Jan
31

In an unprecedented move, Twitter gave a state university access to a student's parody account after it complained that he was mocking the school (TWTR)

Isaiah Kelly/Twitter; SUNY Geneseo/YouTube; Paige Leskin/Business Insider Students at a New York state school are looking for answers after a student's Twitter account mocking the school was handed over to college administrators.SUNY Geneseo student Isaiah Kelly was behind Twitter account @SUNYGenseeo, which he suddenly found himself locked out of, the email associated with the account changed, and all its tweets deleted.Twitter's policy on impersonation states that an account is in violation if it "portray[s] another entity in a misleading or deceptive manner." The punishment is the account's suspension.Twitter told Business Insider it made a "mistake," and that "the school should not have been provided access to this account." The company says it's "still investigating" what led to SUNY Geneseo getting access.Visit Business Insider's homepage for more stories.

In an unprecedented move, Twitter took away a college student's access to his parody account mocking his school and handed it over to the university's administrators.

A SUNY Geneseo student took to Twitter this week to express his frustration after losing access to a Twitter account he made to poke fun at his school's social media presence and communication with students. What has happened in the days since — allegations the school hacked his email, the removal of all his account's tweets, the school's defense of its actions, and his account's eventual suspension — has only led to further confusion, and more questions than answers.

What we know is that, at one point, the university complained to Twitter about the account, and in response, the social media platform transferred ownership of the profile away from the student and to an administrator. When reached for comment by Business Insider, Twitter said it made a "mistake" in handing over access to the school.

The action that Twitter took against the student's account is not something that seems to have happened before, and is not included in Twitter's policies. The decision Twitter made — and the university's ensuing steps — raise concerns about online censorship and the power colleges wield over their students' social media presences.

It's been an eventful month for SUNY Geneseo, a public school nearly 300 miles northwest of New York City. At least nine dorms on campus lost power earlier this week for nearly 24 hours, leaving affected students without central heating as temperatures hit the mid 20s.

Isaiah Kelly, a 20-year-old sophomore at SUNY Geneseo and the creator of the parody account, discovered Wednesday afternoon that he had been locked out of the account, which ran under the handle @SUNYGenseeo. He created the account earlier this month, replicating the look of SUNY Geneseo's official Twitter account for the full effect: the same profile picture and banner, the same bio, and a handle just two letters off.

Kelly posted tweets from the account mocking the school's Twitter announcements, including one where he joked that the school's main library — closed this semester due to asbestos exposure — would remain open, and students would instead be provided with surgical masks. When the blackout ensued on campus, Kelly tweeted, "lol forgot to pay the power bill," followed by a post saying the school's president would hand out cookies "since we have nothing else to offer our students."

To anyone briefly glancing through Twitter, it would be easy enough to confuse SUNY Geneseo's Twitter account and Kelly's parody account. It's why Twitter has policies against impersonation, which include any account that not only has a similar username and appearance, but also "portray(s) another entity in a misleading or deceptive manner." Twitter's policy also says the punishment for violating this policy is the account's suspension.

So Kelly was at a loss when he received an email Tuesday informing him the email address for his parody account had been changed. Not only was he locked out of his account, but he found that virtually everything from the account — his tweets, his profile photo and banner, and his bio — had been deleted. The only contents remaining was a retweeted post from the campus police.

Isaiah Kelly

Kelly told Business Insider that the email he received from Twitter to notify him that the new email associated with his account appeared to match that of a school administrator. Kelly said that his first thought was that the school, which manages his student email address, had improperly accessed his email and Twitter account and taken control of the profile. Kelly then took to his personal Twitter to claim to his followers that the school must've hacked into his email and obtained ownership over his Twitter. Kelly told Business Insider he has been in contact with the school about the parody account, including the administrator whose email appeared to be given access to it.

Like many administrations at higher education institutions, SUNY Geneseo has the ability to access and look through any email account associated with the schools' .edu address, although it has previously said it has only done so in the case of an investigation or legal obligation. SUNY Geneseo uses Google's G Suite for Education, as do many other universities, which gives administrators "access to information stored in the Google Accounts of users in that school or domain."

SUNY Geneseo refuted Kelly's claim in a series of tweets Thursday — and there is no evidence that the school did gain access to Kelly's school email at any point. Kelly confirmed to Business Insider that he had no record of a login from another device, nor any recent password reset emails from Twitter, which would imply the account changed ownership without accessing his school email.

"The latest buzz on Twitter is that we hacked a student's Twitter account and took it down because it was making fun of Geneseo," the school posted on Twitter. "We want to be clear: We did not. Twitter determined the account violated their policy on account impersonation and turned access over to us."

This decision to provide a person or group access to a parody or fake account made about them does not seem to be something Twitter has ever made before. It also doesn't appear anywhere in Twitter's policies.

Twitter later told Business Insider it had made a "mistake."

"We're still investigating what exactly happened here," said Twitter spokesperson Aly Pavel. "That said, the school should not have been provided access to this account."

By Thursday night, Kelly had gotten access back to his SUNY Geneseo parody account, only to find Twitter had enforced its impersonation policy and suspended his account.

Original author: Paige Leskin

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Jul
15

The very best deals from Walmart's competing Prime Day 2019 sale — including Google devices, Apple devices, and 4K smart TVs

One Medical at the Nasdaq on the day of its initial public offering. Nasdaq One Medical surged in its stock-market debut.The company priced its shares at $14 apiece on Thursday. The stock closed 58% higher for the day at $22.07 a share. The company was valued at about $2.7 billion after its first day of trading under the ticker ONEM.One Medical operates primary-care practices that charge a $200 annual fee and bill your health insurance.Visit Business Insider's homepage for more stories.

The primary-care company One Medical surged in its stock-market debut on Friday. 

On Thursday, One Medical priced its shares at $14 apiece, the low end of its expected range of $14 to $16 a share. The stock started trading at $18 a share on Friday morning, closing 58% higher at $22.07.

