Sep
17

We did the math to calculate exactly how long it would take Salesforce CEO Marc Benioff to earn the $190 million he used to buy Time magazine

On Sunday, Salesforce CEO and co-founder Marc Benioff and wife Lynne Benioff announced they are buying Time Magazine for $190 million cash as individuals.

This isn't the first time Time magazine finds itself in new hands recently: The move comes not even one year after Meredith Corporation acquired its namesake company, Time Inc., which also houses well-known titles including People, Better Homes and Gardens, and Entertainment Weekly.

Nearly $200 million is a fortune, but to Benioff, it's not as much as it sounds. According to Forbes, his 2018 net worth is $4.9 billion, nearly $1 billion more than his $4 billion net worth in 2017. That means in just a year, his net worth increased by $900 million, earning him a spot on Forbes' 2017 and 2018 richest people in the world lists.

Broken down, that's:

$102,740 an hour $2.47 million a day $17.3 million a week $75 million a month

According to the Wall Street Journal, Time, which generated $173 million in revenue in 2017, has an operating profit of $33 million. At $190 million, the Benioffs purchased the nearly century-old magazine for more than five-and-a-half times its operating profit — and around 21% of Benioff's estimated earnings over the past year. At $75 million a month, Benioff's wealth only had to grow for two and a half months to be able to afford the deal.

When you look at Time's purchase price compared to Benioff's total $4.9 billion net worth, it cost him a measly 3.88% of his wealth to acquire the magazine.

To put things in perspective, the median annual US salary in the second quarter of 2018 was $45,552, according to data by the Bureau of Labor Statistics. Benioff makes more than twice that much in an hour.

As noted above, the $190 million Benioff spent on Time is roughly 21% of his earnings last year. For the median US worker, that 21% rate is equivalent to $9,565. A person earning the median annual US salary every day would need 4,171 days, or more than 11 years, just to be able to afford Benioff's Time acquisition.

Benioff may be a billionaire, but these numbers don't even begin to stack up compared to how much other billionaires make in an hour. Other notable billionaires, like Mark Zuckerberg and Jeff Bezos, make Benioff's $102,739 hourly rate look like pennies.

Shayanne Gal/Business Insider

Benioff follows in the footsteps of other billionaires — Jeff Bezos bought The Washington Post for $250 million in 2013, and Laurene Powell Jobs acquired a majority stake in The Atlantic.

The deal is expected to close in 30 days. As of September 17, one day following his acquisition announcement, Benioff's net worth is estimated at $6.6 billion by Forbes.

Original author: Hillary Hoffower

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Sep
17

Book: How to Meditate

September 17, 2018

Over the past few years, I’ve incorporated meditation into my daily routine. I started by using Headspace, shifted to using Insight Timer, and now do whatever I feel like doing.

A week ago, while proofreading a draft of Jerry Colonna’s upcoming book, I noticed a few sections where he mentioned Ani Pema Chödrön. When he referenced her book How to Meditate, I went on Amazon and bought a physical copy to read.

Last night, as Amy and I laid on our respective couches reading, I flowed through How to Meditate. With Brooks the Wonder Dog at my feet, I relaxed into what was a wonderfully written book on Meditation. It’s less about the mechanics of meditation (although there are some described) but more about the philosophy of meditation. And, as a human, how to relate to what meditation is, and what it can do, for and to you.

The book reinforced a lot of what I’ve experienced with meditation while giving me some new thoughts about it. Recently, I’ve been doing the Headspace pack on Pain Management as I work through all the pain linked to my summer of misery. Ani Pema’s book gave me the insight to try doing the 20-minute Headspace pain session first thing in the morning while sitting in my hot tub, outside, with my eyes open (but with a soft gaze.) I did this for the first time this morning and it was glorious. I’ll be doing it again tomorrow, and the next day, and the next day …

If you meditate, are curious about meditation, are interested in mindfulness, or notice that your mind is all over the place these days, How to Meditate is worth a quiet two hours of your life.

Also published on Medium.

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Original author: Brad Feld

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Jan
25

Virtual Accelerator Investor Forum On The Startups Investors Invest In - Sramana Mitra

This report from CB Insights Research provides an in-depth study of the top trends in healthcare using AI. With healthcare AI funding reaching a historic high in Q2’18, this report becomes a...

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Original author: jyotsna popuri

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Sep
16

Book: A Gentleman in Moscow

September 16, 2018

“How did your book end?” asked Amy from her position reading on the couch across the room.

“Perfectly,” I answered.

A Gentleman in Moscow was magnificent. While there’s still a chance I’ll read something better in 2018, for now, I’m declaring it the best book I’ve read this year.

I started A Gentleman in Moscow earlier this week after finishing Bob Woodward’s Fear: Trump in the White House, which was also excellent, but of a very different nature. Several people had recommended it to me (including, I think Maureen, so this may count as a women’s book club recommendation). According to Amazon, I’ve had it on my Kindle since I purchased it on 9/5/16. After consuming it two years later, it seems fitting that I let it age a little.

