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Venture Capitalist Mercury Fund | NACIE | NVCA | Rice University

Exciting news for startups! California accounts for about 50% of all venture investments. The not-so-secret reason is that non-competes are illegal in California, so engineers at FAANGs can build competitors without fear. Today, the US Federal Trade Commission declared non-compete agreements illegal nationwide. This means that engineers at big tech companies can now leave and build their own companies without fear of violating a non-competes (legacy agreements for executives are still enforceable - talk to your lawyer), this is a step in the right direction for fostering innovation and competition across the country. A variety of big-business groups have vowed to sue to bring non-competes back, but at least for now, they're gone! #startups #innovation #competition #noncompete Official Announcement: https://lnkd.in/gRXUpgDy Impending lawsuit: https://lnkd.in/gqSiVuTd

FTC Announces Rule Banning Noncompetes

FTC Announces Rule Banning Noncompetes

ftc.gov

Roy E. Bahat

Head of Bloomberg Beta

2mo

What he said!

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Alnoor Virani النور فيراني

| Bridging gaps utilizing technology with a spoonful of humility | Discuss: #Travel, #ADHD, #Autism, #Dyspraxia and #PrivacyFirst

2mo

Yessss

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