This Week in Startups FTX buys BlockFi for $25M, Sequoia raising $2.25B, AI Umpires for MLB, Substack layoffs | E1497
Jul 1, 2022
Meta's overhaul of Facebook Groups is drawing comparisons to Discord, stirring up discussions about competition in tech. Sequoia is raising over $2 billion for new venture funds, while FTX's acquisition of BlockFi for just $25 million raises eyebrows regarding valuation drops. The MLB is poised to introduce robotic umpires in 2024, blending tech with tradition in sports. Meanwhile, Substack faces challenges with recent layoffs, highlighting the tough landscape for independent journalism.
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Avoid Facebook
- Avoid meeting with Facebook if you are a startup founder.
- They will steal your ideas, as they have no original ones and are good at improving existing products.
Facebook's Playbook
- Facebook’s core strategy is copying and integrating successful features from other platforms.
- This anti-competitive behavior, combined with aggressive partnership terms, raises monopoly concerns, according to Bill Gurley.
Work at a Startup
- Avoid working for Facebook, even if they offer more money.
- It's better to work at a creative startup where you can develop your own ideas and contribute to innovation.