I didn’t really know what to expect, so I was startled to begin in Moscow on June 21, 1922. After the first few pages, we spent almost the entirety of the book in the Hotel Metropol. If I ever visit Moscow, I think I’ll stay in Suite 317.

I won’t ruin this one for you. If you like novels, especially with tasty historical backdrops, this one is delicious.

Also published on Medium.

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Original author: Brad Feld

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Sep
16

Building Fat Startups: Delphix CEO Jedidiah Yueh (Part 7) - Sramana Mitra

Sramana Mitra: One thing about these large VCs is that a first-time entrepreneur with no background in a particular technology area has absolutely no chance of raising money from a large VC today for...

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Original author: Sramana Mitra

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Jan
25

Whopper Neutrality – The Burger Based Version of Net Neutrality

This is a preview of a research report from Business Insider Intelligence, Business Insider's premium research service. To learn more about Business Insider Intelligence, click here. Current subscribers can read the report here.

Business Insider Intelligence

The healthcare industry is undergoing a necessary transformation due to pressure from ballooning healthcare costs, a rising burden of chronic disease, and shifting consumer expectations. And wearables — including smartwatches, fitness trackers, and other connected devices — are playing a key role in this transformation.

Wearables have gained traction in the US healthcare industry, driven by consumers' demand to play a more active role in managing their health. US consumer use of wearables for health purposes jumped from 9% in 2014 to 33% in 2018, according to Accenture.

And penetration should continue to climb — more than 80% of consumers are willing to wear tech that measures health data.

The growing adoption of wearables and the breadth of health functions they offer will capture a fuller picture of consumer health and behavior, enabling healthcare organizations to differentiate from the competition, drive value, and engage consumers.

In this new report, Business Insider Intelligence details the current and future market landscape of wearables in the US healthcare sector. We explore the key drivers behind wearable usage by insurers, healthcare providers, and employers, and the opportunities wearables afford to each of these stakeholders.

By outlining a successful case study from each stakeholder, we highlight best practices in implementing wearables to reduce healthcare claims, improve patient outcomes, and drive insurance cost savings. Finally, we identify the key device manufacturers and service providers facilitating wearable adoption and discuss the untapped future opportunities wearables offer insurers, providers, and employers.

Here are some of the key takeaways from the report:

The wearable market is nearing maturation in the US. Consumers are becoming increasingly comfortable sharing the health data captured in these devices with their doctors, employers, and insurers. Data from wearables offer stakeholders opportunities to improve outcomes, reduce healthcare costs, and engage customers. Insurers can use wearable data to enhance risk assessments and drive customer lifetime value. Providers can use wearables to improve chronic disease management, lessen the burden of a burgeoning staff shortage, and navigate a changing reimbursement model. Employers can combine wearables with cash incentives to lower insurance costs and improve employee productivity.

In full, the report:

Details the current and future US wearable landscape. Identifies the value of wearables to US businesses. Highlights how stakeholders are already seeing early returns from implementing wearable strategies. Discusses how the evolution of the wearable market will create new, untapped opportunities for businesses.
Original author: Nicky Lineaweaver

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Sep
15

BMW just unveiled a new electric SUV concept to take on Tesla's Model X — take a closer look

BMW unveiled an electric concept SUV, the Vision iNEXT, on Saturday. The concept shows some of the technology the company may use in the future. A production vehicle based on the concept is planned for 2021.

The concept includes autonomous driving technology, voice control, a projector that can show images or videos on objects held by passengers, and a touch control feature that allows drivers and passengers to change vehicle settings by drawing on their seats with their fingers.

Here's what the Vision iNEXT looks like:

BMW

BMW

BMW

Original author: Mark Matousek

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Sep
15

Google may have just revealed the colors of its upcoming Pixel 3 phone (GOOG, GOOGL)

We may now know the colors of the upcoming Google Pixel 3.

A Google promo site first spotted by Droid Life displays what might be the Pixel 3 in three colors: white, black, and mint. The page features the outline of a phone, along with the words "Coming Soon" and some digital confetti. Clicking on the Google logo on the phone switches between each color.

Here's the white version:

Google

And here's the black version:

Google

Google is expected to unveil the new Pixel 3 in both regular and the larger XL sizes at its Made By Google event on October 9. But Google's thunder may have already been stolen: In the weeks and months leading up to the event, numerous photos and videos have leaked that appear to reveal the design and specs of the upcoming phone. In fact, someone seems to have left one of the new phones in the back of a Lyft car earlier this month.

So far, looks like the Pixel 3 XL will have a design similar to the Pixel 2 XL, except for a notch at the top of the device similar to the iPhone X. The standard-sized Pixel 3 will likely look similar to last year's Pixel 2.

Original author: Avery Hartmans

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Jan
25

Robinhood adds zero-fee cryptocurrency trading and tracking

Forget "Sex & the City" — HBO's version of Manhattan never let Carrie swing majestically from the skyscraper rooftops, like some sort of magical bird.

