37 Burst results for "Venture Capital"
Fresh update on "venture capital" discussed on Equity
"I don't think it's hard for people to emotionally resonate with the idea of owning and supporting a music artists that is like a really cool application of actually owning a second of a song in anyway. So we'll see how crazy are because let's remember the art startups didn't happen just because nfc's blew up over the last week so we might another another couple months but the options are endless. Yeah one thing i wanted to say. That's another positive thing as we used to always mocked twitter for not having a very fast product cadence right and square has always been a better performing company than twitter on the public markets. But also i never thought of it as a company that was really out there. Crushing the next generation of product. Well with twitter's super follow subscription spaces. Also they're doing feels pretty active and fun over here on the square side of. You certainly have a lot of other activity and potential so points to jack for realizing that product cool and you can do more of it if you have a lot of money and they do. Let's put that aside and let's talk about capital as a service tasha. Last year we spent a lot of time talking about revenue base financing wave of things. The twenty twenty. What has happened to. Why are we back to this issue here. In march of twenty twenty one clear bank which is a startup coming out of toronto invest in startups with non-dilutive capital. It's branding anti vc. But at its core is just another company. That's giving loans based on adspend and positive unit economics on friday. They announced that they have raised rolling capital ten million to start investing in companies. That are kind of younger on the time scale before they were kind of looking for specific scale. Those two factors. I told you before. Now they just need the business to be hitting one thousand a month in revenue baseline and then you can give the loan and then pay two percent back through revenue share over forty eight months the takeaway here if people who maybe don't care to use that product just yet is that it's another example of revenue based financing versus venture capital which we all know is inaccessible to most companies with about. This is if i recall the nuances that this is much smaller businesses so this is not of traditional target market if you will this is for companies that are doing a modicum of revenue that they had some potential so is clearly taking on more risk by doing this..
How To Make Better Decisions, Faster With Matt Bodnar
"Every day were making decisions. Now hopefully take our business to the next level. What do we do with this particular team member. How do we find the best vendor. What colors and fonts should go on the website for next marketing campaign and hundreds of other decisions like these that we have to make every single week. The stakes are high. We can't afford to make a bad decision from the ramsey network. This is the entreleadership podcast where we business leaders grow themselves their teams and the prophets. I'm your host. Daniel tardy am i guess. Today is matt bonner match the chairman at fresh technologies and he's done a lot of cool stuff. He's helped star businesses run businesses launch. New business turn businesses around and especially as passionate about helping businesses scale up from the startup stage to be in a big deal. He knows a lot about decision making strategy and how to align our behaviors with our goals. But he didn't start out in this space in fact he actually started out as a successful analyst on wall street. He was making a lot of money at goldman sachs and so. I was super curious to ask them. Hey matt why did you leave. One of the biggest influences in this is a book. That's influenced me tremendously. Was the four hour workweek. The whole tim ferriss thing and so reading that and really thinking about what do i want to do with my life. And and where do i wanna spend my time and and thinking about. I mean in a place like that you can see the trajectory. Stay here fifteen years. I'm back. I if i stay here twenty years on that guy etc and so i could see what the future looks like and all they wanted to do something more entrepreneurial and i had this epiphany i was reading this article on bloomberg about one of the founders of google. I forget if it was larry page or or sergei would basically set this thing. And they've saying you know which everyone is. The ceo at the time and their salary was one hundred thousand dollars and as a first year analyst at goldman. My salary was more than that. And so i read the article and i kind of had. This chuckled to myself as like a twenty one year. Old or twenty two year old. And i'm like. I'm so awesome like i have a bigger seat salary than the ceo. Google and then literally there was a comma and the next half. The sentence was like andy's worth twenty seven billion dollars stock or whatever and so it was just like an anvil like crushing on the head. That was like oh. You don't get wealthy from a salary you get wealthy from having equity in something and that was really. That was a big difference for me that that made me realize that having a having a high salary doesn't really mean it helps but but ultimately ownership equity is really where you generate the most value. So did that. Prompt you to think i wanna start my own thing. I wanna build something. My dad's a very successful restaurant tour and he he had been doing. A bunch of stuff in nashville. And kind of the southeast. Broadly for you know. While i was in middle school high school all that stuff and he was always when i was up at at goldman he was always like a bug in my ear. Hey come back and you know. Help me out. Come join me join me. And so eventually I answered that call in and move back to national got involved with him in a in a company called fresh hospitality which is an investment business. Essentially that invests kind of across the food and restaurant world and scales various different restaurant brands. How big was the team when you joined basically me my dad My brother and one other gentleman whose name was nikola haggas is basically four of us at the time and There for yeah. Yeah and i mean there were there were other. I mean we were essentially almost like a small private equity or venture capital firm and so I mean the operating companies that we invested in obviously had a bigger sure employees based but really that was it at the beginning. And and since then we've built this whole kind of ecosystem and infrastructure of businesses. You've worked with a lot of businesses here locally many that. I've personally been a patron and i remember martin's barbecue when we went when they were a little like double wide trailer out. South nolansville autobody shop was yes barbecue around. And nobody knew who they were. Unless you live like right in that little community and now i mean if if you know martinsburg if you've been in nashville you know martin's barbecue i mean it's just it's the spot that you go if you're a nashville I'd love to hear that story. You know i mean you you you guys. Clearly were part of them you know becoming a big deal and kind of putting him on the map And i know you guys do that with countless other. You know restaurants But how do you. How do you find the martin's barbecue when they're just this little local story and nobody really knows who they are. I mean we're we're at a point. Now where and i think you see this in a lot of different businesses where you get inbound deal flow right and so i mean we. We met pat actually through a A point of sale reseller that we that we had a relationship with was selling terminals and that he's a hey. This guy's got a really cool thing. You should go check it out and so we went and we went and just had lunch. They're checked it out and got to know him and You know helped partner up from from day. One when they were back over that little auto body shop and You know our whole thesis for for how we invest in a company's specifically within the fresh Platform is we have this whole ecosystem that we've developed over the last decade or so of everything from technology to accounting to Real estate expertise marketing the whole the whole suite of services that sit around a business and we go in and we ate we provide them growth capital but we also provide them what we call our intellectual capital of all those different things to help them scale up and so you know we. We plugged that infrastructure in and really helped him. I identify a great site. And that was their store nolansville. That they moved to that was across the street. The kind of bigger flagship store and then started very strategically looking at. Hey what are some other great opportunities for this brand and and really one of the biggest strategic decisions we made up martin was we ultimately decided that we needed to have a presence downtown and to to truly be a competitive player in the in the nashville barbecue space and plant our flag so to speak. We we needed. We needed something downtown in. That's how we ended up ultimately finding the property at martin's we call it rutledge but the downtown martins barbecue and and that's we now we sort of we. We jokingly referred to it as the mothership because it's it's this behemoth compared to the other typical martin stores but it's been a really great opponent of that business.
Fresh update on "venture capital" discussed on Best of Financial Issues with Dan Celia
"Judge today. Yes. Brilliant, Exciting, Sorry Fish. Mishra is general partner from Clear Stone Ventures is the president of the Thai Foundation. It's the biggest entrepreneurial organization in the world. So let us welcome our new guest. Judge Vish Mishra, please come on. Thank you, Tim. Hey, good to see you again. Just like you are knowing fish. For how many years you know 30 30 30 years now I met Bill first. Then I met you Buy the best with you. Yes, I met Dad first. Oh, my God. Well, that's impressive. Well, it's great to have you here on the show. Tell us how you think Venture Capital's changed. Avenging capital definitely had changed a lot. Of course, one thing there's a lot of money. So this.
Overcoming AI Deployment Challenges In The Enterprise With Mahmoud Arram Of Bluecore
"So mood. I wanna deal to dive in with here on this theme of our thursday interviews around making business case for a means. Different things to different people you know. All i know is when an executive is deciding to adopt a or not ex- deployment they're looking at a certain number of component parts to make that decision. What are those key parts for you. Thank you for having me. Yeah from from my perspective so our customers are brands and retailers. And i have found that is a bit of buzzword. Everyone right now. Has the i in their name including a company where i bought my standing desk from so it has lost. Its meaning i think when it came when it comes to business cases so the way i have been thinking about it is in terms of accelerating ghouls that the companies already have in the case of brands and retailers. What has been happening Especially in the pre covid world. Is that the cost of acquiring customers has been going considerably up. There's a lot of venture capital money. That's going into direct to consumer brands. Everyone is buying ads in order to acquire new customers. but then no-one has been thinking about retaining customers. Retaining customers is much more efficient and in order to retain customers and one of the elements you have to do. There is to communicate with them at the level that the like and the able to personalize content at least in the context of retail. Now a i can make that possible. And essentially what we replace existing workflows and outdated technology that makes retaining customers cost effective and makes a from a workflow perspective very expensive and all of that easy and we just happened to us to make that possible. Yes you're saying accentuating in existing already kind of present goal that said i guess. Different kinds of deployments they involve different factors here. So i'm thinking about what it looks like to apply to detect fraud or to build a chat bot where we've gotta get a pretty strong corpus of our own data together we've gotta clean and harmonize that stuff. We've gotta get cross functional teams to come together. Maybe make sense of that. Some applications like a security camera that detects people. Well it's pretrained. I don't need any interaction. You're buying it software. It's off the shelf end of story. But i would imagine for a deployment often. We do have those realistic considerations so we don't have to sell with the whizbang like a nimrod that like. Ai is cool for its own sake. I think safely squarely. That's for nimrods only in this. Podcast hopefully has very few of them tuning in certainly if they've been berated long enough with the messages that we've been sending to them in best practices but those considerations still feel real and feel like they're things that leadership is going to have to address. How is that presented on the table when people are saying. Hey or nay whether it's to your solution or something else. Yeah what we've seen is that there's a lot of digital transformation project out there especially in retail which is vertical that we focus on a minimum buzzword in there. Lots of consultancies. That are working on this. What we've noticed is that there are lots of these projects that have been going sideways. A lot of money has been spent on those and essentially a lot of the challenges that they've run into are around essentially what you were just saying. What is the collection. How do i collect even my own data at silos. It's in different parts. It's different databases you. You think about retail. It has a very complex data. Set that moves. The difference steve's In very different levels of structure can have real time interactions on your website. And then you have inventory movement in physical stores so usually you're getting that data all in one place in order to even run analysis like let alone execution on top of becomes a hard problem right and there are many cases in which is solves that solves the collection of data. I would say in on this case it would be machine learning and even the precursor of it which is how do i actually wrangle all of this data. Put it into one place. So that i can actually run workflows on it. It's so i would say usually that usually that is the consideration is how to solve the problem. Before you even embark on the part. That feels like. I mean if you're you know you're selling whether you're a service or a product you're selling into an enterprise. They're going to have to overcome that right. It's not you're not just going to be like well you can figure the api's and up. I'll show users how to use an internet. See you later guys. It's not really like that. We're going to have to dive into these silos to some degree. How do you present that without scaring people away. Hey look this is going to involve some integration here evolve harmonizing some stuff. This is gonna involve work in new ways and think it through new problems like you said we're identifying with a goal that we know is important to the client. I think that's tremendously sharp smart. You know more pressing than ever in this kobe era. But but how do we present the realities of what the planet look like without making it spooky. So let's easier said than done. The reality is in a lot of these digital transformation projects that included a component. The integration part is usually what fails everyone says. Oh yeah. I have the is. Of course you can put this system that system. And you can integrate oracle with adobe and the reality. Is you know companies lack either. The technical background to do this or usually everyone has such a snowflake off an implementation. There's so many new. You look at a marketing automation. There are five thousand different than theirs on the keep sheet so everyone has a very different permutation of systems on their staff and integrating all of those together. Especially if you are a new vendor on the stat is really really difficult so that is a very common failure which you have to overcome in order to be able to be successful. So there's success of being able to sell in their success at being able to actually deploy.