One Medical sold 17.5 million shares, raising $245 million in the offering. At the close on Friday, One Medical was valued at about $2.7 billion, based on the more than 122 million outstanding shares disclosed in its S-1.

Read more: Here are the investors and execs at One Medical who stand to make the most in the IPO

Courtesy One Medical

One Medical was founded by Tom Lee, who served as the company's CEO until 2017. CEO Amir Rubin joined One Medical in 2017 after working as an executive at UnitedHealth Group's Optum division. Before that, he was the CEO of Stanford Health Care.

Lee, for his part, founded a new healthcare startup called Galileo, which offers a mix of online and in-person care. The goal is to do a better job of taking care of sicker people in the government-funded healthcare programs Medicare and Medicaid.

Never miss out on healthcare news. Subscribe to Dispensed, our weekly newsletter on pharma, biotech, and healthcare.

One Medical CEO Amir Rubin. One Medical When One Medical opened for business in San Francisco in 2007, its goal was to upend the way people got medical care by making it easy and convenient to see a doctor. The company charges a $200 annual fee and bills your insurance. One Medical had 397,000 members and operated in 77 locations as of September 30, according to its S-1 filing.

The company's net losses deepened as membership climbed, the filing said. From 2017 to 2018, losses widened from $31.7 million to $44.4 million. For the first nine months of 2019, One Medical's net loss was $34.2 million.

"We believe we can grow responsibly and continue to grow" in a massive marketplace, Rubin told Business Insider on Friday. "But also deliver good returns."

Read more: I became a member of One Medical, a primary-care practice that charges a $200 annual fee and has plans to double over the next two years. Here's what it was like.

One Medical's top investors going into the IPO included The Carlyle Group (which owns 26.8%), Benchmark Capital (which owns 13%), Oak Investment Partners, Lee, DAG Ventures, GV, JPMorgan, and Maverick Fund.

JPMorgan Chase and Morgan Stanley led the IPO.

Original author: Lydia Ramsey

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Jan
31

A TikTok photographer explains how he gained 3 million followers in 3 months and was able to quit his job as an insurance actuary

Photographer Alexander Stemplewski, 30, signed up for TikTok at the end of October and already has 3.4 million followers and more than 50 million likes on the app. He quit his full-time job as an insurance actuary to focus on TikTok, Instagram, and photography.Stemplewski is earning thousands of dollars from TikTok through paid song integrations and brand partnerships.He also uses the app to recruit clients for his online photography-coaching business.Click here for more BI Prime stories.

Alexander Stemplewski, 30, grew his TikTok account to more than 3 million followers in just three months. Now he's quitting his job to work on social media and photography full time. 

Unlike many top influencers on the app, he gained popularity by photographing strangers, not himself. For Stemplewski, snapping passersby in a TikTok video style he calls "street photography" has been the key to his growth on the platform. 

"I'm asking a complete stranger if they'll do a spontaneous impromptu photo shoot," Stemplewski told Business Insider. "People absolutely love it on TikTok. I've seen people copy me down to the caption and song selection."

Stemplewski's profile, Alexander the Great, fits into a subgenre of TikTok photographer and videographer accounts, several of which have made it big on the app by filming or taking photos of other popular influencers.

Photography is a popular topic on TikTok. Stemplewski's preferred hashtag, #photographyeveryday, has generated 691 million views across different user videos on the platform. TikTok videos with the hashtag #photographer have been viewed nearly 1 billion times. 

"I knew that the organic reach on TikTok was pretty phenomenal," Stemplewski said. You can have essentially zero following and have a video reach literally millions of people just like that. I've just been producing a lot of content until I figured out what content performed really well, which was street photography."

Stemplewski said a creator manager at TikTok reached out to him once his account began taking off to help him build a following on the app.

"She's there to provide me with insights and advice on creating content for the app, as well as funnel in business opportunities," he said.

Like many TikTok users who have gained followers rapidly, Stemplewski hopes to turn his newfound fame into a full-time career. He gave his two weeks' notice at his job as an insurance actuary on Thursday so he could focus on TikTok, Instagram — on which he has more than 100,000 followers — and photography.

He earns revenue from TikTok in three ways:

Song integrations: Stemplewski charges for paid music integrations, earning a fee to include an artist's song in one of his videos. He works with the influencer marketing company, Muuser, which pays him $600 per video.Brand sponsorships: Stemplewski hasn't partnered with brands in the three months since he joined TikTok, but he said he was in the final stages of closing a $5,000 sponsorship deal with a camera company to use one of its bags and tripods in his TikTok videos.Photography coaching: Stemplewski developed an eight-week photography-coaching program. He recruits students from his millions of followers on TikTok and Instagram and charges $1,500 for eight one-hour Skype sessions in which he teaches fans how to take and edit photos, grow an Instagram account, find models, and network with other photographers. He has trained five students so far, he said.

Stemplewski hopes recurring income from song integrations, brand deals, and photography coaching will sustain him full time now that he has left his role as an insurance actuary.

"Mainly because of TikTok and the crazy organic reach, all these opportunities came to me out of nowhere," he said. "I was able to quit my job."

For more on how brands and TikTok stars are building a business on the app, read these other Business Insider Prime posts:

A milkshake brand blew up on TikTok, and its 460,000 followers have changed how it approaches marketing and its target audience: With 460,000 TikTok followers, the milkshake maker F'real has built a larger following than national brands like Chipotle, Walmart, and Burger King.How a pair of 30-year-old video producers turned TikTok from a side gig to their main job: Greg Auerbach and his childhood friend Nate Twer are building a business making funny videos on TikTok. They have more than 600,000 followers and nearly 14 million likes on the app.How TalentX plans to rule TikTok, starting with 32 influencers and a Los Angeles mansion: TalentX Entertainment is eyeing brand partnerships, merchandising, live events, and television and film development for its roster of TikTok stars.Marketers share what it's like to use TikTok's invite-only tool for finding the right influencers to hire for brand deals: Business Insider spoke with marketers who are beta testing TikTok's new matchmaking tool for influencers and brands, Creator Marketplace.
Original author: Dan Whateley

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Oct
06

Nintendo’s final Smash Bros. reveal, the best Mario games, and more | Last of the Nintendogs

Kyle Lomeli Contributor
Kyle Lomeli is the CTO and a founding engineer at CarGurus.com.

