Microsoft Shuts Down LinkedIn in China - Daily Crunch

Daily Crunch: October 14, 2021

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Greetings, and welcome to the Daily Crunch for October 14, 2021. Today is Thursday, and the news cycle has been actively working to cover as much ground as possible before the slower pace of the weekend begins.

We trust it has been a productive day for news dissemination. There’s a substantial amount of information to review and share with you.

Event Updates

Please note that discounts for our upcoming space-focused event are available for a limited time. Additionally, registration for our SaaS conference is progressing steadily.

– Alex

TechCrunch's Leading Three Stories

Today's top technology news, as reported by TechCrunch, encompasses significant developments in international business, the public markets, and emerging economies.

Microsoft to Discontinue LinkedIn in China

Microsoft has announced its plan to cease operations of LinkedIn within China. This decision follows previous restrictions imposed on certain user profiles due to regulatory demands.

The situation presented a difficult challenge for the U.S.-based tech firm. Compliance with Chinese Communist Party (CCP) requirements risked criticism for enabling state censorship in other global markets.

Microsoft’s move may represent a pivotal moment in the ongoing process of China’s increasing digital separation from the international community.

GitLab's Successful IPO

GitLab, a prominent DevOps company, experienced a highly successful initial public offering (IPO). The company priced its shares above the projected range, at $77 each.

Following the pricing, GitLab’s stock value surged, exceeding $90 per share during its first day of trading. This performance highlights the current volatility and uncertainty in market valuations.

The IPO’s success underscores the difficulty in accurately determining the value of companies, even in a robust market environment.

India's Thriving Startup Ecosystem in Q3

The Indian startup market demonstrated exceptional growth during the third quarter of the year. Venture capital investments in India were particularly strong, potentially exceeding those of any other nation during this period.

TechCrunch analyzed the data, collaborating with several investors, to assess the sustainability of this impressive growth trajectory.

The analysis aims to determine how long the current period of robust investment and expansion within the Indian startup landscape may continue.

Startups and Venture Capital Updates

A significant volume of news regarding startups and venture capital activity has emerged recently.

Firstly, TechCrunch has published data pertaining to the cannabis startup sector. The industry is experiencing rapid growth, demonstrating considerable momentum and attracting substantial investment. This presents a favorable environment for businesses focused on providing plant-based wellness solutions.

• Outschool Demonstrates Continued Strength in U.S. Edtech: Despite increased school attendance compared to the previous academic year, venture funding in educational technology remains robust. Outschool, an educational-enrichment platform, has secured $110 million in new funding, resulting in a valuation of $3 billion.
• Space Perspective Aims for Stratospheric Tourism: Beyond traditional rockets, Space Perspective is developing a unique approach to space tourism utilizing high-altitude balloons. The company recently raised $40 million and anticipates commencing flights in 2024.
• Regehr Solar Focuses on Cost Reduction for Space-Based Solar Power: Recognizing the anticipated increase in satellite deployments, Regehr Solar is dedicated to lowering the cost of solar panels designed for space applications. The company’s success hinges on the effective integration of its technology with these market trends.
• Zeus Living Expands into Medium-Term Rentals: Shifting from its initial corporate housing focus, Zeus Living is now offering extended-stay accommodations to a broader customer base. This strategic move positions Zeus as a competitor to established platforms like Airbnb.
• Copy.ai Secures $11M Funding with $2.4M ARR: Copy.ai, a startup leveraging GPT-3 for content creation, has raised $11 million in funding based on an annual recurring revenue of $2.4 million. The company currently employs 13 individuals.
• Bird Gains Financial Backing from Apollo: Scooter company Bird, preparing for a public listing through a SPAC merger, has secured a $40 million credit facility from Apollo, expandable to $150 million upon completion of the merger.

Further developments include Tala’s $145 million funding round to expand its lending services, Evolution Equity Partners’ $400 million fundraise for investment purposes, and Karma’s $25 million Series A funding for its AI-powered shopping assistant. Additionally, Mayd, a German company, has received significant funding to accelerate drug delivery services throughout Europe.