Dennis Muilenburgs Bet on the Future
"Denis muhlenberg has kept a low public profile since he left his job. Ceo of boeing at the end of twenty nineteen. But that's about to change me. Lemberg has teamed up with air finance founder. kirsten bartok tau and other aviation luminaries to fund a special purpose. Acquisition company called new vista acquisition corp. They're aiming to raise two hundred and forty million dollars through public offerings to acquire businesses focused on transformational technologies in areas. Such a space defense and communications advanced their mobility and logistics. What does that mean well. We'll let you hear directly from denison. Kirsten who have joined today also with us on my side of the table so to speak is aviation weeks. Technology specialists and urban air mobility guru executive editor graham warwick. Just one no we will. Not be talking about boeing past or future. If you're interested in that i'd like to refer you back to our january twenty nine podcast so let's get started a dentist. Tell us what you're up to. And why joe the good morning and thanks for the chance to talk about new vista. We're very excited about this. New endeavor and that excitement starts with a tremendous opportunity that we see right now as you know i had the privilege of being the ceo of boeing back in. We celebrated our centennial in two thousand sixteen and we. We did some work together on the age of aerospace and when we look back on the history of aerospace the opportunity in front of his right. Now i think it's the greatest one in that one hundred plus year history harris face. We're seeing this convergence of technologies in a way that we've never seen before technologies that span artificial intelligence autonomy new manufacturing techniques satellite technologies new types of vehicles and propulsion systems that set of emerging technologies. All at once has never happened before. Combine that with mega-scale changes in the market. You mentioned air mobility new waste. People are moving Logistics e commerce capabilities the revolution in space in the build out of the lower orbit ecosystem and next generation defense systems that combination of technologies and mega skill. Market ships creates an unprecedented opportunity. And that's what we're focused on at new vista kirsten. Let's hear from you. What brought you into team. Up with dennis and How are you approaching this. Thanks joe and as you know. I've been pretty focused on advanced ever ability for the last four or five years Having been based in silicon valley and kind of live through the internet growth and doing venture capital back then realized early that this transition was going to happen and just from the basic technologies with your talk about them. Electrification greeted propulsion which then goes to autonomy and an ad in hydrogen which has come on the radar lately These technologies are going to completely change Aerospace so that the next twenty years is going to look completely different in the last twenty years and even the is you know. The aircraft designs will look entirely different. Lucky enough i been working on this trying to figure out the right vehicle to investment doing a lot of my own personal investing some through our finance and then was Got on the idea of a spec realized that could be the optimal solution to help. These emerging companies crossed the chasm of death valley of death that we call where you got early stage venture capital money but they needed at large amount of growth capital. These are deep company's hardware and software at their capital intensive and then added that they've got the regulatory component of the faa and. they needed some good opportunities. For large amounts of crossover capital groups. Like softbank could have been that or sovereigns but the spac product has really come in to help. These company cost the valley of death and make it to the next level where they're commercialization occurs and their operational so i couldn't be more lucky to partner with such an incredible operators dennis someone who really pushed billing to be more. Entrepreneurial created horizon ex and necks and We put together a great team here. And we're excited to make a positive difference in the landscape. So so what are you thinking. I mean how do you take these technologies that we write about all time. I guess our listeners want to know and apply them to be like a real product. What what is really exciting. Talk about this this change in the next twenty years. What can we see in practical terms. What are we going to see. joe. I think you're gonna see transformation in these four market segments that we're talking about that's way beyond what we've ever seen before i take what's happening in the in. The lower orbits space ecosystem and extraordinary the number of technologies. That we're seeing that are coming into places real applications now. The build out a satellite infrastructure nanno sats micro sats we see a market for fifty thousand plus additional small sets on orbit or the next decade. We see a number of companies who are working on breaking the cost curve for access to space new launch capabilities that are coming to bear and then new applications in terms of how to use those satellite networks to create information at useful data earth observation New kinds of reconnaissance and surveillance capabilities connectivity. In communications i think the low earth orbit ecosystem. Build out that we're seeing now is just one example of the kind of massive transfer transformation that we're gonna see that's going to create economic value. It's gonna create new companies new jobs. it's going to create a new technologies that are on the innovation edge that are now ripple out into other business sectors. So it's an exciting time to be working on this leading edge
How the pandemic is impacting Bay Area small businesses
"This episode is part of our series exploring covid nineteen impact on nonprofits and small businesses in the san francisco bay area back in april of twenty twenty when we decided to create this ongoing series on covid nineteen impact i or nonprofits and then on small businesses in the san francisco bay area. We like you had no idea how long the pandemic would go on. And what the health and economic impact would be in our community going into twenty twenty one. The pandemic is now killing more people shutting down more nonprofits and small businesses on with wiping out the livelihoods of families neighborhoods and communities. We will continue to shine a spotlight on the nonprofits and small businesses that make up the fabric of our community along with the founders and staff who are struggling to deal with the impact of the covid nineteen pandemic on their operations services is an ability until we can all get to the other side of the pandemic along the way we will also share with you all the amazing solutions that are nonprofits. Small businesses foundations and government leaders are working on to help us all get to the other side of the pandemic and come together to rebuild our communities with more economic social and environmental equality. What is very clear is that business owners are challenged right now in a way they never have been you know open close and indoors outdoors. You know p p what is it. What do i do with it. Who do i give it to so many challenges right now and our goal is to really help is many of these small businesses weather this storm so to speak as best we can and for that reason i like to encourage businesses to reach out to us especially work with a business advisor. This is the district director of the small business. Administration's san francisco district office julie. Cows over these ten plus months we have been sharing the voices of small businesses and covert nineteen s- devastating impact on their survival with the latest round of federal funds now being deployed we wondered host julie to help guide our listeners through the funding opportunities available to both nonprofits in small businesses. I'm joined remotely via zoom by julie. Cows the district director of the small business. Administration's san francisco district office. Thank you for being here. Julie thank you for the invitation. The sba is one of those government departments that for a lot of people. See it as a black box where it's going to require all these forms all this information i don't have so i think it would really be helpful if you could provide a background on the sba here in san francisco. That's the district to manage and how you work with small businesses and really now nonprofits. Absolutely i do think. There's a lot of preconceived notions about who. Spa is what they do and who we help. But we are a federal agency where an independent agency and our mission is to help. Businesses start and grow and continue to prosper. And we do that. Offering a variety of programs and services can kinda break those into four buckets as an easy way to talk about it. A so there's the access to capital bucket. Which may be where most known for but we actually have programs that go from microfinancing loans of fifty thousand dollars or less all the way on up through venture capital and then our bread and butter program kind of is our loan guarantee program which is loans through commercial lenders up to five million but we also have government contracting assistance so we help with federal certifications. We actually work behind the scenes with other agencies trying to get them to utilize small businesses as their contractors so we do a lot to help small businesses kind of break into federal contracting and be successful the third bucket we have is business advising free business counseling and low no cost training and honestly. I think this is probably the most invaluable service. Sba offers so through our network of grants resource providers. You may have heard small business development center score women business centres anna veteran business outreach center we provide free business advising and especially in this challenging times right now. This is an invaluable resource for businesses. You will never be charged for the advising services and you can talk about any issue that you have that's pressing or if you wanna strategize with somebody look at them as a visor to help you think about your future and how you weather the rest of this cova pandemic and then the fourth bucket which is kind of been a theme for the last year is our disaster assistance program. We typically will go in on declared disasters in provide financial support loans support to cover uninsured losses and to help with economic injury for small businesses and nonprofits that has now become kind of the focal point of the assistance. The covid recovery assistance for small businesses in nonprofits so as a district office. We're here to kind of administer. Some of these programs do some oversight but really warrant at grassroots level of sba engage with the community engage with our small businesses. And make sure that they are tapped into the resources that can benefit their business
Could more women-led tech companies make the internet less awful?
