Feb
12

See inside the modest Bellevue, Washington, house Jeff Bezos was renting when he started Amazon, now on the market for $1.5 million (AMZN)

The present Jeff Bezos in front of his former house he rented. Zillow and AP/Dennis Van Tine

House hunters in Bellevue, Washington, have a new option to choose from — and this one's historic.

A new home on the market is the very same one that Jeff Bezos was renting when he started Amazon in 1994. It's a nearly 1,600-square-foot three-bedroom ranch house in Bellevue, Washington, just outside of Seattle.

The home looks very different from how it did in Bezos' days thanks to a rebuild that happened in 2001, according to the Seattle Times. It does retain some of his additions, however, like a large mailbox that was meant to receive catalogs. The famous garage was also redone.

The house, on sale for $1.49 million, isn't more expensive due to its historical significance.

"We didn't price any of that historical significance into it," Pat Sullivan, who is hosting the listing with John L. Scott Real Estate, told the Times.

That relatively low price for the region puts it in the range of many Amazon workers who may purchase it for "bragging rights," Sullivan said.

Original author: Dennis Green

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Feb
10

1Mby1M Virtual Accelerator Investor Forum: With T.M. Ravi of The Hive (Part 2) - Sramana Mitra

Warren Washington has been in the climate game a long time.

The 89-year-old was the second African American ever to receive a doctorate in meteorology, earning his PhD from Pennsylvania State University in 1964, and he developed one of the first computer models of Earth's climate.

Before models like Washington's, scientists' understanding of the planet's climate was based on theory and observation alone; now, experts can study weather patterns, make long-term projections about climate change, and simulate what the climate looked like tens of thousands of years ago.

For this work, Washington was just awarded the 2019 Tyler Prize for Environmental Achievement, a prestigious award that's sometimes called the "Nobel Prize for the environment." Washington is sharing the prize with another climate scientist, Michael Mann.

Although Washington started his prize-winning work in the 1960s, it's more relevant today than ever. In an era of unprecedented warming, Antarctic melting, and sea-level rise, the ability to model Earth's future is vital.

"Keep in mind that we're the first generation that actually sees climate change in human history," Washington told Business Insider. "Most climate change has been us going in and out of ice ages over thousands of years. Now we're seeing things happen over tens of years."

A career in climate modeling

Washington started working at the National Center for Atmospheric Research (NCAR) in 1963.

Over the next decade, he created one of the world's first climate models in collaboration with his NCAR colleague Akira Kasahara.

Climate models leverage fundamental laws of physics to simulate how heat energy, water vapor, and chemicals move between Earth's oceans and the atmosphere. Supercomputers use the models' mathematical equations to calculate how matter and energy get exchanged between different parts of the environment. The models then yield predictions about what the planet's atmosphere will look like in the future.

"Dr. Washington literally wrote the earliest book on climate modeling," Shirley Malcom, director of education and human resources at the American Association for the Advancement of Science, said in a press release. Malcom was referring to Washington's seminal book, "An Introduction to Three-Dimensional Climate Modeling," which he co-wrote with climatologist Claire Parkinson.

Washington's models were also critical in the landmark 2007 Intergovernmental Panel on Climate Change (IPCC) report, which concluded that the "warming of the climate system is unequivocal." The assessment named the cause of global warming directly: an increase in greenhouse gases resulting from the burning of fossil fuels.

Washington, his NCAR coworkers, and colleagues around the world shared the 2007 Nobel Peace Prize for their role in the IPCC work. President Barack Obama recognized Washington's achievements in 2010 by awarding him the National Medal of Science, the highest scientific honor bestowed by the US government.

President Obama presented Warren Washington with the National Medal of Science at the White House in Washington, Wednesday, Nov. 17, 2010. J. Scott Applewhite/AP

But when he started out, Washington was not thinking about the human-driven causes of climate change.

"The objective wasn't to observe climate change at that point in the early 1960s. It was to see if we could duplicate what we were seeing in terms of temperatures, precipitation, and El Niño events," Washington said.

Models are better now, but the predictions are still troubling

As technology has improved, so have climate models' capabilities.

With more supercomputing power, Washington started incorporating additional elements into his models, like the melting and movement of sea ice, as well as levels of carbon dioxide in the atmosphere.

"For example, what we're able to do now that we couldn't earlier is examine hurricanes and see how they could change with time," he said. "Now we see that the hurricanes are much stronger and spinning faster, thanks to the feedback between warming ocean and atmospheric temperatures and hurricane strength."

Observations of hurricanes had suggested this was true before the models could analyze the data, he said, but early computers just didn't run fast enough to confirm that feedback loop.

Graph showing Hurricane Florence swirling over the Atlantic Ocean on Tuesday, September 11. The color scale on the right hand side shows the brightness temperature, which is a measurement of intensity.Tropical Tidbits

Yet even before computers became powerful enough to model hurricanes, they showed that the planet was undoubtedly warming.

"What's interesting to me as someone who's done modeling for some time," Washington said, "is that while early versions of models were quite crude compared to today's, we did capture global warming in our predictions."

In the 1970s and 1980s, Washington combined various climate models to see how much warming would occur if different amounts of carbon dioxide and other gases entered the atmosphere.

"Surprisingly, these early predictions were reasonably accurate in terms of how the climate system was changing," he said.

Today's models can also incorporate changes to glaciers and the melting of ice sheets in Greenland and Antarctica, but the big picture has remained consistent.

"We've come a long ways," Washington said. "But the answer keeps coming out the same: the climate is changing."

The retreat of Alaska's Pedersen Glacier from 1917 (left) to 2005 (right). NASA

The future of climate-change action in the US

During his long tenure at NCAR, Washington advised six consecutive US presidents — from Carter through Obama — on climate change. Though he officially retired in July 2018, he still holds the title of distinguished scholar at NCAR, and said he continues to go into work a couple of days each week.

With that long view, today's public discourse about climate change is both heartening and frustrating to Washington. He said he has "a lot of difficulty with this administration," since President Donald Trump "doesn't cite anything — he doesn't know where his information comes from."

"I can't argue with someone who says an idea, but offers no data," Washington added, noting that his own models are available to the public.

"There's no secrets," he said. "Anybody in the world can download the models and carry out experiments and essentially contribute to what we're learning."

Read More:Greenland is approaching the threshold of an irreversible melt, and the consequences for coastal cities could be dire

But at the same time, Washington said he's encouraged by the new surge of interest in addressing climate change.

"I'm impressed now — not only that climate change is talked about almost nightly on TV, and above the newspaper fold in the New York Times, but that the public agrees it's real and that we need to do something about it," he said. (A 2018 Yale survey that showed that 70% of Americans accept that climate change is happening.)

Washington said he's intrigued by Rep. Alexandria Ocasio-Cortez's Green New Deal plan. But he knows transitioning away from fossil fuels is no easy change.

Alexandria Ocasio-Cortez stands in front of a 'Green New Deal' sign at the Women's March in January 2019. Ira L. Black/Corbis via Getty Images

"Are [Americans] ready to sacrifice the way they live now to shift to other energy sources? I don't have an easy answer for you on this," he said. "I don't think there's been enough educating about the overall issue ... As we know, the fossil-fuel industry fights back with a lot of information on TV and supports congressmen through their donation of campaign funds."

But Washington said he's continuing to make pro-environment changes in his own life.

"I bought a Tesla," he said, "which I have to admit is fun to drive."

Original author: Aylin Woodward

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Feb
22

Feature Labs launches out of MIT to accelerate the development of machine learning algorithms

The Insider Picks team writes about stuff we think you'll like. Business Insider has affiliate partnerships, so we get a share of the revenue from your purchase.

