Dec
25

Catching Up On Readings: A Merry Christmas To All - Sramana Mitra

Matthew Anello for Alain Pinel Realtors

A small-yet-charming 897-square-foot residence in Palo Alto, CA could be yours for a cool $2.59 million.

The two-bedroom, one bathroom home, at 128 Middlefield Road, is yet another downsized abode selling for millions in Silicon Valley's overheated real estate market. With the famed Googleplex a mere 15 minutes away, and the hubs of other tech giants also nearby, the home and others like it are in high demand.

The last time this home sold was in 2008 for $899,000, according to Redfin. Now with an asking price of $2,589,000, the home is actually priced below the average for the upscale city of Palo Alto — sort of. That price tag comes out to $2,886 per square foot, which is $1,430 above the average for the area.

Take a look at what $2.59 million will get for the home's future owners.

Original author: Katie Canales

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Jul
04

These are the 61 most innovative startups in the world

WORLDWEBFORUM/FinTech 2017

Innovation doesn't just belong to Silicon Valley — it comes from everywhere.

That's the message from the World Economic Forum sent with its annual list of the most innovative companies in the world. The list includes 61 early-stage companies whose technologies are "world changing." They're from, yes, Silicon Valley, but there are also several from emerging markets in Africa and South America, as well as Europe.

As industry-watchers may expect, many of the companies listed are utilizing artificial intelligence, as well as a number of biotech firms and blockchain technologies.

Here are the 61 companies the World Economic Forum considers pioneers.

Original author: Rachel Sandler

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Jul
04

What happens when fireworks explode, in 5 steps

Mark Kolbe/Getty Images

The chemistry of a fireworks show is a tried and true sequence of events.

First, a base of black powder ignites to shoot the firework into the sky, and lights a fuse on fire. Once the firework is at the pinnacle of its trip, that lit fuse ignites a burst charge that acts like gunpowder. That charge exerts tremendous pressure on the dense package of chemicals, fuel, and glue. Inside, colorful "stars" filled with elements that burn into bright-hot colors explode in midair.

Pyrotechnics expert Mike Tockstein told Business Insider that fireworks are not actually rocketed into the sky.

"We don't use rockets," he said. "We use mortars and aerial shells."

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He explained that shells are a safer choice, since rockets can change direction once they leave the launch pad, while shells are locked in to a single trajectory. Nowadays fireworks are typically shot off electronically for large shows, rather than by hand.

Here's how the whole process happens:

The loud blast in your ears when the fireworks go off is the sound of a sonic boom that's produced as the gases packed inside the shell expand quicker than the speed of sound, according to the American Chemical Society.

Original author: Hilary Brueck and Samantha Lee

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Jul
04

The Embr Wave is a wearable that helps you stay warm in freezing-cold offices, or cools your off when it's too hot — here's what it's like to use

Working in an office these days is an exercise in personal temperature control.

One minute, you're sweating it out after your commute on public transit, or even just the walk into your office. The next minute, you're shivering in the arctic temperatures dictated by the thermostat.

That struggle is what inspired the team at Embr Labs to create the Embr Wave, a "personal thermostat" you wear on your wrist.

The Embr Wave works by heating or cooling on its own, depending on your needs. The idea is that, with the press of a button, you can feel more comfortable in your environment — in fact, Embr Labs says after three minutes of using the device, you can feel up to five degrees warmer or cooler.

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"Temperature is as much subjective as it is objective," Sam Shames, CEO of Embr Labs, told Business Insider. "Heating a building is like setting the temperature of a shower for hundreds of people."

It all comes down to skin temperature. When you're feeling cold, your core body temperature doesn't actually change, but your skin temperature does, Shames said. Putting something warm against your skin will provide some relief and make you feel more comfortable in your environment.

Sweatshirts in the summer

The idea behind the Embr Wave originated in a lab at the Massachusetts Institute of Technology in 2013. Shames — along with his cofounders, Matthew Smith and David Cohen-Tanugi — were so cold while working in the lab, they were bundled up in sweatshirts in the middle of the summer.

Embr Labs

They came up with the idea for Embr Wave and submitted to the Intel Make it Wearable competition that October. From there, their story blew up.

"We started getting emails from people all over the world who said that temperature was the biggest problem in their lives," Shames said.