"The dating app. Fumbles wiped right on. Its ipo last week. Making it ceo whitney wolfe heard the youngest female ceo take a public. Not only that. But eight of the company's eleven board members also identify as women and that has more than just symbolic power bumble has styled itself as a women first dating app. The platform encourages them to send the first message. It also moderates the photos that are on profiles and the ones sent through direct messages so users won't get any revealing content. They didn't ask for sarah. Kunst is the managing director of cleo capital and she advised about on its venture capital arm. I asked her if all that translates into more women on the app then men. No you know it's funny. They're more men. Because it turns out that when you empower women and when you give people dignity and equity in the relationships that it helps everybody. It's not just women. And how much of that do you think is because of the type of content moderation. It does not allowing photos of shirtless men are worse. I think that's a huge part of it right when you think. Oh maybe maybe. I'll go meet the love of my life today on a dating app and instead you see something that you really did not want to see. It's disappointing and and it makes you less excited to do it and so bumble hs done a ton of work in making sure that you know people are who they say. They are with things like photo verification to that. They're not doing creepy mean rude things and if they do than than the the companies taking a really firm stance that it's really kind of one strike and you're out with everything from people who want to body shame to people who are sending lewd images that's not okay and certainly the legislation that they've been able to work on and push through in the state of texas to make sending a picture that exposes yourself illegal. It makes so much sense. Those are the kinds of things that are so obvious. In retrospect but but nobody in the dating app world and the online dating world had taken that stand yet. And i think it's pretty clear from the market debut. There's a lot of success in helping people. Just treat each other better given that success. Do you think you'll see more companies kind of taking that same path of moderation. I mean i think this is happening right. I really kinda everywhere right now in our world online when you look at everything from twitter's tussles with the last president to the facebook review board. They're starting to be this understanding that you can't be the wild west right you build roads in the real world but then you put up speed limit. I think we're seeing that happen. A lot. Right now in the digital world and i think companies like bumble. That had the vision that had the real kind of character to stand up and say. This isn't okay. we're not doing it. I think that really really matters. And so that. I think is something that we're going to see more of less of and it certainly hasn't escaped my notice that it seems like women led companies in particular are really leaning that way. Now this good news for bumble comes on the heels of what looks like bad news. For other women lead tech companies with so many facets of life the pandemic seems to have exacerbated inequities including with venture funding the share venture capital dollars for companies founded by women declined last year to point three percent according to crunch base. So what happened. And what do you think needs to happen at change. That i mean the good news is it is a frustrating problem with very simple solution. The solution is now fund more women and fund more more women. Because you either fundamentally believe that somehow men are just so much naturally better at running companies and raising money that they take ninety percent plus of all venture funding. Or you think that there is some inequity and there's a problem to be solved there and you know the reason to solve. It isn't the the social mission. It's because if you are leaving that much money on the table by not funding women. Then you're not gonna make as much money as you should and you know it is your job as a investor as a venture capital investor to make money and so by only looking at a sliver of the population. You know that's a lot of money you're not making and that's not good. So that's the solution. Why is it a problem. I mean the reason for this problem is always the same. The reasons never change. it's always. it's always sexism. It's always biased. It's always you know the concept of hama awfully of sane. Every human is generally drawn to people who remind them of themselves. And when you don't have enough diversity on the investing side of the table. You're very unlikely to see that diversity take place on the founder side you know. Bumble obviously had a really successful. Ipo do you think that will make a difference. You know in all of the stuff that you're talking about you know the success of stumbles ipo. And and being the youngest woman take a company. Public reminds me of this excessive katrina lake in such fix a few years back. And it's it is certainly helping to move that needle right if if you can't be what you can't see shortly after fumbles. Ipo came to marquette allison from from the ceo of our modern help. You know a company. That recently became a a unicorn. You have said openly that that she looks at that is is a real inspiration to think about you. Know how do we. How do we get an even younger woman to show her company next now. They're looking at that. I think that that deeply matter is built on the founder side and on the investor side. Because when you start to see that it becomes a lot easier of the next time a woman walks in your office building a company that you might not one hundred percent understand because it's not fixing a personal pain point for you and say well i mean if there's been all this success in the market and this person seems interesting incredible. Why wouldn't they be next. And so i think it's incredibly incredibly important.
Bitcoin surpasses $50,000 for first time as major companies jump into crypto
"The price of bitcoin briefly topped fifty thousand dollars for the first time yesterday doubling in value in less than two months. Here's our reporter caitlin off on one of the big factors driving the rally. We've seen a lot of companies that have started putting their faith in bitcoin. And saying we're going to start holding a little bit of it. We've seen institutional investors and asset managers. Say you know. Bitcoin's been around for more than ten years now. We think that it can actually have a use case in portfolios until we're going to get exposure to bitcoin if not by outright and you've also had trading platforms and also general apps like cap. Say we're going to let people actually hold and use cryptocurrencies. While until you've seen the option of it kind of abso- d- area of uses just become more and more common
The Hustle Culture Debate Rages Once Again on Esports Twitter
"So this topic came up a lot over the weekend on e-sports Twitter as dignitas posted a new unpaid internship the job effectively from the description looked almost like a taxi where the internet be required to drive around La and connect with players or staff members. Now, there's of course more to the role than that, but that sparked a debate that has happened plenty of these Sports. And so I thought I'd cover it here should be forced to not make a scent in their first year or two or more in this industry or is that just kind of the price of doing business in Esports? And it was your first say this probably isn't unique entirely too easy. It's internships are fairly common across a lot of Industries. But in the last few years, there's been a push for companies to make these paid opportunities. One reason, why is that unpaid internships are more feasible for people who come from families and due to financial ties with racist systems that makes it harder to bring diversity into companies or Industries where unpaid internships are common. I saw this firsthand. I did make a living wage my first year out of college with a degree. I was looking up to be able to move back in with my parents and not pay rent while I figured it out many of my colleagues from school didn't have that luxury unpaid internships create a barriers to entry for Esports with long-term damaging implications, but on the flip side to this in East words twenty years of History. The scene is never made money Publishers do and many individuals have but the issue is completely backed on the organization Side by Venture Capital Money That's to say e Sports organizations do not have a large pool of profits to pull from so when everything's like this come up inevitably some people But in the space for ten plus years bring up the time when almost nobody was being paid and it's a valid point. This is an industry built on passion. In some sacrifice is still a necessity to work in Esports. But ultimately VC funds have gone insane in the last few years compared to a fledgling industry in 2010 Esports just isn't in the same place wage. Well, unpaid internships may feel like a necessity for where Esports revenues are right now. They're still think we all need to work to get rid of to make this space better for everyone if someone started their own company. Yeah, they'll need to grind it off for no wages, but that's the risk. They took for the company and they have the benefit to show for it. They own the company and internship is a different situation and interns need to be compensated for the growth of this industry at large.
Cramer calls on U.S. to build factories to address chip shortage, unemployment
"As the pandemic gradually draws to a close. We've still got to national emergencies that we had to talk about a man money. A horrendously high unemployment rate and the semiconductor shorts is causing major problems for us manufacturing and competitiveness. We need more chips and we need more jobs so why. Kill two birds with one stone. It's time for our government to invest in building the biggest and best complex of semiconductor foundries. That's the factories in the world. And we can do this now. This kind of initiative went out of style decades ago but we know it works because the government just did it with operation warp speed the co vaccine program that got us to trick vaccines in less than a year. Were on a roll. Let's keep it. I don't need to explain. Employments national emergency but what south with the massive government back semiconductor foundry pro. Okay we just heard from general motors. They have all these new indian vehicles but they simply can't make them because they're sending books shortage and modern cars require a lot of tech ford said the same thing could cost them one to two billion this year bleed. You're gonna start hearing about this shortage. Constantly dan we the us really havoc with all sorts of industries and making us less competitive and perhaps even hostage country hostage to a bigger chip customer. The pr see. We got to get ahead of this. Now some of this shortages natural thanks to cova. We've got millions of new homes. That require a lot. Har- we're eating these chips like doritos at halftime. But some of you thanks to globalization are sitting been able to outsource their manufacturing most couple of huge asian operators taiwan's semi which is now the biggest samsung. These are both incredible mazing. Well run companies but they also get so production capacity that they have they hit the entire world including demand from china that hits american companies extra hard because new of our businesses run on just in time ordering. They don't want to sit in a lot of extra components it just by the chips when they need them. That's a quick way to make money save money until it's a shortage. Now that's where we find ourselves. Our companies can't get enough chips because there's not enough. Production were wide and that lack of chips is hurting all sorts of manufacturing including the formation. Gm and ford now. There are two ways to approaches. We can throw up our hands and baked samsung taiwan semi to build more plants. That's been our strategy or anywhere for that matter or we can roll up our sleeves. Like operation warp speed. Remember today when everyone get tested raw. Got javert here can roll up our sleeves and get this job done ourselves. If we're supposed to be the most powerful country in we'd be able to manufacture semiconductors for heaven's sake it's our industry so let me tell you what needs to happen. You might not know it. But america's best tech industry the most intellectual property that is anywhere in tech is in the semiconductor capital equipment space. That's lam research. Kelly tinker applied materials. They had machines that we need to make chips meaning while building gigantic simtek foundries can put more people to work and just about any other research project much more than a much than highway than a bridge. Why stop at roads and bridges and we re establish yourself as a whole new kingpin in manufacturing industry that used to dominate. And hey biden's pick for commerce secretary gina raimondo. She was a venture. Capitals governor of rhode island. I got into politics. She'd be the perfect champion for this project. We can take advantage of low interest rates to issue fifty year semiconductor savings bonds to raise the money for this project partner up with the private sector then. These businesses can pay back. uncle sam. Production gets rolling or chips. Defense ships all sorts of internet of things. Chips should be able to make this stuff domestically in the best in the world. Honestly it's insane. We outsource our semiconductor manufacturing to taiwan south korea. When they're within spitting distance of our biggest wattle china. I love taiwan. I love south korea but we ever get into a shooting war with the chinese. For heaven's sake they'll be right in the middle of it. Hopefully it never comes to that but why would even taking that chance. How much would this cost. We know semi spending up to twenty billion to boost its output. And they're very good at what they do. Let's say let's let's borrow one hundred billion dollars in savings bonds to make the us more semiconductor independent over the next few years but we have to start immediately to alleviate the shortage people intensive national imperative blueprint ready customer for the suppliers. Ready to help so soon. To be secretary raimondo. You've been on the show. Let's get the loan just chip ongoing going and put an end to this chip. Shorter's saving tens of thousands of jobs giving me economy a huge boost. This is what we used to call industrial policy. It worked for vaccines. And i know from work for chips to
Robinhood, in Need of Cash, Raises $1 Billion From Its Investors
"Hood still needed more cash quickly to ensure that it didn't have to place further limits on customer trading we to people briefed on the situation. Who insisted on remaining anonymous because the negotiations were confidential robin hood which is privately held contacted several of its investors including the venture capital firms sequoia capital and ribbit capital. Who came together on thursday night to offer the emergency funding. Five people involved in the negotiations said and
SAP spinoff Qualtrics prices IPO at $30 a share: reports
