Apr
03

San Francisco police have begun ticketing people who are violating the shelter-in-place order to contain the coronavirus

San Francisco police has begun ticketing some who are violating the regionwide shelter-in-place order directing people to stay in their homes to slow the spread of the coronavirus disease.A business and at least one person have been issued a citation within the past 24 hours.Since the city's shelter-in-place went into effect on March 17, law enforcement has relied upon resident compliance to enforce the order.Visit Business Insider's homepage for more stories.

After primarily relying on voluntary compliance and education to enforce a shelter-in-place order, San Francisco is now issuing citations to those violating the order's guidelines.

"The last time I was in front of you I predicted there would come a time where we have to cite," San Francisco police chief Bill Scott said at a Friday press conference, according to the San Francisco Examiner. "That time has come, and we have begun citing."

Scott said that a citation was given to a business and "at least one" person within the past 24 hours, the San Francisco Chronicle reported. The order directs residents to stay home as much as possible, to only leave for essential needs, and to practice social distancing. It also requires nonessential businesses, which includes nightclubs and dine-in restaurants, to close.

"We understand that not everybody is watching the news," Scott said on Friday. "That's why we are giving the benefit of the doubt."

But, he said, "we have to abide by these public health orders." He said police are warning residents, but will not warn them more than once.

The San Francisco Bay Area is on week 3 of a shelter-in-place order that went into effect on March 17. It was originally set to expire on April 7, but has since been extended to May 3. That extension that could eventually be pushed back even further.

In the region, as well as elsewhere, there have been incidents of residents failing to adapt to the order and remain home, limiting unnecessary trips into public. On the first weekend after the order went into effect, mass outings were observed at parks and beaches as people sought some fresh air following a week spent indoors.

Stricter rules have since been put in place, like the closure of dog parks and playgrounds, and parking areas at some open spaces have been shut down.

There are currently 497 confirmed cases of the coronavirus in San Francisco, with 7 reported deaths.

LoadingSomething is loading.
Original author: Katie Canales

Continue reading
  32 Hits
Apr
03

Pandemic puts the brakes on micromobility

As of this writing, nearly a million people globally have been infected with the novel coronavirus and 50,322 have died. Healthcare systems are overwhelmed, consumers and profiteers are hoarding supplies and some service workers have launched strikes while many others have been let go. In the world of micromobility, we’ve seen Bird lay off hundreds of employees and Lime is reportedly gearing up for layoffs of its own.

Ride Report creates software that enables cities to better work with micromobility operators and has a bird’s-eye view on the industry. In a conversation with TechCrunch, CEO William Henderson outlined some of the trends that have emerged and what we can expect for micromobility operators amid the pandemic — and once it’s over.

“All of this came at a really hard time for micromobility,” he tells TechCrunch. “It couldn’t really have occurred at a worse time in some ways.”

That’s because there was already a lot of pressure on startups in the space to reach profitability on an accelerated timeline, Henderson says. While winter is notoriously known as a rough time, the environment in this pandemic is “micromobility winter on steroids.”

Over the last month, companies have paused operations in cities and started laying off people. Operators Bird and Lime, for example, paused operations across the board last month.

Continue reading
  25 Hits
Sep
13

414th Roundtable For Entrepreneurs Starting NOW: Live Tweeting By @1Mby1M - Sramana Mitra

Actors union SAG-AFTRA recently reached a new agreement with the ad industry that loosens the union's rules about who can work with union talent, according to a leaked memo.This change is a compromise for the union, which previously forbade agencies that hadn't signed its commercials contract from working with the 160,000 professionals represented by SAG-AFTRA.Most agencies and brands that launched in the digital age did not sign the contract. The memo suggests working with union talent will remain difficult but not impossible for these companies.It's unclear how these rules will apply to non-traditional, influencer campaigns that are becoming increasingly popular with advertisers.Click here for more BI Prime stories.

This week, the world's biggest media union changed its rules about who can work with union talent.

New rules took effect April 1 regarding how SAG-AFTRA will work with agencies and advertisers that have not signed its commercials contract, which covers compensation for union members.

SAG-AFTRA (Screen Actors Guild-American Federation of Television and Radio Artists) represents about 160,000 actors, musicians, voiceover artists, journalists, and other professionals, according to its website.

An internal memo sent to employees at top PR firm Weber Shandwick on March 12 and obtained by Business Insider details the ways these new rules will affect talent relations moving forward. The full memo is printed below.

These new regulations could have wide-reaching effects on how marketers spend their money. Many agencies and brands that launched in the digital age did not sign the contract, which requires members to use almost exclusively union talent in commercial productions ranging from influencer campaigns to big-budget broadcast ads.

"These are important changes that will have an impact for brands and our industry at large," said a Weber Shandwick spokesperson. "We're taking the necessary steps to ensure we're in full compliance with the new rules, so that we can continue to seamlessly deliver for our clients."

SAG-AFTRA declined to comment beyond a March 16 blog post stating that it had not rolled back any requirements, despite claims from "some in the commercials industry."

These rules represent a new phase in the long-running battle between the union and ad industry

SAG-AFTRA and the agencies that produce commercials have a history of clashes.