The Fitbit Versa smartwatch is $30 off at Amazon, Best Buy, and Fitbit until February 16, bringing it down to its lowest price since the holidays. It's one of our favorite Fitbits, thanks to its sleek design and great feature set.

Although it's about half the price of competitors like the Apple Watch, the Versa is a great buy. It combines some of the best features from popular smartwatches with top-notch fitness tracking to make a great all-around device.

Now that it's on sale, it's an even better deal for anyone who wants to try a smartwatch but doesn't want to pay a premium.

The Versa can track your steps, calories burned, heart rate, sleep, and more than 15 specific types of exercise, so you can get the most accurate assessment of your workout. This information is automatically logged in Fitbit's smartphone app, so you can watch for trends or track your progress.

Like any good smartwatch, the Versa gets notifications from your phone and you can download third-party apps on the device. Fitbit also lets you download up to 300 songs on the Versa, so you can listen to your music during your workout with just your watch and a pair of Bluetooth headphones— no phone needed.

One place where the Versa trounces its competition is battery life: Fitbit says it will last for four days or more on a single charge, which is way higher than the 18-hour estimate Apple gives its smartwatch.

The Fitbit Versa works with both iOS and Android, but things are a little more limited on the Apple side. All of the fitness features are identical, but Android users can send short responses to text messages right from the watch. If you're on an iPhone, you'll be able to see the texts, but won't be able to respond to them on the watch.

If you're looking for a fitness tracker, but wouldn't mind having a smartwatch, the Fitbit Versa strikes a good balance. For $169.95, you'll be able to track your fitness metrics, receive notifications on your wrist, and exercise with music without taking your phone with you. But this deal is only around until February 16, so don't wait too long to pick one up.

Fitbit Versa, $169.95 (originally $195.95), available at Amazon, Best Buy, and Fitbit [You save $30]

Read our full guide to the best Fitbits you can buy

Original author: Brandt Ranj

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Feb
12

Activision-Blizzard, the major video game company behind 'Call of Duty' and 'Overwatch,' is laying off about 800 employees (ATVI)

Blizzard Entertainment, one of the biggest names in the video game business, has begun a significant round of layoffs, Kotaku reports. The move seems to confirm earlier new reports from Bloomberg.

Blizzard is responsible for flagship gaming franchises including "World of Warcraft," "Overwatch," "Hearthstone," and "Diablo." A spokesperson for the company did not immediately respond to a request for comment.

In a memo to staff obtained by Kotaku, Blizzard leadership promised an "comprehensive severance package" to affected employees. Kotaku reports that the job cuts could affect as many as hundreds of employees.

On Tuesday, Blizzard parent company Activision Blizzard is expected to report its earnings for the December quarter. The holiday quarter is traditionally the biggest of the year for the video game business, but Wall Street is projecting the company to show slowing revenue. Activision Blizzard stock has seen its value cut in half in recent months.

A person close to the company previously told Kotaku's Jason Schrier that the layoffs are expected to hit Blizzard's esports and publishing divisions especially hard. Blizzard, has spent the last several years supporting professional competition for its most popular games, including "Overwatch," "Hearthstone," and "Starcraft."

Notably, it seems that Blizzard esports head Amy Morhaime left the company in December, according to her LinkedIn. That came just months after Blizzard cofounder Mike Morhaime, her husband, announced that he would step down as president of the company. Morhaime is staying on as a strategic advisor to Blizzard through April.

Beyond Amy Morhaime and Mike Morhaime, Activision Blizzard has lost other key executives, including CFO Spencer Neumann. More recently, Activision Blizzard lost the rights to flagship online shooter "Destiny 2," as developer Bungie opted to split off and self-publish the title.

Activision Blizzard cited underwhelming sales for the "Destiny 2: Forsaken" expansion as one of the reasons the company underperformed during the third quarter of 2018. In that quarter, the video game publisher reported a 5% decline in earnings over the same period of 2017, and revenue over the same quarter declined by 6.6% to $1.151 billion.

Blizzard has reportedly been working to cut costs since early last year. Employees at Blizzard told Kotaku that they were repeatedly told to reduce spending by former CFO Amrita Ahuja, who left in January 2019. In December, Eurogamer reported that Blizzard negotiated buyouts for more than 100 customer service employees based in Ireland.

Do you work at Blizzard or have a confidential tip to share? Contact this reporter by email at This email address is being protected from spambots. You need JavaScript enabled to view it., or via Twitter DM at @ForteK. You can also contact Business Insider securely via SecureDrop.

Original author: Kevin Webb

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Feb
12

Tesla's charging network gives it a huge advantage over its rivals — but the company is still lacking in one crucial area (TSLA)

Tesla's network of superchargers is now close to 12,000 — blowing other automaker's electrical infrastructure out of the water.

Morgan Stanley estimates that Tesla alone could account for up to 40% of the US' total charging outlets. That gives the company a huge "competitive moat" over other automakers, the bank said in a note to clients Tuesday.

"Growth in the charging footprint, while strong, is far slower than the growth in Tesla's car population, which we estimate increase by 83% last year," analyst Adam Jonas writes. "We calculate Tesla's car fleet per supercharger increased to 45 by the end of 2018 vs. 33 at the end of 2017."

But while the company has been successful in ramping production to get more cars on the road and increasing revenue, Tesla's next pain point could be in servicing vehicles if and when they encounter problems.

"Tesla's vehicle fleet has grown far faster than its physical store and service location network, raising investor concerns about strain on the system," Jonas said.

On Monday, the Wall Street Journal reported that many Tesla Model 3 buyers were facing long waits for service and parts, a pain point Tesla's chief executive Elon Musk acknowledged on the company's fourth-quarter earnings conference call. In one case, a Model 3 is still in the shop awaiting after an accident in September — nearly five months ago.

"I want to note that one of our major priorities this quarter is improving service operations," Musk told analysts and investors on the call.

"So really, from my standpoint, when I think about what my priorities are this quarter, it's improving service in North America. That's #1. And I think that there are some very exciting initiatives that we're going to roll out with regard to that," he continued.

Jonas, who has an equal-weight rating for Tesla stock, says Tesla has significant room to improve on the service front, especially when it comes to mobile service centers. Tesla currently has 411 vans that can be dispatched to fix cars at owners' homes.

The company estimates 80% of repairs can be done outside of its 85 service centers, according to the Wall Street Journal. And with more cars hitting the road every quarter, those vans may not be able to keep up.

For now, at least, it's got its charging network to attract new customers.

"Part of the strategic attraction to Tesla is its physical infrastructure footprint," Jonas said. "Which we believe, over time, can improve the customer experience, reduce friction points, and support the fleet management of many millions of Tesla vehicles on the road and in both captive and 3rd-party fleets."

Original author: Graham Rapier

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Dec
05

Report: Phishing campaign is actively targeting U.S. military families

Ever wonder why your iPhone's loading speed is slower than usual? Contrary to what you might think, it isn't necessarily because your phone is getting old or because your network is slow. It could be that your iPhone is bogged down by too many useless files and app data, which likely means it's time for you to clear out your cache.

Cached data encompass all the files and images that your phone has hidden away in its memory. That includes passwords and scripts from previously visited websites that your phone keeps handy for easy access.

In theory, the feature is supposed to make things easier and faster for you because your phone doesn't have to repeatedly ask you for your passwords and other information. While Apple hasn't confirmed it directly, the general consensus of the tech community is that when your iPhone gets backed up with too much data, your phone's cache can make the device run at slower speeds.

