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eFounders is expanding its focus by creating a second startup studio called Logic Founders. This time, Logic Founders is going to focus on fintech startups exclusively. Camille Tyan (pictured above) is going to lead the new studio.

Over the past ten years, eFounders has launched dozens of software-as-a-service companies trying to improve the way we work. Portfolio companies include Front, Aircall and Spendesk.

Camille Tyan previously co-founded PayPlug, a payments company that was acquired by Natixis (Groupe BPCE). He plans to follow the eFounders model centered around a new vertical. Logic Founders will come up with ideas for new startups. It’ll recruit two co-founders and start working on the product for the first 12 to 18 months of the company.

Ideally, the startup finds product-market fit and raises a seed round after this initial phase. The startup studio keeps a stake in the startup but it moves on so that it can focus on new projects.

If you’ve been following eFounders closely, the startup studio has already worked on several fintech companies, such as Spendesk, Upflow, Multis and Swan. New fintech projects will likely fall under the Logic Founders umbrella.

The studio says it will launch API-first financial products. It is riding the embedded finance trend — many believe financial products will be distributed by platforms that aren’t primarily focused on finance but could benefit from fintech features. You can expect companies working on payments orchestration, asset securitization, lending APIs, crypto and B2B identity.

Source: https://techcrunch.com/2021/01/26/saas-startup-studio-efounders-launches-a-fintech-startup-studio/

Chinese internet giant ByteDance has told employees in India that it is reducing the size of its team in the country after New Delhi retained ban on TikTok and other Chinese apps last week, a source familiar with the matter told TechCrunch.

The company, which employs more than 2,000 people in India, shared the news with employees in the country at 10am local time and said only critical jobs will be retained in the country, the source, company, and an internal memo obtained by TechCrunch said. ByteDance said it was left with no choice after the Indian government, which banned its marquee app late June last year, had offered no clear direction on when TikTok could make return in the nation, the source said on the condition of anonymity.

“It is deeply regretful that after supporting our 2000+ employees in India for more than half a year, we have no choice but to scale back the size of our workforce. We look forward to receiving the opportunity to relaunch TikTok and support the hundreds of millions of users, artists, story-tellers, educators and performers in India,” a TikTok spokesperson told TechCrunch.

Prior to the ban, India was the biggest international market for TikTok, which had amassed over 200 million monthly active users in the world’s second largest internet market. India blocked over 200 apps with links to China last year amid geopolitical tension between the two nations. New Delhi has said that these apps engaged in activities that posed threats to “national security and defence of India, which ultimately impinges upon the sovereignty and integrity of India.”

Last week, New Delhi told ByteDance and dozens of other Chinese firms that it maintains the concerns it had originally charged against them and would retain the ban.

TikTok CEO Vanessa Pappas and VP of Global Business Blake Chandlee shared more context about the move in a memo to India employees today. “We initially hoped that this situation would be short-lived, and that we would be able to resolve this quickly. Seven months later, we find that has not been the case. Many of you have patiently waited to hear how this would play out, which has been very stressful. Thank you for your continued belief and trust in us,” they wrote.

“As you can imagine, a decision of this magnitude is not easy. For the last several months, our management team has worked tirelessly to avoid having to separate anyone from the company. We’ve cut expenses, while still paying benefits. However, we simply cannot responsibly stay fully staffed while our apps remain un-operational. We are fully aware of the impact that this decision has for all of our employees in India, and we empathize with our team.”

Today’s move caps some of the strangest and confusing months for ByteDance employees in India. Following the ban, the employees were told to focus on developing a range of other apps from the Chinese giant such as the productivity suite Lark that had not been blocked in India.

But they were asked to not talk about these apps in the public to avoid putting risk of other ByteDance properties also getting the limelight. The source said ByteDance also stopped all marketing efforts in India to promote its other services in the country.

“While we don’t know when we will make a comeback in India, we are confident in our resilience, and desire to do so in times to come,” Pappas and Chandlee wrote in the memo.

Source: https://techcrunch.com/2021/01/26/bytedance-to-cut-jobs-in-india-amid-tiktok-ban/

Chinese internet giant ByteDance has told employees in India that it will be reducing the size of its team in the country after New Delhi retained ban on TikTok and other Chinese apps in the country, a source familiar with the matter told TechCrunch.

The company shared the news with employees in the country at 10am local time and said only critical jobs will be retained in the country. ByteDance said the Indian government has offered no clear direction on when the app would be able to make a return, the source said on the condition of anonymity.

ByteDance did not immediately respond to a request for comment.

This is breaking news. Check back for more information.

