The remote work startups that will last aren’t actually remote work startups

Welcome to TechCrunch+ Friday

Remote-work startups were a hot commodity when the pandemic began, but in the post-vaccine era, many investors and founders are reconsidering their enthusiasm, Rebecca Szkutak reports.

“If I looked at all the companies that are actually categorized as remote work, you’d see this little tip of the iceberg,” said Kevin Spain, a general partner at Emergence Capital. “Below that there are a lot of other companies effectively following and benefiting from that trend.”

Some companies working on hybrid workplace solutions “have pivoted out of the category,” others have reduced staff, and “one virtual office startup recently sold off its IP and transitioned to AI,” wrote Rebecca.

“It’s hard to pin the exact numbers on it,” writes Rebecca, “but there are signs that things aren’t going well for many remote work startups.”

Thanks very much for reading TC+ this week!

Walter Thompson
Editorial Manager, TechCrunch+
@yourprotagonist

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Trying to close a Series B in 2023? Read this first.

Series B investment was down 60% YoY in H2 2022, but career marketplace hackajob started raising a $25M round late last year that closed four months ago.

CEO Mark Chaffey shared a post with TC+ that lays out the plan his company used to engage skeptical investors and build “a killer data room” that targeted the right VCs.

“From there, it was all about execution,” he writes.

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Deep tech in Latin America and the Caribbean is set to skyrocket

According to a study issued by Inter-American Development Bank, deep tech founders who are considering starting up in Latin America and the Caribbean (LAC) have a lot to look forward to.

“The report concludes that there is room for a twentyfold increase in VC investment into LAC deep tech startups over the next decade,” writes Anna Heim in TC+.

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Ask Sophie: What do I need to know about getting a J-1 exchange visa?

Dear Sophie,

I just found out that I’ve been selected as a trainee in the J-1 exchange program.

I’m currently in the U.S. on a B-1/B-2 visitor visa. The sponsoring company would like me to start in August. I heard it can take several months to change my status to a J-1. Is there a way to get a J-1 faster?

Is there anything I should know about the J-1, particularly if I later decide to stay in the U.S. once the J-1 program ends?

— Techie Trainee

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Should you move to a new state for tax savings before selling your startup?

Once an acquisition is in the works, it’s natural for founders to start safeguarding their newfound wealth.

“On a $30 million exit, a founder could save approximately $4.3 million by moving from California to Florida or approximately $4.4 million by moving from New York City to Florida,” writes Peyton Carr, managing director of Keystone Global Partners.

“That’s a lot of incentive to pull up the stakes and head to Miami,” but unless you follow state-level guidelines about where you spend time and generate income, “your move is likely to trigger an audit.”

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Crypto funding drops for fifth straight quarter as investors continue to pull back

Prices for Bored Ape Yacht Club NFTs have crashed to a two-year low, and Binance, the planet’s largest cryptocurrency exchange, is losing market share as it takes heat from the U.S. Securities and Exchange Commission.

In Q2 2023, 382 blockchain and crypto startups received $2.34B in funding, reports Jacquelyn Melinek, who talked to several investors about how they’ve adjusted their expectations.

“The Tiger Globals and Softbanks of the world aren’t going to invest in everything anymore,” said Lasse Clausen, founding partner at 1kx.

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Yes, investors will sign an NDA, but only in this specific circumstance

If I were a tech investor, there’s no way I’d sign a non-disclosure agreement.

Presumably, I’d be meeting with hundreds of founders each year. Signing an NDA might preclude me from doing another deal with someone else working in a similar space: why would I ever agree to that?

According to Haje Jan Kamps, entrepreneurs should only ask for an NDA when disclosing “the details of your tech with anyone outside your company.”

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What’s it like being a Black founder in France?

“I’ve had people say, ‘Oh, okay, nice, very interesting. Thank you. See you soon.’ And we were in the middle of a conversation.”

“We are not taken seriously.”

“It’s impossible that you can be their equal.”

Dominic-Madori Davis interviewed several Black founders in France to learn more about how they’re working around racism and cultural stereotypes to obtain the same opportunities as their white counterparts.

“We’re missing the success stories that can inspire a new generation of entrepreneurs,” said Rodolphe-Emmanuel Hospice, founder of healthcare company Clikodoc.

“There are no real stories about Black founders in France.”

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