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<keyword id="19913963" type="General" weightage="100" keywordseo="Indian-startups" source="keywords">Indian startups</keyword> have experienced a remarkable surge in funding during the first eight months of 2024, with a significant increase of 53.1% compared to the same period in 2023, according to a report by <keyword id="19910824" type="General" weightage="20" keywordseo="GlobalData" source="keywords" meta.keywordsubtype="org" meta.entityname="GlobalData" meta.hostid="261" meta.entityid="GlobalData">GlobalData</keyword>. From January to August 2024, Indian startups secured $7.5 billion in <keyword id="19913965" type="General" weightage="20" keywordseo="venture-capital" source="keywords">venture capital</keyword> funding, a sharp rise from the $4.9 billion raised during the same timeframe in the previous year. The report highlighted that not only did the total funding amount grow, but the average deal size also increased. A total of 780 venture capital deals were completed between January and August 2024, compared to 742 deals in the same period in 2023. These deals contributed to the $7.5 billion raised this year, marking a 5.1% rise in deal volume alongside the impressive 53.1% growth in funding value. GlobalData's report emphasised India's growing prominence in the Asia-Pacific region as a major hub for venture capital investments, ranking second only to China. Globally, India secured a spot among the top five countries in terms of both the number of venture capital deals and the total funding value. "The marked increase in venture funding value highlights the burgeoning investor confidence in India's <keyword id="19930407" type="General" weightage="20" keywordseo="startup-ecosystem" source="keywords">startup ecosystem</keyword>,” explains Aurojyoti Bose, lead analyst at GlobalData. "India's performance signals a promising landscape in the <keyword id="20948843" type="General" weightage="20" keywordseo="VC-funding" source="keywords">VC funding</keyword> market". From a global perspective, India accounted for 7.3% of the total venture capital deals between January and August 2024, with a 4.6% share of the total funding value. Additionally, India saw a notable increase in high-value VC deals, with several investments exceeding $100 million. Some of the standout funding rounds this year included <keyword id="12437554" type="General" weightage="20" keywordseo="zepto" source="Orion">Zepto</keyword>, which raised $665 million and $340 million in two separate rounds, Meesho's $300 million round, <keyword id="20201450" type="General" weightage="20" keywordseo="pharmeasy" source="keywords">PharmEasy</keyword> securing $216 million, OYO raising $173.5 million, and Radiance receiving $150 million. These impressive funding rounds underscore the continued momentum and strength of India’s startup ecosystem in 2024, setting the stage for further growth and innovation in the coming years. (With inputs from ANI)

Indian startup finance ecosystem still going strong, report shows over 50% growth in VC funding over last year

New Delhi: <keyword id="20845764" type="General" weightage="100" keywordseo="Indias-startup-ecosystem" source="keywords">India's startup ecosystem</keyword> experienced a surge in <keyword id="19913965" type="General" weightage="20" keywordseo="venture-capital" source="keywords">venture capital</keyword> (VC) funding during the first seven months of 2024, raising a total of USD 6.3 billion through 672 deals. This marks a 42.1 per cent year-on-year (YoY) increase in funding value, despite a modest 1.2 per cent rise in deal volume, according to a report by <keyword id="19910824" type="General" weightage="20" keywordseo="GlobalData" source="keywords" meta.keywordsubtype="org" meta.entityname="GlobalData" meta.hostid="261" meta.entityid="GlobalData">GlobalData</keyword>. The uptick in funding underscores investor confidence in India's <keyword id="21354516" type="General" weightage="20" keywordseo="startup-landscape" source="keywords">startup landscape</keyword>, even as global market conditions remain cautious. An analysis of GlobalData's Deals Database reveals that during the same period in 2023, India saw 664 VC deals with a disclosed funding value of USD 4.4 billion. Aurojyoti Bose, Lead Analyst at GlobalData, commented on the findings and said, "The massive jump in funding value, despite a modest 1.2 per cent growth in deal volume, can be attributed to some of the big-ticket deals announced during the review period. This also proves that even though VC investors remain cautious there is no dearth of money for promising startups." Some of the most notable <keyword id="20948843" type="General" weightage="20" keywordseo="VC-funding" source="keywords">VC funding</keyword> deals in India during January-July 2024 include USD 665 million raised by Zepto, USD 300 million by Meesho, USD 216 million by PharmEasy, USD 150 million by Radiance, USD 148 million by Kogta Financial, and USD 120 million by Rapido. India continues to stand out as a key player in the Asia-Pacific (APAC) region for VC funding, trailing only China. It is also among the top five global markets in terms of both VC deal volume and value. During the January-July 2024 period, India accounted for 7 per cent of the total VC deals announced worldwide, while its share of the disclosed funding value was 4.3 per cent. Bose concluded, "Despite global economic uncertainties, India remains a pivotal market for VC activity, driven by a robust pipeline of promising startups that continue to attract significant capital. This trend reinforces India's position as a critical player in the global venture ecosystem, demonstrating resilience and growth even amid cautious investment sentiment."

First 7 months of FY25 see significant surge in VC funding to India's startups: GlobalData

<ul class="summary-list"><li>Nichole Wischoff screened over 500 applications before making her first hire for her VC fund.</li><li>Wischoff ended up hiring Neal Mintz, a 26-year-old who impressed her with his enthusiasm and drive.</li></ul>This as-told-to essay is based on a conversation with <a target="_blank" class="" href="https://www.linkedin.com/in/nicholewischoff/">Nichole Wischoff</a>, 34, founder of Wischoff Ventures. The following has been edited for length and clarity. Business Insider previously published an essay about her first recruit at Wischoff Ventures, <a target="_blank" class="" href="https://www.businessinsider.com/landed-dream-job-vc-after-offering-set-up-payroll-free-2024-10">Neal Mintz,</a> and his hiring experience.Venture capital is a hard industry to get a job in.If you don't have rich parents or people that come from the industry to refer you, it's very hard for you to find an in.I didn't come from the industry. I spent most of my career working at startups and had to brute-force my way to starting Wischoff Ventures from scratch.My path into venture capital has colored my approach toward recruiting. I wanted to find hires like myself — those who might not have gone to Stanford or had some flashy names on their CVs but are willing to outwork any of those people.<h2 id="342a1dae-a9ed-4ec9-aabb-26075a697992">Screening through 500 applications to find the perfect hire</h2>I started recruiting for my fund's first full-time hire earlier this year. I posted the position on LinkedIn and X and got over 500 applications.Although it seemed a lot, it wasn't difficult to filter down the numbers. For one, 30% of the applications were rejected because I needed someone based in San Francisco or New York. Those applicants were either not living there or didn't intend to move there.Another 30% of the applications mainly came from people working in investment banking.While those candidates did have a deep background in finance, they weren't quite what I was looking for. Understanding ventures, especially early-stage ones, is very different from what they did in banking.Another 20% of applicants were dropped because their documents contained spelling mistakes.Some candidates even spelled my name wrongly, which bothered me. If your job is to source deals and you can't even get your prospect's name right, you won't hear back from them.I ended up taking calls with about 25 candidates at the end.One candidate that struck out to me, who I would later end up hiring, was Neal Mintz.Neal was just so determined to get this job.<h2 id="03e563be-6052-4de0-ac1d-dfae52e2499d">Neal pretty much hired himself</h2><div type="image" title="Nichole Wischoff and Neal Mintz sitting on a sofa." height="3610" width="4284" msid="114297958" hostid="261" sizebytes="487094"></div>I interviewed Neal over three weeks. We had three calls before meeting in person. In addition to walking him through the job, I also brought him along to a founder pitch and got him to share his assessment with me after the meeting.What impressed me about Neal was how well-prepared he was. During our calls, I learned that Neal already knew a lot about my portfolio, whether it be the companies I've invested in or the areas I was excited about. He had detailed questions about specific companies.At one point, I mentioned that I would have to set up a payroll system since I'd been operating the fund solo. Neal offered to help do it for free, showing just how much of a hustler he was.You could say that Neal pretty much hired himself because he was really aggressive, in a good way, about landing the job.<h2 id="dcf0033e-b949-497d-b045-3deb20647c16">I'm looking for people who are willing to run through walls</h2>If you want to pursue a career in venture capital, you've got to be determined. Don't quit, and don't take no for an answer.Whether it be applying for a job or sourcing for a deal, you have to come in over-prepared for your meetings if you even want to stand a chance.I want to look for people who are willing to run through walls every day on the job.Of course, I won't ever ask you to clean a bathroom, but I need to know that you'd be willing to do it if I asked.I don't care if you're joining as my chief of staff or as a general partner, you have to be okay to roll up your sleeves and get things done. I want to hire people who won't quit, won't give up, and are determined to get things done, no matter what.

