Nov
08

Founder Gym aims to help underrepresented startup founders build tech startups

To paraphrase a saying popularized by countless dorm room stoners: “First they ignore you, then they laugh at you, then they fight you, then you use the hype around decentralized crypto economies to sell bacon.” The latest example of this age-old adage comes to us from Oscar Meyer and involves their exciting new cryp-faux-currency, Bacoin.

The currency can be redeemed for bacon and you “mine” it by sharing the good news of bacoin with your friends. Instead of taking up massive amounts of electricity, the production of the final store of value – pig parts – requires only a massive agricultural system dedicated to the wholesale destruction of mammals that are as smart as dogs and, in the right context, quite cute. The end product, bacon, is considered by many to be far more interesting than anything Vitalik created. In short, it’s a win-win.

How does it work? It’s basically a sweepstakes. From the rules and regulations:

The value of the Bacoin is tied to overall sharing meaning that the more people who share via the Website (as outlined above), the higher the value of the Bacoin. If overall sharing is slow, the value of the Bacoin will decrease. If sharing is slow and the value of the Bacoin is low, Sponsor may increase value of Bacoin in its sole discretion. The current value of the Bacoin will be displayed on the Website. Once the Bacoin is at a value you want, follow the instructions to “cash out” and you will receive a coupon with the corresponding value (all possible values of the Bacoin coupon are outlined in Section 4 below).

The current value of a single mined bacoin is about 28 slices of bacon and the more you share the more you mine. Given that it is in no way a decentralized cryptocurrency and has nothing to do with anything technical at all I’m hard pressed to find a reason to post this here except to admire the sheer chutzpah of a company who knows exactly what breed of Reddit-loving bacon eater will jump at a chance to Tweet about pork products. To paraphrase another saying by my friend Nicholas Deleon: I hope the asteroid they promised comes for us all soon.

Bacoin. Yeah.

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Apr
30

SoFi founder Mike Cagney is back with a new startup and $50 million in funding

Mike Cagney, who was ousted last summer from the lending company he founded, is back with a new startup and a whole lot of funding from at least one of his previous investors.

According to a new report in Bloomberg, Cagney, who earlier this year formed a new lending startup called Figure, has raised $50 million to grow the company, which plans to use the blockchain to facilitate loan approvals in minutes instead of days.

According to the company’s site, its lending products will include home equity lines of credit, home improvement loans and home buy-lease back offerings for retirement.

The round was led by DCM Ventures and Ribbit Capital and included participation from Mithril Capital Management, Cagney confirmed to Bloomberg.

Ribbit Capital in Palo Alto, Calif., has been leading investments in the world of fintech and digital currencies since its founding nearly six years ago. Others of its many bets include the online consumer lending company Affirm, and Point, a startup that buys equity in U.S. homes.

Mithril, co-founded by Peter Thiel, prides itself on funding companies that take time to build, with funds that have longer investing timelines than do most traditional venture vehicles.

The cross-border firm DCM Ventures, meanwhile, is perhaps the most interesting participant in this round. The reason: Back in 2012, DCM began investing in Social Finance, or SoFi, the company that Cagney founded previously.

It isn’t uncommon for VCs to invest in founders with whom they’ve worked before, of course. And SoFi has grown by leaps and bounds since its August 2011 launch. Though it initially focused on refinancing student loans, today it provides personal and mortgage loans and wealth management services, and it appears to be pushing further into other bank-like services.

But Cagney was forced out of the company last summer, not long after a sexual harassment lawsuit was filed by a former employee who claimed he’d witnessed female employees being harassed by managers and was fired after he reported it.

Another former employer who’d been stationed at SoFi’s office in Healdsburg, Calif., told The New York Times that her work environment had been akin to a “frat house,” with employees “having sex in their cars and in the parking lot.” That same story, based on conversations with 30 then-current and former employees, also reported that Cagney himself had raised questions with staff because of his own behavior, including bragging about his sexual conquests.

Evidently, DCM and Figure’s other backers were able to brush aside concerns about anything of the sort happening again at Figure. (We’ve reached out to Cagney and Figure’s investors for more information.)

Employees are also flocking for Figure with the belief, ostensibly, that Cagney is well-positioned to create another financial services juggernaut. According to Bloomberg, the company has already quietly assembled a team of 56 people. Among its new hires is the former chief risk officer of LendingHome, Cynthia Chen, and the former chief legal counsel of PeerStreet, Sara Priola.

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Apr
30

Want to talk about the future? Join me on Technotopia

Technotopia is a podcast about the future. It assumes the world won’t fall into a dystopia and therefore is optimistic about our chances for human success. I’m looking for cool people to talk to and I’d like for you to join me.

I love guests who are excited about the future and technology but I do not require a technology background. I want artists, writers, programmers, makers, and thinkers. I want to ask smart people why we shouldn’t despair.

Want to join in? Fill this out to schedule a time. PR people fill it out as if you were your client so I can contact them directly. I usually record a few episodes a week so I have a nice buffer during the month.

Before you come on:
1. Listen to at least one episode. You can check it out here.
2. Understand you are not pitching your company or project. This is a discussion about the future. No CMOs or PR people unless you also play a mean theremin.
3. The only question I really ask is “What will the world look like in 20 years?” Everything else stems from that. Be prepared for a conversation.
4. I prefer doers to marketers.
5. Please be energetic. I feed off of your energy. The worst podcasts are the ones where I get your in-booth pitch from whatever conference you just attended. The best ones are when you are ready and excited to talk about the future.

If you have any questions email me at This email address is being protected from spambots. You need JavaScript enabled to view it.. Otherwise I’m looking forward to chatting with you.

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Apr
30

The Mother Of All Demos

April 30, 2018

I was talking to a friend last week about demos. She mentioned the Steve Jobs iPhone demo from 2007 and I referred to Doug Engelbart’s Mother of All Demos from 1968. She hadn’t heard of it, or him, which wasn’t that surprising since she was born at least 15 years after Englebart’s canonical demo.

While it doesn’t ever surprise me that someone hasn’t heard of – or seen – Engelbart’s demo, it’s an important part of computer history.

While it’s long (over 90 minutes), it’s worth watching from beginning to end. Fire up Youtube on the big screen, grab some popcorn, and settle in.

Also published on Medium.

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Original author: Brad Feld

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Apr
30

Twitter also sold data access to Cambridge Analytica-linked researcher

Since it was revealed that Cambridge Analytica improperly accessed the personal data of millions of Facebook users, one question has lingered in the minds of the public: What other data did Dr. Aleksandr Kogan gain access to?