Ad, PR, and talent management firms, facing pressure from clients to create content faster and cheaper, reached an agreement with SAG-AFTRA last April after arguing that elements of the union's previous contracts — like holding fees that actors earned each time ads aired — were cost prohibitive.

But the union and agencies still had unresolved issues. 

SAG-AFTRA previously organized strikes and picket lines outside the offices of non-signatories like Droga5 as well as Publicis Groupe's BBH, which tried to withdraw from the commercials contract in 2017. BBH claimed that the union's conditions placed it at a disadvantage because they allowed competitors who hadn't signed the contract to pitch their services to brands at lower rates.

A judge ruled against BBH last year.

According to the memo, SAG-AFTRA compromised on plans to prevent union talent from working with agencies that haven't signed its contract

In 2018, SAG-AFTRA began targeting third-party signatories, or production and talent management companies that have signed the contract and are then hired by non-signatories so the latter can work with union talent on "co-produced" campaigns.

The union revoked the status of the six largest such companies in May 2019, accusing them of serving as front organizations that didn't actually employ anyone but let agencies and brands that hadn't signed the contract bypass union rules.

SAG-AFTRA scored a legal victory by getting these companies to agree to a strict letter of agreement that took effect on Jan 1.

That letter, according to an analysis from law firm Davis & Gilbert, which represents advertising companies like WPP, was designed to get non-union agencies to become signatories by preventing the third-party companies from working with them and thereby cutting off the non-union agencies' access to union talent.

The new rules leave open questions, especially regarding PR and influencer campaigns

According to the memo, the new rules are a result of further negotiations between SAG-AFTRA and unnamed "industry participants" regarding those third-party production and talent management companies that signed the contract, which the memo calls "signatory co-producers" or "SCPs."

The most important changes allow non-union agencies and their clients to participate in certain key activities like choosing actors or influencers, negotiating contracts, hiring production companies, and reviewing scripts — as long as the third-party companies are directly involved and use union talent.

Previously, only union members could participate in those activities.

It's unclear how these rules will apply to the non-traditional campaigns that brands increasingly use — especially those involving celebrities or influencers who are not members of SAG-AFTRA but work with brands and production companies or agencies that are.

As Brian Murphy and Candice Kersh, partners at law firm Frankfurt Kurnit Klein & Selz, wrote in a March 8 blog post, "Can you imagine telling Kim Kardashian that your third-party signatory needs to come to her mansion while she is shooting her social video?"

Read the full memo below.

Critical Changes to Working With Talent

Effective April 1, 2020, SAG-AFTRA is changing their rules regarding how non-signatory agencies and brands work with union talent. In December 2019, we alerted you to this change. Since then, industry participants have negotiated roll-backs to the rules concerning the use of Signatory Co-Producers ("SCPs"), which will make it easier for non-signatory agencies to continue to work with SCPs.

As originally proposed, the rules would have made it practically impossible for non-signatories to work with SCPs. The recent roll-backs provide a path forward for using them. That said, the manner in which we collaborate with SCPs must evolve to accommodate the new rules.

Note: As with the original proposal, the new rules do not apply when working for clients that are signatories, unless the client advises that they are unable to list themselves as signatory for union purposes. While uncommon, it does happen from time-to-time for business reasons.

New Framework
At the heart of the rule change is the notion that when non-signatory agencies and brands use an SCP to engage union talent, the SCP must be the employer of talent under the SAG-AFTRA Commercials Contract, as evidenced by the performance of 10 mandatory talent employer activities.

While this is still the case, SAG-AFTRA has agreed to 3 important changes:

Non-signatory agencies may now be involved in the employer activities, whereas this was prohibited under the original rules.The agency and the advertiser are no longer required to certify their non-involvement.SAG-AFTRA has acknowledged that certain of these activities may not apply to all productions (such as influencer content) or may have been performed prior to the engagement of an SCP (such as in multi-service endorsement agreements common in public relations, where talent is selected before all elements of the program are determined). In those cases, SCPs must obtain waivers from SAG-AFTRA, and the union agrees to discuss those waivers in good faith. Accordingly, non-signatory agencies must ensure all necessary waivers are sought as soon as possible in order to confirm that SCPs can be used as a means of achieving compliance with union rules.

Though the rules have been relaxed, they still require important changes in how we work with SCPs.

Impacts on Process
The good news is that some of these activities are already being performed by SCPs. Others are to be done "in collaboration with [the] client" or simply require "participation" by the SCPs.

For those activities, the rules do not spell out the level of involvement or control SCPs must have to be in compliance, but it does appear that SAG-AFTRA does not expect SCPs to own these activities in their entirety. However, because the rules are ultimately binding on the SCPs (not agencies or advertisers), each SCP may have its own standards as to how much control they will need to achieve compliance for "shared" employer activities. At a minimum, we expect that non-signatory agencies will need to copy their SCP contract on all emails relating to those "shared" talent employer activities. 

As noted above, agencies will need to get in the habit of looping in SCPs as early as possible in projects involving union talent, both by copying their SCP contact by email on all conversations with clients concerning union talent and including them on calls where employment activities are discussed. 

Under the new framework, short turnaround engagements with union talent will be considerably more difficult to coordinate, and it is critical that teams plan in advance.

