Aug
04

GraphQL is a big deal: Why isn’t it the industry standard for database querying?

The Galaxy S10e is one of just a few Android devices that could convince me it's time to make the switch from iPhone. Hollis Johnson/Business Insider

For the past five years, I've been aboard the iPhone train.

I switched from Android to iPhone shortly after graduating from college, purchasing a gold iPhone 5S that served me well for about 2.5 years. I later upgraded to an iPhone 6S, and these days I'm using an iPhone X.

Lately, however, I've been experiencing a bit of iPhone fatigue. Sure, there's still a lot to love about iPhones and Apple products as a whole. But sometime last year — perhaps around the time I had a rough experience with the Apple repair process— I started to feel like I was ready to at least look around for a device outside the Apple ecosystem.

I'm lucky enough to try a lot of different devices, and have raved about my love of the Google Pixel 2 and Pixel 3 in the past.

Still, I haven't been able to find "the one" — the device that would make me give up iMessage, FaceTime, the App Store, regular updates, beautiful, high-end design, and the various other iPhone perks I've come to love and depend on.

But for the past few weeks, I've been trying out the Samsung Galaxy S10e, one of several new smartphones Samsung debuted in February. It's not Samsung's flagship device, but rather a smaller, more affordable alternative that loses some features— features that, honestly, aren't that big a deal.

Since I started testing it, I've discovered that the Galaxy S10e is one of just a few Android devices that could convince me it's time to make the switch. Here's why.

Original author: Avery Hartmans

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Apr
28

Tesla needs to hire someone to build the Model 3 so it can focus on the Model Y (TSLA)

Tesla's Model 3 had a difficult birth, but the vehicle is now a success. The company built 63,000 in the first quarter, surpassing what was once considered a respectable yearly output before the Model 3 launched in mid-2016.

The Model 3 has also enabled Tesla to build a commanding, near-monopoly share of the US luxury electric-vehicle market. There's a catch, however: the Model 3 is a sedan, and consumers have shifted decisively away from four-doors.

While BMW, Audi, Mercedes and other premium marques have stuck with their stalwart sedans, they've also been on a tear of introducing crossover SUVs. Meanwhile, Detroit is jettisoning mass-market saloons: Fiat Chrysler Automobiles, Ford, and GM have each moved in this direction over the past two years.

Read more:Tesla just entered uncharted territory

The product trend is structural rather than cyclical; crossovers can deliver fuel-economy and a driving experience that's far more car-like, so consumers are choosing them over sedans for their versatility. In this context, Tesla can expect to sell at least twice as many of its newly unveiled crossover, the Model Y, as it can the Model 3.

Model Y vs. Model 3

The Tesla Model 3. Hollis Johnson/Business Insider

The Model Y should enter mass production in 2020, assuming Tesla can figure out how to build it — and where to build it.

On a conference call with analysts after reporting Q1 earnings last week, CEO Elon Musk said that Tesla had ordered the tooling it needs to manufacture Model Y, but that the company hasn't decided whether to expand its footprint at its California factory or to produce Model Y in Nevada at its battery factory, where the future vehicle's drivetrain will be manufactured.

There are no car factories in Nevada and one car factory in California for a reason: the US automotive supply chain is concentrated in the Midwest and in the South. West of the Mississippi, Tesla is basically the only game in town. Beyond that, Tesla should plan on Model 3 demand tapping out in the US due to the declining popularity of sedans. Whatever available US capacity Tesla has should be devoted to Model Y.

BUT ... what about Model 3? Well, in Q1 Tesla struggled to get the vehicles from California to Europe, contributing to a $700-million loss. Outside the US, there could still be some Model 3 demand to exploit. But any time wasted manufacturing it in the US is time robbed from Model Y.

Tesla could hire somebody to build the Model 3

Magna is the world's largest auto contract manufacturer. Magna

Enter a contract manufacturer. The world's biggest is Magna. This Canadian firm builds vehicles for a variety of big names, including BMW and Mercedes. They have European capabilities, and when I spoke to CEO Don Walker in 2018, he said that Magna could theoretically bolster a carmaker's production in a year to a year and a half, assuming the company was being asked to build a vehicle that had already been designed and engineered.

"We're open to working for any customer," Walker said.

I'm under no illusion that Tesla would actually take my advice. Musk & Co. have had years to contract out manufacturing and have stubbornly avoided that route. The Model Y sounds like it's going to be very much an all-Tesla deal.

And that's fine, because various auto experts have been pointing out for years how bad Tesla is at building cars — and Tesla is still the only successful new US carmaker to emerge in decades. Musk has no shortage of critics, but with Tesla, he's defied odds so massive that they've turned away most aspirants to auto glory since the 1920s.

That said, if Tesla did hire Magna and begin to transition Model 3 to European production, it would be far better positioned to aggressively attack the crossover market before a sales downturn hits the US, probably in late 2020 or early 2021.

It's worth noting that as Tesla starts production on the Model Y, it should also be firing up manufacturing of its Semi and perhaps its new Roadster. I don't think the company has the bandwidth to deal with that many platforms coming through its systems — and I haven't even mentioned Tesla's Shanghai factory, which should be operational by 2021.

The upshot here is obvious: Tesla could use some help. Model Y could be the most important vehicle in its lineup and it deserves 110% of the company's attention. There's no shame in asking for an assist.

Original author: Matthew DeBord

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Apr
28

We drove a $50,000 Chrysler 300S sedan to see if it's worth the price. Here's our verdict.

Chrysler is one of the iconic brands of American business. Through thick and thin, the Auburn Hills, Michigan-based automaker has endured.

Following a 2014 merger with Italy's Fiat SPA, Fiat Chrysler Automobiles (FCA) is as strong as ever. However, the Chrysler brand within FCA has withered in recent years.

For the 2019 model year, it boasts a lineup consisting of just two models — the 300 sedan and the Pacifica minivan.

The 300 is one of Chrysler's most-enduring nameplates — dating back to the mid-1950s. The "300" branding was resurrected in 1998 after being dormant since the 1970s.

In 2003, Chrysler introduced the incarnation of the 300 sedan with which we are familiar today. The retro-chic full-size luxury sedan remained in production until 2010 when it was replaced with a second generation variant for the 2011 model year.

Read more:We drove an all-new $90,000 Range Rover Velar SUV to see if it has what it takes to challenge Mercedes and BMW. Here's the verdict.

Apart from a facelift in 2015, the second-generation 300 soldiers on for the 2019 model year.

Recently, Business Insider had the chance to spend a week with a 2019 Chrysler 300S AWD clad in an attractive Ocean Blue Metallic paint job.

The base 2019 Chrysler 300 Touring starts at $29,220. The mid-grade Touring L trim opens up at $32,865 while the sporty "S" trim has a $36,395 entry price. The more premium Limited and top-spec "C" trims boast $38,245 and $41,695 price tags, respectively. All-wheel-drive is available on select trim levels as a $2,500 option.

With options included our sport-focused 2019 Chrysler 300S with all-wheel-drive came to an as-tested price of $50,265.

Original author: Benjamin Zhang

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Aug
06

Customer and employee experience mistakes to avoid and how AI can help

Lyft shares have plunged

Markets Insider

Things were looking pretty good for Lyft a little over a month ago.

The ride-hailing company priced its initial public offering at $72 a share in late March, giving it a valuation of about $24 billion.

That pricing was at the upper-end of Lyft's projected range, and Reuters reported the IPO was oversubscribed.

But shares took a turn for the worse, and have yet to recapture their opening-trade high.