By 2017, Embr Labs had launched a successful Kickstarter campaign, raising $630,000 — more than six times its $100,000 goal. The company also attracted investors like Intel and Bose.

The Embr Wave officially went on sale in March, and it doesn't come cheap — it costs a whopping $300, nearly as much as an Apple Watch Series 3.

Aiding the 'thermally underserved'

The Embr Wave is intended for a group of people Shames refers to as the "thermally underserved population" — people who are frequently uncomfortable in their indoor surroundings, either because it's too hot or too cold.

I happen to be part of that population — I'm almost always way too hot — so I tried out the Embr Wave for a few days to see if it made a difference.

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One of the best features of the Embr Wave is that the temperature sensation comes in waves. When you first put it on, just press the thin light bar on the front of the device, then press and hold on either the left or right side of the button — left for cold, warm for hot.

From there, you'll feel a warming or cooling sensation intermittently for either five minutes or three minutes respectively. If you're not satisfied by the end of a session, just knock on the front of the device and it will restart. The only downside of that design is that if you accidentally set the temperature too hot or too cold, you have to wait for it to be done and try again.

While the device is heating or cooling, you'll see the light bar glow in waves. Here's the Embr Wave in action:

Shames recommends that you take the Embr Wave on and off as you need it. You don't have to wear it like a standard wearable — instead, just strap it on when you feel uncomfortable.

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This is a good thing, too, because the device is decidedly ... huge. It's nice looking, thanks to its metal mesh band and almost complete lack of buttons, but it certainly isn't subtle. In fact, I often felt like I was wearing a house arrest monitor on my wrist.

Looks don't really matter, though, because the Embr Wave actually works. I tested it everywhere I could — at my apartment, on the subway, in the office, while walking from the subway to the office, etc. — and truly felt a difference in how comfortable I was.

The Embr Wave certainly isn't a cure-all. In one situation where I was actively sweating on a too-hot subway car, it could only help me so much. But most of the time, it provided me with a pleasant cooling sensation that saved me from feeling warm and irritable. Of course, the same feeling could probably be achieved by running your wrists under cold water, but the Embr Wave can be hidden under a shirt sleeve and worn while you continue to work or sit in a meeting.

So, do you really need a $300 wearable with only one function? Probably not. But if you're among the thermally underserved, you might want one.

Original author: Avery Hartmans

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Jul
04

Revolut's backer Draper Esprit has entered Germany by investing in local VC firm Earlybird

Venture capital firm Draper Esprit. Draper Esprit

Draper Esprit, the listed backer of fintech startups Revolut and TransferWise, has entered Germany by investing in local player Earlybird Venture Capital.

Draper has committed €18 million ($21 million/£16 million) to Earlybird's sixth fund, and promised another €68 million (£60 million) over the next four years. Earlybird's fund is £154 million at first close, and the partnership will make Draper a 50% backer. Draper has also issued a small number of shares to Earlybird.

The deal is not an acquisition by Draper, but a partnership where the two firms will share knowledge and dealflow. Earlybird has offices in Berlin, Munich, and Istanbul.

Earlybird cofounder Hendrik Brandis said: "Earlybird has significant backing from mostly institutional private investors, and Draper Esprit has managed to very successfully access public capital markets, funds which we can co‐invest alongside. We believe this creates a very strong partnership."

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It's an unusual move for an unusual venture capital firm.

One big advantage for Draper is that it becomes a shareholder in the 13 portfolio startups Earlybird has already invested in with its sixth fund.

Draper chief executive Simon Cook pointed specifically to cryptocurrency exchange ShapeShift, headed up by early bitcoin evangelist and entrepreneur Erik Voorhees. ShapeShift becomes Draper's second crypto holding after its investment in French crypto wallet startup Ledger, at a time when European venture capital firms are increasingly trying experimenting in crypto startups.

The deal also means Draper gets exposure to interesting German startups without having to open an office there.

Cook told Business Insider. "We've known the Earlybird team for years... they have built a strong platform in Germany... they were also similarly starting to look to invest outside their home market."

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Draper may become the 100% backer for Earlybird's next fund but that's several years away, Cook added.

With the Earlybird partnership, Draper now has €1.3 billion at its disposal. The wider ambition, said Cook, is to become a household name in European investment, just as venture capital firms such as Sequoia are in the US.

