This company is offering around Rs 81 lakh to laid off Twitter, Amazon employees in exchange for a startup idea

Winters are getting even colder this year for tech companies. The ongoing economic slowdown is recording a slow to almost no revenue profit hence compelling them to take cost-cutting measures. Tech giants including Twitter, Facebook, and Amazon are axing their workforce by layoff thousands of employees to revive their falling revenue and restructure their budget spending. However, amid all the cries there is one firm that is offering $100,000-- around around Rs 81 lakh to laid-off employees if they pitch in a unique startup idea.

US-based firm Day One Venture has announced a "Funded Not Fired" programme for the employees who lost their job in the ongoing layoffs. The firm will offer $100,000 (around Rs 81 lakh) to 20 new startup teams led by employees who were impacted by recent layoffs. According to a report by TechCrunch, Day One Ventures has decided to lead the pre-seed round with funding of $1 million to the startups.

In total, the company is planning to invest $5 million--around Rs 40 crore (and at most $10 million) from its $52.5 million fund to support founders who were fired in the layoffs by Twitter, Amazon, Facebook, and others. The company is specially formalizing this funding for people who worked with big tech giants in high-profile positions but left the job due to layoffs or wanting to start their own business.

Apart from Day One Venture there are more firms that are offering opportunities to the impacted employees. Many firms and senior executives are posting about job opportunities and ideas for people over social media like LinkedIn to help people start over. Significantly, the ongoing macroeconomic conditions have shaken Silicon valley and global tech firms. While Elon Musk nearly cut off 50 percent of employees once he got the reign of Twitter, Facebook founder Mark Zuckerberg also slashed around 13,000 employees in Meta across platforms. And most recently, Amazon also announced a massive layoff impacting around 10,000 employees.