Clearing your cache can be a healthy habit to adopt to keep your phone operating at full capacity. Lucky for you, it's a quick and easy process that even those who aren't exactly iPhone-savvy can do themselves.

So if you feel your iPhone is in dire need of a spring cleaning, then follow these simple steps, starting with the app you probably use the most, Safari.

Clearing cache on Safari

In "Settings," find the "Clear History and Website Data" tab to clear the cache on your Safari app. Olivia Young/Business Insider

Before you go deleting data, make sure you know your essential passwords. This process will log you out of the websites you frequent. In "Settings," find the "Passwords & Accounts" sections and tap "Safari." Past the toggles, you'll see "Clear History and Website Data." Click that. Your device will double-check that you want to clear Safari's data, so click through the message that follows.

Clearing cache on third-party apps

Check out which apps are taking up the most space on your phone in the "iPhone Storage" section of your "Settings." Olivia Young/Business Insider

1. As for the third-party apps that you've downloaded — Facebook, Instagram, Google Maps, and the like — you can manage your storage in "Settings." In "Settings," go to "General" and click "iPhone Storage."

2. In "iPhone Storage," you'll find a list of your apps, with the ones holding the most data at the top.

3. If you tap any of these apps, you can see exactly how much space its "Documents & Data" is taking up.

Enable recommendations within the storage section for an app to clear space from it. Olivia Young/Business Insider

4. If your device is getting full, it will offer you recommendations for what to clean up on the "iPhone Storage" page. Just tap the "Show All" button next to "Recommendations" to read the each one's description.

5. If you would like to take any of the recommendations, simply tap "Enable."

6. If you'd rather clear out space manually, then go into the app and start clearing out unnecessary files, such as old text conversations, playlists, photo albums, emails, and the like.

Deleting and redownloading apps to clear cache

If you have one app that's taking up a tremendous amount of space unnecessarily, then it could be worth deleting the app and redownloading it, according to PCWorld. That's because your social apps are storing away images and videos that you've already watched, and sometimes the only way to clear that cache is to just erase it and clear out a significant portion of its cached data. To delete an app, just tap said app under the "iPhone Storage" menu and hit "Delete App" at the bottom of the page. Redownload it by going into the Apple Store and searching for it or finding it in your "My Purchases" list. If it's a paid app, you will not have to purchase it again.
Original author: Olivia Young

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Feb
13

Frank and Oak picks up $16 million Series C

This post was originally published on Medium.

In 2011 I left my job as the second employee at Pinterest — before I vested any of my stock — to work on what I thought would be my life's work.

Gumroad would become a billion-dollar company, with hundreds of employees. It would IPO, and I would work on it until I died. Something like that.

That didn't happen.

Now, it may look like I am in an enviable position, running a profitable, growing, and low-maintenance software business with customers who adore us. But for years, I considered myself a failure. At my lowest point, I had to lay off 75% of my company, including many of my best friends. I had failed.

I no longer feel shame in the path I took to get to where I am today. It took me years to realize that I was misguided from the outset. This is that journey, from the beginning.

A weekend project turned VC-backed startup

The idea behind Gumroad was simple: Creators and others should be able to sell their products directly to their audiences with quick, simple links. No need for a storefront.

I built Gumroad that weekend, and launched it early Monday morning on Hacker News. The reaction exceeded my grandest aspirations. Over 52,000 people checked it out on the first day.

Later that year, I left my job as the second employee at Pinterest — before I vested any of my stock — to turn it into what I thought would become my life's work.

Almost immediately, I raised $1.1M from an all-star cast of angel investors and venture capital firms, including Max Levchin, Chris Sacca, Ron Conway, Naval Ravikant, Collaborative Fund, Accel Partners, and First Round Capital. A few months later, in May 2012, we raised $7M more. Mike Abbott from Kleiner Perkins Caufield & Byers (KPCB), a top-tier VC firm, led the round.

I was on top of the world. I was just 19, a solo founder, with over $8M in the bank and three employees. And the world was starting to take note.

We grew the team. We stayed focused on our product. The monthly numbers started to climb. And then, at some point, they didn't.

To keep the product alive, I laid off 75% of my company — including many of my best friends. It really sucked. But I told myself things would be fine: The product would continue to grow and no one far from the company would ever find out.

Then TechCrunch published Layoffs Hit Gumroad As The E-Commerce Startup Restructures. All of a sudden my failure was public. I spent the week ignoring my support network and answering our customers' concerns, many of whom relied on us to power their business and wanted to know if they should look for an alternative after reading the news; some of our favorite, most successful creators left. (It hurt, but I don't blame them for trying to minimize the risk in their own businesses.)

So what went wrong, and when?

Failing in style

Let's start with the numbers. This is our monthly processed volume, up until the layoffs:

Sahil Lavingia/Medium

It doesn't look too bad, right? It's going in the right direction: up.

But we were venture-funded, which was like playing a game of double-or-nothing. It's euphoric when things are going your way-and suffocating when they're not. And we weren't doubling fast enough to raise the $15M+ Series B (the second major round of funding) we looked for to grow the team.

Every month of less than 20% growth should have been a red flag.

For the type of business we were trying to build, every month of less than 20% growth should have been a red flag.

But at the time, I thought: "It's okay." We had money in the bank, we had product-market fit. We would continue to ship product and things would work out. The online creator movement was still nascent; it wasn't our fault. It always looked like change was right around the corner.

But now, I realize: It doesn't matter whose "fault" it is, we hit a peak in November 2014 and stalled. A lot of creators absolutely loved us, but there weren't enough of them who needed our specific product offering. Product-market fit is great, but we needed to find a new, larger fit to justify raising more money (and then do it again and again, until acquisition or IPO).

In January 2015, after our final double-or-nothing hail-mary, when our bank balance dipped below 18 months of runway, I told the twenty-person team: the road ahead was going to be a tough one. We didn't have the numbers to raise a Series B, and we would have to work really hard over the next nine months to get even close to them. To that end, we deprioritized everything except features that would directly "move the needle." Many were not core to our business, but we needed to try everything we could to get our monthly processed volume to where it needed to be.

If we succeeded, we would raise money from a top-tier VC again, hire more people, and start the journey again. If we didn't, we would have to drastically downsize the company.

In those nine months, when the whole team knew that we were fighting for our company's life, not a single person left Gumroad. From "this is gonna be hard," to "yep, turns out it was," every single person worked harder than ever.

We launched a "Small Product Lab" to teach new creators how to grow and sell. We shipped a ton of features, including weekly payouts, payouts to debit cards, payouts to the UK, Australia, and Canada, various additions to our email features, product recommendations and search, analytics to see how customers are reading/watching/downloading the products they've purchased, and add-to-cart functionality. And that was just from August to November.

Unfortunately, we didn't hit the numbers we needed.

Slim down or shut down?

Looking back, I'm glad we didn't hit those numbers. If we doubled down, raised more money, and appeared in the headlines again, there was a very real possibility it would only lead to a more spectacular failure.

With that off the table, our options were:

Shut down the business, return the remaining money to investors, and try something new. Continue with a slimmed-down version of the company to aim for sustainability. Position the company for an acquihire.

Some of my investors wanted me to shut down the business. They tried to convince me that my time was worth more than trying to keep a small business like Gumroad afloat, and I should try to build another billion-dollar company armed with all of my learnings-and their money.

I tended to agree with them, to be honest. But I was accountable to our creators, our employees, and our investors — in that order. We helped thousands of creators get paid, every month. About $2,500,000 was going to go into the pockets of creators  —  for rent checks and mortgages, for student loans and kids' college funds. And it was only growing! Could I really just turn that faucet off?