After opening at $87.24, shares slid throughout the session on their opening day, and closed at $77.75. Lyft then fell below its IPO price during its second day of trading.

The stock has now fallen 20% from its $72 pricing, and a whopping 35% from where shares began trading. Shares hit a new low of $54.35 on Friday, but finished the day higher.

Wall Street is overwhelmingly bullish

REUTERS/Dylan Martinez

Wall Street is uber bullish on Lyft. It wasn't always that way.

Of analysts polled by Bloomberg, 14 rate the stock a "buy," eight say "hold," and just one recommends "sell."

The largely positive ratings came after major Wall Street firms like JPMorgan and Credit Suisse, some of Lyft's lead underwriters, were permitted to comment on the stock earlier this week after the post-IPO "quiet period" ended.

Prior to that, Wall Street was more neutral, citing increasing competition and the company's unclear path to profitability.

"Our bull thesis is driven by the company's significant market opportunity, its history of innovation, and its path to profitability as the business scales," JPMorgan analysts led by Doug Anmuth, who have an $82 price target, wrote in a research note earlier this week.

Uber's public debut is an imminent threat

Getty

Uber -the biggest threat analysts see to Lyft's competitive position in the ride-hailing market - keeps tripping up its smaller rival.

Lyft shares slumped to a fresh post-IPO low on Friday, at $54.35 a share, after rival Uber updated its S-1 filing with the Securities and Exchange Commission. That's the second time this month that Uber's IPO filing has punished Lyft shares. Earlier in April, when Uber filed to go public, Lyft fell to its lowest level up until that point as analysts expressed concerns about competition.

By sheer size and market share around the world, Uber is much larger than Lyft. Uber is shooting for a valuation as high as $90 billion, while Lyft debuted near $24 billion.

"While Lyft is purely a domestic vendor within the US, there remains some wild cards around the path of the company's autonomous vehicle ambitions, international expansion," as well as further market-share gains, Wedbush analyst Dan Ives wrote in a March note to clients.

Short-sellers are targeting the stock

Mario Tama/Getty Images

Short-sellers have ratcheted up their bets against Lyft.

While the first tally for borrowed shares came in at 9.4 million in early April, that amount has increased by 7.5 million to 16.9 million, according to an IHS Markit analysis.

Earlier this month, Lyft quickly became the most expensive US-listed stock to short, according to Markit's analysis of borrowing activity and associated fees. Borrowing costs have come down significantly, however, so that's no longer the case.

To be sure, newly public companies are often a boon for short-sellers looking to make money on waning enthusiasm after the IPO hype dies down.

"This is typical for IPOs, what was really notable about LYFT was how high the fee was for the first day, however over first few days it declined dramatically," Sam Pierson, the director of securities finance at IHS Markit, said in an email on Friday.

Valuing Lyft and other ride-hailing apps is hard

Getty Images

Ride-hailing companies are new to the public markets, and analysts accustomed to comparing newly public companies to existing peers have expressed difficulty with the task.

And there are so many uncertain elements to consider. Lyft lost $911 million last year, and while that's not uncommon for startups seeking to accelerate growth, its track record makes it difficult to assess future profitability and gauge what the company is actually worth.

Uber, meanwhile, estimated that it lost at least $1 billion in the first quarter of this year alone.

"In our view, valuation is the toughest task with LYFT," said Michael Ward, a Seaport Global analyst, who has the sole "sell" rating on Wall Street.

"Most investors are familiar with the brand name and the service. In order to justify its current market valuation, investors need to take a big leap of faith that the millennials and later generations will forego ownership of a car and opt instead for reliance on a ridesharing service."

At the same time, analysts are trying to navigate what kind of impact they think Uber will have when it finally begins trading.

"While our analysis of unit economics suggests profitability is possible (which we model to occur within seven years), the extremely competitive nature of the space and going up against an aggressive #1 player in Uber makes it tough to predict future customer acquisition costs as well as rider and driver retention," Susquehanna analyst Shyam Patil wrote in a note to clients last week.

Original author: Rebecca Ungarino

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Apr
28

America's hottest startups are sounding the alarm about Brexit as they prepare to go public

Some of America's buzziest billion-dollar startups are quietly setting off warnings about the risks that Brexit could pose to their businesses and to the broader technology industry.

After years of staying private and growing to ever-inflated valuations thanks to rivers of venture capital funding, startups like transportation firm Uber and work messaging app Slack are finally gearing up to go public. In the process, they are required to release detailed financial information and documentation about their businesses — and nestled among dozens of pages of legalese are warnings about the risks being created by Britain leaving the European Union.

"Exposure to political developments in the United Kingdom, including the outcome of the U.K. referendum on membership in the European Union, could harm us," Slack warns potential investors in its S-1 documents filed on Friday.

The companies call out a laundry list of potential hazards that Brexit could pose — from uncertainty around employment law and issues around financial regulation, to the risk of decreased investment in the UK, that could have knock-on effects for the entire British technology industry.

SEE ALSO: British techies in Silicon Valley are watching Brexit unfold with barely concealed horror

The red flags raised by these startups illustrate the trepidation with which many international companies are viewing the United Kingdom due to ongoing Brexit uncertainty — and the breadth of the hurdles it is creating for them.

After voting to leave the European Union in a referendum in 2016, the UK was originally scheduled to formally exit on March 29. But after being bogged down in protracted negotiations with the European Union about the terms of its exit, while also facing fierce domestic disagreement about the best path forward, Britain has now delayed Brexit until the end of October 2019.

The final form Brexit will take (or even if it will ultimately take place) remains unclear, clouding the British business and political landscape with paralyzing uncertainty.

The concerns are myriad

The different companies raise different concerns about potential implications of Brexit. A key concern raised by Slack is how Britain's final potential deal with the EU will affect its laws on handling user data — a subject of obvious concern to a platform for enterprise messaging.

"Depending on the terms reached regarding any exit from the European Union, or if no such terms are reached, it is possible that there may be adverse practical or operational implications on our business," it warns. "For example, the UK Data Protection Act that substantially implements the GDPR became effective in May 2018. It remains unclear, however, how United Kingdom data protection laws or regulations will develop in the medium to longer term and how data transfers to and from the United Kingdom will be regulated."

File storage service Drobpox, which went public in 2018, also brought up concerns around data protection regulation: "In particular, it is unclear whether the United Kingdom will enact data protection laws or regulations designed to be consistent with the pending EU General Data Protection Regulation and how data transfers to and from the United Kingdom will be regulated." In the year-plus since then, this issue has still not been resolved.

Uber, meanwhile, has an entire shopping list of worries: "Financial laws and regulations (including relating to payment processing), tax and free trade agreements, intellectual property rights, supply chain logistics, environmental, health and safety laws and regulations, immigration laws," and so on.

The companies' warnings, in full

You can read the full relevant sections from the companies' risk factors in their S-1's below. (Emphasis added by Business Insider.)

Here's Slack:

Exposure to political developments in the United Kingdom, including the outcome of the U.K. referendum on membership in the European Union, could harm us.