"Right. So quarterbacks in case you had forgotten was somebody company was going to go public couple of years ago and then sap swooped in at the last minute in two thousand eighteen and snap them up eight billion dollars. They change their mind late last year inside to spin them out. And we've been tracking this for a while. Because quality is one of the biggest startup success stories from the utah seen an increasingly important bit of the world startup adopt initial range. That was pretty low for its ipo. We thought it was going to go up. It did and then we thought might price above that range and it did so quantocks. Thirty bucks a share. Dna we've seen so many companies. Do this raise the range price above it to me. This reads that the market is hot for. Ipo's quality is probably going to do. Fine what do you think. It's definitely psychology piece on the investment bankers to me the larger story. Here though is you're in two years as they bought a company for eight billion dollars is going to put it back on the public markets. It's target ipo. Price valuations about fourteen billion plus or minus and chain of course the markets will do what the markets do but to think about the almost doubled their money in two years. But just literally taking the company back out of the sap maw and put it being back on the public markets and that kind of relates to me. The plaid visas story were planned. Got bought by v stiffer like five point. Three billion now independent again and now it's worth like double or triple its original valuation. So what are the big questions. I have when you look at these sorts of things is how do you even approach acquisitions. These days pro valuation perspective. Because you know if you're going to acquire today and two years later you were sixteen like. Why did you wait two years. When the market and private investors were willing to continue funding your operation. I think the late stage private venture capital markets are now systemically undervaluing startups not compared to the intrinsic value but compared to what they might be worth on the public market. So as record you this morning has yet to start trading so we don't know where it's going to open to where it's gonna go but certainly we're going to keep is on that we'll see if it's another data point in the ipo's or mis-priced saga or whatever but any describing. There is the impact of products growing for two years and also rising multiples started breath. News
interview With Meagan Crawford
"Well. Megan welcome to manage and cut off. This has been a year overdue at this point. An entire pandemic overdue. Maybe i'm happy that you're here talking to us. I'm really thrilled to be here. Thank you for having me anything so to start. I want everyone to meet you. Because you're awesome So you are a member of space fund. You also have this podcast mission eve. That is fantastic. Can you tell everyone a little bit about you sure. Yeah co founder and managing partner of space fund Where venture capital firm investing exclusively in the new space ecosystem so very kind of targeted fund And then i also have my podcast mission eve which I interview the most amazing women in the space industry. It's just been a thrill and just so much fun to do. And in the hopes of inspiring more women to join us here in the space industry So that's that's a project that's near and dear to my heart I'm also on. The board of several nonprofits needs to do a quick shout out the space frontier foundation. The center for space commerce finance mars initiative and the earth light foundation Spend an inordinate amount of my time helping those at nonprofits. So i think that's probably about it so we're gonna talk about a bunch of different angles on the finance side of stuff which i occasionally touch on but probably not as deeply as i should in many cases there's some fundraising that has happened. In the past year that has been particularly notable for the size specifically spacex relativity. Been getting gargantuan amounts of money there's some acquisitions that have happened recently. And then There's a whole trend of holding companies. That i find quite interesting as well as a trend that i find interesting and more shady. Which is this whole special purpose acquisition friend. Those are the things. I want to pick your brain about. Is there an order. would you like to start with fundraising and then get into what happens after. You've gotten a bunch of funding and actually accomplish things. What's the right order there. Yeah well I think i'd like to start with this kind of startling statistic that that i i like to I like to bring up a lot. Is that One and it's it's one of the reasons that spaceman was founded. Actually is you know. Currently launched comprises less than two percents of the global space economy yet has received seven percent of the venture capital. Today right sounds crazy but it. It makes such intuitive sense to like you know somebody watches the markets but exactly crazy. Yeah that's crazy. Yeah i like it when you hear that you're like oh yeah that seems right but holy crap. That's crazy just hear those numbers right and now the one question i would have is. Does that. include any space x funding as launch. Yes that includes spacex funding and includes the you know that big relativity rounded includes all of that. So i guess that's my that would be. My stipulation is like how. How do you separate out. What of that is going to starlink. zach satellites. Then does that skew it or is it not big enough to actually skew. Anything no matter how you classify either couple billion. Yeah so you know the regardless. It's it's a huge number even if he were to try and take starlink out of the kind of the space x portion of that. They're going to be forty percent of the venture right number exactly exactly and so you know when When my partner. Rick tomlinson and i were contemplating a founding space fund. You know this was one of the things that was really bothering us. We were kind of looking around the industry at all of our our friends and colleagues. Who are these brilliant entrepreneurs going and down sandhill road and couldn't get any funding and meanwhile while all these other. Vc's are just pouring good money. After bad into launch company after launch company because all ilan has launched company and basil's has launched company and jared. Leto is invested in in relativity space so i need a launch company. Right and base fund is currently tracking a hundred and sixty two active launch companies around the world.
An Apple/Hyundai Car?
"Hundai has confirmed that it is in early discussions with apple on collaborating to develop a self driving car. But in case you're jumping ahead to apple may be buying hyundai or anything like that. This seems to be just a partnership right now and also hyundai says apple is talking to several carmakers about a bunch of things right now so quoting. Cnbc we understand. That apple is in discussions with a variety of global automakers including hyundai motor as the discussion is at its early stage. Nothing has been decided a representative from honda motor told. Cnbc's cherry king. The statement followed a local report from the korean economic daily. That said apple suggested the tie up and honda motor was reviewing the terms. The report said both electric vehicle production as well as battery development were included in the proposal. And that the car could potentially be released in two thousand twenty. Seven apple declined to comment on the report and quote at the exact same time in bloomberg mark. Gurman has a piece up saying yes. Apple is developing an autonomous electric vehicle. But the timeline for release. His sources say is five to seven years. Also this quote a key. Differentiator would be apple's ability to integrate. Its driving system a pricey initiative that has spurred the company to develop its own software sensor hardware chip technologies. The goal is to let a user input their destination and be driven there with little or no other engagement. According to the people familiar with the project apple doesn't manufacture its own products and it will likely take the same approach with a vehicle. It's unclear which company would assemble the car. Though in its first attempt about five years ago apple worked with engineers from magna international a major auto industry contract manufacturer apple has continued to investigate building. It's self driving car system for third party car partners rather than its own vehicle the people said and it could ultimately again abandoned. Its own car. Efforts in favor of this approach in assign it has now rebooted development of a vehicle apple in recent months shifted in executive known for his work on vehicle interiors and exteriors to its car team in twenty nine thousand nine apple hired former tesla engineering. Vice president steve macmanus but he initially worked on projects unrelated to the car. Now mcmanus leads a development. Group was several employees focused on car interiors fabrics car testing and vehicle manufacturing people with knowledge of the matter said he reports doug field a former top tesla vehicle engineer. Who runs the apple car project. Day to day apple also recently hired jonathan seve a vehicle engineer from bmw ag tesla and alphabets as a senior manager on the car projects in two thousand nineteen apple. Tapped michael schwer kuch tesla's former vice president in charge of drive systems adding to a growing list of former tesla employees working on the vehicle effort late in two thousand twenty apple also hired another former tesla vice president stuart bowers. According to a person familiar with the move. He led tesla's self driving technology team until mid two thousand nineteen and was an executive in residence at venture. Capital firm grey lag partners until july. According to his lincoln profile apples car team is filled with dozens of other x tesla hardware and self driving car. Engineers in total apple has several hundred engineers working on the project with most of them developing the self driving car system rather than the full fledged vehicle and
2020s MedTech Innovation Winner with Paul Grand of MedTech Innovator
"Hey welcome back. Outcomes rocket listeners and viewers glad you have tune in again today. I have the privilege of having to guests one. He's a repeat offender here on the podcast. A good friend of mine paul grand. He's the founder and ceo medic innovator. They're the premier nonprofit accelerator in the metric industry that really seeks to improve the lives of patients by advancing companies poised to transform the healthcare system and also on the podcast. We have annalisa samarra. She's the c o rayo's who will actually the winner of midtech challenge and we're gonna dive into how that happened. And what that means but misnomer brings over twenty years experience working with startups in different capacities including biomedical research. Venture capital technology transfer operations and more in. Her interest is leaning startups. It really stems from ortho. Cell technologies a medical device company. She co founded in two thousand five obviously is passionate about making healthcare. Better hydrocephalus is what she's tackling with radios and you'll learn a little bit more about what they're doing at that company through annalisa so i wanna just start off by thanking both of you for being with us today. Thank you for having a saw It's great to be back on the outcomes rocket and it gets some time with you as always so. Let's check guys. It was a long run. We were together in february. In fact paul annalisa like we were in the same room. We recorded some interviews. It was fun. The energy was high and here. We are in october. And you know it's eight months later. The contest is over. Why don't you give us a summary of what happened paul. And some highlights and then we could lead into annalisa and and some of her insights sure yet. Thanks saw i mean. It's hard to believe that was eight months ago in some ways it seems like two months ago in some ways it seems like three years ago all the events the pandemic and everything. It's been happening since then. We are fortunate to be there in chicago or in person right before things got bad with covid and we had to go fully virtual on rested at road tour. So yeah what's happened to between we went through the process of evaluating over a thousand companies meeting with a couple of hundred person. We then move onto an incredibly fruitful. But you know challenging in many ways program where we do what we do every year arena. We find all this incredible companies. We partner them up with some of the leading strategic and providers and other people in our industry as mentors and advisors and we run this program that we typically do. We've been doing now for six years as a virtual accelerator but we depend on a lot of big in person events as well so that one february is one of the last ones that we got to do this year in person and we had to do everything else virtually but when incredibly well we selected fifty companies in our main program who were part of the primary toward and then we had another twelve companies on top of that that were just part of pediatric. Track for fifteen companies total that were part of the pediatric program and we had another twenty companies in asia pacific so Running a lot of stuff A lot of programs. And it's literally nonstop. Since i you in bed worry. Having taken a break there's the notifications has been no arrest. I haven't been reorganized and finally get vacation though. I mean it's over right or well. No i Was the first weekend actually kind of rest. A little bit still running that asia-pacific program that runs for another month until it's finals and we saw value competition coming up value word during midtech strategist conference in november. So we had a lot more to do still an. We're opening up applications for mid second beater. But i guess the last thing. I'll say when and we can dig into some more details that we've managed to pull it all off we slough some radical companies. Who just blew us away this year. Not only as they always do with their technology in their teams more passion and the way in which they're coming things being able to do that during a pandemic was kind of clean boggling. At how well these dumpings are executing you know no one is like hanging up their shingle and saying well and to go Go to start a farm or something. During the pandemic everybody is just executing and finding creative ways to do that and some have been accelerated as a result. So it's been tremendous were thrilled. I wish i could say it was time for vacation but i'll get one eventually. That's awesome man. I mean to work through the pandemic and in february i mean none of this pandemic was even in sight. I mean at least for me. I was like we were running. We were having a great time over there. Shaking hands and hugging. It wasn't until right. It was only a couple of weeks later that it's right like looking getting a little wider. What we're staying here and starting to look at each other going to keep doing this stuff you know in person. I remember the very beginning of march. We had another event at ucla and And people were that event. We're gonna look around going like. Is this totally separate. One of our partners didn't come to that event because they said that their corporate headquarters at stop travel and we thought that was really strange. Where like you can't fly from san jose to l. a. This is crazy by a week later. Like i was doing so the big one was when hams cancelled. Yeah oh wow. That was the real.
