Jan
14

Thought Leaders in Online Education: Clara Piloto, Director of Global Programs at MIT Professional Education (Part 2) - Sramana Mitra

On the heels of Google buying analytics startup Looker last week for $2.6 billion, Salesforce today announced a huge piece of news in a bid to step up its own work in data visualization and (more generally) tools to help enterprises make sense of the sea of data that they use and amass: Salesforce is buying Tableau for $15.7 billion in an all-stock deal.

The latter is publicly traded and this deal will involve shares of Tableau Class A and Class B common stock getting exchanged for 1.103 shares of Salesforce common stock, the company said, and so the $15.7 billion figure is the enterprise value of the transaction, based on the average price of Salesforce’s shares as of June 7, 2019.

This is a huge jump on Tableau’s last market cap: it was valued at $10.79 billion at close of trading Friday, according to figures on Google Finance. (Also: trading has halted on its stock in light of this news.)

The two boards have already approved the deal, Salesforce notes. The two companies’ management teams will be hosting a conference call at 8am Eastern and I’ll listen in to that as well to get more details.

This is a huge deal for Salesforce as it continues to diversify beyond CRM software and into deeper layers of analytics.

The company reportedly worked hard to — but ultimately missed out on — buying LinkedIn (which Microsoft picked up instead), and while there isn’t a whole lot in common between LinkedIn and Tableau, this deal will also help Salesforce extend its engagement (and data intelligence) for the customers that Salesforce already has — something that LinkedIn would have also helped it to do.

This also looks like a move designed to help bulk up against Google’s move to buy Looker, announced last week, although I’d argue that analytics is a big enough area that all major tech companies that are courting enterprises are getting their ducks in a row in terms of squaring up to stronger strategies (and products) in this area. It’s unclear whether (and if) the two deals were made in response to each other, although it seems that Salesforce has been eyeing up Tableau for years.

“We are bringing together the world’s #1 CRM with the #1 analytics platform. Tableau helps people see and understand data, and Salesforce helps people engage and understand customers. It’s truly the best of both worlds for our customers–bringing together two critical platforms that every customer needs to understand their world,” said Marc Benioff, chairman and co-CEO, Salesforce, in a statement. “I’m thrilled to welcome Adam and his team to Salesforce.”

Tableau has about 86,000 business customers, including Charles Schwab, Verizon (which owns TC), Schneider Electric, Southwest and Netflix. Salesforce said Tableau will operate independently and under its own brand post-acquisition. It will also remain headquartered in Seattle, Wash., headed by CEO Adam Selipsky along with others on the current leadership team.

Indeed, later during the call, Benioff let it drop that Seattle would become Salesforce’s official second headquarters with the closing of this deal.

That’s not to say, though, that the two will not be working together.

On the contrary, Salesforce is already talking up the possibilities of expanding what the company is already doing with its Einstein platform (launched back in 2016, Einstein is the home of all of Salesforce’s AI-based initiatives); and with “Customer 360,” which is the company’s product and take on omnichannel sales and marketing. The latter is an obvious and complementary product home, given that one huge aspect of Tableau’s service is to provide “big picture” insights.

“Joining forces with Salesforce will enhance our ability to help people everywhere see and understand data,” said Selipsky. “As part of the world’s #1 CRM company, Tableau’s intuitive and powerful analytics will enable millions more people to discover actionable insights across their entire organizations. I’m delighted that our companies share very similar cultures and a relentless focus on customer success. I look forward to working together in support of our customers and communities.”

“Salesforce’s incredible success has always been based on anticipating the needs of our customers and providing them the solutions they need to grow their businesses,” said Keith Block, co-CEO, Salesforce. “Data is the foundation of every digital transformation, and the addition of Tableau will accelerate our ability to deliver customer success by enabling a truly unified and powerful view across all of a customer’s data.”

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Jun
10

Thought Leaders in Cyber Security: Dispel CEO Ethan Schmertzler (Part 3) - Sramana Mitra

Sramana Mitra: Can you suggest areas that we should cover in this discussion that the audience that we’re speaking to should know about in what you’re doing? Ethan Schmertzler: We’re not the only...

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Original author: Sramana Mitra

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Jun
10

Student loan refinancing startup Splash Financial raises $4.3 million

Splash Financial, a Cleveland-based startup that has partnered with the Pentagon Federal Credit Union to refinance student loans, has raised $4.3 million in a round of venture financing.

The round was led by CUNA Mutual Group, a PenFed partner, and Northwestern Mutual Future Ventures, the corporate investment arm of Northwestern Mutual.

As student loan debt skyrockets, more financial services companies are looking for ways to cash in on the growing national problem.

Splash Financial provides an easy, online way for PenFed to originate loans that folks can use to consolidate their student loan payments.

Terms Splash Financial offers aren’t terrible, according to NerdWallet. Through Splash Financial, borrowers can get loans with fixed interest rates ranging between 3.87% and 7.03% and variable interest rate loans ranging between 3.05% and 7.79%.

