Aug
20

Trump shared a meme promising he wouldn't put a Trump Tower on Greenland

President Donald Trump indicated he would not construct a Trump Tower in Greenland after he reportedly expressed interested in buying the autonomous Denmark island.

"I promise not to do this to Greenland," Trump tweeted in a caption of an image with a golden Trump Tower.

Read more: Trump wants to buy Greenland. Only one-third of Americans would be willing to offer more than $12 for the island.

The meme circulated on social media after numerous reports suggested he was interested in purchasing the land, which is inhabited by roughly 56,000 people. The land is also home to the US's Thule Air Base, which conducts surveillance of the northern polar region.

The president's son Eric Trump shared the meme of a golden Trump Tower on Monday.

Trump discussed his interest in the purchase, which was first reported by The Wall Street Journal on Thursday. Trump described the possibility on Sunday as "strategically ... interesting," but added it was not on his list of priorities.

"It's just something we talking about," Trump told reporters. "Denmark essentially owns it. We're good allies with Denmark. We protected Denmark like we protect large portions of the world, so the concept came up."

"It's not No. 1 on the burner," Trump added.

Danish officials balked at the notion and described the idea as "absurd."

"Greenland is not for sale," Denmark Prime Minister Mette Frederiksen said, according to Bloomberg. "By the way, Greenland is not Danish. Greenland is Greenlandic."

"It must be an April Fool's Day joke," former Danish Prime Minister Lars Lokke Rasmussen said in a tweet. "But totally out of [season]!"

Original author: David Choi

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Jul
19

407th Roundtable For Entrepreneurs Starting In 30 Minutes: Live Tweeting By @1Mby1M - Sramana Mitra

David Teten Contributor
David Teten is a Venture Partner with HOF Capital. He was previously a Partner for 8 years with HOF Capital and ff Venture Capital. David writes regularly at teten.com and @dteten.

This guest post was written by David Teten, Venture Partner, HOF Capital. You can follow him at teten.com and @dteten. This is part of an ongoing series on Revenue-Based Investing VC that will hit on:

Revenue-based investing: A new option for founders who care about controlWho are the major revenue-based investing VCs?Should your new VC fund use revenue-based investing?Why are revenue-based VCs investing in so many women and underrepresented founders?Should you raise equity venture capital or revenue-based investing VC?

So you’re interested in raising capital from a Revenue-Based Investor VC. Which VCs are comfortable using this approach?

A new wave of Revenue-Based Investors (“RBI”) are emerging. This structure offers some of the benefits of traditional equity VC, without some of the negatives of equity VC.

I’ve been a traditional equity VC for 8 years, and I’m now researching new business models in venture capital.

(For more background, see the accompanying article “Revenue-based investing: A new option for founders who care about control” published on Extra Crunch.

RBI normally requires founders to pay back their investors with a fixed percentage of revenue until they have finished providing the investor with a fixed return on capital, which they agree upon in advance.

I’ve listed below all of the major RBI venture capitalists I’ve identified. In addition, I’ve noted a few multi-product lending firms, e.g., Kapitus and United Capital Source, which provide RBI as one of many structural options to companies seeking capital.

The guide to major RBI VCs

Alternative Capital: “You qualify if you have $5k+ MRR. We have a special program if you are pre-seed and need product development. Since 2017 we’ve managed $3 million in revenue-based financing, which helps cash-strapped technology companies grow. In 2019 we partnered with several revenue-based lending providers, effectively creating a marketplace.”

Bigfoot Capital: According to Brian Parks, “Bigfoot provides RBI, term loans, and lines of credit to SaaS businesses with $500k+ ARR. Our wheelhouse is bootstrapped (or lightly capitalized) SMB SaaS. We make fast, data-driven credit decisions for these types of businesses and show Founders how the math/ROI works. We’re currently evaluating about 20 companies a month and issuing term sheets to 25% of them; those that fit our investment criteria. We’re also regularly following-on for existing portfolio companies.”

Investment Criteria:

B2B SaaS or tech-enabled services with proven, recurring contractsARR of $500K+At least 12 months of customer history, generally 20+ enterprise customers or 200+ SMB customersRational burn profile, up to 50% of revenue at close, scaling downCapital need of up to $1.5M over next 12 months

Benefits:

Non-dilutive, flexible credit offerings that fit SMB or enterprise SaaSFacility sizes of 2-5x MRRRepaid 12-36 months with ability to prepay at reduced costFor RBI, return caps of 1.2x-1.8x and cash share rates of 3-10%Multiple draws available once history establishedAbility to scale payments to provide initial cash flow reliefNo board seats or personal guaranteesSuccess fee on M&A can be traded for lower payments

Corl: “No need to wait 3-9 months for approval. Find out in 10 minutes. Corl can fund up to 10x your monthly revenue to a maximum of $1,000,000. Payments are equal to 2-10% of your monthly revenue, and stop when the business buys out the contract at 1-2x the investment amount.”

Investment amount of up to 10x monthly revenue, to a maximum of $1,000,000.Payment is 2-10% of monthly revenue, until a Contract Buyout.The Contract Buyout Rate is 1-2x the Investment Amount, depending on the risk of the business.To be eligible, a business must have at least $10,000 in monthly revenue, at least 30% gross margins, and post-revenue for at least 6 months.

According to Derek Manuge, Corl CEO, “Funds are closed significantly quicker than the industry average at under 24 hours. The majority of businesses that apply for funding with Corl are E-commerce, SaaS, and other digital businesses.”

Manuge continues, “Corl connects to a business’ bank accounts, accounting software, payment processors, and other digital services to collect 10,000+ historical data points that are analyzed in real-time. We collect more data on an individual business than, to our knowledge, any other RBI investor, through our application process, data partners, and various public sources online. We have reviewed the application process of other RBI lenders and have not found one that has more API connections that ours. We have developed a proprietary machine learning algorithm that assesses the risk and return profile of the business and determines whether to invest in the business. Funding decisions can take as little as 10 minutes depending on the amount of data provided by a business.”

In the past 12 months, 500+ companies have applied for funding with Corl. The following information is based on companies funded by us and/or our capital partners:

The average most recent monthly revenue is $331,229The average most recent annual revenue is $1,226,589The average most recent annual profit is $237,479The average gross profit margin is 55%.The average monthly operating expenses is $70,335The average cash balance is $191,164The mode purpose for funding is (in order of frequency) Sales, Marketing, Market Expansion, Product Development, and Hiring Employees.30% have been operated by females, 70% have been operated by males.40% have been operated by “visible minorities”, 60% have been operated by “non-visible minorities”.

Decathlon Capital: According to John Borchers, Co-founder, Decathlon is the largest revenue-based financing investor in the US. His description: “We announced a new $500 million fund in Q1 of 2019, in our 10th year. Unlike many RBI investors, a full 50% of our investment activity is in non-tech businesses. Like other RBI firms, Decathlon does not require warrants, governance involvement, or the types of financial covenants that are often associated with other venture debt type solutions. Decathlon typically targets monthly payment percentages in the 1% to 4% range, with total targeted multiples of 1.5x to 3.0x.”