Also, SCPs should review scripts/storyboards prior to production, and may require copies of videos prior to publication. If pre-publication review is technologically impossible (e.g. livestreams), a substitute process should be agreed with the SVP well in advance of the production day.

Alternative Approaches
While a path forward is available to continue working with SCPs, from time-to-time circumstances may prohibit agencies from working with them (e.g. too many employer activities have taken place prior to SCP involvement and the union will not grant waivers). In those instances, non-signatory agencies will need to collaborate with another agency that is a SAG signatory if they wish to employ union talent. The details of those collaborations such as division of labor and compensation would need to be worked out between the signatory agency and the non-signatory agency, but it should be noted that the new SCP rules do not apply to collaborations between agencies.

Conclusion
Everyone at non-signatory agencies working on union production needs to be aware of the changing landscape and update their processes to comply with the new rules.

We will be offering short training sessions in the weeks ahead to brief client teams on the rules and how to comply. I encourage you to make this mandatory for anyone who works with talent.

Please reach out to your legal contact if you have any questions about these changes.

10 Mandatory Employer Activities

Securing casting agent in collaboration with client (n.b. This will not be applicable if no casting agent is used);Resolving all cast clearance issues (n.b. We understand this to mean managing the Station 12 and Taft-Harley processes); Hiring and contracting with performers in collaboration with client;Having personnel on-set for each and every production except voiceover sessions or foreign shoots (defined as shoots taking place outside of the United States). Those on-set personnel must be able to address any issues arising under the SAG-AFTRA Commercials Contract for any shoot days; Ensuring proper payment of session fees and residuals of all performers and be available to promptly engage with SAG-AFTRA staff to resolve any claims at the time of production or thereafter; Attending pre-production meetings (in person or via conference call) if employer activities are discussed (n.b. Attendance will not be applicable if employer activities are not discussed); Participating in selection of a production company;Reviewing scripts and storyboards for purposes of determining number of performers to employ; (n.b. This will not be applicable if there are no scripts, storyboards or other performers)Being involved in selection of performers; andNegotiating union talent agreements with performer representatives in collaboration with client.

Got more information about this story or another ad industry tip? Contact Patrick Coffee on Signal at (347) 563-7289, email at This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it., or via Twitter DM @PatrickCoffee. You can also contact Business Insider securely via SecureDrop.

Original author: Patrick Coffee

Continue reading
  24 Hits
Apr
03

Fired Navy captain is a 'hero' and 'chose the honorable course': The great-grandson of aircraft carrier's namesake says President Roosevelt would've also raised coronavirus alarms

Tweed Roosevelt, the great-grandson of President Theodore Roosevelt, penned an opinion column in defense of the commander of the US Navy aircraft carrier who was relieved of his command, Capt. Brett Crozier of the USS Theodore Roosevelt.In the opinion column, Roosevelt explains that Crozier "risked" his career and "deserved our deepest gratitude" for raising awareness of the coronavirus outbreak aboard his ship.Roosevelt wrote that he believed his great-grandfather, who commanded troops during the Spanish-American War in 1898, would have agreed with Crozier.Visit Business Insider's homepage for more stories.

The great-grandson of President Theodore Roosevelt penned an opinion column in defense of the commander of the US Navy aircraft carrier who was relieved of his command on Thursday, Capt. Brett Crozier of the USS Theodore Roosevelt.

Tweed Roosevelt, who leads the Theodore Roosevelt Institute at Long Island University, wrote the column published in the New York Times, titled "Captain Crozier Is A Hero." In it, he explains that Crozier "risked" his career and "deserved our deepest gratitude."

The US Navy announced Crozier's dismissal on Thursday, three days after the San Francisco Chronicle published a leaked letter he addressed to Navy leaders. In the four-page letter, Crozier urged a "political solution" and "immediate and decisive action" as his crew dealt with the coronavirus outbreak. Now, 137 sailors of the ship's roughly 4,800 crew members have been diagnosed with the coronavirus as of Friday.

"We are not at war. Sailors do not need to die," Crozier wrote in his letter. "If we do not act now, we are failing to properly take care of our most trusted asset — our Sailors."

In removing Crozier during the crew's shift ashore for quarantining, Acting Navy Secretary Thomas Modly said he did not know how the letter was leaked to the media but noted the captain should not have sent a "blast out" email to 20 or 30 recipients.

"The letter was sent over non-secure, unclassified email even though that ship possesses some of the most sophisticated communications and encryption equipment in the fleet," Modly said Thursday.

The aircraft carrier USS Theodore Roosevelt. REUTERS/U.S. Navy/Mass Communication Specialist Seaman Anna Van Nuys/Handout

Tweed Roosevelt reasoned that Crozier's actions were justified because he "felt he had to act immediately if he was to save his sailors."

"I suppose it is too much to hope that the Navy, if only for its own benefit, will see its way to reverse this unfortunate decision," Roosevelt wrote. "But it is probably too late to save Captain Crozier's career."

Roosevelt wrote that he believed his great-grandfather, who commanded troops during the Spanish-American War in 1898, would have agreed with Crozier. The late Roosevelt dealt with a yellow fever and malaria outbreak within the ranks and wanted to bring his troops home, despite the then-secretary of war's opposition. Theodore then wrote a letter to news organizations, which widely published its contents, prompting the secretary of war to bring the troops to New York.