Achieving Account-Based Marketing Success: A Guide for Startups and SMBs

Engaging with crucial clients at optimal times is facilitated by account-based marketing (ABM). However, many nascent startups striving for rapid expansion don't initially perceive ABM as essential.

Jonas van de Poel, head of content marketing at Unmuted, a growth agency located in Amsterdam, contends this perspective is inaccurate. He asserts that both startups and small-to-medium businesses (SMBs) should actively pursue ABM strategies.

Van de Poel’s recent publication provides a comprehensive examination of the subject. It delineates specific business characteristics that indicate a strong suitability for ABM, alongside practical implementation guidance.

According to his analysis, successful ABM initiatives don't necessitate substantial financial investment. “Employing a few strategic growth techniques and intelligent tools can make ABM accessible and effective,” he explains.

(TechCrunch+ is our membership program designed to empower founders and startup teams. Registration is available here.)

(TechCrunch+ is our membership program designed to empower founders and startup teams. You can join here.)

Identifying Businesses Suited for ABM

Determining whether ABM is a viable option requires careful consideration. Businesses with a relatively small number of high-value accounts are particularly well-positioned to benefit.

Furthermore, companies offering complex products or services that necessitate multiple stakeholders within the client organization often find ABM highly effective. A clearly defined ideal customer profile (ICP) is also crucial for successful ABM implementation.

Practical ABM Tactics for Resource-Constrained Companies

Several strategies can enable startups and SMBs to implement ABM without exceeding budgetary limitations. These include leveraging existing CRM data, focusing on personalized content creation, and utilizing targeted advertising platforms.

Personalization is key. Generic messaging is unlikely to resonate with key decision-makers. Tailoring content to address specific pain points and demonstrate value is paramount.

Utilizing LinkedIn Sales Navigator for account identification and outreach is another cost-effective tactic. This platform allows for precise targeting and direct engagement with relevant individuals.

Key Takeaways

• ABM is not exclusively for large enterprises.
• Startups and SMBs can achieve significant results with focused ABM strategies.
• Prioritizing personalization and leveraging existing tools are crucial for success.
• A well-defined ideal customer profile is essential.

By adopting these approaches, businesses can unlock the potential of ABM and accelerate their growth trajectory.

Big Tech Inc.

Recent developments across major technology companies indicate a shifting landscape and evolving user experiences.

Dating App Innovations

Tinder is introducing a new feature designed to assist users in securing dates, particularly for events like weddings.

This initiative reflects a resurgence in social gatherings as COVID-19 vaccination rates increase.

Roblox and the Metaverse

Roblox is focusing on enhancing avatar sophistication and exploring the integration of NFTs.

The company recognizes the significant revenue potential within the NFT market and is simultaneously upgrading its graphics capabilities.

WhatsApp Enhances User Privacy

WhatsApp is implementing end-to-end encryption for chat backups stored in iCloud and Google Drive.

This update addresses a critical security vulnerability that could have been exploited by governmental entities, bolstering user privacy for its two billion users.

Twitter's Advertising Strategy

Users of Twitter can now anticipate an increased frequency of advertisements within their feeds.

This change suggests a continued emphasis on advertising revenue for the platform.

TechCrunch Experts

An additional category has been integrated into the Experts initiative. Should you know of a software consultant who could benefit other startup founders, please submit your recommendation through this survey.

Below is a testimonial received regarding a consultant’s services.

Consultant: Solwey Consulting

Recommended by: Paul Shaked, Sandland

Testimonial: “Their assistance proved invaluable. A previous development team based in Europe constructed our website with inadequate documentation and substandard coding practices.

Solwey Consulting successfully navigated this complexity and brought clarity to the project. Furthermore, our e-commerce platform utilizes a headless CMS integrated with Shopify checkout.

Solwey was uniquely equipped to address the existing challenges and achieve a satisfactory outcome with minimal disruption caused by technical debt.”