Jun
02

The 23 most powerful LGBTQ+ people in tech

The atmosphere in Silicon Valley, where "bro culture" is rampant, is not known for being kind to anyone "different."

That can especially be true for LGBTQ+ identifying individuals, who only gained the right to marry in the US in 2005. Gay marriage is still only legal in around 30 countries.

But a number of diversity initiatives aimed at LGBTQ+ people in the tech sector have emerged in recent years. Groups like Lesbians Who Tech, StartOut, and TransTech Social Enterprises have worked to improve office culture at tech companies, connect LGBTQ+ entrepreneurs with venture capitalists, and make resources more readily available to the queer tech community.

Business Insider has compiled a list of some of the most influential and notable people in tech who identify as LGBTQ+. Some techies on this list have harnessed their gender identities and sexual orientations to speak out about and further the presence of LGBTQ+ people in tech. For others, being LGBTQ+ is simply a part of their personal life, which they strive to keep separate from business.

Here are 23 of the most influential LGBTQ+ people in the tech industry:

Original author: Paige Leskin

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Jun
02

Taking a Capital Efficient Company Public and Beyond: Medidata CEO Tarek Sherif (Part 7) - Sramana Mitra

Sramana Mitra: I remember we talked about it a little bit the last time we spoke. So Veeva has its eyes obviously on the clinical data management space. They have one big customer this year. I think...

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Original author: Sramana Mitra

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May
24

1Mby1M Virtual Accelerator Investor Forum: With Charlie O’Donnell of Brooklyn Bridge Ventures (Part 4) - Sramana Mitra

Mary Ann Azevedo Contributor
Mary Ann Azevedo covers startups and tech at Crunchbase News.

If you’re a big basketball fan like me, you’ll be glued to the TV watching the Golden State Warriors take on the Toronto Raptors in the NBA finals. (You might be surprised who I’m rooting for.)

In honor of the big games, we took a shot at breaking down investment activities of the players off the court. Last fall, we did a story highlighting some of the sport’s more prolific investors. In this piece, we’ll take a deeper dive into just what having an NBA player as a backer can do for a startup beyond the capital involved. But first, here’s a chart of some startups funded by NBA players, both former and current.

 

In February, we covered how digital sports media startup Overtime had raised $23 million in a Series B round of funding led by Spark Capital. Former NBA Commissioner David Stern was an early investor and advisor in the company (putting money in the company’s seed round). Golden State Warriors player Kevin Durant invested as part of the company’s Series A in early 2018 via his busy investment vehicle, Thirty Five Ventures. And then, Carmelo Anthony invested (via his Melo7 Tech II fund) earlier this year. Other NBA-related investors include Baron DavisAndre Iguodala and Victor Oladipo, and other non-NBA backers include Andreessen Horowitz and Greycroft.

I talked to Overtime’s CEO, 27-year-old Zack Weiner, about how the involvement of so many NBA players came about. I also wondered what they brought to the table beyond their cash. But before we get there, let me explain a little more about what Overtime does.

Founded in late 2016 by Dan Porter and Weiner, the Brooklyn company has raised a total of $35.3 million. The pair founded the company after observing “how larger, legacy media companies, such as ESPN, were struggling” with attracting the younger viewer who was tuning into the TV less and less “and consuming sports in a fundamentally different way.”

So they created Overtime, which features about 25 to 30 sports-related shows across several platforms (which include YouTube, Snapchat, Instagram, Facebook, TikTok, Twitter and Twitch) aimed at millennials and the Gen Z generation. Weiner estimates the company’s programs get more than 600 million video views every month.

In terms of attracting NBA investors, Weiner told me each situation was a little different, but with one common theme: “All of them were fans of Overtime before we even met them…They saw what we were doing as the new wave of sports media and wanted to get involved. We didn’t have to have 10 meetings for them to understand what we were doing. This is the world they live and breathe.”

So how is having NBA players as investors helping the company grow? Well, for one, they can open a lot of doors, noted Weiner.

“NBA players are very powerful people and investors,” he said. “They’ve helped us make connections in music, fashion and all things tangential to sports. Some have created content with us.”

In addition, their social clout has helped with exposure. Their posting or commenting on Instagram gives the company credibility, Weiner said.

“Also just, in general, getting their perspectives and opinions,” he added. “A lot of our content is based on working with athletes, so they understand what athletes want and are interested in being a part of.”

It’s not just sports-related startups that are attracting the interest of NBA players. I also talked with Hussein Fazal, the CEO of SnapTravel, which recently closed a $21.2 million Series A that included participation from Telstra Ventures and Golden State Warriors point guard Stephen Curry.

Founded in 2016, Toronto-based SnapTravel offers online hotel booking services over SMS, Facebook Messenger, Alexa, Google Home and Slack. It’s driven more than $100 million in sales, according to Fazal, and is seeing its revenue grow about 35% quarter over quarter.

Like Weiner, Fazal told me that Curry’s being active on social media about SnapTravel helped draw positive attention and “add a lot of legitimacy” to his company.

“If you’re an end-consumer about to spend $1,000 on a hotel booking, you might be a little hesitant about trusting a newer brand like ours,” he said. “But if they go to our home page and see our investors, that holds some weight in the eyes of the public, and helps show we’re not a fly-by-night company.”

Another way Curry’s involvement has helped SnapTravel is in terms of the recruitment and retainment of employees. Curry once spent hours at the office, meeting with employees and doing a Q&A.

“It was really cool,” Fazal said. “And it helps us stand out from other startups when hiring.”