Twitter confirmed to The Telegraph on Saturday that GSR, Kogan’s own commercial enterprise, had purchased one-time API access to a random sample of public tweets from a five-month period between December 2014 and April 2015. Twitter told Bloomberg that, following an internal review, the company did not find any access to private data about people who use Twitter.

Twitter sells API access to large organizations or enterprises for the purposes of surveying sentiment or opinion during various events, or around certain topics or ideas.

Here’s what a Twitter spokesperson said to The Telegraph:

Twitter has also made the policy decision to off-board advertising from all accounts owned and operated by Cambridge Analytica. This decision is based on our determination that Cambridge Analytica operates using a business model that inherently conflicts with acceptable Twitter Ads business practices. Cambridge Analytica may remain an organic user on our platform, in accordance with the Twitter Rules.

Obviously, this doesn’t have the same scope as the data harvested about users on Facebook. Twitter’s data on users is far less personal. Location on the platform is opt-in and generic at that, and users are not forced to use their real name on the platform.

Cambridge Analytica tweeted out this morning that the data obtained by Kogan/GSR from Twitter was never purchased or used by Cambridge Analytica.

Cambridge Analytica has never received Twitter data from GSR or
Aleksandr Kogan, and has never done any work with GSR on Twitter data. GSR was only ever a contractor to Cambridge Analytica and we understand it did work for many other companies.

— Cambridge Analytica (@CamAnalytica) April 30, 2018

We reached out to Twitter and will update when we hear back.

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Jun
12

This smartphone company has an ingenious idea to give its latest phone a bezel-free display without an iPhone X-style notch

Rip Pruisken waffled in college (we got that pun safely out of the way for now). He was a student in the Ivy League at Brown University, and had focused on academics for much of his life. His parents were physicists, and “I thought I would study some sort of cookie-cutter path of studying something that I would use post-college,” he explained. “I didn’t really consider entrepreneurship to be a viable option because I was still in that frame of mind.“

It was during a study trip to Italy that he had an epiphany. He was inside an Italian bookstore looking through business books when he suddenly realized that he had discovered a new passion. “If you can build stuff at a profit, you can build more stuff, and how cool is that? That was my aha moment,” he said.

Being an entrepreneur was one thing, but it wasn’t clear what Pruisken should sell. He had grown up in Amsterdam, where he used to eat stroopwafel, a snack composed of two thin waffle pastries melded together with a syrup center. During his freshman year, he had brought over a large quantity of them to school, and “all of my friends devoured them.” Remembering their popularity, “I literally started making them in my dorm in college, and started selling them on campus” during his junior year.

Selling ‘Van Wafels’ at Brown University

That was 2010. Today, Rip Van Wafels can be found in 12,000 Starbucks locations, and is a popular snack at tech companies, with some larger companies going through tens of thousands of units a week.

Their popularity comes from the intersection of a number of food trends. The snacks are made with natural ingredients and are healthy, with low calorie counts and limited sugar. Perhaps most importantly, they taste great, with different flavors that are designed to strike different moods (a chocolate wafel can work as dessert, while the strawberry wafel feels more like breakfast). The company currently produces eight flavors.

While the startup food company has had tremendous success, none of this was planned a decade ago when Pruisken got started. He worked with co-founder and co-CEO Marco De Leon, who was two years behind Pruisken at Brown University and was a good friend from Brazil looking for a change of pace from his Morgan Stanley internship.

They spent two years on campus trying to improve product marketing and the quality of the snack, which in hindsight was an important iteration process with what would become the company’s core consumer: well-educated and health-conscious tech workers.

The two stumbled into their market and stumbled into their name. “It started as Van Wafels,” Pruisken explained, “and we got a cease and desist letter from Van’s,” which makes frozen food waffles among other products. A professor suggested Rip van Winkle, and that inspired the company’s current name. Pruisken himself was so enamored with the brand he changed his own name — Abhishek, which he had grown up with in Amsterdam — to Rip.

After much work, the two founders discovered that a tech company was particularly enjoying the snacks. “We realized we found this insight that one of our customers in the northeast was a tech company, and we talked to them and they said that it was the perfect treat that was an alternative to a candy bar,” he explained. So Pruisken borrowed the couch of his brother and started going door-to-door selling these Euro snacks to every tech company he could find, eventually 80 of them in one summer.

As he sold wafels, the same pattern would hold up. An order for one case would become two cases, and then 10 and then 20 of them. Eventually, word-of-mouth and distributor partnerships got the snack into the mini-kitchens of dozens of tech companies in San Francisco, as well as in Peet’s Coffee, Whole Foods, and ultimately Starbucks.

Pruisken believes the company’s success has come from iterating on the snack much as a software engineer might fiddle with JavaScript. “We have been reinventing our product every two years,” he said. “We are trying to make our product healthier while providing this very indulgent taste.” That includes experimenting with new ingredients like tapioca syrup and chickpea powder that can provide better nutrition at reduced sugar levels.

He sees the future of the company much the same way. “You can only cut the cycle time down by so much even if you do everything in-house. There are certain components you need to source like certain ingredients or packaging film,” Pruisken explained. “The way to get ahead is to plan way ahead. So work on the things you want to launch in two years right now.” That includes a number of new flavors, as well as potentially adding products that touch on the brain-enhancing nootropics space.

Ultimately, Pruisken wants to redefine the category of packaged foods. “Convenient foods have been associated with being cheaper, lower quality and generally unhealthy in the US,” he said. “I think it would be great if these foods could be elevated.” From a foreign food in a Brown University dorm room to redefining the products on every grocery store shelf, stumbling has paid off for Rip Van, which is taking over the world one wafel at a time.

Update: Fixed grammar in final quote from Pruisken.

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Nov
08

Thought Leaders in Financial Technology: Tracy Metzger, COO of Vesta (Part 1) - Sramana Mitra

There is nothing meritocratic about sales. A startup may have the best product, the best vision, and the most compelling presentation, only to discover that their sales team is talking to the wrong decision-maker or not making the right kind of small talk. Unfortunately, that critical information — that network intelligence — isn’t written down in a book somewhere or on an online forum, but generally is uncovered by extensive networking and gossip.

For David Hammer and his team at Emissary, that is a problem to solve. “I am not sure I want a world where the best networkers win,” he explained to me.

Emissary is a hybrid SaaS marketplace which connects sales teams on one side with people (called emissaries, naturally) who can guide them through the sales process at companies they are familiar with. The best emissaries are generally ex-executives and employees who have recently left the target company, and therefore understand the decision-making processes and the politics of the organization. “Our first mission is pretty simple: there should be an Emissary on every deal out there,” Hammer said.