Zconomy: How Gen Z Will Change the Future of Business with Jason Dorsey
"Jason. Save up to fire nation and share. Something interesting about yourself that most people don't know sure what's up. Fire nation thrilled to be here with you. Huge fan fire nation. Everything about something that most people don't know about me is. I wrote my first book when i was eighteen years old and it was so successful. I ended up sleeping on the floor of a garage apartment with five thousand books that i had printed thinking somebody was going to buy them instead. They were furniture. So a bed of books means you're not selling as many books as you want to fire nation but guess what jason's grown he's matured and right. Now he's rocking z. Konami which is all about generation z. And how gen z is going to change the future of business. So i kind of want to start a few steps back jason. Because i'm just curious like how does one get into studying generations wide. Did that interest you. And why did you get into it. Yeah share well that. I book that i wrote when i was eighteen at ended up not selling it first and then becoming a real big bestseller and i started speaking all around the world and i ended up on sixty minutes and i was on. That show is all about millennials. And i'd written a bunch of books and started a company and everything was going great but after that show i started speaking all these corporate executives who are now our primary clients but i was speaking all these exact and he would say such terrible things about millennials and i am a millennial pretty fended lazier titled your pants or fall off. You live with your mom and all this stuff. And i'm like well. No actually. I have my own house in our own office building in my parents worked for me and my pants are on very snugly. Thank you very much. And so so after that i remembered Clear as day. I was in this boardroom. Big public company and the ceo had said Some things about millennial employees. That i just i didn't fully believe and i'd spoken about half a million millennials at that time and so i asked him because i didn't know any better. Now i serve on lots of corporate boards. You know one of the couples on sold for eleven billion dollars. I live in this world now. But back then i didn't i didn't i didn't know and it was really a set up for success so i asked him i said is there any way i can see your data about millennials because you say the turnovers hiring. They're not as engaged and on and on i. I love to understand better. So i can conceptualize it and maybe help also for so. There are a lecture or whatever so they sent the data to me. And the data didn't match with the ceo had just said in the boardroom which basically never happened. Ceo's don't go off the cuff in front of their boards prickly a private publicly-held company like that. So i asked my wife who has a phd. I said denise you know this is. The strangest thing was just in this room with this pretty famous. Ceo they said all these things with great conviction then. I looked at the data and the data doesn't match what they just said. I said what do you think we should do. And she looked at me and she says we start a research for. She's up because if they don't even know their own data if we can help them to understand their data make better decisions and we can really great copy and help lots of peoplesoft. Lots of challenges and so. That's how we got into this thirteen years ago. We founded the center for generational kinetics. We lead research all around the world for many of the biggest brands in the world. And all about separating generational myth from truth through data so leaders can make great decisions whether you're a startup or venture capital or your bootstrapping yet or you're in a big public company getting accurate data and being able to make decisions based on that increases the likelihood of success de risk strategies. That you're looking at drives innovation and so forth and we found that generations in particular or one area where there was just so much myth and so much misinformation and if we gave people great information that it could take action and that was incredibly exciting. We've had seven hundred clients since then which is pretty wild and done studies all around the world and just love it absolutely it now. Your ceo is just flat out wrong when it came to millennials and you had the data to back it up. Did you ever go back to him. And just be like joe burrow. Check us out. you're wrong in also my pants. They're pretty snug. Check them out. I know that was a quiet. But i really do credit him and i if it wasn't such a negative story i would say what company is because it's really big famous company but But no but. I do believe that he something that we saw frequently. Which is the idea that generations older generations. Think of millennials through the lens of their kids or their grandkids and so that that becomes a proxy for the whole generation. And in fact when we wrote the economy book new book. What we found is the same thing was happening again and there was all this misinformation and it just wasn't true and that's why we spent less two years right in the book is because we've got to clear this up because when people have the wrong impression about an entire generation it leads to so many problems for everybody. Everybody loses so no. I never never corrected him on it. But i do give him credit for sparking the idea. I'm glad that you do give them credit for sparking that idea because sometimes fire nation. Is those things you just like you know. I'm not just quite sure about that. Let me look into it. They can really uncover some great opportunities in one thing. That i think is a huge problem in this world in general and especially when you're talking about generations is just regurgitation. You'll hear one person on one talk. Show say one thing. And then you'll regurgitate it. And then somebody else regurgitates regurgitation and like seven layers down. You're like how'd you hear that. They're like oh. I don't really know like somebody just mentioned it and like now you're speaking it like it's the truth and it's just regurgitation of what you know is something that has no data to back it up. So what most people get wrong jason when it comes to generations break that down for us shared. There's a few things that jump out. The first is this belief. Generations are a box or stereotype and that is absolutely not true. We're generational researchers. This is what we do more than sixty five generational studies and what we see is generations are not a box but what they really are powerful clues and as long as we used them as clues and only clues to dry faster connection trust and influence in create all kinds of positive outcomes. We don't wanna put people in boxes. We wanna use this as clues. So we can figure out how to better lead market sell collaborate innovate and so forth. And when you sort of at that level people seem to really embrace it because it just gives them another lens to better connect. So i think the first is people think. Generations are boxes or stereotypes. And they're not in fact. Our clues are driven by math. We look for what's called predictability by scenario so that's the first thing that people i think it wrong. The second is this idea that generations are the same around the world. Now one of the things that we've uncovered repeatedly in our work. We publish all this on our website. Is that generations vary by geography so for example in the us will see differences between urban and rural within the same generation. And that i work a lot outside the us and we'll see differences. Has we travel around the world and that's important because if you're a global company or frankly a global brand fire nation is you want to make sure that you really representing each of the different geographies. And what makes them different now. One cool thing that we've uncovered and we talk a lot about this bunches. Economy is the most consistent generation the world. now that doesn't mean exactly the same but the most similar generation the world is now gen z. Gnc's about twenty three twenty four years old. The oldest and the reason the most similar is because of cheap mobile technology so if you live in different countries around the world you might even get your phone for free as long as you use it for payment. Think about it started using a text. Payer sort of like a mobile credit card in different parts of the world and because we've driven the cost of a mobile down solo basically two zero in many places now. All the sudden young people around the world are having access to entertainment news information dating banking on and on and on and as a result of that. We're seeing a lot more similarities. As i travel all around the world the younger you get but interestingly the older you get even to gen xer baby boomers from a different planet as you travel around the world. So that's something people get wrong. And then the last thing that i think people get wrong. And is they have to deal with a bunch. Is people confuse life. Stage or age with generation. So for example jen's is now twenty four but when we do studies and ask people how do you think the average millennial is they'll say twenty five as if we didn't keep getting older you never talking about millennials for fifteen years. Say there they're now forty. I think that's a board it because you stay in the saying generation but you pass through different life stages and frequently people confuse the two and it's very important to understand the difference because if you're trying to market or employer build a business that targets different groups generations gives you all these clues but we got to distinguish between the generation which travels up right at ages up baby boomers for teenagers versus life. Stage for example high school or college which are still pretty similar ages as they have been for the last four years and so knowing. The difference helps you to understand that. Yes really interesting. How people always confuse age with generations. And how that all goes. I mean you know. I was just talking to a friend the other day literally. He's in his late thirties. I'm in my late thirties. And he's just going off and riffing about jenner. How millennials or just entitled and all this stuff and it looks like you know where millennials. He's like oh no. I'm definitely not a millennial mike. Well we're we're like the oldest millennials millennials. And he's like well. I need to look at that. And so it was funny. He came back. We know there's actually a lot of great things about millennials and he's now like listing off all the good things because he now is identifying himself as a millennial so it's really interesting fire nation and yes. We do get older. That is what happens to all generations and all human beings foreshore. And we're gonna die something. I'm pretty excited about as soon as we get back from our break which is about how generational work is actually going to solve challenges for both entrepreneurs that's you fire nation and companies as well as soon as we get back think is the best platform to create market and sell your own online courses in. We speak from personal experience. We've been hosting our online courses within kick since two thousand seventeen with dinkic we can deliver content to our students in a simple user friendly way that allows them to learn and take action fast plus our students are always raving about how easy it is to follow the flow of the contents. Thanks to think theme and templates. So if you're ready to create an online course to help you reach a wider audience build revenue in make a bigger impact than think. If is the perfect partner to have by your side to prove it. Think if it has an exclusive for you fire nation. Their five day course challenge. Here's what one of their recent students had to say about. This challenge helped me gain the confidence and clarity. I needed as well as a perspective required to compile my specialized knowledge into marketable contents that others will be willing to pay for sign up for this free challenge today at think dot com slash fire. That's t h. I n k. I f i. C dot com slash buyer looking for business. Coach was helped thousands of entrepreneurs just like you to increase profitability by an average of one hundred percent per year all for less money than would cost a higher a fulltime at minimum wage employee fire nation meets clay. Clark klay has been coaching businesses. Like yours since two thousand six yep even through the great recession and he does it for less money than would cost a hire a full time minimum wage employees at a time when inc magazine reports that by default ninety six percent of businesses will fail within ten years claes helping businesses like yours to grow on average by one hundred and four percent annually. Houses even possible clayton only takes on one hundred and sixty clients so he personally designed your business plan. Plus cleese team helps you execute that plan with access to graphic designers. Google certified