"In this era when so many seem to place expediency over honor, it is heartening that so many others are showing great courage, some even risking their lives," Roosevelt wrote. "Theodore Roosevelt, in his time, chose the honorable course. Captain Crozier has done the same."

LoadingSomething is loading.
Original author: David Choi

Continue reading
  23 Hits
Apr
03

Take a sneak peak at the NSO platform that dozens of countries are testing to track citizens infected with coronavirus — and that a privacy advocate warned us could lead to 'nefarious' uses

Companies and countries alike are desperately trying to track the spread of the coronavirus.Israeli technology firm NSO Group is piloting a platform with dozens of countries that could allow governments to get very granular views into the outbreak. But the software is raising concerns among privacy advocates, one of which says it could be used for "highly nefarious means." Follow all of Business Insider's latest updates on the coronavirus here. Click here for more BI Prime stories.

Governments and companies alike are desperately trying to learn what areas the coronavirus may spread to next and how it's already moving through hard-hit zones. 

And different countries are taking varying approaches to that. China, for example, has mandated that its residents download an application that tracks their health status. And in the US, advertisers are supplying the federal government with information to allow it to monitor millions of individuals through their cell phones. 

Now, one company is piloting a system in dozens of countries around the world that could allow officials to quickly monitor the growth of outbreaks and track individuals that have the virus, to learn who else may be at risk.

Such insight would give the government (or another client using the platform) the ability to put protective measures in place or potentially test someone who may not be aware they're at risk — ultimately slowing the progression of the virus. 

NSO Group, the provider of the system, is an Israeli software firm that is perhaps best known for its Pegasus tool, a software that gives clients the ability to infiltrate cell phones and access information such as location or text messages. 

The goal is to stop terrorists and other criminals, but the software has drawn scrutiny after revelations it was used to track journalists and activists. One lawsuit even linked the tool to the death of Jamal Khashoggi.

Criticism aside, NSO's products have been used in times of crisis. It helped Brazilian officials, for example, track 51 missing people who were trapped under a mudslide after the Brumadinho Dam collapsed.

The company is now selling governments on the new platform specific to the coronavirus outbreak. And Business Insider got a first-hand look at how the potentially game-changing system works.  

To be sure, the technology firm has no access to any of the data used to power the application. It merely provides the software and clients are responsible for inputting information. 

Government health care databases, for example, combined with location information via cell phones or mobile applications, can give users a granular view into who has the virus, where they are going or have been, if citizens are violating social distancing guidelines, or where the next outbreaks may occur. 

While NSO declined to discuss the details of any of the pilot projects under way, such a system is very possible. Carriers in Italy, Germany, and other countries, for example, are already sharing location data with the governments.  

The tool could be a powerful resource in helping to mitigate the deadly virus that has already claimed the lives of thousands and is estimated to lead to hundreds of thousands of deaths overall. 

Health experts, for example, say individuals who visit locations like supermarkets are at risk if someone with the virus spent 15 minutes or longer there.  

NSO's platform could, theoretically, filter down available data to track the people that were in that establishment at the same time or even hours after (since the virus can live on some surfaces for up to several days). That gives the government or health agency the chance to identify potential cases quickly to mitigate any further spread. 

A snapshot of NSO's platform that highlights who may have come in contact with a coronavirus patient. NSO

Or say a person infected with the virus routinely traveled to another area of town that currently has relatively few individuals that have tested positive. Using NSO's system, officials can pinpoint where the coronavirus may spread based on that tracking information.

It could also pull up a confirmed patient's close contacts — family members, coworkers, etc. — so health workers could proactively test them. 

Another snapshot that highlights a coronavirus patient's close connections. NSO

All those examples highlight how helpful the system can be in battling the outbreak. And the extent to which governments or other customers can use it is dependent on what information is inputted — and how often it is updated. 

But privacy advocates are ringing the alarm over just how much data is being compiled and how difficult it could be to turn the dial back to stricter privacy measures once the pandemic subsidies. 

"Even if the data is not held by the company, governments are equally able to misuse the data," Sam Woodhams, digital rights lead at research firm Top10VPN, told Business Insider. "This is particularly significant given that, even when aggregated and anonymised, location data could still be used by governments for highly nefarious means." 

LoadingSomething is loading.
Original author: Joe Williams and Isobel Asher Hamilton

Continue reading
  31 Hits
Apr
03

How Homage is tackling Southeast Asia’s growing eldercare need

The world’s population is aging, but the needs of elderly people are still being underserved. A United Nations report found that older people make up more than one-fifth of the population in 17 countries, and by 2100, a majority of the world’s population, or 61%, will be aged 60 and above.

One of the most urgent needs for families is caregiving, with demand outstripping the pool of qualified providers. This means many people in their thirties and forties are now part of the “sandwich generation,” juggling jobs and child care while looking after elderly relatives. This creates both an opportunity and challenge for tech startups and investors in almost every market around the world.

In Southeast Asia, Homage is addressing the issue with a platform that takes a curated approach to pairing caregivers and families, using a combination of in-person screening and its matching engine to make the process more efficient. Currently operating in Singapore and Malaysia, the startup announced earlier this year that it will use its Series B funding to expand into five new countries in the region.

