Welcome back to the Great North Ventures newsletter! We talk about labor trends this month, with some original research from Branch and some Metaverse updates.
First the pandemic, now inflation is driving growth of the gig economy. According to a Pew Research Center survey, as of Aug 29th, 2021, 16% of Americans had earned money via an online gig platform. Specifically, driving for a ride-hailing app, shopping or delivering groceries, cleaning or assembling furniture, running errands, delivering for a restaurant, or delivering packages.
In a new report released earlier this month based on research by Marqeta and our portfolio company Branch, these gig workers are not only increasing their hours, but are giving up full-time work to to do so – with inflation as a key driver.
- 44% of gig workers started working in gigs in the past 1-3 years
- 85% have increased their gig work in the past 6 months
- 24% have quit full-time employment in the past year to pursue gig work (and 11% plan to)
- 45% have turned to gig work more in the last 6 months due to inflation (and 13% plan to)
Read more in Fortune, or listen to our recent interview with Branch’s CEO where he explains his solution for American workers.
You can now work in the Metaverse. Meta started rolling out features that allow Metaverse creators to get paid for content. While people have been getting paid for everything from building up and selling World of Warcraft accounts, to selling virtual items in Second Life, this is the beginning of monetization in the most ambitious Metaverse project yet.
It’s possible that work as we know it will change. Minneapolis-based RedRex is already in the business of building digital spaces for businesses to transition back from remote work to “in-person” collaboration.
Don’t quit your day job (or your gig work) though, as Meta has lost $10B last year and $3B in the first quarter of 2022 alone. “I’m just trying to lead the company in a way where we’re positioning ourselves as the premier company for building the future of social interaction and the metaverse,” Zuckerberg said.
What is the big opportunity with the Metaverse? According to Tipatat Chennavasin, General Manager and Co-Founder of The Venture Reality Fund, “The killer application of the Metaverse is creating content for the Metaverse.”
What, really?
Hear all about this insight in our interview with Tipatat on the latest episode of Execution is King.
Portfolio News
“Rapidly Rising Inflation Compelling More People to Enter Gig Economy to Make Ends Meet: Research” [Branch]
“Tippy Integrates with Workforce Payments Platform Branch to Launch Tip Solution”
“MedTech: Transforming Healthcare with Medical Imaging AI” [Flywheel]
“Pros to Know: How Digital Wallets Keep Freight Moving” [Branch]
“Elizabeth Heffernan Joins Micruity as Head of Partnerships and Consulting Strategy”
135 Open Positions
See all open positions on the Great North Ventures careers page
Dispatch is hiring for 43 positions
Structural is hiring for 1 position
FactoryFix is hiring for 7 positions
TeamGenius is hiring for 1 position
PrintWithMe is hiring for 16 positions
Parallax is hiring for 3 positions
Branch is hiring for 11 positions
Inhabitr is hiring for 3 positions
NoiseAware is hiring for 2 positions
PartySlate is hiring for 4 positions
Flywheel is hiring for 2 positions
Skillit is hiring for 1 position
NextGem is hiring for 2 positions
Backhouse Brands is hiring for 1 position
Yardstik is hiring for 5 positions
Micruity is hiring for 3 positions
Omnia Fishing is hiring for 11 positions
April Newsletter
June Newsletter
Demystifying Startup HR
Head of Finance & Fund Administration- Venture Capital Firm (Remote)
Demystifying Startup HR
3 Portfolio Companies Make Inc. 5000 + Quicklly & Instacart Expand
3 Portfolio Companies Ranked on The Inc. 5000 List
iraLogix closes $22M + Branch expands with Uber
iraLogix closes $22M Series C
Flywheel lands Gates Foundation grant
Venture Capital Analyst
Orazio Buzza, Founder and CEO of Fooda – on Episode 13, “Execution is King”
$40M Fund II Raised!
Eric Martell, Founder of Pear Commerce: Episode 13, Execution is King
Great North Ventures Raises $40 Million Fund II
Investment Thesis: Fund II Strategy
Investment Theme: Community-Driven Applications
Investment Theme: Digital Transformation Through AI
Investment Theme: Solving Labor Problems
Trends in the Gig Economy + Work in the Metaverse
Portfolio raises $125M + talking fundraising with Branch CEO
Omnia Fishing closes $4M round, joins Great North portfolio!