“Through this funding round, Splash has gained not only new investors but also strong partners in CUNA Mutual Group and Northwestern Mutual,” said Steven Muszynski, founder and chief executive of Splash Financial, in a statement.

The company said it would use the money to bring on additional banks and credit unions as lending partners and expand its national footprint.

It’s worth noting that while CUNA is a PenFed partner, Northwestern Mutual does not appear to be. As insurers look for ways to market other home, life and health insurance products to younger generations that are not buying, student loans are a opportunity, these companies said.

“We believe in the power of financial innovation to change lives, shape futures and build a better tomorrow,” said Brian Kaas, president and managing director, CMFG Ventures. “Student loan refinancing is an important area of opportunity for financial institutions, so we’re glad to invest in this innovative loan refinancing platform. It’ll help millions of college students tackle student loan debt and connect them with financial institutions for long-term success.”

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Jul
30

Robinhood’s CFO says it was ready to go public

End-to-end encrypted messaging app and service Wire announced a partnership with accounting and consulting company EY. Essentially, Wire is providing an on-premise version of its messaging service so that EY can control the servers and use it for their communication needs.

Both companies announced the deal a few weeks ago, and I talked with Wire and EY executives about the thinking behind this implementation.

“It’s very hard to monetize [Wire] on the consumer market,” Wire CEO Morten Brøgger told me. The company thinks it’ll never become a big messaging app with hundreds of millions of users — that ship has sailed. That’s why the company launched a team messaging product a couple of years ago.

Teams can sign up to Wire and use it as a sort of Slack replacement with end-to-end encryption on messages, files, calls, etc. The company uses a software-as-a-service approach and charges €4 to €6 per user per month.

Around 600 companies are using this solution across a wide range of industries, from cybersecurity to M&A firms. They share confidential data so Slack is not an option.

Wire is now going one step further by providing on-premise deployment and custom integrations. EY wanted an end-to-end messaging service to share messages and files with customers. And the company wanted to control the servers in-house.

“Comparing with some other solutions, when you dig into the technology, sometimes you discover that messages are encrypted and not attachments. With Wire, everything has the same level of encryption,” EY France Chief Digital Officer Yannick de Kerhor told me.

Even though EY manages the servers, everything is still encrypted on devices. It means that EY or potential hackers have no way to access the servers and decrypt messages. EY conducted a pilot with 150 people and roughly 20 clients. The company now plans to roll it out to more teams across the company.

There are currently 70 people working for Wire and the company is already working on more on-premise implementations. Let’s see if this enterprise strategy creates a reliable business model to make end-to-end encryption more ubiquitous.

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Jun
10

Spacemaker scores $25M Series A to let property developers use AI

Spacemaker, a Norway-based startup that’s created AI software to help property developers and architects make better design decisions, has picked up $25 million in Series A funding.

The round is jointly led by Atomico and Northzone, with participation from investors in property and construction tech, including Nordic real estate innovator NREP, Nordic property developer OBOS and U.K. real estate technology fund Round Hill Ventures. A number of earlier investors, including Norway’s Construct Venture, also followed on.

Described as “the world’s first” AI-assisted design and construction simulation software for the property development sector, Spacemaker claims to enable property development professionals, such as real estate developers, architects and urban planners, to quickly generate and evaluate the optimal environmental design for any multi-building residential development. To achieve this, the Spacemaker software crunches various data, including physical data, regulations, environmental factors and other preferences.

“Today developers and urban planners plan sites largely ‘by hand’ — meaning they can explore 20-30 options at most as they try to optimise for a multitude of regulatory, design, environmental and economic constraints,” says Spacemaker co-founder and CEO Håvard Haukeland.

“Given the rate at which urban populations are increasing, we can’t build sustainable and liveable cities by continuing to rely on those methods. New urban developments need to make the best possible use of the available land to create comfortable spaces for residents while balancing stringent planning regulations.”

This, explained Haukeland, means answering questions such as: How can we find the best way to orient a building to optimise how much heat is needed and save energy? How can we optimise for sunlight in all the apartments in a development in the Nordics? Or conversely, how can we optimise for shade in a much sunnier country?

“Architects and developers are thinking about all those things, while at the same time trying to balance regulations and other factors such as noise, wind and accessibility,” he says.

To help with this, Spacemaker created software that lets developers and architects “sense check” their designs and optimise for a range of different parameters, from sun exposure to noise to wind to apartment size, choosing from hundreds of possible layouts. And by enabling developers and architects to test many iterations from the earliest stages, Haukeland says Spacemaker can help developers configure volumes smarter and thus increase sellable area.

“At the same time, by intelligently distributing volumes the AI can help dramatically improve the living quality of future residents,” he adds.

To that end, Spacemaker says it works with some of the largest names in property development in the Nordics and globally, including Skanska, Obos, AF Gruppen and NREP. The company’s 100+ team is said to include world-class data scientists, mathematicians, software developers, architects and urban planners.