Regardless of who wins the series, it’s clear that startups with NBA investors on their team have a competitive advantage. (Still, Go Raptors!)

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Jun
01

Bootstrapping From a Small Town in Denmark to $12 Million: Sebastian Peterson, CEO of TrendHim (Part 4) - Sramana Mitra

Sebastian Peterson: If you want to start an ecommerce company today, it’s very difficult to do it without a lot of funding and thinking big from the very beginning. Today, buying visitors and...

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Original author: Sramana Mitra

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May
29

Roundtable Recap: May 28 – Alternative Financing for Startups - Sramana Mitra

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 sudden uptick in beverage startup rounds. Before that, I noted an alternative to venture capital fundraising called revenue-based financing. 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.

Here’s what I’ve been thinking about this week: Unicorn scarcity, or lack thereof. I’ve written about this concept before, as has my Equity co-host, Crunchbase News editor-in-chief Alex Wilhelm. I apologize if the two of us are broken records, but I think we’re equally perplexed by the pace at which companies are garnering $1 billion valuations.

Here’s the latest data, according to Crunchbase: “2018 outstripped all previous years in terms of the number of unicorns created and venture dollars invested. Indeed, 151 new unicorns joined the list in 2018 (compared to 96 in 2017), and investors poured more than $135 billion into those companies, a 52% increase year-over-year and the biggest sum invested in unicorns in any one year since unicorns became a thing.”

2019 has already coined 42 new unicorns, like Glossier, Calm and Hims, a number that grows each and every week. For context, a total of 19 companies joined the unicorn club in 2013 when Aileen Lee, an established investor, coined the term. Today, there are some 450 companies around the globe that qualify as unicorns, representing a cumulative valuation of $1.6 trillion.

We’ve clung to this fantastical terminology for so many years because it helps us classify startups, singling out those that boast valuations so high, they’ve gained entry to a special, elite club. In 2019, however, $100 million-plus rounds are the norm and billion-dollar-plus funds are standard. Unicorns aren’t rare anymore; it’s time to rethink the unicorn framework.

Petition to stop using the term "unicorn" unless the company is valued at more than $1 billion *and* profitable.

— Kate Clark (@KateClarkTweets) May 22, 2019

Last week, I suggested we only refer to profitable companies with a valuation larger than $1 billion as unicorns. Understandably, not everyone was too keen on that idea. Why? Because startups in different sectors face barriers of varying proportions. A SaaS company, for example, is likely to achieve profitability a lot quicker than a moonshot bet on autonomous vehicles or virtual reality. Refusing startups that aren’t yet profitable access to the unicorn club would unfairly favor certain industries.

So what can we do? Perhaps we increase the valuation minimum necessary to be called a unicorn to $10 billion? Initialized Capital’s Garry Tan’s idea was to require a startup have 50% annual growth to be considered a unicorn, though that would be near-impossible to get them to disclose…

While I’m here, let me share a few of the other eclectic responses I received following the above tweet. Joseph Flaherty said we should call profitable billion-dollar companies Pegasus “since [they’ve] taken flight.” Reagan Pollack thinks profitable startups oughta be referred to as leprechauns. Hmmmm.

The suggestions didn’t stop there. Though I’m not so sure adopting monikers like Pegasus and leprechaun will really solve the unicorn overpopulation problem. Let me know what you think. Onto other news.

Image by Rafael Henrique/SOPA Images/LightRocket via Getty Images

IPO corner

CrowdStrike has set its IPO terms. The company has inked plans to sell 18 million shares at between $19 and $23 apiece. At a midpoint price, CrowdStrike will raise $378 million at a valuation north of $4 billion.

Slack inches closer to direct listing. The company released updated first-quarter financials on Friday, posting revenues of $134.8 million on losses of $31.8 million. That represents a 67% increase in revenues from the same period last year when the company lost $24.8 million on $80.9 million in revenue.

Startup Capital

Online lender SoFi has quietly raised $500M led by Qatar
Groupon co-founder Eric Lefkofsky just-raised another $200M for his new company Tempus
Less than 1 year after launching, Brex eyes $2B valuation
Password manager Dashlane raises $110M Series D
Enterprise cybersecurity startup BlueVoyant raises $82.5M at a $430M valuation
Talkspace picks up $50M Series D
TaniGroup raises $10M to help Indonesia’s farmers grow
Stripe and Precursor lead $4.5M seed into media CRM startup Pico

Funds

Maveron, a venture capital fund co-founded by Starbucks mastermind Howard Schultz, has closed on another $180 million to invest in early-stage consumer startups. The capital represents the firm’s seventh fundraise and largest since 2000. To keep the fund from reaching mammoth proportions, the firm’s general partners said they turned away more than $70 million amid high demand for the effort. There’s more where that came from, here’s a quick look at the other VCs to announce funds this week:

EV Growth closes $200M fund to cover Southeast Asia’s Series B funding gapNorthwestern Mutual has carved out another $150M for a fintech and insurtech fundFuture Positive Capital gets $57M to invest in European startups tackling the world’s ‘most pressing problems’

~Extra Crunch~

This week, I penned a deep dive on Slack, formerly known as Tiny Speck, for our premium subscription service Extra Crunch. The story kicks off in 2009 when Stewart Butterfield began building a startup called Tiny Speck that would later come out with Glitch, an online game that was neither fun nor successful. The story ends in 2019, weeks before Slack is set to begin trading on the NYSE. Come for the history lesson, stay for the investor drama. Here are the other standout EC pieces of the week.