And if I sold the company, it would be mostly for our stellar team, which means I would no longer be able to control the destiny of the product. There were too many acquisition stories that promised exciting journeys and amazing synergies to come — and ended with a deprecated product a year later.

It was certainly tempting. I could say I sold my first company, raise more money, and do this all again with a new idea. But that didn't sit right with me. We were responsible to our creators first. That's what I told every new hire and every investor. I didn't want to become a serial entrepreneur, and risk disappointing another customer base.

We decided to become profitable at any cost. The next year was not fun: I shrunk the company from twenty employees to five. We struggled to find a new tenant for our $25,000/month office and focused all of our remaining resources on launching a premium service.

In June 2015, a few months before our layoffs, our financials looked like this:

Revenue: $89,000 for the month Gross profit: $17,000 Operating expenses: $364,000 Net profit: -$351,000

A year later, in June 2016, our monthly numbers looked like this:

Revenue: $176,000 for the month Gross profit: $42,000 Operating expenses: $32,000 Net profit: +$10,000

It hurt, but it meant creators would keep getting paid, and that we were in control of our own destiny.

Skeleton crew to lifestyle business

It got worse from there.

Gumroad was no longer the venture-funded, fast-growing startup our investors and employees signed up for. As everyone else found other opportunities, the skeleton crew fizzled from five to one.

I was basically alone. I didn't have a team, nor an office. And San Francisco was full of startups raising gobs more money, building amazing teams, and shipping great products. Some of my friends became billionaires. Meanwhile, I had to run a "measly" lifestyle business. It wasn't what I wanted to do, but I had to keep the ship from sinking.

Now, I understand some people would dream to be in that position. But at the time, I just felt trapped. I couldn't stop, but there was only so much I could do as an army of one.

I shut off the rest of the world. I didn't tell my mom about the layoffs — she had to read the article and tweets herself to find out. My friends were worried, but I assured them I was neither depressed nor suicidal. I left San Francisco for long stretches at a time, thinking that some travel would give me adequate distance. It only made me more lonely.

Every day, I woke up and took care of all of Gumroad's support queries. I tried to fix all of the bugs I could. Often, I had to ask for help from former Gumroad engineers. They were all employed now, but they always found time to help. Once all things Gumroad were taken care of, I tried to go to the gym, and if I had the willpower, work on a side project (a fantasy novel). Most days, I failed.

To me, happiness is so much about an expectation of positive change. Every year before 2016, there was an improvement in my expectations — in the team, the product, or the company — and this was the first time in my life when the present year felt worse than the last.

Living in San Francisco was already a struggle, and when Trump won the election, I ended up leaving for good.

New beginnings

Then one day, everything changed. Again. I'm wary about sharing this part of the story, because I don't know if there is anything to learn from it. But it happened, so here it is.

On November 27, 2017 I got this email from KPCB, our lead investor:

I am following up our conversation a few months ago. KP would like to sell our ownership back to Gumroad for $1. Can we discuss this week?

Mike had left KPCB to start a new company, and KPCB didn't want the operational headache of appointing a new board member. Plus, it helped their taxes. In one fell swoop, our liquidation preferences (how much we would have to sell for before dollars started going to employees) went from about $16.5M to $2.5M. All of a sudden, there was a light at the end of the tunnel. Small, dim, and far away, but present. There was a path to an independent business, not beholden to the go-big-or-go-home mentality I signed up for when I raised money.

One investor joined them. We've bought back a couple more, since then. I keep the rest of the investors up-to-date with a brief email every few months.

The future came into focus: I could grow a small team, slowly buy back our investors, and build Gumroad into a meaningful business focused on our creators. We would never become a billion-dollar company, and that started to feel okay. Certainly, the thousands of creators selling on Gumroad wouldn't mind.

Finding new forms of impact

The eight years I worked on Gumroad were full of personal ups and downs. There were months where I worked 16 hours a day. But there were also some months where I worked four hours a week. Here's one way to picture that time:

Sahil Lavingia/Medium

Can you tell which is which? I can't. We had a sales team for a few years, then we didn't. Can you tell when we made the switch? I can't.

It doesn't matter how amazing your product is, or how fast you ship features. The market you're in will determine most of your growth. For better or worse, Gumroad grew at roughly the same rate almost every month because that's how quickly the market determined we would grow.

So instead of pretending to be some sort of product visionary, trying to build a billion-dollar company, I'm just focused on making Gumroad better and better for our existing creators. Because they are the ones that have kept us alive.

Creating and capturing value

At a CEO Summit many years ago, my all-time hero, Bill Gates, was on stage. Someone asked him how he dealt with failing to capture so much value? Microsoft was huge, sure, but tiny compared to the total impact it has had on the world and on humanity.

Bill's answer: sure, but that's true with all companies, right? They create some value and succeed in capturing a very small percentage of it.

Similarly, I am now more focused on creating value than capturing it. I still want to have as large an impact as possible, but I don't need to create it directly, or capture it in the form of our revenue or our valuation.

For example, Austen Allred, who's raised $48M for his startup Lambda School, got his start selling a book on Gumroad.

Startups have been founded by former Gumroad employees, and dozens more companies have been massively improved by recruiting our alumni.

On top of that, our product ideas, like our credit card form and inline-checkout experience, have proliferated the web, making it a better place for everyone — including those that have never used Gumroad.

While Gumroad, Inc may be small, our impact is large. There is, of course, the $178,000,000 we have sent to creators. But then there's the impact of the impact, the opportunities that those creators have taken to create new opportunities for others.

Opening up

I've found other ways to create value, too. After the layoffs, I didn't talk to anyone about Gumroad. Not even my mom. And after moving away from San Francisco, I felt pretty disconnected from the startup community.

So, as a way to re-engage with the community, I thought about sharing our financials publicly. Founders starting their own companies could learn from our mistakes, utilizing our data to make better decisions.

It was scary: What if we don't grow every month? It could scare off prospective customers. It's something I would never expect a startup seeking venture capital to do. It makes sense to hold those cards as close to your chest for as long as possible when you must raise money, hire people, and compete for customers with other venture-seeking startups.

But, since we were not any of those things anymore, it was easier to share that information. We were profitable, and a no-growth month won't change that. So in April 2018, I started to release our monthly financials publicly.

Ironically, more investors have reached out (we're just interested in raising money from our customers for the moment, thanks!), more folks want to contribute to Gumroad, and our shift in focus has brought us closer to our creators.

Instead of freaking out about how 'small' Gumroad actually is (like I thought they would), our creators have grown more loyal. It feels like we're all in this together, trying to do earn a living doing what we love.

Soon, we will also open-source the whole product, WordPress-style. Anyone will be able to deploy their own version of Gumroad, make the changes they want, and sell the content they want, without us being the middle-man.

In 2018 we donated over $23,775 (8% of our profits) to different causes. We raised money for the hurricane relief efforts in Puerto Rico and the floods in Kerala. We helped fund the Presence-of-Blackness project in speculative fiction, and a Mexicanx publication.

Seeking the non-binary

For years, my only metric of success was building a billion dollar company. Now, I realize that was a terrible goal. It's completely arbitrary, and doesn't accurately reflect impact.

I'm not making an excuse or pretending that I didn't fail. I'm not pretending that it feels good. Even though everyone knows that the failure rate in startups, especially venture-funded ones, is super high, it still sucks when you do.

I failed, but I also succeeded at many other things. We turned $10 million of investor capital into $178 million and counting for creators. And without a fundraising goal coming up, we are just focused on building the best product we can for them. On top of all that, I'm happy creating value beyond our revenue-generating product, like these words you're reading!