I'm a VC, and I hired my first staff after he offered to set up payroll for free. He showed me just how far people are willing to go for a VC job.

Kamala Harris had <a target="_blank" class="" href="https://www.businessinsider.com/tech-investors-raise-money-for-kamala-harris-over-zoom-2024-8">friends in high-tech places,</a> but it wasn't nearly enough to secure the presidency.Silicon Valley's progressive leaders, like <a target="_blank" href="https://www.businessinsider.com/silicon-valley-billionaires-investors-kamala-harris-mark-cuban-reid-hoffman-2024-8">Reid Hoffman, Laurene Powell, and Vinod Khosla,</a> raised millions for the Harris campaign, hoping for a Democrat in the White House for the next term. In the aftermath of <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-wins-presidential-election-race-2024-11">Donald Trump's clear win,</a> some of tech's denizens stewed on what will happen next for their industry. Even in their sadness following Wednesday's results, traces of cautious optimism started to appear.In conversations with over a dozen VCs and founders, there was a sense that the <a target="_blank" class="" href="https://www.businessinsider.com/openness-in-ai-is-necessary-ftc-lina-khan-2024-7">regulatory climate</a> might soften, potentially easing antitrust scrutiny and allowing a wave of mergers and acquisitions to proceed unfettered. The election result, coupled with the <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-trade-us-presidential-election-dollar-treasuries-stocks-crypto-djt-2024-11">stock market's exuberant response,</a> could light up the exit market like the Fourth of July, signaling private companies to finally go public. While many Silicon Valley VCs and founders aren't huge Trump fans, their industry thrives when startups are getting acquired or going public quickly. The Biden administration clamped down heavily on tech M&amp;A, so Trump's win could be a financial boon for the sector. There's also hope and early signs of VC fund investors being more open to putting fresh money into the asset class.The outcome could be good for startups who have been sitting on the sidelines for the past few years hoping to go public (and their investors), said Jordan Nof, a managing partner of Tusk Venture Partners, an early-stage investor.Stephen Hays, the founder and managing partner of What if Ventures, said money is already moving again. He received two emails from investors on Wednesday morning about committing more capital to deals <a target="_blank" class="" href="https://www.businessinsider.com/stephen-hays-mental-health-vc-what-if-ventures-addiction-2024-7">his syndicate</a> can access. Both said they had waited for the election to pass to start writing bigger checks.Trump's <a target="_blank" class="" href="https://www.businessinsider.com/election-results-trump-harris-presidential-election-2024-11">return to the White House</a> will ripple through the technology sector in unpredictable and potentially transformative ways, though tech policy was largely an afterthought this election cycle. In his campaign, Trump played on people's anxieties about the economy to win over swing voters, while Harris cast herself as the candidate who would reach across the aisle on housing and immigration.In the short term, the election outcome is good for business, said a Bay Area-based investor. Trump is allied with some well-known tech people like Elon Musk, there's likely to be more permissive M&amp;A, and the price of bitcoin is at record highs. But there is longer-term uncertainty and questions remaining about whether Trump will shake the foundations of the US's economy and society, he added. <h2 id="747090b3-65d2-4542-aee5-ef26eab9cdcf">Big Tech returns to the table</h2>As president, Trump <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-presidency-affect-big-tech-2024-11">could roll back</a> some of the antitrust policies that his opponent would have continued. The Biden administration was a much tougher antitrust enforcer, putting many technology mergers and acquisitions on hold. That trickled down to little tech in the form of fewer deals closed.Federal Trade Commission Chair Lina Khan's status could be in jeopardy once Trump takes over in January. She has been one of the main drivers of tougher antitrust enforcement in tech deals. On Wednesday, Lulu Cheng Meservey, the communications whisperer to tech firms like Y Combinator, <a target="_blank" class="" href="https://x.com/lulumeservey/status/1854169233917100089">tweeted</a> a photo of Khan with LinkedIn's #OpenToWork badge."I believe we'll see the markets open back up for M&amp;A, a more business-first approach," said Brandon Brooks, a partner at the tech investment firm Overlooked Ventures. He added that having a former venture capitalist in the White House — Trump's heir apparent, <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-silicon-valley-tech-leaders-rally-around-harris-trump-2024-8">JD Vance</a> — could bring "a more private market focus" to the presidency.Investors such as SignalFire founder Chris Farmer and Mason Angel of Industrious Ventures said a more relaxed approach to antitrust enforcement could <a target="_blank" class="" href="https://www.businessinsider.com/more-startups-get-bought-up-by-private-equity-vc-2024-8">unlock billion-dollar exits</a> for a limited set of founders and venture capitalists who have a vested interest in acquisitions picking back up. That's how they return profits to investors.Louis Lehlot, a partner at Foley &amp; Lardner, expects a respite from the antitrust crackdown to "enable Big Tech buyers to return the table." He said, "They have been frozen out for nearly four years, essentially warned not to even try to acquire new companies, and in some cases, to prepare for their looming defenestration."The question of how a second Trump term affects the stock market also has far-reaching consequences for tech. Fewer dollars are flowing into the venture capital funds that keep tech firms flush with cash. Limited partners such as pensions and endowments that fund venture firms have been choosier over months of higher interest rates and a shortage of private company exits to the public market.<a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-victory-stock-market-today-dow-tsla-djt-bitcoin-yields-2024-11?_gl=1*1z0y7qj*_ga*MTQ0NjYxMDEzMC4xNzIyMzAwMzYy*_ga_E21CV80ZCZ*MTczMDkwNTI4Ny4yMjEuMS4xNzMwOTEwMTk4LjYuMC4w">Markets rallied</a> on Wednesday as Trump's victory ended one of the most contentious presidential elections in modern history. It's unclear how long the "<a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-trade-us-presidential-election-dollar-treasuries-stocks-crypto-djt-2024-11?_gl=1*rc7o27*_ga*MTQ0NjYxMDEzMC4xNzIyMzAwMzYy*_ga_E21CV80ZCZ*MTczMDkwNTI4Ny4yMjEuMS4xNzMwOTEwMzc3LjE2LjAuMA..">Trump trade</a>" boom will last and whether conditions for venture firms seeking investment will improve anytime soon."I think the concerns around tariffs and the rising cost of capital make our asset class less attractive if people can earn better rates of return elsewhere," said Michael Greeley, a general partner at Flare Capital Partners.<h2 id="e24a95d8-c99b-496b-802b-cb9a8404aa33">Crypto wins, uncertainty for climate</h2>This election marked the first with artificial intelligence in play, and as president, Trump will have to contend with how to regulate it. Though he hasn't released a detailed policy agenda, <a target="_blank" class="" href="https://www.businessinsider.com/trump-harris-presidency-impact-ai-artificial-intelligence-2024-10">analysts expect</a> Trump will ease up-regulation. His campaign pledged to repeal a Biden-era executive order that set guardrails on the technology and that some conservatives in tech argued went too far.Trump is also seen as bullish for crypto.The blockchain sector, including many VCs who invest in the sector, <a target="_blank" rel="noopener noreferrer" class="c-link c-link--focus-visible" href="https://time.com/7173421/what-donald-trump-election-win-means-for-crypto/">poured $100 million</a> into elections this year. Trump <a target="_blank" rel="noopener noreferrer" class="c-link c-link--focus-visible" href="https://www.coindesk.com/policy/2024/11/06/trumps-triumph-is-also-cryptos-gensler-regulatory-clouds-likely-to-vanish/">positioned himself</a> as the pro-crypto candidate, promising to make the US <a target="_blank" rel="noopener noreferrer" class="c-link c-link--focus-visible" href="https://apnews.com/article/donald-trump-bitcoin-cryptocurrency-stockpile-6f1314f5e99bbf47cc3ee6fc6178588d">"the crypto capital of the world,"</a> and pledging he would fire Biden-appointed SEC chairman Gary Gensler, who has cracked down on the crypto regulation. Trump has also publicly said he <a target="_blank" rel="noopener noreferrer" class="c-link c-link--focus-visible" href="https://www.cnbc.com/2024/11/06/trump-claims-presidential-win-here-is-what-he-promised-the-crypto-industry-ahead-of-the-election.html">would</a> "keep all the bitcoin the US government currently holds or acquires into the future." Bitcoin surged to a record high of $75,000 after Trump's victory was confirmed.Investors in climate tech were more apprehensive about what a second Trump term means for clean energy. Trump's on-again, off-again support for nuclear energy could result in new legislation to "expand alternative energy sources, particularly by accelerating the deployment of advanced nuclear micro-reactors," said Brian Garrett, managing director at Crosscut Ventures.Meta, <a target="_blank" class="" href="https://www.nytimes.com/2024/10/16/business/energy-environment/amazon-google-microsoft-nuclear-energy.html">Google, </a>Microsoft and <a target="_blank" class="" href="https://www.businessinsider.com/amazon-nuclear-power-strategy-ai-2024-10">Amazon</a> are all exploring using nuclear energy to power their data centers. Garrett shared tech investor Jenny Fielding's concerns that the new administration could repeal the Inflation Reduction Act, a bill that fueled investment in the clean-tech sector by green-lighting $369 billion in subsidies to public and private actors. He said Trump could retract the unspent funds crucial to upgrading energy infrastructure in the country."While regulations were always more progressive in places like Europe, if the climate [regulation] under Biden and the Inflation Reduction Act are rolled back, this could be a significant setback for climate tech companies operating (hoping to sell) in the US," said Fielding, a managing partner at Everywhere Ventures, which invests globally.In other pockets of the Valley, investors rolled up their sleeves for a new day of dealmaking. "People are keeping to themselves and just getting on with their business," said Conrad Burke, a managing partner of MetaVC Partners.Leslie Feinzaig, a venture capitalist who <a target="_blank" class="" href="https://www.businessinsider.com/tech-investors-raise-money-for-kamala-harris-over-zoom-2024-8#the-group-vcs-for-kamala-which-published-an-open-letter-in-support-of-harris-a-week-ago-held-a-virtual-fundraising-party-with-about-600-guests-2">became one of tech's bundlers for Harris,</a> sent an email to members of the VCs for Kamala group on Wednesday morning. "It hurts, of course, but it's a hurt we are familiar with," she wrote. "I've been here enough times that I know what I'm supposed to do: Get back up, learn the lesson, and get back to work."

