According to a Treasury Department report, a number of tech startups have received funds from the federal government’s Paycheck Protection Program, forgivable loans intended to pay workers’ salaries. Cloud software company C3.ai, for example, valued at $3.3 billion, got a $5 million Paycheck Protection Program loan. Other startups have been denied loans, however, when the federal authorities deemed their venture capital partners an “affiliated business.” Meanwhile, almost 70,000 employees of tech startups recently lost their jobs. Continue reading Federal Payroll Loans Unevenly Distributed to Tech Startups

Travis Kalanick stepped down from his chief exec position of ride-hailing service Uber yesterday. Kalanick helped found the company in 2009, but months of scrutiny regarding charges of harassment and discrimination, followed by a recent shareholder revolt resulted in his departure. “Five of Uber’s major investors demanded that [he] resign immediately,” according to The New York Times. “The investors included one of Uber’s biggest shareholders, the venture capital firm Benchmark, which has one of its partners, Bill Gurley, on Uber’s board.” The company will seek new leadership, although Kalanick will remain on Uber’s board of directors. Continue reading Uber CEO Considers Investor Concerns and Resigns Position

Two years ago, venture investor Aileen Lee coined the term “unicorn” for what was then a fairly rare commodity: a startup company that investors valued at $1 billion. In the current market, at least 131 startups are valued at a total of $485 billion, says research firm CB Insights, making the designation “unicorn” — a mythical beast — less accurate. Apparently, unicorns not only exist, but only half of the current crop hail from their birthplace in Silicon Valley. And they now focus on a wide variety of industries. Continue reading Over 131 Startups Now Valued at $1 Billion, Says CB Insights