Blockchain research and engineering firm has shed staff as it transitions towards a smaller venture studio business model.
Cardano developer Input Output Global (IOG) announced they have laid off unspecified employees as they transition into becoming a “venture studio” with a more lean core business model, according to Charles Hoskinson – one of IOG and Cardano co-founders.
Hoskinson noted, “IOG has been transitioning into a venture studio model with a more compact core and multiple spinoffs. To take full advantage of this business model, we have consolidated and eliminated groups deemed redundant or no longer relevant.”
The new venture studio model will create several spinoffs, such as Lace wallet division and Prism identity framework framework, as well as Cardano-related infrastructures.
Hoskinson reports that IOG staff at its executive level were mostly cut, while CEOs for Midnight and RealFi have hired additional staff as a result of IOG hiring them.
Hoskinson predicted that three to five companies will be spun out each year using this model, where aspects like strategy and commercial are not handled centrally but instead assigned directly to spinout CEOs.
CoinDesk requested an answer from IOG regarding which roles had been eliminated within their company, however no representative did immediately reply to us.