Silicon Valley is officially grieving over Trump but quietly gleeful over a coming tech deal resurgence

<ul class="summary-list"><li>Neal Mintz beat over 500 applicants to get his dream job at Wischoff Ventures.</li><li>Mintz said that during the hiring process, he offered to set up the firm's payroll for free.</li></ul>This as-told-to essay is based on a conversation with <a target="_blank" class="" href="https://www.linkedin.com/in/nealmintz/">Neal Mintz</a>, 26, a senior associate at Wischoff Ventures. The following has been edited for length and clarity. Business Insider has verified his education and employment history.I have wanted to pursue a career in the venture capital ecosystem since I was in college.While pursuing my bachelor's degree at Washington University's Olin Business School, I spent two summers living and working in Tel Aviv, which has an incredible startup ecosystem.It was difficult to break into venture capital straight out of college. Instead, I started my career in consulting with Ernst &amp; Young, where I spent two years in their digital strategy consulting practice.At EY, I worked with clients that included Fortune 500 companies. I did everything I could to align my interests with my work, but I recognized that it would be harder to jump into an investing role as I became more senior.That was when I knew that I really needed to start looking elsewhere.After EY, I landed a role at a venture studio working with start-ups. That was where I learned how to perform due diligence on early-stage business opportunities.I then moved on to Ground Up Ventures, an early-stage venture capital firm. I was the only employee there besides the fund's four partners, so I had to learn quickly on the job.After nearly two years at Ground Up Ventures, I wanted to try working at another fund to see if there was room for upward mobility.That's how I ended up at my current job at Wischoff Ventures, a firm started by a woman whose work I admired — Nichole Wischoff.<h2 id="915a9294-61f5-4d9f-ad32-d1378e4b0470">I went through three weeks of interviews and pulled out all the stops</h2><div type="image" title="Nichole Wischoff and Neal Mintz sitting on a sofa." height="3610" width="4284" msid="114100622" hostid="261" sizebytes="487094"></div>I wanted to work for Nichole because I knew that as the fund's first full-time hire, I would have the opportunity to work with her directly and learn the ropes.The competition for the role was intense, and Nichole said I'd beaten over 500 candidates to get hired.The interview process took about three weeks, including three one-hour calls and an in-person meeting. In addition to the interviews, Nichole also asked me to weigh in on some due diligence opportunities and startup investments.Throughout the process, I did everything I could to show Nichole I knew how to do this job and that she wouldn't need to handhold me.At one point, Nichole mentioned she would need to set up a payroll provider for her first hire. Even though we were still in the interview process then, I offered to do it for her for free.<h2 id="7157d802-6f42-4e22-a400-78ccc7ae1135">People think I'm a try-hard, but that's just what it takes</h2>Some people have criticized my approach to securing the job at Wischoff Ventures.I recognize that the prospect of putting in so much effort to get a job may be discouraging. But we must remember that venture capital is an extremely competitive industry. The interview process is indicative of what working in venture capital is really like.If you want to succeed as a junior investor, you'll get a lot of rejections from founders all the time. If you want to thrive, you have to think creatively about how to get in front of founders. On top of that, you have to do your due diligence and research if you want to land a deal.Even after spending dozens of hours with a prospect, you could still get rejected, but that's just how deals work. So, for better or for worse, there are just so few roles within this industry. And you will have to go above and beyond if you want to make a mark.I offered to set up payroll for Nichole because I wanted her to know I was willing to do whatever it took. So whether it's implementing a customer relationship management system or planning happy hours — I'm all in.Breaking into venture capital is a long game. It took five years of my career to get in the door. But while the journey may sound intimidating, it's attainable for anyone who's excited and committed to what they're doing.