Expert networks, such as GLG, have been around for years, but have traditionally focused on investors willing to shell out huge dollars to understand a company’s strategic thinking. Emissary’s goal is to be much more democratized, targeting a broader range of both decision-makers and customers. It’s product is designed to be intelligent, encouraging customers to ask for help before a sales process falters. The startup has raised $14 million to date according to Crunchbase, with Canaan leading the last series A round.

While Emissary is certainly a creative startup, its the questions spanning knowledge arbitrage, labor markets, and ethics it poses that I think are most interesting.

Sociologists of science generally distinguish between two forms of knowledge, concepts descended from the work of famed scholar Michael Polanyi. The first is explicit knowledge — the stuff you find in books and on TechCrunch. These are facts and figures — a funding round was this size, or the CEO of a company is this individual. The other form is tacit knowledge. The quintessential example is riding a bike — one has to learn by doing it, and no number of physics or mechanics textbooks are going to help a rider avoid falling down.

While org charts may be explicit knowledge, tacit knowledge is the core of all organizations. It’s the politics, the people, the interests, the culture. There is no handbook on these topics, but anyone who has worked in an organization long enough knows exactly the process for getting something done.

That knowledge is critical and rare, and thus ripe for monetization. That was the original inspiration for Hammer when he set out to build a new startup.“Why does Google ever make a bad decision?” Hammer asked at the time. Here you have the company with the most data in the world and the tools to search through it. “How do they not have the information they need?” The answer is that it has all the explicit knowledge in the world, but none of the implicit knowledge required.

That thinking eventually led into sales, where the information asymmetry between a customer and a salesperson was obvious. “The more I talked to sales people, the more I realized that they needed to understand how their account thinks,” Hammer said. Sales automation tools are great, but what message should someone be sending, and to who? That’s a much harder problem to solve, but ultimately the one that will lead to a signed deal. Hammer eventually realized that there were individuals who could arbitrage their valuable knowledge for a price.

That monetization creates a new labor market for these sorts of consultants. For employees at large companies, they can now leave, take a year off or even retire, and potentially get paid to talk about what they know about an organization. Hammer said that “people are fundamentally looking for ways to be helpful,” and while the pay is certainly a major highlight, a lot of people see an opportunity to just get engaged. Clearly that proposition is attractive, since the platform has more than 10,000 emissaries today.

What makes this market more fascinating long-term though is whether this can transition from a part-time, between-jobs gig into something more long-term and professional. Could people specialize in something like “how does Oracle purchase things,” much as how there is an infrastructure of people who support companies working through the government procurement system?

Hammer demurred a bit on this point, noting that “so much of that is being on the other side of those walls.” It’s not any easier for a potential consultant to learn the decision-making outside of a company than it is for a salesperson. Furthermore, the knowledge of an internal company’s processes degrades, albeit at different rates depending on the organization. Some companies experience rapid change and turnover, while knowledge of other companies may last a decade or more.

All that said, Hammer believes that there will come a tipping point when companies start to recommend emissaries to help salespeople through their own processes. Some companies who are self-aware and acknowledge their convoluted procurement procedures may eventually want salespeople to be advised by people who can smooth the process for all sides.

Obviously, with money and knowledge trading hands, there are significant concerns about ethics. “Ethics have to be at the center of what we do,” Hammer said. “They are not sharing deep confidential information, they’re sharing knowledge about the culture of the organization.” Emissary has put in place procedures to monitor ethics compliance. “Emissaries can not work with competitors at the same time,” he said. Furthermore, emissaries obviously have to have left their companies, so they can’t influence the buying decision itself.

Networking has been the millstone of every salesperson. It’s time consuming, and there is little data on what calls or coffees might improve a sale or not. If you take Emissary’s vision to its asymptote though, all that could potentially be replaced. Under the guidance of people in the know, the fits and starts of sales could be transformed into a smooth process with the right talking points at just the right time. Maybe the best products could win after all.

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Apr
03

'Get out, get out! This is not a drill!': Witnesses to the YouTube shooting describe moments of panic (GOOG, GOOGL)

Martin Lewis. Getty

A millionaire British consumer rights champion announced this week that he is suing Facebook over fraudulent adverts — and he has been shocked with how the company has responded to the legal action.

Martin Lewis said scammers are using his reputation to ensnare people into bitcoin "get-rich-quick schemes" through fake adverts on Facebook.

The Money Saving Expert founder has counted 50 such adverts, but Facebook revealed this week in evidence to a British parliamentary committee that the number is actually more like thousands.

Lewis decided to sue after becoming frustrated with Facebook's sluggish response to his takedown requests. His attorney, Mark Lewis, said Facebook took up to three weeks to reply to his requests, by which time the damage was already done.

A sample of two Facebook ads described by Martin Lewis. Martin Lewis

Mark Lewis, a media lawyer at Seddons who was at the forefront of efforts to expose the News of the World phone-hacking scandal, said Facebook's response to being taken to court has not been much better.

Facebook's law firm White & Case has insisted he serves legal notice on the company in Ireland, which makes the process more drawn-out and bureaucratic.

"It's deliberately obtuse and unhelpful. You would expect that from a scam artist, but you wouldn't expect that from one of the biggest companies in the world," Mark Lewis told Business Insider.

Facebook said it has been in contact with Lewis' representatives "for some time" and has removed the offending ads and thousands of others that break its advertising policies.

A spokeswoman told Business Insider: "We have also offered to meet Martin Lewis in person to discuss the issues he's experienced, explain the actions we have taken already and discuss how we could help stop more bad ads from being placed."

Martin Lewis is pursuing exemplary damages against Facebook, which is extremely rare in UK defamation law. If successful, the High Court could take punitive action against Facebook, which means it not only has to compensate Lewis, but also cough up the profit from any of the fake adverts in his name.

The millionaire consumer rights champion does not intend to profit from the case. Instead, he will donate any of the damages he is awarded to anti-scam charities.

Facebook could be hit with a class action lawsuit

Winning his case will also set a precedent that will make it easier for others to take action if their reputation is damaged by fake Facebook adverts. This, Mark Lewis said, makes it less likely that he will settle.

The attorney, who is working on a no-win-no-fee basis, said he has had interest from another high-profile individual in joining Lewis to take joint action against Facebook. He would be keen to hear from others.

Duncan Bannatyne. Duncan Bannatyne

Lewis, who has a net worth of £125 million ($175 million) according to The Sunday Times, is not the only millionaire entrepreneur to raise concerns about fake Facebook ads. Deborah Meaden, the star of BBC show "Dragons' Den," has campaigned against the problem, as has her former co-star Duncan Bannatyne.