Fundraising 101: How to trigger FOMO among VCs by Eric PeckhamAirbnb’s J Crowley on what makes a great product manager by Jordan CrookThe savage genius of SoftBank by Josh Constine

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 debate whether the tech press is too negative or too positive in its coverage of tech startups. Plus, we dive into Brex’s upcoming round, SoFi’s massive raise and CrowdStrike’s imminent IPO.

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Jun
01

Colors: Rice Terraces, Spring - Sramana Mitra

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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Jun
01

Taking a Capital Efficient Company Public and Beyond: Medidata CEO Tarek Sherif (Part 6) - Sramana Mitra

Sramana Mitra: In 2009 when you went public, what was the market share situation vis a vis you versus FaceForward? Tarek Sherif: They had a larger market share when we went public. They were larger,...

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Original author: Sramana Mitra

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Mar
22

1Mby1M Virtual Accelerator Investor Forum: With Deepak Jeevankumar of Dell Technologies Capital (Part 4) - Sramana Mitra

The Justice Department (DOJ) is preparing a potential antitrust investigation involving Google, according to a Wall Street Journal report on Friday.

According to the report, Google is facing the possibility of investigation by the Justice Department over its search and other businesses.

Per the Journal, the Justice Department has already been in touch with third-party critics of Google.

Antitrust investigations can be carried out by the Justice Department or the Federal Trade Commission (FTC), but according to the report, the DOJ will be carrying out the probe. The report says that members of the DOJ's antitrust division have spent recent weeks laying the groundwork for the potential investigation.

Google declined to comment. The DOJ did not immediately responded to Business Insider's request for comment.

The FTC had previous led an antitrust case against Google, which closed in 2013. No action was taken against the tech giant at the time, though Google did agree to change some of its business practices including those involving its search advertising business.

The news comes amid growing calls for major tech companies like Google and Facebook to be broken up. Democratic presidential candidate Sen. Elizabeth Warren has led the charge, publishing her plan to "unwind" big tech companies in a Medium post this March.

Read more: Elizabeth Warren says she wants to break up big tech companies, including Amazon, Google, and Facebook

Warren has showed no signs of shying away from her plan, as her "Break Up Big Tech" billboards were spotted near a busy San Francisco train station earlier this week.

"I've been talking for years about how Google is locking out competition," Warren said in a statement to Business Insider. "In March, I put out my plan to break up Google and the other big tech companies. They have too much power and they're using that power to hurt small businesses, stifle innovation, and tilt the playing field against everyone else. It's time to fight back."

Original author: Nick Bastone

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Jun
01

Apple is reportedly set to finally ditch iTunes with the next big update to the Mac operating system (APPL)

A software product that helped define a generation is soon to be no longer.

Next Monday at its developer conference, Apple will announce the end of iTunes, according to a Bloomberg report on Friday.

In its place, Apple will reportedly announce three new apps for the MacOS operating system that allow users to access their music, TV shows and movies, and podcasts in separate places. These apps — Music, TV, and Podcasts — already exist on iPhones and iPads today, but will reportedly come to the Mac with the next big software update releasing this year.

The Bloomberg report also said that without iTunes, Mac users will manage their devices through the Music app moving forward. It's not clear what will happen to iTunes for Microsoft Windows.

Read more: All the new features Apple is expected to bring to your Mac computer later this year

iTunes revolutionized the music software world in the early 2000s — first available on personal computers running MacOS or Windows. As former Apple CEO Steve Jobs said when iTunes first came to Windows PCs: "It's like offering a glass of ice water to somebody in hell."

The music platform — which would add videos by 2005 — helped drive the immense popularity of the Apple iPod, as it was a convenient place to store music burned from existing CDs or purchased on its iTunes Store.

But as consumer preferences have changed over the years and Apple's strategy has shifted to streaming services, the iTunes platform seems to have simply be gotten in the way. For instance, subscribers to Apple Music — the company's music streaming service — must access the service on Macs through iTunes.

Having standalone apps for its different streaming services could help Apple compete with the likes of Spotify and Netflix. The decision also comes at a time when the tech giant has indicated a growing investment in its services, like Apple Music or the forthcoming Apple TV+, to offset its slowing hardware business.

Apple did not immediately respond to a request for comment from Business Insider.

Original author: Nick Bastone

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May
28

Presso shifts focus to clothing disinfecting for film studios amid COVID-19 concerns

The attorney representing two former staffers for Mark Zuckerberg that accused the Facebook CEO's personal security chief of sexual harassment and making racist remarks is now calling for an indepdendent investigation into the allegations.

In a statement provided to Business Insider, high-profile civil rights lawyer Lisa Bloom, head of The Bloom Firm, said: "We urge the family to retain a truly neutral, independent investigator experienced in harassment and discrimination claims to make factual findings and recommendations on these urgent and important claims."

The allegations against Liam Booth, a former secret service agent now tasked with heading up protection of the billionaire family, include sexual battery, transphobia, and making racist remarks about Zuckerberg's Asian-American wife, Priscilla Chan. The claims were laid out by The Bloom Firm in legal documents demanding damages that were subsequently obtained by Business Insider. The two former staffers are asking for damages, and allege that nothing was done after they raised concerns internally at Zuckerberg's family office.

In response, Ben LaBolt, a spokesperson for Zuckerberg's family office, said that it "takes complaints of workplace misconduct very seriously and our human resources team promptly investigates all such matters." The law firm Munger, Tolles & Olson, which represents the family office LLCs, is currently conducting an investigation, he added, "to determine whether the claims have merit." Booth has been placed on adminstrative leave during this investigation.

