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Equity

Startup Shutdowns and AI Showdowns: The 2023 chronicles

Equity

TechCrunch

Entrepreneurship, Business News, News, Business, Technology

4.2372 Ratings

🗓️ 18 December 2023

⏱️ 32 minutes

🧾️ Download transcript

Summary

Hello and welcome back to Equity, a podcast about the business of startups, where we unpack the numbers and nuance behind the headlines. This is the first of a two-part series that we built for you going back over critical themes from 2023. It was a very, very busy year in the worlds of technology, startups, and venture capital. This is the first of a two-part series that we built for you going back over critical themes from 2023.  It was a very, very busy year in the worlds of technology, startups, and venture capital -- so busy that we asked for your 2023 in a headline, and you delivered!  Mary Ann and Alex dug into a host of key topics: Venture capital in 2023: The numbers started off the year poor, but got a bit better as time went along. In part as year-over-year comps became less onerous as we got deeper into the year thanks to 2022's own results having a downward tilt. Still, there's a lot of capital still in the market so we are closing out the year far from a freeze. Elsewhere in venture? California's new diversity reporting rule made an appearance, we discussed which stage of startups are struggling the most, and even riffed on some new fintech unicorns. Then there was fintech in 2023: Despite a hot start to M&A in the fintech realm to start the year, deals slowed as the year went on. Though we did see a handful of critical transactions. Alex brought up some fintech-adjacent deals that he felt were notable as well, to round out our recap. Then we had to touch on the creator economy in 2023: Recall that this was the year that we saw the writer's strike, the mess at Reddit, the brouhaha at Twitch, and the rise of several Twitter alts. Busy time for creators, even if the hopes of yesteryear that the middle class of creatordom would expand more rapidly than it has. And then there was the return of key-person syndrome, which we'll explain more of on the show! In Part 2 -- coming soon! -- we brought in several TechCrunch experts to help us get even deeper on the SBF trial and crypto more generally, the OpenAI fracas and where that technology is today, and more. Stay close to Equity! We have a lot planned for you. Connect with Equity on X and Threads @EquityPods, and keep up with all of TechCrunch's podcasts @TechCrunchPods on TikTok. For episode transcripts and more, head to Equity’s Simplecast website. Equity drops at 7 a.m. PT every Monday, Wednesday and Friday, so subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts. TechCrunch also has a great show on crypto, a show that interviews founders and more! Credits: Equity is produced by Theresa Loconsolo with editing by Kell. Bryce Durbin is our Illustrator. We'd also like to thank the audience development team and Henry Pickavet, who manages TechCrunch audio products. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:16.3

Hello and welcome back to Equity, a podcast about the business of startups where we unpack the numbers and the nuance behind the headlines. My name is Alex and

0:20.0

I'm joined today by Senior Tech Ranch reporter on the FinTech Beat. It's Marianne

0:23.6

as a veto. Mary Ann before we tell folks what we're doing today, how are you?

0:27.0

I'm doing good Alex. I'm excited to be doing this with you. This is going to be so

0:31.6

much fun. You're very, very kind.

0:34.0

Today we are taking a first of two looks back at 2023.

0:39.0

It has been a big year, very busy, lots of major news events for us to crunch upon, and so we are going to go back and touch

0:44.9

on some key themes from this year. I hope you're on vacation and you're sitting back and you're

0:49.5

relaxing and you can take a little journey down memory lane with us Marianne so what's on the agenda?

0:54.6

Well we're going to talk about venture funding or a lack thereof.

0:58.1

Fair enough. Yeah and then we're going to dig a little bit into FinTech and what happened there, it's ups and downs, and then we'll assess the creator economy.

1:09.6

Yes, and we'll even at the end touch a little bit on AI and what I'm calling the

1:13.4

return of Key Person Syndrome and just in case you were saying to yourself but what about

1:18.4

AI why isn't this whole show just about AI well we do have a second look back coming in and that will involve both

1:25.6

crypto with our own Jackie Melanick and also AI with Devon Coldway also from Tech Runches.

1:30.2

So we have more coming. This is more the Alex and Mary Ann talked through the biggest things that they recall from this year because we wanted to chew it over with you before we say goodbye to 2023, which, Marianne, I gotta say, much more busy than I expected it to be given where we were, you know, this time last year.

1:47.0

Yeah, I agree. It was more busy and it was just, I felt like it was a very turbulent year.

1:52.0

So many ups and downs and so many we had a couple of big

1:54.8

stories that gave us whiplash besides open AI right we had the CVB collapse so I felt like

2:01.2

we were just constantly up and down up and down and trying to keep up with everything.

2:05.0

Yeah, absolutely and so I want to start with the venture capital of data because it's so kind of core to what we talk about on the show, but there's two ways to think about this. One is what happened this year on a quarter by quarter basis, and then the other way is how does that compare to the year before?

2:19.6

So, Marianne, I'm going to start saying numbers, and when you think I've said too many just

...

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