search engine optimize web developers online added managers videography workflow masters in accounting coaches visits thrive time show dot com slash fire to see thousands of video testimonials from real people. Just like you. Who plays helped over the years. That's right do your research view. Thousands not hundreds of proven documented in archives videos. Testimonies from real people just like you. At thrive time show dot com slash. Fire thrive time show dot com slash. Fire then schedule your free consultation with klay himself to see how he and his team can help. You thrive so jason. We are back. And as i kind of teased before the break. I wanna get into. How generational work console challenges for fire nation. That's for us entrepreneurs but companies as well. Sure that with us. Sure one of the things. That also is not obvious as i'm venture partner at a venture capital firm and serve on lots of start up boards. It's an extremely passionate about and what we're seeing much of the opportunity being created today has a generational trend or thesis. It's the adoption of new technology new solutions or bringing a different way to look at old problems and when that happens that's where both change and frustration and challenge and frankly companies go out of business but it's also wear new opportunities are created so i'm speaking with entrepreneurs and working with entrepreneurs were trying to look at what are millennials and particularly gen z. Doing right now that you might want to be able to build a business around or leverage as their pine power influence increases so for the first time what we're seeing is technology trends are rippling from the youngest to the oldest and that's a huge shift. It used to be from the oldest more affluent down to the youngest. But now we're seeing younger. People are actually driving tech adoption up to the older but the key as an entrepreneur mississippi that we coach entrepreneurs about is being able to sort of step out of your generation and look at it through the lens of another generation. it's what we call generational contexts. One of the best ways to do that is actually bring members of that generation into the conversation. I can't tell you how many times i'm speaking at places. And they're asking me all these questions about millennials or gen z and. I'm like well. Why don't we invite some of them to the conversation. Let's talk to them. Uh let's actually talk with them. See what they say. Say get and so. I think when you look at bringing generational diversity into the workplace into innovation. You can solve all kinds of interesting challenges. I'll give example right now. What we're seeing is the gen z and even younger millennials. I talk about both of these in this economy book. They want a different on boarding experience. Obviously we're in this time of covert and all these changes but even before that what we saw is that the youngest generation wants to be on once on boarding to be by text message. Which sounds i know a little bit wild but there are companies. Do all of their on boarding through text message so you get semes- before you Short for your first day in alaska you just give you a simple example. This is in the book from coming called on border. When you they'll send a text message and it'll say what's your favorite snack three o'clock when your energy starts to go down. Do you have a favorite sports team are causing all this sort of stuff and the is when you show up for your first day. Or they'll even now senator gift baskets to your house. They'll have all your favorite snacks ready for you on your show up because they already know because you put in your text message or the. Have your favorite sports team. Or they'll find the best place that you wanna go eat or have that food delivered so they're engaging you by text message in a process that generally used to be in person and frankly pretty terrible at most companies. There's another company that worked in with again. This is generational trend. They figured out how to pay all employees fifty percent of their wages every day at no cost. They're called instant and what they did. Is they basically said you get a text message or message on your phone after your shift. And it says hey. Would you like half your money today. Yes or no. If you click s you get your money. Will all the sudden now you have. An entire generation is growing so fast that thinks they should always be able to get half their paycheck. Every day will imagine how that changes so many other things and all the sudden other generations. What do they say well. This text messaging on boarding thing is pretty cool. You mean i can get paid every day. That's pretty awesome. I think i want that. To and all the sudden the generational trends creates huge businesses. And those are the types of things were seeing you know so much. Innovation is driven by other generations. This is the key they don't even think it's new or different when we interview them. They think you've always been able to do on boarding by text message because they never got on onboard before there was text messaging or if they've only worked at a place that gave them the ability to get paid every day. That's how they think everybody gets paid. And you know older generations. So i work with the frequently. Get defensive and they're like you know. The young generations are trying to change everything. And i'm like no. They're not this is just all they've ever known they don't know any differently. Change to them is actually doing what you're proposing and it's not about one being right or wrong. It's going we can. We can leverage us. We can adopt this and all the sudden on boardings better retention is higher engagement is higher in these types of things and you see it on the marketing side for those fire nation members who are really growing their businesses and they're more than sales marketing. Same exact deal and the idea is just recognizing this you're creating so much opportunity. We see this particularly with social media. We see this with podcast such as yours that this is a great way to engage younger generations who then index for talking about these things and driving awareness in referrals and excitement fire nation. So many things to take away here. One of my favorite things jayson broke down was specifically tech trends are rippling from the youngest. To the oldest. Like think about that shift. Think about that change. How the ripples actually going from the youngest to the oldest now which is a complete flip from how it used to be back in the day and one thing. I wanna really dial in on just because i'm personally curious and i think fire nation is to is this the up and coming generation now. Let's talk about generation z. Like who is generation z. And what do we need to know about them. Yeah absolutely so gen z. The key thing is that they're already twenty three or twenty four years old. So that's a good starting point and what we uncovered in our research and we publish. This is economy. Book is at gen. Z is the key thing we got all these research firms around the world to change their birth years. Gen z does not remember nine eleven and that is a huge deal because it's the biggest event for the millennial generation we call generation defining moment. But jesse doesn't remember it at all. They learned about it in school or heard about it from a parent or they watched the video on youtube. But it's not something they experienced and they're now twenty three twenty four years old so a huge event of the generation before they don't remember in fact they're they're covid nineteen is essentially their defining moment. This pandemic is the generation defining moment that they're gonna take with them and we talk about this a lot. So one thing is they. Don't remember kievan of a previous generation and the other is there. Cuban is happening right now. But what i think you're entrepreneurs will find super interesting is that we've been doing this. Study for the last five years called state of gen z and. It's our big study released every year. And what we've uncovered and we've seen it for five years in a row now is gen. Z is more practical or frugal with their money than previous generations. And this is shocking and when we dig into it what we find out is that gen z came of age around the great recession. And what do i mean by that. Their speakers are experts. Like you talked about earlier. This regurgitation people running around saying oh gen z struggled during the great recession in the workforce they were twelve and were not working right but instead what they did is. They saw their parents struggle. They heard their parents struggle. They know people lost their houses. They saw millennials drowning in student loan. Debt having back home a mom and dad and you put all that together and what you see is. They're very conservative or practical with their money. As a result they're driving double digit growth at stores. They like couponing they wanna know. They got a good deal. They want things to be a bargain. They want them to last a long time really have utility and what we see. The example. i'd like to give is a gen zero sixteen years old. We'll have a birthday party. They'll get fifty dollars. They're all excited it away. And then they'll go to their mom or their dad and say hey. Can i have fifty dollars. Wanna go buy something. Mom or dad will say but you just got fifty dollars. And they'll say oh. No that's my money your money. It's overseeing that so if you're trying to market to them you've got to understand their practicality with money we also see the gen z when we do values based research. What we find is for the last four years Their top concern was climate change. Or would they would call climate crisis in their own words. And so that's been the top that they've been looking for brand alignment and for entrepreneurs to get behind and so forth however in the last six months we are new study. Social justice has leapfrog. Climate changes their top issue. And it's significantly more now so all the sudden as you see the generation respond to events around them. You can sort of see how they're shaped so if you wanna make sure in line with their values you gotta know what their values are going. Even deeper on the employment side is people look to hire them. Gen z no is looking for stability. This one's this one's tougher for entrepreneurs. So i want to explain it. They're looking for stability in an employer. What do i mean by that. Gen z saw these layoffs. I heard the layoff. Seen millennials struggle and as a result they're looking for an employer that they view as stable. So it's interesting because they tend to automatically defined stability by being a big company. So they'll say. I want to work for a big company will say why and they well because they're stable and the truth is you and i both know that. Just because you're big company does not at all mean that you're stable and just because you're a small business doesn't mean that you're not stable so it's important that you message to them. We also found in our research is gen. Z is very much interested in benefits which is shocking given their age in fact two years ago. Twelve percent of gen z was already saving for retirement. Wow and yeah. That's crazy right and many of them already have an emergency savings account. These are eighteen year olds. That are taking up their phones showing us emergency savings accounts and it. Just it's such a different generation. I think the key here. Mrs so important for all the marketers who are listening our nation is at gen. Z is not millennials. Two point oh they are not millennials. Just more extreme. That's total bunk. People say that it is not true. Jesse is a completely different generation raised by different set of parents who has come of age only knowing social media it has always existed for them. That's why they trusted so much at the same time. They're more diverse than any previous generation. Different set of values different purchasing pathways. And now the key is they over index on influence because of how they use digital media and already twenty four years old fastest growing generation in the workforce today on a percentage basis. And they're gonna be the most important consumers to get right over the next ten to fifteen years. One thing that i assume and please correct me if i'm wrong. Because it's just an assumption but generation x. And millennials like this is like. I'm speaking of my generation's here that i cut kind of overlap. Both pretty closely. It's we came to like being seventeen eighteen years old and it came to money in debt. Just kind of close our eyes and kind of believed the rhetoric of. Hey you just have to go to college and it's going to be expensive and you're going to get college dad and that's okay and you're just going to be a paid off at some point in the future and now like millennials and gen xers just hammered with this dead. They can't payoff ten twenty even sometimes thirty years later because it was just brutal with the mountains of debt that people