Meanwhile, I’m told that Atomico principal Ben Blume led the round on behalf of Atomico (contrary to the belief that only partners do deals) and will join Spacemaker’s board, along with Northzone’s Michiel Kotting.

“Construction is a large part of global GDP with significant potential for technology to improve the sector’s low productivity, and we see a willingness from the industry to look for innovative new solutions,” Blume tells me.

“We have identified a number of areas to apply new technologies across the construction project life cycle in design, project management, site management and monitoring and in some of the construction processes themselves. Spacemaker’s demonstrated ability to create value for their customers, combined with their ability to create better quality of living for the residents of the buildings it is used to design, make it a compelling proposition for the property development industry to adopt.”

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Jun
09

Catching Up On Readings: Unicorn IPOs 2019 - Sramana Mitra

This feature from PitchBook analyses the IPO frenzy from unicorns. So far, there have been some hits and some misses. For this week’s posts, click on the paragraph links. Tech Posts BlackBuck...

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Original author: jyotsna popuri

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Jun
09

1Mby1M Virtual Accelerator Investor Forum: With Sateesh Andra of Endiya Partners (Part 2) - Sramana Mitra

Sramana Mitra: Let’s start talking about Endiya Partners. How big is the fund? What is your preference in terms of where you want to invest in? What kind of stage? Sateesh Andra: Our fund is around...

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Original author: Sramana Mitra

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Jun
09

Thought Leaders in Cyber Security: Dispel CEO Ethan Schmertzler (Part 2) - Sramana Mitra

Sramana Mitra: Are you selling directly to enterprise CIO’s or are you an OEM into a Cisco, for instance? How do you go to market? Ethan Schmertzler: We, almost always, go directly to CIO’s and CTO’s...

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Original author: Sramana Mitra

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Jun
08

1Mby1M Virtual Accelerator Investor Forum: With Sateesh Andra of Endiya Partners (Part 1) - Sramana Mitra

Responding to a popular request, we are now sharing transcripts of our investor podcast interviews in this new series. The following interview with Sateesh Andra was recorded in April 2019. Endiya...

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Original author: Sramana Mitra

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Aug
02

Why Square is shelling out $29B to snag BNPL player Afterpay

I’m publishing this series on LinkedIn called Colors to explore a topic that I care deeply about: the Renaissance Mind. I am just as passionate about entrepreneurship, technology, and business, as I...

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Original author: Sramana Mitra

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Jul
28

Canvas integrates 3D models to streamline documentation

Hello and welcome back to Startups Weekly, a newsletter published every Saturday that dives into the week’s noteworthy venture capital deals, funds and trends. Before I dive into this week’s topic, let’s catch up a bit. Last week, I wrote about the proliferation of billion-dollar companies. Before that, I noted the uptick in beverage startup rounds. Remember, you can send me tips, suggestions and feedback to This email address is being protected from spambots. You need JavaScript enabled to view it. or on Twitter @KateClarkTweets.

Now, time for some quick notes on Peloton’s confirmed initial public offering. The fitness unicorn, which sells a high-tech exercise bike and affiliated subscription to original fitness content, confidentially filed to go public earlier this week. Unfortunately, there’s no S-1 to pore through yet; all I can do for now is speculate a bit about Peloton’s long-term potential.

What I know: 

Peloton is profitable. Founder and chief executive John Foley said at one point that he expected 2018 revenues of $700 million, more than double 2017’s revenues of $400 million.There is strong investor demand for Peloton stock. Javier Avolos, vice president at the secondary marketplace Forge, tells TechCrunch’s Darrell Etherington that “investor interest [in Peloton] has been consistently strong from both institutional and retail investors. Our view is that this is a result of perceived strong performance by the company, a clear path to a liquidity event, and historically low availability of supply in the market due to restrictions around selling or transferring shares in the secondary market.”Peloton, despite initially struggling to raise venture capital, has accrued nearly $1 billion in funding to date. Most recently, it raised a $550 million Series F at a $4.25 billion valuation. It’s backed by Tiger Global Management, TCV, Kleiner Perkins and others.

 

A bullish perspective: Peloton, an early player in the fitness tech space, has garnered a cult following since its founding in 2012. There is something to be said about being an early-player in a burgeoning industry — tech-enabled personal fitness equipment, that is — and Peloton has certainly proven its bike to be genre-defining technology. Plus, Peloton is actually profitable and we all know that’s rare for a Silicon Valley company. (Peloton is actually New York-based but you get the idea.)

A bearish perspective: The market for fitness tech is heating up, largely as a result of Peloton’s own success. That means increased competition. Peloton has not proven itself to be a nimble business in the slightest. As Darrell noted in his piece, in its seven years of operation, “Peloton has put out exactly two pieces of hardware, and seems unlikely to ramp that pace. The cost of their equipment makes frequent upgrade cycles unlikely, and there’s a limited field in terms of other hardware types to even consider making. If hardware innovation is your measure for success, Peloton hasn’t really shown that it’s doing enough in this category to fend of legacy players or new entrants.”

