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Adina Tecklu and Hootan Rashidifard. Photo: Cannaan Partners

Venture capital firm Canaan Partners is carving out $20 million from its main fund for seed investments in consumer tech startups.

Bottom line: Canaan believes millennials (and the generation after it) will both start the next influential consumer tech companies and be their main customers. So it put Adina Tecklu and Hootan Rashidifard—two of its twenty-something investors—at the helm.

  • "Gen Z" will make up 25% of the U.S. population within the next three years, Canaan says.
  • Millennials have the largest purchasing power of any generation and are becoming heads of households.
  • Both generations are digitally native, and 48% of Gen Z identifies as non-white.

More: The average "Canaan Beta" investment will be $250,000, and focused on areas like social media, gaming, new interfaces like voice-activation, AR/VR, and digital currency.

Go deeper

The rebellion against Silicon Valley (the place)

Photo illustration: Sarah Grillo/Axios. Smith Collection/Gado via Getty Images

Silicon Valley may be a "state of mind," but it's also very much a real enclave in Northern California. Now, a growing faction of the tech industry is boycotting it.

Why it matters: The Bay Area is facing for the first time the prospect of losing its crown as the top destination for tech workers and startups — which could have an economic impact on the region and force it to reckon with its local issues.

Erica Pandey, author of @Work
1 hour ago - Economy & Business

Telework's tax mess

Illustration: Annelise Capossela/Axios

As teleworkers flit from city to city, they're creating a huge tax mess.

Why it matters: Our tax laws aren't built for telecommuting, and this new way of working could have dire implications for city and state budgets.

Wanted: New media bosses, everywhere

Illustration: Sarah Grillo/Axios

The Washington Post, Los Angeles Times, Reuters, HuffPost and Wired are all looking for new editors. Soon, The New York Times will be too.

Why it matters: The new hires will reflect a new generation — one that's addicted to technology, demands accountability and expects diversity to be a priority.

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