Source: https://techcrunch.com/2021/01/26/bytedance-to-cut-jobs-in-india-amid-tiktok-ban/

As Twitter seems to buy its way into competing with Clubhouse and Substack, one wonders whether the beleaguered social media company is finally ready to move past its truly awful track record of seizing opportunities.

Twitter’s pace of product ambition has certainly seemed to speed in the past several months, conveniently following shareholder action to oust CEO Jack Dorsey last year. They’ve finally rolled out their Stories product Fleets, they’ve embraced audio both in the traditional feed and with their beta Spaces feature, and they’ve taken some much-publicized steps to reign in disinformation and content moderation woes (though there’s still plenty to be done there).

In the past few weeks, Twitter has also made some particularly interesting acquisitions. Today, it was announced that they were buying Revue, a newsletter management startup. Earlier this month, they bought Breaker, a podcasting service. Last month, they bought Squad, a social screen-sharing app.

It’s an aggressive turn that follows Twitter’s announcement that it will be shutting down Periscope, a live video app that was purchased and long-neglected by Twitter despite the fact that the company’s current product chief was its founder.

TikTok’s wild 2020 success in fully realizing the broader vision for Vine, which Twitter shut down in 2017, seems to be a particularly embarrassing stain on the company’s history; it’s also the most crystallized example of Twitter shooting itself in the foot as a result of not embracing risk. And while Twitter was ahead of that curve and simply didn’t make it happen, Substack and Clubhouse are two prime examples of competitors which Twitter could have prevented from reaching their current stature if it had just been more aggressive in recognizing adjacent social market opportunities and sprung into action.

It’s particularly hard to reckon in the shadow of Facebook’s ever-swelling isolation. Once the eager enemy of any social upstart, Facebook finds itself desperately complicated by global politics and antitrust woes in a way that may never strike it down, but have seemed to slow its maneuverability. A startup like Clubhouse may once seemed like a prime acquisition target, but it’s too complicated of a purchase for Facebook to even attempt in 2021, leaving Twitter a potential competitor that could scale to full size on its own.

Twitter is a much smaller company than Facebook is, though it’s still plenty big. As the company aims to move beyond the 2020 US election that ate up so much of its attention and expand its ambitions, one of its most pertinent challenges will be reinvigorating a product culture to recognize opportunities and take on rising competitors — though another challenge might be getting its competition to take it seriously in the first place.

Source: https://techcrunch.com/2021/01/26/will-this-time-be-any-different-for-twitter/

As Twitter seems to buy its way into competing with Clubhouse and Substack, one wonders whether the beleaguered social media company is finally ready to move past its truly awful track record of seizing opportunities.

Twitter’s pace of product ambition has certainly seemed to speed in the past several months, conveniently following shareholder action to oust CEO Jack Dorsey last year. They’ve finally rolled out their Stories product Fleets, they’ve embraced audio both in the traditional feed and with their beta Spaces feature, and they’ve taken some much-publicized steps to reign in disinformation and content moderation woes (though there’s still plenty to be done there).

In the past few weeks, Twitter has also made some particularly interesting acquisitions. Today, it was announced that they were buying Revue, a newsletter management startup. Earlier this month, they bought Breaker, a podcasting service. Last month, they bought Squad, a social screen-sharing app.

It’s an aggressive turn that follows Twitter’s announcement that it will be shutting down Periscope, a live video app that was purchased and long-neglected by Twitter despite the fact that the company’s current product chief was its founder.

TikTok’s wild 2020 success in fully realizing the broader vision for Vine, which Twitter shut down in 2017, seems to be a particularly embarrassing stain on the company’s history; it’s also the most crystallized example of Twitter shooting itself in the foot as a result of not embracing risk. And while Twitter was ahead of that curve and simply didn’t make it happen, Substack and Clubhouse are two prime examples of competitors which Twitter could have prevented from reaching their current stature if it had just been more aggressive in recognizing adjacent social market opportunities and sprung into action.

It’s particularly hard to reckon in the shadow of Facebook’s ever-swelling isolation. Once the eager enemy of any social upstart, Facebook finds itself desperately complicated by global politics and antitrust woes in a way that may never strike it down, but have seemed to slow its maneuverability. A startup like Clubhouse may once seemed like a prime acquisition target, but it’s too complicated of a purchase for Facebook to even attempt in 2021, leaving Twitter a potential competitor that could scale to full size on its own.

Twitter is a much smaller company than Facebook is, though it’s still plenty big. As the company aims to move beyond the 2020 US election that ate up so much of its attention and expand its ambitions, one of its most pertinent challenges will be reinvigorating a product culture to recognize opportunities and take on rising competitors — though another challenge might be getting its competition to take it seriously in the first place.

Source: https://techcrunch.com/2021/01/26/will-this-time-be-any-different-for-twitter/