TL;DR: Peloton, unlike any other company before it, sits evenly at the intersection of fitness, software, hardware and media. One wonders how Wall Street will value a company so varied. Will Peloton be yet another example of an over-valued venture-backed unicorn that flounders once public? Or will it mature in time to triumphantly navigate the uncertain public company waters? Let me know what you think. And If you want more Peloton deets, read Darrell’s full story: Weighing Peloton’s opportunity and risks ahead of IPO.

Anyways…

Public company corner

In addition to Peloton’s IPO announcement, CrowdStrike boosted its IPO expectations. Aside from those two updates, IPO land was pretty quiet this week. Let’s check in with some recently public businesses instead.

Uber: The ride-hailing giant has let go of two key managers: its chief operating officer and chief marketing officer. All of this comes just a few weeks after it went public. On the brightside, Uber traded above its IPO price for the first time this week. The bump didn’t last long but now that the investment banks behind its IPO are allowed to share their bullish perspective publicly, things may improve. Or not.

Zoom: The video communications business posted its first earnings report this week. As you might have guessed, things are looking great for Zoom. In short, it beat estimates with revenues of $122 million in the last quarter. That’s growth of 109% year-over-year. Not bad Zoom, not bad at all.

Must reads

We cover a lot of startup and big tech news here at TechCrunch. Sometimes, the really great features writers put a lot of time and energy into fall between the cracks. With that said, I just want to take a moment this week to highlight a few of the great stories published on our site recently:

A peek inside Sequoia Capital’s low-flying, wide-reaching scout program by Connie Loizos

On the road to self-driving trucks, Starsky Robotics built a traditional trucking business by Kirsten Korosec

The Stanford connection behind Latin America’s multi-billion dollar startup renaissance by Jon Shieber 

How to calculate your event ROI by Sarah Shewey

Why four security companies just sold for $1.5B by Ron Miller 

Scooters gonna scoot

In case you missed it, Bird is in negotiations to acquire Scoot, a smaller scooter upstart with licenses to operate in the coveted market of San Francisco. Scoot was last valued at around $71 million, having raised about $47 million in equity funding to date from Scout Ventures, Vision Ridge Partners, angel investor Joanne Wilson and more. Bird, of course, is a whole lot larger, valued at $2.3 billion recently.

On top of this deal, there was no shortage of scooter news this week. Bird, for example, unveiled the Bird Cruiser, an electric vehicle that is essentially a blend between a bicycle and a moped. Here’s more on the booming scooter industry.

Startup Capital

WorldRemit raises $175M at a $900M valuation to help users send money to contacts in emerging markets 

Thumbtack is raising up to $120M on a flat valuation

Depop, a shopping app for millennials, bags $62M

Fitness startup Mirror nears $300M valuation with fresh funding

Step raises $22.5M led by Stripe to build no-fee banking services for teens

Possible Finance lands $10.5M to provide kinder short-term loans

Voatz raises $7M for its mobile voting technology

Flexible housing startup raises $2.5M

Legacy, a sperm testing and freezing service, raises $1.5M

Equity

If you enjoy this newsletter, be sure to check out TechCrunch’s venture-focused podcast, Equity. In this week’s episode, available here, Crunchbase News editor-in-chief Alex Wilhelm and I discuss how a future without the SoftBank Vision Fund would look, Peloton’s IPO and data-driven investing.

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Jun
08

Thought Leaders in Cyber Security: Dispel CEO Ethan Schmertzler (Part 1) - Sramana Mitra

In this interview, Ethan discusses Moving Target Networks, a cyber defense technology. The company does about $10M ARR. Sramana Mitra: Let’s start by introducing our audience to yourself as well as...

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Original author: Sramana Mitra

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  53 Hits
Jun
08

Everything we know about the billionaire tech investor who shoved Toronto Raptors player Kyle Lowry and who has since been barred from NBA games for a year

The NBA Finals are taking place this week between the Toronto Raptors and Golden State Warriors, but the antics of a courtside venture capitalist are taking center stage instead.

Mark Stevens, an investor in tech startups, was seen on video shoving Raptors player Kyle Lowry, who dove into the stands to chase an errant ball during Game 3 on Wednesday. Not only was Stevens kicked out of the arena, but the NBA also fined him $500,000 and barred him from attending any basketball games for a year.

Stevens, who owns a minority stake in the Golden State Warriors, won't be allowed to be present at the arena to see whether his team can beat the Raptors in the finals.

Stevens did not immediately respond to Business Insider's request for comment on the incident.

Here's what you need to know about Mark Stevens, the billionaire VC whose investment portfolio includes Google, PayPal, and LinkedIn:

Original author: Paige Leskin

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Mar
19

Just Eat cuts its take for 30 days to help restaurants during the COVID-19 crisis

Apple's new version of Maps certainly brings welcome changes, but many of the updates are features that Google Maps has long offered.

