Home / News / World /  This company will give laid-off Meta, Twitter, Amazon employees $100,000 for a startup idea

As layoffs sweep the global tech industry, a US-based firm has launched a programme aimed explicitly at those impacted by it.

Day One Ventures, a venture firm has introduced this programme called "Funded not fired". According to a report by Tech Crunch, the firm will write $100,000 checks (around 81 lakh) into 20 startup teams by the end of the year.

The top businesses will get a follow-up capital from Day One Ventures' commitment to lead their pre-seed round with a $1 million check.

Overall, the venture firm will allocate $5 million (and at most $10 million) from its $52.5 million fund to support the laid-off employees from companies like Meta, Twitter and Amazon.

Founder Masha Bucher, who left her former life in Russia as a politician and TV reporter, said that at least 0.1% to 1% of the thousands of employees impacted by tech layoffs this year would become incredible founders.

Bucher added that the programme is "not a charity" but a serious business. She said that folks from Stripe and Twitter will not get any preferential treatment during the pitching round.

Apart from Day One Ventures, other programmes that have come forward to help activate the next generation of entrepreneurs includes Z Fellows and Cleo Capital’s former fellowship for laid-off workers.

The past weeks have seen an acceleration in job cuts at high-profile companies including Amazon.com Inc., which is planning to lay off 10,000 workers as soon as this week in its largest-ever headcount reduction. Meanwhile, Tech giants and startups alike have announced significant austerity measures. Online payment company Stripe and car-hailing app Lyft, also recently reported big layoffs. Lyft Inc. and Meta Inc. cut over 10% of their workforce. Twitter, freshly acquired by Elon Musk, earlier this month fired about half of its 7,500 employees.

So far this month, technology companies have outlined plans to eliminate 31,200 jobs, according to consulting firm Challenger, Gray & Christmas Inc.

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