A weekly summary of the news in the Venture Capital world.
First Edition, Mar 15, 2020
First Round Opens Program Due to Coronavirus Pandemic
First Round announced it has taken its Technical Founder Track fully remote, meaning applications for the program will now be open beyond participants in San Francisco. The program is for engineers looking to start a company, but are not sure of how to do it. CTO’s from such startups as Opendoor, Segment and PlanGrid will be on hand to give advice for participants. The decision to open this program to all was due to the spread of the Coronavirus. To apply for this program, click here. The deadline to apply is March 20.
Fed Cuts Interest Rates to Near Zero
With the Coronavirus Pandemic ravaging the worldwide economy, the Federal Reserve is trying to keep the U.S economy afloat by cutting interest. On Sunday, 3/15, the fed cut interest rates to 0% to near 0.25%, down from 1% to 1.25%. It will also launch a $700 billion quantitative easing program to blunt the economic effects of the virus. On Sunday evening, the market did not seem to be reassured of the Fed’s move, hitting a ‘limit down’ barrier and slipping 1041 points in futures trading.
Away, Peloton Close Retail Sites
Web based retailers are responding to the Cronavirus crisis by temporarily shutting down their brick and mortar locations and shifting all transactions to their online properties. Among the companies taking this action are Peloton, Away and Nike.