"Martin Lewis is very courageous taking on Facebook. Perhaps we should join together to bring a class action against them to try and halt this type of scam once and for all to stop ordinary people being duped," Bannatyne said in a statement.

Indeed, scammers have even traded off the "Dragons' Den" brand — the UK equivalent of "Shark Tank" — to try and entrap people. The BBC is aware of the issue and the broadcaster's lawyers have been in touch with Sony Pictures Television, which owns the intellectual property to the show. Asked if it is in touch with Facebook, Sony declined to comment. The BBC also declined to comment.

Facebook: Fake ads are "not welcome"

In evidence to British lawmakers on the Digital, Culture, Media and Sport Committee this week, Facebook Chief Technology Officer Mike Schroepfer said fake adverts are "not welcome on our platform."

Facebook CTO Mike Schroepfer. parliamentlive.tv

He said the fraudsters have invented ways of getting around the Facebook machine that takes down fraud ads, such as intentionally misspelling names of the individuals they are using to front their scams. This being the case, Schroepfer said it is vital Facebook roots out and removes the "bad actors" completely.

"In the case of Mr Lewis, he reported on the order of 50 ads to us. As a result of that, we did a more extensive investigation using our technical tools, found thousands of other ads, and took all of those down proactively," Schroepfer said.

"More importantly, we found the dozens of actors, the people who are fraudulently advertising on the platform, and took them off. It prevents them from advertising in the future."

He added that the company is hoping to use facial recognition, which it is currently rolling out in Europe, to assist with its efforts in removing fake ads. "It is challenging to do technically at scale and it is one of the things I am hopeful for in the future that would catch more of these things automatically," Schroepfer said.

Original author: Jake Kanter

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Apr
28

Pharma giants are looking to ketamine for clues to the next blockbuster depression drug — and science says they're onto something big (AGN, JNJ, VTGN)

When Armin Szegedi was working as a psychiatrist in Berlin, he felt as if he were running a lengthy experiment on his depressed patients.

After prescribing them an antidepressant, he'd wait up to a month to hear if the drugs were working, Szegedi, who's now a vice president of clinical development at Allergan, told Business Insider. Then he'd prepare for bad news, since only about one out of every three of his patients responded to the medications.

The rest of them clearly needed something else — but he had nothing to give.

"The frustrating thing is that all the approved antidepressants are remarkably similar," Szegedi said. "But you never know which patient will be treated best by which drug."

For the first time in decades, Szegedi thinks a better option is within reach: a drug inspired by ketamine.

A widely used anesthetic that is also known as a party drug, ketamine is now emerging as a rapid-fire antidepressant. Early studies suggest that it could help people who've failed to respond to existing medications and those who are suicidal.

Cristina Cusin, a psychiatrist at Massachusetts General Hospital and an assistant professor at Harvard University, is one of the leading researchers studying ketamine. Although Cusin said the drug needs more research, she told Business Insider that it "absolutely has potential."

Pharmaceutical companies including Allergan and Johnson & Johnson are in hot pursuit of a new blockbuster depression drug that takes after ketamine, which acts on a brain mechanism that scientists have only recently begun to explore. Homing in on this channel appears to provide relief from depression that is better, arrives faster, and works in far more people than existing drugs.

Ketamine may reveal what depression really does to the brain

Unsplash / jesse orricoDepression is one of the world's leading causes of death. Our current treatments, which take roughly five weeks to begin to take effect, may not work well in up to 80% of the people who get them.

Most existing antidepressants, from Abilify to Zoloft, work by plugging up the places where our brain takes up serotonin, a chemical messenger that plays a key role in mood. The result is more free-floating serotonin and, in some people, relief from a dark curtain of depressive symptoms.

The new drugs being developed by Allergan and Johnson & Johnson, as well as one from San Francisco-based drug company VistaGen, capitalize on a different mechanism in the brain — the system that's engaged by ketamine.

"When we say this is a new generation of drugs, we mean it. This drug is fundamentally different from all the other antidepressants that have been approved so far," Shawn Singh, VistaGen's CEO, told Business Insider.

Ketamine affects key switches in the brain called NMDA receptors. Like serotonin receptors, those for NMDA play an important role in our mood and help keep our emotions in check. But NMDA receptors also keep our brain's synapses — the delicate branches that serve as the ecosystem for our thoughts — flexible and resilient.

Potentially because of depression's damaging effects on these brain switches, it appears to cause our synaptic branches to shrivel up and in some cases even to die. Scientists think existing antidepressants send help to those branches indirectly over time by way of serotonin. Ketamine, by contrast, delivers its aid directly to the source, plugging up NMDA receptors like a cork in a bottle and nipping depressive symptoms within hours.

A 2012 study published in the journal Science analyzed ketamine's rapid ability to reduce depressive symptoms in people who'd failed to respond to other drugs. The authors called ketamine "the most important discovery in half a century." Five years later, researchers concluded in a study in the American Journal of Psychiatry that the drug's antidepressant effects appeared to last at least a month.

Turning a 'party drug' into a blockbuster medication

Shutterstock

Today, roughly 50 to 100 clinics across the US offer ketamine off-label for depression. It's administered through an IV drip, a roughly 45-minute process that has to be done in a clinical setting.

Because ketamine is not FDA-approved to treat depression, most patients pay for it out of pocket. It isn't cheap, typically costing between $400 to $1,000 per infusion. (Some clinics recommend patients do up to 10 sessions for the best results.)

Another issue with ketamine in its current form is that it's a dissociative drug, so can induce powerful feelings of confusion, dizzy spells, and the sensation of being separated from one's own body.

Experts like Cusin worry those effects could lead patients to either react negatively to the experience and not want to repeat it, or react positively and want to repeatedly use, potentially leading to a drug-use disorder.

Those concerns may be relevant to Johnson & Johnson's work, since the company's formulation of the depression drug is a nasal spray with a chemical mirror image of ketamine.

The drugs being developed by Allergan and VistaGen, on the other hand, are inspired by ketamine but appear to produce fewer negative side effects. That's thanks to a slightly more sophisticated way of working on the brain's NMDA receptor.

Instead of plugging the receptor up like a cork in a bottle as ketamine does, Allergan's and VistaGen's drugs merely restrict its flow of activity.

Allergan is currently testing a shot formulation of its drug, Rapastinel, which would take 10 to 30 seconds to administer. VistaGen is pursuing an oral tablet version of its drug, currently known only as AV-101.