"Our entire strategy is that Europe is going through the same spurt that Silicon Valley went through in the 1990s, when [VC firms] Sequoia and DFJ raised funds of about $150 million then... scaled up and got to a billion-plus and continued to be household names," he said. "The top 20 [US] funds get 50% of the capital. We believe Europe is going through the same thing, it's all about those firms that can scale up to be a billion-plus."

That might mean further regional partnerships like the Earlybird deal or even acquisitions down the line, though Cook said there were no immediate plans. In the UK, Draper acquired seed investor Seedcamp's first two funds and backed early-stage investor Episode 1.

"We've always been an acquisitive group," said Cook. "We bought Seedcamp, now there's Earlybird, and we entered France by ourselves. Our ambition is to build the biggest venture capital fund in Europe and be operational across all regions. We will always look at different opportunities. We're a very creative group."

Original author: Shona Ghosh

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Jul
04

Starling CEO Anne Boden is coming to Disrupt Berlin

The European fintech wave can’t stop and won’t stop. That’s why I’m excited to announce that the founder and CEO of Starling Bank Anne Boden is joining us at Disrupt Berlin.

While it feels like everybody is talking about challenger banks, Boden started thinking about building a new bank back in 2014. She ditched a carrer in traditional banks to start her own thing.

Starling provides a current account specifically designed for your phone. You can open an account in just a few minutes using the company’s mobile app.

Whenever you use your card or send money, you can instantly see the transaction in the app — there’s no delay. You can also receive push notifications instantly. When it comes to your card, you can lock it when you can’t find it, and there’s no exchange fee when you use your card abroad. Starling supports Apple Pay, Google Pay, Samsung Pay, Fitbit Pay and, yes, even Garmin Pay.

Starling is even better with multiple people. For instance, if your roommate or significant other also has a Starling account, you can create a joint account for shared bills. You can also send money instantly to other Starling accounts.

The startup has been building a marketplace to become the only banking app you need. There are already a handful of fintech companies leveraging the Starling API. You’ll find savings, investment and mortgage products. You can centralize your paper receipts and more from the Starling app.

The startup already has its own banking license and has been raising a funding round of more than $100 million.

Starling operates in a very competitive market, with well-funded startups such as Monzo, Revolut and N26 all iterating quite quickly. That’s why it’s going to be interesting to hear Boden’s take on challenger banks, the fintech industry and her experience with Starling.

TechCrunch is coming back to Berlin to talk with the best and brightest people in tech from Europe and the rest of the world. In addition to fireside chats and panels, new startups will participate in the Startup Battlefield Europe to win the coveted cup.

Tickets to the show, which runs November 29-30, are available here.

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Jul
04

Google says it's not reading your Gmail, except when it does...

Google CEO Sundar Pichai. Getty

Google was hauled over the coals this week for reportedly giving hundreds of app makers access to millions of inboxes belonging to Gmail users.

The Wall Street Journal reported that users who signed up for "email-based services" like "shopping price comparisons," and "automated travel-itinerary planners" were most at risk of having their private messages read.

In response to the story, Google published a blog on Tuesday detailing how third-party developers have to go through an involved review process before they are given access to Gmail.

Suzanne Frey, Google Cloud's director of security, trust, and privacy, also said that Gmail's 1.4 billion users hold the keys to their own data and can control permissions.

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In the same piece, Frey was at pains to point out that Google itself does not read user emails.

Gmail automatically processes emails to filter out spam and phishing messages, which Frey said had "caused some to speculate mistakenly that Google 'reads' your emails."

"To be absolutely clear: No one at Google reads your Gmail," she added, before immediately listing the times Google does allow itself to have a peek at your inbox.

Frey said it is limited to "very specific cases." These include when users give Google permission to access their messages, and when the company needs to investigate a security issue, such as a bug or "abuse."

She did not offer more detail than this, however, meaning it's not clear whether Google has the power to probe Gmail problems without notifying a user. Business Insider contacted Google for comment.

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Frey concluded: "The work of privacy and security is never done, and we're always looking for ways to better protect our users."

Original author: Jake Kanter

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Dec
26

A Cold Reboot

VMware investors are rallying.

VMware stock popped 9% over the weekend following reports that Dell would not pursue a reverse merger with the company.Markets Insider

Shares for VMware, a cloud computing and virtualization company, are up 9% from the closing price Friday on news that its privately-owned parent company Dell won't pursue a so-called "reverse merger," which would have taken Dell public but could've decimated VMware's value for shareholders.