I landed my dream job at a VC fund after I offered to set up payroll for free. People called me a try-hard but that's just what it takes.

<ul class="summary-list"><li>The venture capital industry could face a big contraction in the near future.</li><li>Thats's according to Scott Stanford, cofounder and partner at ACME Capital, an early-stage VC firm.</li></ul>It's no secret: Venture capitalists are <a target="_blank" href="https://www.businessinsider.com/lps-are-defaulting-firm-buying-up-their-stakes-2024">hurting</a>.A slowdown in VC deal <a target="_blank" href="https://www.businessinsider.com/venture-capital-funding-crunch-will-continue-2024-2023-12">activity</a>, which started in late 2022, has continued into the first quarter of this year, accounting and advisory firm EisnerAmper <a target="_blank" href="https://www.eisneramper.com/insights/financial-services/venture-capital-q1-vc-blog-2024/#:~:text=The%20slowdown%20in%20VC%20deal,was%20invested%20across%2015%2C580%20deals.">wrote</a> in an analysis published on June 16.You've heard this story before: inflation, interest rate uncertainty, and low M&amp;A volume are having <a target="_blank" href="https://www.inc.com/sam-blum/the-state-of-venture-funding-in-2024-so-far-anemic.html">chilling effects</a> on the investing environment.Venture capital has cyclical fluctuations, but Scott Stanford, a cofounder and partner at ACME Capital, an early-stage VC firm, thinks something more meaningful is underway."It's not crazy to think half the VC firms that were actively investing in the last decade will be sidelined and eventually collapse," he wrote in an email to BI.The first wave will die off in the next five years. Ten years from now, the damage will be evident, he said.Some simple back-of-the-napkin math paints a grim picture.In a chart compiled by Stanford and shared with BI, by 1990, there were 300 VC firms overseeing $17 billion in assets. Over the last two decades, those numbers went through the roof. Now, there are 3,000 VC firms overseeing $1.2 trillion.By contrast, the increase in exits is modest at best. By 1990, VC-backed IPOs totaled $12.7 billion. By 2021, that increased to $60.1 billion. And it's a similar story with VC-backed M&amp;A deals.The venture industry got ahead of itself, in other words: The proliferation of firms and the money they're managing is not supported by the financial value they're creating."As the venture capital industry matured over the past several decades, euphoric momentum investors, not technologists, drove the creation of funds and the deployment of capital, blind to the nuances and challenges of timing innovation cycles," Stanford and ACME cofounder Hany Nada told investors in a recent letter shared with BI."Just as investors mistime specific investments or funds, the venture industry as a whole got as much as a decade or two ahead of reality, leading to an overcrowded, overcapitalized, and overvalued market," they added.<h2 id="03af2507-6311-43f3-ae85-0c2bb24e15b1">VC backers have other options</h2>Other factors will serve to cull the herd in VC, per Stanford.Limited partners (LPs), or investors who put money into venture firms, have other options thanks to higher interest rates, Stanford added. Low-risk investments like investing in Treasury bonds, for one example, are commanding a decent return.Tech, meanwhile, is "no longer an elusive sprite commanding irrational M&amp;A premiums or IPO exuberance," Stanford said.Once upon a time, a startup claiming they were a tech company somewhere in their pitch deck might command a billion-dollar valuation. That era is long gone.Finally, AI isn't necessarily the next panacea, Stanford said.The jury is out on whether it spawns the next generation of unicorns — when leaders like OpenAI are providing the tech openly, and anyone can use it to spin up decent products.All told, in this environment, investors without deep expertise, powerful networks, or mega-funds to deploy will be hard-pressed to raise money and build enduring franchises, Stanford said."A VC without capital is like a tennis player without a racquet," he said. "They can give interviews and make headlines but they aren't invited on the court."<div type="image" title="The ACME Capital team." height="4002" width="6000" msid="111124353" hostid="261" sizebytes="1317914"></div><h2 id="73f0b2e9-ab0b-4b58-a988-7c2cd0c879b8">VCs will have to take risks again</h2>Stanford believes today's challenges will give way to a new — or, rather, an old — era of VC investing.Tons of startups that went to market in the last handful of years had a similar strategy: Backed with millions in funding, they launched an app that was slightly better than someone else's.In the past, you could get away with making social features, apps, and incrementally better software in this fashion, Stanford said.Nowadays, incumbents can do all that themselves.So, investors that survive the contraction will have to back companies that are actually inventing things and therefore come with a sizable risk profile.When those companies get it right, they generate outsized returns. When they get it wrong, they go to zero.Maybe these VCs can be part of what Stanford describes as a renaissance of technology, "where systems work for us versus us working for them," he and Nada wrote to LPs.

A top VC predicts the industry is heading for a massive and enduring contraction

<ul class="summary-list"><li>Sen. JD Vance has a controversial venture-capital background.</li><li>Some of Vance's former colleagues previously told BI that the senator wasn't very good at his job.</li></ul>Donald Trump's <a target="_blank" class="" href="https://www.businessinsider.com/trump-selects-jd-vance-running-mate-vice-president-2024-6">vice-presidential pick</a>, <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-photos-ohio-politician-writer-venture-capitalist-2023-2">JD Vance</a>, has a background in venture capital.But his former colleagues previously told Business Insider in a 2021 report that his business expertise wasn't that noteworthy.In making his running-mate announcement, Trump <a target="_blank" class="" href="https://truthsocial.com/@realDonaldTrump/112792061935980928">wrote on Truth Social</a> that Vance "has had a very successful business career in Technology and Finance." But as <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-venture-capital-opioid-nonprofit-tech-record-ohio-senate-2021-8">Business Insider previously reported</a>, it's unclear what impact Vance had in the VC world.Vance, the first-time senator from Ohio perhaps most famous for his hit 2016 memoir "Hillbilly Elegy," got his start in venture capital just two months before his book came out, moving to San Francisco to join the Peter Thiel-backed VC firm Mithril Capital.Vance's former coworkers previously told BI that Vance was away from his new job much of the time to promote his book."It never seemed like he was even working," one former coworker told BI. "It felt like his full-time job was the book."Vance himself acknowledged his lackluster contribution, saying in an interview at the time: "How useful I've been on that front is probably debatable." And by the time Vance left the firm, less a year after he started, coworkers said he hadn't closed a single deal.At the time, Vance's senate campaign team didn't respond to questions about how Vance would manage his money as a senator and didn't make Vance available for an interview.After Vance was chosen as Trump's running mate, BI reached out to him again. Vance's senatorial office didn't respond and emails to his campaign and his personal website weren't answered.Trump's campaign also didn't respond to a request for comment about how Vance's old colleagues characterized his VC work.Vance saw a bit more success working at Steven Case's VC firm, Revolution, where he focused on investing in tech startups through the Rise of the Rest fund.There, Vance's networking skills helped him secure a number of deals in fields like military tech and artificial intelligence. But one investor who met with Vance said he was skeptical of what Vance brought to the table, telling BI, "I don't recall anyone at Rise of the Rest bragging about something JD Vance brought to the fund."Vance's time at Revolution did provide him with the connections needed to go off and start his own VC firm, Narya Capital, in 2019. But what exactly that firm has achieved is open to interpretation.In 2021, BI reported that Narya only had five investments, just one of which was in Ohio, the state Vance had pledged to help. And more than a year later, <a target="_blank" class="" href="https://www.politico.com/news/2022/10/30/jd-vance-job-creator-ohio-senate-00064119">Politico reported</a> that Narya had four employees, including Vance. The 750 jobs that Narya claimed to have created in Ohio that year were established by a group of 46 firms together, not just Narya alone, Politico reported.When Vance first started running for the Senate, one VC expert cast doubt on Vance's self-proclaimed business acumen."There are a thousand red flags," Jeff Sohl, the director of the University of New Hampshire's Center for Venture Research, previously told BI. "You're either going to be a really great VC and a bad senator or a bad VC and a great senator. Or what will likely happen is you're worse at both because you can't do both jobs."Vance's VC dreams may need to take a back seat to a new aspiration: reaching the White House with Donald Trump.