Online commerce accounted for nearly $518 billion in revenue in the United States alone last year. The growing number of online marketplaces like Amazon and eBay will command 40% of the global retail market in 2020. As the number of digital offerings — not only marketplaces but also online storefronts and company websites — available to consumers continues to grow, the primary challenge for any online platform lies in setting itself apart.

The central question for how to accomplish this: Where does differentiation matter most?

A customer’s ability to easily (and accurately) find a specific product or service with minimal barriers helps ensure they feel satisfied and confident with their choice of purchase. This ultimately becomes the differentiator that sets an online platform apart. It’s about coupling a stellar product with an exceptional experience. Often, that takes the form of simple, searchable access to a wide variety of products and services. Sometimes, it’s about surfacing a brand that meets an individual consumer’s needs or price point. In both cases, platforms are in a position to help customers avoid having to chase down a product or service through multiple clicks while offering a better way of comparing apples to apples.

To be successful, a company should adopt a consumer-first philosophy that informs its product ideation and development process. A successful consumer-first development resides in a company’s ability to expediently deliver fresh features that customers actually respond to, rather than prioritize the update that seems most profitable. The best way to inform both elements is to consistently collect and learn from customer feedback in a timely way — and sometimes, this will mean making decisions for the benefit of consumers versus what is in the best interest of companies.

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Jan
31

China is using drones to scold people for going outside and not wearing masks amid the coronavirus outbreak

China is using drones to scold people for walking around outside without masks as the Wuhan coronavirus spreads throughout the country.According to a video by Chinese state-run paper the Global Times, drones are hovering above people in rural and urban areas, and a voice commands them to put masks on or go indoors. The video shows a drone telling people crossing the street to "Put on your masks! Hurry up!" Visit Business Insider's homepage for more stories.

As the coronavirus spreads throughout China, people there are getting scolded by drones for not wearing masks — or for just going outside. 

Drones hovering above people in rural areas and city streets appear to be broadcasting messages sent in real-time by a human, telling them to put on a mask or go indoors and stay home. 

"Yes, auntie, this is the drone speaking to you," says a voice echoing from a drone hovering over an elderly woman, who looks confused before walking away quickly, a video posted by Chinese state-run media outlet the Global Times showed. 

"You see, we've been telling people to stay at home but you still wander outside," the voice continues. "Now a drone is watching you." 

Another clip shows a drone telling a group of women to "put your masks on, hurry up!"

The patrolling comes after the World Health Organization declared a public health emergency because of the virus, which has now claimed the lives of over 200 people and infected over 9,700. 

However, experts warn that face masks are not effective at preventing the spread of the virus, advising that frequent hand-washing is the most effective prevention method. 

Even children aren't spared by the drones' patrolling. The video showed a child being told, "Hey kid! We are in unusual times. Don't stroll around outside!"

The Global Times tweeted that people walking outside without face masks "can't avoid these sharp-tongued drones!" 

You can watch the video below: 

—Global Times (@globaltimesnews) January 31, 2020

 

Original author: Bryan Pietsch

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Oct
06

How Estuary helps enterprises harness historical and real-time data pipelines

Legacy, a male fertility startup, has just raised a fresh, $3.5 million in funding from Bill Maris’s San Diego-based venture firm, Section 32, along with Y Combinator and Bain Capital Ventures, which led a $1.5 million seed round for the Boston startup last year.

We talked earlier today with Legacy’s founder and CEO Khaled Kteily about his now two-year-old, five-person startup and its big ambitions to become the world’s preeminent male fertility center. Our biggest question was how Legacy and similar startups convince men — who are generally less concerned with their fertility than women — that they need the company’s at-home testing kits and services in the first place.

“They should be worried about [their fertility],” said Kteily, a former healthcare and life sciences consultant with a master’s degree in public policy from the Harvard Kennedy School. “Sperm counts have gone down 50 to 60% over the last 40 years.” More from our chat with Legacy, a former TechCrunch Battlefield winner, follows; it has been edited lightly for length.

TC: Why start this company?

KK: I didn’t grow up wanting to be the king of sperm [laughs]. But I had a pretty bad accident — a second-degree burn on my legs after having four hot Starbucks teas spill on my lap in a car — and between that and a colleague at the Kennedy School who’d been diagnosed with cancer and whose doctor suggested he freeze his sperm ahead of his radiation treatments, it just clicked for me that maybe I should also save my sperm. When I went into Cambridge to do this, the place was right next to the restaurant Dumpling House and it was just very awkward and expensive and I thought, there must be a better way of doing this.

TC: How do you get started on something like this?

KK: This was before Ro and Hims began taking off, but people were increasingly comfortable doing things from their own homes, so I started doing research around the idea. I joined the American Society of Reproductive Medicine. I started taking continuing education classes about sperm…

TC: Women are under so much pressure from the time they turn 30 to monitor their fertility. Aside from extreme circumstances, as with your friend, do men really think about testing their sperm? 

KK: Men should be worried about it, and they should be taking responsibility for it. What a lot of folks don’t know is for every one in seven couples that are actively trying to get pregnant, the man is equally responsible [for their fertility struggles]. Women are taught about their fertility but men aren’t, yet the quality of their sperm is degrading over the years. Sperm counts have gone down by 50 to 60% over the last 40 years, too.

TC: Wait, what? Why?

KK: [Likely culprits are] chemicals in plastics, chemicals in what we eat eat and drink, changes in lifestyle; we move less and eat more, and sperm health relates to overall health. I also think mobile phones are causing it. I will caveat this by saying there’s been mixed research, but I’m convinced that cell phones are the new smoking in that it wasn’t clear that smoking was as dangerous as it is when the research was being conducted by companies that benefited by [perpetuating cigarette use]. There’s also a generational decline in sperm quality [to consider]; it poses increased risk to the mother but also the child, as the risk of gestational diabetes goes up, as well as the rate of autism and other congenital conditions.