Google added Street View imagery to Google Maps more than 10 years ago back in 2007. It's been gathering Street View data for more than a decade, and it's evident when you consider the sheer breadth of coverage Street View offers.

Google Street View is available in most areas in the United States, many parts of Europe, Australia, and South America, India, Japan, and some parts of Russia as well as other regions. Apple says its Look Around feature is based on the new base map it created, which it expects to roll out to the entire US by the end of 2019 and in select additional markets next year. That means Look Around may only be available in the US until further notice.

Apple's new Collections feature might also sound familiar to those who frequently use Google Maps. That's because the search giant launched the ability for users to compile lists of places and share them with friends back in 2017. The option to share your estimated time of arrival with a designated contact, another new feature coming in the next version of Apple Maps, is also already available in Google Maps.

With its next Maps update, Apple is realizing that people like to use navigation apps for much more than just fetching directions. Google Maps has evolved into a Yelp-like tool for discovery and exploration in recent years, as evidenced by the redesigned Explore tab it announced last year that puts nearby events and activities front and center in addition to points of interest.

The ability to create your own lists of favorite places and easily share them will certainly make Apple Maps more useful as a trip-planning app. But even so, Google Maps still offers richer data about points of interest, such as how long the wait typically is at a restaurant at certain times of day. Apple Maps displays helpful details too, such as whether or not a place accepts reservations, but alongside Google Maps it still feels a little bare-bones.

Original author: Lisa Eadicicco

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Jul
28

Siemens, Dow partner on process manufacturing digital twin testbed

Ola Sendecka got into coding through an unusual route — art history. Back when she was a teenager in Poland, she was getting ready to decide what to study at university. Art was a passion but the employment opportunities were limited.

Instead, her teacher mooted a different kind of art that was coming increasingly into demand — computer graphics. "I was completely undecided and that spoke to me a lot," Sendecka tells Business Insider. There were no courses geared specifically for CGI, so she enrolled in computer programming.

She soon fell in love with coding. "I found art and science in one, I found everything in programming," she says.

Fast forward to 2019 and Sendecka is almost 33, she's set up her own international charity teaching girls how to code, landed a job at one of London's hottest fintech companies, and runs her own YouTube channel where thousands of subscribers watch her tutorials.

The inception of Django Girls

As a female coder starting out in tech 10 years ago, Sendecka always felt she stood out. Going to conferences, she would be bombarded with awkward questions. "I had people either asking if I'm there with a boyfriend… or if I'm just helping to organise the event," she recalls.

As her career progressed, she became involved in creating a web framework for the Python coding language called Django, which simplifies the code.

Read more: Meet the coding prodigy who has Prince Harry and Meghan Markle on her side in the fight to boost women in tech

Along with a friend — who also happened to be named Ola — Sendecka started to get sick of being the only woman in the room. Both of them sharing a name proved to be a confusing factor. "For a very long time some people thought there is only one Ola," she says.

So the two Olas decided to set up a workshop for beginners, inviting women to come and have a go at coding in Python. It was such a smash hit people started asking them to take it international. With full-time jobs, neither Ola could afford to fly their workshop out, so in 2014 they put all their educational materials up for grabs online. "We open-sourced everything we knew, our educational materials, how to organise the event itself," she says.

Now, Django Girls operates in over 90 countries and commands a host of just over 1,900 volunteers.

Coding is for Girls

After teaching the Django workshops herself, Ola realised she loved teaching coding almost as much as coding itself, and found an outlet to give her lessons an even bigger audience — YouTube.

In 2015, she started her own channel, Coding is for Girls, although she explains men are very welcome to watch. "So many people have a problem with just the name," she says, adding that's she's had complaints from watchers who say they can't recommend the channel to their male friends. But her thinking behind the branding was more aimed at inviting women into the community, rather than trying to freeze men out.

"I noticed with Django Girls if you do something that is aimed at women, they are more likely come, otherwise the assumption is they are not welcome," Sendecka adds. "It's open for everyone and you don't need to be a woman to use the materials."

Coding is for Girls has just shy of 9,500 subscribers, which is pretty small fry by YouTuber standards, but Ola is far from a full-time YouTuber. Just a few months ago, she got a job as a backend engineer at Monzo, a red-hot UK digital banking startup with more than a million users and a $2 billion valuation.

Constant sexism and rape threats

Even after a decade in the field and a sparkling CV, Sendecka still runs into casual sexism on a regular basis. "It's constant, people keep doing this all the time," she says. Sendecka recalled an incident a few years ago in which she organised a hackathon and an attendee asked her if she was there "for social reasons."

"It's really frustrating, especially when you start to have a couple of years of experience. When you are starting you're very like 'I'm not sure I should be here, I know nothing' so you accept more. But the longer you are in the industry, [it's] always assumed that you are there by accident, not because you are interested in a topic, and you constantly feel like you don't fit in," she says.