On June 23, 2016, a referendum was held on the United Kingdom's membership in the European Union, the outcome of which was a vote in favor of leaving the European Union. The United Kingdom's vote to leave the European Union has created an uncertain political and economic environment in the United Kingdom and across other European Union member states. The result of the referendum means that the long-term nature of the United Kingdom's relationship with the European Union is unclear and that there is considerable uncertainty as to whether and when any such relationship will be agreed and implemented. The political and economic instability created by the United Kingdom's vote to leave the European Union has caused and may continue to cause significant volatility in global financial markets and the value of the British Pound or other currencies, including the Euro. Depending on the terms reached regarding any exit from the European Union, or if no such terms are reached, it is possible that there may be adverse practical or operational implications on our business. For example, the UK Data Protection Act that substantially implements the GDPR became effective in May 2018. It remains unclear, however, how United Kingdom data protection laws or regulations will develop in the medium to longer term and how data transfers to and from the United Kingdom will be regulated and how those regulations may differ from those in the European Union. Further, the United Kingdom's exit from the European Union may create increased compliance costs and an uncertain regulatory landscape for offering equity-based incentives to our employees in the United Kingdom. If we are unable to maintain equity-based incentive programs for our employees in the United Kingdom due to the departure of the United Kingdom from the European Union, our business in the United Kingdom may suffer and we may face legal claims from employees in the United Kingdom to whom we previously offered equity-based incentive programs.

Here's Uber:

Additionally, the United Kingdom held a referendum on June 23, 2016, to determine whether the United Kingdom should leave the European Union ("EU") or remain as a member state, the outcome of which was in favor of leaving the EU, which is commonly referred to as Brexit. Lack of clarity about future U.K. laws and regulations as the United Kingdom determines which EU rules and regulations to replace or replicate in the event of a withdrawal, including financial laws and regulations (including relating to payment processing), tax and free trade agreements, intellectual property rights, supply chain logistics, environmental, health and safety laws and regulations, immigration laws, and employment laws, could decrease foreign direct investment in the United Kingdom, increase costs, depress economic activity, and restrict access to capital.

Here's Dropbox:

We also expect that there will continue to be new laws, regulations, and industry standards concerning privacy, data protection, and information security proposed and enacted in various jurisdictions. For example, European legislators have adopted a General Data Protection Regulation, or GDPR, that will, when effective in May 2018, supersede current European Union, or EU, data protection legislation, impose more stringent EU data protection requirements, and provide for greater penalties for noncompliance. Further, following a referendum in June 2016 in which voters in the United Kingdom approved an exit from the EU, the United Kingdom government has initiated a process to leave the EU, or Brexit. Brexit has created uncertainty with regard to the regulation of data protection in the United Kingdom. In particular, it is unclear whether the United Kingdom will enact data protection laws or regulations designed to be consistent with the pending EU General Data Protection Regulation and how data transfers to and from the United Kingdom will be regulated. Additionally, although we have self-certified under the U.S.-EU and U.S.-Swiss Privacy Shield Frameworks with regard to our transfer of certain personal data from the EU and Switzerland to the United States, some regulatory uncertainty remains surrounding the future of data transfers from the EU and Switzerland to the United States, and we are closely monitoring regulatory developments in this area.

Here's Zoom:

We also expect that there will continue to be new laws, regulations and industry standards concerning privacy, data protection and information security proposed and enacted in various jurisdictions. For example, in May 2018, the General Data Protection Regulation (GDPR) went into effect in the European Union (EU). The GDPR imposed more stringent data protection requirements and provides greater penalties for noncompliance than previous data protection laws, including potential penalties of up to €20 million or 4% of annual global revenues. Further, following a referendum in June 2016 in which voters in the United Kingdom approved an exit from the EU, the United Kingdom government has initiated a process to leave the EU, known as Brexit. Brexit has created uncertainty with regard to the regulation of data protection in the United Kingdom. In particular, although the United Kingdom enacted a Data Protection Act in May 2018 that is designed to be consistent with the GDPR, uncertainty remains regarding how data transfers to and from the United Kingdom will be regulated. Additionally, although we have self-certified under the U.S.-EU and U.S.-Swiss Privacy Shield Frameworks with regard to our transfer of certain personal data from the EU and Switzerland to the United States, some regulatory uncertainty remains surrounding the future of data transfers from the EU and Switzerland to the United States, and we are monitoring regulatory developments in this area.

(Lyft, which doesn't operate outside of North America, has no mention of Brexit or the EU of any kind. There's also nothing in social network Pinterest's S-1, or for music streaming app Spotify, which went public in 2018 and is headquartered in Sweden but has a large US presence.)

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

Read more:

Original author: Rob Price

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Apr
28

The latest smartphone from the best phone maker you've never heard of is coming in 3 weeks — here's what we know so far

We already know for a fact that OnePlus is releasing a OnePlus 7 "Pro." Antonio Villas-Boas/Business Insider

Rather than letting the rumor mill conjure up a bunch of things about its upcoming smartphones, OnePlus has offered at least a few details up front.

We know for a fact that OnePlus is releasing a OnePlus 7 "Pro," but a regular OnePlus 7 model is still stuck in the rumor mill.

Below, you'll find everything we know about the OnePlus 7 Pro and the regular OnePlus 7, starting off with things we know and tapering off into good old-fashioned rumors.

Check it out:

Original author: Antonio Villas-Boas

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Aug
06

Why AIops may be necessary for the future of engineering

The San Francisco Bay Area is a global powerhouse at launching startups that go on to dominate their industries. For locals, this has long been a blessing and a curse.

On the bright side, the tech startup machine produces well-paid tech jobs and dollars flowing into local economies. On the flip side, it also exacerbates housing scarcity and sky-high living costs.

These issues were top-of-mind long before the unicorn boom: After all, tech giants from Intel to Google to Facebook have been scaling up in Northern California for over four decades. Lately however, the question of how many tech giants the region can sustainably support is getting fresh attention, as Pinterest, Uber and other super-valuable local companies embark on the IPO path.

The worries of techie oversaturation led us at Crunchbase News to take a look at the question: To what extent do tech companies launched and based in the Bay Area continue to grow here? And what portion of employees work elsewhere?

For those agonizing about the inflationary impact of the local unicorn boom, the data offers a bit of reassurance. While companies founded in the Bay Area rarely move their headquarters, their workforces tend to become much more geographically dispersed as they grow.

Headquarters ≠ headcount

Just because a company is based in Northern California doesn’t mean most workers are there also. Headquarters, our survey shows, does not always translate into headcount.

“Headquarters location can often be the wrong benchmark to use to identify where employees are located,” said Steve Cadigan, founder of Cadigan Talent Ventures, a Silicon Valley-based talent consultancy. That’s particularly the case for large tech companies.

Among the largest technology employers in Northern California, Crunchbase News found most have fewer than 25 percent of their full-time employees working in the city where they’re headquartered. We lay out the details for 10 of the most valuable regional tech companies in the chart below.

With the exception of Intel, all of these companies have a double-digit percentage of employees at headquarters, so it’s not as if they’re leaving town. However, if you’re a new hire at Silicon Valley’s most valuable companies, it appears chances are greater that you’ll be based outside of headquarters.

Tesla, meanwhile, is somewhat of a unique case. The company is based in Palo Alto, but doesn’t crack the city’s list of top 10 employers. In nearby Fremont, Calif., however, Tesla is the largest city employer, with roughly 10,000 reportedly working at its auto plant there.(Tesla has about 49,000 employees globally.)

Unicorns flock to San Fran, workers less so

High-valuation private and recently public tech companies can also be pretty dispersed.

Although they tend to have a larger percentage of employees at headquarters than more-established technology giants, the unicorn crowd does like to spread its wings.

Take Uber, the poster child for this trend. Although based in San Francisco, the ride-hailing giant has fewer than one-fourth of its employees there. Out of a global workforce of around 22,300, only about 5,000 are SF-based.

It’s unclear if that kind of breakdown is typical. We had trouble assembling similar geographic employee counts at other Bay Area unicorns, mainly because cities break out numbers only for their 10 largest employers. The lion’s share of regional unicorns are San Francisco-based, and of them only Uber made the Top 10.

