Where is the center of the startup world?  Depends on which VC you ask • TechCrunch

All that dry VC powder is wetter than you think • TechCrunch

Welcome back to Equity, the podcast on the business of startups, where we break down the numbers and the nuances behind the headlines. Natasha is back in the Bay, after a five week absence, so some might say that San Francisco is back.

  • Big Tech – Real quick, you should know that Elliott Management bought a multi-billion dollar stake in Salesforce, while Thoma Bravo bought a digital forensics company for $1.34 billion. Beyond that, the big tech news this week is Microsoft’s multi-year, multi-billion dollar investment in OpenAI. Extended partnership comes with a lot of resources, quirks, and legal headaches.
  • Great idea: I’m still thinking about this Anna Heim analysis, “The Dry Powder Mirage.” I’m talking about wet capital and failed capital calls, to contextualize (not close!) some of the bullishness in the market right now. (Use code “EQUITY” to earn 50% of an annual TC+ membership.)
  • Big Innovation (or, in this case, reductions): Google’s internal incubator, Area 120, was hit hard by the Alphabet layoffs, and Spotify cut 6% of staff, two layoff stories that got me thinking about the fact that technology seems to have forgotten its umbrella. We end with a tongue twister on Quordle, which has just been picked up by Merriam-Webster.

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