"We're essentially going for a kinder and gentler version of ketamine without the requirement for an IV and without the nasty side effects," Singh said of VistaGen's approach.

The path ahead for ketamine-inspired depression drugs

All of the new drugs being developed have shown promise for rapidly decreasing the symptoms of depression in patients enrolled in clinical trials.

The most promising results have come from Allergan's Rapastinel and VistaGen's AV-101.

"We now have these larger studies that confirm what we hoped — that we have a rapid antidepressant with good safety and little or no abuse potential," Szegedi said.

The US Food and Drug Administration appears to agree: Rapastinel has twice been granted Breakthrough Therapy designation, a distinction designed to expedite vital new drugs through the development process. AV-101 was recently placed on the agency's Fast Track list of new treatments for serious conditions that have an unmet medical need.

Johnson & Johnson researchers are expected to present the results of the next stage of their research to the American Psychiatric Association in May but have not yet presented their findings to the FDA.

"To offer people who are depressed a treatment that could potentially help them within hours, is well tolerated, and has hopefully no significant abuse liability — that sounds to me like what I always wanted when I was treating my patients," Szegedi said.

Original author: Erin Brodwin

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Apr
28

'We need to get moving really quickly': comScore's new CEO is racing to turn the company around

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comScore's new CEO Bryan Wiener comScore

comScore's new CEO Bryan Wiener acknowledged the measurement firm has a tough job ahead of it rebuilding trust in the ad world. The researcher has been rocked by accounting mishaps over the past few years that created a "two year fog." Still, Wiener sees a big opportunity to win back advertisers by proving it can track ad campaigns that run across both TV and digital outlets better than others.

Business Insider recently dug in deep on the rocky state of measurement in the TV advertising business. And among the industry's myriad challenges, would-be-contender comScore's outlook was particularly bleak.

One TV executive said even as incumbent Nielsen faced tons of legacy challenges, comScore was basically "nowheresville" when it came to nailing ad measurement in a multiscreen, time-shifted era.

Enter Bryan Wiener.

The ad industry veteran, who helped build the ad agency 360i over a decade ago, was named comScore's CEO earlier this week . An expected choice, Wiener instantly brings the beleaguered metrics firm credibility, but also inherits major problems.

The early reaction to his appointment has been encouraging. Pivotal Research analyst Brian Wieser called Wiener's appointment a "positive development for comScore and, to the extent that comScore has been restrained in its ability to compete aggressively over the past two years, incrementally negative for Nielsen."

A top TV ad buyer told Business Insider: "I think they do have a shot given access to the set top box data from Rentrak. I would not say Nielsen has blown past them given the challenges we still have in cross screen measurement. I definitely think it's a good opportunity."

Business Insider recently caught up with Wiener to talk about why he decided to grab this role.

Mike Shields: Why did you want to grab this job? People might have seen you running an agency or jumping to a media company.

Bryan Wiener: Well, I don't think of myself as an agency guy. I'm an entrepreneur. We built this company, and 360i started to explode, and then we started to apply that to all kinds of services and it grew. But still it was my first agency job.

My entire career has been about differentiated companies in fast changing industries

Shields: We recently talked to people about comScore, and the hope they had a few years ago when the company acquired Rentrak [which pulls data from cable TV boxes that can be used to target ads]. The feedback wasn't good.

Wiener:  We spoke to customers, and partners and investors. And the theme was the same. The marketplace would be better off with a strong comScore. And the market is worried about comScore. That's a fair comment by the way.

Shields: Why are they so worried?

Wiener: Well, it was the result of s elf-inflicted wounds that put the company in a two year fog. And that led to a lack of innovation. And that depressed morale at the company.

That being said, what comScore is trying to do [tying together digital media and TV measurement for advertisers], the marketplace is moving in that direction. So I think I can go in there, with the skills I have, and the opportunity is tremendous. The good thing is our customers stuck with us. But our customers weren't sure if we were going to be around anymore. So my number one job is to build optimism in the marketplace. The worst is behind us.

Shields: Explain the accounting issues to people who have only partially been paying attention.

Wiener: Basically, the previous management, more than two years ago, they recorded revenue improperly. When that happened, that was a singular event which led to the company getting reaudited, getting d elisted, an SEC investigation, activists. It probably cost the company $200 million plus, but it had nothing to do with running the company. It just cost an incredible amount of money and time. And there's a hangover.

Shields: That's going to be a tough job.

Wiener: I didn't need this gig. But I'm fired up. Besides morale, job one is, we have all the assets to build a cross-platform measurement company. Think about what NBCU just did [by announcing a new product designed to measure TV shows on multiple devices using lots of different data sources]. I think it you called them and told them we could offer something like that, they would tell you, 'Please, can you do this?'

People want to measure advertising, and they want to know how many people they reached, and then measure performance. We have the assets to do that. We have to put them together.

 Shields: H ow long is this going to take to get there?

Wiener: We have 90% of what we need. It's about putting it together. If the marketplace doesn't see significant progress in 2018, something's wrong. We need to get moving really quickly. This is about quarters, not years.

Original author: Mike Shields

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Apr
28

The 400-horsepower Audi TT RS is the most polarizing sports coupe on the market — and that's what makes it great

2018 Audi TT RS. Bryan Logan/Business Insider

The Audi TT is probably the most polarizing sports coupe on the market.

It's the compact, two-door, four-seater hatchback of the Audi lineup, and it's among the smallest cars the luxury automaker produces.

In its base form, the TT's 220-horsepower, four-cylinder engine doesn't necessarily inspire thoughts of track days and breakneck zero-to-60 times. It is a design-focused car. On the outside, you get tastefully sculpted fenders, shapely haunches, a stern front fascia with a piercing LED headlight array.

The 2018 TT maintains the rounded wedge aesthetic that made the tiny coupe famous when it first hit the streets in 1998.

I first drove the current generation TT back in 2016 and loved it. I was a little bit head-over-heels with it, actually. I even called it a "mini-R8," and got my inbox flooded with fan mail from people who disagreed. (Some of them made good points, to be fair).

Since then, I have driven quite a few cars — from the actual R8, in V10 Plus guise, to the Tesla Model S P100D, the Cadillac CTS-V, Lexus GS F, and many others that are far more unhinged than a base TT.

But then there's the Audi TT RS. It's still a TT, yes, but that's in name only. Everything else about it is on an entirely different stratum. It's a 400-horsepower, all-wheel-drive misfit that grunts and snarls to life when you hit the start button and barks and growls at everything on the road.

But you want to know the quickest way to become jaded about fast cars? Drive a lot of fast cars.