Earnest Capital: Earnest is not technically RBI. Tyler Tringas, General Partner, observes, “Almost all of these new [RBI] forms of financing really only work for more mature companies (say $25-50k MRR and up) and there are still very few new options at the stage where we are investing.” From their website: “We invest via a Shared Earnings Agreement, a new investment model developed transparently with the community, and designed to align us with founders who want to run a profitable business and never be forced to raise follow-on financing or sell their business.” Key elements:

“We agree on a Return Cap which is a multiple of the initial investment (typically 3-5x)“We don’t have any equity or control over the business…”“As your business grows we calculate what we call “Founder Earnings” and Earnest is paid a percentage. Essentially we get paid when you and your co-founder get paid.”“Founder Earnings = Net Income + any amount of founders’ salaries over a certain threshold. If you want to eat ramen, pay yourselves a small salary, and reinvest every dollar into growth, we don’t get a penny and that’s okay. We get earnings when you do.”“Unlike traditional equity, our share of earnings is not perpetual. Once we hit the Return Cap, payments to Earnest end.”“In most cases, we’ll agree on a long-term residual stake for Earnest if you ever sell the company or raise more financing. We want to be on your team for the long-term, but don’t want to provide any pressure to “exit.”“If you decide you want to raise VC or other forms of financing, or you get an amazing offer to sell the company, that’s totally fine. The SEA includes provisions for our investment to convert to equity alongside the new investors or acquirers.”

Feenix Venture Partners: Feenix Venture Partners has a unique investment model that couples investment capital with payment processing services. Each of Feenix’s portfolio companies receives an investment in debt or equity and utilizes a subsidiary of Feenix as its credit card payment processor (“Feenix Payment Systems”). The combination of investment capital and credit card processing (CCP) fees creates a “win-win” partnership for investors and portfolio companies. The credit card processing data provides the investor with real-time sales transparency and the CCP fee margin provides the investor high current income, with equity-like upside and significant recovery for downside protection. Additionally, portfolio companies are able to access competitive and often non-dilutive financing by monetizing an unavoidable expense that is being paid to its current processors, thus yielding a mutual benefit for both parties.

Feenix focuses on companies in the consumer space across a number of industry verticals including: multi-unit Food & Beverage operators, hospitality, managed workspace (office or food halls), location-based entertainment venues, and various direct to consumer online companies. Their average check size is between $1-3 million, with multi-year term and competitive interest rates for debt. Additionally, Feenix typically needs fewer financial covenants and can provide quicker turnaround for due diligence with the benefit of transparency they receive by tracking credit card sales activity. 10% of Feenix’s portfolio companies have received VC equity prior to their financing.

Founders First Capital Partners: “Founders First Capital Partners, LLC is building a comprehensive ecosystem to empower underrepresented founders to become leading premium wage job creators within their communities. We provide revenue-based funding and business acceleration support to service-based small businesses located outside of major capital markets such as Silicon Valley and New York City.”

“We focus our support on businesses led by women, ethnic minorities, LGBTQ, and military veterans, especially teams and businesses located in low to moderate income areas. Our proprietary business accelerator programs, learning platform, and growth methodologies transition these underserved service-based businesses into companies with $5 million to $50 million in recurring revenue. They are tech-enabled companies that provide high-yield investments for fund limited partners (LPs) that perform like bonds but generate returns on par with equity investments. Founders First Capital Partners defines these high performing organizations as Zebra Companies .”

“Each year, Founders First Capital Partners works with hundreds of entrepreneurs. Three tracks of pre-funding accelerator programs determine the appropriate level of funding and advisory support needed for each founder to achieve their desired expansion: 1) Fastpath for larger companies with $2 million to $5 million in annual revenue, 2) Founders Growth Bootcamp program for companies with $250,000 to $2 million in annual revenue, and 3) Elevate My Business Challenge for companies with $50,000 to $250,000 in annual revenue.”

“Founders First Capital Partners (FFCP) runs a 5-step process:

Attend the Appropriate Pre-Funding Accelerator Program. Programs are offered in both online, in-person, and hybrid format with cohorts of leadership teams for an average of 10 companies. Most programs culminate with a Pitch Day and Investor Networking Event where the companies present their newly defined and expanded growth playbook. Apply for funding. After completion of the relevant pre-funding program, FFCP will review company funding applications and conduct due diligence. Get Funding. FFCP-approved companies receive revenue-based loans of up to $1 million to support the implementation of a customized 5-year growth playbook for their businesses. Growth support. FFCP uses its proprietary performance technology platform, structured growth program curriculum, and executive-level coaching operations to assist funded companies with the development, implementation, and iteration of their custom 5-year growth playbook. Graduate. Companies repay loans with growth revenue generated over a 5-year term, capped at 2x the amount financed. Companies gain predictable revenue streams with significant and measurable increases in revenue and profits to graduate to either traditional debt or equity sources of growth capital.”

According to Kim Folson, Co-Founder, “Founders First Capital Partner (F1stcp) has just secured a $100M credit facility commitment from a major institutional impact investor. This positions F1stcp to be the largest revenue-based investor platform addressing the funding gap for service-based, small businesses led by underserved and underrepresented founders.”

GSD Capital: “ GSD Capital partners with early-stage SaaS founders to fund growth initiatives. We work with founding teams in the Mountain West (Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah and Wyoming) who have demonstrated an ability to get sh*t done… We empower founders with a 30-day fundraising process instead of multiple months running a gauntlet. ”

“To best explain the process of RBF funding, let’s use an example. Pied Piper Inc needs funding to accelerate customer acquisition for its SaaS solution. GSD Capital loans $250,000 to Pied Piper taking no ownership or control of the business. The funding agreement outlines the details of how the loan will be repaid, and sets a “cap”, or a point at which the loan has been repaid. On a 3-year term, the cap amounts typically range from 0.4-0.6x the loan amount. Each month Pied Piper reviews its cash receipts and sends the agreed upon percentage to GSD. If the company experiences a rough patch, GSD shares in the downside. Monthly payments stop once the cap is reached and the loan is repaid. In a situation where Pied Piper’s revenue growth exceeds expectations, prepayment discounts are built into the structure, lowering the cost of capital.”

“Requirements for funding consideration:

Companies with a minimum of $50k in MRRWe can fund to 4x MRR (Monthly Recurring Revenue)Companies seeking funding of $200k to $1mmLimited amount of existing debt and a clean cap table”

Indie.VC: Part of the investment firm O’Reilly AlphaTech Ventures. See Indie VC’s Version 3.0 . “On the surface, our v3 terms are a fairly vanilla version of a convertible note with a few key variables to be negotiated between the investor and the founder: investment amount, equity option, and repurchase start date and percentage.”

Investment amount “is what it is”.Equity option is, ” a simple fixed percentage which converts into that % of shares at the time of a sale OR into that % shares prior to a qualified financing.”Repurchase start date and percentage is, “We chose 24 months from the time of our investment (but can be whatever date the founders and investors agree upon) and a % of gross revenue shared to repurchase the shares. With each revenue share payment, our equity option decreases and the founder’s equity increases. With v3, a team can repurchase up to 90% of the original equity option back at any point prior to a qualified financing through monthly revenue share payments, a lump or some combination of both until they reach a 3x cap. “

Kapitus: Offers RBI among many other options. “Because this [RBI] is not a loan, there is no APR or compounded interest associated with this product. Instead, borrowers agree to pay a fixed percentage in addition to the amount provided.”

