Technology
Labor trends in 2023: Over-employment, fatigue and hope

W
elcome to Startups Weekly, a nuanced take on this week’s startup news and trends by Senior Reporter and Equity co-host Natasha Mascarenhas. To get this in your inbox, subscribe here.
If there’s one thing I can rely on every new year, it is that people will debate whether resolutions are an irrelevant, capitalistic waste of time, or if there’s something beautiful about the world collectively wanting to better themselves.
Longtime readers know that I’m a fan of resolutions because of the latter. There’s nothing quite like the renewed energy you get from a few days off, ready to be focused on better, bigger goals that 2022 just didn’t have room for. Am I re-energized after two weeks off? Yes. Am I worried that the news cycle will begin to spiral out of control within moments, taking us and our hot takes with it? Also, yes.
Alas, that’s where we are and if you have a resolution, I’m cheering for you. My journalistic one, beyond working more on my writing craft and perhaps getting started on this book dream I’ve had forever, is to do more follow-up stories.
The big themes that dominated 2022 news coverage were around layoffs, labor and venture capital incentives. But beyond singular workforce reductions, how has the reality check changed the way tech works? Are venture dollars getting more disciplined or was that just a fever tweet of the past 12 months? Doom and gloom is part of the story, always, but I think there’s also news to be found in the reinvention and reframing of tech.
So far, if I do say so myself, I’m not doing half bad. This week, I published a story looking into how laid-off talent is rethinking risk in today’s job market. Here’s the intro:
Tech isn’t as collegial as it used to be. Rocket ships are being unveiled as sputtering messes, mission-driven startups don’t feel so mission oriented when responding to investor pressure, and widespread layoffs offer a loud reminder that jobs are breakable contracts not sacrosanct vows.
Over the past few months, thousands of employees from Meta, Twitter, Stripe, Amazon, DoorDash and countless other companies that don’t have the privilege of being household names are back on the job market. A job market that includes hiring freezes, salary cuts and a general malaise that industry experts warn won’t be over this year.
So where does tech’s talent go from here?
The answer is complicated, and it’s too early to have definitive labor data. VCs want to fund the newest tech mafia startups before banks do, top MBA programs want laid-off workers to join so badly that they’re waiving standardized test score requirements, and the tech companies that are in a position to hire really want you to know it.
Keep reading to see how three laid-off employees are approaching their careers differently in 2023. As always, you can find me on Twitter, Substack and Instagram, where I publish more of my words and work. In the rest of this newsletter, we’ll talk about CES, crypto and Katrina Lake’s return as Stitch Fix CEO.
What you CES at Vegas, hopefully doesn’t stay in Vegas
It’s that time of the year. This week brought CES, the annual consumer electronics show that features a slew of creative gadgets likely to surprise. TechCrunch is on the ground covering these products as they debut, which range from texts from your dog to not-so-dorky AR glasses and “a stylish hiding spot for your unmentionables.”
Here’s why this is important: CES is starting to take robotics more seriously, according to TC’s hardware editor Brian Heater. In his newsletter, Actuator, Heater gave us early impressions of the show, which is less of a spectacle compared to its pre-pandemic days.
Here’s why he thinks there were more robots roaming around Vegas this past week:
-
The pandemic has accelerated the industry in general.
-
Automakers are getting serious about investing in and acquiring robotics startups or building these technologies in-house. See: Ford’s Agility investments, TRI’s research and Hyundai’s events post-Boston Dynamics acquisition.
-
Big firms like Amazon have been aggressively pushing consumer robotics.

Image Credits: TechCrunch
The latest in crypto
I’ll be honest, this subhed sounds like a mandatory groan meets not-so-subtle hangover. I know you’re not interested, or really helped by, a listicle of all the crypto stories you may have missed while you were enjoying eggnog or catching up on books. Link roundups, even though they are at the end of this newsletter, only do so much!
Here’s why it’s important: We can’t just shrug off what happened in the final innings of 2022 and let fatigue win! So, let’s make a deal. I’m going to throw you to my brilliant colleague Jacquelyn Melinek’s newsletter, Chain Reaction, for the latest and greatest about what’s happening in the world of crypto. Her latest column certainly made me wake up: “Crypto is ringing in the New Year with new lawsuits and new chaos.”