It's not just tech bros who are the problem. Sendecka has had to deal with anonymous internet users commenting on her looks, questioning her credentials, and in some cases even threatening rape.

Ola Sendecka on her YouTube channel. Ola Sendecka/YouTube

"I know that this is just random people and they shouldn't affect how I feel, but they do," she says. "It's not something I want to deal with on a daily basis and I just start to ignore comments under my YouTube videos, which is a bummer because there's a lot of people who ask really good questions."

Sendecka doesn't consider herself a particularly vocal advocate for change in the tech community, as she doesn't often speak out against what she feels is broken for fear of backlash.

She's seen friends push for more equality, but in doing so, have essentially taken on a whole new unpaid job. "It takes a lot of time and emotional labor and a lot of people just can't keep up and it's really sad to see people burn out over and over again."

Nonetheless, Sendecka feels the programming community at least is moving in the right direction. "For me starting Django Girls was a massive change," she says. "More and more women started to join this community. Now when I go to the meet-ups that are Django-related or Python-related or to a conference, there are a lot of people who went through Django Girls, and this is so much nicer to see."

Original author: Isobel Asher Hamilton

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Jun
04

Microsoft promises to keep GitHub independent and open

Facebook's shareholder revolt should provoke a period of "deep soul searching" for the company.

That's according to the tiny activist investor who has led the charge in the war on billionaire Mark Zuckerberg's enormous power over Facebook, the company he founded in 2004.

At Facebook's annual shareholder meeting last month, Trillium Asset Management put forward a proposal to oust Zuckerberg as chairman and replace him with an independent executive. Trillium controls Facebook shares worth around $9 million.

The proposal was backed by 68% of independent investors (up from 51% who voted in favor of an almost identical proposal in 2017), but ultimately defeated because of Zuckerberg's stranglehold on voting power.

There was also lower than usual support for lead independent director Susan Desmond-Hellmann, according to Trillium. She was reelected by 67% of outside investors, compared with 76% last year.

Jonas Kron, Trillium's senior vice president, told Business Insider the votes "provided a clear articulation of the deep concern among mainstream investors," which should provoke a period of "deep soul searching for the Facebook board."

He called on new board members — Jeff Zients, the CEO of investment firm Cranemere, and former American Express CEO Kenneth Chenault — to take particular note of investor unrest.

Read more: Facebook investors open new front in war on Mark Zuckerberg: Now they want an independent investigation into his 'outsized' power

"These are highly respected, well qualified, accomplished individuals. They are in a position to look at the votes and speak up as advocates for independent shareholders," Kron said.

Facebook has been quiet on the issue over the past two weeks, and did not respond to Business Insider's request for comment.

Earlier this week, a spokesman referred us to the firm's proxy statement, in which it said that hiring a chairman above Zuckerberg could create more problems than it solves.

"We do not believe that requiring the Chair to be independent will provide appreciably better direction and performance, and instead could cause inefficiency in board and management function and relations," Facebook said in the filing.

Meanwhile, in private correspondence with agitated shareholders, Facebook has pointed to governance changes made last year, when it beefed up the power of its audit committee, which is now chaired by Zients, giving it the power review the firm's services, privacy, and cybersecurity.

Kron said investors have every intention of capitalizing on their momentum, and plan on continuing to press the issue. New York City Comptroller Scott Stringer, who controls about $785 million worth of Facebook stock, went public this week with a call for Facebook to order an independent review of its governance structure, while it's likely there will be another proposal to oust Zuckerberg at next year's shareholder meeting.

"We're not hitting the breaks on this," Kron said. "Concentration of power is so misguided. It doesn't matter who the person is, it inevitably leads to bad decisions."

Original author: Jake Kanter

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Jun
08

Google's former engineering chief explains why his best meetings happen while throwing punches at his chief of staff

When you picture a C-suite executive at work, making decisions and thrashing out strategy, where do you picture them? In all likelihood, it's in an office.

Yet for Douglas Merrill, Google's former chief information officer and the CEO of finance software startup ZestFinance, his most productive meetings take place in less orthodox spaces — and he thinks it's the thing that marks him out from other tech leaders.

"I often find that many of my best one-on-one meetings take place in the gym," he tells Business Insider.

"I work on a treadmill desk; I work out pretty much every day. I exercise relatively constantly. That's not because I'm trying to be younger than I am, but because I find being in the gym clarifies my mind a little bit."

Eric Schmidt, Google's CEO during Merrill's tenure. Richard Brian/Reuters

Eric Schmidt, CEO of Google during Merrill's tenure, is known to favor meetings in which people comment as selectively as possible so colleagues can be sure what they're saying is important. But Merrill's gym-based meetings, by their very nature, tend to be more interpersonal.

Read more: Elon Musk emailed Tesla employees tips on how to be more productive — these are his 7 suggestions

"My chief of staff and I do cardio kickboxing and sparring together, so we just meet while we're doing that," he explains. "My chief operating officer and I also do cardio together, so we often meet. It's sort of organically worked out that we're talking about work, and that's cool.

