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Thank you for subscribing to Entrepreneurship Weekly. This week I’m taking my parents to Yosemite National Park to explore the snowy peaks and see if my car can handle the snow. In lieu of the regular Startup Weekly, I wanted to dive into some of the biggest startup stories from 2024, right here on TechCrunch and our subscription sibling TechCrunch+.
Here are some of the most important themes resonating across the startup ecosystem in 2023.
crime and punishment
Image Source: Bryce Durbin/TechCrunch
Some of the biggest startup stories at TechCrunch in 2023 have to do with behavior and misconduct in the ecosystem.
One of our most read stories of the year so far is bob lee murder, best known as the creator of Cash App and the former CTO of Square. He died in a stabbing in San Francisco’s usually quiet Financial District. Rolling Stone picked up the story from there, delving into Bob Lee and who his alleged killer was.
this other The big story is the trial Theranos founder and CEO Elizabeth Holmes. She was indicted for wire fraud for defrauding investors and is currently serving an 11-year and 3-month sentence. Theranos, once valued at $10 billion, promised to provide revolutionary blood testing technology, but in 2015 it was exposed that its technology failed, posing health risks to patients. The subsequent collapse of Theranos prompted a slew of lawsuits and government investigations. The case is a stark reminder of the consequences of fraudulent behavior and that the “fake it till you make it” approach prevalent among startups doesn’t always work.
this other The big serial story of the year is “Well, maybe you shouldn’t do that.” Sam Bankman-Freed Trial, which lasted for more than five weeks. It turns out to be a spectacle of evasion and memory lapses. The former FTX executive spent several days in front of the jury, delivering testimony that was notable primarily for its lack of substance. When prosecutors questioned Bankman-Fried about his past decisions and actions, Bankman-Fried responded primarily with “yes” (372 times), “not sure” (117 times) and “I don’t remember.” ” (73 times). He was found guilty of all seven counts of fraud and money laundering and will be sentenced in March 2024. Around the same time, a second trial could be held with a slew of additional charges.
More information from the courts and legal system:
It’s not just startups. . . : Mike Rothenberg, a former venture capitalist known for his lavish parties, was convicted last month of 21 counts, including bank fraud, false statements, money laundering and wire fraud. The conviction ends his journey from promising entrepreneur who launched a venture capital firm in 2013 to convicted fraudster. He was originally charged by the SEC with fraud in 2018, resulting in him having to pay $31 million. Sentencing in the fraud case is scheduled for March.
I’m trying to contact you about an extended warranty: The Federal Communications Commission (FCC) has fined a robocall company a record $300 million for deceiving people by selling false car warranties. This operation was called at least 5 billion times.
Hacker’s Swiss Army Knife: Sales of Flipper Zero, a multi-tool hacking device, are expected to reach $80 million this year, up from $25 million last year. Starting in 2020, the device can operate systems as diverse as garage door openers and RFID card systems.
fun and quirky
Image Source: Brian Hitt
The world of startups isn’t just about murder, fraud, and shenanigans—thankfully, some of our most-read stories this year are a lot lighter.
One of the highlights is Apple’s 31 new emojis, which include a “shocked” shake emoji and a pink heart emoji, because apparently, we need more heart colors. There’s even two pushing hands that might mean “stop” or “high-five” – because we all need more interpretation of vague gestures. Want to spam your friends with moose or jellyfish? Apple has your back this year.
Others in my favorite more or less quirky news category:
[very recognizable drum riff]: MindGeek is the owner of adult entertainment websites such as Pornhub, Brazzers and RedTube, and was acquired by Canadian private equity firm Ethical Capital Partners. Terms of the deal were not disclosed.
Strap a computer to your face: Apple’s new mixed reality (XR) device is making a big impact with its high-quality hardware and features. It has 24 million pixels on two panels and advanced optics. It has an all-new chip that ensures smooth performance with no jitters or frame drops, and features precise eye tracking and gesture control. Panzer gave it a try and I think this device will be a game changer for new startups in this space.
We’re a little tired of Elon’s antics: At some point, TechCrunch editor Darrell decided he’d had enough, and wrote this article – concluding, enough is enough.
Artificial Intelligence Year
Image Source: Darrell Etherington owns the file under a Getty license
Without a doubt, and most importantly, for the better and To make matters worse, 2023 is the year of artificial intelligence.
OpenAI is what everyone is talking about. The company made GPT-4 generally available, which got everyone excited. It also enables ChatGPT to browse the wider internet, opening up a feature-rich and exciting world.
The dark side of artificial intelligence has also attracted attention. Advances in artificially intelligent porn generators (e.g., unstable diffusion) raise significant ethical and social questions. These generators have improved in creating more realistic and diverse images, but they also introduce some new risks and continue to make the internet more toxic, especially for women (most deepfake porn Targets women and is often used as a harassment tool). We also successfully tricked Lensa into producing NSFW content by placing crude Photoshop photos into their source material. In short: maybe “national deepfakes” are worse than we thought.