That said, there is another, rougher methodology for assessing who works at headquarters: job postings. At a number of the most valuable Bay Area-based unicorns — including Airbnb, Juul, Lime, Instacart, Stripe and the now-public Lyft —  a high number of open positions are far from the home office. And as we wrote last year, private companies have been actively seeking out cities to set up secondary hubs.

Even for earlier-stage startups, it’s not uncommon to set up headquarters in the San Francisco area for access to financing and networking, while doing the bulk of hiring in another location, Cadigan said. The evolution of collaborative work tools has also enabled more companies to add staff working remotely or in secondary offices.

Plus, of course, unicorn startups tend to be national or global in focus, and that necessitates hiring where their customers are located.

Take our jobs, please

As we wrap up, it’s worth bringing up how unusual it once was for denizens of a metro area to oppose a big influx of high-skill jobs. In the past couple of years, however, these attitudes have become more common. Witness Queens residents’ mixed reactions to Amazon’s HQ2 plans. And in San Francisco, a potential surge of newly minted IPO millionaires is causing some consternation among locals, along with jubilation among the realtor crowd.

Just as college towns retain room for new students by graduating older ones, however, it seems reasonable that sustaining Northern California’s strength as a startup hub requires locating jobs out-of-area as companies scale. That could be good news for other cities, including Austin, Phoenix, Nashville, Portland and others, which have emerged as popular secondary locations for fast-growing unicorns.

That said, we’re not predicting near-term contraction in Bay Area tech employment, particularly of the startup variety. The region’s massive entrepreneurial and venture ecosystem keeps on producing valuable newcomers well-capitalized to keep hiring.

Methodology

We looked only at employment at company headquarters (except for Apple) . Companies on the list may have additional employees based in other Northern California cities. For Apple, we included all Silicon Valley employees, per estimates by the Silicon Valley Business Journal.

Numbers are rounded to the nearest hundred for the largest employers. Most of the data is for full-time employees only. Large tech employers hire predominantly full-time for staff positions, so part-time, whether included or not, is expected to reflect only a very small percentage of employment.

Cities list their 10 largest employers in annual reports. We used either the annual reports themselves or data excerpted in Wikipedia, using calendar year 2017 or 2018.

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Apr
27

Thought Leaders in Healthcare IT: Life Image CEO Matthew Michela (Part 4) - Sramana Mitra

Matthew Michela: Because data is so hard to get even in this new world of statistical evaluation in front of us, the data that you use is still inadequate. What data is easily accessible? Claims data...

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Original author: Sramana Mitra

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Apr
27

Building a New Insurance Company From Scratch: Clearcover CEO Kyle Nakatsuji (Part 3) - Sramana Mitra

Kyle Nakatsuji: When we started, we had really no money to invest but we had the ability to invest through the typical vendor payment process. We were making very small investments as an entrepreneur...

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Original author: Sramana Mitra

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Aug
06

Secure second-factor authentication for custodial wallets

TechCrunch’s Connie Loizos published some interesting stats on seed and Series A financings this week, courtesy of data collected by Wing Venture Capital. In short, seed is the new Series A and Series A is the new Series B. Sure, we’ve been saying that for a while, but Wing has some clean data to back up those claims.

Years ago, a Series A round was roughly $5 million and a startup at that stage wasn’t expected to be generating revenue just yet, something typically expected upon raising a Series B. Now, those rounds have swelled to $15 million, according to deal data from the top 21 VC firms. And VCs are expecting the startups to be making money off their customers.

“Again, for the old gangsters of the industry, that’s a big shift from 2010, when just 15 percent of seed-stage companies that raised Series A rounds were already making some money,” Connie writes.

As for seed, in 2018, the average startup raised a total of $5.6 million prior to raising a Series A, up from $1.3 million in 2010.

Now on to IPO updates, then a closer look at all the companies raising big rounds. Want more TechCrunch newsletters? Sign up here. Contact me at This email address is being protected from spambots. You need JavaScript enabled to view it. or @KateClarkTweets.

IPO corner

Slack: The workplace communication software provider dropped its S-1 on Friday ahead of a direct listing. That’s when companies sell existing shares directly to the market, allowing them to skip the roadshow and minimize the astronomical fees typically associated with an initial public offering. Here’s the TLDR on financials: Slack reported revenues of $400.6 million in the fiscal year ending January 31, 2019, on losses of $138.9 million. That’s compared to a loss of $140.1 million on revenue of $220.5 million for the year before. Slack’s losses are shrinking (slowly), while its revenues expand (quickly). It’s not profitable yet, but is that surprising?

Zoom was the Slack we thought Slack was all along.

— alex (PVD) (@alex) April 26, 2019

Uber: The ride-hail giant is fast approaching its IPO, expected as soon as next week. On Friday, the company established an IPO price range of $44 to $50 per share to raise between $7.9 billion and $9 billion at a valuation of approximately $84 billion, significantly lower than the $100 billion previously reported estimations. The most likely outcome is Uber will price above range and all the latest estimates will be way off course. Best to sit back and see how Uber plays it. Oh, and PayPal said it would make a $500 million investment in the company in a private placement, as part of an extension of the partnership between the two.

There are a lot of fascinating companies raising colossal rounds, so I thought I’d dive a bit deeper than I normally do. Bear with me.

Carbon: The poster child for 3D printing has authorized the sale of $300 million in Series E shares, according to a Delaware stock filing uncovered by PitchBook. If Carbon raises the full amount, it could reach a valuation of $2.5 billion. Using its proprietary Digital Light Synthesis technology, the business has brought 3D-printing technology to manufacturing, building high-tech sports equipment, a line of custom sneakers for Adidas and more. It was valued at $1.7 billion by venture capitalists with a $200 million Series D in 2018.

Canoo: The electric vehicle startup formerly known as Evelozcity is on the hunt for $200 million in new capital. Backed by a clutch of private individuals and family offices from China, Germany and Taiwan, the company is hoping to line up the new capital from some more recognizable names as it finalizes supply deals with vendors, according to reporting from TechCrunch’s Jonathan Shieber. The company intends to make its vehicles available through a subscription-based model and currently has 400 employees. Canoo was founded in 2017 after Stefan Krause, a former executive at BMW and Deutsche Bank, and another former BMW executive, Ulrich Kranz, exited Faraday Future amid that company’s struggles.

Starry: The Boston-based wireless broadband internet startup has authorized the sale of Series D shares worth up to $125 million, according to a Delaware stock filing. If Starry closes the full authorized raise it will hold a post-money valuation of $870 million. A spokesperson for the company confirmed it had already raised new capital, but disputed the numbers. The company has already raised more than $160 million from investors, including FirstMark Capital and IAC. The company most recently closed a $100 million Series C this past July.

Selina & Sonder: The Airbnb competitor Sonder is in the process of closing a financing worth roughly $200 million at a $1 billion valuation, reports The Wall Street Journal. Investors including Greylock Partners, Spark Capital and Structure Capital are likely to participate. Sonder is four years old but didn’t emerge from stealth until 2018. The startup, which turns homes into hotels, quickly attracted more than $100 million in venture funding. Meanwhile, another hospitality business called Selina has raised $100 million at an $850 million valuation. The company, backed by Access Industries, Grupo Wiese and Colony Latam Partners, builds living/co-working/activity spaces across the world for digital nomads.