Morgan Stanley, one of Wall Street's toughest critics of the deal, raised its outlook on VMware on Tuesday in a note titled "Independence Day Comes Early."

"With the bear case threat of a reverse merger with Dell effectively shelved, investor focus turns to fundamentals - and recent fundamentals have been strong," Morgan Stanley analyst Keith Weiss wrote.

Morgan Stanley raised its price target for VMware from $150 to $175, citing high billings growth in the first quarter, and sustained earnings per share.

Dell, which owns 81% of VMware, plans to take itself public through the buyout of a VMware tracking stock, DVMT.

As part of the deal, VMware's board of directors announced an $11 billion special dividend to its shareholders, worth around $27 per share. Dell will use the cash it gets from the dividend to finance the tracking stock deal.

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While VMware's 2019 revenue won't be impacted, the company did lower its guidance on earnings per share.

The company expects to see $5.99 in adjusted earnings per share for fiscal year 2019, down from the $6.14 anticipated before the dividend was announced.

The company also lowered its guidance on free cash flow to $3.32 billion, down $50 million from its earlier guidance of $3.27 billion for fiscal year 2019.

Original author: Becky Peterson

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Jul
04

Netflix dominates the US streaming market, but it may soon be an even bigger hit overseas (NFLX)

Netflix CEO Reed Hastings Ernesto S. Ruscio/Getty Images for Netflix

Netflix is already big in the United States, but it soon could become an international blockbuster.

That's the take of John Blackledge, a financial analyst who covers the company for Cowen. The streaming media giant has had great success in producing its own original shows for the US market, such as "Stranger Things" and "Orange is the New Black." But Netflix is increasingly focusing on producing videos that are targeted at its customers in other countries, such as the show "Dark" in Germany and "3%" in Brazil.

That focus should allow the company to attract even more international subscribers and bring in even more international revenue than Blackledge, a longtime Netflix bull, was previously expecting.

Netflix's focus on international content " is driving near-term [subscription] growth and longer-term sets up the company to be a leading content producer in many of the largest [international] markets," Blackledge said in a report issued Tuesday.

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His reassessment of the company's international prospects prompted him to up his price target on Netflix to $430 a share from $375.

Netflix has been expanding overseas for years. Although its international operations lost money for years, there are signs that the move is finally starting to pay off. The company's number of international streaming customers topped its number of US ones last year and its overseas business now accounts for nearly as much of its revenue as its US one.

For his part, Blackledge expects things will only get better from here. Within five years, Blackledge expects Netflix's international division to have more than twice as many subscribers as its US service and to bring in 74% more revenue.

That's an even more bullish view than Blackledge previously held. He now expects Netflix to have about 4 million more international subscribers in 2023 than in his earlier forecast, and he expects the international business to bring in about $350 million more in annual revenue.

Those differences add up. Just based on his more optimistic expectations for Netflix's international business, he expects the company's earnings in 2028 to be $2 a share more than he previously forecast. That prompted him to raise his price target.

Original author: Troy Wolverton

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Jul
03

1Mby1M Virtual Accelerator Investor Forum: With Bruce Cleveland of Wildcat Venture Partners (Part 2) - Sramana Mitra

Sramana Mitra: Our community’s work is with the very early stages. When you say you’re willing to do seed, can you elaborate? What’s happened in the seed ecosystem is that there are 500 to 600 micro...

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Original author: Sramana Mitra

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Jul
03

404th 1Mby1M Entrepreneurship Podcast With Investor Waikit Lau - Sramana Mitra

Waikit Lau, investor and serial entrepreneur, has a refreshingly open attitude towards investing in very early stage companies. Wonderful conversation.

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Original author: Sramana Mitra

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Jun
13

This AR guppy feeds on the spectrum of human emotion

Facebook announced this morning that the London-based team at Bloomsbury AI will be joining the company.

My colleague Steve O’Hear broke the news about the acquisition, reporting that Facebook would deploy the team and technology to assist in its efforts to fight fake news and address other content issues.

In fact, Bloomsbury AI co-founder and Head of Research Sebastian Riedel also co-founded Factmata, a startup that purports to have developed tools to help brands combat fake news.