Backed by investors, including HealthXCapital, Golden Gate Ventures and EV Ventures, Homage was co-founded in 2016 by chief executive officer Gillian Tee, who grew up in Singapore and was inspired by her family’s own experiences looking for caregivers. Tee says she wanted to build a platform that would make the process of matching caregivers and clients easier, and be scalable into different markets.

“It’s not the easiest space to be in, and I would say that you do need to want to be intentionally working in this space, rather than just falling into it. It goes hand in hand,” she told TechCrunch. “We found that there is a huge market opportunity, but why we’re doing it goes way beyond that.”

How Homage addresses the talent pool shortage

Continue reading
  33 Hits
Apr
03

Germany’s Xpension pension platform raises €25M in a Series C growth round

The German pension and insurance industry was a laggard in the world of online a few years ago, but in recent times it has quickly caught up. There’s further evidence of this trend with the news that Xpension (trading as xbAV), an online platform for pensions and life insurance, has raised €25 million in its Series C financing round. This will take its total funding to date to more than €50 million.

The financing round was led by HPE Growth, a growth capital fund. Existing investors Cinco Capital, led by Lars Hinrichs (founder of XING and chairman of Xpension), and Armada Investment, led by Daniel S. Aegerter (founder of Tradex), also participated.

The new funding will be used to scale up Xpension’s corporate pension and life insurance SaaS platform in Germany; expand the offering into private pensions and life insurance and corporate health insurance; and prepare a rollout into other European countries. The company has also launched a video platform for agents to speak to clients, in the wake of the COVID-19 pandemic.

To date, Xpension has attracted to its platform more than 40 life insurers, 11,000 insurance agents and 3,000 SMEs.

Martin Bockelmann, CEO and founder, commented: “After several years of intensive R&D and broad-based user acquisition, this partnership with HPE Growth allows us to unleash the full potential of our platform in Germany and abroad.”

Tim van Delden, partner at HPE Growth, said: “The move online of the €2.5 trillion global pension and life insurance industry is a huge topic. A SaaS platform like Xpension — which connects life insurers, agents and their corporate and private customers to buy and manage policies — will be a game-changer.”

Speaking to TechCrunch, Hinrichs, the active chariman and largest private shareholder, said: “We target not just occupational pensions but the entire segment, which is worth €700 billion in premiums a year. German pensions are the leading pensions segment in Europe. And we are taking advantage of the recent changes in pension policy.”

It would appear that Xpension is in a strong position to potentially open up to end consumers who don’t have pensions, as have similar U.S. platforms, or even to leverage its position to build its own insurance company at some point.

Continue reading
  28 Hits
Apr
03

Bustle Digital Group lays off staff of The Outline as part of broader cuts

Bustle Digital Group, owner of a portfolio of digital media properties including Bustle itself, says it laid off two dozen staffers today. That includes eliminating the entire staff of The Outline, a culture site that it acquired a year ago.

In a statement, a BDG spokesperson said the company will continue to host The Outline’s archives, and that founder Josh Topolsky will be “exploring alternative paths forward” for its future.

“The unprecedented impact of COVID-19 has forced us to make some tough business decisions,” a BDG spokesperson said. “Most staff will be taking temporary tiered salary reductions and unfortunately, we have eliminated two dozen positions across the company.”

Topolsky (former editor in chief of Engadget and founder of The Verge) founded The Outline in 2016. The site shifted its publication model over time, laying off its writers while maintaining an editorial team that continued to publish freelance content. It was then acquired by Bustle, and Topolsky went on to launch the tech news site Input under the BDG umbrella.

i’ve been at @outline since before it began. editing it was the best job, and with the best team. hire them, give them money, have them write and edit for you: @jeremypgordon @brandyljensen @drewmillard @nkulw @shujaxhaider @rachelmillman

— Leah Finnegan (@leahfinnegan) April 3, 2020

“[I] am tremendously proud of all the weird, funny, interesting, and brilliant stuff we put into the universe, and all the talented writers we were able to publish,” The Outline’s executive editor Leah Finnegan tweeted this morning. “[T]hank you for reading, and [I] hope you will remember what we did fondly.”

BDG, meanwhile, was founded by CEO Bryan Goldberg (pictured above) in 2013. In the past few years, it hasn’t just acquired The Outline, but also Elite Daily, Mic, Nylon and Gawker. In many cases, the deals came after layoffs or other turmoil.

We’re entering what’s likely to be a brutal few months (or longer) for the media industry, as the COVID-19 pandemic has led to a dramatic pullback in advertising. The layoffs have already started, while BuzzFeed is trying to avoid them by cutting employee pay.

Continue reading
  31 Hits
Apr
03

479th Roundtable Recording on April 2, 2020: With Darshana Zaveri, Catalyst Health Ventures - Sramana Mitra

In case you missed it, you can listen to the recording here: 479th 1Mby1M Roundtable on April 2, 2020: With Darshana Zaveri, Catalyst Health Ventures

___

Original author: Maureen Kelly

Continue reading
  53 Hits
Apr
03

OctoML raises $15M to make optimizing ML models easier

OctoML, a startup founded by the team behind the Apache TVM machine learning compiler stack project, today announced it has raised a $15 million Series A round led by Amplify, with participation from Madrona Ventures, which led its $3.9 million seed round. The core idea behind OctoML and TVM is to use machine learning to optimize machine learning models so they can more efficiently run on different types of hardware.

