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| |  | | A metonym is a figure of speech where, instead of calling something by its name, we use a word closely associated with it. “The White House” is a metonym for America’s executive branch, just as “Cupertino” stands in for Apple Inc. and “Redmond” signals Microsoft. “Silicon Valley” evokes the San Francisco – San Jose corridor and its concentration of wealth, talent and innovation, but the COVID-19 pandemic is leading many investors and entrepreneurs to broaden their perspective. (In my San Francisco neighborhood, I’m seeing more moving vans and “for rent” signs than I have in years.) We cover ecosystems around the world on an ongoing basis, but when Managing Editor Matt Burns offered to survey several Michigan-based VCs about the future of his state’s startup scene, I was eager to see what what he’d come back with. According to the Michigan Venture Capital Association (MVCA), the state has 144 VC-backed startups, “an increase of 12% over the last five years,” Matt reports. With a low cost of living and STEM-focused schools, the region is positioned well for remote workers. Several investors told Matt the pandemic is boosting growth in the state’s life science startups as well. Here’s who he spoke to: - Chris Stallman, partner, Fontinalis Partners
- Patricia Glaza, EVP and managing director, ID Ventures
- Chris Rizik, CEO and fund manager, Renaissance Venture Capital
- Tim Streit, partner, Grand Ventures
- Turner Novak, general partner, Gelt VC
Thanks very much for reading Extra Crunch this week! Walter Thompson
Senior Editor, TechCrunch
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| |  Image Credits: Nigel Sussman | | In today’s column, Alex Wilhelm recapped Q2 2020 edtech funding, a once-quiet sector that’s seen renewed interest as parents, students (and investors) shelter in place. Silicon Valley Bank reports that edtech venture funding shot up more than 60% between Q1 and Q2, “but there's some nuance to the data that should temper declamations that private edtech funding is forever changed,” Alex found. One major round skewed the numbers. Read more | | | |
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| |  Image Credits: Halfpoint Images / Getty Images | | In the latest Growth Report column: - Increasing referral incentives might not increase referrals
- Mobile app ads to a landing page increases conversion
- More thoughts on growing podcasts
- How to monitor and fix Facebook/Instagram ad fatigue
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| |  Image Credits: Sean Gladwell / Getty Images | | DocSend co-founder and CEO Russ Heddleston wrote a guest post based on his company’s Pitch Deck Interest Metrics that may help founders take advantage of “an extremely active fundraising marketplace” through the end of 2020. Two key findings: VCs are spending much less time reviewing pitch decks, and you need a “why now” slide that mentions COVID-19. This post includes hard numbers about the optimal number of words/slide, and slides/deck, so if you’re working on your pitch — or know someone who is — click through. Read more | | | |
| |  Image Credits: Rent The Runway | | Natasha Mascarenhas interviewed Rent the Runway co-founders Jennifer Fleiss and Jennifer Hyman to find out how two Harvard Business Students connected with an investor who got them their first check. In the years since, Scott Friend of Bain Capital Ventures has become a friend and senior advisor. "I would just recommend that founders spend significant time with seed-stage investors — go to a meal together, take a walk, talk about your business, understand what makes that investor tick as a person and evaluate whether you connect with them," says Hyman. Read more | | | |
| |  | | Andy Rachleff, CEO and co-founder of Wealthfront joins us for an upcoming episode of Extra Crunch Live next Tuesday to discuss the current fintech landscape and take your questions. With more than $200 million in venture capital, Wealthfront helps customers optimize and manage spending, savings and investments. It’s also branched out into other banking services as it becomes a broader financial services platform. If you have questions about wealth management or the fintech world at large, add this event to your calendar. Read more | | | |
| |  Image Credits: CIPhotos / Getty Images | | The discovery curve for quantum computing has bent noticeably in the last year or so, which means QC may be nearing readiness for the commercial market. Venrock investor Ethan Batraski believes these breakthroughs “may be able to deliver capabilities that surpass those of classical computers.” In a guest post for Extra Crunch, he compiles several predictions and emerging trends suggesting that we are about to leave “Moore’s Law in the dust.” Read more | | | |
| |  Image Credits: Bryce Durbin / TechCrunch | | Wealthy families around the U.S. are forming “learning pods” — clusters of school-aged children paired with a private teacher — to keep their kids’ education on track. But keeping a tutor on retainer can cost thousands of dollars each month, which limits the number of families that can participate. Before the pandemic, Swing Education helped connect schools with substitute teachers, but it’s since pivoted to creating learning pods. "I think that pods are actually a thing that have cropped up all of a sudden because of inequity," said founder Mike Teng. "And they definitely don't make inequity go away, but we are hoping to be able to close some gap given that pods are a reality right now." Read more | | | |
| |  Image Credits: S3studio/Getty Images / Getty Images | | Megan Rose Dickey interviewed Gmnail Design Lead Jeroen Jillissen to get his three basic principles for product design: “ease of use, helpfulness and flexibility.” In a wide-ranging conversation, they discussed the evolution of Google’s email, its process for making major design changes and the ongoing fight to add functionality while minimizing clutter. “It is a constant ebb and flow,” Jillissen said. Read more | | | |
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