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Tech reporting is a lot of things, but it sure ain’t boring, as the chaos around Twitter, crypto, and layoffs continues. We’re just trying to hang on for dear life to try to make some sense of it all. We think we did a pretty decent job, and here, we’ve got a selection of what’s been happening in the past 24 hours of tech. — Christine and Haje.
Denver-based VC firm SpringTime Ventures is pivoting away from its original focus on its home state of Colorado, despite being the only local fund in two of the state’s 10 unicorn companies, Becca reports. It’s also now able to expand its team thanks to raising three times as much money for Fund II, giving SpringTime enough cash on hand to allow its partners to finally pay themselves “a real salary.”
New crypto startups forged ahead during Alliance DAO’s demo day on Wednesday amid the FTX implosion. The most recent cohort, known as All9, for Alliance DAO, a web3 accelerator and builder community, presented their ideas on Wednesday during a demo day, exclusively covered by Jacquelyn.
And here’s a smattering of other things that caught our beady little eyes today:
Founding teams usually select a corporate structure like an LLC or S-Corp, but those who hope to exit for $10 million or more should consider starting up as a Qualified Small Business (QSB) C-Corporation, advises tax attorney Vincent Aiello.
Under IRS Code Section 1202, founders who hold QSB stock for five years or longer will be exempt from paying capital gains tax after a sale.
“It constitutes a significant tax savings benefit for entrepreneurs and small business investors,” Aiello says. “However, the effect of the exclusion ultimately depends on when the stock was acquired, the trade or business being operated, and various other factors.”
Three more from the TC+ team:
TechCrunch+ is our membership program that helps founders and startup teams get ahead of the pack. You can sign up here. Use code “DC” for a 15% discount on an annual subscription!
Elon Musk wants Twitter workers in the office and wants them battling spam. Those were some of the messages the new owner had for his social media staff, Ivan writes. Oh, he also told them to be ready for “difficult times ahead,” which is always something you want to hear from your leader with regard to the future of your job.
After the Binance deal fell through, FTX founder Sam Bankman-Fried has some new focuses: winding down trading at Alameda Research and winding up his fundraising prowess, Manish reports.
We promise, no more FTX or Twitter below:
Source @TechCrunch