In the brand-new "Spider-Man" game for the PlayStation 4, you've got free reign to fly across vast swaths of Manhattan's iconic skyline. From Battery Park to North Harlem, the West Side Highway to the FDR Drive, Spidey's able to soar through the air and take in the sights.

Sony/Marvel

What's most impressive isn't just the scale, but how closely that virtual version of Manhattan matches up with the real thing.

See for yourself:

Original author: Ben Gilbert

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Sep
15

The Nintendo Switch online service costs $20 a year, granting access to classic games and long-awaited new features when it lights up on September 18 (NTDOY)

For years, Nintendo fans have fantasized about a paid online service that would grant access to Nintendo's rich, decades-long library of classic games. For years, Nintendo has demurred.

In 2018, that fantasy is finally becoming a reality, through the Nintendo Switch Online service.

Nintendo's new service costs $20 per year ($4/month, $8/three months), and is scheduled to launch on September 18. With that subscription price, you'll get access to a library of classic games, the ability to play various Nintendo Switch games online, cloud saves for some games, and voice chat through the Nintendo Switch online smartphone app.

When the service arrives later this month, it'll only be available on the Nintendo Switch — Nintendo's newest game console, which operates as both a portable handheld and a home console.

Nintendo

So, what's in the classic game library? "20 games, with more added on a regular basis," Nintendo said in a press release earlier this year.

Nintendo also announced the first 10 of those 20 games: "Super Mario Bros. 3," "Dr. Mario," "Balloon Fight," "Donkey Kong," "Ice Climber," "The Legend of Zelda," "Mario Bros.," "Soccer," "Super Mario Bros." and "Tennis."

Even better: Every classic NES game on the Switch will have new online functionality. In some games, you can play co-op online with friends or go head to head, and in all games you can watch a friend play remotely. Friends can even "share" the controller online by handing off control of a game over the internet. The original "The Legend of Zelda" will be included in the $20/year Nintendo Switch Online service.World of Longplays/YouTube

The classic games library only includes Nintendo Entertainment System games, at least for now — it's specifically referred to as a collection. Nintendo even gave the classic game library its own name: "NES - Nintendo Switch Online, a compilation of classic NES games."

Perhaps a "SNES — Nintendo Switch Online" library will be added later? Or something similar for Nintendo 64, GameCube, or other Nintendo console games? Perhaps, perhaps not — Nintendo isn't saying. The Japanese game company told Kotaku last year, "Super NES games continue to be under consideration, but we have nothing further to announce at this time."

But the classic game library isn't Nintendo Switch Online's primary component — the service is intended as a paid subscription for access to online gameplay. Indeed, you'll need the service to play games online.

In other words, you'll need a Nintendo Switch Online subscription to play online multiplayer games on the console — including existing games like "Mario Kart 8 Deluxe" and "Splatoon 2," which have to date let people play online for free. After September 18th, you'll need a Nintendo Switch Online subscription to keep using the online features.

The Switch console itself lacks system-wide functionality for online interaction — stuff that's standard on other consoles, like joining an online party, and voice chat, barely exist on the Switch.

In fact, online services are the crucial flaw of the Nintendo Switch.

Nintendo

The console lacks basic functionality that Microsoft and Sony had in their respective consoles over a decade ago. Beyond missing stuff like voice chat and parties, the Switch also doesn't have access to services like Netflix, YouTube, and Amazon. The Nintendo Switch app for iPhone and Android enables voice chat for select games, like "Splatoon 2," but it's not a feature that's built into the system.

It looks like Nintendo intends to remedy that situation with Nintendo Switch Online, at least in part.

More than just offering multiplayer and a classic game library, Nintendo Switch Online promises cloud saves — the ability to upload your save data to Nintendo's servers, then easily re-download it. As Nintendo puts it, "This is great for people who want to retrieve their data if they lose, break or purchase an additional Nintendo Switch system."

One thing Nintendo didn't mention is the much requested Virtual Console service, which was a digital storefront for classic games on previous Nintendo consoles.

Super Mario 64 box art

Though the Nintendo Switch launched with a digital storefront (the "eShop"), there's no way to buy classic games through Nintendo's long-running Virtual Console service. That's an especially big shame on the Switch — a console more-than-capable of running classic games, and one you can bring with you anywhere.

Nintendo hasn't offered details on the whereabouts of the Virtual Console service. A Nintendo representative gave us the following statement via email earlier this year:

"There are currently no plans to bring classic games together under the Virtual Console banner as has been done on other Nintendo systems. There are a variety of ways in which classic games from Nintendo and other publishers are made available on Nintendo Switch, such as through Nintendo Entertainment System - Nintendo Switch Online, Nintendo eShop or as packaged collections."

That doesn't mean it's never going to happen, but you probably shouldn't hold your breath in anticipation either.

Original author: Ben Gilbert

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Sep
15

Chinese entrepreneurs have a completely different definition of winning than other startups, and Google's former China boss says that's a big problem for US tech companies

When Kai-Fu Lee, prominent Chinese tech investor and former president of Google China, considers some of the leading technology products in the United States, he's underwhelmed.

