🗒️ AltspaceVR is shutting down as Microsoft’s mixed reality division shrinks
The Verge: Microsoft will shut down AltspaceVR, the social virtual reality (VR) platform it acquired in 2017 (via VentureBeat), on March 10th, 2023. The company shared the news in a blog post just days after it announced job cuts affecting 10,000 workers, stating the move will help shift focus “to support immersive experiences powered by Microsoft Mesh.”
AltspaceVR emerged as one of the very first social VR experiences in 2015 alongside other platforms like VRChat and Rec Room. While the startup nearly shut down in 2017 due to financial issues, Microsoft scooped up the platform as part of its efforts to build out its own mixed-reality ecosystem. Microsoft says users can download their data from AltspaceVR before the shutdown.
🗒️ FTX VCs liable to ‘serious questions’ around due diligence — CFTC Commissioner
Cointelegraph: Amid ongoing investigations around the defunct crypto exchange FTX, the Commodity Futures Trading Commission (CFTC) questions the due diligence conducted by institutional investors and their accountability regarding the loss of users’ funds.
CFTC Commissioner Christy Goldsmith Romero stated that VCs that had to write down their investments in millions of dollars to nearly zero raises “serious questions” about the due diligence conducted over the last year, speaking to Bloomberg.
🗒️ Debunking the myths of why venture investors don’t fund diverse startups
Techcrunch: People can never land on a word to explain what is happening to women and minorities within venture. Are such founders overlooked or undersought? Underestimated and underrepresented? Marginalized? Discriminated against? Or just ignored?
The excuses used to justify these sobriquets are equally scattered. Women received just 1.9% of all venture capital funds last year because they are only building beauty and wellness companies; there is a lack of a proven track record; it’s too early, they are too risky, and there is a pipeline problem. Maybe she’ll get married, have a family and leave the business behind.
🗒️ 5 ways software companies can thrive amid economic uncertainty
Venture Beat: Running a software business in uncertain times is like driving a car in a thunderstorm. The first drops of rain might cause you to slow down, turn on your windshield wipers and look around for a safe place to pull over. But once you’ve assessed the situation, you may realize your car has new tires, your wipers are operating fine and you can continue toward your destination. Alternatively, if the storm gets too bad or you’re not properly prepared, you might need to pull over.
As software leaders manage for market uncertainty, they’re tasked with navigating similar challenges on a larger scale — and understanding whether their business is in a position to push forward or if they must press the brakes. In an environment like this, determining the correct strategy is critical. Here are five factors every software executive should consider when evaluating their business strategy in the current macro environment.