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Silicon Valley venture capitalists are no longer content with investing in startups and then eventually handing them off. Instead, many are now forming SPACs, or blank-check acquisition companies, to ride tech unicorns into the public markets themselves.

Axios Re:Cap digs into this trend with the co-founders of a new tech SPAC called Reinvent Technology Partners: Reid Hoffman, a co-founder of LinkedIn and partner at Greylock, and Mark Pincus, the founder and former CEO of Zynga.

Go deeper

Updated Dec 9, 2020 - Axios Events

Watch: The Future of Venture Capital

On Wednesday, December 9 Axios' Dan Primack hosted a conversation on the future of venture capital featuring Mercato Partners director Joe Kaiser and Upfront Ventures managing partner Kara Nortman.

Kara Nortman unpacked the startup landscape, Los Angeles as an up-and-coming hub for venture capital, and trends in the industry.

  • On how the pandemic has changed founding startups: "You have to be intentional. You don't have serendipity. It doesn't exist. You have to even be intentional about your serendipity. My sense is more startups are starting really in a positive way, trying to solve big, real problems where you can collaborate with people in different ways and get to know people differently."
  • On how companies that prioritized resiliency are thriving: "A lot of companies that thought they would be impacted negatively actually became more efficient and really looked at how they're operating and really invested in culture...Startups that do what startups do best—which is move fast against macro changes—are coming out of this much, much stronger."

Joe Kaiser discussed the acceleration of 'work from home' and how geography will play less and less of a role in building successful companies.

  • "A couple of years ago, you had founders...moving to the Bay Area to build amazing companies. Today's [founders] are doing it in the towns where they grew up...We believe is going to be an explosive and dispersed entrepreneurial movement across the US. I think I think we are going to see a really distributed entrepreneurial environment for years to come."

Axios Chief Revenue Officer Fabricio Drummond hosted a View from the Top segment with president of the Venture Banking Group at Pacific Western Bank Sean Lynden, who unpacked how startups and the world of venture capital have approached the economic reality of the pandemic.

  • "I think that a lot of the venture capital community took a longer term approach to this. They saw this as being a short term hiccup...They've taken a long term approach, continuing to build good, solid companies that should come out of this stronger than ever. "

Thank you Pacific Western Bank for sponsoring this event.

Focus group: Former Trump voters say he should never hold office again

Illustration: Sarah Grillo/Axios

"Relief" is the top emotion some swing voters who used to support Donald Trump say they felt as they watched President Biden's swearing-in, followed by "hope."

Why it matters: For voters on the bubble between parties, this moment is less about excitement for Biden or liberal politics than exhaustion and disgust with Trump and a craving for national healing. Most said Trump should be prohibited from ever holding office again.

Updated 12 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Health: Most vulnerable Americans aren't getting enough vaccine information — Fauci says Trump administration's lack of facts on COVID "very likely" cost lives.
  2. Politics: Biden unveils "wartime" COVID strategyBiden's COVID-19 bubble.
  3. Vaccine: Florida requiring proof of residency to get vaccine — CDC extends interval between vaccine doses for exceptional cases.
  4. World: Hong Kong to put tens of thousands on lockdown as cases surge.
  5. Sports: 2021 Tokyo Olympics hang in the balance.
  6. 🎧 Podcast: Carbon Health's CEO on unsticking the vaccine bottleneck.