Another big AI drama story this year was the firing of Sam Altman as CEO of OpenAI. We put together a full schedule because, man, this is a legend.
From the desk that “didn’t see it coming”
Image Source: Nicholas Lipins/Anadolu Agency/Getty Images
If there’s one thing startups love to do, it’s throw curveballs. This year is no different and here are some of the most surprising events:
Banking collapse: One moment everything was fine, and then suddenly one of the biggest startup banks—Silicon Valley Bank, or SVB among its friends—took a nosedive. We put together a timeline of what happened, as well as a wall of coverage and analysis. Venture debt is one of the big question marks after the crash.
DPReview Legend: DPReview, a well-known digital camera review website, was shut down by Amazon after 25 years of operation, before Gear Patrol bought and revitalized the site.
The story of that submarine: It’s a sizzling moment as OceanGate attempts to infiltrate the Titanic but explodes all over the place in the process. In January 2018, a whistleblower was fired after submitting a scathing quality control report about the vessel to OceanGate’s senior management, including founder and CEO Stockton Rush. , who later died on the submarine. We first reported on the company in 2017, when it first revealed plans to 3D scan the Titanic.
Is it a bird? Is it a balloon: The Pathfinder 1 is an electric blimp that rivals the Goodyear blimp. At 124.5 meters long, the Hindenburg is like giving birth to a tech-savvy baby with a drone. With 12 electric motors and a preference for helium (much safer than its highly explosive, Hindenburg-blasting hydrogen counterpart), it will conquer the skies at speeds of up to 75 mph. . . finally.
Round after round of layoffs: latitude.
TC+’s popular works
TechCrunch+ is TechCrunch’s subscription service that provides in-depth analysis, exclusive articles and comprehensive reporting on the technology industry, startups and venture capital. If you’re not already a subscriber, you definitely should.
My popular Pitch Deck Teardown series features over 75 sample pitch decks and analysis of what works and what doesn’t. Of course, there’s tons of other amazing content out there. Here are some stories you may have missed:
From cloud to local machine: After a decade of cloud transformation, mature enterprises are now developing hybrid strategies to support critical data science initiatives, moving away from complete reliance on cloud computing and bringing workloads back to on-premises systems.
The evolution of layoffs: Back in July, we looked at how the tech downsizing era was evolving, noting that while it wasn’t over yet, it was losing some intensity and developing into its own unique trend.
Stage appropriateness rather than perfection: Startups should focus on creating minimally viable products that are focused on answering specific questions rather than trying to scale too quickly and wasting resources in the process.
Hey OpenAI, come up with a marketing strategy: In this case study, we demonstrate how OpenAI was used to generate a marketing strategy that significantly improved SEO rankings on Google, resulting in a significant increase in website traffic, domain ratings, and backlinks in less than a year.
Built on someone else’s technology and burned: OpenAI’s ChatGPT update allows PDF uploads. This is a problem for startups, especially those built around ChatGPT’s feature gap. It highlights the vulnerability of such businesses to changes in underlying technology.
Growing up is hard: Former PlanGrid CEOs reflect on the key mistakes they made while leading their companies to $100 million in annual recurring revenue, and offer insights to help other founders avoid similar pitfalls.
Laying the foundation for the battery gold rush: Volkswagen’s breakthrough in lithium-ion battery technology could have a major impact on the auto industry, especially as it grapples with rising costs caused by inflation and supply chain issues.
F you, pay me: If investors tell you not to take a salary after raising venture capital, tell them to do the hard work.
The best laid plans of mice and men: We look at the evolution of fintech over the past decade, looking at several much-hyped fintech concepts that ultimately failed to transform the financial services industry as expected.
To be remote or not to be remote: We examine the shift in remote work startups where initial enthusiasm for dedicated remote work tools has waned as companies have adapted to a hybrid work model rather than a pure remote model, which creates challenges for companies focused on remote work solutions. Programs for new companies pose challenges.
Here’s why your collateral sucks: During my Artificial Intelligence year, I built a tool to analyze startup pitches (because of course I did — why Won’t I built a tool that bankrupted me) and discovered a ton of interesting data about the mistakes startup founders make when creating pitch decks.
Oh, because I just Know You must be curious: the image featured in this article was taken with an iPhone 14 Pro Max. I created this gadget using Cuttle Labs’ Round Name Ornament Creator and Glowforge Aura. After I reviewed Glowforge’s entry-level laser cutter in July, I decided I had to have one. Because, well, what kind of nerd would I be if I didn’t set fires on a regular basis.
Happy New Year – see you in 2024!