kind of blindly get into it. Seems from what you're saying. Generations not gonna kind of take that same approach in just blindly. Sign away their lives to this debt of secondary education in colleges and universities in the such. Is that true. Wow that is such an insightful. I mean you you are super pro do so yes. That is actually true What's interesting is when we studied student. Loan debt with millennials in particular. That's what we call an economic anchor. So what it's causing. It's actually causing millennials. Now this is wild to delay marriage kids and buying a home because of student loan debt and that has massive ramifications on all parts of the economy to everything from financial services whether or not. You're buying life insurance. You know the the homebuilding recovery like on and on we could keep going to income households. There's just there's so many things that are impact even ultimately the ability to take care of your parents later on so what we saw. Was that large student loans at delayed major life commitments which we which is what's happened as a result And by the way gen z will tell you they're not sure that if spending a whole bunch of money and college actually pays off his it remains to be seen right now for millennials. We were told. I'm a millennial. We were told getting the best college at an. Just get debt. And will all be worth it and then for a lot of it wasn't on the flipside. Gen z in our new. Study in this in this economy book because it's important to understand how thing about education gen z is trying to graduate from college with as little as possible ice which is super cold. They're also saying that they're looking. They're very interested in the employability of their career. So so if they go and they pursue a certain path. Am i going to be able to get a job in that path. Now by the way kobe. Nineteen has been a massive massive. You know challenge for that because there are people that were three or four years into college university you know. Maybe they're going to study retail merchandising. Well aren't hiring never hired for that role again or they studied. You know oil and gas and those aren't hiring whatever it is so all the sudden people who already had you know pretty heavy commitment are now realizing that that path isn't there for them but we are single. Gen z particularly during this experience. Right now is they're saying. Hey i want to make sure. I'm getting value for my education and raven seeing well if it's going to be online only i'd rather go to a community college or state school or somewhere else. Get some credits. And then i'll figure out. If i want to go back into the future maybe take a year off and then come back and so forth so there definitely much more conservative with debt when it comes to college university and by the way the other people who are more conservative are their parents boomers had to cosign on all those millennial loans just. That's my mom about it right. And that as a result for many millennials it was tough for them to pay it off on the flipside. Gen-x is going well. I don't know if it's worth it gen x. Gen z kids. You will not end up. Like those millennials so the that's also being weighed into the conversation now is college university worth it and then you add the layer of kobe. Nineteen is it worth it if it's nontraditional experience and you know i don't know the answer to that but it is something we're observing and now this is where it gets really interesting. So the oldest members of gen z. Those that are about eighteen to twenty four. They're bearing the brunt of this. Pandemic what i mean by that is in our latest study. That group was most likely more than any other generation to lose their job. Have a decrease in pay or have a shift in responsibilities meaning. They had to assume a job that they didn't sign up for where it gets interesting though is younger so my daughter is nine years old. Her name is russia Sushi is in fourth grade right now. She heard this is in the book in third grade. Her last end of the year project. Which i didn't know anything about Was she went and built a presentation. She built all and google sides. She built it all in spanish. She had animation. She presented it. She recorded it and then she uploaded to classroom and she thought that was completely normal. She's nine and then of course. You saw one of my powerpoint slides. He's not very good. So i say that because the younger members of gen z. This is the real twist here. They might end up turning this pandemic into a positive. Because they're going to learn a whole different way to learn to collaborate they're going to get the benefit of the older part of the generation struggling. So they can learn from them. All of this stuff largely will be resolved in terms. Of least what normal looks like in the future and so they're gonna get the benefit of all of that the closer you are to those transition years of eighteen to twenty four the worse is but the further away the more benefit could end up being you so it's pretty interesting that within the same generation you can have two very different experiences and by the way this is what happened. To millennials millennials like me who crashed into the great recession and then the millennials who came afterwards who benefited from a very robust economy. So even within the same generation you can see pretty significant differences. I mean fire nation. I really hope you're enjoying this contest. Much as i am. Because i'm seeing the application to the real world and that's so important because we're entrepreneurs in the real world. We own businesses and companies in the real world in this stuff makes a massive impact so jason of everything that you shared today. What's the one key takeaway that you really wanna make. Sure fire nation gets from all of this awesome stuff above generational impact and the generational studies. That you've done and then share how we can even learn more about it through you and any call to action. You might have for fire. Nation is time to share. Yeah absolutely so the number. One thing that i would share. You know as an entrepreneur myself now for twenty four years is i would do. It's called a generational snapshot and what that means is you create essentially a pie chart representing the different generations. Either of your customers or of your employees or team members or ideally of both. Because what you'll often find is that there's more generations and you suspect it and it will help you to shape your messaging your leadership in your marketing to better fit them and going a bit further if you don't see enough of the next generation coming in particular on the customer side that's definitely a yellow flag that you need to pay attention and make sure that your dappling for the next generation because they will be the ones that drive growth. So that's the best easiest how to that will cost you zero dollars that a promise will make you money. Which are the type of things i'm all about. And if you want a whole bunch more in terms of how to actually recruit and retain motivate and so forth across generations or market and sell. You can definitely check out the new book. It's called economy. How gen z will change the future business and what to do about it. We do talk about all four generations and just packed with how to in case studies and all kinds of cool stuff and we'll put together a special promo for fire nation. New it be on my website. Which is jason dorsey. Dot com slash. Fire you'll be able to get all of that. They're including three free video courses. Because i am a passionate entrepreneur. Have been for a long time. And anything i can do to help them. Nation will fire nation. You are the average of the five people you spend the most time with and you've been hanging out with j. d. n. j. l. d. So keep up the heat and head over to your fire dot com type jason in the search bar. The page will pop up with everything that we've been talking about today. But of course jason. Dorsey dot com slash. Fire is gonna get you to that gray page with all that awesome content. And i just wanna jason. Thank you for sharing your truth. Knowledge value with fire nation. Today
Bobby Sharma on the Recent Esports Survey
"Show is focusing on a study published in mid November, which is an annual look at the E Sports industry the studies conducted by Foley & lardner law firm and specifically fully Sports Entertainment Group where Bobby is a special advisor home study was also conducted a partnership with the Esports Observer. This is the third year the study would you introduce hundreds of Executives around Esports? I will go through all the findings here at all, like the full report below the show, but some of them That's that were of Interest Who did that 73% of survey respondents expect to see increased investment in Esports a Zappa demek wide Stewart head over Q4 2020 and q1 20-21 the study also touched on gambling house additional Sports could use Esports and better ways and a lot more interesting Insight from leading Executives across the US and Europe. Primarily Bobby took the different findings in the report was there would start that really stood out to you something that surprised you. What's what's all the data was done collected. I don't think anything surprised me. I think I mean this is a really interesting survey that fully laden has been conducting now for three years and it gets even more interesting with each passing year to see the evolution of the industry at least a perception of the the evolution of the industry in real time. But last year, you know looking at Trends is always really interesting last year. I think we saw a more mature birth. Level of investment come in in the sense that you had more private Equity Capital than Venture Capital than in the past which makes sense given that the sports industry is young but quickly maturing and there there seemed to be a lot more long-term Value Place for investors the pandemic of course thrown a wrench into everything and not you know to answer your question or directly. I'm not surprised that the findings of this survey basically are mixed in that of course, like all sports media and entertainment properties Esports has taken a hit to some extent because of the massive disruption because of covid-19 and depend emack that that's that's basically disrupted, you know, any any events or oriented business and whereas a lot of people understand these boards to live largely online the reality is that you log Culture lives, you know very much in person at large Gatherings and Arenas and stadiums and and in smaller scale type of event so that that's had a direct impact to the revenue but I say mixed because throughout this pandemic there has been certainly a perception that Esports has thrived and it's definitely true to a certain extent. It's been terrific for the Publishers because more people are playing video games more people have more time in the day because they're not competing or you know are at home where a lot of these things are consumed and participated in and no part of our survey questions and and the narrative that you mentioned you're linking that we put together from the results speaks to to those Trends where we've had some of the media companies reporting, you know web traffic up wage. 75% in terms of gaming you've had certain situations where you've had, uh, you know gambling become, you know, what will I'm sure we'll speak to that later become an actual regulated phenomenon for Esports that wasn't in the past because of in part because of the absence complete absence in the second quarter of this year of any traditional Sports at all to bet on so it's it's been I'd say the good is outweighed the bad and I think that's that's where the the survey Nets out for Esports and that it's it's taken a hit but a minor and it's it's poised for more growth going forward relative to traditional Sports, which is I think what makes these Sports so amazing is that it has such a big and under monetized and young and negatively digital Highly Educated High disposable income audience that everybody wants to to to connect with so long. So yeah, I think both the for the good and the bad good outweighing the bad the results are not too surprising and nothing really surprising to me. I should say
The Truth Behind Launching Companies with Vinnie Tortorich