Image Credits: Andriy Onufriyenko / Getty Images
Stitch Fix up
While we often cover executive departures, it’s not every day that you see a founder return to their company as chief executive a year and a half after stepping down. Gold star if you guess who I’m talking about: Stitch Fix founder Katrina Lake is returning to the company she began as it struggles through the downturn.
Here’s why it’s important: Now that Lake is chief executive again, she is the bearer of bad news. As first reported by CNBC, Lake sent a companywide email to 1,700 salaried employees, indicating that 20% of them are getting cut.
As I spoke about on our latest episode of Equity, it’s clear that the 2022 tech layoff spree isn’t a wave anymore, it’s a reality. Just take a look at other headlines from this week:

Image Credits: Getty Images under a David Paul Morris/Bloomberg license.
A few notes
- If you’re feeling nostalgic, here’s some of our 2022 year-end coverage
- TechCrunch is coming to Boston on April 20. I’ll be there with my favorite colleagues to interview top experts at a one-day founder summit. Book your pass ASAP!
Seen on TechCrunch
Two CEOs is better than one with Henrique Dubugras from Brex
There’s now an open source alternative to ChatGPT, but good luck running it
India set an ‘incredibly important precedent’ by banning TikTok, FCC Commissioner says
Doorstead closes on $21.5M to make sure you always have a tenant for your rental property
Remember how this whole working thing works?
Seen on TechCrunch+
Will record levels of dry powder trigger a delayed explosion of startup investment?
Black founders still raised just 1% of all VC funds in 2022
How global unrest will impact innovation in 2023
The year customer experience died
Toyota stumbled as Hyundai was stealing the successful Prius playbook
Whoops! Is generative AI already becoming a bubble?
With that, I am off to Baltimore to spend some time with some of my dearest childhood friends. If you have any coffee shop recommendations, send them my way! Otherwise, I’ll catch you next week.
Always,
Technology
Tesla brings back European referral program as end of Q1 nears


Tesla is bringing back its referral program to Europe, a strategy that taps into the brand loyalty of customers as it seeks to preserve market share and boost sales before the first quarter of 2023 closes.
The referral program follows Tesla’s move to reduce prices in a variety of markets, including Europe, China and North America.
Starting Tuesday in Europe, new Tesla buyers can receive 100 so-called “Loot Box Credits” when referred by a current Tesla owner, who will get 2,000 credits for the referral. If the referred customer takes delivery before March 31, 2023, they’ll get a bonus of 5,000 free Supercharging kilometres, and the referrer will get 10,000 credits. Those credits can be redeemed for software upgrades, up to 10,000 kilometers of free Supercharging “and more.”
Tesla has never used traditional advertising, so the company has historically used its referral program to get its loyal customer base to promote vehicles. Those rewards have changed over the last few years. At certain points, owners could win rewards like having a photo of their choosing launched into deep space orbit, an invite to an upcoming Tesla event, or even free new Roadsters to owners who accumulated enough referrals.
Tesla realized such extravagant rewards were starting to eat into profits, so in 2019 the automaker paused the program and came back with a more reasonable one that gives the referral giver and receiver 1,000 miles of free Supercharging each.
Last November, Tesla launched a revamped referral program in the U.S., which gives out credits that can be put towards the purchase of Tesla solar products, like the Solar Roof and Solar Panels. Tesla also launched a program in China called Treasure Box, where owners get credits that can be used towards the purchase of accessories like vehicle chargers, t-shirts or shot glasses.
The move in Europe suggests that Tesla is trying to hold onto, or even grow, its market share dominance. Tesla was the most popular EV brand in Europe last year, with the Model Y and Model 3 topping the ranks at 138,373 and 91,257 sales, respectively. Following behind were the Volkswagen ID.4 with 68,409 unit sales, the Fiat 500 electric with 66,732, and the Ford Kuga plug-in hybrid EV with 55,018 sales, according to Inside EVs.
While Tesla was the most popular EV brand in Europe last year, it actually falls behind the large multi-brand OEMs. Volkswagen Group, which includes brands like Audi and VW, actually has the largest market share of plug-in EVs with 20.6%. Stellantis, BMW Group and Hyundai follow with 14.6%, 10.5% and 10.1%, respectively. Mercedes and Tesla are tied at around 9% share.
As of this week, Tesla has finally hit production capacity of 5,000 vehicles per week at its Berlin gigafactory — a milestone CEO Elon Musk had originally promised for the end of 2022. While production numbers don’t equal sales, it’s possible that the increased production in Europe could help the automaker maintain its position and gain even more market share in the future.
The referral program isn’t the only move Tesla has made to boost sales, particularly before it reports quarterly earnings. In January, Tesla cut prices for Model 3 and Model Y vehicles in the U.S. and Europe by 20%. Earlier this month, the automaker slashed Model S and Model X prices in the U.S. as well.
In December 2022, Tesla also provided up to $7,500 discounts for vehicles purchased and delivered before the end of the year in the hopes of attracting buyers who might otherwise wait for the new year when Inflation Reduction Act incentives would kick in.
Technology
Pinterest brings shopping capabilities to Shuffles, its collage-making app