"Look at YouTube or Instagram or Snapchat," said Lee in an interview with Business Insider. "If China had one of those companies and it moved at the pace that those companies move, it would likely be dead in the water."

For decades, Chinese developers closely watched America's tech sector for signs of innovation. But now, with its fast-developing mobile market breaking new ground, the country's tech sector is swiftly gaining confidence.

According to Lee, China has already outpaced the US in terms of creating better mobile applications and mobile payment systems. In the future, he predicts that technologies in the fields of retail, education, and healthcare will all soon leapfrog ahead of their US counterparts.

Notably, said Lee, Chinese entrepreneurs aren't interested in being followers.

"Chinese entrepreneurs are at a stage where they no longer feel they have to copy anyone else," said Lee. "They have enough experience and knowledge of the market and know how to build a deep, long moat around their castle."

This so-called "castle" of China's burgeoning tech sector is among the fastest developing markets in the world, and Lee predicts that it's on track to outpace the US, particularly in the area of artificial intelligence.

Chinese ecommerce sharing site Pinduoduo was founded less than four years ago. Already, its valued at more than $20 billion.Pinduoduo app download page

Among the 13 companies Lee has invested in that are worth $1 billion or more, five are artificial intelligence companies. Together, said Lee, these five companies make up a cumulative value of $23 billion.

See more: 'The future will be won or lost on this technology. I'm very concerned': The co-founder of a $9 billion company warns that China is on track to dominate the US in AI

There's several factors at play in the country's flourishing tech economy.

For one, Chinese companies simply innovate differently than those within the US.

Lee offered up an example of how video has evolved within the country.

"China pushed the market to change from longform videos to short-form videos," he said. "From there, it changed from videos being watched to videos that you're apart of, and then to real-time videos, to using videos as a form of social networking. There is always someone trying to iterate and do something more."

Chinese entrepreneurs think differently, as well, said Lee.

"The business practice in China is 'winner takes all,'" said Lee. "They're not constrained by cornering only a sliver of the market. It's not about having a niche. The entire eco-system is interdependent."

This ecosystem differs from the way US entrepreneurs innovate, said Lee.

"The American system is a gentlemanly system that involves respect, innovation, and consensus," said Lee. "People work in teams. They brainstorm and go into stealth and then come up with something."

But in China, entrepreneurs are less preoccupied with cultivating a creative, communal process.

"China is a giant experimental ground where people test things out," said Lee. "If they don't work they keep iterating over and over again. They want to be first. In China, you assume from the start that someone is coming after you."

Original author: Zoë Bernard

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Sep
15

40 AND UNDER: The Silicon Valley biotech stars who are backing startups aiming to cure disease, prolong life, and fix the food system

Title: Managing partner, Refactor Capital

Age: 36

Zal Bilimoria may be one of the most qualified operators in Silicon Valley. The Wharton School graduate spent 10 years building features and products at Microsoft, Google, Netflix, and LinkedIn, before joining top venture firm Andreessen Horowitz.

As a partner who helped launch the firm's Bio Fund, one of the first specialized funds to emerge from Andreessen, Bilimoria sourced deals at the intersection of biology and engineering. He doubled down on his investment thesis with the creation of a new firm, called Refactor Capital, which backs founders solving "fundamental human problems."

"Marc Andreessen said in 2011 that 'software is eating the world.' We believe 'biology is eating the world'; as in, literally everything around us is being re-thought and re-engineered using biology instead of pure chemistry," Bilimoria told Business Insider.

He said he's most excited about the "tremendous" opportunity for biotech to transform consumer and industrial applications outside healthcare — spanning the food we eat, the clothes we wear, and "the ingredients in almost every physical product we touch."

Among Refractor's investments are PathAI, an AI platform that aids doctors with cancer diagnostics and treatments, and Checkerspot, which uses fatty acids from algae to create outdoor recreation products like moisture-wicking fabrics and other materials.

Original author: Erin Brodwin and Melia Robinson

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Sep
15

After a huge user revolt, nobody wanted to work at Reddit. 3 years later, the CEO explains how the 'front page of the internet' rebuilt the team.

Steve Huffman returned to Reddit, the company he helped launch and later abandoned after its multimillion-dollar acquisition, to find that it had become one of the most radioactive companies in Silicon Valley.

Almost no one wanted to work at Reddit in 2015.

Huffman told Business Insider that in seeking to hire engineers, "it was hard to get people to respond."

"Reddit was in the press for all the wrong reasons — all of them," he said, adding, "Our reputation was in the dumps across pretty much every dimension."

Reddit, known as the "front page of the internet," is the fifth-most-visited website in the US. And yet it has nearly imploded on several occasions over the past decade. The site has been engulfed in controversies fueled by internet trolls and disgruntled users. A revolving door of CEOs did little to stabilize the startup's reputation or improve morale among a shrinking number of Reddit employees.