"I usually try not to force someone to show up at the gym [for a meeting]. It's usually a little more organic than that. Obviously, we're sensitive about what we talk about, but it's just grown into a useful place where nobody's getting distracted by anything."

In addition to his gym-based meetings, Merrill adheres to what he calls a "really rote" reading schedule to keep his mind sharp when not in the office.

"I'll read a math book, followed by a history book, followed by some young adult vampire book," he says of his routine, which he has stuck to for around a decade.

"Usually it'll take me about a week to read the math book, and a week to read the history book; and a day to read the fantasy novel, and I just rotate between them, because I find that each one sort of structures my mind a little bit.

"Getting math is really important around here, I find history compelling, and the young adult book just represents the fact that, every now and then, my brain just wants to switch off for a bit."

Merrill adds that his reading habits aren't as unusual as you might think.

"I used to think I was unusual in doing that, but I've talked to a bunch of CEOs at major banks, and some variant of that [reading routine] is pretty common, which I thought was interesting."

Original author: Charlie Wood

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Mar
19

Quantum Machines raises $17.5M for its Quantum Orchestration Platform

NASA rolled out a new, multi-part plan on Friday that'd dramatically open the doors of International Space Station (ISS) to commercial companies, facilities, and even private astronauts.

NASA already permits some commercial activity on the ISS, but the agency said it's looking to boost its offerings to companies so that "innovation and ingenuity can accelerate a thriving commercial economy in low-Earth orbit." It's even seeing this new push as a way to fully commercialize and even replace the space station, making budgetary room for renewed lunar exploration with people.

One big change in NASA's five-part vision is to enable "private astronauts to conduct approved commercial and marketing activities on the space station."

NASA now says it will allow private astronauts — two per year — to stay up to 30 days each on the space station. The conditions: They have to get there via a commercial US spacecraft, such as SpaceX's or Boeing's upcoming vehicles, and pay $35,000 per day to cover for NASA's life support, communications, and other expenses (like $50 per gigabyte of data).

Richard Garriott, an English-American entrepreneur who paid $30 million for a two-week stay on the ISS in 2008, called the move a "seismic shift" in US space policy.

Garriott is one of seven private astronauts who have visited the ISS, and only because Russia was willing to take them. A decade ago, he said, NASA aggressively resisted their presence on the government-run facility. But the agency couldn't prevent private citizens' stays on the ISS due to international agreements and conventions.

"The deck was stacked very much against commercial activity on the space station," Garriott told Business Insider. "Almost all of us who flew privately literally had NASA either try to talk us out of it or try to ban us at one stage or another."

Garriott believes the commercialization of space will help accelerate research required to send astronauts into deep space on extended missions, while also improving the amenities on the ISS.

"The food is not phenomenal and the personal hygiene facilities are substantially lacking," he said — two areas he believes commercial innovation could improve.

An illustration of SpaceX's Crew Dragon vehicle, a spaceship designed to fly NASA astronauts, docking with the International Space Station.SpaceX

NASA's new approach might help the agency solve several longstanding problems with its roughly $100 billion investment in the sky.

One issue is that NASA has been asked by the Trump administration to return humans to the moon in the 2020s and establish a permanent base there — but the government has yet to grant the agency enough money to achieve that herculean task. Meanwhile, NASA continues to pay about $3-$4 billion a year to maintain and operate its space station.

"Each year the station remains in orbit, NASA allocates roughly half of its total human space flight budget to ISS operations — an expenditure that limits the agency's ability to fund development of systems needed to visit the moon and other destinations beyond low-Earth orbit," Paul K. Martin, NASA's Inspector General, said in May 2018.

NASA considered pursuing a full commercialization of the space station in the mid 2020s — in other words, simply handing the ISS over to companies — but the agency didn't sense enough demand to make that happen. By opening up the ISS to some more commercial activity but covering most operating expenses, the agency may instead be able to justify its ongoing expenditures for the ISS and work toward getting the added budget it needs to reach the moon.

But another key part of NASA's new plan is to open up a port on the ISS for a commercial module, laboratory, or other facility. The agency plans to release a call for proposals for that initiative next week. The ultimate goal, it seems, is to slowly transition the ISS over to the commercial sector and even foster the development of entirely new private space stations.

These new goals mean NASA would not de-orbit the space station in 2025, as has been discussed, and instead keep it operational for longer, possibly through 2030.

If you're a space-industry employee or insider with information to share, send Dave Mosher This email address is being protected from spambots. You need JavaScript enabled to view it. or consider using more secure options listed here.

Original author: Dave Mosher

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Jun
08

Maker Faire halts operations and lays off all staff

Financial troubles have forced Maker Media, the company behind crafting publication MAKE: magazine as well as the science and art festival Maker Faire, to lay off its entire staff of 22 and pause all operations. TechCrunch was tipped off to Maker Media’s unfortunate situation which was then confirmed by the company’s founder and CEO Dale Dougherty.