I consider myself "successful" now. Not exactly in the way I intended, though I think it counts. Where did my binary focus on building a billion-dollar company come from in the first place?

I think I inherited it from a society that worships wealth. I don't think it's a coincidence that Bill Gates was my all-time hero and was also the world's richest person.

Since I can remember, I equated "successful" solely with net worth. If I heard someone say "that person's really successful," I didn't assume they were improving the well-being of the people around them, but that they had found a way to make a lot of money.

Wealth can be a measure of success, as seems to be in the case of someone like Bill Gates, who has invested heavily in philanthropy. But it's not the only way to measure success, nor is it the best one.

There's nothing wrong with trying to build the next Microsoft. I personally don't think billionaires are evil. And there's a part of me that wishes I was still on that path.

But for better or worse, I'm on this one now. This has been my path to not building a billion-dollar company. There are many like it, but this one is mine.

—

Let me know if you have any questions. I'm happy to help, or at least to listen.

Gumroad is a product of many people's hard work, including our alumni: Leigh McCulloch, Sidharth Shanker, Anish Bhayani, Kathleen Warner, Heather Whiles, Benjamin Nguyen, K. Tighe, Steve Kaye, Tuhin Srivastava, Avinash Ananth, Joel Packer, Katsuya Noguchi, Matan-Paul Shetrit, Amir Haghighat, Ian Atha, Emmiliese von Clemm, Kate Yu, Sri Raghavan, Ryan Delk, Al Hertz, Travis Nichols, Maxwell Elliott, Phil Howes, Ben Reynolds, Michael Klocker, Bryan English, Laura Biester, Jake Heimark, Aaron Relph, Ben Walsh, Greg Terrono, Donald Huang, Paul McKellar, Francisco Gutierrez, Kyle Doherty, and Jessica Jalsevac. Thank you.

Sahil Lavingia is the founder and CEO of Gumroad, an e-commerce startup that has helped more than 40,000 artists and creators earn over $180,000,000. In his free time he writes and paints. You can follow him on Twitter.

This post was originally published on Medium.

Original author: Sahil Lavingia, Medium

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Feb
12

Google Cloud's new CEO used his first public talk to throw shade at Amazon over its feud with open source startups (GOOGL)

Amazon has a habit of taking free software created by other companies and selling it on its cloud. But Google Cloud isn't like that, new CEO Thomas Kurian says.

At his inaugural appearance as the new CEO of Google Cloud on Tuesday, Kurian spoke about how Google Cloud allows customers to use a variety of open source tools to build applications on its cloud.

Many of these tools are developed by other startups and made available as open source, meaning that they are free for anyone to use, download, modify — and even sell, something that Amazon Web Services frequently does.

Kurian, a former Oracle executive who replaced Diane Greene as CEO, said that Google Cloud takes a "different approach" from its competitors when it comes to open source.

"If you look at the open source community, we're taking the approach of partnering with the open source community, as opposed to taking their technology and selling it on our platform," Kurian said onstage at the Goldman Sachs Technology and Internet Conference.

AWS, Google Cloud's biggest competitor, is known for repackaging and selling other startups' open source software on its cloud — and igniting resentment from these startups. Some companies, like Redis Labs and Confluent, even fought back by with the controversial move of changing their licensing.

Amazon, and particular AWS, has a reputation for not contributing as much to open source as would be appropriate from a company this size, furthering these tensions. That said, AWS has started introducing major open source projects of its own, which have been well-recieved by the community, in a move that could defrost that relationship.

Read more:The new CEO of Google Cloud explains the updated master plan for taking on Amazon Web Services

Microsoft and Google both have more employees contributing to more open source projects on GitHub. Kubernetes, one of the most popular open source projects, was started by engineers at Google.

Currently, Google Cloud supports popular third-party databases such as Redis, MongoDB, PostgreSQL, Cassandra, Hadoop, and Microsoft SQL Server.

Original author: Rosalie Chan

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Dec
05

Sense raises $50M to bolster recruitment efforts with AI

Over the past several years, Amazon's Alexa virtual assistant has made its way to nearly every corner of the home —from smart microwaves to wall clocks, washing machines and televisions. Now, with its latest acquisition of mesh Wi-Fi router startup Eero, Amazon is further cementing its presence in the home.

Amazon and Eero announced on Monday that the two companies have entered into a merger agreement under which the online retail giant will acquire the Wi-Fi startup, although terms of the deal have not been disclosed. The announcement didn't include any details about how or if Amazon plans to integrate Eero's technology or devices into its own products at any capacity. But Dave Limp, Amazon's senior vice president of Amazon Devices and Services, said in a press release that the two companies "have a shared vision that the smart home experience can get even easier." Business Insider has reached out to Amazon for comment on more details regarding the deal and will update this story accordingly when we hear back.

The move makes sense for Amazon, which has emerged as a dominant player in the smart home space in recent years thanks to the popularity of its Amazon Echo devices. Limp recently told The Verge that more than 100 million devices with Amazon's Alexa assistant have been sold to date following the Echo's initial launch in late 2014. It's unclear exactly how that compares to Amazon's primary competitor Google, but the search giant recently said that it expected Google Assistant to be available on 1 billion devices by the end of January 2019.

Neither Amazon nor Eero have specified exactly what the deal means for either company's current or future products, but it's easy to imagine how having control over the Wi-Fi experience could benefit Amazon. The company has already been thinking about ways to simplify the process of connecting its Echo devices to other Internet-connected appliances, as evidenced by the Echo Plus device it introduced in September 2017. The Echo Plus has a built in smart home hub that makes it possible to connect compatible products by simply saying "Alexa, discover my devices" rather than going through the traditional set-up experience. With its acquisition of Eero, Amazon is no longer just a purveyor of smart home devices; it owns a part of the experience that's crucial to making them all work. It wouldn't be surprising to see Amazon leverage Eero's products in a way that makes setting up Wi-Fi-powered smart home appliances more seamless.

In addition to the potential this acquisition has to bolster Amazon's foothold in the home, it also gives the company another option for subscription revenue outside of its $119-per-year Prime service, which 62% of Amazon members pay for according to Consumer Intelligence Research Partners. Eero sells a $99-per-year Plus subscription that offers ad blocking, threat detection, and family-safe browsing options. While neither Amazon nor Eero has given an indication that there will be any changes to this service given Amazon's new ownership, it's worth noting that the online retailer began offering Whole Foods discounts for Prime members after it acquired the supermarket in 2017 for $13.7 billion. (A new report from The Wall Street Journal, however, indicates that may no longer be the case).

The Eero deal is the latest in a string of acquisitions that puts Amazon in nearly every corner of the home, from the kitchen to the front door. Last February news broke that Amazon would acquire video doorbell maker Ring for $1 billion in a move that was largely perceived as a means of furthering its dominance in the smart home and retail spaces. Before that, Amazon acquired Whole Foods, giving it a pipeline into consumers' kitchens.

Amazon's acquisition of Eero also provides the online shopping giant with a crucial piece of the smart home market that could prove necessary for maintaining its status as a leader in smart home technology. Both Google and Samsung, arguably Amazon's biggest rivals in the space, have long offered their own mesh Wi-Fi routers that work with their own respective smartphone apps. Through these apps, users can view connected devices, block certain websites and manage other features.