Huffman stepped back into the role of CEO to save Reddit, but he didn't do it alone.

Despite a series of crises, the San Francisco-based company would double its staff over 2016, growing from approximately 75 to 150 employees. They would transform the site from looking like a dystopian Craigslist— or "hot garbage," as one top Reddit executive described it — into a place where new users could more easily find their people online and share news, images, memes, and videos.

Today, Reddit has more than 400 employees on its payroll, with the biggest gains in engineering. The company raised $200 million last year from several well-known Silicon Valley investors, including Andreessen Horowitz and Sequoia Capital, to continue its hiring spree. It seems Reddit's renaissance has just begun.

Business Insider spoke with Huffman and a handful of engineers at Reddit and checked out the journalist Christine Lagorio-Chafkin's excellent forthcoming book about Reddit, called "We Are the Nerds," to learn how the internet's front page got its mojo back.

Reddit put out a call to 'every engineer in the Valley,' Huffman said

Reddit hadn't hired an engineer in nine months when Huffman — who left Reddit after his contract with the company's buyer, the publisher Condé Nast, ran out — rejoined in 2015. And it showed.

The site looked very similar to the version that Huffman and his cofounder, Alexis Ohanian, launched 10 years earlier.

"It wasn't really hard at that time to look at Reddit and think about ways to improve it," Nick Caldwell, Reddit's vice president of engineering, told Business Insider.

Reddit got a new — but still familiar — look in 2018. Reddit

Over 15 years, Caldwell had worked his way up from an intern to a general manager at Microsoft. When a recruiting firm approached him about going to Reddit in 2016, he was skeptical.

"I visited Reddit like four times before I took this job," Caldwell said.

Huffman needed help trying to staff up Reddit. New hires would allow the company to give the site a refresh, replace much of the original, clunky code, and build new products and features aimed at stamping out hate speech and other noxious content on Reddit.

That was easier said than done. Not only did few people want to work at Reddit in 2015, but the San Francisco Bay Area faced a shortage of engineering talent. The problem worsened over the years, as described in a recent workforce report from LinkedIn, as demand for data scientists in particular outstripped supply.

In addition to its struggles in recruiting engineers, the company had trouble holding onto its existing employees.

According to Lagorio-Chafkin's book, about 50 staffers quit or were terminated in the months following Huffman's return to Reddit. Some of them left in protest of Ellen Pao's ouster. (The Silicon Valley power player was asked to resign as CEO of Reddit amid a user revolt.) Others said they couldn't get behind Huffman's vision for a new era at Reddit, he told Lagorio-Chafkin.

Reddit hired a recruiting firm that, according to Huffman, "called every engineer in the Valley" in a "brute force" attempt.

After accepting the job, Caldwell also hired as many Microsoft employees who were interested in jobs at Reddit as he could.

"That turned out to be not a huge number of people," he said.

With his network tapped out, Caldwell had to search in new places for candidates. It required a change in perspective.

Reddit widened the pipeline for talent

Caldwell has acknowledged that at Microsoft he would scan people's résumés for top schools and major companies "before taking a deeper look." This strategy can often surface the usual suspects: white, male engineers in the Bay Area.

Nick Caldwell, Reddit's vice president of engineering, says the stigma against hiring from coding boot camps is fading. Reddit In seeking to widen the net, Caldwell began recruiting from coding boot camps, such as Hackbright Academy, whose mission is to help women from diverse backgrounds land jobs in tech. It specializes in providing opportunities to women with a few years of work experience under their belts who want to explore a new career path.

There's an old stigma that people who emerge from coding boot camps are less skilled than those with computer-science degrees. That's changing rapidly, according to Caldwell.

"People are realizing that technology changes so fast nowadays that you don't necessarily get practical knowledge from a college degree," he said. "And boot camps are only practical knowledge."

As a bonus, companies that aim to improve the ratio of male to female employees may find that "boot camps bypass a lot of the traditional problems that people have with the pipeline," Caldwell said. These programs are often much more affordable than college and can be completed in weeks or months, not years, making them accessible to a wider range of potential students.

Building a diverse organization is especially important when you run a site viewed by millions of people each month.

"You cannot build a product that appeals to a diverse set of people without having a diverse set of people designing the product," Huffman said.

Reddit declined to release its hiring or diversity statistics. However, the company has hired half a dozen graduates of Hackbright Academy alone, and it has even more employees — including Huffman — serving as program mentors to aid in recruiting efforts.

Reddit has over 400 employees today. Reddit

Having an impact matters

With its headcount ticking up, Reddit began shipping product again.

In 2016, the startup overhauled its mobile app, created new tools for tracking site traffic, and launched a new department, known internally as the "anti-evil" team, dedicated to ridding the site of harassment, spam, and abuse. Their efforts slashed the number of spam reports coming from users and moderators by 90%.

Huffman set out to double the staff again the following year.

By then, the team had made a key discovery about how to get people to come work for Reddit: It had to sell them on the story.