TC: You’re selling directly to consumers. Are you also working with companies to incorporate your tests in their overall wellness offerings?

KK: We’re investing heavily in business-to-business and expect that to be a huge acquisition channel for us. We can’t share any names yet, but we just signed a big company last week and have a few more in the works. These are mostly Bay Area companies right now; it’s an area where our experience as a YC alum was valuable because of the founders who’ve gone through and now run large companies of their own.

TC: When you’re talking with investors, how do you describe the market size? 

KK: There are four million couples that are facing fertility challenges and in all cases, we believe the man should be tested. So do [their significant others]. Almost half of purchases [of our kits] are by a female partner. We also see men in the military freezing their sperm before being deployed, same-sex couples who plan to use a surrogate at some point and transgender patients who are looking at a life-changing [moment] and want to preserve their fertility before they start the process. But we see this as something that every man might do as they go off to college, and investors see that bigger picture.

TC: How much do the kits and storage cost?

KK: The kit costs $195 up front, and if they choose to store their sperm, $145 a year. We offer different packages. You can also spend $1,995 for two deposits and 10 years of storage.

TC: Is one or two samples effective? According to the Mayo Clinic, sperm counts fluctuate meaningfully from one sample to the next, so they suggest semen analysis tests over a period of time to ensure accurate results.

KK: We encourage our clients to make multiple deposits. The scores will be variable, but they’ll gather around an average.

TC: But they are charged for these deposits separately?

KK: Yes.

TC: And what are you looking for?

KK: Volume, count, concentration, motility and morphology [meaning the shape of the sperm].

TC: Who, exactly, is doing the analysis and handling the storage?

KK: We partner with Andrology Labs in Chicago on analysis; it’s one of the top fertility labs in the country. For storage, we partner with a couple of cryo-storage providers in different geographies. We divide the samples into four, then store them in two different tanks within each of two locations. We want to make sure we’re never in a position where [the samples are accidentally destroyed, as has happened at clinics elsewhere].

TC: I can imagine fears about these samples being mishandled. How can you assure customers this won’t happen?

KK: Trust and legitimacy are core factors and a huge area of focus for us. We’re CPPA and HIPAA compliant. All [related data] is encrypted and anonymized and every customer receives a unique ID [which is a series of digits so that even the storage facilities don’t know whose sperm they are handling]. We have extreme redundancies and processes in place to ensure that we’re handling [samples] in the most scientifically rigorous way possible, as well as ensuring the safety and privacy of each [specimen].

TC: How long can sperm be frozen?

KK: Indefinitely.

TC: How will you use all the data you’ll be collecting?

KK: I could see us entering into partnerships with research institutions. What we won’t do is sell it like 23andMe.

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Jan
31

Amazon Web Services made an accounting change to how it deals with servers that will add $2.3 billion in profits this year — and it speaks to its growing cloud efficiency (AMZN)

Amazon now expects the servers running its massively profitable and market-dominating Amazon Web Services cloud computing unit to last longer.That means Amazon gets to spread the depreciation cost of the servers over a longer period of time, recording smaller expenses each year — and bigger profits.Analysts say the longer server durability is also a testament to AWS's technological prowess, as it's become more efficient with its data centers.Visit Business Insider's homepage for more stories.

A change in how Amazon accounts for the life expectancy of servers powering its Amazon Web Services cloud business could boost the company's profits by $2.3 billion this year.

Amazon disclosed during its fourth quarter earnings call on Thursday that it has extended the estimated useful life of its servers from 3 years to 4 years because of increased efficiency in its technology. That means Amazon now expects its servers to last longer, and gets to spread the total cost of running those servers over an extended period — 4 years instead of 3 years — which leads to bigger profits each year. 

In total, Amazon estimates $800 million in lower cost, or depreciation expense, this quarter, and $2.3 billion for the full year. The cost savings directly boost the company's bottom line.

The accounting change is one reason why Wall Street has turned even more bullish about Amazon's cloud business following Thursday's report, as it could help widen the company's profitability going forward. The longer durability of its servers also reflect the technological advances Amazon has been making in its data centers.

"This is a major boost to AWS profits as efficiency on its flagship cloud initiative continues to take hold," Dan Ives, an analyst for Wedbush Securities, told Business Insider.

Amazon's representative wasn't immediately available for comment.

Depreciation is the cost of certain assets, like buildings and equipment, that companies write off over a period of time. Since these fixed assets are typically expensive and have a limited life expectancy, companies are allowed to spread the cost of them over their estimated useful life — instead of recording the entire cost of the asset in year one.

In Amazon's case, the company is now estimating the servers in its cloud data centers to last one year longer than previously projected. As a result, Amazon gets to record a smaller amount as depreciation expenses this year — and a bigger profit.

Amazon disclosed in its annual report on Friday that its overall R&D costs will grow slower than expected following this change.

"We expect technology and content costs to grow at a slower rate in 2020 due to an increase in the estimated useful life of our servers," it said.

AWS is Amazon's main profit driver, despite accounting for a small part of its total revenue. Last year, AWS had $35 billion in sales, or 12.5% of Amazon's total. Its $9.2 billion operating income, however, was 63.4% of the company's total. AWS is estimated to own roughly 40% of the cloud market, followed by Microsoft in a distant second.

Ruobing Su/Business Insider

Bank of America's analyst Justin Post wrote in a note published Friday that his team has "significantly raised" Amazon's 2020 operating profit estimates — by 49% to $16.5 billion — because of a combination of higher revenues and the $2.3 billion benefit coming from lower server depreciation costs. 

"The results diminish the Azure/Google competition overhang, and AWS is seemingly back in a strong position as a top cloud play," Post wrote in the note.