Facebook doesn’t quite put it that way in the announcement post. Instead, it says the team’s “expertise will strengthen Facebook’s efforts in natural language processing research, and help us further understand natural language and its applications” — but it certainly seems possible that those applications could include detecting misinformation and other problematic content.

While financial terms were not disclosed, we reported that Facebook is paying between $23 and $30 million. Bloomsbury AI is an alumnus of Entrepreneur First, and it was also backed by Fly.VC, Seedcamp, IQ Capital, UCL Technology Fund and the U.K. taxpayer-funded London Co-investment Fund.

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Jun
13

Chowbotics raises $11 million to move its robot beyond salads

Health insurance startup Alan has launched a new product in France called Alan Map. It’s a dead simple way to find GPs, dentists, ophthalmologists and more around you.

You first type your address and the name of a doctor or the type of doctor you’re looking for. There’s a big map front and center with dots representing doctors around you.

If you click on a dot or a name in the right column, you can learn more about this doctor. Alan Map currently lists the name, address, phone number, opening hours and average price. You also can find out if you can see this doctor without booking an appointment, and if they accept national healthcare cards.

This is already so much better than searching through a directory. But Alan doesn’t plan to stop there. The company will soon launch an integration with MonDocteur so you can book an appointment from Alan Map directly. MonDocteur is one of the leading healthcare scheduling services in France along with Doctolib.

But compared to Doctolib and MonDocteur, Alan Map doesn’t stop at doctors that use their own scheduling systems. Alan has partnered with the official health directory from France’s national healthcare system. You’ll find more than 245,000 health professionals on Alan Map, with pricing information for nearly half of them.

The main advantage compared to Ameli.fr is that it looks much better and it’s much easier to find what you’re looking for. Design can be important, even for health products. It can be the main difference between an obscure directory on an official website and a useful map.

Eventually, Alan plans to add more data to its mapping product. For instance, as Alan is a health insurance startup, the company knows how much users are paying when they visit a specific doctor. You could anonymize and leverage this data to get exact pricing information.

Alan Map is a free product. It’s a good way to promote the company’s health insurance product and get inbound traffic. For instance, it should give an SEO boost and you might see Alan in your Google search results.

As for Alan users, they can find a doctor and know how much they’ll get back from the national healthcare system and from Alan. This way, there’s no surprise when you get reimbursed.

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Jun
13

6 Investor Podcasts and Linking Bootstrapping to Financing - Sramana Mitra

Planck Re, a startup that wants to simplify insurance underwriting with artificial intelligence, announced today that it has raised a $12 million Series A. The funding was led by Arbor Ventures, with participation from Viola FinTech and Eight Roads. Co-founder and CEO Elad Tsur tells TechCrunch that the capital will be used to expand Planck Re’s product line into more segments, including retail, contractors, IT and manufacturing, and grow its research and development team in Israel and North American sales team.

The Tel Aviv and New York-based startup plans to focus first on its business in the United States, where it has already launched pilot programs with several insurance carriers. Tsur says that Planck Re’s clients generally use it to help underwrite insurance for small to medium-sized businesses, including business owner policies, which cover property and liability risks, and workers’ compensation.

Founded in 2016 by Tsur, Amir Cohen and David Schapiro, Planck Re poses its technology as a more efficient and accurate alternative to the lengthy risk assessment questionnaire insurers ask clients to fill out. Its platform crawls the internet for publicly available data, including images, text, videos, social media profiles and public records, to build profiles of SMBs seeking insurance coverage. Then it analyzes that data to help carriers figure out their potential risk.

Before launching Planck Re, Tsur and Cohen founded Bluetail, a data mining startup that was acquired by Salesforce in 2012, where it served as the base technology for Salesforce Einstein. Schapiro was previously CEO of financial analytics company Earnix.

There are already a handful of startups, including SoftBank-backed Lemonade, Trōv, Cover, Hippo and Swyfft, that use algorithms to make picking and buying insurance policies easier for consumers, but AI-based underwriting is still a nascent category. One example is Flyreel, which focuses on underwriting property insurance and recently signed a deal with Microsoft to accelerate its go-to-market strategy.

Tsur says Planck Re is developing more dedicated algorithms to meet the evolving needs of insurance providers. For example, many underwriters now want to know if clients in photography use aerial imaging equipment, so Planck Re’s imaging process capabilities automatically check images for that information.

