Yesterday, I was sad to announce one of the hardest decisions we’ve had to make at Boost since we got started back in 2017. We’ve reduced the size of our team by about 20% and, as such, said goodbye to 15 extremely talented colleagues and friends.
A change like this will always feel terrible, but it feels even worse for a company like ours that has been executing exceptionally well for years. It’s no secret, however, that the startup and broader technology market has shifted dramatically over the last several months and the new macroeconomic landscape has had a particularly significant impact on the fintech and insurtech segment specifically. This has forced all companies to rethink their approach to growth and budgeting.
While we have always prided ourselves on being lean and disciplined at Boost, we simply are not immune to a market swing as extreme as this one. We have to adapt to ensure we are in position for long-term success and, unfortunately, that means making some really hard decisions like the one we’re announcing today.
How We’re Handling Departures
Approximately 20% of our team were impacted by this decision, and each and every one of them has made meaningful contributions to our company. We are and will always be incredibly grateful for that. We are committed to supporting them by trying to make their transition as smooth as possible. This includes:
Severance: All impacted employees will be provided a fair severance package.
Healthcare & Benefits: Departing employees will be eligible for continued coverage.
Option Exercise Period: Departing employees will be able to exercise any vested options.
Transition & Career Support: We will provide departing employees with career support and do our best to connect them with other companies and recruiters within our industry.
I want to sincerely thank those affected for everything they’ve done to help Boost become what it is today. I have been inspired by their passion, ability, and dedication to our mission every step of the way, and their contributions are deeply appreciated.
How We Got Here
We have been experiencing hyper growth across the business for the last two years, which is exactly what we were building towards since this company was founded, and is one of the reasons this decision was even more difficult to make. For all intents and purposes, we have been executing extremely well relative to the broader market. However, the macroeconomic environment began to show cracks in early 2022, and those cracks started looking more like fault lines as the year went on.
All companies - both good and bad - are impacted when a market shifts as drastically as this one has. While we tried to minimize the impact this new market dynamic would have on our team by reducing discretionary spending wherever possible, there is unfortunately no way we could reduce that impact to zero.
Regardless of any external or macro forces at play here, I take full responsibility for not only this decision but for everything that led up to it. It’s hugely important to me that Boost be not only a huge success, but also a safe and fulfilling place to work. This is my priority as the founder and CEO of this company, and I am fully committed to putting that work in. We do not want to be building a company around the ebbs and flows of the market. We want to be building long-term, sustainable value for our customers and our industry with our eye always on the bottom line. If we focus on that, we will control our own destiny.
While yesterday's changes are painful, Boost is an extremely resilient company, and our team is exceptionally talented. No matter what, our mission to fundamentally transform the insurance industry does not change. I remain fully confident that Boost is well on its way to leaving an indelible mark on our industry.
-Alex