Fresh funds: Mary Meeker has made history with the close of her new fund, Bond Capital, the largest VC fund founded and led by a female investor to date. Bond has $1.25 billion in committed capital. If you remember, Meeker ditched Kleiner Perkins last fall and brought the firm’s entire growth team with her. Kleiner said it was a peaceful split that would allow the firm to focus more on its early-stage efforts, leaving the growth investing to Bond. Fortune, however, reported this week that a power struggle of sorts between Meeker and Mamoon Hamid, who joined recently to reenergize the early-stage side of things, was a larger cause of her exit.

Plus, SOSV, a multi-stage venture firm that was founded as the personal investment vehicle of entrepreneur Sean O’Sullivan after his company went public in 1994, has raised $218 million for its third fund. The vehicle has a $250 million target that SOSV expects to meet. Already, the fund is substantially larger than the firm’s previous vehicle, which closed with $150 million.

A grocery delivery startup crumbles: Honestbee, the online grocery delivery service in Asia, is nearly out of money and trying to offload its business. Despite looking impressive from the outside, the company is currently in crisis mode due to a cash crunch — there’s a lot happening right now. TechCrunch’s Jon Russell dives in deep here.

Extra Crunch:When it comes to working with journalists, so many people are, frankly, idiots. I have seen reporters yank stories because founders are assholes, play unfairly, or have PR firms that use ridiculous pressure tactics when they have already committed to a story.” Sign up for Extra Crunch for a full list of PR don’ts. Here are some other EC pieces to hit the wire this week:

How old web technologies are being replaced by scalable and simpler new technology stacksWhy it’s so hard to know who owns HuaweiZwift CEO Eric Min on fitness gaming and bringing esports into the Olympics 

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 chat about Kleiner Perkins, Chinese IPOs and Slack & Uber’s upcoming exits. 

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Apr
27

Colors: Rough Sea, Aquamarine Night - 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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Apr
27

The CEO behind a David Beckham deepfake video thinks we will have totally convincing digital humans in 3 years

The CEO of a UK startup pioneering deepfake technology thinks we're just three years away from having computer-generated versions of actors that are so good, they're indistinguishable from real humans.

Victor Riparbelli, 27, cofounded Synthesia two years ago. The company made its first big splash in 2018 when it used its technology to make a BBC news anchor appear to be speaking Spanish, Mandarin and Hindi.

More recently the company applied its tech to soccer legend David Beckham. In collaboration with the campaign Malaria Must Die, Synthesia manipulated Beckham's facial features so that nine malaria survivors were able to speak through him — in nine different languages.

You can watch the video here:

Riparbelli told Business Insider that the actual filming was almost identical to a regular day on set. The only difference is before they shot Beckham delivering his lines, they had to train Synthesia's algorithm on his face.

To do this, Beckham just had to talk into the camera. There's no need for a script, although Riparbelli said they often give prompts to help people think of what to say. One example they suggest people talk about: what they had for breakfast that morning.

This footage is then translated into training data, teaching the algorithm how Beckham's face moves so it can create a digital model of him. The whole process takes about three to four minutes. "Once you've done that, it doesn't require any special hardware or cameras or anything like that," Riparbelli said.

You can watch more here about how Synthesia made the video:

Bridging the uncanny valley

Synthesia this week announced that it has raised $3.1 million in funding, some of which came from early investor Mark Cuban. Riparbelli told Business Insider that while at the moment the company's focused on advertising, the goal is to break into the world of TV and film special effects.

"As the company moves forward we are going to expand our platform and the plan is to start working with film and entertainment and make ideas come to life much [more easily] than they are today," he said. He added that the tech Synthesia is developing is the same process that is already used in Hollywood films, "we're just doing it with neural networks which make the process completely automatic."

Read more: Scarlett Johansson says trying to stop people making deepfake porn videos of her is a "lost cause"

In recent years we've increasingly seen CGI versions of actors and actresses crop up in films — think "Bladerunner" or "Star Wars: Rogue One." However, many of these digital actors fall into what's known as the "uncanny valley" — too realistic to be cute, not realistic enough to be totally convincing. There's just something a little off.

Riparbelli thinks we're very close to getting rid of the uncanny valley.

"I think in the next three years we will see a significant improvement in how we can create digital humans," he said. He added that Synthesia can already make photorealistic humans, "we just can't do it with films yet."

Business Insider asked whether the company has any interest in applying its tech to video games. "Right now it's not our focus, our focus is on producing photorealistic video, but who knows maybe one day in the future," he said.

Synthesia "can't escape" deepfakes' bad reputation

Synthesia's success has mirrored the rise of deepfakes, videos where AI software is used to map people's faces onto other people's bodies in a realistic and often disturbing way.

The tech has gained notoriety, as it has been used to harass women by grafting their faces onto porn videos, and has stirred more generalised fears around disinformation and fake news. Internally, Synthesia prefers to use the word "synthesis" so as to escape the negative connotations.

Nonetheless, Riparbelli is resigned to the fact that the outside world will keep on describing their tech as deepfakes. "We can't escape it, and we're also fine with that."

"Would I wish that we don't always get associated with that term? Yes, but in another way everybody knows what you're talking about when you talk about 'deepfake' right, because there really isn't any other word," he added.

Riparbelli doesn't find the world of deepfakery totally reprehensible. He said his favourite is the deepfake video of Steve Buscemi's face grafted onto Jennifer Lawrence, which went viral earlier this year.

Original author: Isobel Asher Hamilton

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Aug
05

Kaser Focus: Paldea, here I come

What do you think when you hear the words 'software developer'?

The cliché is someone who's a lifelong nerd or brogrammer type, almost inevitably male, and who has done a stint at Facebook, Google, or another major tech firm. They probably have a computer science or engineering qualification under their belt, and maybe went to an elite university.

Jacob Hsu is familiar with the pattern. Hsu is CEO of Catalyte, an IT services company, having joined in 2017. Headquartered in Baltimore, Catalyte manages software and digital transformation projects for clients such as Nike, making it much like any other IT services and consulting firm.

But Catalyte has an unusual approach to hiring teams of software engineers, which the company says results in a much more diverse workforce. To recruit trainee engineers, it uses an algorithm which does not factor in anything to do with applicants' social or educational backgrounds.

When Hsu first joined, he was sceptical that an algorithm could really result in diverse hiring.

"When I was just about to join, I thought the hiring process just can't work - I thought it must be impossible," he tells Business Insider.

Software engineering is a notoriously male-dominated field. In 2017, just 26% of professional computing occupations in the U.S. workforce were held by women, according to the National Center for Women & Information Technology. In 2018, the hiring programme HackerRank surveyed 14,000 software developers around the world, of whom only 2,000 were women.

But Hsu's experience at Catalyte was different.

"The moment I walked through the door, it hit me. Nearly a third of the programmers [at Catalyte] were African American. A third of the programmers were women. It was like nothing I'd ever seen."

Catalyte offers a two-year intensive training course in software development. When trainees have finished the course, the idea is that they will be competent enough to work as full-time software developers — whether for Catalyte and its clients or anywhere else.

The company's recruitment algorithm selects people for the training course, but applicants don't know they're being assessed by an algorithm. Instead, the application process is disguised as a traditional test.

As offbeat as Catalyte might sound, the company says it has grown seven-fold in two years, with its revenue growing from $10m to over $70 million.

Graduates of the programme work for companies including Microsoft, Amazon, and Paypal, and go from an average salary of $25,000 before to an average of $85,000 within 24 months of finishing.

"One-third of our software developers have no more than a high-school education"

In Catalyte's Baltimore office (which is also its headquarters), 28% of the office's software developers are African American. The African American population of Baltimore is 29%. The thinking is that Catalyte's local software teams should reflect the cities they work in.