He adds that being able to automate underwriting enables carriers to find new distribution channels, including allowing customers to apply for insurance online without needing to fill out any forms. Planck Re also continues to monitor and underwrite policies, which means if a customer’s risk profile changes, insurers can react quickly.

In a statement, Arbor Ventures vice president and head of Israel Lior Simon said, “We are excited to partner with Planck Re and the driven, entrepreneurial team. Insurance companies are thirsty for actionable data, to assess risk, gain real time insights and enhance customer understanding. Planck Re aims to empower them through a streamlined digital approach, which we believe will truly alter the insurance industry.”

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Jul
03

Thursday, July 5 – 405th 1Mby1M Mentoring Roundtable for Entrepreneurs - Sramana Mitra

Entrepreneurs are invited to the 405th FREE online 1Mby1M mentoring roundtable on Thursday, July 5, 2018, at 8 a.m. PDT/11 a.m. EDT/8:30 p.m. India IST. If you are a serious entrepreneur, register to...

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Original author: Maureen Kelly

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Dec
26

261st 1Mby1M Entrepreneurship Podcast With Eva Ho, Fika Ventures - Sramana Mitra

Steve takes up deep into the field of high performance computing and how AI is impacting it. Sramana Mitra: Let’s start by having you introduce yourself a little bit as well as Cray’s activities in...

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Original author: Sramana Mitra

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Jul
03

Airbnb tests earlier payouts for hosts

Airbnb is testing a new payments feature for hosts, letting them get partially paid out at the time of booking.

This feature isn’t rolling out to everyone just yet, as Airbnb says that this is just a preliminary test to gauge interest. Invited hosts simply opt in to payout splitting to check out the feature.

Here’s how it works:

Normally, Airbnb hosts are paid 24 hours after their guest’s scheduled check-in time. With the new payouts test, hosts who have been invited and opt in will receive 50 percent of their cash three days after the guest has booked their stay, and the other half will be received 24 hours after check-in time.

For their trouble, Airbnb is taking a 1 percent fee of the booking subtotal for early payouts.

As per usual, hosts can opt out of early payouts at any time by making the change in their Payout Preferences.

If a booking is cancelled after an early payout has been received, the amount will be deducted from the host’s next booking.

This comes on the heels of Airbnb’s announcement in February to add new tiers and types of lodging to the platform, including boutique hotels and B&Bs. Airbnb classifies hosts with more than six listings on the platform as Professional Hosts, and early payouts are one way that Airbnb can help these hosts grow their business.

However, in certain housing-constrained markets like NYC, professional hosts aren’t necessarily welcome. In May, NYC Comptroller Scott Stringer released a report saying that Airbnb’s presence in NYC is driving up the cost of rent for full-time residents. The company and the Comptroller’s office went back and forth over the veracity of the report, but NYC isn’t the only market worried about the folks who make Airbnb their full-time job.

In 2017, the WSJ reported on a study surveying 100 of the largest metro areas in the U.S. that found that a 10 percent increase in Airbnb listings leads to a 0.39 percent increase in rent and a 0.64 percent increase in housing prices. That may sound small, but rental prices typically climbed by 2.2 percent per year without Airbnb, according to one of the survey’s authors. So Airbnb is accelerating the rate at which rental prices rise.

This very argument and the ensuing spats have led Airbnb to cut SF listings (almost in half) following the city’s kick-off of new short-term rental laws. And new, stricter laws may be coming to NYC.

Airbnb says that it works with its communities to stay on the right side of the law, but that professionally managed properties are integral in markets where tourism is a huge part of the economy.

“For decades, vacation rentals and professionally managed properties have been the backbone of the economy in vacation destinations like beach and ski towns and we welcome these types of listings in these types of communities,” said an Airbnb spokesperson. “Trials like these are one way we work to support our community. In some places, usually urban destinations, there can be rules around hosting multiple listings. We always want Airbnb to be a positive force in local communities and we make it clear to hosts that they need to follow these rules.”

The payouts test is geared toward professional hosts, but is being spread via an invite basis to both pro hosts and regular hosts.

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Jul
03

Billion Dollar Unicorns: AppNexus Found An Exit - Sramana Mitra

According to a recent eMarketer report, the US programmatic advertising industry is expected to reach $46 billion this year. By 2020, 86.2% of all digital display ads are expected to be bought via...