This, however, is not enough for The Bloom Firm, which is now calling for an independent investigator that doesn't have ties ties to the family to conduct an investigation into the matter.

"As far as we know, no independent investigation is underway. Instead, a large defense law firm is defending against our clients' allegations. Attorneys are ethically bound to defend their clients," Bloom wrote.

Ben LaBolt did not immediately respond to Business Insider's request for comment on Bloom's request.

Zuckerberg's personal affairs are managed by a discreet network of LLCs and organisations; one handles his personal security (Facebook also provides some security for its CEO), while another employs household staffers and keeps his domestic affairs running. Booth is the head of security for this family office, as well as for the philanthropic Chan Zuckerberg Initiative.

Here is Lisa Bloom's statement in full:

"I am proud to represent the two individuals who have raised claims. As far as we know, no independent investigation is underway. Instead, a large defense law firm is defending against our clients' allegations. Attorneys are ethically bound to defend their clients. We urge the family to retain a truly neutral, independent investigator experienced in harassment and discrimination claims to make factual findings and recommendations on these urgent and important claims."

We have no further comment at this time."

Read Business Insider's original story on the allegations against Liam Booth, Mark Zuckerberg's private security chief »

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.

Original author: Rob Price

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May
31

Marketers see Foursquare's acquisition of Snap's Placed as a game-changer for location-based advertising but question how it'll all work

Backed by a fresh $150 million in funding from The Raine Group, Foursquare wants to dominate location-based advertising that marketers use to target and measure campaigns.

On May 31, Foursquare announced that it is acquiring measurement firm Placed from Snap and will combine some of their products for marketers, including tools that measure ad exposure with foot traffic. For example, Placed's attribution product will become Foursquare's flagship measurement tool and will expand to include the 100 million devices in the US that Foursquare reaches through all the apps it powers.

Read more:'It changes the dynamics of the industry': Foursquare wants to own location-based advertising with its acquisition of Snap's Placed and potentially others"

"Clients and investors want to see a clear leader and eventually an independent location-tech, public company that can be an alternative in so many areas — not just in marketing and advertising, but in health and real estate and augmented reality and autonomous vehicles," said Foursquare CEO Jeff Glueck.

Advertisers welcome a bigger location company

Tech firms specializing in location help marketers target ads and see which stores people visited after seeing an ad, but their explosion in recent years has created confusion, agencies say. But location firms use different measurement methods, which makes it complicated to use them, said Barry Lowenthal, CEO of The Media Kitchen.

A retailer or a fast-food restaurant might work with several location companies for a single campaign, said Philip Tesoriero, director of planning for Carat US and co-chair of Carat's Mobile Council. Carat's parent agency Dentsu Aegis Network works with up to a dozen, he said.

"The location targeting and measurement space is immensely crowded," said Jay Friedman, president of programmatic advertising agency Goodway Group. "Combining two different providers helps Foursquare establish a stronger position."

Deal raises questions about Placed's independence

Dan Elddine, head of data strategy for North America at Essence, said Foursquare's focus on first-party data with the acquisition could alleviate advertisers' privacy concerns.

"There's this whole nebulous side of background data collected in long-tail apps," he said. "This shines more light on where that data comes from and how users opt into that process."

But while Foursquare and Placed collectively reach a big audience, Carat's Tesoriero said he wants to understand how the two companies' products and audiences overlap. According to Foursquare, the two companies' opt-in panel of 30 million consumers does not overlap.

Similar to the challenges under Snap's ownership, Tesoriero also said it's not clear how Placed will remain independent if it ends up measuring the same ads that Foursquare sells.

"When it comes to foot-traffic attribution, we don't like to have the measurement partner also run media and grade their own homework," he said.

Original author: Lauren Johnson

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Jul
28

These $1 million San Francisco apartments have random support beams running straight through their kitchens

The share of people in the US using Amazon's streaming service has exploded in the past two years, a new survey by RBC Capital Markets found.

Fifty-four percent of internet users said they'd used Amazon to watch movies or TV shows in the past year, the survey of more than 1,500 respondents found. That's up 17 percentage points from when RBC surveyed users a year ago and 22 points from two years ago.

Amazon rents and sells movies and TV shows online, streams them through its Prime Video subscription service, and bundles third-party subscription services like HBO Now and CBS All Access through Prime Video Channels.

"It is clear that the company with the biggest uptrend in results over the past two years is Amazon," the internet analyst Mark Mahaney wrote in the Thursday investor note that included the survey results. "Amazon has grown faster than Netflix over both the past year and over the past two years."

The share of Netflix usage, by comparison, increased by 8 percentage points in the past year and 10 points over the past two years. The streaming service still had the highest share of users overall, with 63% of respondents saying they'd used the service to watch TV or movies in the past year.

Hulu was the fastest-growing streaming service in the survey over the past year. Forty-three percent of respondents said they'd used the service in the past year, up from 25% a year ago and a high-water mark for the platform.

Growth was more sluggish at other streaming services, like YouTube and HBO Now, the survey found. YouTube tied Amazon with the second-highest share of respondents — 54% — saying they'd used the service to watch TV and movies in the past year. But its growth from a year ago was smaller than Hulu's and Amazon's. YouTube, of course, also has short-form videos, vlogs, and other types of content that respondents may not consider TV and film.

HBO Now saw a meager bump in usage in May, with 21% of respondents saying they'd used the service, up from 18% a year ago. Mahaney said that may have been from the final season of "Game of Thrones," which aired from mid-April to May in the US.