Rob Sanderson, an analyst at Loop Capital, noted in a report Thursday that the accounting change doesn't save Amazon any cash — the money is already paid for, after all — and that skeptics may question the timing of it, as AWS has been reporting slowing growth and shrinking profit margins lately.

Still, Sanderson highlighted the technological advances Amazon has made in its data centers, and how it could be a huge advantage in the increasingly competitive cloud market. 

"While this is an accounting change, it comes from innovation and efficient design in server architecture and operations," Sanderson wrote in the note.

Amazon' CFO Brian Olsavsky also stressed during Thursday's earnings call that this isn't merely just an "accounting-related change." Rather, he said it's a reflection of the work that AWS has put into improving its server capacity over the past 13 years.

"We continue to refine our software to run more efficiently on the hardware," Olsavsky said. "It then lowers stress and extends the useful life both through the servers that we use in the AWS business and also the service that we use to support our own Amazon businesses."

Original author: Eugene Kim

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Jan
31

What to do if Netflix rejects you for a job the first time around, according to its head of hiring (NFLX)

"The Politician." Netflix Netflix received more than 350,000 job applications last year.Business Insider asked its head of recruiting what candidates should do if they don't get hired by Netflix the first time around. Valarie Toda, vice president of talent acquisition, said candidates should keep in touch with Netflix's recruiters and let them know how their career evolves. One employee, Toda said, went through the interview process three times before getting hired.Click here for more BI Prime stories.

One employee interviewed at Netflix three separate times before landing a job at the streaming company, its head of recruiting told Business Insider.

Netflix is one of the most-sought after companies to work for in media and tech. It fielded 350,000 job applications in 2019. By comparison, it had fewer than 6,800 full-time employees.

Valarie Toda, vice president of talent acquisition, said job candidates shouldn't get discouraged if they don't get hired the first, or even the second time, around.

Some candidates may not have the skills that hiring managers are looking for at the moment. In other cases, they may be applying for managerial roles and don't yet have enough experience. A year or two of additional experience can make a big difference.

"Keep in touch with us," she said. "Let us know as your career evolves."

Netflix's needs may change, too.

"I've been here for awhile and what we're looking for today, and what we looked for 10 years ago are very different," Toda said.

Ask the recruiter what other roles might be a good fit

Outside staffing experts said how candidates respond to rejection is crucial.

"Most candidates would respond with, 'If anything changes, let me know,'" Ryan Sutton, a district president at Robert Half Technology, said. "The problem with that response is you're putting it 100% on the recruiter to guess what you might be interested in."

A better response might be: 

Thank you for the opportunity. I'm still very interested in Netflix. Are there any other roles I could apply for in your eyes? 

This can start a dialogue with the recruiter about other roles you might be a fit for.

Sutton also recommended reaching out to the recruiter or hiring manager if you see the company post other job opportunities that interest you. Let the recruiter know you're interested in the position, and apply online. You don't want to miss out on an opening if your contact doesn't respond right away.

You can ask, 'Why am I not getting hired?'

The candidate who interviewed at Netflix three times before being hired asked the recruiter during his final round of interviews, "Why am I not being hired?" Toda said.

"I loved his openness," Toda said. "They had a really hard but really open conversation and we ended up hiring him."

Netflix hires for culture, as much as skill. A real desire to work for Netflix can go a long way, even if it takes a few attempts. (The company's famed culture document, by the way, is a must-read for anyone interested in working at Netflix.) The company also values how its employees "are extraordinarily candid with each other," as it says in its current culture memo.

In this case, the candidate had built new skillsets since he interviewed the previous times, and also showed he was a culture fit by engaging in an open and honest conversation with the recruiter.

Toda recommended working your network to get advice on the right skills to build over time. Look for Netflix employees who you have something in common with — maybe you worked at the same company or attended the same school.

"Be really specific about what you want out of those connections," Toda said. "Like, 'Hey, I want a coffee just to get some advice on skillsets I should build over time, or how I can break into an industry.' There's lots of stories of how, long term, those relationships really pan out. It just takes a little bit of investment."

Read our full BI Prime guide on how to get hired at Netflix in 2020:

See more of our Netflix hiring coverage on BI Prime:

Original author: Ashley Rodriguez

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Jan
31

True product-market fit is a minimum viable company

Ann Miura-Ko Contributor
Ann Miura-Ko is a co-founding partner at Floodgate, a seed-stage VC firm. A repeat member of the Forbes Midas List and the New York Times Top 20 Venture Capitalists Worldwide, she earned a PhD in math modeling of cybersecurity at Stanford University.

Hi, I’m Ann.

I was one of the first investors in Lyft, Refinery29 and Xamarin. I’ve been on the Midas List for the past three years and was recently named on The New York Times’ list of The Top 20 Venture Capitalists. In 2008, I co-founded Floodgate, one of the first seed-stage VC funds in Silicon Valley. Unlike most funds, we invest exclusively in seed, making us experts in finding product-market fit and building a minimum viable company. Seed is fundamentally different from later stages, so we’ve made it more than a specialty: It’s all we do. Each of our partners sees thousands of companies every year before electing to invest in only the top three or four.

For the past 11 years, I’ve invested at the inception phase of startups. We’ve seen startups go wildly right (Lyft, Refinery29, Twitch, Xamarin) and wildly wrong. When I reflect on the failures, the root cause inevitably stems from misconceptions around the nature of product-market fit.

True product-market fit is a minimum viable company

Before attempting to scale your minimum viable product, you should focus on cultivating your minimum viable company. Nail down your value proposition, find your place in the broader ecosystem and craft a business model that adds up. In other words, true product-market fit is actually the magical moment when three elements click together:

Value propositionsEcosystemBusiness model

To have built a minimum viable company, these three elements must work in concert together:

People must value your product enough to be willing to pay for it. This value also determines how you package your product to the world (freemium versus free to pay versus enterprise sales).Your business model and pricing must fit your ecosystem. They must also generate enough sales volume and revenue to sustain your business.Your product’s value must satisfy the needs of the ecosystem and the ecosystem needs to accept your product.