“There’s been quite a bit of progress in creating machine learning models,” OctoML CEO and University of Washington professor Luis Ceze told me. “But a lot of the pain has moved to once you have a model, how do you actually make good use of it in the edge and in the clouds?”

That’s where the TVM project comes in, which was launched by Ceze and his collaborators at the University of Washington’s Paul G. Allen School of Computer Science & Engineering. It’s now an Apache incubating project and because it’s seen quite a bit of usage and support from major companies like AWS, ARM, Facebook, Google, Intel, Microsoft, Nvidia, Xilinx and others, the team decided to form a commercial venture around it, which became OctoML. Today, even Amazon Alexa’s wake word detection is powered by TVM.

Ceze described TVM as a modern operating system for machine learning models. “A machine learning model is not code, it doesn’t have instructions, it has numbers that describe its statistical modeling,” he said. “There’s quite a few challenges in making it run efficiently on a given hardware platform because there’s literally billions and billions of ways in which you can map a model to specific hardware targets. Picking the right one that performs well is a significant task that typically requires human intuition.”

And that’s where OctoML and its “Octomizer” SaaS product, which it also announced, today come in. Users can upload their model to the service and it will automatically optimize, benchmark and package it for the hardware you specify and in the format you want. For more advanced users, there’s also the option to add the service’s API to their CI/CD pipelines. These optimized models run significantly faster because they can now fully leverage the hardware they run on, but what many businesses will maybe care about even more is that these more efficient models also cost them less to run in the cloud, or that they are able to use cheaper hardware with less performance to get the same results. For some use cases, TVM already results in 80x performance gains.

Currently, the OctoML team consists of about 20 engineers. With this new funding, the company plans to expand its team. Those hires will mostly be engineers, but Ceze also stressed that he wants to hire an evangelist, which makes sense, given the company’s open-source heritage. He also noted that while the Octomizer is a good start, the real goal here is to build a more fully featured MLOps platform. “OctoML’s mission is to build the world’s best platform that automates MLOps,” he said.

Continue reading
  23 Hits
Apr
03

Best of Bootstrapping: ButcherBox CEO Bootstraps a Perishable Meat Business to Significant Scale - Sramana Mitra

ButcherBox CEO Mike Salguero shares a fascinating story of a subscription service for high-quality meat being delivered to consumer homes. Sramana Mitra: Let’s go to the very beginning of your story....

___

Original author: Sramana Mitra

Continue reading
  40 Hits
Apr
03

April 9 – 480th 1Mby1M Mentoring Roundtable for Entrepreneurs - Sramana Mitra

Entrepreneurs are invited to the 480th FREE online 1Mby1M mentoring roundtable on Thursday, April 9, 2020, at 8 a.m. PDT/11 a.m. EDT/5 p.m. CEST/8:30 p.m. India IST. If you are a serious...

___

Original author: Maureen Kelly

Continue reading
  46 Hits
Apr
03

The pendulum will swing away from founder-friendly venture raises

Hello and welcome back to our regular morning look at private companies, public markets and the gray space in between.

This morning brought fresh economic bad news for the U.S. economy, with over 700,000 jobs lost in the latest report, despite the window of time measured not including some of March’s worst days, and the data itself not counting as many individuals as it might have; the unemployment rate still rose nearly a full point to 4.4%. The barometer generally expected to rise far higher in a month’s time.

Rising unemployment, markets in bear territory, shocking weekly unemployment claims, and some major states just starting lockdowns paint the picture of protracted downturn that has swamped our national and state-led economic response. Some help is coming, but individual payments are probably too small and too late. And a key program aimed at helping small businesses is rife with operational mistakes that will at least delay rollout.

It’s an economic catastrophe, and one that won’t lead to anything like a V-shaped recovery, the vaunted shape that everyone holding equities through the crisis was hoping for. We’re entering a prolonged slump. Precisely how bad isn’t yet known, yes, but it’s going to be bad, with unemployment staying elevated into 2021.

The impacts of the national economic slowdown are going to change the face of venture capital as we’ve come to know it during the last ten years. How so? Let’s talk about it.

After picking through some COVID-19-focused PitchBook data this morning, it’s clear that the era of founder-friendly venture terms is heading for a reset. Even more, recent economic and market data, TechCrunch research and select trends already in motion help paint a picture of a changed startup reality.

So this morning let’s talk about what is coming up for the world of upstart companies and risk embracing capital.

Continue reading
  38 Hits
Apr
03

Roundtable Recap: April 2 – Pivoting in the Age of Coronavirus - Sramana Mitra

During this week’s roundtable, we had as our guest Darshana Zaveri, Managing Partner at Catalyst Health Ventures. We discussed the firm’s medical device focused investment thesis, including the...

___

Original author: Sramana Mitra

Continue reading
  51 Hits
Apr
03

LogMeIn Chooses to Go Private - Sramana Mitra

Under the current lockdown circumstances, it is no surprise that tools supporting remote and virtual workplace are doing well. One such player is remote access service LogMeIn (NASDAQ: LOGM). The...

