A US start-up called Twice is pushing the ‘acqui-hire’ trend to new levels by offering $1 million to acquire any “well-qualified” technical and design-savvy entrepreneurs who have failed with their own ventures.
Twice, an online marketplace for buying and selling second hand clothing, said that its Restart Fund was a “tongue-in-cheek nod” to the Start Fund, which offers $150,000 in funding to every start-up graduating the YCombinator accelerator.
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The $1 million Restart fund will be aimed at start-ups or entrepreneurs accepted into incubators such as YCombinator, 500 Startups or TechStars, or any “well-qualified” team.
Twice, which was launched last year by two former Google employees, said that the fund was aimed at snaring people with technical know-how who had launched their own start-up only to see the venture fail.
“My co-founder Calvin and I quit our jobs at Google and began working on a micropayments business, but we were never able to hit product/market fit. We were left wondering what to do,” says Noah Ready-Campbell, CEO of Twice.
“We were approached by several big companies about talent acquisitions, but we knew we still wanted to work on something that had a lot of opportunity for growth.”
“If Restart Fund had been around, it would have been a very interesting option.”
Elad Gil, former vice president of Twitter and an investor in Twice, adds: “Given the current state of Silicon Valley’s hiring environment, it’s a super smart move for Twice to acquire a talented team with proven execution ability but whose own products haven’t found traction.”
Twice said that it will hold a “rigorous” application process to find the right start-up, with the offer expiring at the end of the year or when a hire is made – whichever comes first.
For more information on the fund, click here.