Bhavana Shanbhag was comfortable with her gig as an engineering manager at Groupon when she received a cold message on LinkedIn from a Reddit director of engineering in 2017. In it, he described some of the problems the company was trying to solve.

"We need people like you," Shanbhag remembered him saying.

Shanbhag, who described herself as more of a "lurker" on Reddit than a hardcore user, arranged to interview with 12 employees — more than what was required of her — before accepting the offer.

"I didn't want to switch my job for the sake of switching it," she said. "I wanted to make sure that I would actually have an impact."

Caldwell heard this from prospective hires a lot. The team members started to think critically about how they pitched candidates on the startup.

"What we settled on in those early days was: The value of Reddit was really about building community, and people coming into the company had huge amounts of opportunity to pick up the low-hanging fruit, to help us toward that mission," Caldwell said. "Once we really understood that, the pitch was pretty straightforward."

He explained the pitch as: "Hey, you can be the first person to come into Reddit and help us build our machine-learning processes. And by 'first person,' I mean literally there's no one else here — please come help us."

Alexis Ohanian, a cofounder of Reddit, drew the company's little alien mascot, Snoo, while he was sitting, bored, in class at the University of Virginia.Flickr / Anirudh Koul

A more established company like Facebook or Google could pay them better, Caldwell said. But Reddit offered ambitious engineers the ability to have a huge impact on a product under rapid development.

"It's pretty cool as well," he said.

In her role as senior director of engineering, Shanbhag often hears the question she asked — "Will I have an impact?" — from people she's trying to recruit, she said. She gives them a resounding "yes."

The startup is still hiring, but not without growing pains

There's still more to do, according to Huffman.

"I don't think the pitch has changed tremendously," Huffman said. "Everything is changing here. Like, we're rebuilding this company that has more potential energy than any company that you're talking to or thinking about joining. I can guarantee you that."

Reddit grew its number of engineers by 270% since the start of 2017, and it's still hiring. There are about two dozen job listings on the website, spanning data science, engineering, legal, and marketing, across offices in San Francisco, Los Angeles, New York, and Chicago.

It hasn't been all kittens and rainbows.

Employees agreed that Reddit grew too quickly, and the situation left some new hires feeling underutilized. The company slowed recruiting this past summer to catch its breath and see what the full capacity of all its new hires was before ramping back up.

"We're 400-some people now, and fewer than 20 of those people were here in 2016," Huffman said. "Every quarter, we joke that it's a new company. And it is a new company."

Original author: Melia Robinson

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Sep
15

What it's really like to fly into a hurricane, and why it's a critical part of your forecast

Before he heads to work, Jon Zawislak sometimes pops a ginger pill in his mouth to settle his stomach. He also prefers to stick to bland foods like pretzels and crackers before he gets to the office, because he wouldn't want to hurl all over his desk.

Zawislak is a Hurricane Hunter.

He spends 8-hour long days soaring 10,000 miles in the air, collecting data on the wind, temperature, pressure, humidity, and rain falling inside big storms, where hurricane-force winds top 75 mph.

While others on the ground are figuring out the best ways to avoid the eyes of these dangerous storms, he flies right into them.

"Aircraft are still the single best platform that we have to measure the state of a storm," Zawislak told Business Insider. "When it comes to the windfield, or the central pressure of the storm, that kind of data can only really come from an aircraft, and the instruments on the airplane."

In the past week, he's traveled through both Tropical Storm Isaac and Hurricane Florence, collecting vital data that the National Hurricane Center uses to upgrade a storm's category, or better track where it's headed next.

What an 8 hour workday in the air is like

Hurricane hunting flights have been around for 75 years, ever since British fighter pilots essentially dared a US Colonel to fly directly into a storm during WWII.

Today, Zawislak says there are two critical devices on the Lockheed Martin WP-3D he flies in for the National Oceanic and Atmospheric Administration (NOAA) that help inform our National Hurricane Center forcasts. First, there's the plane's on-board radar that measures wind and rain, and then there's a little device that's essentially a paper towel roll with a parachute on its back, called a dropsonde.

The dropsonde is a disposable instrument outfitted with a GPS receiver, as well as pressure, temperature and humidity sensors. The throw-away package gets stuffed out a window, and then sucked away from the plane. Over the course of a typical 8 hour flight, a dropsonde operator might plop 20 of them down into a storm, everywhere from the eye to the very outer rim, to examine how the windfield changes at different locations and heights in the storm.

As it falls to the surface of the ocean, each dropsonde radios its information back to the plane.

"It really allows us to profile the atmosphere, which is one of the most important things," Zawislak said. "So we can see how the wind speed changes with height."

All this information can dramatically shift how forecasters characterize a storm.

Take Zawislak's Monday flight into Hurricane Florence, for instance. "It went from what looked like a category 2 hurricane, all the way to a category 4 hurricane, just because we had the aircraft," he said.

Getting a job as a flying scientist

Zawislak, who holds a PhD in atmospheric science, has been working on both planes and unmanned drones that fly through hurricanes for roughly a decade.