"One of our programme graduates is an African-American lady who spent 16 years as a public school science teacher," Hsu said. "At one of the schools she taught at, she was asked to teach basic coding, which she had no prior experience of. She realised she had an aptitude for it, and that's what got her interested in our programme. But she said she would have dropped out of our programme were it not for the focus on teamwork."

Hsu believes the misconception that software development is solitary can put women off entering the industry. Maskot/Getty

Indeed, Hsu thinks the teamwork required by modern software development is also the reason why Catalyte takes on more female developers. "People often ask me about diversity in tech. I think the reason you see fewer women in software development is because it's viewed as a solitary activity.

"But modern software development is a team sport. The teams pull each other through. It's like going through the army. Nine out of ten people who undergo our training programme stay on permanently. But if they didn't have a peer group around them, they wouldn't survive our training. If I enrolled on our training programme now, I don't think I'd make it through."

Hsu claims the training is so thorough that clients assume teams of relative novices are old pros.

"When Michael [Rosenbaum, Catalyte's founder] was first establishing Catalyte, a company asked a Catalyte team to build some software for them, almost as a Hail Mary, " Hsu explains. "The team built it so efficiently that the company assumed they were ex-Navy Seals with college degrees. But our staff had worked at Taco Bell, or as Park Rangers, or as high-school teachers."

There are unlikely techies peppered throughout the company, he added.

"Our current director of training operations joined us eight years ago as a trainee software developer. Before joining us, he spent 20 years as a roofing contractor, but lost everything in the recession, including his house. The leadership skills he learned as a roofing contractor make his work at Catalyte easier.

"One-third of the developers we train have no more than a high-school education. We re-employ truck drivers, fast-food workers, architects - you name it."

On its site, Catalyte says it won't recruit people with felonies but Hsu said the company makes some exceptions.

"We have even hired people with criminal backgrounds. Usually, it's difficult to hire people with felonies, but we have done so on a case-by-case basis," he said.

How does an algorithm spot an unlikely but promising techie?

At a time when tech firms seem to be having trouble hiring diversely, how does Catalyte pull it off?

Hsu explained: "We put out ads stating that we're looking for trainee software developers who will ultimately go on to work for major companies, but we make it clear that no prior experience of software development is necessary."

According to one Fast Company profile, Catalyte posts job ads to Craigslist, a classifieds site more commonly used to find stuff like furniture on the cheap than to find a high-paying software job. Most engineers look in more conventional places for new gigs, like Stack Overflow.

Hsu continued: "In the test, there's a math section, an essay section, and a values section. But it's not about assessing your answers to those sections. You can score 100% on them and still fail to be selected for our programme.

Catalyte's recruitment algorithm takes into account 500 factors when assessing applicants. BII

"What we're really assessing is things like your keystroke data, how fast you move your eyes, how you interact with the interface, how many tabs you've got open in your browser ... there are around 500 different factors like this that the algorithm detects and takes into account when assessing candidates.

Essentially, he said, the algorithm assesses how people's minds work. "Software development is about finding the right information quickly, and changing your thinking on the basis of new information." On that basis, Catalyte tweaks its techie-finding algorithm constantly.

"What we do isn't charity"

This might all sound very noble, but it probably means very little to most software development businesses unless it actually gets results. Are Catalyte's software development teams really as good as teams assembled using traditional hiring methods? For Hsu, the answer is that they're better - significantly better, in fact.

"What we do isn't charity," he said. "Our unconventional software teams are outperforming traditional software, development teams. Our teams are ramping up in one to two sprints, not three to four. On average, our teams are three times as productive as traditional, tier one software development teams.

"We're picking extraordinary people like needles from a haystack."

Read more: Catalyte Bolsters Growth Trajectory with Two Executive Hires

These extraordinary people are not all from Silicon Valley, either. In fact, within the US, they're not collectively from anywhere in particular, which reinforces Hsu's fundamental belief: that talent is not concentrated in the major cities.

"We're proving that you can build software developments teams anywhere because talent is evenly distributed across society. We're starting up software teams side-by-side with our clients in places like Cincinnati, South Carolina, Ohio… we can generate proximity [to clients] on-demand."

"People often ask me 'why is your HQ in Baltimore?'," Hsu added. "It's to prove a point. We're proving that software development careers need not be confined to degree-holders in San Francisco.

Hsu says the company's HQ is in Baltimore "to prove a point" that software development need not be confined to Silicon Valley. Sean Pavone/Shutterstock

He continued: "People imagine all software developers are math nerds with four-year degrees. That's not true. They're more like self-taught musicians who have practiced. Whereas other companies have a preconception of what a successful person looks like, and find people to fit that preconception.

"We've been fast and quiet in terms of growth. Our rivals didn't see it coming, But they're catching on to what we're doing, now."

Hsu thinks Catalyte could go public within 12 months

Where does Hsu see Catalyte in ten years' time, given its seven-fold growth in the last two?

Hsu suggests an IPO within the next year.

"We're seriously considering going public," he says. "In the next twelve months, I think we'll be well-positioned to do so. That's very real.

"Our ultimate strategy is to blow up pedigree. We want to be like the 'Harry Potter' sorting hat of careers, where we take people regardless of background and assess their suitability for other jobs.

"Software development is just the first profession we're applying our algorithms to. We want to branch out to other professions, too."

Of course, whether Catatlyte achieves its goals remains to be seen, but it's already attracted at least one big-name backer.

In 2018, Catalyte was one of the first companies that billionaire AOL co-founder Steve Case invested in as part of his $150 million 'Rise of Rest' fund, which invests in promising seed-stage companies located outside Silicon Valley, New York City, and Boston.

Catalyte's approach to recruitment is a breath of fresh air in an industry dominated by white men. If and when it does go public, it'll be hoping new shareholders share its appetite for diversity.

Original author: Charlie Wood

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Apr
26

Equity Shot: Uber’s IPO terms and Slack’s S-1

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines.

Kate and Alex are back (again), bringing you the latest on the IPO front. As Friday is coming to a close, we’ll keep this post short to leave plenty of room for you to dig into the audio. Welcome to the weekend.

Up first we dug into Uber’s latest S-1 filing. This time, the company set a price range for itself (TechCrunch’s coverage here), valuing itself at $84 billion and also detailing estimates of its first-quarter results (Crunchbase News’s notes here).

We suspect Uber will ultimately price a top that range. Time will tell.

And then we turned to Slack, who’s direct listing will help set the historical tone for the unicorn era; screw your money, Slack says, we have our own. Well maybe not, but the company has impressive growth, killer margins, and, to our surprise, larger GAAP deficits than we expected. The company’s filing was fascinating.

But worry not, we can figure out how to value Slack. It’s Uber that left us scratching our heads. Expect next week to be another blizzard of news and numbers.

Thanks as always for listening to the show. We’ve never had more downloads than these last few weeks. It means a lot that you want to hang out with us. Don’t forget that we have an email address (This email address is being protected from spambots. You need JavaScript enabled to view it.), and a hashtag that Alex needs to learn to use: #equitypod.

Equity drops every Friday at 6:00 am PT, so subscribe to us on Apple PodcastsOvercast, Pocket Casts, Downcast and all the casts.

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Aug
06

The misperception of 3D perception: Debunking notions from cost to capabilities

A female engineer at Google wrote in a Medium post that the company's reporting system for workplace issues discouraged her from filing a complaint about a male coworker's disturbing obsession with her feet, ultimately leading her to seek psychiatric help, in another example of the tech giant's struggle to adequately address improper internal behavior.