Many entrepreneurs conceptualize product-market fit as the point where some subset of customers love their product’s features. This conceptualization is dangerous. Many failing companies have features that customers loved. Some even have multiple beloved features! Great features constitute only one-half of one-third of the whole puzzle. To have created a minimum viable company, a company needs all three of these elements — value propositions, business model and ecosystem — working in concert. 

So founders take heed…

Moving into “growth mode” while missing any of these elements is building your company on an unsound foundation.

Founders who tune out the latest tweet cycle on “the secrets to raising Series A” and focus instead on the intricacies of their own business will find that product-market fit is a predictable, achievable phenomenon. On the other hand, founders who prematurely focus on growth without knowing the basic ingredients of their minimum viable company often fuel an addictive and destructive cycle around their business’ fake growth, acquiring non-optimal users that contribute to their company’s destruction.

Read an extended version of this article on Extra Crunch.

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Jan
31

You need a minimum viable company, not a minimum viable product

Ann Miura-Ko Contributor
Ann Miura-Ko is a co-founding partner at Floodgate, a seed-stage VC firm. A repeat member of the Forbes Midas List and the New York Times Top 20 Venture Capitalists Worldwide, she earned a PhD in math modeling of cybersecurity at Stanford University.

Hi, I’m Ann.

I was one of the first investors in Lyft, Refinery29 and Xamarin. I’ve been on the Midas List for the past three years and was recently named on The New York Times’ list of The Top 20 Venture Capitalists. In 2008, I co-founded Floodgate, one of the first seed-stage VC funds in Silicon Valley. Unlike most funds, we invest exclusively in seed, making us experts in finding product-market fit and building a minimum viable company. Seed is fundamentally different from later stages, so we’ve made it more than a specialty: It’s all we do. Each of our partners sees thousands of companies every year before electing to invest in only the top three or four.

For the past 11 years, I’ve invested at the inception phase of startups. We’ve seen startups go wildly right (Lyft, Refinery29, Twitch, Xamarin) and wildly wrong. When I reflect on the failures, the root cause inevitably stems from misconceptions around the nature of product-market fit.

The magic of product-market fit

Most successful entrepreneurs and VCs agree that product-market fit is the defining quality of an early-stage startup. Getting to product-market fit allows you to succeed even if you aren’t optimized on other fronts.

Most entrepreneurs conceptualize product-market fit as the point where some subset of customers love their product’s features. At Floodgate, we forensically analyzed companies that died and concluded this conceptualization is wrong. Many failing companies had features that customers loved. Some of these companies even had multiple beloved features! We discovered that having customers love the product is merely a part of product-market fit, not the entire thing. This raises the question: What were they lacking?

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Jan
31

Unicorn fever as One Medical’s IPO pops 40% after conservative pricing

Shares of One Medical are worth $19.50 this morning after the venture-backed unicorn priced its IPO at $14 per share last night. The company opened at $18 before rising further, according to Yahoo Finance data. At its current price, One Medical is worth about 40% more than its IPO price, a strong debut for the company.

The result is a boon for One Medical, which raised $532.1 million during its time as a private company. At $14 per share, the company was worth $1.71 billion. At 19.50, One Medical is worth $2.38 billion, a winning result for a company said to be worth around $1.5 billion as a private company.

For investors The Carlyle Group, J.P. Morgan, Redmile Group, GV and Benchmark (among others), the debut is a success, pricing their stakes in the company higher once again. For other unicorns, the news is even better. One Medical, a company with gross margins under the 50% mark, deeply minority recurring revenue and 30% revenue growth in 2019 at best is now worth about 8.5x its trailing revenues.

That is about as good a signal as one could imagine for venture-backed companies that aren’t in as good shape as Slack or Zoom were letting them know that now is the time to go public.

Unicorn directions

It’s possible to read One Medical’s new revenue multiple in a few ways. You can be positive, saying that its valuation and resulting metrics are signs of investor optimism for the medical service company. Or you could go negative and assume that its pricing looks like a case of the market being more excited about a brand than a set of accounting results.

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Oct
06

Databricks acquires 8080 Labs to bolster its low-code offerings

Today’s your last day to score early-bird pricing on tickets to TC Sessions: Robotics + AI 2020, which takes place on March 3. If you want to keep $150 in your wallet, beat the deadline and buy your ticket here before the clock strikes 11:59 p.m. (PT) tonight!

Our one-day conference dedicated to robotics and AI — the good, the bad and the challenging — features interviews, panel discussions, Q&As, workshops and demos. Join roughly 1,500 experts, visionaries, creators, founders, investors, researchers and engineers. Rub elbows, network and engage with current and aspiring leaders, as well as students poised to drive future innovation.

We have a stellar line up, and just because we’re biased doesn’t mean we’re wrong. I mean come on — assistive robots, ethics and AI, the state of VC investment and robot demos. And that’s just for starters. Here are a couple of specific examples (peruse the full agenda right here):

Cultivating Intelligence in Agricultural Robots: The benefits of robotics in agriculture are undeniable, yet at the same time only getting started. Lewis Anderson (Traptic) and Sebastien Boyer (FarmWise) will compare notes on the rigors of developing industrial-grade robots that both pick crops and weed fields, respectively. Pyka’s Michael Norcia will discuss taking flight over those fields with an autonomous crop-spraying drone.Building the Robots that Build: Join Daniel Blank (Toggle), Tessa Lau (Dusty Robotics) and Noah Ready-Campbell (Built Robotics) as they discuss whether robots can help us build structures faster, smarter and cheaper. Built Robotics makes a self-driving excavator. Toggle is developing a new fabrication of rebar for reinforced concrete and Dusty Robotics builds robot-powered tools. We’ll talk with the founders to learn how and when robots will become a part of the construction crew.

And in case you haven’t heard, we’ve added Pitch Night, a mini pitch-off, into the mix this year. We’re accepting applications until tomorrow, February 1. This is no time for fence-sitting! Apply to compete in Pitch Night now. TechCrunch editors will review the applications and choose 10 startups to pitch at a private event the night before the conference. A panel of VC judges will select five teams as finalists. Those founders will pitch again the next day — live from the Main Stage. It’s awesome exposure that could take your startup to the next level.