Lighter Capital: “Since 2012, we’ve provided over $100 million in growth capital to over 250 companies.” Revenue-based financing which “helps tech entrepreneurs get to the next level without giving up equity, board seats, or personal guarantees… At Lighter Capital, we don’t take equity or ask you to make personal guarantees. And we don’t take a seat on your board or make you write a big check if you’re having a down month.”

“Up to 1/3 of your annualized revenue run rate”“Up to $3M in growth capital for your tech startup”“Repaid over 3–5 years”“You pay between 2–8% of monthly revenue”“Repayment caps usually range from 1.35x to 2.0x”

Novel Growth Partners: ” We invest using Revenue-Based Investing (RBI), also known as Royalty-Based Investing… We provide up to $1 million in growth capital, and the company pays that capital back as a small percentage (between 4% and 8%) of its monthly revenue up to a predetermined return cap of 1.5-2.2x over up to 5 years. We can usually provide capital in an amount up to 30% of your ARR. Our approach allows us to invest without taking equity, without taking board seats, and without requiring personal guarantees. We also provide tailored, tactical sales and marketing assistance to help the companies in our portfolio accelerate their growth.” Keith Harrington, Co-Founder & Managing Director at Novel Growth Partners, observes that he sees two categories of RBI:

Variable repayment debt: money gets paid back month over month, e.g., Novel Growth PartnersShare buyback structure, e.g., Indie.vc. Investors using this model typically can ask for a higher multiple because they wait longer for cash to be paid back.

He said, “We chose the structure we did because we think it’s easier to understand, for both LPs and entrepreneurs.”

Podfund: Focused on podcast creators. “We agree to provide funding and services to you in exchange for a percentage of total gross revenue (including ads/sponsorship, listener support, and ancillary revenue such as touring, merchandise, or licensing) per quarter. PodREV terms are 7-15% of revenue for 3-5 years, depending on current traction, revenue, and projected growth. At any time you may also opt to pay down the revenue share obligation in full, as follows:

1.5x the initial funding in year 12x the initial funding in year 23x the initial funding in year 34x the initial funding in year 4 “

RevUp: “Companies receive $100K-250K in non-dilutive cash… [paid back in a] 36-month return period with revenue royalty ranging from 4-8%, no equity .”

Riverside Acceleration Capital: Closed Fund I for $50m in 2016. Fund II has raised over $100m as of mid-2019.

” Investment size : $1 – 5+ million, significant capacity for additional investment.
Return method: Small percentage of monthly revenue. Keeps capital lightweight and aligned to companies’ growth.
Capped return: 1.5 – 2x the investment amount. Company maximizes equity upside from growth.
Investment structure: 5-year horizon. Long-term nature maximizes flexibility of capital.”

Jim Toth writes, “One thing that makes us different is that we live inside of an $8Bn private equity firm. This means that we have a tremendous amount of resources that we can leverage for our companies, and our companies see us as being quite strategic. We also have the ability to continue investing behind our companies across all stages of growth.”

ScaleWorks: “We developed Scaleworks venture finance loans to fill a need we saw for our own B2B SaaS companies. No personal guarantees, board seats, or equity sweeteners. No prepayment penalties. Monthly repayments as a percentage of revenue.”

United Capital Source: Provides a wide structure of loans, including but not limited to RBI. The firm has provided more than $875 million in small business loans in its history, and is currently extending about $10m/month in RBI loans. Jared Weitz, Founder & CEO, said, “[Our] typical RBF client is $120K-$20M in annual revenue, with 4-200 employees. We only look at financials for deals over a certain size.

For smaller deals, we’ll look at bank statements and get a pretty good picture of revenues, expenses and cash flow. After all, since this is a revenue-based business loan, we want to make sure revenues and cash flow are consistent enough for repayment without hurting the business’s daily operations. When we do look at financials to approve those larger deals we are generally seeing a 5 to 30% EBITDA margin on these businesses.” United Capital Source was selected in the 2015 & 2017 Inc. 5000 Fastest Growing Companies List.

Note that none of the lawyers quoted or I are rendering legal advice in this article, and you should not rely on our counsel herein for your own decisions. I am not a lawyer. Thanks to the experts quoted for their thoughtful feedback. Thanks to Jonathan Birnbaum for help in researching this topic.

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Jul
19

Printrbot has shut down

David Teten Contributor
David Teten is a Venture Partner with HOF Capital. He was previously a Partner for 8 years with HOF Capital and ff Venture Capital. David writes regularly at teten.com and @dteten.

Does the traditional VC financing model make sense for all companies? Absolutely not. VC Josh Kopelman makes the analogy of jet fuel vs. motorcycle fuel. VCs sell jet fuel which works well for jets; motorcycles are more common but need a different type of fuel.

A new wave of Revenue-Based Investors are emerging who are using creative investing structures with some of the upside of traditional VC, but some of the downside protection of debt. I’ve been a traditional equity VC for 8 years, and I’m now researching new business models in venture capital.

I believe that Revenue-Based Investing (“RBI”) VCs are on the forefront of what will become a major segment of the venture ecosystem. Though RBI will displace some traditional equity VC, its much bigger impact will be to expand the pool of capital available for early-stage entrepreneurs.

This guest post was written by David Teten, Venture Partner, HOF Capital. You can follow him at teten.com and @dteten. This is part of an ongoing series on Revenue-Based Investing VC that will hit on:

Revenue-based investing: A new option for founders who care about controlWho are the major revenue-based investing VCs?Should your new VC fund use revenue-based investing?Why are revenue-based VCs investing in so many women and underrepresented founders?Should you raise equity venture capital or revenue-based investing VC?

So what is Revenue-Based Investing? 

RBI structures have been used for many years in natural resource exploration, entertainment, real estate, and pharmaceuticals. However, only recently have early-stage companies started to use this model at any scale.

According to Lighter Capital, “the RBI market has grown rapidly, contrasting sharply with a decrease in the number of early-stage angel and VC fundings”. Lighter Capital is a RBI VC which has provided over $100 million in growth capital to over 250 companies since 2012.

Lighter reports that from 2015 to 2018, the number of VC investments under $5m dropped 23% from 6,709 to 5,139. 2018 also had the fewest number of angel-led financing rounds since before 2010. However, many industry experts question the accuracy of early-stage market data, given many startups are no longer filing their Form Ds.

John Borchers, Co-founder and Managing Partner of Decathlon Capital, claims to be the largest revenue-based financing investor in the US. He said, “We estimate that annual RBI market activity has grown 10x in the last decade, from two dozen deals a year in 2010 to upwards of 200 new company fundings completed in 2018.”

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Jul
19

1Mby1M Virtual Accelerator Investor Forum: With Gaurav Jain of Afore Capital (Part 4) - Sramana Mitra

There are all kinds of strange ways to light up a cigarette, from blowtorches to magnifying glasses. But few people on Earth have ever used as bizarre or overkill a method as devised by a Cold War physicist: the explosion of a nuclear bomb.