Atif Siddiqi, Founder/CEO of Branch: Episode 11, Execution is King
Michael Martocci, CEO and Founder of SwagUp: Episode 10, Execution is King
Yardstik new to portfolio, closes $8M Series A
First venture studio startup comes out of stealth!
Insights for founders from a data guru, + FactoryFix raises a Series A!
Una Fox: Episode 9, Execution is King
Start With a Mobile App, Not a Website
2ndKitchen acquired by SoftBank-backed REEF + advice from an early Googler
Joe Sriver, 4giving: Episode 8, Execution is King
2ndKitchen Acquired by REEF
Venture studio startup jobs + advice for founders from founders
Best Advice from the Great North Annual Event: Episode 7, Execution is King
Newsletter: Do you fit our investing themes?
Jonathan Treble, PrintWithMe: Episode 6, Execution is King
Anna Mason, Revolution: Episode 5, Execution is King
Mynul Khan, FieldNation: Episode 4, Execution is King
Nick Moran, New Stack Ventures: Episode 3, Execution is King
Molly Pyle, Center on Rural Innovation (CORI): Episode 2, Execution is King
Justin Kaufenberg, Rally Ventures: Execution is King Episode 1
Newsletter: “Podcast Launched: Execution is King!”
“Execution is King” – the Great North Ventures Podcast
Newsletter: Fund II is open for business!
Unlocking the Potential of Anonymized Commercial Real Estate (CRE) Data
Fund II is open for Business!
Mike Schulte Promoted to Venture Partner
New Name + New Venture Studio
Great North Launches Startup Studio
We Don’t Need No [full-time MBA] Education
How the University of Minnesota is Embracing Startup Culture
Top Stories of 2020, iraLogix, and LaunchMN Calls for Mentors
Building Capacity for Innovation
Seizing Opportunity in a Recession, Allergy Amulet, and Twin Cities Startup Week
Recessionary times, a record-setting IPO, and Minnesota’s Resilient Startups
Minnesota's Resilient Startups
July 4th, Equitable American Dream-ing, and Robots Diagnosing COVID
Jumpstart, the Startup School, and Branch Wins a Webby!
COVID-19 Trends, the Great North response, and our Founders Survey
Giving in the Time of Coronavirus
COVID-19 Resources for Startups, State-by-State
COVID-19, the CARES Act, and startups stepping up
New Business Preservation Act
Digital Future Boardroom, PartySlate, and The Lean Startup School
Great North Labs’s Startup Summit 2020
Great North Labs's Startup Summit 2020
World Economic Forum, NoiseAware, and the Startup School reboot
Great North Labs at the World Economic Forum 2020 in Davos
Top 5 Stories of 2019
Taking the Founders Pledge, Inhabitr, and gBETA Pitch Night
Founders Pledge: Support the Organizations that Support You
BETA Showcase, Greater MN, and Launch MN comes to St. Cloud
7 Places to Spot Us at Startup Week
The Greater MN Meetup, Parallax, and Exponential Medicine
Greater MN at the big show, Neela Mollgaard heads Launch MN, and Misty’s roadtrip.
Talking VC, tech kids, and Forge North’s Horizon
June: Great North Labs’s first fund raised!
May: Innovation Ecosystems, SingularityU Kickoff, and PrintWithMe
April: Minnebar Recap, ZenLord Pro, and Supporting Entrepreneurs
MinneBar 14 Recap
Dispatch and 2ndKitchen claim Tech Madness titles
Minnesota Innovation Collaborative
March: Minnebar, Hockey + Hustlers, and Innovation Workshops
Great North Labs at CES
Dec.-Jan.: Top Posts from 2018, pepr, Glowe, and Misty Robotics
Carried Interest: Top Posts from 2018
Oct.-Nov.: Singularity University, Exponential Tech, and the State of Innovation
July: Pitchly, ForwardFest, and Where to Invest in the Midwest
Digital Transformation Summit, July 25th in Minneapolis
June: Silicon Lakes, FactoryFix, and the Digital Transformation Summit
Putting the “Silicon” in Silicon Lakes
Digital Manufacturing and Logistics
May: Team Genius, IoT, and the Future of Everything
IoT 3.0
Healthcare Innovation
March: Exponential Tech, the “Goldilocks Zone”, and Minnebar 13
February: Team Expansion, Dispatch, and Startup School Events
Great North Labs Newsletter – December 2017
A Letter To My Younger Self
Great North Labs Newsletter
Great North Labs Featured on Tech.mn
Great North Labs Featured in St Cloud Times
Great North Labs – Featured on BizJournals.com