As such, this deal also raises a concern that's been brewing in recent years about whether companies like Amazon, Google, Apple, Microsoft and Facebook hold too much power over our digital lives. For example, six out of the 10 most downloaded iPhone apps of 2018 are operated by Facebook and Google. Google's Android and Apple's iOS operating systems dominate the smartphone market, with Android accounting for 85.1% of the market and iOS claiming 14.8% according to a report from the International Data Corporation published in December 2018. Acquisitions like this only make it more difficult to purchase or use technology that isn't made or operated by one of the so-called "big five," further fueling the conversation about whether firms like Apple, Google, Amazon, Microsoft and Facebook are becoming too powerful.

The acquisition also comes amidst rising privacy concerns over how large tech companies, particularly Facebook, are using the data they collect. Apple recently revoked multiple enterprise certificates from Facebook after TechCrunch reported that Facebook had been using Apple's Enterprise Developer Program to distribute an app that gathered data from the recipient's phones in exchange for payment. Before that in August, Apple banned the Facebook-owned Onavo internet security app because it broke the iPhone maker's data collection rules since it monitors app activity.

For those worried about whether the acquisition would give Amazon a window into Eero users' Internet activity, Eero's support account on Twitter issued the following response:

It's too soon to tell how the acquisition will impact products made by Amazon and Eero if at all. But it's yet another sign indicating Amazon will only become more ubiquitous in the home.

Original author: Lisa Eadicicco

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Jun
18

Kaia Health gets $26M to show it can do more with digital therapeutics

It was a shock in 2017 when the iPhone X arrived with a beautiful, near full-screen display, marred by a weird black notch.

Bezel-free displays are difficult for phone makers to pull off, because the front-facing camera has to be housed somewhere. In Apple's case, it's housed in the notch.

Apple audaciously leaned into the notch, telling the public it embraced what was clearly a design compromise and aggressively marketing the iPhone X as a full-screen display.

Such is the luxe power of the iPhone that Android phone makers actually copied the notch into their own full-screen designs. The OnePlus 6 had a notch, as did the Huawei P20 Pro, and the LG G7 ThinQ.

But one massive Chinese phone manufacturer called Oppo has broken away from the pack and come up with its own solution.

Read more: A massive Chinese phone company that outsmarted Apple in China and India is now heading to the West

Oppo officially launched in the UK last month, finally introducing its high-end Find X flagship to the British market for £799 ($1,000).

Business Insider had about ten minutes with the Find X, and found it fairly obviously inspired by the iPhone X and its successors. The name, the Find X's OLED display, and software features like Portrait Mode all showed Apple-like touches.

But there was one feature that was distinctly un-Apple, and that was the Find X's solution to the notch.

Oppo's solution was to put the front-facing camera in a motorised pop-out section that automatically opens when you press the camera button. The camera isn't just for photos and selfies, but for 3D facial recognition and O-Moji, Oppo's take on Apple's Animoji.

Here's the pop-out camera in action — watch the top of the phone:

The camera appears on its own shelf, and disappears again as soon as you click away from the camera. The movement is surprisingly subtle and evidently designed to be as smooth and unobtrusive as possible.

Here it is from behind, courtesy of YouTuber Marques Brownlee:

And here's how it looks as you're taking a photo:

The popped-out camera is subtle, but you can see it at the top of the phone. Shona Ghosh/Business Insider

It's hard to tell how hardy this motorised gimmick is. The phone isn't waterproof, so it isn't clear what would happen if any liquid fell into the slight gap between the camera array and the main smartphone body. Likewise, it's hard to tell whether the mechanism might break if any dust or particles get caught up in it.

With so little time with the Find X, we couldn't test the pop-up camera's durability by, for example, dropping it from a height.

And a final practical consideration: how do you buy a protective smartphone cover if the phone keeps changing size?

Marques Brownlee/YouTube/Shona Ghosh

In an in-depth review of the phone, TechRadar noted the mechanism takes a full second to unfurl and that might slow over time.

"The sliding drawer also has a tendency to collect pocket lint and dust, which we assume isn't particularly healthy for the handset when it slides back in," the reviewers wrote. "When extended, it also feels a little spongey, offering moderate resistance but a little wobble when handled."

The pop-out camera is certainly eye-catching. At the very least might help Oppo stand out in the crowded UK market, where the iPhone reigns king. While Oppo dominates in Asia, along with its sister companies Vivo and OnePlus, it's still relatively unknown in the West.

Cute as the pop-out is, we're struggling to see it ending the reign of the notch in 2019.

Original author: Shona Ghosh

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Feb
09

Elon Musk is selling his $4.5 million home that overlooks Los Angeles. Here's a look inside

One of Elon Musk's mansions is for sale.

The billionaire has listed a four-bedroom, three-bath home in Los Angeles for $4.5 million, Forbes first reported.

Tesla's chief executive originally bought the house — which is considerably smaller than some of his others — along with his now ex-wife Talulah Riley in 2013 for $3.695 million. If the asking price of $4.5 million holds, Musk stands to make nearly $1 million in profit from the sale.

Here's a look inside:

Original author: Graham Rapier

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Feb
09

Samsung's upcoming Galaxy S10 smartphone is being announced this month — here's what to expect

Galaxy S10 E: A dual-lens system, with one likely for regular photos, and the other for zoomed shots. Single selfie camera.

Galaxy S10: A triple-lens system, with one likely for regular photos, the other for zoomed shots, and another for ultra-wide angle shots. Single selfie camera.

Galaxy S10 Plus: A triple-lens system, with one likely for regular photos, the other for zoomed shots, and another for ultra-wide angle shots. Dual-lens selfie camera, with one for normal selfies and the other for ultra-wide angle selfies.

Galaxy S10 X: A four-lens camera system, with one likely for regular photos, the other for zoomed shots, and another for ultra-wide-angle shots. (It's unclear what the fourth lens could be used for. It's pure speculation, but the fourth lens could be purely complimentary for portrait mode enhancements.) Dual-lens selfie camera, with one for normal selfies and the other for ultra-wide angle selfies.

Original author: Antonio Villas-Boas

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Feb
09

Actor Terry Crews says the National Enquirer's publisher tried to 'silence' him with fake stories as Jeff Bezos accuses the tabloid of blackmail

Actor Terry Crews said the National Enquirer's publisher, American Media Inc (AMI), tried to "silence" him with fake stories as Jeff Bezos publicly accuses the publisher of trying to blackmail him.

Crews said on Twitter that AMI tried to silence him as he attempted to sue a Hollywood agent who he claimed groped him and the agency's talent agency "by fabricating stories of me with prostitutes."

Crews accused Adam Venit of groping him at an industry party in 2016, and filed a police report with the Los Angeles Police Department. Crews told the Senate Judiciary Committee in 2018: "The assault lasted only minutes, but what he was effectively telling me while he held my genitals in his hand was that he held the power. That he was in control."

Crews said on Friday that AMI tried to silence him and that they "even went so far as creating fake receipts" but that he "called their bluff by releasing their threats online."

Crews first made the allegations against the company in 2017, when he shared an email that he said was from Radar Online, which is owned by AMI. He said that the day after he spoke about his allegations the publication emailed him about a story about him hiring two prostitutes in Monte Carlo in 2015.

Read more:Read all the emails Jeff Bezos says the National Enquirer sent to 'blackmail' him

"It never went 2 press because it was a lie," Crews then said. "This was not a coincidence. I told u they were coming 4 me. I also told you I am ready."

This was Crews' tweet in 2017:

Crews shared the allegations again on Friday after Jeff Bezos, the founder of Amazon and the owner of The Washington Post, accused AMI of "extortion" and said it was threatening to leak naked photos of him unless he stopped his investigation into how the photos leaked to the National Enquirer.