If you love robots, you need to be at TC Sessions: Robotics + AI 2020 on March 3. And there’s no point paying more than necessary. Today’s the last day to buy an early-bird ticket. Buy yours before the deadline expires at 11:59 p.m. (PT) and save $150.

Is your company interested in sponsoring or exhibiting at TC Sessions: Robotics + AI 2020? Contact our sponsorship sales team by filling out this form.

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Jan
31

February 6 – 471st 1Mby1M Mentoring Roundtable for Entrepreneurs - Sramana Mitra

Entrepreneurs are invited to the 471st FREE online 1Mby1M mentoring roundtable on Thursday, February 6, 2020, at 8 a.m. PST/11 a.m. EST/5 p.m. CET/9:30 p.m. India IST. If you are a serious...

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Original author: Maureen Kelly

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Jan
31

Learning Spanish and Liking Horses

We create narratives about ourselves that become deeply entrenched in our minds and ways of being. Many of them are useless and counterproductive.

One of mine is that I am bad at learning languages. This is an artifact from junior high school. I took two years of French and, while I did ok, I didn’t love it. I hated my French III teacher, fought with her, called her an inappropriate name one day, and got kicked out of class. That was the end of my French language experience.

I have no recollection of why I chose to learn French instead of Spanish. I grew up in Dallas and now live in Colorado, so Spanish would have been a much more useful language to learn.

I recently spent two weeks in Mexico. While I was there, I realized that I was tired of not being able to say simple things in Spanish. More importantly, I was endlessly anxious whenever I said buenos dias, buenas tardes, or buenas noches since I always got them mixed up.

I had a similar childhood narrative around horses. My brother had a horse accident when we were little kids and I decided I was afraid of horses. He went the other direction and got a horse and became a great rider. Amy loves horses, so this has been an inhibitor in our time together since I never want to do anything involving horses. A few years ago we did a week-long vacation at a place that had a program to get comfortable with horses.

I painted a horse, I groomed horse, and I rode a horse. After a week, I was able to delete my self-limiting narrative about my relationship with horses.

For the past two weeks, I’ve been spending at least ten minutes a day on each of Duolingo and Busuu. They are different but both good. While a few hours on an app is a tiny beginning to learning a language, I already feel more comfortable just being around Spanish, saying a few words (mostly greetings), and am recognizing some of the things others are saying.

These days, when I catch myself repeating a self-created narrative, I’ve begun questioning each one of them. So far, none have held up to scrutiny as an actual thing.

Original author: Brad Feld

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Jan
31

Moda Operandi, an online marketplace for high-end fashion, raises $100M led by NEA and Apax

Moda Operandi, an online marketplace that specialises in right-off-the-runway luxury fashion, accessories and home decor, is today announcing a high-priced event of its own: it’s raised $100 million, a mix of equity and debt that it will use to invest in its platform and technology as well as to continue growing business overall. Founded in 2010, it offers products from some 1,000 brands and designers and ships to 125 countries.

“For the past eight years, Moda has disrupted the way people shop for luxury fashion,” said Moda Operandi CEO Ganesh Srivats in a statement. “This investment will enable us to build on that innovation, investing further in the client and designer experience and connecting more of the world’s best fashion to more people.”

The financing is being co-led by NEA and Apax Partners, both previous investors in Moda Operandi, with participation also from the Santo Domingo family (connected to Lauren Santo Domingo, who co-founded Moda with Aslaug Magnusdottir), Comerica Bank, TriplePoint Capital and other unnamed investors.

The company’s valuation is not being disclosed, but in its last round, in 2017, Moda Operandi had a post-money valuation of $650 million, according to data from PitchBook. It has raised $345 million to date.

High-end fashion might not be the first thing that comes to mind when you think about online shopping, but it has actually been a ripe market for the e-commerce industry.

While those in the know (and in the money) might attend catwalk shows, and bijou boutiques in swish locales are likely to be around for many years to come, there is a massive population of people who have the income and inclination to shop for luxury fashion, but might not be in the right place, or have the time, to do so.

For these shoppers, websites, mobile apps and, most recently, new channels like Instagram and messaging services have become a key route to browsing and buying, leading to the rise of huge businesses like Farfetch, Net-a-Porter and more.

That trend has helped to buffer Moda Operandi up to now, but it’s also the one that will be interesting to watch down the line.

We’ve written about the rise of direct-to-consumer brands and how that has played out specifically in the world of fashion, which in turn becomes a new group of competitors to aggregating marketplaces like Moda Operandi.

Similarly, the growing trend of targeting consumers wherever they happen to be also represents a rival business model, with some fashion retailers now foregoing websites altogether in favor of using third-party messaging apps to reach their target customers. Will Moda Operandi change with the times to do more of this kind of selling, too? Like fashion, what’s in today might be out tomorrow, so even the best channels are moving targets.

In any case, Moda Operandi has most definitely shown that it’s prepared to evolve and upset the status quo. The company got its start in 2010 as part out of an aha-moment from Santo Domingo, a socialite, former model and former editor at Vogue.

As someone who had worked for years in the luxury fashion industry, fully immersed as a consumer to boot, she knew that only a small, rarefied group of people ever got full access to a designer’s runway collection.

Moda Operandi was her solution — a platform to broaden that out, giving access to a full trunkshows (as the runway collections are called) to a wider selection of possible buyers and improving revenues for designers and brands in the process, as they no longer had to rely just on more traditional channels, namely buyers for retailers. The site had some catches — for example, as we pointed out at the time, you could shop a runway look, but still had to wait months for the piece to actually arrive, as those items would have yet to be made; but it caught on with a loyal following.

Over the years, the site’s basic remit has expanded, covering not only runway collections but also extending into jewelry, accessories and home decor. (We asked what size the business is today, and whether Moda Operandi can share any details on how that has changed over time, but a spokesperson said the company would not be sharing these or other financial details today.)