JD Vance tried to be a VC. He didn't do much, old colleagues said. 

<ul class="summary-list"><li>VC's new generation is embracing wellness as a counterbalance to the fast-paced life of investing.</li><li>We asked readers and top VCs from around the US to name the <a target="_blank" href="https://www.businessinsider.com/rising-stars-venture-capital-tech-startups-2023-11">best up-and-coming investors of 2023</a>.</li></ul>Silicon Valley's up-and-comers say that their <a target="_blank" href="https://www.businessinsider.com/a-guide-to-longevity-diet-fitness-drugs-tips-2023-11">wellness hacks</a> are essential to staying on their A-Game in the fast-paced world of venture-capital investing.The average consumer today is more focused than ever on their health, fitness, nutrition, appearance, sleep, and mindfulness. And these <a target="_blank" href="https://www.businessinsider.com/rising-stars-venture-capital-tech-startups-2023-11">rising stars of the VC world</a> are at the forefront of the trend, with many adopting various <a target="_blank" href="https://www.businessinsider.com/salesforce-marc-benioff-comments-on-meditation-sleep-schedule-2023-11">wellness routines</a>.Business Insider asked this year's rising<a target="_blank" href="https://www.businessinsider.com/rising-stars-venture-capital-tech-startups-2023-11"> </a>stars to name their best wellness hack that keeps them at the top of their game. Some VCs keep it simple with a <a target="_blank" href="https://www.businessinsider.com/exercise-tips-work-home-routine-2019-5">daily exercise routine</a> including walking, cycling, and martial arts. Others swear by waking up early, journaling, and cutting back on caffeine.As Base10's Luci Foncesa put it: "Health and wellness are incredibly important to me. One of my non-negotiables is daily movement, which, combined with my meditation practice, ensures I show up my most energetic, present, and aware self."<h2>Find ways to get moving</h2>Many rising stars in VC have a relationship with exercise that goes beyond an obligatory hour at the gym or a forced jog around the block. They see it as a daily practice that helps them stay physically fit as well as an enjoyable hobby that improves their mental health."In the past year, cycling has become more than just a hobby; it's a source of peace and balance in my life," Justin Williams, a senior associate at Seae Ventures, told Business Insider. "There's something profoundly calming about embarking on a long ride after a day's work."<div type="image" title="Martial Arts" height="762" width="1200" msid="106454686" hostid="261" sizebytes="75226"></div>Other VCs say they're embracing exercise that ranges from martial arts to power walking to <a target="_blank" href="https://www.insider.com/guides/health/fitness/types-of-yoga">hot yoga</a> to bouldering.Fiona Huang, a partner at DCM Ventures, told Business Insider that she's recently incorporated <a target="_blank" href="https://www.businessinsider.com/meghan-markles-favourite-workout-megaformer-how-to-get-results-at-home-2018-3">Megaformer workouts</a> into her routine, which use a souped-up Pilates reformer machine to add increased strength training benefits."It's an incredibly efficient training method that challenges the body and aligns with my wellness goals," she said.Like Huang, other VCs say efficiency is the name of the game when it comes to picking an effective exercise routine. Many told Business Insider that they combine movement with their work, like QED Investors partner Laura Bock, who bikes to work and meetings around New York, and Founder Collective partner Amanda Herson, who makes it a point to invite founders on walking business meetings.Taylor Brandt, a vice president at Headline, said that she recently started <a target="_blank" href="https://www.insider.com/guides/health/fitness/best-hiit-treadmill-workouts">walking on an inclined treadmill</a> while watching meeting recordings on call transcription software Avoma, which Headline invested in."I can get up to speed on prospective investments while working out – win-win!" she said.<h2>Finding "Om" time</h2>Many venture capitalists on this year's list of rising stars recommended <a target="_blank" href="https://www.insider.com/guides/health/mental-health/how-to-meditate">meditation</a> as a way to take a break from everyday life and help them stay focused on what's important."This year, I decided to bump up my typical 10 minutes of daily meditation to closer to 30-40 minutes daily," Luci Fonseca, a partner at Base10 Investors, told Business Insider. "It's been a game changer in my ability to focus, control my thoughts and emotions, modulate my responses in stressful situations, and show up for others the rest of the day."Vivien Ho, a partner at Pear VC, is heading to a <a target="_blank" href="https://www.insider.com/guides/health/mental-health/different-types-of-meditation">Vipassana</a> retreat over the New Year's holiday, where she'll spend 10 days in silent meditation.<div type="image" title="journaling" height="1415" width="2120" msid="106454687" hostid="261" sizebytes="133166"></div>And Ashley Paston, a partner at Meritech Capital, sings the praises of meditation along with journaling."It's amazing how taking just 10 minutes out of my day helps set the pace and structure for the rest of the day so well," she told Business Insider.<h2>Keep it simple: sleeping well and eating healthy</h2>For some rising stars in venture capital, basic routines centering on <a target="_blank" href="https://www.insider.com/guides/health/how-much-sleep-do-you-need?_gl=1*esrufe*_ga*MTUzODE1MjY4MS4xNjU1MTUzNDc2*_ga_E21CV80ZCZ*MTcwMTI4MTAzNC4zODQuMS4xNzAxMjgzMDAzLjQ5LjAuMA..#:~:text=The%20average%20adult%20needs%207,mood%20issues%20and%20weight%20gain.">good sleep habits</a> and <a target="_blank" href="https://www.businessinsider.com/scientific-reasons-to-eat-healthy-2016-7">healthy eating</a> help them stay at the top of their game, like Ahmed Mirza, a Techstars investor who's "obsessed" with his 10 p.m. bedtime and 5 a.m. alarm.Amber Atherton, a partner at Patron, is also a fan of the 10 p.m. bedtime, noting that when she stays up later, it's exponentially more difficult to feel rested.Sunset Ventures' Brandon Hoffman takes things a step further with a <a target="_blank" href="https://www.insider.com/drinking-coffee-daily-may-stave-off-early-death-study-suggests-2022-5">caffeine protocol</a> that supports his morning routine and helps him ensure he's drinking enough water throughout the day."I wake up early and make my first cup of coffee decaf to delay my caffeine intake until about 2 hours after waking up without having to give up the warm drink soon after getting out of bed," he told Business Insider. "Also, I have a large empty cup next to the coffee maker. Anytime that I make a cup of coffee (a few each day), I make sure that I fill that large cup up to the top with water and drink it as a way to allow myself another cup of coffee. This has been my hack to increase my water intake, especially to balance out a diuretic such as coffee."<div type="image" title="pouring kombucha" height="1414" width="2121" msid="106454805" hostid="261" sizebytes="76400"></div>For other investors, supplements are non-negotiables, including Felicis deal partner Tobi Coker, who takes <a target="_blank" href="https://www.businessinsider.in/science/health/food/unlocking-the-potent-health-benefits-of-daily-apple-cider-vinegar-consumption/articleshow/103802096.cms">a shot of apple cider vinegar </a>first thing in the morning, and Wellington Management's Javier Grevely, who swears by his probiotic and green juice, which contain superfoods like kale and wheatgrass.For Natalie Borowski, an investor at Coefficient Captial whose parents are Eastern European immigrants, <a target="_blank" href="https://www.insider.com/how-to-improve-gut-health-with-food-full-meals-dietitian-2023-3">gut health</a> is of utmost importance, and she grew up with lots of pickled and fermented foods."I've recently been trying to get back to the level of nutrition diversity that I had in my childhood diet." she told Business Insider. "In my Brooklyn apartment, I've been making lots of pickled vegetables, kefir (fermented yogurt drink), and kombucha (this one has not always been successful) based on my mom's and grandma's recipes."