When Audi let me borrow a TT RS for a few days this month, I obliged, but I wasn't expecting to be impressed. It took only a few drives to change my mind.

Keep reading to find out why ...

Original author: Bryan Logan

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Apr
28

THE MESSAGING APPS REPORT: How brands, businesses, and publishers can capitalize on the rising tide of messaging platforms

BII

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

Nearly every major messaging platform has spent the past few years rolling out tools to attract new users and give businesses tools to reach those users.

The consumer-oriented products are working: The combined total monthly active user (MAU) count of the top 4 messaging apps has grown to 4.1 billion in 2018, with the top three messaging apps touting user bases of 1 billion or more.

Not only are these consumer products drawing in more users, but they're effectively increasing the time consumers are spending within messaging apps. The average daily time US consumers spent in a messaging app in 2017 was 10 minutes, up 15.2% from 8 minutes in 2016, according to eMarketer. That 10 minutes is expected to grow to 11 this year, and 12 in 2019 (see chart).

This large and engaged consumer base is a prime market for businesses and publishers to target, particularly as social media networks like Facebook become more difficult to leverage. In order to capitalize on this opportunity, messaging apps like Facebook Messenger and WeChat have developed a range of tools, from chatbots to payments methods, that businesses and publishers can use to reach and monetize consumers.

In this report, Business Insider Intelligence sizes the messaging app market and examines how businesses, brands, and publishers can take advantage of the new features offered by these platforms. It compares and contrasts the largest messaging platforms by user base, and presents the types of opportunities that have emerged from the growing audience that uses messaging services daily. Finally, it explores how these messaging apps are likely to change in the months and years ahead.

Here are some of the key takeaways from the report:

Messaging app platforms are competing for the eyes of consumers in order to win over businesses that want to reach them. Some are more effective in this regard than others. At a minimum, successful messaging app platforms offer businesses tools to create official accounts. But most offer much more, like chatbot automation, integration with other platforms to create a more holistic understanding of consumers, broadcast abilities, and the ability to actually sell goods or services via a messaging app. The rise of conversational commerce will accelerate as the major messaging platforms continue to roll out assistive tools for businesses. Businesses and brands can leverage messaging platforms to automate and improve customer relationship management (CRM), and to drive sales from the platforms. Messaging apps present an excellent opportunity for businesses and publishers to reach consumers, but there are threats to their future growth and sustained success. Competing platforms like iMessage and RCS, as well as efforts to reduce reliance on apps in general, like Google's Instant Apps product, could diminish the role messaging apps play in the lives of consumers.

In full, the report:

Sizes the current messaging app space and future growth potential. Details the major consumer-facing and business-facing offerings of the top three messaging apps by MAU count. Presents how these tools can be used by businesses and publishers to engage with consumers. Examines the potential external factors that could inhibit the growth of messaging apps.
Original author: Jessica Smith

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Apr
03

A tragic day at YouTube: Photos show the chaotic scene as police responded to the shooting (GOOG, GOOGL)

Wall Street responded favorably on Friday as the 15-year-old San Francisco e-signature company DocuSign made its debut on the public markets.

DocuSign shares closed at $39.73, about 37% above the company's opening price of $29 a share, proving that the markets still have a zeal for enterprise software — piling on the trend after Dropbox's blockbuster IPO at the end of March.

Once the confetti settled and the pop was well underway, DocuSign CEO Dan Springer and CFO Mike Sheridan hopped on the phone with Business Insider from a conference room at the Nasdaq in New York City.

Both Springer and Sheridan have taken companies public before — Responsys in 2011 for Springer, and SonicWALL in 1999 and FireEye in 2013 for Sheridan.

Now, the pair say that they're ready to take DocuSign on to its next chapter, as a public company.

Here's what they had to say about the future of DocuSign.

This interview has been edited and condensed for clarity.

Becky Peterson: The stock is up 37% from your opening price. Is this good news to you, or are you concerned you priced too low?

Springer: We think of it as a strong reception. If you look at the whole process, we came out with a range of $24 to $26, which we thought was reasonable compared to other multiples that companies like ours has had. We saw strength on the roadshow, so we raised that to the $26 to $28 range. And as we got to the final steps, there was so much investor demand, we decided to price above that raised range at $29.

We could have probably priced at a higher point but we really take a long-term approach here, and our focus isn't about the day one price or pop. It's focused on making sure that the right long-term shareholders have the opportunity to participate at an attractive rate. We want to be a great long-term partner to them, and we hope they'll be the same to us.

So my view on it is that it turned out exactly how we wanted.

Sheridan: I would say that $29 a share is a very very strong valuation at this point.

First day trading is not a perfect science, and I don't think we should over-interpret exactly where it falls today. But it is nice to have it show some growth in that first day because it means that it is well-received and there is a lot of interest in our story.

I'm much more focused on, what do we look like 90 days from now.

Peterson: DocuSign still isn't profitable, right?

Springer: That depends on the metric. We're cash flow positive, but from a net-income perspective, we still have a small loss.

Sheridan: To put some numbers around that — our fiscal 2018 ended in January. In fiscal 2016, our operating loss was -32% and in fiscal 2018 it was -2%. For free cash flow, in 2016 it was 38%, and in fiscal 2018 is was 7%. So, in all our metrics we see very solid progress toward profitability.

Peterson: What does your growth plan look like? What are your focus areas?

Springer: We have a lot of opportunity to expand internationally; Right now, 17% of our revenue comes from out of the US. A few years ago it was just a couple percent, so we've already had a lot of growth there. It's now about a $90 million business, just what we have outside of the US. But we see significant opportunity to grow that.

Our second area is that we have a lot of customers, and we think we can expand what we already do with those customers. To give you the magnitude, we have some customers that have up to 300 different ways that they utilize DocuSign. But the vast majority of our customers have just five use cases turned on already. At this point, we think there is a huge expansion opportunity.

Third thing is that we're going to make significant investments in our product, and continue to innovate so that customers get more value and success from using DocuSign, and that in turn hopefully will be a huge impetus for them to spend more and grow our business.

Peterson: DocuSign was founded in 2003 — 15 years ago. That's a long time to be private. How are people responding internally?

Springer: I've only been here 15 months, but Mike's been here a little longer so I'll let him take that question.

Sheridan: It's been very well received. Of course it's a moment of liquidity, and that's important, but I don't think that's the primary driver of the excitement. What we're hearing and seeing from the offices around the world is that it's a real pride moment for people — they're very proud to be with the company.