On Sunday, a thread from Reddit's popular "r/TodayILearned" community mentioned the story of how the theoretical physicist Ted Taylor used the blinding flash of an atomic explosion to light a cigarette in 1952.

Records of "atomic cigarette lighter" events aren't exactly robust, but it appears Taylor was the first to come up with the idea. That's according to the author Richard L. Miller, whose 1999 book "Under the Cloud: The Decades of Nuclear Testing" chronicled the event in detail.

Taylor apparently lit his cigarette during Operation Tumbler-Snapper, which was a series of test blasts orchestrated by the US military at the Nevada Test Site. The operation happened in the throes of the Korean War — a conflict in which President Harry S. Truman considered dropping the bomb (again).

Read more: Hundreds of never-before-seen nuclear blast videos show terrifying explosions in the ocean and Nevada desert

Government officials code-named the test explosion or shot in question "George" because it was the seventh in a series (and "G" is the seventh letter of the alphabet). Its purpose wasn't to light up a smoke, of course: Military researchers placed a roughly 3,000-pound nuclear-bomb design, known as the Mark 5, atop a 30o-foot-tall tower to try out a new blast-triggering technology, according to the Nuclear Weapons Archive.

The day before the test shot, Taylor apparently found a spare parabolic (cup-shaped) mirror, according to Miller's book, and set it up in the facility's control building ahead of time. Taylor knew exactly where to place the mirror so that it'd gather light from the test explosion, which would release gobs of thermal energy, and focus it on a particular spot.

Next, Taylor hung a Pall Mall cigarette on a wire so that its tip would float directly in front of the focused light beam. The arrangement wasn't too different in principle from holding out a magnifying glass to concentrate sunlight on a piece of paper and light it on fire.

On June 1, 1952, Taylor and other weapons experts huddled into the bunkerlike control building near Area 3 of the Yucca Flats weapons test basin in Nevada. Then they set off the bomb.

"In a second or so the concentrated, focused light from the weapon ignited the tip of the cigarette. He had made the world's first atomic cigarette lighter," Miller wrote of Taylor's setup.

Taylor's nuclear-age antics likely did not stop with him.

Martin Pfeiffer, an anthropologist who researches humanity's relationship with nuclear weapons (and who frequently forces the release of documents related to the bomb) tweeted that a 1955 Department of Defense film appears to show the concept in action.

About 19 minutes into the half-hour movie, titled "Operation Teapot Military Effects Studies," a narrator describes how parabolic mirrors were used to concentrate the light-based energy from nuclear explosions on samples of ceramics.

In the clip, a person's hand holds the tip of a cigarette in a beam of focused light, causing it to smoke and ignite:

Although this looks like another cigarette being lit by a nuclear weapon, that's unlikely.

There's no blinding flash — a telltale effect of a nuclear explosion — and the length of time the light beam stays on-screen is far too long as well. The person being filmed probably just held out his cigarette for the videographer so as to demonstrate the concept of a parabolic mirror focusing would-be bomb energy.

Still, it's not hard to imagine the story of Taylor's feat spreading among his colleagues over many years and hundreds of above-ground US nuclear test shots. A few others probably tried it themselves.

In any case, Pfeiffer isn't enamored by such stunts.

"Lighting a cigarette with a nuclear weapon ... is at least in part an effort of domestication of nuclear weapons through a performance articulating it to a most quotidian act of cigarette lighting," he tweeted. "It is a form of patting the bomb."

That is to say: The act risks trivializing nuclear weapons, which can and have inflicted mass death and destruction. The 1945 US nuclear bombings of Hiroshima and Nagasaki in Japan, for example, led to approximately 150,000 casualties, and decades of suffering for many who survived the attacks.

Today, above-ground nuclear testing is mostly banned worldwide, since it can spread radioactive fallout, mess with electronics, be mistaken for an act of war, and more. But US-Russia relations have deteriorated to the point that each nation is racing to develop and test new nuclear armaments.

The Comprehensive Nuclear-Test-Ban Treaty, or CTBT, endeavors to ban nuclear explosions "by everyone, everywhere: on the Earth's surface, in the atmosphere, underwater, and underground." Russia has signed and ratified the treaty, but eight other nations have yet to complete both steps and bring it into effect.

The US signed on to the CTBT in 1996, but Congress has yet to ratify the nation's participation in the agreement. There are also nearly 15,000 nuclear weapons in existence today, which means the atomic-cigarette-lighter trick could, almost certainly for worse, be tried again.

Original author: Dave Mosher

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Nov
07

464th Roundtable For Entrepreneurs Starting In 30 Minutes: Live Tweeting By @1Mby1M - Sramana Mitra

Huron founder and CEO Matt Mullenax is hoping to build a big business around body wash.

“For us, the broader mission is A+ personal care for guys everywhere — not just guys in New York or guys in the Bay Area or guys in Los Angeles,” he said.

The startup has raised $1 million in seed funding from RXBAR founders Peter Rahal and Jared Smith, CXT Investments, and Lean Luxe founder M. Paul Munford.

Mullenax told me he became interested in this market after working as a finance and operations analyst at Bonobos, where he “fell in love with the [direct-to-consumer] model.” He also said he has personal experience with bad skin, but “couldn’t justify paying $75 a month for face wash.”

So the goal at Huron is to create products that can stack up against “brands on the shelves at Bloomingdale’s, Neiman Marcus or Nordstrom,” but without the costs and price markup associated with a big department store. The initial lineup includes body wash ($14), face wash ($14) and face lotion ($15), with plans for more products soon.

Consumers can buy Huron products individually, as part of a larger kit or via subscription. Mullenax said the Huron website is designed to be friendly and educational for men who don’t know a lot about personal care, but at the same time it isn’t “forcing this guy into a subscription mechanism,” and instead allows them to “come to the site and just transact on a bottle of body wash.”

As for the broader competitive landscape — which includes companies that started with razors or cologne but have broader ambitions in men’s personal care — Mullenax said, “The industry is becoming increasingly competitive, and it should be, it’s a huge category.”

He argued that the market has room for more than just “one winner or two winners or five winners.” And in his view, Huron will be set apart with its “ability to create a brand with a tone of voice that resonates, with products that work, at a price point that makes sense for this guy.”

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Aug
19

YC’s latest VR bet is a team building a cyberpunk anime MMO

There are niche startups and then there are VR companies going after fans of the “cyberpunk fantasy anime aesthetic.”

Ramen VR is one of only a few virtual reality startups that Y Combinator has bet on in the past few years and is only one of two in the company’s most recent batch of bets. It has a niche approach, but it’s hoping to build an MMO that can leanly grow alongside the slow-but-steady virtual reality market. Like any content play that’s hoping for VC dollars, Ramen VR wants eventually to be a platform.

“Long-term, our goal isn’t just to create a game, but we’ve seen the issues of VR platforms that tried to be platforms before they had a meaningful use case. If you’re just trying to be a chat room or platform without any users, that doesn’t work,” CEO Andy Tsen tells TechCrunch.

The company’s first title is called Zenith, and it’s an anime-inspired fantasy title that plays with cyberpunk themes as well. The founders are really aiming to give VR geeks the game that they want, one that taps into the 80s futuristic aesthetic with gameplay that pays tribute to popular sci-fi books, movies and games of the era.