Here's how the rising stars of VC keep their wellness on track while hunting down deals 

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Good morning! It'll only be for 57 days, but the asteroid 2024 PT5 (catchy name) will grab a ride on Earth's gravity starting this Sunday <a target="_blank" href="https://www.businessinsider.com/second-moon-orbiting-earth-when-why-what-to-know-2024-9">to give us a mini-moon</a>.We're also running a promotion for unlimited access to Business Insider content. The sale ends Tuesday. <a target="_blank" href="http://www.businessinsider.com/subscription/limited-offer">More details here</a>.In today's big story, why you should care <a target="_blank" rel="noopener" href="https://www.businessinsider.com/intel-struggles-qualcomm-deal-chip-industry-turmoil-2024-9">about a potential Intel-Qualcomm deal</a>, even if it might not work.What's on deck:<ul><li>Markets: Jamie Dimon takes a shot at private equity <a target="_blank" href="https://www.businessinsider.com/jpmorgan-jamie-dimon-junior-bankers-private-equity-jobs-unethical-2024-9">over its courting of junior bankers</a>.</li><li>Tech: An AI model dubbed "Moneyball for VC" identified some of the <a target="_blank" href="https://www.businessinsider.com/these-are-the-best-female-early-stage-investors-2024-9">top female early-stage investors</a>.</li><li>Business: Everything you need to know about the epic battle over <a target="_blank" href="https://www.businessinsider.com/rupert-murdoch-succession-court-fox-news-corp-david-folkenflik-interview-2024-9">Rupert Murdoch's media empire</a>.</li></ul>But first, do opposites attract?If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">Chips on the table</h2><div type="image" title="Intel in an eye" height="900" width="1200" msid="113637839" hostid="261" sizebytes="324998"></div>Qualcomm's potential bid for Intel would feature plenty of zeros, but one massive question is the real hold-up: How is this going to work?With both companies' sizable market caps — Qualcomm's is nearly $185 billion; Intel's is more than $96 billion — talks of a deal were bound to turn heads. But industry experts have gone from turning their heads to scratching them <a target="_blank" rel="noopener" href="https://www.businessinsider.com/intel-challenges-qualcomm-pros-cons-takeover-2024-9">trying to make sense of the potential tie-up</a>.Bernstein's team of chip analysts didn't mince words, writing it "would prefer that Qualcomm not pursue this as it <a target="_blank" href="https://www.businessinsider.com/qualcomm-considers-intel-buyout-analysts-see-major-hurdles-2024-9">seems very risky to us given uncertain returns</a>."So what's the issue? Let's break it all down.Why is everyone doubting this Qualcomm-Intel deal? The big hangup is that Intel designs and manufactures chips. No one is quite sure how the latter half of the business fits into Qualcomm, which only designs chips.Wait, isn't it a good thing Intel can do both? It used to be, but not anymore. Nowadays, chip companies <a target="_blank" href="https://www.businessinsider.com/intel-qualcomm-odd-couple-wont-solve-us-chipmaking-woes-2024-9">typically focus on one or the other</a>. Some companies design chips (Nvidia). Only a few manufacture them (TSMC mostly). If anything, doing both has actually hurt, not helped, Intel in recent years. <a target="_blank" href="https://www.businessinsider.com/intel-struggles-qualcomm-deal-chip-industry-turmoil-2024-9">Along with some other bad strategic decisions</a>.I'm still confused. TSMC's pure manufacturing focus has helped it get very good at what is an incredibly complex process. It works with a bunch of different players, while Intel only really manufactures its own chip designs. Getting all that varied experience has proved particularly beneficial for TSMC in the age of cutting-edge mobile and AI chips. It's so good now that even Intel has TSMC make a few of its designs — the ultimate victory.So Intel is mid at manufacturing chips? Sighs Sure. It used to be the best, now it's probably third.If that's the case, why can't Qualcomm just ditch the factories as part of the deal? That is indeed the likely plan. The US needs Intel to keep (and get better at) manufacturing chips. Having the world's most dominant chip manufacturer, TSMC, be based in Taiwan isn't great. If China decides to invade the island, our chip supply is in major trouble.Why is Qualcomm even reportedly considering buying Intel? Intel is still very good at designing chips for PCs and servers, the computers that go in data centers. These businesses would complement Qualcomm's existing offerings well. Qualcomm would probably then sell Intel's manufacturing operations to another buyer. The problem with that is that this manufacturing business would have almost no customers, and would fall even further behind TSMC.Does Intel have any other options? Intel's manufacturing capabilities might be a hangup to this deal, but they're why so many people want to see the company survive and thrive. After news of the Qualcomm talks broke, a report followed about PE giant Apollo's interest in investing up to $5 billion in Intel.So how does this all end? Experts seem incredibly skeptical about a Qualcomm deal going through. But this entire episode highlights important questions about the US' chip-manufacturing abilities, or lack thereof. As for Intel, the company already <a target="_blank" href="https://www.businessinsider.com/intel-ceo-pat-gelsinger-turnaround-plan-aws-2024-9">committed to making big changes</a>, so with or without Qualcomm, expect some upheaval.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Get ready for a dockworker strike that could <a target="_blank" href="https://www.businessinsider.com/dockworker-strike-what-will-be-impacted-prices-inflation-martime-longshoremen-2024-9">disrupt everything from medicine to holiday gifts</a>.</li><li>Coatue-backed Distyl AI founded by Palantir alums, raises $20 million funding round, <a target="_blank" href="https://www.businessinsider.com/coatue-backed-distyl-ai-raises-new-funding-round-2024-9">sources say</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Jamie Dimon" height="1667" width="2500" msid="113637841" hostid="261" sizebytes="146560"></div><ol><li>Jamie Dimon vs. private equity. The JPMorgan CEO said he's not a fan of junior bankers <a target="_blank" href="https://www.businessinsider.com/jpmorgan-jamie-dimon-junior-bankers-private-equity-jobs-unethical-2024-9">who accept future-dated PE jobs</a>, sometimes before even starting their jobs at the bank. He called the process "unethical," and said he "may eliminate it regardless of what the private-equity guys say."</li><li>The biggest days for stocks between now and the election. Bank of America identified the three most important days for the stock market in the lead up to the presidential election. Some are tied to the release of economic data while another is when some of Big Tech <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-most-important-daysstock-market-between-now-and-election-2024-9">is expected to report earnings</a>.</li><li>Wall Street is going nuclear, literally. More than a dozen banks, including Goldman Sachs and Bank of America, are backing an initiative to <a target="_blank" href="https://www.businessinsider.com/nuclear-power-banks-support-boost-output-microsoft-larry-ellison-2024-9">triple the world's nuclear energy capacity by 2050</a>. The industry joins Big Tech, which views nuclear power as a solution to the energy demand created from advanced AI.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Amazon salesperson being offered money for AI products" height="896" width="1792" msid="113637836" hostid="261" sizebytes="272784"></div><ol><li>Amazon salespeople have a new reason to hawk AI products. An internal memo shows Amazon Web Services recently implemented an incentive program for its flagship AI products, Q and Bedrock. <a target="_blank" href="https://www.businessinsider.com/amazon-bonuses-sell-ai-products-q-bedrock-2024-9">Some of the bonuses max out at $20,000</a>.</li><li>The best female early-stage investors, according to the AI "Moneyball for VC." A San Francisco firm developed a proprietary model to predict which startups are most likely to become unicorns. According to its methodology, <a target="_blank" href="https://www.businessinsider.com/these-are-the-best-female-early-stage-investors-2024-9">these 19 women</a> have an exceptional knack for picking winners.</li><li>We asked ChatGPT to do some introspection. Legendary investor Vinod Khosla published more than 10,300 words on the future of AI. We asked ChatGPT what it "thinks" about Khosla's points. While it agreed with some of his predictions, <a target="_blank" href="https://www.businessinsider.com/vinod-khosla-ai-essay-predictions-chatgpt-response-2024-9">it called others "overly optimistic."</a></li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="An employee in a spotlight that also acts as a megaphone" height="1000" width="2000" msid="113637835" hostid="261" sizebytes="21560"></div><ol><li>It's time to rethink how we do promotions. As it turns out, <a target="_blank" href="https://www.businessinsider.com/truth-promotions-companies-picking-managers-wrong-new-study-2024-9">companies have been picking managers in the worst possible way</a>. In fact, a new study found that in some cases, the practices businesses use to promote managers are so bad that they'd actually be better off picking names out of a hat.</li><li>Bad news for RTO rebels. Employees angry about return-to-office mandates have essentially <a target="_blank" href="https://www.businessinsider.com/employee-return-to-office-mandates-no-legal-recourse-employer-2024-9">no legal path to fight them</a>, experts told BI.</li><li>Cue the "Succession" theme song. The battle for Rupert Murdoch's inheritance is on, <a target="_blank" rel="noopener" href="https://www.businessinsider.com/rupert-murdoch-succession-court-fox-news-corp-david-folkenflik-interview-2024-9">playing out in a Nevada courtroom</a>. On one side is Lachlan Murdoch, the sole chosen heir of the elder Murdoch. On the other are three of Lachlan's siblings who were originally slated to share power.</li></ol><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Caroline Ellison is sentenced for her role in the FTX fraud scheme.</li><li>President Biden speaks at Bloomberg Global Business Forum.</li><li>FAA Administrator testifies in Congress in hearing on Boeing's quality-control plan, following a series of mishaps earlier this year.</li><li>OPEC launches annual World Oil Outlook.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Jack Sommers, deputy editor, in London. Milan Sehmbi, fellow, in London. Amanda Yen, fellow, in New York.