We had the scale in past years and were big enough to go public. We waited for this time for the right reasons: to move our international expansion, our enterprise expansion, and our profitability from aspirations to proof points. So now is the right time to go.

Our employees have been patient with that, and now that we're here at the right time, there is a lot of excitement around the company.

Peterson: Is there anything about the process that's surprised you?

Springer: This is sort of a weird, non-answer to your question, but the surprising thing to me is how there is nothing surprising. It was so straightforward.

It's a testament to the fact that, as Mike said, we waited until we had all of our ducks in a row. It was incredibly well orchestrated.

If there's one thing, it's an odd sort of surprise — I thought there would be a larger number of investors that would say to us that they cannot understand the story and would not invest. But virtually every firm that we saw came in and placed an order on the IPO. So that was somewhat surprising to me.

Original author: Becky Peterson

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Apr
27

MoviePass subscribers are no longer allowed to watch the same movie more than once

MoviePass just delivered what many could find a huge setback, especially as "Avengers: Infinity War" comes to theaters this weekend: subscribers are no longer allowed to see the same movie more than once in theaters with the service.

When Business Insider checked the MoviePass app Friday, we were greeted with a notification that "subscribers are not permitted to see the same movie more than once in theaters."

MoviePass updated its Terms of Use Friday to reflect the change, stating in all caps: "THE SERVICE PROHIBITS REPEAT VIEWINGS OF THE SAME MOVIE."

This is another huge departure from what the service has typically offered. The company also recently capped the number of movies new subscribers were able to see a month at four, instead of the movie-a-day plan. MoviePass CEO Mitch Lowe told The Hollywood Reporter he didn't know if the movie-a-day plan would ever return.

The only plan MoviePass currently offers new subscribers is a bundle that includes four movies a month in theaters and a trial of iHeartRadio All Access, for $29.85 for three months. Subscribers will be billed at that rate every quarter.

Lowe told THR that "there's like 100 new features we're working on," including potential premium plans for 3D and IMAX movies that have always been restricted on the services.

But these new strategies — capping the number of movies and forbidding repeat viewings — could also reflect the company's financial situation.

Earlier this month, the auditor for MoviePass' parent company, Helios & Matheson Analytics, said it had "substantial doubt" about the company's ability to stay in business, and Helios & Matheson disclosed that it was losing money on every MoviePass subscriber.

Original author: Travis Clark

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Apr
27

These kids' extremely clever Fortnite hustle could be the future of the lemonade stand

Owen Williams

Move over, lemonade stand, because these kids may have found the next great way to make pocket money.

All it took was a Macbook Air, a monitor and keyboard, and a sign that said "Fortnite: €1 to play, GET €10 IF YOU WIN," and a group of three friends were in business. That's according to Owen Williams, the proprietor of tech newsletter service Char.gd, who shared the photos on Twitter.

It's just another sign of how "Fortnite: Battle Royale," the last-player-standing island deathmatch video game, has become a global phenomenon.

Take a look:

Original author: Kaylee Fagan

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Apr
27

Google's mysterious 'Fuchsia' operating system could run Android apps – and it's a huge step to prevent a flop (GOOG)

Google is developing a mysterious multi-device operating system called "Fuchsia," and it looks like the company recently added a feature to the software that could drastically improve its chances of catching on with consumers.

On Thursday, it was revealed by a member of the XDA Developers forum that Google seemingly added native support for Android apps on Fuchsia. In theory, that means Android apps should be able to run on the Fuchsia operating system without much intervention or tweaking from an app developer. And that's a critical feature.

Letting Android apps run seamlessly on a new operating system will be crucial for Google if it were to replace the Android operating system with the so-called Fuchsia operating system, or even if it wanted to introduce Fuchsia as an alternative to Android.

An early version of Fuchsia running on a smartphone. YouTube/Kyle Bradshaw

App developers have shown they're not so willing to create separate versions of their apps for less popular operating systems. Just look at Microsoft's Windows Phones, which died out towards the end of 2017. Few were willing to use Windows Phones because comparatively few apps were being made for the Windows Phone operating system.

Without the same offering of apps as Android, the new Fuchsia operating system would likely be doomed to failure, just like Windows Phones. After all, why would anyone use an operating system that doesn't have the apps they want? That's what a lot of people thought about Windows Phone.

It's also not exactly clear what Fuchsia's purpose is at the moment. From the looks of a YouTube video supposedly showing the Fuschia operating system and posted earlier this year, Fuschia could be an operating system that works across smartphones, tablets, and computers.

Fuchsia running on a laptop. YouTube/Mitch Blevins

It might be mysterious, but Google isn't being too secretive about Fuschia. Google acknowledged the existence of Fuchsia in 2016, when Android VP of engineering Dave Burke called it an "early-stage experimental project." Whether it'll ever emerge from the experimental phase into a fully released operating system is not clear.

Original author: Antonio Villas-Boas

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Apr
27

Social media stocks are sinking as GOP lawmakers consider new regulation

AP Images

Social media stocks are down Friday.Some GOP lawmakers are pondering whether social media companies censor conservative opinions, which they believe would call for legislation.Twitter is getting hit the hardest. 

Social media stocks are losing ground Friday after Bloomberg Law's Michaela Ross reported that some GOP lawmakers are kicking around the possibility of new regulation.

Twitter is the biggest loser on the day, down almost 5%, while Snap and Facebook are lower by 3% and 1%, respectively. 

Republican members of the House Judiciary Committee are concerned that social media companies may be censoring conservative viewpoints. 

"I'm not for more government regulation," Rep. Louie Gohmert said, according to Bloomberg. "But I do think, since they are deciding what goes on and what gets censored, they should be liable. And I'm working on laws to make that happen." 

Social media companies have been under intense scrutiny by both the government and the media, in light of the Cambridge Analytica scandal. Twitter and Snap have been hit hard, down 17% and 13%, respectively. Meanwhile, Facebook is little changed thanks to strong earnings after seeing a sharp drop in the wake of the scandal. 

Twitter is up 17.55% on the year while both Snap and Facebook are down about 5%. 

Markets Insider

Original author: Jacob Sonenshine

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Apr
27

Facebook just added an important parental control feature to its controversial kids app (FB)

Messenger Kids, Facebook's messaging app aimed at children between the ages of six-12, is getting a major parental control feature.

The company announced Friday that parents will now be able to activate "sleep mode," which prevents children from using the app at certain times. A parent could, for example, choose put the app in "sleep mode" during bedtime, dinner, or homework time.