MMOs are attracting quite a bit of inbound interest in the venture-backed startup world. Part of the reasoning has been because of people seeing the scope a title like Fortnite was able to achieve so quickly after going virall; the other part is the prevalence of developer tools that gaming startups are able to easily plug into their tech stacks. Ramen VR is using Improbable’s SpatialOS to bring persistent online gameplay to its users.

The company just rolled out a Kickstarter to gauge interest for Zenith; they launched a week ago and have raised $132,000 in the crowdfunding campaign thus far. Backers get access to a VR version of the title as well as a desktop PC copy. The startup plans to roll out across VR devices, including PC systems, PlayStation VR and Oculus Quest.

“The whole point is that it’s not just on one device, it’s a world, it’s literally the Upside Down from Stranger Things layered on top of your entire world. At any point, no matter what screen you’re on, you can access that,” CTO Lauren Frazier tells us.

The startup still has a bit of development ahead of them, but the current plan is to launch an Alpha in six months, a beta in nine months and to go live broadly a year from now.

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Jul
19

Early Stage VCs – Be Careful Out There

States including North Carolina, Mississippi, Texas and others have met with top Justice Department officials in Washington last month to discuss a multi-state effort to investigate big tech companies for anti-trust violations, the Wall Street Journal reports, citing unnamed sources.

The multi-state effort may be announced as soon as next month, the Journal reports, and would represent the third major government investigation underway into some of the largest American tech companies.

The states involved are run by Attorney's General who are members of both political parties, Democrats and Republicans. Their investigations into companies like Alphabet's Google and Facebook would likely be done in coordination with investigations by the U.S. Justice Department.

Representatives from about a dozen states attended the meetings. Enlisting the help of the states in a bipartisan probe could help GOP officials defend against accusations that federal investigations into tech companies are politically motivated.

Last month, The Department of Justice said it had launched a broad probe into top "online platforms" for search, social media, and e-commerce. It didn't name, names but the wording left no doubt that the subjects included Alphabet, Facebook, Amazon, and Apple.

The Federal Trade Commission, which recently fined Facebook $5 billion for privacy violations, is carrying out an antitrust probe into Facebook. On Monday, FTC Chairman Joseph Simons, discussed the potential of breaking up Facebook's past acquisitions of companies like Instagram and WhatsApp, according to the Financial Times.

Simons told the FT that reversing those mergers could be more difficult because of Facebook's recent efforts to integrate the backend technology of the various products. But he noted that there might be "additional evidence" that Facebook used the acquisitions to "snuff out" competition.

Beyond investigations into big tech by the Trump Administration, Democratic candidates have also been calling for investigations and other regulation of big tech companies and new technologies. Elizabeth Warren has called for breaking up Amazon, Google, and Facebook. On Monday, Bernie Sanders also called for banning sales of facial recognition technology to law enforcement agencies.

Original author: Julie Bort

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Jun
12

Thursday, June 14 – 402nd 1Mby1M Mentoring Roundtable for Entrepreneurs - Sramana Mitra

A market-research firm working on behalf of Facebook is offering to pay journalists hundreds of dollars to privately share their thoughts about social media.

The market-research agency Luce Research has been emailing tech reporters and other "thought leaders" on behalf of the Silicon Valley tech giant and asking them to take part in interviews to discuss subjects such as security, content moderation, and "the integrity of information on social media" — and offering them $350 each in return.

Multiple Business Insider employees were contacted via email on Monday, including me, as well as at least one editor at The New York Times. In the email, Luce Research said it was reaching out to "key opinion formers in the US in order to capture the latest thinking on these issues."

Among the key topics the research firm said it was interested in discussing were:

"Security and privacy on social media." "How content shared on social media should be moderated." "Responsibility for the integrity of information on social media."

The survey comes as Facebook's reputation has been badly bruised by a series of reports of privacy violations and the spread of misinformation on its platform. The outreach by Facebook shows how the company tries to stay acutely aware of public opinion about itself and some of the core issues affecting its business by engaging with influential figures in society. It also raises questions about the appropriateness of a company offering to pay cash to journalists who regularly report on it or edit news about it.

Several members of Business Insider's editorial team who are regularly involved in the news coverage of Facebook received a solicitation to participate in the survey. The New York Times editor Susan Fowler, who said on Twitter that she also received the email, edits opinion pieces relating to technology for the newspaper.

Luce Research said it would offer $350 in return for a 45 minute interview, "which can be donated to a charity, should you prefer."

In the email, it said: "We are working with the research consultancy firm, Republic, on an important research project for Facebook, exploring attitudes towards social media, the role that social media plays in today's society and the priorities that social media companies should be setting at the current time."

The Facebook spokesperson Bertie Thomson said Facebook didn't select any of the survey participants. "This is a long standing study seeking the point of view of a representative sample of thought leaders. This kind of survey is standard practice, as is payment or offering a charitable contribution for participants' time," she wrote in an emailed statement. "Facebook isn't involved in selecting the participants of this survey, precisely to avoid the kinds of issues you raise."

Other categories of "thought leaders" being surveyed include academics, entrepreneurs, business leaders, and advocacy organizations, she added.

Luce Research did not immediately respond to a request for comment.

Here's the full email Business Insider received:

Dear Rob Price,

I am contacting you from Luce Research, a market research agency that specializes in recruiting participants for research projects and opinion former studies worldwide.

We are working with the research consultancy firm, Republic, on an important research project for Facebook, exploring attitudes towards social media, the role that social media plays in today's society and the priorities that social media companies should be setting at the current time. In particular, we are interested in discussing:

Security and privacy on social media; How content shared on social media should be moderated; Responsibility for the integrity of information on social media.

As part of this research we are speaking to key opinion formers in the US in order to capture the latest thinking on these issues and, to this end, were very much hoping that you would consider taking part.

Facebook is enthusiastic to hear your thoughts and recommendations on these issues and have asked Republic to conduct this research in order to allow you to be completely open and honest in your feedback. The interview would last around 45 minutes and would be conducted over the telephone by a researcher from Republic or Luce at a time to suit you. As a gesture of thanks for your time and input we are offering $350, which can be donated to a charity, should you prefer.

Please note that the research is being conducted in strict accordance with the Market Research Society's code of conduct and the Data Protection Act, and all responses are therefore anonymous, confidential and non-attributable.

By agreeing to take part in this project and accepting compensation, you confirm that there are no professional or other restrictions on your participation in this research.

This is an exciting piece of research and we would be delighted to hear from you.

If you would like to participate and/or have questions about the research, please reply to this email or to [redacted] at [redacted] or by phone at [redacted].

Best wishes, and thanks in advance,

Todd Luce President, Luce Research

Do you work at Facebook? Got a tip? Contact this reporter via encrypted messaging app Signal at +1 (650) 636-6268 using a non-work phone, email at This email address is being protected from spambots. You need JavaScript enabled to view it., Telegram or WeChat at robaeprice, or Twitter DM at @robaeprice. (PR pitches by email only, please.) You can also contact Business Insider securely via SecureDrop.

