We’re writing today with sad news. Today we announced the difficult decision to part ways with 25% of the On Deck team.
This was a decision that we did not take lightly. As a community-centered company, our people have always been our highest priority. Our focus in the coming days will be on fully supporting our team – both those departing On Deck and those who will help us build the future.
Below is the note we shared with our internal team following the announcement.
Those that attended All Hands are already aware of the difficult update we shared with the team this morning. We are reducing our team by 25% and parting ways with 72 teammates. Here is what led to these decisions, and what happens next.
First, some context: Since 2020, On Deck has been growing at hyper-speed. We raised capital, expanded our team, and seeded new communities across the startup landscape to help serve founders and talent.
In 2021, we launched ODX, our accelerator. We saw an opportunity to stand up and try our hand at innovating a stagnant accelerator market. By many accounts, we succeeded in this goal — 12,000 founders applied and we backed 150 amazing companies.
Unfortunately, over the same period, the market began shifting dramatically. A few months in, the capital and accelerator markets were materially different from where they had been when we started. These factors forced us to reflect and consider how On Deck would continue to build for the future, support our communities, and ensure long-term sustainability.
If you are one of the departing team members, you already have an email in your inbox and a 1:1 on your calendar to discuss the details around next steps for today. No matter what your tenure or role is, you can expect an additional 2 months of pay, 3 months of equity, and 3 months of health benefits.
As a company centered around helping people in their careers, we are going to do everything in our power to make this transition as smooth as possible for everyone who will be leaving the team. We want to help every single person in their search for a new role, and we’re committed to leveraging the full weight of On Deck’s network and community to support you. This looks like access to On Deck fellowships and career coaches, as we well as our network of investors, and portfolio companies.
To the whole team — we take full responsibility, not just for what brought us to this point, but also for making sure we do right by team members who have put so much time and energy into building this amazing community.
To those leaving today — we are honored to have worked with you and profoundly grateful for your contributions. Thank you for all of your work to propel our community forward. We intend to do everything we can now to do the same for you.
Erik and David