Zawislak at work. Jon Zawislak

As a Hurricane Field Program Director for NOAA, he is essentially in charge of a plane-sized research lab in the sky. He decides where the flight path will head to collect its best data, and makes sure the instruments on board are getting all the information they'll need to answer key research questions in flight.

One of the biggest unanswered questions Zawislak still has about hurricanes is how they get so fierce, so fast. It's still not well understood how storms organize and gather strength, developing from uneven messes of rain and light wind to powerful, swirling hurricanes that can rip through homes and pummel the shore with water.

It's an important research question for Zawislak, because if he can better understand why and how the storms are intensifying, forcasts will improve.

Zawislak and a colleague examine the flight track and check data coming in from their instruments in flight. Jon Zawislak

Zawislak says he's "not crazy," he just wants to learn more about big storms

Zawislak tries to steer clear of greasy foods before he boards the plane, but he says that flying into a storm isn't always a bumpy ride. In fact, inside the storm it can feel just like a commercial flight, with the seatbelt sign off and all.

The pilots Zawislak files with (there are three of them in the cockpit) typically try to keep the plane level, for the sake of the instruments, and maintain a height of about 10,000 feet.

"We have the best pilots, the best engineers, the best mechanics, this is the best-maintained airplane you can find," he said.

Still, the turbulence inside the plane can be unnerving at times, even with a harness on.

"You have flights where you're in moderate to severe turbulence for two to three hours," Zawislak said.

Inside the eye of a big storm like Florence, things clear up. At its very inner core, a hurricane is a place of peace, surrounded by violent chaos. Hurricane hunters say it looks like a big stadium, clear and serene.

"It's much bigger than any stadium you've been in," Zawislak said. When he flew through the eye of Florence, as a category 4 storm, the center was more than 15 miles wide, and took four minutes to fly through.

Despite the fact that Zawislak has to muscle his stomach through several long and bumpy rainy joy rides every hurricane season, he still wants you to know that he's not completely out of his mind for taking this job.

"We're not crazy" he said, before boarding another flight into tropical storm Isaac. "We are playing a humongous role in getting the information to the National Hurricane Center, so that they can tell the public how strong the storm is."

Original author: Hilary Brueck

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Sep
15

1Mby1M Virtual Accelerator Investor Forum: With Clint Chao of Moment Ventures (Part 6) - Sramana Mitra

Sramana Mitra: In our work, we place a lot of emphasis on TAM and on really trying to get to precise bottom-up TAM analysis. In doing so, one thing that I see constantly is ignoring the segmentation...

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Original author: Sramana Mitra

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Sep
15

Biotech billionaire and Los Angeles Times owner Patrick Soon-Shiong is talking to newspaper chain McClatchy about buying Tronc

Biotech billionaire and Los Angeles Times owner Patrick Soon-Shiong, who had been in talks to team up with a hedge fund manager for newspaper publisher Tronc, is now considering a competing bid, according to people familiar with the matter.

Soon-Shiong is considering a joint bid with newspaper publisher McClatchy, the people said, asking not to be named because the matter is private. McClatchy is in "early stage" discussions to buy Tronc, the Chicago Tribune reported Friday.

Soon-Shiong, through his investment firm Nant Capital, had been in talks to partner with Donerail Group, the private-equity firm led by hedge-fund manager William Z. Wyatt, which has been looking to acquire Tronc since early August.

But these talks, while not dead, are seen as less likely and Soon-Shiong is now considering a bid with McClatchy. The people cautioned that no bids are finalized and Soon-Shiong may choose not to go ahead with a deal in the end. Soon-Shiong has also been shopping for other partners, sources said.

A representative for Soon-Shiong could not be reached for comment. Representatives for McClatchy and Donerail declined to comment.

Soon-Shiong spent $500 million in June to acquire the Los Angeles Times and The San Diego Union-Tribune along with a bunch of other community newspapers from Chicago-based Tronc.

Soon-Shiong also remains Tronc's second-largest shareholder, with a nearly 25% stake. Michael Ferro, the Chicago entrepreneur who was formerly Tronc's chairman, is the largest shareholder, with a nearly 26% stake.

Soon-Shiong has access to Tronc's backend to manage the California newspapers' website operations for the next year, by which time he must either set up a new structure or acquire it. A partnership to acquire Tronc would enable Soon-Shiong to seize control of those operations and implement a smoother transition.

A 66-year-old South African native and former UCLA surgeon, Soon-Shiong amassed a fortune by building and subsequently selling two biopharmaceutical companies. Since taking over the Times, he has been on a mission to rebuild and revitalize the newsroom, which has seen three editors in 10 months and five publishers in four years.

Original author: Tanya Dua

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Jun
14

We just saw one of the weirdest self driving cars yet in San Francisco, and no one knows who it belongs to

Amazon has 14 leadership principles that guide its employees' business decisions, but founder Jeff Bezos said just one is the "secret sauce" to the trillion-dollar company's success.