"We continue to believe that Amazon likely poses one of the bigger long-term risks to Netflix," Mahaney wrote, "and these results are proving it."

Even with competition from Amazon and Hulu — and upcoming streaming players like Disney, Apple, and WarnerMedia — Mahaney remains bullish on Netflix. He wrote that the stock, worth about $350 on Friday, could double within three years, to $475 to $750.

Original author: Ashley Rodriguez

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Mar
20

Best of Bootstrapping: Scaling to Over $10M by Bootstrapping Using Services - Sramana Mitra

A lot of ad-tech companies sell location data to marketers, and Foursquare wants to become the biggest.

The location-based firm on May 31 announced plans to acquire rival firm Placed from Snap. Placed and Foursquare collect first-party data from 30 million consumers to help advertisers understand how seeing an online ad leads people to shop offline. Foursquare and Placed claim that more than 1,000 advertisers use their location tech to run and measure campaigns.

Foursquare also provides targeting and measurement tools for advertisers and publishers, and powers location tools for developers in 150,000 apps, including Twitter, Uber, and AccuWeather.

Read more: Marketers see Foursquare's acquisition of Snap's Placed as a game-changer for location-based advertising but question how it'll all work

Marketers have long been interested in targeting ads to consumers based on their location. Challenges around privacy, regulation, and complex methods of targeting have caused ad-tech companies to lose steam in recent years, though. Regulation like Europe's General Protection Data Regulation and the forthcoming California Consumer Privacy Act makes it harder for advertisers to use location data collected from mobile phones for ad targeting.

Foursquare CEO Jeff Glueck said in an interview that Placed and Foursquare address those concerns because people are voluntarily sharing their data, which makes the companies an anomaly outside of advertising's big walled gardens.

Foursquare hints at more acquisitions

He also said that advertisers want to be able to mix first-party and third-party data, and that in addition to first-party data, Foursquare and Placed have third-party data that they use to confirm location accuracy.

Glueck said Foursquare is open to other acquisitions and hinted that the company could go public.

"Clients and investors want to see a clear leader and eventually an independent location-tech, public company that can be an alternative in so many areas — not just in marketing and advertising, but in health and real estate and augmented reality and autonomous vehicles," he said.

Glueck said he approached Snap in January about buying Placed. Foursquare has worked with Snap for several years to power some of its features, such as geofilters. Snap purchased Placed for $135 million in 2017.

"I think it was very important to Snap to see Placed grow even faster, and they recognized that they could grow even faster inside a location-focused independent company where they can be agnostic of any big media companies," Glueck said.

Terms of the deal were not disclosed, but it is backed by a new $150 million investment from the Raine Group. The 10-year-old company has raised more than $390 million, according to Crunchbase. In addition to paying for Placed, Foursquare will use the funding for research and development and expansion.

Foursquare and Placed made more than $100 million in combined revenue last year, according to Foursquare. As part of the acquisition, Placed's team will join Foursquare and its founder David Shim will become president of Foursquare.

"It just makes sense to create a very clear, undisputed leader in the location space," he said. "It changes the dynamics of the industry a lot."

Some marketers are baffled by Snap's decision to sell Placed

Placed helped Snap's marketers measure foot traffic from their campaigns, and some agencies were caught off guard by Snap's decision to sell the firm.

Dan Elddine, the head of data strategy for North America at Essence, said marketers thought Placed would get a boost in first-party data from Snap's users, but that it didn't happen.

"When you make a big move like this and then two years later you sell it off, what happened there?" Philip Tesoriero, director of planning for Carat US and cochair of Carat's mobile council, said. "I would love to know."

Benoit Grouchko, CEO of the location firm Teemo, said that there was a conflict between Snap selling ads and then measuring their performance.

"It shone light on the fact that companies like Snap — or any other digital advertising platform — can't both sell advertising and provide a measurement solution," he said. "Either you do measurement or you run advertising, but you can't do both."

In a statement, Snap said Placed would be Snap's preferred attribution partner. Snap said it didn't have its self-serve advertising platform when it acquired Placed, but that it has since focused on first-party offerings like its Maps product and its acquisition of social map Zenly versus the third-party data that Placed provides.

"We are big fans of Foursquare and Placed," Jeremi Gorman, the chief business officer at Snap, said. "Together, they're a powerhouse in location technology and measurement, and we are excited to see how they invent the future of location. We look forward to continuing to work with them in many capacities, including measurement and location data, as we focus on building on the growing momentum in our advertising business."

Original author: Lauren Johnson

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Mar
21

'Empire' ratings hit series low after Jussie Smollett's arrest

Mark Zuckerberg's personal head of security has been accused of sexual harassment and making racist and homophobic comments by two former members of the Facebook CEO's private staff, Business Insider has learned. They allege, among other things, that Liam Booth, Zuckerberg's security chief, repeatedly made racist remarks about Zuckerberg's Asian American wife, Priscilla Chan.

Legal demand letters reviewed by Business Insider allege instances of overt racism and sexual impropriety within the most intimate confines of a famously private and unimaginably wealthy family. Facebook spends $20 million annually on Zuckerberg's personal protection and travel.

Booth, who previously worked for the US Secret Service, has been placed on administrative leave as an investigation is carried out.

At a July 2018 event at the sushi restaurant Nobu, one letter alleges, Zuckerberg's security chief grabbed his own crotch and told a household staffer, who is gay, "I'll feed you something raw."

Another demand letter alleges that Booth made racist remarks to a household staffer about Chan's driving ability, including that "she's a woman and Asian, and Asians have no peripheral vision," while pulling his eyelids to the side in a racist caricature.

