As its name suggests, Twice an online startup company that handles the buying and selling of second hand clothing is all about letting floundering startups have their second chance. The company does it through its smart move which its co founders Calvin Young and Noah Reddy –Campbell call Acqui-hire.
‘Twice’ is offering a $1 million in acquiring failed entrepreneurs who are well qualified, creative, technical. The selected entrepreneurs are among those accepted by incubators like Ycombinator, 500 startups and Techstars .
The cofounders being former employees at Google have this startup formed with the purpose of getting back at those startup companies that were launched only to see their ventures fail. The team had always been keen on involving themselves in an early stage startup.
“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.-as reported by startupsmart.com
“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.”
According to Elad Gil, an investor in Twice and a former vice president for Twitter “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.” as reported by startupsmart.com
Thus a rigorous application process will be held by ‘Twice' till the right startup is reached.. The offer will expire at the end of the year or before if a hire is made.