"(T)he No. 1 thing that has made us successful by far is obsessive compulsive focus on the customer as opposed to obsession over the competitor," Bezos said in a talk at the Economic Club of Washington on September 13.

Focusing on what customers want or need has driven many of Amazon's most profitable business moves.

Take Amazon Prime. Bezos said at the talk that Amazon developed Prime, a paid subscription service for free two-day delivery, because he knew consumers love free shipping. Introduced in 2005, the service drew ire for being "too good to be true" and helped underline the idea that Amazon is too inexpensive to be profitable. The message was clear: Prime is draining Amazon's profits and its stock.

But it's clear now that pleasing its customers, rather than bumping Amazon's short-term bottom line, has been a shrewd business move. Amazon Prime customers spend an average of $1,300 in a year, nearly twice that of non-members. More than 100 milion people globally are Prime members.

Bezos added that it's easy to see if an entrepreneur or CEO has that same customer obsession, or if they're just trying to nudge out their competitors and boost their stock.

"I talk so often to other CEOs and founders and entrepreneurs, and I can tell even though they're talking about customers, they're really focused on competitors," Bezos said.

When he senses a lack of customer obsession, Bezos said he doesn't want to invest in or acquire the company. He's previously drawn a line between "missionaries" and "mercenaries" in the business world.

"The missionary is building the product and building the service because they love the customer, because they love the product, because they love the service," he said in 2015. "The mercenary is building the product or service so that they can flip the company and make money."

And as he added in 2018, "It's usually the missionaries who make the most money."

As an example, Bezos highlighted The Washington Post, which he bought in 2013. He said the Post, which is now profitable, has been successful by focusing on delighting its readers, not simply courting advertisement dollars.

"By the way, where do advertisers want to be? Advertisers want to be where there are readers," Bezos said. "It's really not that complicated. It comes around really well."

Original author: Rachel Premack

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Sep
15

The guy who used to head up Google China says he knows the key to the company's success if it were to return — and it's not search (GOOG, GOOGL)

If we're talking exclusively about Google's financial interests, then management's decision to pull out of China in 2010 was clearly a mistake, and Kai-Fu Lee, the former president of Google's operations in China, begrudgingly acknowledges that.

"Had they stayed and continued to operate legally, they would be in a much better position to launch products," Lee told reporters on Thursday. But the longtime tech executive and investor quickly noted that Google didn't leave China with an eye on its pocketbook.

The company was forced to choose between complying with a demand by China's government to censor search results, or stop operating in the country. Google's management chose to leave.

More recently, however, Google appears to have experienced a change of heart, and managers recently acknowledged they're considering a return to China. According to reports, Google is eager enough to return to China that it has already built a censored search engine.

The revelation that Google may bow to China's censorship demands has drawn criticism from human-rights groups, US politicians, and even some of the company's employees. Lee, who worked for Google China for four years before leaving in 2009, made his comments following a panel discussion he participated in at the Artificial Intelligence 2018 Conference in San Francisco.

Lee addressing the audience at the Artificial Intelligence 2018 Conference. Photo by Doug Cody, courtesy of O'Reilly Media

Lee declined to say whether he thought the stand Google took nine years ago for free speech was the right one. He did, however, have no problem listing the many competitive reasons Google might not want to reenter China.

For starters, the search business there is packed with homegrown competitors, whom Lee earlier likened to entrepreneurial "gladiators." According to Lee, Google shouldn't even bother facing off against this lot because the odds are all with the home team.

"When you're in a market that is already 20 years old and mature like search, to go in now with a zero market share and build it up is such an uphill struggle," Lee said. "When I went into the search market it was maybe eight years old and Google had 9% market share, so we had something to work with and a brand name."

Lee said that before Google left China, he and his staff had carved out a 24% share of the market. He's doubtful Google could come close to that again.

The search giant, however, would stand a better chance of finding success if it moved into a segment that wasn't as mature, Lee said — say, for example, autonomous vehicles.

"In search, it's just not meant to be," Lee said. "If Google wants to do anything, they should enter an area with a new product in which there are no entrenched players, nor are there clear user expectations and biases. For example, if Waymo could land in China, Google would have such advantages. A two-year lead and also if there's proper deployment, it could be a runaway success."

Original author: Greg Sandoval

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Sep
15

September 26 – Rendezvous Meetup with Sramana Mitra in Menlo Park, CA - Sramana Mitra

For entrepreneurs interested to meet and chat with Sramana Mitra in person, please join us for our weekly and informal group meetups. If you are living in the San Francisco Bay Area or are just in...

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Original author: Maureen Kelly

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Sep
15

September 19 – 415th 1Mby1M Mentoring Roundtable for Entrepreneurs - Sramana Mitra

Entrepreneurs are invited to the 415th FREE online 1Mby1M mentoring roundtable on Wednesday, September 19, 2018, at 8 a.m. PDT/11 a.m. EDT/8:30 p.m. India IST. If you are a serious entrepreneur,...

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Original author: Maureen Kelly

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