Wondering when consumer startups might finally be back on the up and up?
Read on for my mid-year report on startups
In a previous post from the beginning of 2024, I posited that the consumer startup world might have to hit rock bottom, before hopefully rebooting and flourishing anew. We’re now halfway through the year, and I have some updated perspectives to share…
There is some good news - I think we have already hit the bottom, and so the only way is up! The bad news is, the way we go up, is at best, TBD.
The consumer startup space is overwhelmingly built upon VC money from 2022 and earlier, back when DTC was still the darling of institutional investors - for folks working in consumer at the time, the memories of those halcyon days still taste like kombucha and beer pong. Most of those investors all since moved onto their next big bet - at first, IoT, AR, VR, and now, AI, biotech, blockchain etc.
In short, it’s been a hot minute since consumer was the shiny new plaything of many VCs. The big investments and valuations of yesteryear have left many VC-backed startups that aren’t able to 10x growth in between investment rounds with few choices; either a fire sale as they run out of cash, or layoffs to try to become profitable ahead of looking for a buyer. The layoffs tend to be widely reported but the acquisitions borne out of necessity usually have more muted announcements.
This scenario is now common for many startups, and certainly an understandable part of why few are hiring with the positivity and gusto of years gone by. Some ventures stuck between the old world and what comes next will succeed, but they’ll likely be the exception, not the rule. I don’t really see what the solution is to improving this specific situation.
For founders stuck in this quagmire, and pros stuck in between jobs or at a career crossroads, I see you and I’m rooting for you to find your way forward. The businesses being born today will lead the way in defining the future model for funding and building.
The emphasis for most will need to shift from the outdated worship of huge fundraises to… simply building businesses from scratch or with humble investment, just like the old days. It’s slower, you likely won’t become a billionaire, but what you build will be more likely to endure and thrive long-term.
After all, the goal should be to provide valuable products and services, responsibly hire and retain staff, and make a buck, right? It’s old school thinking, but maybe the ecosystem could do with a little more old school…
BU Community Wins
Big love to Brittany Tomkiewicz who just announced that she has joined Kate McLeod as Marketing Director. Simply one of the most accomplished marketing pros in the game - excited for her next adventure! ☀️✨
Far Ahmed just announced that she’s joined LMC as Chief Growth Officer! We’re wishing her every success in this new step. Exciting times ahead! 💰
Shoutout to Madelynn Ringo and her team at Ringo Studios! Their team was recognized with the 2024 DNA Paris Design Award for their project with Contact Sports. We love to keep seeing the inspiring work they create! ✨
Congratulations to Nina Bolka who has joined Laoban as their Head of Marketing! A recent career portfolio that includes Bowery Farming, then Omsom, and now Laoban - not too shabby! 😎
Flowers for Gracie Pearlman too, who just announced that she’s joined Spanx as Senior Manager, Product & Brand Marketing! An exciting move for another startup savante whose brag sheet includes Warby Parker, Thinx, and Jones Road Beauty. Good luck in this new role! 💐
Veracity has been announced as a finalist by BeautyMatter for best new product! Metabolism Ignite is the product receiving the accolades, and we love to see it - good luck to Allie Egan and the team! 🏆
Jobs
There are over 500 live job postings in the BU Job Board, all within consumer startups and scale ups, and usually updated weekly on Wednesdays. Bookmark the link, and make it your first stop for discovering which job postings are out there.
Pay it forward and share the link with people you know who are looking for something new (especially those between jobs), or folks who want to stay on top of what's being posted.
Check out our Featured Jobs, and reach out via hello@blackunicorn.com if you’d like an intro for any of those, or would like to learn more about posting a Featured Job you’re hiring for. New Featured Jobs to check out include:
Social Impact Manager and Brand Marketing Director, GTM at Prose. 💁♀️🧴
Copywriter at Starface World. ⭐🙂
Senior Associate, Retail Account Management and Social Media Manager at Julie Products. 💊
Until next time stay safe, well-moisturized, and hydrated!
Cheers,
JT