The accusations have the potential to bring a fresh crisis to the very center of Zuckerberg's domestic affairs at a time when the CEO is trying to steer Facebook out of a turbulent period.

Original author: Rob Price and Jake Kanter

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May
28

Former Lime exec launches Cabana, a company that merges #vanlife and hotels

The newest Godzilla is bigger than ever, towering at a whopping 119 meters. At that size, his heart wouldn't be able to pump blood to his brain. And if he were a reptile, he'd have to spend all his time sunbathing to keep warm, while a mammal of his size would cook itself with its own body heat.

Following is a transcript of the video.

Narrator: The roar belongs to one of the most iconic movie monsters of all time: Godzilla. Since his debut in 1954, the King of Monsters has rampaged across Tokyo, New York City, and Osaka to name a few. And over the years, he's gotten bigger, and bigger, and bigger. The latest Godzilla is a record 119 meters tall, about six times taller than the tallest animal in history. And to be fair, it's a fantasy film, not a nature documentary.

But just how fantastical is a 36-story-tall lizard-dinosaur creature who breathes beams of atomic energy? Well, energy beams aside, Godzilla is actually even more unrealistic than you might think. Now, Earth is no stranger to enormous animals.

Just look at the largest dinosaur, the titanosaurs, or today's blue whales, which reach up to 30 meters long and can weigh 200 tons. Compared to them, Godzilla doesn't seem that impossible, right?

Mike Habib: These critters are massive on a scale that's just totally impossible. I mean, assuming, at least, they're made of anything even remotely like what we're made out of and follow any of the roles of biology, they are completely impossible.

Narrator: That's paleontologist Mike Habib. He's an expert in giant reptiles and also helps design fantastical creatures for TV and film. And according to him, a creature like Godzilla could never exist in real life for multiple reasons. First, he would be brain-dead long before he ever reached a city because his heart simply isn't large and powerful enough to pump blood to his head.

Mike Habib: His heart would have to be thousands of tons and fill most of his chest. You'd have to have vessels that you could drive a car through, and he would need the energy consumption of a small power plant, probably, every minute in order to run it. Of course, he's nuclear-powered, so maybe he has the energy to spare.

Narrator: In reality, large animals like titanosaurs got around this by walking on all fours with their heads held out in front them, not held up high. That way, they don't have to pump blood against gravity as far. But even if Godzilla did crawl across cities on all fours, he'd have another problem: movement.

You see, whenever you lift your leg or arm, it's because your brain fires signals to the nerves in your leg and arm muscles. The fastest of these signals travel around 100 meters per second, so the message from brain to leg is virtually instantaneous. Not for Godzilla though. It would take more than a full second for nerve signals to travel the length of his body. Now, a second still sounds pretty quick, but in reality...

Mike Habib: His nerve-conduction speed becomes so slow that he can't move. Takes forever to do anything.

Narrator: Now, Godzilla does look pretty sluggish in the films, but it turns out, in reality, it would look more like this. But even if Godzilla could move super fast, he wouldn't have time to fight enemies or demolish buildings because he'd be too busy sunbathing. All animals need a way to regulate body temperature. Reptiles and other cold-blooded animals stay warm by basking in the sun.

But in Godzilla's case, heat from the sun would have to travel through meters upon meters of tissue to penetrate his hide and reach his internal organs. So to stay warm, he'd have to spend hundreds of hours straight sunbathing. But what if Godzilla were more like a mammal? Like us? He wouldn't need to rely on the sun since we warm-blooded creatures produce our own body heat. But unfortunately, that would cause yet another problem.

Mike Habib: But then he's so big, he probably cooks himself. His core temperature hits 300 degrees.

Narrator: Yikes. And even if he somehow got around all these problems, his skeleton would still collapse under its own weight. Now, Mike says he's a whopping 90,000 metric tons, and that skeleton's just not strong enough to support 90,000 metric tons of, well, anything.

Mike Habib: Yeah, he would just crumple. Yeah. He'd just collapse. He'd be a very large pile of meat.

Narrator: Not a very intimidating picture. In the end, Mike says Godzilla could only be about half as tall as he was in the original film before his poor heart would give out. But just because Godzilla's body is unrealistic doesn't mean it's bad. In fact, he's perfect for the role. He's tall enough to stalk past city skyscrapers, which give us iconic scenes like this.

Original author: David Anderson and Shira Polan

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31

Best of Bootstrapping: How SmartBuyGlasses CEO David Menning Bootstrapped to $50 Million - Sramana Mitra

David has bootstrapped a global e-commerce venture from Hong Kong. Splendid execution! Sramana Mitra: Let’s start at the very beginning of your journey. Where are you from? Where were you born,...

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Original author: Sramana Mitra

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27

CISOs: Embrace a common business language to report on cybersecurity

Okta's stock rose as high as 12% a day after it reported its quarterly earnings — results that show "excellent momentum" for the nearly $13 billion company.

On Thursday, Okta reported a quarterly revenue of $125.2 million, a rise of 50% from the previous year and well ahead of Wall Street's expectations of $116.86 million.

Okta topped analyst expectations for next quarter, too. Okta is predicting a revenue of $130 million to $131 million, while Wall Street expected it to project $127.54 million.

With all that, it's no surprise that Okta's stock rose about 6% in after-hours trading on Thursday, and even higher still on Friday.

"The results are even better than we anticipated," said Jonathan Ho, a partner at William Blair, which does business with Okta. "That's reflected in the stock moving up. Importantly, the companies talk about success and new opportunities which helps drive the case for further upside. The company seems to be doing better at winning more."