Terry Crews attends Esquire's Annual Mavericks of Hollywood in Los Angeles. Getty

In a blog post on Medium, Bezos said: "Rather than capitulate to extortion and blackmail, I've decided to publish exactly what they sent me, despite the personal cost and embarrassment they threaten."

And reporters including Ronan Farrow have since come forward to say that AMI had threatened them to stop reporting on the company's relationship with President Donald Trump. Farrow tweeted that he and at least one other journalist "fielded similar 'stop digging or we'll ruin you' blackmail efforts from AMI."

Read more: Jeff Bezos alleges ties between Saudi Arabia and National Enquirer's publisher, David Pecker, and it could all relate to the murder of journalist Jamal Khashoggi

AMI said its board would investigate the claims made by Bezos, but said it had "acted lawfully."

"American Media believes fervently that it acted lawfully in the reporting of the story of Mr. Bezos," AMI said in a statement on Friday morning.

Jeff Bezos. Cliff Owen/AP Images

"Further, at the time of the recent allegations made by Mr. Bezos, it was in good faith negotiations to resolve all matters with him. Nonetheless, in light of the nature of the allegations published by Mr. Bezos, the Board has convened and determined that it should promptly and thoroughly investigate the claims. Upon completion of that investigation, the Board will take whatever appropriate action is necessary."

AMI and representatives for Terry Crews could not immediately be reached for comment.

Original author: Sinéad Baker

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Feb
09

Assigned seats on Southwest? Here's how a major change would set the company apart from other airlines (LUV)

While other carriers pile on the for-sale frills, Southwest Airlines has stayed true to its roots.

But with demand for tickets set to pale in comparison to last year, JPMorgan is brainstorming ways that the discount carrier could get its cut of the billions of dollars that flyers pay every year for things like checked bags, changed reservations, and premium seats.

In a recent note to clients, analyst Jamie Baker began to "opine on the feasibility and potential profitability of seat monetization at Southwest." However, the bank would like to "strenuously emphasize" that it's aware of no such plans.

On Southwest's fourth-quarter earnings call in January, CEO Gary Kelly said that new revenue sources were "under construction," according to Bloomberg, which first reported on the JPMorgan note.

Bags will likely be off the table — "that's not what we do," Kelly said — but seat monetization could fill a lot of gaps, JPMorgan explains.

"Southwest could easily add $0.10 to $1.00 in annual EPS by monetizing up to four rows of each aircraft," writes Baer. "Essentially, offering a paid opt-out to the need to queue in advance, thereby guaranteeing last on/first off status for travelers (along with dedicated bin space)."

That would check four boxes for the airline, which currently has a Business Select option for earlier boarding, but has maintained an all-coach cabin for decades: "ease of execution, ease of passenger understanding, profits, and the broader preservation of the existing Southwest experience," says Baker.

Instead of boarding first, JPMorgan has an idea that basically reverses the common concept of priority seating.

Up to four rows of the aircraft would be reserved for premium tickets, potentially business travelers, guaranteeing access to perks like first-off exiting and overhead storage.

Read more: Southwest Airlines' Companion Pass is the holy grail of travel rewards — I used mine for 3-for-1 flights with my wife and baby

"Simply put, this would negate the need to queue ahead of boarding time - a process that we believe initially wastes travelers' time in exchange for reducing Southwest headcount," writes Baker.

It likely wouldn't cost Southwest much to implement, Baker estimates, and would save flight crews time if the new class included exit rows, as passengers who are prohibited by law from those seats likely wouldn't be buying premium tickets.

But will this theory ever be put into practice?

"We have no idea," says Baker. "While we can offer no unique insight as to what the company may be pondering, we do believe we understand what the new reservation system is capable of, as well as what passengers might potentially respond enthusiastically to - particularly business travelers."

Original author: Graham Rapier

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Jun
18

Vivid is a new challenger bank built on top of solarisBank

Trump has historically been highly critical of Bezos, Amazon, and the Washington Post. On Twitter, Trump also took aim at the Bezos-owned "lobbyist newspaper."

Source: Business Insider

Original author: Paige Leskin

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Jun
18

Payfone raises $100M for its mobile phone-based digital verification and ID platform

Amazon Go's cashierless technology has been widely touted as the future of retail.

But one former Walmart executive says the technology, while impressive, has too many limitations to succeed in grocery stores, department stores, and other retailers with stores that are generally larger than a gas station.

"The Amazon Go store is just a fairy tale for retailers that actually want to make money," said Joel Larson, a former Walmart senior manager who was head of checkout innovation at the company until October.

Amazon did not respond to a request for comment on this story.

Amazon Go uses computer vision powered by hundreds of cameras to track what shoppers remove from shelves. The technology enables shoppers to enter a store, grab what they need, and leave without encountering a cashier or even swiping a credit card.

Read more: Ex-Walmart exec says theft helped kill Walmart's cashierless checkout technology

When Larson left Walmart, he joined Innowi, a company that makes handheld mobile checkout devices. In an interview with Business Insider (and later in an article posted to LinkedIn), Larson outlined several reasons why he thinks Amazon Go's technology won't be widely adopted by most retailers.

Amazon did not respond to a request for comment on this story.

Walmart

1.Accuracy problems. The accuracy of computer vision technology declines in environments with too many similar-looking items, according to Larson. Larson estimated that Amazon Go stores feature roughly 1,000 items. Grocery stores, by comparison, carry roughly 80,000 different products, and big-box retailers such as Walmart carry more than 300,000 products.

Computer-vision technology can have a hard time differentiating between similar products such as two different sizes of Cheerios boxes, Larson said. The probability of inaccuracies increases with a higher number of overall items, especially when many of those items look similar to one another, he said.

2. Expensive, heavy hardware. Computer-vision technology involves hundreds — if not thousands — of cameras that would be costly to purchase and maintain for a big-box retailer, Larson said. And existing stores may need to make structural changes to their ceilings to support the weight of the cameras, he said.

3. Heat generation. "Thousands of cameras put off a lot of heat," Larson said. "Will the AC systems in today's stores support all of that heat being generated? Probably not."

4. Labor costs. Computer vision technology doesn't necessarily result in labor cost savings, despite the fact that it eliminates the need for cashiers, Larson said. The technology is usually supported by humans who review video footage in real time to help resolve issues when the software can't distinguish between similar items.

Original author: Hayley Peterson

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Feb
22

Product Hunt launches no-spam tech news digest app Sip

Target shoppers using the retailer's app aren't always getting the best deal.

An investigation by KARE11 news, an NBC affiliate in Minneapolis, Minnesota, found that prices varied in Target's app based on whether a customer was inside or outside of a Target store. Business Insider confirmed the practice in its own test.

The app uses geo-fencing and location data to make the determination of where a customer is. When in the store, all prices listed in the app resemble the prices listed in the store. Outside of the store is a different story. That is where Target must compete with other online stores and the rest of the world, and the prices there mimic those of Target.com.

Comparing prices for more than 20 items on the app when inside and outside the store, Business Insider found the price changed on nearly half of them. In almost all cases, the prices were higher when we checked the price on the app while inside the store.

Price changes ranged from $0.10 to more than $7, but most were less than a dollar. The largest gap was on a Fisher-Price children's toy, the price of which fell by $7.49 after we left the store.

Read more: The clever tricks Target uses to get you to keep spending money

In a statement to Business Insider, a Target representative did not say that the company would bring parity to its online prices and in-store prices, but that it's "committed to providing value to our guests and that includes being priced competitively online and in our stores, and as a result, pricing and promotions may vary."

"We appreciate the feedback we recently received on our approach to pricing within the Target app. The app is designed to help guests plan, shop and save whether they are shopping in store or on the go," the statement continued.

