To investors,
The number of people employed in the American economy has grown from just under 100 million in 1980 to approximately 160 million today. It doesn’t hurt that the current unemployment rate is sitting at under 4%, which remains near historic lows.
Total employment and the unemployment rate in the United States from 1980 to 2022, with projections until 2028
Even though unemployment is low and almost half the total US population is employed at the moment, there are still 8.8 million open roles in our country.
I believe getting more people to work in the economy can help alleviate a number of problems we face as a society. GDP will grow faster. Companies will make more profits. Wages will increase. The inequality gap will shrink. And the US government will have a smaller burden placed on it for various social services.
But I am not merely talking about a problem from afar. For the last two and a half years, my team and I have helped thousands of people get a new job. We lost count last year around 2,000 cumulative new hires and believe the number to be approximately 3,000 people today.
Some of these individuals I personally trained so they could upskill and transition into the digital assets industry. Others were able to leverage a job marketplace we built to connect with a new employer. And even more people were placed in their new job by Proof of Talent, a recruiting firm we acquired.
Think about this for a second — a small team of less than 20 people were able to help about 3,000 people get a new job over a two and a half year timeline. That is around 3 people per day, every day, for a few years.
Imagine what we could do with a broader mandate than just bitcoin and digital assets?
Well, we are about to find out.
Today we are announcing that our job marketplace is expanding its service area to include any innovative startup company. The marketplace is rebranding under the name Dream Startup Job (website) and it is completely free to use for anyone who wants to get a new job in the startup world.
I believe that startups are the single greatest tool we have to change the world. The definition of insanity is a small group of people believing they can create something from scratch that disrupts a group of incumbents and is adopted by millions of people globally. The odds are low, but the potential reward is high.
These innovative startups need the best talent they can find. Every job role is applicable. Whether you are an engineer, an operations manager, an accountant, or an entry-level customer service agent, there is a startup out there that is looking for you.
If you want to check out some of those open roles, you can now do so at Dream Startup Job.
We still have hundreds of open roles at the top bitcoin and digital asset companies, but today we are launching the expansion into industry-agnostic startups with our partners at Eight Sleep, Varda, Flowhub, and Traba.
The pool of potential companies to work at is now bigger, so my goal is to eventually help 10 people per day get a new job. Slowly, but surely, we will keep making progress.
The more people employed in the American economy, the better off we all are. Hopefully our team can do a small part in cranking that employment rate even higher. If you have ideas on how we can partner, or how we can improve our solutions, please don’t hesitate to reach out. If you would like to list your open roles at your startup, you can do that by clicking here.
Have a great day. I’ll talk to everyone tomorrow.
-Pomp
Avlok Kohli is the CEO of AngelList. This conversation was recorded at the BUILD Summit in New York.
In this conversation, we talk about the culture of shipping speed at AngelList, fundraising environment, how cap tables are usually wrong, treasury management, hiring, private equity, and numerous industry trends.
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How To Get More People Working In The American Economy