What Ho means is that Okta has been adding more products, in addition to its core identity and access-management product, which could lead to further growth. He said Okta, which competes with the likes of Microsoft's famed Active Directory, was still in the "early innings of its growth opportunity."

"It helps sustain the growth profile for a longer period of time," Ho said. "If they grow bigger and they only have one product, the growth will have to slow. Now it looks like it can continue longer."

Okta's subscriber base grew by 52% from this time last year. Now Okta has over 6,550 customers — 1,104 of whom pay more than $100,000 a year, the company disclosed in its earnings report.

"The market we're in is really, really big. We're really happy with the growth," Okta CEO and cofounder Todd McKinnon told Business Insider. "Part of it is just the business model that is just recurring subscription revenue. It allows us to grow very quickly.".

In the past quarter, Okta launched Okta Access Gateway, which allows companies to use the company's tools to log in to on-premise apps, which Ho predicts will grow in use, given that many enterprises still rely on legacy software.

Read more: $9 billion Okta started in the cloud, but it's extending into the data center for the first time to reflect the 'reality' of what customers need

Terry Tillman, the managing director at SunTrust Robinson Humphrey, agrees about Okta's expanding market opportunity, especially as the company invests in international expansion in Asia and Europe.

"They've been organically building new products," Tillman told Business Insider. "They're adding more products where they can drive revenue for a long period of time."

Ho said Okta is already seeing strong traction from ScaleFT, a server-protection company that Okta acquired last July. Okta also announced in March that it would acquire an automation software company called Azuqua, although it's still too early to see results.

Still, Richard Davis, the managing director at Canaccord Genuity said that while the company has "excellent momentum," it's possible that Okta will enter a period of dormant stock prices because investors have high expectations.

"Indeed, this is something we will monitor with a microscope over the coming quarters," Davis wrote in a note. "For the time being, investors crowd into stocks of companies that have long tails, predictable growth prospects, and Okta fits that description."

Got a tip? Contact this reporter via email at This email address is being protected from spambots. You need JavaScript enabled to view it., Telegram at @rosaliechan, or Twitter DM at @rosaliechan17. (PR pitches by email only, please.) Other types of secure messaging available upon request. You can also contact Business Insider securely via SecureDrop.

Original author: Rosalie Chan

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May
31

Serena Williams and Alexis Ohanian have a combined net worth of $189 million. Here's how they make and spend their money.

Following is a transcript of the video.

Narrator: In 2015, Serena Williams and Alexis Ohanian went on their first date, a six-hour walk through Paris before the French Open. At the time, it may have seemed strange: a tennis great and a tech guru taking a stroll through one of the most romantic cities in the world. But today, they're recognized as one of the richest and most famous couples in America, with an estimated combined net worth of $189 million. So here is how the power couple makes and spends their money.

When he was just 22, Ohanian cofounded the social-media platform Reddit with his friend Steve Huffman. In 2006, they reportedly sold it for at least $10 million. In 2014, Ohanian rejoined the company as an executive chairman. Today, his creation is the third-most-visited website in the US, valued at $3 billion.

He's also branched out from Reddit, cofounding Initialized Capital, a venture capital firm that manages $500 million in assets. He's also worked with Breadpig and Hipmunk. Ohanian paid tribute to his heritage with the 2018 launch of Shakmat, an Armenian brandy. In 2018, his net worth totaled $9 million, while Serena's net worth is an estimated $180 million.

Her financial success comes as no surprise. With the most Grand Slam titles of any player, Serena Williams dominates the sport. Throughout her career, she's won 72 titles, winning 796 matches and only losing 133. Tennis players make a lot of money when they win a tournament title. Just for reference, in 2018, US Open winners were awarded $3.8 million each. Serena's career prize money alone totals $88 million, which is $50 million more than any other professional women's tennis player. But she makes even more from sponsorship deals.

In 2004, she signed a five-year, $40 million endorsement deal with Nike, and she's since signed other deals for undisclosed amounts. Williams also has sponsorships with Gatorade, Beats by Dre, Aston Martin, Intel, Wilson, and more. Forbes estimates that she earns $18 million a year from her endorsements. And she's turned some of that money into other business opportunities. She and her sister Venus bought stakes in the Miami Dolphins and the UFC, and she even launched her own clothing line.

The couple's combined success allows them to lead opulent lives. They met in 2015 at the Rome Cavalieri Hotel, which houses Rome's only three-Michelin-star restaurant. A month later, they had their first date, that jaunt in Paris I told you about. After the date, Williams would go on to win the French Open to complete her 20th Grand Slam.

They kept their relationship quiet, but throughout 2016, Ohanian became a very outspoken tennis fan on Instagram. After a few months, he debuted on her Instagram, captioned as "the nerd." Then, he became a regular on her feed. At the end of 2016, Ohanian proposed at the Cavalieri where they first met. Her ring is reportedly worth more than $2 million.

In 2017, the couple welcomed their daughter, Alexis Olympia Ohanian, Jr., into the world. And she's living the good life. She wears Burberry dresses, goes yachting, and even hangs out with tennis stars like Novak Djokovic. And at 3 months old, she became the youngest person to grace the cover of Vogue. The family lives in a $6.7 million home in Beverly Hills.

A month after their daughter was born, the couple tied the knot in a luxurious wedding in Louisiana. Serena wore $3.5 million worth of jewelry and changed designer dresses three times. Their guests included Beyoncé, Kelly Rowland, Kim Kardashian West, and many more. The power couple even had a carousel in the middle of the room.

