for good causes, launch a new set of books, test drive new jokes for standup routines, and even play trivia against one another. It was amazing to see the joy and creativity in each new Super event. Sadly, however, the time has come for us to say goodbye. We hope you’ve enjoyed using Super as much as we enjoyed building it for you.”

Although Super won’t officially shut down until February, users won’t be able to create a new event during the shutdown period. If users have an upcoming scheduled event on Super, the company recommends that the event be rescheduled on another platform. Meta says users who participated in a Super event or hosted one can download their recorded media before the company officially decommissions its website in February.

Super joins a long list of experiments and apps that have been shut down by Meta this year. The company recently shut down its Facebook live shopping feature on October 1 to shift its focus to Reels. Also in October, Facebook shut down its standalone gaming app two years after its launch. In September, Meta shut down Neighborhoods, its Nextdoor clonelaunched last year to standardize the way neighbors connect and share local news and information on Facebook.

In July, Meta shut down Tuned, its social app for couples that launched a little over two years after it launched. In March, Facebook shut down its college student-only social network called Campus. In January, the company shut down its video speed-dating service called Sparked.

Meta is shutting down its Cameo-like ‘Super’ app in February by Aisha Malik originally published on TechCrunch