In any case, it has remained a compelling enough business to have brought in a hefty round of growth funding from its previous backers.

“We continue to be impressed with the power of Moda’s brand and its positioning in the luxury market,” said Dan O’Keefe, managing partner of Apax Digital, in a statement. “Moda has been enhancing its technology capabilities as a world leading platform for fashion discovery and is led by a world-class team. We look forward to continuing to support their expansion.”

“Moda Operandi has really disrupted the traditional ecommerce model, using technology to give people unprecedented access to fashion,” added Tony Florence, general partner and head of technology investing at NEA, in a statement. “It was a really big idea when we led the Series A, and today Ganesh and the team are executing on that data-enabled retail model at scale. We are thrilled to continue supporting the company in this latest round.”

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Jan
31

Microsoft’s Azure Strategy Pays Off - Sramana Mitra

Microsoft (Nasdaq: MSFT) appears to be on a roll on all fronts. The recently announced results sent the stock soaring to record high levels as the company delivered a stellar performance shattering...

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Original author: MitraSramana

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Jan
31

How to blow through capital at an incredible rate

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines.

It was yet another jam-packed week full of big news, IPO happenings and venture activity. As always, we’ve done our best to deliver the gist on what’s been going on. We had Alex Wilhelm and Danny Crichton on hand to handle it all, which went medium-good. In other Equity news, we’re back with guests over the next few weeks, so if you miss us having a venture capitalist along for the ride, fear not, their return is just around the corner.

Up top this week was Jon Shieber’s report that Kleiner Perkins has rapidly deployed its most recent fund, a $600 million vehicle. While the news felt surprising, digging back through our archives we were reminded that the firm had indicated it might put its capital to work quickly. Still, as Danny pointed out, it’s rare that venture capitalists have to go out raising from LPs on an annual basis.

After that, we turned to some funding rounds that held our attention, including the Free Agency round that is working to bring talent management to the technology industry similar to the sports and entertainment worlds.

The concept makes some sense, as compensation packages for top talent in the industry can extend into the seven-figures (Free Agency takes a 5-10% cut of an employee’s income using the increasingly popular income-share agreements). Also, this round felt a bit like a reminder that the labor market is tight at the moment.

We then moved on to Josh Constine’s story about “Ring for enterprise” startup Verkada, which raised a massive $80 million round at a $1.6 billion valuation. That’s eye-popping, since the extremely small dilution implied with those numbers (5%) is very rare in the venture world.

After that we turned to a few rounds that Alex has had his eye on, namely the somewhat-recent Insurify round, the pretty-recent Gabi round and the most-recent Policygenius. All told, they sum to $150 million, which made us ask the question, why are venture capitalists so into insurance marketplace startups?

Finally, we touched on the latest from the intra-SoftBank delivery war between DoorDash and Uber Eats, including who is impacted, and what it means for future consolidation in the on-demand world. Or more precisely, why hasn’t there been more?

Finally, don’t forget that IPO season is upon us. Are you caught up?

Equity drops every Friday at 6:00 am PT, so subscribe to us on Apple PodcastsOvercastSpotify and all the casts.

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Jan
31

Roundtable Recap: January 31 – Spotlight on Startups in Africa - Sramana Mitra

During this week’s roundtable, we had as our guest Osayi Igharo, Managing Partner at Ripple VC, who discussed startups and venture capital in Africa. BurloeFirst up, today, was Parinita Hendre from...

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Original author: Sramana Mitra

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Jan
31

How Bykea is winning Pakistan’s ride-hailing and delivery market

Increasingly, the streets of Karachi and Lahore are being flooded with men riding bikes and wearing green T-shirts, a writer friend recently told me. In a sense, these men represent the emergence of Pakistan’s tech startups.

India now has more than 25,000 startups and raised a record $14.5 billion last year, according to government figures. But not all Asian countries are as large as India or have such a thriving startup ecosystem. Long overdue, things are beginning to change in bordering Pakistan.

Bykea, a three-year-old ride-hailing and delivery service, today has more than 500,000 bikes registered on its platform. It operates in some of Pakistan’s most populated cities, such as Karachi, Lahore and Islamabad, Muneeb Maayr, Bykea founder and CEO, told TechCrunch.

Maayr is one of the most recognized startup founders in Pakistan, and previously worked for Rocket Internet, helping the giant run fashion e-commerce platform Daraz in the country. While leading Daraz, he expanded the platform to cater to categories beyond fashion; Daraz was later sold to Alibaba.

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Jan
30

Publisher engagement startup Insticator bets on commenting with Squawk-It acquisition

Insticator, a startup helping publishers add to their content elements like polls, quizzes and suggested story widgets, has made its first acquisition — a commenting platform called Squawk-It.

Insticator CEO Zack Dugow said his platform benefits online publishers by keeping audiences engaged and bringing in new ad revenue (which is split between Insticator and the publisher). And he sees commenting as a natural next step toward his goal to become “the main monetization and community engagement solution for publishers.”

While “don’t read the comments” remains one of the most reliable pieces of advice you’ll get online, Dugow said Squawk-It (it was formerly known as Solid Opinion) stands out from other commenting platforms because of its reliance on “100 percent human moderation,” with moderators working in three shifts to monitor partner sites 24 hours each day.

“Anybody can game an algorithm,” he said.

And when I brought up the concern that so much of the discussion has moved out of the comments section and onto social media, Dugow responded that “merging social commenting” so that it feels like everything is part of the same conversation is “in our roadmap.”

Like other Insticator products, Squawk-It comments (which you can see below the article here) are monetized through advertising. But Dugow noted that the ads run above the comments, rather than interrupting or distracting from the comments themselves.

The financial terms of the acquisition were not disclosed. Dugow said the entire 13-person Squawk-It team (headquartered in New York but with an engineering team in Kiev) has joined Insticator, and that the product has already been rebranded as Insticator Comments.

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