Lea Coligado — a female engineer on the Google Maps team who identifies as Filipina — said that the "white man in his 50s" first took to her feet one night during a three-hour ride home on one of the company's chartered shuttle buses.

"I thought, There's no way this dude's been staring at my feet this long!" Coligado wrote. "But an adherent to rigorous testing, I moved my foot to gauge his reaction, and his whole goddamn head moved with it."

Coligado's bizarre tale is written in a sardonic style, replete with swear words and puns ("no one seemed to care that his SOLE objective was my feet"), but her message underscores a serious problem at Google. In the same week that Coligado's Medium post about her experience was making the rounds, Google announced a new internal web portal to make it easier for employees to report harassment.

Coligado wrote that under Google's reporting system for workplace issues, pursuing an investigation would have likely revealed her identity — leaving her susceptible to retaliation from the man. While she contemplated taking formal action, the man made repeated attempts to gain proximity to her, including sitting next to her in the cafeteria and even moving into the same building in which she worked.

Google did not take action against the potential stalking case, she said, because she never filed a formal complaint. Ultimately, Coligado said her mental health spiraled downward and so too did her performance at work.

Google

Coligado said that her story about the "foot guy" is the first installment in a forthcoming series of posts she's calling, "The Chronicles of the Coding Curmudgeon."

"Each piece is dedicated to a man who has stalked me, harassed me, or otherwise made me uncomfortable here," Coligado wrote. "I've reported 3 men for sexual harassment in my 2 years at Google! Can I get a 'Hell yeah!' for more content?!?!"

Google did not immediately respond to Business Insider's request for comment on the matter.

On Thursday, amid mounting pressure to address its process for employee-related incidents, Google said it was launching a new internal portal for employees to report issues, such as harassment, discrimination, and retaliation. A Google spokesperson told Business Insider on Thursday that employees had said previous methods of reporting workplace issues were complicated and opaque.

Read more: Google launched a new internal portal to help employees report workplace issues, and it's hoping the number of reports goes up as a result

Last November, 20,000 Google employees around the world walked out in protest over the company's handling of sexual-misconduct cases involving high-powered executives.

Original author: Nick Bastone

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Apr
26

Elon Musk and the SEC reach agreement requiring him to have an 'experienced securities lawyer' preapprove his tweets about Tesla's business (TSLA)

Elon Musk and the US Securities and Exchange Commission (SEC) have come to a settlement agreement over the Tesla CEO's errant behavior on social media.

"The (SEC), Musk, and the General Counsel of Tesla met and conferred, and the parties have reached an agreement to resolve the Commission's pending contempt motion against Musk," the filing said.

The settlement, announced on Friday, requires all of Musk's communication on social media, the company's website, press releases, and investor calls to be pre-approved by an "experienced securities lawyer."

The settle requires Tesla to, "implement mandatory procedures and controls (i) providing oversight of all of Elon Musk's communications regarding the Company made in any format, including, but not limited to, posts on social media (e.g., Twitter), the Company's website (e.g., the Company's blog), press releases, and investor calls; and (ii) requiring pre-approval by Securities Counsel of any written communication that contains information regarding any of the following topics:

the Company's financial condition, statements, or results, including earnings or guidance; potential or proposed mergers, acquisitions, dispositions, tender offers, or joint ventures; production numbers or sales or delivery numbers (whether actual, forecasted, or projected) that have not been previously published via pre-approved written communications issued by the Company ("Official Company Guidance") or deviate from previously published Official Company Guidance; new or proposed business lines that are unrelated to then-existing business lines (presently includes vehicles, transportation, and sustainable energy products); projection, forecast, or estimate numbers regarding the Company's business that have not been previously published in Official Company Guidance or deviate from previously published Official Company Guidance; events regarding the Company's securities (including Musk's acquisition or disposition of the Company's securities), credit facilities, or financing or lending arrangements; nonpublic legal or regulatory findings or decisions; any event requiring the filing of a Form 8-K by the Company with the Securities and Exchange Commission, including: a change in control; or a change in the Company's directors; any principal executive officer, president, principal financial officer, principal accounting officer, principal operating officer, or any person performing similar functions, or any named executive officer; or such other topics as the Company or the majority of the independent members of its Board of Directors may request, if it or they believe pre-approval of communications regarding such additional topics would protect the interests of the Company's shareholders;"

In February, the SEC asked a judge to hold Musk in contempt of the court that approved their 2018 settlement after Musk tweeted out a projection about Tesla vehicle production. The SEC said in a court filing that Musk violated the terms of their settlement by not receiving approval from Tesla before publishing the tweet.

The settlement followed an August 2018 tweet from Musk saying he had obtained the funding necessary to take Tesla private at $420 per share. The SEC sued Musk over that tweet, saying that Musk was not as close to acquiring funding for the deal as he indicated. Their settlement required Musk to step down as the chairman of Tesla's board of directors for three years, pay a $20 million fine, and receive approval for all future written communications that could be relevant to Tesla shareholders.

Have you worked for Tesla? Do you have a story to share? Contact this reporter at This email address is being protected from spambots. You need JavaScript enabled to view it..

Original author: Benjamin Zhang and Mark Matousek

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Apr
26

The FBI reportedly just raided microbiome-testing startup uBiome as part of an investigation into improper billing

The FBI on Friday raided the San Francisco offices of uBiome, a startup that sells tests that sequence the microbiome, or the assortment of bacteria and other microbes that live in our bodies.

The Wall Street Journal, which first reported on the raid, reported that the FBI is investigating uBiome's billing practices.

UBiome sent Business Insider this statement: "We are cooperating fully with federal authorities on this matter. We look forward to continuing to serve the needs of healthcare providers and patients."

The FBI confirmed that its agents were "conducting court-authorized law enforcement activity" at the address of uBiome's headquarters, but declined to provide further information.

UBiome sells doctor-ordered tests including SmartJane, its test that looks at the vaginal microbiome to test for sexually transmitted diseases as well as chronic vaginal infections, and SmartGut, which looks at the gut microbiome to test for gut conditions and metabolic disorders. Both can be covered by health insurance. uBiome also sells a direct-to-consumer test that doesn't require a prescription called the "Explorer" test.

Read more: I tried a test that let me peek inside my microbiome, the 'forgotten organ' that scientists say is the future of medicine — and what I learned shocked me

CNBC reports that uBiome routinely charged patients' plans twice for tests. CNBC also reported that health insurer Anthem had flagged the company for its over-billing practices. Anthem did not immediately return a request for comment.

Scientists have been working on ways to use the microbiome to unlock new treatments for difficult diseases. It's led to new companies — both on the medical side and in agriculture— that are taking a range of approaches to looking at the microbiome. It's often seen as the "forgotten organ."

Original author: Lydia Ramsey

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Mar
26

DataGuard, which provides GDPR and privacy compliance-as-a-service, raises $20M

Kodi is an open-source media center that can let you play movies, TV shows, music, and video games. The software originates from an early 2000s project called Xbox Media Center (XBMC) that gave Xbox owners the ability to upload video, pictures, and play music on their game console. Today, the software is available on multiple platforms, including Windows, Android, and MacOS.

The official version of Kodi does not contain any content — it's just a media player. You have to add your own media to the platform in order to watch or listen using Kodi. There are many add-ons available to enable playback from a variety of sources. Not all add-ons are supported by the official Kodi development team, so it's best to be cautious about the add-ons you choose to install.

While you can't install Kodi on a Roku device, you can still access your Kodi content on Roku by screen mirroring another device onto a Roku player. You'll need to ready both devices for screen mirroring before you can use Kodi to play your content.