Pinterest announced today that it’s testing ways to integrate Shuffles collage content into Pinterest, starting with shopping. Shuffles, which is Pinterest’s collage-making app, launched to general public last November. To use Shuffles, users build collages using Pinterest’s own photo library or by snapping photos of objects they want to include with their iPhone’s camera. The iOS-only app is available in the U.S., Canada, Great Britain, Ireland, Australia and New Zealand.
Shuffles will now have all of the shopping capabilities as regular pins. Users will be able to tap individual cutouts used in collages, see the brand, price, and other product metadata along with similar products to shop.
“Unlike typical product exploration, Shuffles bring an interactivity that makes the experience inspirational and fun,” the company said in a blog post. “Gen-Z is curating fresh, relevant content alongside their peers, which is quickly making for a marketplace of trendy, shoppable ideas. The high density nature of Shuffles, which can include layers of product cutouts from multiple Pins, allows consumers to dig deeper and also connect to other Shuffles that include the same Pins. As we look ahead to how consumer behavior is evolving, we’re testing ways of integrating Shuffles collage content into Pinterest, starting with shopping.”
Although Shuffles surged to become the No. 1 Lifestyle app on the U.S. App Store in August when it was invite-only, the app’s popularity has since declined. By bringing shopping capabilities to Shuffles, Pinterest is likely looking for ways to retain users on the standalone app.

Image Credits: Pinterest
Pinterest also announced that it’s exploring a new takeover feature for advertisers called “Pinterest Premiere Spotlight” that prominently showcases a brand on search. The company says the feature is designed give advertisers a new way to reach users on Pinterest.
The company says 97% of top searches on Pinterest are unbranded, which means users typically don’t type a brand name into their searches on the platform. This gives brands the opportunity to be discovered as they help consumers go from discovery to decision to purchase, Pinterest says. In the coming months, the company planes to offer additional ways to help brands connect with shoppers.
Pinterest also shared some new stats about its Catalogs offering, which lets brands upload their full catalog to the platform and turn their products into dynamic Product Pins. The company says it has seen a 66% increase in retailers setting up shop by uploading or integrating their digital catalogs on its platform, along with 70% growth in active shopping feeds year over year globally.
As part of its most recent earnings release, Pinterest revealed that its platform now has 450 million monthly active users globally, a 4% jump year-on-year. Pinterest has been focused on enhancing the shopping experience on its platform over the past few years, and said during its earnings call that it wants to make every pin shoppable, including videos.
Technology
The tide has shifted for solo GPs

Welcome to Startups Weekly, a nuanced take on this week’s startup news and trends by Senior Reporter and Equity co-host Natasha Mascarenhas. To get this in your inbox, subscribe here.
It’s hard to be proactive after the tide has already shifted. However, that’s what we’re seeing happen in the solo GP world, where investors, hearing about institutional investor risk appetite changing, are extending fundraising timelines, cutting investment vehicle targets or planning to leave venture altogether. Some have learned it the hard way, while others, like Sahil Lavingia, are telling LPs to literally cancel their checks if they feel guilty about investing in venture capital while the market rocks and interest rates boom.
It’s a shift from the fund of fund mentality that felt commonplace last year, in which investment firms cut checks to early-stage, experimental investors to de-risk and even lead first checks into a generation of new startups. Now, the idea of backing just one, feels like a harder sell — depending on which institution you’re speaking to.
For my full take on this burgeoning tension within the venture world read my TC+ column: “Are solo GPs screwed?”
I know some of us are still reeling from the SVB mess, which is still very much unfolding. My hope with this piece is to offer nuance on how the market moves on from here for a very specific subset of check writers. In other words, yes, there’s a dreary dark cloud that is now more visible than before. But umbrellas exist. Somewhere.
In the rest of this newsletter we’re talking AI, icons and demo days. As always, you can follow me on Twitter or Instagram to continue the conversation. You can also send me tips at natasha.m@techcrunch.com or on Signal at +1 925 271 0912. No pitches, please.
It’s never GM; it’s only AI
Now that I apparently live in Cerebral Valley, it’s quite easy to find investors, founders or my great friends in the middle of a passionate conversation about artificial intelligence. Heck, we even screencast ChatGPT trying to explain SVB during wine night, recently.
Despite the overactive news scene, thanks to ChatGPT plug-ins, Google’s entrance and Canva’s magic, the best piece I read all week came from our own Devin Coldeway. In this analysis, Coldeway published a head-to-head comparison of top generative AI tools — asking them to create everything from a phishing email to code.
Here’s what to know: In the AI world, the compounding effect is almost impossible to encapsulate. Tech keeps beating itself, and advancement is only to be celebrated with a grain of hopeful salt. But, see it yourself if you don’t believe me!