Read more:

Original author: Rob Price

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Aug
19

The logo for Apple's new TV show looks like a rip-off of Elon Musk's Boring Co. branding (AAPL)

We got a closer look on Monday at Apple's upcoming show "The Morning Show," and eagle-eyed viewers have noticed something familiar about the show's logo: It's very similar to that of The Boring Co., Tesla CEO Elon Musk's tunneling and construction business.

Both logos feature a similar font, solid colors, and a filled-in letter "O." The Apple logo also stacks and positions its three words — "The Morning Show" — the same way as "The Boring Company."

Read more: Apple just dropped another trailer for its new show with Jennifer Aniston, Reese Witherspoon, and Steve Carell, and it's much more revealing than the first teaser.

The Verge wrote about the similarities between the two logos on Monday, but the Twitter user Brent, who describes himself on Twitter as a product designer based in New York, noticed the similarity a week ago, when Apple dropped its teaser trailer for the "The Morning Show" on August 12.

The Twitter user Jason Combs, a designer based in Atlanta, also drew the comparison later on August 12.

The Boring Co. declined to comment on the similar logos, and Apple did not respond to Business Insider's request for comment.

"The Morning Show" will debut exclusively on the Apple TV Plus streaming service this fall. The show is about a morning broadcast-news show set in the #MeToo era. The trailer shows a news anchor (Jennifer Aniston) announcing the departure of her former cohost (Steve Carell) amid "allegations," although it's not immediately clear what those allegations are. In the wake of Carell's character's departure, a newcomer anchor (Reese Witherspoon) is positioned to rise through the ranks.

Original author: Rebecca Aydin

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Aug
19

Apple's wearables business is now the size of a Fortune 200 company (AAPL)

REUTERS/Robert Galbraith

In the face of slowing iPhone sales, Apple is quickly improving and expanding its other hardware products such as the Apple Watch and AirPods. According to UBS, Apple's wearables segment is now the size of a Fortune 200 company on a trailing 12-month basis. The segment also contributed more revenue growth in the third quarter of 2019 than Apple's services business, another huge initiative the company has pursued to diversify its business. Watch Apple trade live.

As Apple drifts away from its reliance on the iPhone to drive revenue, the smartphone maker's wearables operation looks to be stepping up to the plate. 

The company's wearables business is now the size of a Fortune 200 company on a trailing 12-month basis, according to a new UBS analysis. The segment accounted for more than $5.5 billion of Apple's $53 billion in net sales during the third quarter of 2019, growing 50% from the same period last year. 

Apple has also made significant push into services to diversify its business. Apple Music has continued to gain ground on music-streaming competitor Spotify, while Apple TV Plus — a Netflix-like streaming platform — and Apple Arcade — a subscription-based gaming service — are scheduled to launch in the fall. 

According to UBS, Apple's wearables segment contributed more material growth in the third quarter than its services business for the first time in company history. 

Apple executives touted "phenomenal demand" for AirPods in the third quarter, and UBS's analysts predict the product alone could generate $10 billion in revenue by 2021, close to double the sales the entire wearables segment posted last quarter.

The firm also predicts the Apple Watch will generate $20 billion in sales by 2021, which combined with the predicted $10 billion in AirPod sales, the total is roughly the revenue equivalent of selling 40 million additional iPhones, UBS said. 

UBS has a Buy rating on Apple with a $235 price target. 

Apple is up 33.9% year-to-date. 

Markets Insider

Original author: Daniel Strauss

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Aug
19

Bose's true wireless earbuds are a rare $20 off at Best Buy, Walmart, Amazon, and Bose

True wireless headphones are becoming increasingly popular, but the best models are often a little pricey. One of the best pairs you can buy is the Bose SoundSport Free earbuds, which typically cost $200, but for a limited time, the headphones are on sale for $179. The $20 discount makes these truly wireless earbuds a great choice.

The SoundSport Free true wireless headphones are built for sports, and as such, the earbuds have wings to help keep them tucked firmly in your ears. That said, the SoundSport Free are perfectly good options for day-to-day use too, so if you're looking for headphones for your commute or to use around the house, then these earbuds should do the job perfectly well.

Perhaps the best thing about the Bose SoundSport Free is their sound. In classic Bose fashion, these earbuds sound great. They offer a good degree of bass, a slightly scooped mid-range, and plenty of clarity and detail in the high-end. Sure, the earbuds probably aren't the best for audiophiles who want hi-fidelity sound, but for everyone else, they're a great option.

The headphones offer five hours of battery life on a single charge, which is pretty impressive for true wireless headphones. Many true wireless headphones come in at as little as three hours, which isn't great, but these Bose earbuds step things up. The SoundSport Free also have an IPX4 water-resistant rating so they won't get ruined by a little rain or sweat.

We don't know how long the deal will run, so if you're interested in a pair of Bose SoundSport Free earbuds, you'll want to act quickly.

Get the Bose SoundSport Free true wireless headphones $179 (originally $199) at Best Buy, Walmart, Amazon, and Bose [You save $20]

Original author: Christian de Looper

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Aug
19

This esports team is competing for a $15 million prize. We talked to its coach and manager about what it takes to build a winning squad.

Esports is a burgeoning industry, and only a handful of people can truly call themselves veterans in the world of professional gaming.

Jonathan "Loda" Berg is the CEO of Alliance, a Swedish esports team sponsored by major companies like Twitch, Monster, and Razer. But before he was an executive, Loda was considered one of the world's best "Dota 2" players. In 2013, the same year Alliance was founded, Loda led the team to victory at The International, the annual "Dota 2" championship hosted by Valve Software, the game's developer.

Now six years later, Alliance has new roster of young players to competing for a $33 million prize pool at The International, with Loda as the coach. The tournament's prize pool is more than 10 times larger than it was when Loda won, and it's being hosted in Shanghai, China for the first time this year. The winning team will walk away with $15 million, but Alliance's progress in the tournament so far means it'll leave with at least $501,545 in prize money.

Read more: A $33 million esports tournament is now underway, and the prize pool could keep growing. Here's everything you need to know about 'The International'

Alliance has also added new players to compete in games like "Fortnite," "Super Smash Bros. Melee," "League of Legends," and "Call of Duty." Alliance general manager Kelly "kellymilkies" Ong has more than 10 years of experience in competitive gaming and helps manage logistics, social media, and other day-to-day matters for the rapidly-expanding team.

Business Insider spoke with Loda and Ong about what it takes to build and support an esports team, how professional gamers can transition to new jobs when their careers end, and what it takes to win on the biggest stage in competitive gaming.

Original author: Kevin Webb

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Jul
19

Carbyne wants to replace outdated 911 systems

The cannabis sector is red-hot, and marijuana analytics company Headset is one of the buzziest startups in the space.

Earlier this year, Headset raised $12 million and inked deals with market research firm Nielsen and accounting firm Deloitte.

Join Headset CEO Cy Scott in an exclusive BI Prime webinar on September 5th at 2 PM EST as he takes readers through his pitch deck and explains how he convinced VCs, including early Juul investor Poseidon Asset Management, to buy in.

Poseidon partner Emily Paxhia will also weigh in about the unique challenges of investing in cannabis and how she picks winners in a crowded market. Business Insider cannabis reporter Jeremy Berke will be moderating the conversation.

If you're a cannabis entrepreneur, investor or just interested in learning more about the nascent industry, you're going to want to listen in.