Here's how you can use screen mirroring to use Kodi on Roku.

How to turn on screen mirroring on your Roku

Before you can mirror a device on your Roku, you must enable screen mirroring.

1. From the settings menu, scroll until you find "System." Click OK on your remote to open the System menu.

Select "System." Olivia Young/Business Insider

2. Select "Screen mirroring mode" by clicking OK on your remote.

Navigate to the Screen mirroring menu. Olivia Young/Business Insider

3. Choose the mode you prefer and press OK on your remote. You can choose to allow screen mirroring always, never, or to have the Roku prompt you for permission each time a device tries to use the function.

Set it to "Always allow." Olivia Young/Business Insider

How to mirror Kodi to Roku through an Android device

Mirroring Kodi from an Android device is a quick process. First, you'll need to ensure screen mirroring is enabled on your Android, then turn it on. Here's how:

1. From the Settings menu, tap "Display," and then "Wireless Display."

2. Tap the toggle switch to turn on Wireless Display.

3. Your device will begin searching for available devices equipped with Miracast. Tap to select your Roku device from the available displays.

Turn on wireless display by tapping the switch at the top of the screen, and tap the display you want to mirror. Olivia Young/Business Insider

4. Launch the Kodi app for Android on your device to use it on Roku.

How to mirror Kodi through other devices

You can install Kodi on Windows, MacOS, Linux, and Raspberry Pi. Windows users can use the wireless projection features built into Windows 8.1 and Windows 10 to mirror Kodi on Roku.

The iOS version of Kodi requires a jailbroken device so it may not be suitable for most users. Linux and Raspberry Pi users may wish to direct connect their devices to the TV using an HDMI cable instead of mirroring the screen to a Roku because these versions of Kodi do not have an out-of-the box feature to quickly enable screen mirroring.

Original author: Michelle Greenlee

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Apr
26

MoviePass rival Sinemia says it's under 'pending' FTC investigation and files for bankruptcy

On Thursday, the MoviePass competitor Sinemia filed for bankruptcy in Delaware and said in the filing that it was under "pending" investigation by the Federal Trade Commission (FTC).

"We didn't see a path to sustainability as an independent movie ticket subscription service in the face of competition from movie theaters as they build their own subscriptions," the movie-ticket subscription service said in a statement posted to its website on Thursday that explained its decision to shut down US operations.

Sinemia said its "efforts to cover the cost of unexpected legal proceedings and raise the funds required to continue operations have not been sufficient."

Sinemia's Chapter 7 bankruptcy filing references multiple "pending" cases against it, including two class-action lawsuits and a patent-infringement lawsuit brought by MoviePass.

The company also listed a "non-public" investigation by the FTC as "pending." A spokesperson for the FTC told Business Insider that the agency could neither confirm nor deny that such an investigation existed and said the FTC did not comment in most cases.

The FTC describes itself as having a "unique dual mission to protect consumers and promote competition." It also says it "protects consumers by stopping unfair, deceptive or fraudulent practices in the marketplace."

Though Sinemia did not list the nature of the FTC investigation in its filing, one of the class-action lawsuits brought by customers alleged that Sinemia engaged in deceptive marketing practices and provided examples in which the company advertised "one low monthly cost." Business Insider previously reported there were seven ways Sinemia could charge customers fees.

In the bankruptcy filing, Sinemia listed $1.2 million in assets and $158,000 in liabilities (as well as the pending cases).

Sinemia was started in Turkey in 2014 and also operates in countries including Canada, Australia, and the UK. It's unclear how operations in those countries will be affected. The company did not respond to a request for further comment from Business Insider.

Here is the full statement from Sinemia posted on Thursday:

Dear Customer,

Today, with a heavy heart, we're announcing that Sinemia is closing its doors and ending operations in the US effective immediately.

As Sinemia, we set out our journey with the vision to help as many moviegoers as possible to enjoy an affordable and better experience at the movies by a creating a movie ticket subscription service that adds value for both the moviegoers and the movie industry. Since 2014, we've been fine-tuning our model and serving movie-goers with a slate of affordable and flexible subscription plans.

We are all witnessing that the future of moviegoing is evolving through movie ticket subscriptions. However, we didn't see a path to sustainability as an independent movie ticket subscription service in the face of competition from movie theaters as they build their own subscriptions. Thanks to the cost advantage and cross-sell opportunities, movie theaters will be prominent in the movie ticket subscription economy.

While we are proud to have created a best in market service, our efforts to cover the cost of unexpected legal proceedings and raise the funds required to continue operations have not been sufficient. The competition in the US market and the core economics of what it costs to deliver Sinemia's end-to-end experience ultimately lead us to the decision of discontinuing our US operations.

Despite the best efforts of our team, it has been difficult for us as a start-up to continue providing our services to the moviegoers in the US without resources and enough capital to meet increased operations and legal costs.

We want to sincerely thank our customers that believed in us and helped us along the way for their love and support.

We are so grateful to have had the opportunity to share our dream with you.

Sinemia Inc.

Original author: Nathan McAlone

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Apr
26

Stock market records, Amazon's visit to Madison Avenue, and mental-health startups

The stock market is enjoying its best start to a year since 1987. The US economy blew past growth expectations in the first quarter. And yet:

Not everyone's worried, of course. Brian Pfeifler of Morgan Stanley Private Wealth Management, who's been ranked as one of the top ranked US wealth managers for years, told Marley Jay he's not expecting a recession this year or next year, for example. And BlackRock CEO Larry Fink has said markets could "melt up" from here.

Business Insider's investing editor Joe Ciolli will be at the Milken Global Conference in Los Angeles, starting Sunday, so you can look forward to much more color on what's going on with markets over the coming days.

He'll be there with Dakin Campbell and Becky Peterson, while BI founder and CEO Henry Blodget will be there hosting a panel on Artificial Intelligence Advances, and the Ethical Choices Ahead. If you're there and you see them, say hello!

As always, you can reach me at This email address is being protected from spambots. You need JavaScript enabled to view it. if you have any questions, ideas, or requests.

—Matt

Quote of the week

"I just don't know if that's possible to do." — Jon McNeill, Lyft's chief operating officer, pours cold water on Elon Musk's vision of one million self-driving Tesla robo-taxis on the streets by next year.

In conversation

Kenneth Lin, CEO of $4 billion startup Credit Karma, told Dan DeFrancesco a single meeting in 2008 saved the company from going under. Emmanuel Aidoo, head of digital market assets at Credit Suisse, told Dan that culture is the biggest thing holding back Wall Street from using blockchain tech. Dan also talked to Vijay Sankaran, chief information officer at TD Ameritrade, about a Netflix-like recommendation engine the company's building in a bid to win investor attention.Shoabin Makani, cofounder and CEO of KeepTruckin, talked to Megan Hernbroth about how hanging out at truck stops talking to drivers about their problems helped the startup become a unicorn.GitLab CEO Sid Sijbrandij talked to Julie Bort about building a $1 billion business by taking an idea from another programmer, then hiring the guy.IBM's chief human resources officer Diane Gherson told Rich Feloni that "100% of jobs are going to change" with AI, and explained how IBM is using it to reinvent the way it hires and trains employees. Ashley Rodriguez talked to Philo CEO Andrew McCollum about the challenging economics of d igital skinny-TV bundles that promised a cheap alternative to cable. And Aine Cain talked to Lowe's CMO Jocelyn Wong about the company's plan to win over pros and breaking Home Depot's dominance.

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Original author: Matt Turner

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