Target has also said it released an update to make pricing clearer in-app.

"We've made a number of changes within our app to make it easier to understand pricing and our price match policy. Each product will now include a tag that indicates if the price is valid in store or at Target.com," a Target spokesman said. "In addition, every page that features a product and price will also directly link to our price match policy."

Target also reiterated its price-match policy, which customers can take advantage of anytime and anywhere. The policy also applies to goods that Target sells both online and in stores.

KARE11 repeated its experiment at Walmart, Macy's, and Best Buy and did not find any pricing differences.

Here's the full breakdown of Business Insider's comparison of prices on the app in store and outside of a Target store:

Original author: Dennis Green

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Dec
04

Report: 95% of tech leaders say that AI will drive future innovation

In 2015, the Honda HA-420 HondaJet entered production. It was the Japanese industrial giant's first foray into the world of aviation as a manufacturer. The HondaJet was the culmination of three decades of research and development led by Honda Aircraft Corporation CEO Michimasa Fujino.

Honda is a company known the world over for its engineering prowess. Pretty much everything the company produces is world class from hybrid supercars to lawn movers. Still, many were unsure if Honda was up to the task of building a jet from scratch.

Read more: I flew on Honda's $4.9 million private jet, and it's an absolute game-changer.

In the fall of 2017, Business Insider had the chance to experience the HondaJet first hand on a test flight over the Northeastern United States. It was magnificent. The HondaJet proved to be quick, comfortable, and chock full of innovative design features.

In 2018, Honda introduced an updated version of the plane called the HondaJet Elite. The name matches with the designation given to the company's luxury spec automobiles.

The Elite was initially sold alongside the original HondaJet but has now taken over as the only version of the plane in production.

Read more: We drove a $49,000 Honda Pilot to see if the new 2019 model is ready to take on Toyota and Ford. Here's the verdict.

This month, we made our way to down to Greensboro, North Carolina, home of the Honda Aircraft Corporation, for a test flight on board the HondaJet Elite.

The HondaJet Elite starts at $5.25 million, $350,000 more than the original HondaJet.

Here's a look at our flight on the Honda HA-420 HondaJet Elite:

Original author: Benjamin Zhang

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Dec
05

Airlines are taking flight toward revival thanks to data and tech

Prior to Columbus's arrival in the Americas in 1492, the area boasted thriving indigenous populations totaling to more than 60 million people.

A little over a century later, that number had dropped close to 6 million.

European contact brought with it not only war and famine, but also diseases like smallpox that decimated local populations. Now, a new study published in the journal Quarternary Science Reviews shows that those deaths occurred on such a large scale that they led to a "Little Ice Age": an era of global cooling between the 16th and mid-19th century.

Researchers from University College London found that, after the rapid population decline, large swaths of vegetation and farmland were abandoned. The trees and flora that repopulated that unmanaged farmland started absorbing more carbon dioxide and keeping it locked in the soil, removing so much greenhouse gas from the atmosphere that the planet's average temperature dropped by 0.15 degrees Celsius.

Typically, experts look to the Industrial Revolution as the genesis of human-driven climate impacts. But this study shows that effects may have began some 250 years earlier.

"Humans altered the climate already before the burning of fossil fuels had started," the study's lead author, Alexander Koch, told Business Insider. "Fossil fuel burning then turned up the dial."

More than 50 million indigenous people perished by 1600

Experts have long struggled to quantify the extent of the slaughter of indigenous American peoples in North, Central, and South America. That's mostly because no census data or records of population size exist to help pinpoint how many people were living in these areas prior to 1492.

To approximate population numbers, researchers often rely on a combination of European eyewitness accounts and records of "encomienda" tribute payments set up during colonial rule. But neither metric is accurate — the former tends to overestimate population sizes, since early colonizers wanted to advertise riches of newly discovered lands to European financial backers. The latter reflects a payment system that was put in place after many disease epidemics had already run their course, the authors of the new study noted.

So the new study offers a different method: the researchers divided up North and South America into 119 regions and combed through all published estimates of pre-Columbian populations in each one. In doing so, authors calculated that about 60.5 million people lived in the Americas prior to European contact.

Once Koch and his colleagues collated the before-and-after numbers, the conclusion was stark. Between 1492 and 1600, 90% of the indigenous populations in the Americas had died. That means about 55 million people perished because of violence and never-before-seen pathogens like smallpox, measles, and influenza.

According to these new calculations, the death toll represented about 10% of the entire Earth's population at the time. It's more people than the modern-day populations of New York City, London, Paris, Tokyo, and Beijing combined.

The disappearance of so many people meant less farming

Using these population numbers and estimates about how much land people used per capita, the study authors calculated that indigenous populations farmed roughly 62 million hectares (239,000 square miles) of land prior to European contact.

That number, too, dropped by roughly 90%, to only 6 million hectares (23,000 square miles) by 1600. Over time, trees and vegetation took over that previously farmed land and started absorbing more carbon dioxide from the atmosphere.

Julia Pareci of the indigenous Pareci community stands iin front a corn field planted within an Indian reservation, near the town of Conquista do Oeste, Brazil. Ueslei Marcelino/Reuters

Carbon dioxide traps heat in the planet's atmosphere (it's what human activity now emits on an unprecedented scale), but plants and trees absorb that gas as part of photosynthesis. So when the previously farmed land in North and South America — equal to an area almost the size of France — was reforested by trees and flora, atmospheric carbon-dioxide levels dropped.

Antarctic ice cores dating back to the late 1500s and 1600s confirm that decrease in carbon dioxide.

That CO2 drop was enough to lower global temperatures by 0.15 degrees Celsius and contribute to the enigmatic global cooling trend called the "Little Ice Age," during which glaciers expanded.

Lingering doubts

Not all scientists are convinced by Koch's explanation.

"The researchers are likely overstating their case," Joerg Schaefer from the Lamont-Doherty Earth Observatory of Columbia University, told Live Science. "I am absolutely sure this paper does not explain the cause of the carbon dioxide change and the temperature change during that time."

Koch said that some of the drop in carbon dioxide could have been caused by other, natural factors like volcanic eruptions or changes in solar activity. But he and his colleagues concluded that the death of 55 million indigenous Americans explained about 50% of the overall reduction in atmospheric carbon dioxide.

"So you need both natural and human forces to explain the drop," he said.

Koch said the findings revise our understanding of how long human activity has been influencing Earth's climate.

"Human actions at that time caused a drop in atmospheric CO₂ that cooled the planet long before human civilization was concerned with the idea of climate change," he and his co-authors wrote.

But they warned that if a similar reforestation event were to happen today, it wouldn't do much to mitigate the Earth's current rate of warming. The drop in atmospheric carbon dioxide that happened in the 1600s only represents about three years' worth of fossil fuel emissions today, Koch said.

"There's no way around reducing fossil fuel emissions," he said, adding that reforestation and forest restoration remain crucial, too.

Original author: Aylin Woodward

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Feb
09

Amazon's first major video game is a massive online roleplaying game about colonization (AMZN)

Amazon Games Studios is working on a massively multiplayer online roleplaying game called "New World," the largest project yet from the online retailer's largely unknown game development team.

Amazon Games Studios was established in 2012, but so far its releases have largely been limited to smartphones and Amazon devices. "New World" was one of three PC games announced by Amazon Game Studios in 2016, along with "Crucible," a "Fortnite"-style battle royale game, and "Breakaway," an online battle arena game that has since been cancelled.

Here's everything we know about "New World," Amazon's first major video game:

Original author: Kevin Webb

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