For all of their opulence, the duo is very philanthropic. Williams started the Serena Williams Fund to promote equity for all people. She's also a United Nations Goodwill Ambassador and has supported Colin Kaepernick's activism. Ohanian is outspoken about digital rights and was part of a group that donated $1.75 million to a nonprofit that teaches tech skills.

Since that walk in Paris, they've been extremely successful, but they know that family comes first.

Serena Williams: It was definitely hard, but it's also so fulfilling. I just feel like life is just better now, even though I've had so much success in my life. I just feel like it's just better now.

Original author: Steve Cameron and Meredith Cash

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27

Meta reports Q2 operating loss of $2.8B for its metaverse division

By Hillery Hunter, IBM Fellow, VP, and CTO, Cloud Infrastructure, IBM

Cloud infrastructure has become a ubiquitous part of our daily lives. While most people primarily associate the cloud with backing up their phone or storing photos online, you're actually using the cloud in more ways than you may realize.

The cloud plays a critical role when we check in at the airport, interact with customer support from our favorite store, use a mobile banking app, or check the weather forecast. But even these experiences are just starting to scratch the surface of the impact that the cloud can have on our lives.

So, what actually is "the cloud" and why is it important? Let's start by taking a step back.

What is the cloud: beyond infrastructure as a service

The concept of cloud computing was introduced in the mid-2000s. It started as a way for businesses to rent IT infrastructure and computing power ("infrastructure as a service") and access software at a massive global scale. This first chapter of cloud was all about driving productivity and cost benefits, and, for many, this model of cloud has become the new dial tone of IT. But as time passes, the definition of cloud must evolve and grow.

The real value of cloud today is not defined solely by the productivity and cost benefits of renting computing power on-demand. Instead, the value of cloud is being redefined by how it can help businesses innovate with confidence and security, and profoundly change the way companies work.

Entering chapter two

Cloud adoption has grown rapidly, and today we find that almost all companies are using some form of cloud. However, research estimates that only approximately 20% of an enterprise's applications are in the cloud today.

We are now entering chapter two, where we will focus on getting the next 80% of workloads — the mission-critical ones — to the cloud to optimize everything from supply chains to sales transactions.

As we enter this next chapter, the definition of cloud is expanding and companies are now viewing it as an opportunity to incorporate existing IT and private cloud environments with new public cloud capabilities like AI and analytics completely underpinned by security. Moreover, they need to be able to easily choose where to deploy their workloads across all of these environments, which requires a commitment to open source technology and increased automation and management. This is a hybrid cloud approach, and this strategy is helping companies find new ways to solve age-old challenges, launch brand new business services, completely transform user and employee experiences, and much more.

This higher value hybrid cloud opportunity is already starting to enable truly transformative work.

For example, STOP THE TRAFFIK is using AI on the IBM Cloud to combat human trafficking, which victimizes an estimated 40.3 million people worldwide, according to a 2017 study. IBM is working with STOP THE TRAFFIK and its partners Barclays, Europol, Liberty Shared, Lloyd's Banking Group, University College London, Western Union, and others to develop Traffik Analysis Hub (TAHub), a platform that enables institutions to share data and provide its analysts with enhanced information to help combat human trafficking. Using AI and machine learning on the cloud, the tool is trained to recognize and detect specific human trafficking terms and incidents. AI also enables the hub to ingest open source data at scale — including thousands of daily news feeds — to help analysts identify the characteristics of human trafficking incidents more easily.

Realizing this kind of impact requires a much more strategic approach to cloud computing than just adopting infrastructure as a service for productivity improvements. It requires a focus on data sets, industry and business process expertise, and iron-clad agreements on data use and ownership. It requires transparency, confidence, and security. It requires pioneering technology capabilities in areas such as AI, blockchain, and cybersecurity. Most importantly, it requires an open, hybrid approach that spans public cloud, private cloud, and existing IT.

The future of cloud

It is usually impossible to predict the transformative effect of emerging technology. Whether it's broadband or the programmable computer of the 1960s or the internet of the 1990s, the initial business models are usually little more than "fireflies before the storm," as Lou Gerstner famously said of the first internet content publishing boom.

Similarly today, we cannot yet see the full force of transformation that cloud computing will yield. But as we enter chapter two and the cloud evolves well beyond infrastructure as a service, we can be sure that its value will be much greater than just a dial tone. We've only started to scratch the surface of its potential.

This post is sponsor content from IBM and was created by IBM and Insider Studios.

Original author: Sponsor Post

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31

We tried Google’s new augmented reality feature for Maps that’s currently available only on its Pixel smartphones, and we don’t know what we’d do without it. (GOOG, GOOGL)

Anyone visiting a new city knows the confusion of emerging from a subway station and trying to figure out in which direction to turn. Even with your maps app open, orienting yourself in an unfamiliar place can be difficult and lead to some missteps.

That's why Google's new augmented reality (AR) feature for Maps is so helpful. Using your phone's camera, Google Maps identifies your location and places signs and arrows on your screen to show you where you need to go.

At Google's I/O conference earlier this month, the company announced that the Maps AR feature was now available on its lineup of Pixel smartphones. Google has not yet said when the feature will be rolled out more broadly, but its now in the hands of real people, using real Pixel smartphones.

In February, the Google Maps team gave Business Insider the chance to try out its new AR feature, and ever since, we've been eagerly awaiting its arrival on more devices.

Here's what it was like to use the new Google Maps AR feature on the streets of San Francisco:

Original author: Nick Bastone

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