When a child opens the Messenger Kids app in sleep mode, they will see this screen. Facebook

Messenger Kids already lets parents see their child's messages and control their contact list, but Tarunya Govindarajan, a Facebook product manager, wrote in a blog post that parents had been asking for more control. The app itself only lets children send messages, photos and videos. It doesn't have many of the features of a regular Facebook account, such as a News Feed, a "like" button, or advertising.

Since Facebook introduced the app in December last year, it has been met with backlash from health experts and child advocates, who have called on the app to be shut down completely. In a letter to Facebook in January, a group of more than 100 organizations and health professionals warned that children under 13 using the app could "undermine children's healthy development."

Original author: Rachel Sandler

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Apr
27

The suspected Golden State Killer was finally caught because his relative's DNA was available on a genealogy website

A photo of accused rapist and killer Joseph James DeAngelo, who is believed to be the East Area Rapist, also known as the Golden State Killer, who killed at least 12, raped over 45 people and burglarized more than a hundred homes throughout California in the 1970s and 1980s. Justin Sullivan/Getty Images

A growing preponderance of at-home DNA testing kits, coupled with online forums where people can post and share their results, is making it easier for people to track down long lost relatives online.

Now, it seems, that also made it easier for one California district attorney's office to pinpoint a suspected killer who'd been at large for more than 30 years.

Investigators think that the so-called Golden State Killer — also known as the East Area Rapist or the Original Night Stalker — committed 12 murders, more than 45 rapes, and upwards of 120 burglaries in 10 California counties between 1974 and 1986.

The case remained largely a mystery until this week, when investigators arrested 72-year-old former cop Joseph DeAngelo.

Investigators told the San Jose Mercury News that by consulting an open-source DNA-sharing website called GEDmatch, they were able to find the genetic information of a distant relative of DeAngelo's.

That relative seems to have uploaded their sample online on their own. The data was apparently similar enough to DNA information that officers had recovered at the crime scenes to enable investigators to pinpoint DeAngelo as the suspected killer and rapist.

He'd been at large for 32 years when officers arrested DeAngelo at his home outside Sacramento earlier this week.

Humans are all around 99.9% the same, genetically speaking, but that extra 0.1% of variation is what scientists, investigators, and family members zero in on when studying DNA data.

Genetic testing companies 23andMe and Ancestry both say they won't share genetic information with law enforcement unless they're served a court order. But they can't stop people from sharing their genetic information online, which many people do when trying to connect with long lost relatives or find a biological parent like a sperm or egg donor.

Scientists are also using the onslaught of DNA information that's becoming available online to better track and understand genetic diseases, as the Atlantic reported last year.

GEDmatch said in a statement to Business Insider that the site was not approached by law enforcement "or anyone else about this case or about the DNA." The site administrator said he's always made it clear in the site's policy that the information people upload "could be used for other uses" besides connecting with potential relatives.

"While the database was created for genealogical research, it is important that GEDmatch participants understand the possible uses of their DNA, including identification of relatives that have committed crimes or were victims of crimes," the statement said.

But this kind of labor-intensive DNA matching isn't likely to happen often, since most criminal investigators don't have time to cruise online DNA forums and search for potential matches.

"The man-hours and resources needed to follow up on these leads is extremely limited in many jurisdictions," Sara Katsanis, a scholar at Duke University's Initiative for Science and Society, told Buzzfeed News.

The Contra Costa County District Attorney's office, which made the arrest, did not immediately respond to questions about how they used the publicly available data to crack the case.

Original author: Hilary Brueck

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Apr
27

Bill Gates thinks a coming disease could kill 30 million people within 6 months — and says we should prepare for it as we do for war

If there's one thing that we know from history, a deadly new disease will arise that will spread around the globe.

That could happen easily within the next decade. And as Bill Gates reminded listeners while speaking at a discussion about epidemics hosted by the Massachusetts Medical Society and the New England Journal of Medicine on Friday, we're not ready.

As Gates said, he's usually the optimist in the room, reminding people that we're lifting children out of poverty around the globe and getting better at eliminating diseases like polio and malaria.

But "there's one area though where the world isn't making much progress," said Gates. "And that's pandemic preparedness."

The likelihood that such a disease appears continues to rise. New pathogens emerge all the time as the world gets more populous and humanity encroaches on wild environments. It's becoming easier and easier for individuals or small groups to create weaponized diseases that could spread like wildfire around the globe. According to Gates, a small non-state actor could rebuild an even deadlier form of smallpox in a lab. And in our interconnected world, people constantly hop on planes, crossing from megacities on one continent to megacities on another in a matter of hours.

According to one simulation by the Institute for Disease Modeling presented by Gates, a new flu like the one that killed 50 million in the 1918 pandemic would most likely kill 30 million within just six months now. And the disease that next takes us by surprise will most likely be one that we see for the first time when the outbreak starts, like happened recently with SARS and MERS viruses.

If you were to tell the world's governments that weapons were under construction right now that could kill 30 million people, there'd be a sense of urgency about preparing for the threat, said Gates.

"In the case of biological threats, that sense of urgency is lacking," he said. "The world needs to prepare for pandemics in the same serious way it prepares for war."

John Moore/Getty

The one time the military tried a sort of simulated wargame against a smallpox pandemic, the final score was "smallpox one, humanity zero," according to Gates.

But as he said, he's an optimist, and he thinks we could better prepare for the next viral or bacterial threat.

In some ways, we're clearly better prepared now than we were for previous pandemics. We have antiviral drugs that can at least do something to improve survival rates in many cases. We have antibiotics that can treat secondary infections, like pneumonia associated with the flu.

We're getting closer to a universal flu vaccine. During his talk, Gates announced that the Bill and Melinda Gates Foundation would be offering $12 million in grants to encourage the development of such a vaccine.

And we're getting better at rapid diagnosis, too, something essential since the first step against a new disease is quarantine. Just yesterday, a new research paper in the journal Science announced the development of a way to use the gene-editing technology CRISPR to rapidly detect diseases and to identify them using the same sort of paper strip used in a home pregnancy test.

Yet we're not good enough yet at rapidly identifying the threat from a disease and coordinating a response, as the recent global reaction to the last Ebola epidemic showed.

There needs to be better coordination and communication between military and government to help coordinate responses. And Gates thinks that government needs ways to quickly enlist the help of the private sector when it comes to developing technology and tools to fight against emerging deadly disease.

As Melinda Gates said recently, the threat from a global pandemic — whether one that emerges naturally or one that's engineered — is perhaps the biggest risk humanity faces right now.

"Think of the number of people who leave New York City every day and go all over the world — we're an interconnected world," she said. Those connections make us all vulnerable.

Original author: Kevin Loria

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