You can sign up here.

Original author: Business Insider

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Mar
07

Silicon Valley is betting $750 million that people don't want to buy stuff anymore. These 14 startups are bringing the sharing economy to sailboats, swimming pools, and luxury watches.

Uber Eats is great for getting food from dozens of restaurants delivered right to your location, but there are plenty of reasons to cut ties with the service, too, the main one being that you're spending too much money.

The tricky thing about deleting your Uber Eats account is that you have to delete your primary Uber account as well. You can restore the account within 30 days and not lose your past credits and ride history, but after this 30-day deactivation period, the account is deleted permanently.

You might want to consider just not using Uber Eats anymore, perhaps by deleting the standalone Uber Eats app off your iPhone or Android phone, but keeping the main Uber app.

But if that's not good enough for you, here's how to delete your Uber account, including Uber Eats.

Check out the products mentioned in this article:

iPhone Xs (From $999.99 at Best Buy)

Google Pixel 3 (From $799.99 at Best Buy)

How to delete your Uber Eats account in the app

1. Open the app and tap the three bars in the top-left, then tap Settings in the menu that pops up.

2. Scroll down and tap Privacy, then tap "Delete Your Account."

Tap the "Delete Your Account" tab. Steven John/Business Insider

3. Enter your password when prompted, then follow the steps to delete your account.

How to delete your Uber Eats account on a computer

1. Navigate to this Uber account deletion page.

2. Enter your email or mobile when prompted, then enter your password.

Sign into your Uber account to delete it. Steven John/Business Insider

3. Follow the prompts to continue with account deletion.

And remember, you have 30 days to undo the deactivation before your account is fully deleted.

To undo deleting your Uber account, just launch the app on your phone and start using it as normal — as soon as you use it again, your account will be reactivated.

Original author: Steven John

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Aug
19

'Aquaman' star Jason Momoa says he's seen the elusive Zack Snyder cut of 'Justice League' and that it's 'sick'

"Aquaman" actor Jason Momoa is giving the "Release the Snyder Cut" campaign a big boost.

Momoa posted a video to Instagram on Monday praising "Justice League" director Zack Snyder and revealing that he had seen Snyder's elusive director's cut of the DC Comics team-up movie, which has been the subject of a passionate movement for the studio Warner Bros. to release it.

"Well let's be honest if it wasn't for this man we wouldn't have Aquaman I love u Zachary synder," Momoa wrote in the video's caption. "Mahalo for showing me the synder cut."

Warner Bros. and DC did not respond to a request for comment.

"I wouldn't be here today, in my career, if it wasn't for him, because he made Aquaman," Momoa said in the video, Snyder by his side.

Snyder left "Justice League" late into production after a family tragedy, and "Avengers" director Joss Whedon stepped in for extensive reshoots. Fans of Snyder and his previous DC Extended Universe movies, "Man of Steel" and "Batman v Superman: Dawn of Justice," have advocated in various ways for Snyder's original vision to be released.

After Warner Bros. announced that Ann Sarnoff would be its new CEO, fans quickly pleaded on Twitter for her to take action. "Snyder Cut" enthusiasts are also planning a letter-writing campaign directed at Sarnoff.

Fans bombarded San Diego Comic-Con in July with "Release the Snyder Cut" advertisements. They raised over $26,000 through GoFundMe in order to do so, half of which will go to the American Foundation for Suicide Prevention. They're planning the same for next month's New York Comic-Con.

"Justice League" was a major misfire, receiving a 40% on Rotten Tomatoes and underperforming at the box office. Warner Bros.' DC Comics movies have rebounded since then, though, with "Aquaman" (which made over $1 billion worldwide) and "Shazam!," which was a critical hit. The next release, "Joker," is projected to be a box-office success, as well.

Original author: Travis Clark

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Aug
19

How WeWork paid Adam Neumann $5.9 million to use the name 'We'

As we previously reported, WeWork founder Adam Neumann has not only locked up tight control of the company, now known as We, but he has also found myriad ways of extracting millions of dollars from it in stock, cash, loans, and other assets.

One of the most jaw-dropping transactions revealed in the company's S-1 paperwork filed last week is this: His company paid him millions to own its own name.

More specifically, in July, just before sharing its financials to the public as part of its initial-public-offering process, the company reorganized into what it calls an "UP-C" structure, which renamed the company "We."

When that happened, the newly named We paid Neumann's private company, called We Holdings LLC, $5.9 million worth of "partnership interests" to acquire the trademark of "We." The S-1 says the value of this trademark was "determined pursuant to a third-party appraisal."

However, the S-1 doesn't say why the board thought that Neumann's other company owned the trademark in the first place. After all, the name of his private company, We Holdings, was derived from the name of the original company, WeWork. And it's not an unrelated entity.

We Holdings acts as a holding company for the class B shares owned by Neumann and his cofounder, Miguel McKelvey.

Read more: Here's who gets rich if WeWork has a successful IPO

Those class B shares carry 20 votes per share over the main company, We. That's a high number of votes, even by Silicon Valley standards, where "super-voting" shares are typically 10 votes per share.

In Neumann's case, his shares have 20 times the voting power over all others. And it's worth pointing out that Neumann controls all the votes attached to virtually all the class B shares, even if he doesn't actually own the shares themselves, the S-1 says in various footnotes.

He also controls all the votes attached to the 20-votes-per-share class C shares, whether or not he owns those shares directly. They are controlled by another related company in this UP-C structure called "We Company Partnership," which, interestingly, also uses "We" in its name.

So it's not an exaggeration to say that a company controlled by Neumann paid another company controlled by Neumann $5.9 million to use the word "We," which is used by both of them and by others in their family of related companies.

New York University professor Scott Galloway wrote about this $5.9 million transaction in his analysis of the company, which he called "WeWTF." In it, he advised straight out: "Don't buy this stock."

Galloway wrote, "Adam also owned the rights to the 'We' trademark, which the firm decided they must own and paid the founder/CEO $5.9 million for the rights. The rights to a name nearly identical to the name of the firm where he's the founder/CEO and largest shareholder. YOU. CAN'T. MAKE. THIS. S---. UP."

We, the company, declined comment.

Are you a WeWork insider with insight to share? We want to hear it. This email address is being protected from spambots. You need JavaScript enabled to view it., DMs on Twitter @Julie188 or on Signal.

Original author: Julie Bort

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Aug
19

Sony just bought the legendary game studio behind 'Spider-Man' and 'Ratchet & Clank'

One of the biggest independent game studios in the world, Insomniac Games, is being purchased by Sony. Going forward, all of Insomniac's games will presumably be locked to Sony's PlayStation game consoles.

The studio is most well-known in recent years for the excellent 2018 game "Marvel's Spider-Man," which was exclusive to Sony's PlayStation 4 console. But Insomniac is also responsible for the long-running "Ratchet & Clank" games, as well as the "Resistance" first-person shooter franchise.

The deal price was not disclosed in the acquisition announcement.