Confused about the potential Qualcomm-Intel deal? Here's why it matters even if it doesn't happen. 

<ul class="summary-list"><li>Wiz doesn't want to be taken over by Google, the cybersecurity company's CEO wrote to employees on Monday.</li><li>Instead of Google's $23 billion deal, Assaf Rappaport said the company wants to go public.</li></ul>Google's plan to buy cloud security startup Wiz just fell apart.Wiz walked away from a $23 billion deal to be acquired by the Big Tech giant, in what would have been Google's<a target="_blank" class="" href="https://www.businessinsider.com/google-close-to-23-billion-deal-wiz-cybersecurity-startup-2024-7"> largest-ever dea</a>l.Instead, Wiz will move forward with plans to go public, CEO Assaf Rappaport told employees in a memo seen by several media outlets. He said he wants to get Wiz to $1 billion in annual recurring revenue — a key metric used by investors — and to an initial public offering."Saying no to such humbling offers is tough, but with our exceptional team, I feel confident in making that choice," Rappaport wrote in the memo, per <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-07-23/cyber-firm-wiz-rejects-alphabet-s-23-billion-offer-seeks-ipo?utm_campaign=socialflow-organic&amp;utm_medium=social&amp;utm_content=tech&amp;cmpid%3D=socialflow-twitter-tech&amp;utm_source=twitter">Bloomberg</a>.The Financial Times <a target="_blank" class="" href="https://www.ft.com/content/14553f76-bdfa-4637-bd5d-f3f56a7a4dbc">reported</a> that some directors on the boards of Wiz and Google parent company Alphabet doubted such a deal would pass <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-1990s-antitrust-case-looms-over-apple-2024-3">regulatory scrutiny</a>. Under President Joe Biden, past and prospective <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-acquihire-deal-inflection-ai-antitrust-probe-us-regulators-competition-2024-6">deals</a> across industries, and especially in <a target="_blank" class="" href="https://www.businessinsider.com/google-antitrust-trial-big-tech-future-analysis-2024-5">Big Tech</a>, have received closer looks because of antitrust concerns.Some deals have been scuttled preemptively, while the Federal Trade Commission has intervened in others.Wiz, founded in 2020, was last valued at $12 billion. It's backed by venture capital heavyweights including Sequoia, Blackstone, Thrive Capital, Andreessen Horowitz, and Salesforce Ventures. Other investors include LVMH CEO Bernard Arnault, VC firm Greenoaks Capital, and former Starbucks CEO Howard Schulz. The startup has been talking about an IPO as recently as May, but had been in talks with Google about a purchase this month, according to <a target="_blank" class="" href="https://www.cnbc.com/2024/07/23/google-wiz-deal-dead.html">CNBC</a>.The company was established in Israel but moved its headquarters from Tel Aviv to New York City amid big growth.Wiz employed about 900 people across the US, Europe, and Israel as of February 2024.Neither Google nor Wiz immediately responded to Business Insider's requests for comment.This is a developing story. Please check back for updates.

