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Thank you for joining Startups Weekly. This week, I’m off to Yosemite with my parents to explore snow-covered peaks and test my car’s snow-handling capabilities. Instead of the usual Startups Weekly, I thought I’d take a deep dive into some of the most significant startup stories from 2024.
Let’s revisit some of the major themes that resonated throughout the startup landscape in 2023.
1. Crime and Consequences
Some of the standout stories in 2023 revolved around the actions, both positive and negative, of individuals in the startup ecosystem.
Among the most-read stories was the tragic murder of Bob Lee, the renowned creator of Cash App and former CTO of Square. His life came to a shocking end in a stabbing incident in San Francisco’s Financial District. Another high-profile case was the trial of Theranos founder Elizabeth Holmes, sentenced to 11 years and 3 months for wire fraud. Theranos, once valued at $10 billion, faced exposure in 2015 for its faulty technology, leading to legal troubles and government investigations.
Similarly, the trial of Sam Bankman-Fried, former FTX CEO, captured attention with evasive responses. Found guilty on all charges of fraud and money laundering, his sentencing is scheduled for March 2024.
Legal issues extended beyond startups. Former VC Mike Rothenberg, known for extravagant parties, faced convictions on 21 counts, including bank fraud and money laundering. The FCC imposed a record $300 million fine on a robocalling operation for scamming people with fake auto warranty sales.
2. The Fun and Quirky
Amidst the serious stories, some lighthearted and offbeat tales grabbed attention. Apple’s introduction of 31 new emojis, including a shaking face and a pink heart, added a touch of whimsy. MindGeek, owner of adult entertainment sites like Pornhub, changed hands in an acquisition by Canadian firm Ethical Capital Partners.
Apple’s new mixed-reality device also made waves, boasting 24 million pixels, advanced optics, and innovative features. On a different note, TechCrunch editor Darrell expressed weariness with Elon Musk’s antics in a notable piece.
3. The Year of AI
Undoubtedly, 2023 emerged as the year of AI, with OpenAI making headlines. GPT-4’s universal availability and ChatGPT’s enhanced internet browsing capabilities sparked excitement. However, the dark side of AI surfaced with advancements in AI porn generators like Unstable Diffusion, raising ethical concerns. Sam Altman’s firing as OpenAI’s CEO added another layer of drama to the AI narrative.
4. Didn’t See That Coming
Startups continued their tradition of surprises in 2023. Silicon Valley Bank (SVB), a major startup bank, experienced a sudden collapse, raising questions about venture debt post-collapse. Amazon shut down DPReview, a longstanding digital camera review site, before it was revived by Gear Patrol.
Other unexpected stories included OceanGate’s submarine implosion during an attempt to reach the Titanic and the emergence of Pathfinder 1, an electric airship challenging the Goodyear blimp.
5. The Biggest Hits
in-depth analysis and exclusive articles throughout the year. Notable stories included a Pitch Deck Teardown series, insights into the evolution of layoffs, advice for startups to focus on minimum viable products, and the impact of Volkswagen’s breakthrough in lithium-ion battery technology.
As we bid farewell to 2023, I want to express gratitude for your readership. Happy New Year, and I look forward to reconnecting in 2024!