Image Credits: Andriy Onufriyenko (opens in a new window) / Getty Images
Overheard at Techstars’ demo day
I went to an in-person demo day for the first time since 2019 this week, courtesy of 500 Global. There was a special, earnest energy in the room, partially because, as 500’s CEO Christine Tsai said, the 19 companies are sharing their vision for the future “around one of the darkest backdrops of Silicon Valley.” More to come on specific learnings, but below I thought I’d bullet point some of the tidbits I overheard while at the accelerator’s pitch session.
- “I find it very insightful to compare your revenue growth with your team growth — I personally don’t like operations-heavy companies, I definitely want to see more investment in the R&D and product [teams],” Cindy BI, partner at CapitalX.
- “We’re officially teenagers,” Tsai said on the accelerator’s 13th birthday.
- “When you think of a brand, you probably think of something like Nike. But to Gen Z, some of the biggest brands are people,” Detoure founder and CEO Meghan Russell.
- “We know how to get exits done,” Peter Wachira, CEO of Tripitaca, later adding, “We know how to get shit done.”

Image Credits: ContemporAd / Getty Images
One of venture’s most iconic duos wants to have a word with you
I published a podcast interview with Kapor Capital’s Freada Kapor Klein and Mitch Kapor, the entrepreneurial investing couple behind the top-tier impact investing outfit. The duo published a book recently, so we talk about that, their choice to step away from investing and the legacy they’re continuing to build out.
Here’s one key moment from the podcast: “It’s also worth pointing out, in the early days, there were a couple of people, white men, who were thinking about working with us and decided we weren’t going to make enough money so they went elsewhere. So I hope they’re kicking themselves and I hope they’ve learned something,” said Kapor Klein.
- I was on comedian Alexis Gay’s podcast, Non-technical, earlier this month to talk about everything other than my day job. Come for the croissant hate; stay for the devil’s advocate advocacy.
- Also, listen to Found, a podcast about the stories behind the startups. This week, the team published an interview with the brains behind “a genetics startup that looks to bring extinct species back to life to help with environmental conservation efforts.” Jaw = dropped.

Image Credits: Clark Studio
Etc., etc.
Seen on TechCrunch
Startup says the seaweed blobbing toward Florida has a silver lining
Hivemapper is 1M kilometers closer to goal of beating Google Maps
Twitter will kill ‘legacy’ blue checks on April 1
China reminds US that it can and will kill a forced TikTok sale
Seen on TechCrunch+
Threading the needle: Exploring 5 ideas with the founders of LGBT+ VC
Investors want best-of-the-best ESG data. Here’s how to give it to them
As TikTok and Coinbase face regulators, some questions are simpler than others
Pitch Deck Teardown: Prelaunch.com’s $1.5M seed deck
How Fellow bootstrapped for 8 years to build a coffee empire
Talk soon,
-
Interviews1 year ago
Interview with Jean-Francois Desormeaux, Real Estate Investor
-
Business News10 months ago
NFTMagazine.com Is Bringing NFTMag Conference 2022 to Miami this Year Says JetSetFly
-
Technology6 months ago
General Atlantic buys out SoftBank’s 15% stake in edtech Kahoot, now valued at about $152M vs the $215M SoftBank ponied up 2 years ago
-
Interviews12 months ago
Paying it Forward — Meet Dr. Jonathan Kenigson, the Founder of the World’s Leading Think-Tank in the Quadrivium
-
Interviews4 months ago
Interview with Justice Mitchell, A 16-year-old Student-Athlete Who Received a Basketball Scholarship Offer from Pennsylvania University Greater Allegheny
-
Entrepreneurship1 year ago
600% In Under 5 Years, Financial Advisors Grow Business By Podcasting And YouTube
-
Entrepreneurship1 year ago
Muminovic Benjamin E-commerce on Shopify the Course of the Business Man
-
Community9 months ago
The Bassnectar Community – It Belongs to All of Us