___

Original author: MitraSramana

Continue reading
  58 Hits
Apr
03

Longtime VC Neil Sequeira: Funding founders without in-person meetings is ‘quite difficult’

Neil Sequeira was a managing director with General Catalyst for more than 13 years before co-founding early-stage firm Defy several years ago with another veteran of the industry, Trae Vassallo, who’d spent the dozen years prior with Kleiner Perkins.

We caught up with Sequeira yesterday afternoon and discussed whether he’s seeing valuations come down and whether he can imagine funding founders who may have an exciting pitch but is unable to meet in-person due to the pandemic.

Our chat has been edited for length.

TechCrunch: How are you, all things considered?

Neil Sequeira: We’ve been pretty busy at home. Obviously, my kids are home, homeschooling and my amazing wife is with them.

At work, we’ve been really busy. We have multiple term sheets out that we’ve done since the stay-at-home order [in the Bay Area] and I actually live within walking distance of my office, where I’m alone but it ends up being like a home office because it’s so close. And it’s great because my kids have been going bonkers.

How are your companies faring?

Continue reading
  31 Hits
Apr
03

Forward Partners launches Forward Advances, a revenue-based finance solution for startups

Forward Partners, the early-stage venture fund and startup studio, has long offered something a little different to the U.K’s tech startup ecosystem, and today the VC is continuing that trend with the launch of “Forward Advances,” a revenue-based finance solution for startups that need to bolster marketing.

Aimed at “fast-growing” e-commerce, marketplace and B2C SaaS businesses, Forward Advances will provide growth capital to startups in return for a 6% flat fee, with repayments taken as a small percentage of monthly revenue.

“Unlike traditional venture capital or standard bank loans, a Forward Advance unlocks a novel way for founders to finance their marketing spend without giving up equity, or having to commit to personal warranties,” explains Forward.

Crucially, this sees repayments structured as a percentage of revenues, meaning that companies won’t be required to make large repayments during tough economic times i.e. slower months mean smaller payments.

In addition to the loan, Forward Partners says founders will have access its startup studio team, comprising product and growth specialists that can offer hands-on expertise and help accelerate their growth. The idea is that alongside capital, Forward Advances will provide insight into how the marketing cash is best deployed to make the most difference.

Forward Partners’ Luke Smith is leading Forward Advances, and says that customer research carried out by the VC revealed that raising capital to invest in marketing is often difficult. “Founders find it lengthy, costly, dilutive, stressful or a combination of all four,” he says. One way to remedy this is by combining “flexible funding” with in-house growth specialists, which is exactly what Forward Partners is doing.

Which brings us to the current Coronavirus pandemic and resulting slowdown and certainty, leading me to ask if there could be a worse time to launch a revenue-based finance product?

“This is definitely a hard time for a lot of e-commerce and marketplace companies, particularly those in sectors that have been hit hard by COVID-19 disruption such as travel or events, and we’ve sadly had to turn down some companies in those spaces,” says Smith.

“However, we’ve seen that a number of sectors such as household goods, gaming or edtech are showing strong growth. We will focus on sectors that are positively impacted or unaffected by the disruption for the next few months and then broaden our sector focus as the market improves. With VC funding expected to pull back, we expect that a lot of companies with strong fundamentals will need cash to fund growth.”

More broadly, Smith underlines that Forward Advances is focusing on companies with “strong fundamentals.” This sees the VC look at cash flow as part of the decision making process and will only make advances to companies that it believes will be able to repay the loan. “That said, the loans are unsecured, so we can’t be sure we will get our money back and if companies revenues fall to zero we don’t get repaid,” he explains.

Asked why more VCs don’t offer this kind of product, Smith says that despite making lots of risky investments, the VC industry is generally “very conservative” when it comes to its own business model. “Forward Partners has always been a little different, first by building our studio team that offers a level of support to our portfolio not seen at other VC funds, and now by launching Forward Advances,” he adds. “We see ourselves as a service provider to entrepreneurs and plan to keep broadening the range of services that we offer.”

Continue reading
  28 Hits
Apr
03

Nordic challenger bank Lunar adds €20M to its Series B

Lunar, the Nordic challenger bank that started out life as a personal finance manager app (PFM) but since acquired a full banking license last year, has extended it Series B round with an additional €20 million in funding. It brings the Series B total to €46 million, having disclosed €26 million in August last year.

The Series B extension is led by Seed Capital, with participation from Greyhound, Socii and Augustinus. In addition, I’m told that David Helgason, founder of Unity Technologies, has joined the round.

The mobile-only bank is also announcing that Ole Mahrt, Monzo’s former head of product from 2015-2019, is joining the company’s board of directors. The other non-executive board seats are held by Henning Kruse Pedersen, former CEO of Nykredit, Tuva Palm, former CTO at Nordnet Bank and Director at Klarna, Gary Bramall, CMO of Zoopla and Lars Andersen, general partner at Seed Capital.

Having acquired a banking license, Lunar launched its new bank in March, which it says it built from scratch. Accounts are offered for free, alongside a subscription-based service Lunar Premium. In the coming months, the challenger bank says it plans to launch other new financial products including credit facilities, loans and “sustainability driven services,” in a bit to become a fully-fledged alternative to incumbent banks in the Nordics.