Wiz is walking away from a $23 billion deal with Google

<ul class="summary-list"><li>Having a "power outfit" can help anyone look and feel their best while at work.</li><li>But compared to traditional finance attire, venture capitalists' style can be a bit more laid back.</li></ul>Unlike traditional finance jobs where a suit and tie can be mandatory — though that's been <a target="_blank" href="https://www.businessinsider.com/wall-streeet-styles-investment-banker-wardrobe-for-women-and-men">changing after the pandemic</a> — venture capitalists have garnered a reputation for rocking <a target="_blank" href="https://www.businessinsider.com/vc-starter-kit-patagonia-2019-3">Patagonia vests and Allbirds sneakers</a> while networking with founders and limited partners.For up-and-coming investors in the sector, the more casual world of VC and tech can be a breath of fresh air since many came from the buttoned-up world of banking and consulting. "As a recovering management consultant to financial institutions, I'm ecstatic to have ditched a suit for jeans and a t-shirt," said Laura Bock, a partner at QED Investors.Still, having a great go-to statement piece or a more structured look can give any VC the confidence boost they need to shake the right hands and land the hottest deals —and <a target="_blank" href="https://www.businessinsider.com/rising-stars-venture-capital-tech-startups-2023-11">Business Insider's rising stars of venture capital</a> have perfected their signature sense of style.We asked this year's honorees to share their go-to "power-outfit" for when it's time to hop off Zoom calls and meet with their portfolio companies face-to-face, score a competitive startup deal, or speak at a conference with their industry peers. Many of this year's VC rising stars told Business Insider that their go-to power outfits included apparel like tailored sport coats or <a target="_blank" href="https://www.insider.com/guides/style/fall-chelsea-boots-men">Chelsea boots</a>, and more casual pieces like hoodies and well-fitting jeans. But ultimately, all of these outfits helped with one thing: inspiring confidence.<h2>Dressing for everyday comfort</h2>For most of this year's rising stars, <a target="_blank" href="https://www.businessinsider.com/bankers-back-to-office-attire-suits-business-casual-tailor-trends-2021-5">comfort is the name of the game</a>. Very few investors are wearing collared shirts with their jackets, opting instead to pair it with a t- shirt and jeans.Nmachi Jidemna told Business Insider that for her everyday wear, her go-to was "usually a structured blazer with a relaxed pair of jeans."Many investors on the list shared an interest in streetwear designers, too. "I would define my style as business/tech casual meets streetwear," said Javier Grevely, an investor at Wellington Management. "I like brands like Off-White, FOG, &amp; Ralph Lauren; and typically embed them within my outfits."Felicis' Tobi Coker prefers to ditch the sport coat for a Buzz Rickson bomber jacket, unless it's a more formal meeting.Other investors, like Janelle Teng, like to show off their pride in their deals by rocking a "portfolio company t-shirt and leather jacket" while out and about.<div type="image" title="Converse Chuck 70" height="600" width="600" msid="106301484" hostid="261" sizebytes="25532"></div>But without a doubt, it wouldn't be a venture-capital power outfit without some kind of sneaker. Patron's Amber Atherton told Business Insider that she and Jason Yeh, the cofounder and general partner of the firm, compete over who has the "hypest" sneakers when they're in the office together.Their choices vary from white Converse high-tops to running shoes that can double as practical footwear for outdoor meetings. "I'm a very big walking-meeting person. More than just good exercise, walking meetings have been proven to boost energy levels, productivity, and creativity levels," said Ashley Paston.Surprisingly, no one mentioned a once-favored tech community favorite: Allbirds.<h2>Sharper looks for conferences and public events</h2>For days where networking is the focus, most of the up-and-coming VCs will still swap their jeans for trousers, they shared."There's nothing quite like the confidence boost I get from wearing a well-tailored business suit," said Seae Ventures' Justin Williams. The sharp lines, the perfect fit – it's not just clothing, it's a statement."The blazers will stay on for <a target="_blank" href="https://www.businessinsider.com/techcrunch-disrupt-2023-outfits-photos-best-dressed-tech-celebrities-2023-9">conferences,</a> VCs said, but sometimes they may be swapped for brighter ones. "I love a good cape or statement jacket," said Mahati Sridhar.<div type="image" title="Grady Dick poses in a sparkly red blazer at the 2023 NBA Draft." height="1837" width="2449" msid="106301485" hostid="261" sizebytes="307658"></div>If they're a panelist at a hot tech conference, investors are willing to opt for more formal footwear. "For speaking opportunities, I invested in a sharp blazer and high-heeled boots — who doesn't feel powerful when they're a bit taller?" said Pear VC's Vivien Ho told Business Insider.Dressing up doesn't always have to be for events, though. For some investors it can be a personal point of pride, and remind them of home. "I often find myself missing my hometown of London, so I love a textured blazer and some Chelsea boots for my most important meetings as they remind me of winters back in the UK," said Kyber Knight Capital's Ary Vaidya.And for some women on the list, dressing up can also convey to others in the typically male-dominated VC world that they're important players in the room, too.<div type="image" title="Lori Harvey (left) and Heidi Klum (right) wearing red outfits." height="1080" width="1440" msid="106301486" hostid="261" sizebytes="95078"></div>That's why Base 10's Luci Fonseca likes to don a red boucle blazer with a silk scarf. "The human brain associates the color red with courage. One of my favorite sayings is there is no courage without fear, and when I wear red, I always feel a bit more courageous and powerful," she said.Here's what other VCs shared about which outfits give them that confidence boost: "Given the autumn season, likely a pair of jeans, boots, a long coat, and a colorful sweater featuring a funky animal of some sort." (KJ Sidberry, GV)"Most events I host or attend are with founders and investors in the tech community. My informal power outfit comes down to the shoes! I find myself wearing a simple, plain-colored short-sleeve henley with pants and a nice cardigan sweater to go on top. The power is in the form of sneakers, which likely have more color and pop! They are generally a pair of Jordan's or Nike limited edition collaborations with RTFKT (see my latest pair on a <a target="_blank" href="https://sunsetventures.mxbanyan.com/62bb219b05e9894faad78ccb/l/jwN2abyPEQbd8ZOR6?rn=&amp;re=i02bj5iclRWaz5WaA9WYyxmI&amp;sc=false">LinkedIn post</a> that got more engagement than expected)." (Brandon Hoffman, Sunset Ventures)"My go-to is a local designer called Mute by JL who makes amazing statement pieces that go well with everything! I'll pair a top/dress from her with some Birdies for comfort and I'm good to go." (Sarah Wu, Emerson Collective)"My power outfit typically consists of form-fitting dresses or blazers of premium fabric. I favor vibrant colors to stand out in any setting, and I like to add a touch of sparkle with blingy accents and highlights to catch the eye. It's an ensemble that exudes confidence and makes a memorable statement." (Fiona Huang, DCM)"Red jacket and high-top sneakers. Game On!" (Demi Obayomi, Sapphire)"I love a jumpsuit - simple, professional, solid color. I'll pair it with fun shoes (whether sneakers, heels, or boots). I tend to wear a lot of black, but I was recently gifted a "color analysis" and told by an expert that I should not be wearing black anymore! This is a problem because 90% of my closet is black clothes. I have since been trying to incorporate more warm and vibrant colors into my power outfits, so we'll see how that goes." (Natalie Borowski, Coefficient Capital )"As a proud Canadian, I'm an Aritzia girl through and through. Their Effortless pants give me all the confidence I need!" (Alysaa Co, Bain Capital Ventures)"Black on black on black. Black flowy trousers, black turtleneck, and chunky black boots." (Daisy Wolf, Andreessen Horowitz)

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