The "Ratchet & Clank" series is one of the oldest PlayStation franchises. Insomniac Games

"We have enjoyed a strong collaborative partnership with the studio for many years, and are thrilled to officially welcome them to the Worldwide Studios family, " PlayStation leader Shawn Layden said in the announcement release. "The addition of Insomniac Games to Sony Interactive Entertainment Worldwide Studios reiterates our commitment to developing world class gaming experiences that can only be found on the PlayStation platform."

It's unclear what will happen to the one Xbox-exclusive game made by Insomniac, "Sunset Overdrive."

Insomniac founder and leader Ted Price took to the company's blog to reassure longtime fans.

"We're excited to put Insomniac in the best position to deliver fresh experiences for our fans for many years to come," Price said. "Our structure and approach will remain intact across both Burbank and Durham, NC studios, and we will continue to cultivate our unique culture."

Insomniac's next project has yet to be announced, but the studio is expected to be working on a sequel to 2018's "Spider-Man."

Original author: Ben Gilbert

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Aug
19

$300 million Cameo hired a TikTok exec to lead its international expansion, as the celeb shoutout app looks to add Bollywood and K-Pop stars

The former TikTok executive Stefan Heinrich Henriquez will be leading the international expansion of Cameo, the personalized-video-shoutout app.

Cameo, which was valued at $300 million in its latest funding round in July, sells video shoutouts from famous personalities, including Snoop Dogg, NFL running back James White, and Cody Ko, a YouTube influencer with 3 million YouTube subscribers.

An average Cameo is priced around $62, and the talent set their own prices for the messages they sell and keep 75% of the revenue. The app generates an average 10,000 cameos a week, the company said.

Henriquez will lead Cameo's marketing and growth abroad as the chief marketing officer and general manager of international. This is the first major hire the Cameo management team has made since it raised $50 million in series B funding last month (bringing it to a total of $65.2 million in funding).

This role follows Henriquez's previous position as head of global marketing at TikTok, the short-form-video app that has surged in popularity, especially among teens and Generation Z.

Cameo CEO Steven Galanis told Business Insider that Henriquez's international experience at TikTok was what drew Galanis to him.

"Having first launched TikTok in Latin America, when they were still called Musical.ly, and being a huge part of the rebrand from Musical.ly to TikTok, really made him a perfect fit for what we were doing," Galanis said.

Cameo recently launched in-app booking, and since then, users have paid for cameos in 11 different currencies, Galanis said. He also spoke about his goal to bring popular global talent, like Bollywood actors, K-Pop stars, and athletes, to the app.

"We expect the Cameo talent base to look like the world's population," he said. "In scale, we hope that our US business is dwarfed by our global business."

Focusing on global talent rather than adding, let's say, every American comedian, will also help Cameo fend off copycats around the world, he said.

"There needs to be one Cameo and that should be ours," Galanis said.

Original author: Amanda Perelli

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Aug
19

Robert De Niro's company files a $6 million lawsuit against ex-employee accusing her of embezzling money and binge-watching Netflix on the job

Robert De Niro's Canal Productions filed a $6 million lawsuit against former employee Chase Robinson on Saturday, accusing her of embezzling money and binge-watching Netflix while on the job.

According to the suit, detailed in a story by Variety on Monday, Robinson started as an assistant for the Oscar-winning actor in 2008 and was later promoted to VP of production and finance at the company. She left the company in April, according to the suit.

The suit alleged that Robinson spent an "astronomical amounts of time" watching Netflix while at work. The complaint alleged that over a four-day period in January she watched 55 episodes of "Friends" and that over a four-day period in March she watched 20 episodes of "Arrested Development" and 10 episodes of "Schitt's Creek."

Read more: "It: Chapter Two" and "Joker" will give Warner Bros. a boost at the box office after a terrible summer

The suit also alleged that she charged the company huge hotel and restaurant bills, including $12,696.65 in unauthorized charges at the swanky New York eatery Paola's Restaurant over a two-year period; $8,923.20 at Dean & DeLuca and Whole Foods; as well as $32,000 for Ubers and taxis.

According to the suit, Robinson allegedly even used millions of De Niro's frequent flyer miles for personal trips.

Following her resignation in April, Robinson allegedly drafted a recommendation letter for herself, which De Niro refused to sign, according to the suit.

Business Insider sent a message to Robinson seeking comment but hasn't gotten a response.

Original author: Jason Guerrasio

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Jul
19

1Mby1M Virtual Accelerator Investor Forum: With Andrew Romans of Rubicon Venture Capital (Part 7) - Sramana Mitra

Uber and Facebook and countless other companies that know an awful lot about their customers have found themselves in hot water for providing broad internal access to sensitive customer information.

Now, a startup says its “out-of-the-box tools” can help protect customers’ privacy while also saving companies from themselves. How? With a software-as-a-service product that promises to help employees access the app data they need — and only the app data they need. Among the features the company, Internal, is offering, are search and filtering, auto-generated tasks and team queues, granular permissioning on every field, audit logs on every record and redacted fields for sensitive information.

Whether the startup can win the trust of enterprises is the biggest question for the company, which was created by Arisa Amano and Bob Remeika, founders who last year launched the blockchain technology company Harbor. The two also worked together previously at two other companies: Zenefits and Yammer.

All of these endeavors have another person in common, and that’s David Sacks, whose venture firm, Craft Ventures, has just led a $5 million round in Internal. Sacks also invested last year in Harbor; he was an early investor in Zenefits and took over during troubled times as its CEO for less than a year; he also founded Yammer, which sold to Microsoft for $1.2 billion in cash in 2012.

All of the aforementioned have been focused, too, on making it easier for companies to get their work done, and Amano and Remeika have built the internal console at all three companies. It’s how they arrived at their “aha” moment last year, says Amano. “So many companies build their consoles [which allow users advanced use of the computer system they’re attached to] in a half-hearted way; we realized there was an opportunity to build this as a service.”

“Companies never dedicate enough engineers to [their internal consoles], so they’re often half broken and hard to use and they do a terrible job of limiting access to sensitive customer data,” adds Remeika. “We eliminate the need to build these tools altogether, and it takes just minutes to get set up.”

Starting today, companies can decide for themselves whether they think Internal can help their employees interact with their customer app data in a more secure and compliant way. The eight-person company has just made the product available for a free trial.

Naturally, Amano and Remeika are full of assurances why companies can trust them. “We don’t store data,” says Amano. “That resides on the [customer’s] servers. It stays in their database.” Internal’s technology instead “understands the structure of the data and will read that structure,” offers Remeika, who says not to mistake Internal for an analytics tool. “Analytics tools commonly provide a high-level overview; Internal is giving users granular access to customer data and letting you debug problems.”

As for competitors, the two say their most formidable opponent right now is developers who throw up a data model viewer that has complete access to everything in a database, which may be sloppy but happens routinely.

Internal isn’t disclosing its pricing publicly just yet, but it says its initial target is non-technical users, on operations and customer support teams, for example.

As for Harbor (we couldn’t help but wonder why they’re already starting a new company), they say it’s in good hands with CEO Josh Stein, who was previously general counsel and chief compliance officer at Zenefits (he was its first lawyer) and who joined Harbor in February of last year as its president. Stein was later named CEO.

In addition to Craft Ventures, Internal’s new seed round comes from Pathfinder, which is Founders Fund’s early-stage investment vehicle, and other, unnamed angel investors.

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