Lunar also offers “Lunar Business,” catering for small business banking, including accounting software integrations, loans and more.

“We are pleased to extend our latest funding round and bolster Lunar’s pan-Nordic play,” says Ken Villum Klausen, founder and CEO of Lunar. “We have a vertical strategy focusing only on the Nordics, allowing us to go deep into the defensive banking infrastructure”.

Meanwhile, Lunar claims more than 150,000 users in the Nordics. The bank has offices in Aarhus, Copenhagen, Stockholm and Oslo, and currently has just over 120 employees.

Continue reading
  39 Hits
Apr
03

10 things in tech you need to know today

Good morning! This is the tech news you need to know this Friday.

An activist holds up a mask depicting Amazon founder Jeff Bezos, during a protest against the opening of a new Amazon office in Berlin, Germany, February 22, 2020. REUTERS/Michele Tantussi A  leaked memo obtained by Vice revealed Amazon's efforts to mount a smear campaign against a worker it fired. The memo was written by Amazon's top lawyer and described the fired worker, Chris Smalls, as "not smart or articulate."Zoom's CEO apologized to the video conferencing app's millions of users over privacy concerns. "We recognize that we have fallen short of the community's — and our own — privacy and security expectations," founder Eric Yuan said in a blog post.Japanese mega-investor SoftBank confirmed it's abandoning a plan to buy $3 billion worth of WeWork shares, citing 'significant' criminal and civil investigations. The decision nixes an offer to buy $3 billion worth of shares from other WeWork investors and employees, including nearly some $970 million worth from former CEO Adam NeumannApple appeared to accidentally leak details of an unreleased iPhone accessory that would help you find lost items with your phone. Apple posted and quickly removed a video tutorial that mentioned an unreleased and long-rumored product called AirTags.Amazon CEO Jeff Bezos will donate $100 million to help food banks that are facing shortages due to the coronavirus outbreak. Bezos wrote that food insecurity in American households is an important problem that will be worsened by COVID-19.Disney will furlough employees during the coronavirus crisis. The furloughing will begin April 19 after the company's theme parks, cruise lines, retail stores, and film productions have all been hit by the pandemic. Bill Gates has said the US needs a nationwide shutdown for at least 10 more weeks to fight coronavirus. The Microsoft founder called for a "consistent nationwide approach to shutting down" to combat the spread of the coronavirus. Airbnb has reportedly dropped its internal valuation to $26 billion as the coronavirus halts travel worldwide. That's a 16% drop from the company's previous valuation of $31 billion, according to PitchBook.Venture capital-backed startups will become eligible for $350 billion in small business loans guaranteed by the federal government. Coronavirus stimulus provides forgivable loans of up to $10 million for companies with fewer than 500 employees but contained an affiliation rule which would have excluded small businesses with venture capitalists as shareholders. The CEO of Voi, a European rival to $2.5 billion scooter startup Bird, revealed the firm has furloughed and laid off staff to cope with COVID-19. The company has laid off and furloughed most of its staff in an attempt to manage the ongoing pandemic. 

Have an Amazon Alexa device? Now you can hear 10 Things in Tech each morning. Just search for "Business Insider" in your Alexa's flash briefing settings.

You can also subscribe to this newsletter here — just tick "10 Things in Tech You Need to Know."

Original author: Callum Burroughs

Continue reading
  61 Hits
Sep
13

iHeartMedia is acquiring HowStuffWorks

The CEO of Booking Holdings Inc. announced on Thursday that he tested positive for the coronavirus.Glenn Fogel was tested last week after developing a fever and flu-like symptoms. The online travel company could be hit hard since travel bookings have significantly decreased. Visit Business Insider's homepage for more stories.

Glenn Fogel, the CEO of Booking Holdings Inc., announced that he tested positive for coronavirus in a statement this week.

Fogel said he started having a fever and flu-like symptoms early last week and got tested for the novel coronavirus not long after. 

"I am very fortunate in that I only had a mild set of symptoms and can now say that I feel fine. While I feel grateful for myself, of course, I feel terrible for those who are facing much more difficult times at this very moment," Fogel wrote. 

The CEO of the online travel company said on Thursday that he understands why people may not be quick to book travel in light of the outbreak, CNBC reported. 

"You have people that are more concerned about, 'Am I going to have a job?' They're thinking about that a lot more than, 'Am I going to go away in July somewhere or not?'" Fogel told CNBC. 

According to CNBC, Booking Holdings, which operates Priceline.com, Kayak.com, and other travel sites, has suspended all non-essential travel. While some hotel and travel companies have furloughed or fired staff members due to decreased revenue, Booking Holdings is freezing hiring. 

Fogel wrote in his statement that when the pandemic is over, his organization will continue their "mission to make it easier for everyone to experience the world. Until then, please stay safe."

He urged people to take the coronavirus seriously and practice social distancing. 

"There will be difficult days ahead, and for most of us, things will get worse before they get better — but, I know we will weather the storm," he said. 

LoadingSomething is loading.
Original author: Sarah Al-Arshani

Continue reading
  62 Hits