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May 14, 2022

All DRF happened a month ago, but we missed each other too much that we attended a DRF mixer in San Francisco this past week! Shoutout to DRF alum, Adele Li, at Redpoint Ventures for organizing a DRF x Contrary x Rough Draft Ventures gathering.

Our content associate, Souhail Siddiqi, sat down with Alice Ma of Mad Realities to discuss the Female Founder Track and its impact on her entrepreneurial journey. Listen here.

Apps for Ph.D. Track are due May 23. Doctoral students, we want to help you build the companies of the future. Apply and meet cool friends!
- PhD Track co-leads, Chloe Lopez-Lee and David Dellal, speak with our content associate, Souhail Siddiqi, on the “Office Hours” podcast. Tune in to hear Chloe and David’s experiences working in venture capital as PhD candidates (and for application advice)! Listen here.

To the moon… and back. TerraUSD (or UST), once one of the largest stablecoins in the world, has gone into a “death spiral” and collapsed to near $0 following a massive sell-off in its sister cryptocurrency, Luna. In theory, stablecoins should not fluctuate in price because they are pegged to a stable asset like the dollar. However, following a massive withdrawal of UST, the coin and Luna have since plummeted in value. Packy McCormick provides an overview of the entire debacle.
It’s brutal out here. A number of growth stage startups, including On Deck, Cameo, Carvana, MainStreet, and Zwift have announced layoffs. If you are looking to hire individuals affected, here is a more comprehensive list of startups that have announced cutbacks and the affected individuals looking for new opportunities. Venture capitalists are not exempt from the market turmoil. Since the start of 2022, SoftBank’s Vision Fund has lost $27 billion and Tiger Global has lost around $17 billion.

Lost in translation. The days of poking fun at Google Glass are over! At Google I/O 2022, following the company’s announcement of its new set of products, Google ended the annual conference with one big surprise: a prototype of its latest AR glasses. The glasses can translate language in real time, and offer a glimpse into the potential use cases of consumer augmented reality. Could Google's new “multisearch” feature lay the foundations for an AR glasses future?

Highland Capital: Summer Investment Analyst (Boston or Bay Area)
TechNext: Applied Science Intern and Software Architecture Intern (Boston or Remote)
Dynamo Ventures: 6-months, Paid VC Fellowship (Remote)
TruEra: Product Management Intern (Bellevue)
Acelerate: Operations Intern (Multiple Locations)
Zola: Influencer Marketing Intern (NYC)
Snackpass: Finance Intern (Remote)
Kyte: Business Operations and Strategy (SF)
Chapter One: Investing Intern; Data Science Intern; Studios Intern (LA or Remote)
Faire: Product Design Intern (Multiple Locations or Remote)

Linktree, Patreon, and Kajabi published separate reports on the creator economy
The a16z crypto team enumerates 7 essential ingredients of the metaverse
Bessemer released its annual State of the Cloud and coined a new term: the Centaur
Li Jin offers a Rawlsian perspective on Web3 and its core principles
Lenny Rachitsky details how to validate your startup idea (featuring Snackpass, a DRF '17 portco!)

Written by DRF Head of Content Anne Wen (annewen@dormrooomfund.com) and DRF Content Associate Andrew Xu (andrew.xu@dormroomfund.com).

More fun: Twitter + website + company application. Send job opportunities, jokes, criticisms, and hot takes to info@dormroomfund.com. 🚀

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