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Original author: MitraSramana

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Jul
03

Fun With Numbers

July 3, 2018

My friend Katherine pointed me to the Number Gossip site. If you like numbers, you’ll quickly lose the next hour playing around. Since 49% of the US is taking today off, it seemed like a relevant thing to spend some time on.

For example, did you know that 67 is the only number such that the common alphabetical value of its Roman representation is equal to its reversal (LXVII – 12+24+22+9+9=76)?

Or, did you know that 111 is the smallest palindromic number such that the sum of its digits is one of its prime factors? It’s also the age at which Bilbo Baggins leaves the Shire.

I had forgotten that evil numbers are a number that has an even number of 1’s in its binary expansion. But, I didn’t know what an odious number is (it has an odd number of 1’s in its binary expansion.) Apparently, being evil is related, but the opposite, of being odious.

While we all know that 42 is the answer to the ultimate question of life, the universe and everything as calculated by Deep Thought, did you know it is also the number spots on a pair of dice? It’s also the smallest abundant odious number.

Have fun. Don’t forget to come up for air once in a while.

Also published on Medium.

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Original author: Brad Feld

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Dec
26

379th Roundtable Recording on December 21, 2017: With John Frankel, ff Venture Capital - Sramana Mitra

Airwallex, a three-year-old fintech startup focused on international payments for SMEs and businesses, is putting itself on the map after it raised an $80 million Series B round.

Based out of Melbourne, but with six offices in Asia and other parts of the world, Airwallex’s new funding round is the second-largest financing deal for an Australian startup in history. The round was led by existing investors Tencent, the $500 billion Chinese internet giant, and Sequoia China. Other participants included China’s Hillhouse, Horizons Ventures — the fund from Hong Kong’s richest man, Li Ka-Shing — Indonesia-based Central Capital Ventura (BCA) and Australia’s Square Peg, a firm from Paul Bassat, who took recruitment firm Seek to IPO and is one of Australia’s highest-profile founders.

The financing takes Airwallex to $102 million raised. Tencent led a $13 million Series A in May 2017, while Square Peg added $6 million more via a Series A+ in December. Mastercard is also a backer; the finance giant uses Airwallex to handle its “Send” product, while Tencent uses the service to power an overseas remittance service for its WeChat app.

Airwallex handles cross-border transactions for companies that do business in multiple countries using international currencies. So it’s not unlike a TransferWise-style service for SMEs that lack the capital to develop a sophisticated (and expensive) international banking system of their own.

The service uses wholesale FX rates to route overseas payments back to a client’s domestic bank and is capable of processing “thousands of transactions per second,” according to the company. A use case example might include helping a China-based seller return money earned in the U.S. or Europe via Amazon or other e-commerce services, or route sales revenue back directly from their own website.

Airwallex CEO Jack Zhang (far right) onstage at TechCrunch Shenzhen in 2017

China is a key market for Airwallex — which was started by four Australian-Chinese founders — as well as the wider Asian region, and in particular Australia, Hong Kong and Southeast Asia. With this new capital, Airwallex co-founder and CEO Jack Zhang said the company will increase its focus on Hong Kong and Southeast Asia, whilst also extending its business in Europe (where it has a London-based office) and pushing into North America.

Product R&D is shared across Melbourne and Shanghai, while Hong Kong accounts for business development, compliance and more, Zhang explained. However, Airwallex’s locations in London and San Francisco are likely to account for most of the upcoming headcount growth planned following this funding. Right now, Airwallex has around 100 staff, according to Zhang.

The company is also aiming to expand its product range.

The firm is in the process of applying for a virtual banking license in Hong Kong, a third-party payment license in mainland China and a cross-border Chinese yuan license. One goal, Zhang revealed, is to offer working capital loans to SMEs to help them scale their businesses to the next level. Airwallex is working with an undisclosed partner to underwrite deals in the future. Zhang explained that the company sees a gap in the market since banks don’t have access to critical data on clients for loan assessments.

More generally, he’s bullish for the future, despite Brexit and the ongoing trade war between the U.S. and China.

“The trade war gives the Chinese yuan a lot of vitality, and we’ve seen more demand in the market. China’s belt road initiative has really taken off, too, and we’re seeing the impact in many, many of our payment corridors,” he explained. “Business has been booming, especially as traditional offline SMEs start to move online and go from domestic to global.”

“We want to be the backbone to support these new opportunities for businesses,” Zhang added.

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