For 15 years, MAKE: guided adults and children through step-by-step do-it-yourself crafting and science projects, and it was central to the maker movement. Since 2006, Maker Faire’s 200 owned and licensed events per year in over 40 countries let attendees wander amidst giant, inspiring art and engineering installations.

Maker Media Inc ceased operations this week and let go of all of its employees — about 22 employees” Dougherty tells TechCrunch. “I started this 15 years ago and it’s always been a struggle as a business to make this work. Print publishing is not a great business for anybody, but it works…barely. Events are hard . . . there was a drop off in corporate sponsorship.” Microsoft and Autodesk failed to sponsor this year’s flagship Bay Area Maker Faire.

But Dougherty is still desperately trying to resuscitate the company in some capacity, if only to keep MAKE:’s online archive running and continue allowing third-party organizers to license the Maker Faire name to throw affiliated events. Rather than bankruptcy, Maker Media is working through an alternative Assignment for Benefit of Creditors process.

“We’re trying to keep the servers running” Dougherty tells me. “I hope to be able to get control of the assets of the company and restart it. We’re not necessarily going to do everything we did in the past but I’m committed to keeping the print magazine going and the Maker Faire licensing program.” The fate of those hopes will depend on negotiations with banks and financiers over the next few weeks. For now the sites remain online.

The CEO says staffers understood the challenges facing the company following layoffs in 2016, and then at least 8 more employees being let go in March according to the SF Chronicle. They’ve been paid their owed wages and PTO, but did not receive any severance or two-week notice.

“It started as a venture-backed company but we realized it wasn’t a venture-backed opportunity” Dougherty admits, as his company had raised $10 million from Obvious Ventures, Raine Ventures, and Floodgate. “The company wasn’t that interesting to its investors anymore. It was failing as a business but not as a mission. Should it be a non-profit or something like that? Some of our best successes for instance are in education.”

The situation is especially sad because the public was still enthusiastic about Maker Media’s products  Dougherty said that despite rain, Maker Faire’s big Bay Area event last week met its ticket sales target. 1.45 million people attended its events in 2016. MAKE: magazine had 125,000 paid subscribers and the company had racked up over one million YouTube subscribers. But high production costs in expensive cities and a proliferation of free DIY project content online had strained Maker Media.

“It works for people but it doesn’t necessarily work as a business today, at least under my oversight” Dougherty concluded. For now the company is stuck in limbo.

Regardless of the outcome of revival efforts, Maker Media has helped inspire a generation of engineers and artists, brought families together around crafting, and given shape to a culture of tinkerers. The memory of its events and weekends spent building will live on as inspiration for tomorrow’s inventors.

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Jun
07

I drove an $86,000 Toyota Land Cruiser to see if the off-road legend could live up to its incredible reputation

The Toyota Land Cruiser is one of the few SUVs that can genuinely perform double-duty as a semi-luxury suburb-mobile and a serious offroading chariot. You have to look at Land Rovers and Range Rovers, as well as some Jeeps and Mercedes, to achieve a similar package — and even then, the Land Cruiser is arguably the best combination of capability and comfort.

I mean, the Land Cruiser can go from dropping kids off at school to surviving a war zone. It's a very special vehicle.

Obviously, I could complain about the age of the platform. But Toyota is a conservative company and isn't going to mess with products that don't need to be messed with. The Land Cruiser's heyday for US sales was the 1990s, when there weren't that many large SUVs in the landscape. Nowadays, Toyota sells about a thousand a year, and they aren't cheap. So the company makes what I'm guessing is a nice profit margin with essentially zero new investment.

The Land Cruiser doesn't suffer, either. It literally gets the job done, no matter what. Even the infotainment system is acceptable (in the equivalent Lexus, the LX 570, it isn't). The main challenge with the vehicle is its physical size. It's a driveway filler, and if you don't have a huge garage, the fit could be tight. But if you're in the market for a full-size SUV, you've already come to grips with this.

In terms of a comparison, I tend to think of the Land Cruiser as being both more robust and more high-end than the Chevy Suburban, and about on par with the GMC Yukon Denali. The Land Cruiser is considerably more expensive than the Suburban, and as far as distinctions go, you're paying for the Toyota's reputation. On a day-to-day basis, the Chevy is competitive.

I wasn't able to test the Land Cruiser on anything other than paved roads. But to be honest, this SUV doesn't need testing. It's the best big offroader you can find that isn't specifically outfitted for the backcountry.

For normal-life operations, this Toyota shouldn't disappoint. Perhaps the key consideration is cost of ownership. It's fun to have a powerful V8 under the hood, but the pain at the gas pump could get to you after a while. I don't think anyone necessarily needs the Land Cruiser, as they might have a few decades ago, before crossovers were an option.

But if you want a large SUV that can tow plenty, haul anything you could think of, and that's nicely accessorized with some premium touches, the Land Cruiser is a fine choice. And if the apocalypse hits, you'll be covered.

Original author: Matthew DeBord

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