"Vinnie ceo. What's up to fire nation and sheer something interesting about yourself. That most people don't know hello fire. Nation graft to be back john. Thanks for having me on. Wow something most people don't know. Well here's a deal. I'm health and fitness expert and most people have been into ultra cycling ultra vents in holding. So oddly enough. I love to exercise and of course i eat right and take care of my health. So people would think. Oh well fitness is the most important thing to this guy and fitness may be well. It's number one bay but it may have a rival Financial health has always been as important to me. You know just watching my money watching where goes protecting it. Investing it myself not needing it in the hands of other people. So i look at at financial fitness as long as much or more than i do my own physical fitness. I love hearing that for sure. And i mean we actually had a really fun chat before i hit the record button here where both myself and vinnie fire nation. We escaped california. We're not talking about the fires we're talking about the insane taxes which by the way vinnie. I don't know if you're so tracking this but they're raising state taxes to sixteen point five percent there that's just state taxes which is absolutely mind blowing. The only problem. I have with vinny to be honest with you. Fire nation is that he stopped about twelve hundred miles to short he. He needs to get into a boat even a canoe paddle out into the atlantic. Come a little self from virginia vinnie. Angle yourself down towards the equator. Don't stop to you. Hit puerto rico and come join the world of four percent my man come on you know what we actually talk about because you know my wife is european so i could be anywhere in the world. That has a computer. If i can run a computer could be anywhere in the world and it felt so good leaving california and going to a quote unquote normal state. But we've talked about it. You know. I keep going buddy. John says that guy's killing. Okay let me just let me just say this. This is what i want to happen. I want you and your wife to come down. Visit me for a weekend. And i will blow your minds with beauty. Amazingness of the islands and by the way from saint joe from from san juan international airport. We have direct flights to germany to portugal. Talking five hours in the air. You're in europe. It's absolutely unbelievable. So that's for another time but the invitations always there have any i would love to host here love to. I wanna talk right now about you and starting companies because a lot of people a lot of people in fire nation included. They think that they need to go directly to outside investors to go to venture capital to raise all of this money before they even think about starting a company but you started a very successful. Vitamin company was zero outside investors. Talk to us about that. How did you pull that off. Yeah i think you have my partner. Andy schreiber the vitamin business on the show at some point and what had happened was the whole time. I was in california to reason i went. There was to start up businesses. And every time i had a great idea it turned out. Man made like two or three pennies on a dollar. Because when you're borrowing someone else's money are you have these investors. They're taking the big financial. Had a big chance. Even though you ll invented something they walked lion's share out it and when you go to a bank and beg a bank for money first off you have to have a like a whole business plan written out in the whole thing. And i every time i went to a bank and a wanted to start a vitamin company. There were like who are you. And why should we trust you with my with my plan in place. They were like yeah. We don't think so. And so that's how that whole thing started I got lucky that that was a lucky move in my life. I wrote book. And i it. The book is called fitness confidential. And the book a year. How they say you should dance like no one is looking yeah. I wrote a book as if no one was going to have anything and everything that i wanted to put it in a book went into that buck and it turned out that it was this weird colossal success
Cyber is as Much Psychology as it is Technology
"I got convinced to join a stereo which is the company. I'm working for right now I've been with history for five. Monster is a brand brand new organization. It it's a different type of organization and from my experience. I concluded that this is executive type of organization. We needed to have so the very moment. I learned about historian about what it was all about. I was really adamant to join in and so so it is so. I'm not a managing director for europe middle east africa And a little. Bit for usc at a starring. But can you give us some insight. So what is your day today like. What would take up your time these days. Well my day to day. I'll have to divide my time in between Three things is to manage my wonderful team as any manager. we'd have to do another one. Is we have a community of members. Mum some would call that client who prefer to call members. These are very big organizations all over the world with which we have decided to have a very close trusted relationship and so a certain amount of my time is to engage with this community. Tried to understand what's going on. Try to understand the emerging problem trying to understand what's happening over the arisen as well as the most immediate problem so that's one big spirit of of my time. Another aspect of my time is history is also investing into cybersecurity and overall digital risks organizations. So i spent quite some time to king With emerging organizations indo digital risks cybersecurity field talking with venture capital talking with the leaders talking with regulators trying to understand what is happening what is relevant trying to create an ecosystem if you will of organizations in which we can invest and also trying to understand the need for today tomorrow and the next six months On on the typical customer side. You know strikes me that With your experience you have You have something that i think. A lot of people don't which is A real view of the global situation when it comes to cybersecurity. Your your experience has taken you around the world literally am. I'm curious what insights you can share about. That experience i mean are having been to different parts of the world. Seen the way that different cultures approach cybersecurity. Are there lessons that you've learned there. Are there important take homes you can share all. That's an extremely good point. You make what. I let me just share a little bit i. I'm very hopeful to sit on the board of advisor of elvis. You know the If unique and space defense organization have been sitting on this star community as they call it for for many years and the reason why invited me is because they said i understand cyber for an american company amid a european person i'm belgian guy from heritage and i leave thirty years while nearly thirty years in asia. I've got a very good understanding of what's happening on a worldwide basis when it comes to digital re cybersecurity so you quite spot on what. What i found out is the risk same. I mean i have worked with the If you will the equivalent of the sizzle of the chinese government. When i was working at microsoft and i found out that this gentleman is exactly the same problem as any other seasonal anywhere in the world in any other country or any other enterprises fish with exactly the same problem so the problem we faced with are the same the difference if you will resides in the sophistication. Some organization sub countries are way more sophisticated than others for some. We could speak about bits and bytes issues for others. We're talking about just to learn to walk and not certainly not to learn to run and the thing that is critical to me is the difference of culture also the organization level. I found out. And i have wounds all over my body to prove it because i thought it out the hard way i found out that you cannot take something that works in one culture and plug it into another culture and who backed it will work the same way. It's not true. Cyber inflammation security his as much psychology as it is technology as i usually say behind every cybersecurity incident. You have a human being either because you have an attacker attacking us for whatever reason either because we made a mistake a human mistake into way we tried to To to configure to deploy was security at the organization. And so it's very important to integrate the cultural aspect to make sure that a message is done is propagated the right way. Make sure that that people synchronize in endure is some crystallization iran. Some problems and delete works in. Us's not the way it works in career. That's not the way it works in germany and so on and so on so. My experience told me the problems i usually the same but away. You address them varies. And you've got to be very cognizant on on this cultural aspect to be able to the right wing.
'We Are Shipping To The U.S.': Inside China's Online Synthetic Drug Networks
"One of the things that outgoing president trump did during his term was pressured. China over the drug kills tens of thousands of americans each year and much of it does come from china so more than a year ago. China banned all types of feno related compounds. Now we have learned that it sellers have adapted. They are selling the individual chemicals that can be used to make the drug and they. You're selling those ingredients more or less openly online. Our beijing correspondent. Emily fang looked into this with help from data collected by the center for advanced defense studies analyst. Michael low muller worked together that data. We spoke with both of them. What exactly to china. Due in may two thousand nineteen they decided to ban any synthetic that resembled sentinel which was a big departure from what they did. Before of banning only specific at a time a few months after this band there was a big drug bust of drug trafficking ring in china. One person was sentenced to death other people sentenced to life in prison but then there was quiet and i was curious as to wear all these people who had been selling earlier had gone and what that world look like now with this span in place how do you go about trying to find that seemingly underground world. Well that's where michael comes in. We're interested in seeing how the supply chains were operating from the point of production through sale to us and when we're looking at The salen of things we found that a lot of this activity was occurring on the open normal internet so we were looking into various advertisements that go up on these different marketplaces platforms like alibaba and other chemical and pharmaceutical marketplaces that companies reposted for in advertisements for that no one other related substances so we saw that. It was a very much out in the open. You're telling me that you could just go to a normal website Maybe not exactly amazon but alibaba's a pretty big platform mean you could go and find these things. Yes we observe that. The bulk of federal related sales activity appeared to be occurring on the clear web on ecommerce websites such as alibaba but there are also other websites that vendors use a little maintain independent websites on also using social media to facebook. It's all current very much on the open. Was it easy for you to begin. Finding the exact locations even of people who were selling ingredients offended all vendors will rarely use the actual name for drugs. So you're not going to necessarily see an advertisement that says fennel for sale. But if you know that any no holly substances are being advertise. It's very easy to find even via a simple google search. Many of these company names that are listed alongside of these advertisements are real companies. You can look them up and the chinese registry and find identifying information for them including addresses. Emily thing in beijing. What did you do with that information. Because michael had found all of these vendors with addresses. I then went to see whether these people really existed in the places. They said they were on me. Found that many of them in fact were operating in clear daylight. Many of them had offices to do sales in the middle of quite large cities in apartment buildings in shopping malls in cubicle office buildings and it speaks to how difficult it is to stop factional compounds that are cheap to make you can ship thousands of doses at a time undetected sometimes and because of the internet. These people can directly reach clients in the us and mexico and europe from an apartment building and industrial china. Would you describe your visit to one of these places. One of the main vendors that i visited calls himself. Benjamin chen line and he was one of the more active anders that see for eighty s and npr. Were able to identify. I was able to find him in remote region which is in china's northwest and during the day he worked as a salesperson selling legitimate products used in steelmaking process out there but in addition to his regular job he was also selling sentinel precursors so the type of chemical ingredients used to make fennel as well as other synthetic drugs when i met chen and his employers office. He was very nervous. He ushered me into a conference room so his colleagues couldn't hear our conversation on when i confronted him as a person who secretly dealing deadly synthetic drugs on the internet. He denied everything you know. He said he himself was not involved in any of this however headshots of him linked to fennel precursor advertisements. Do match the man that i met the phone number provided on these advertisements matches the one that chen answered and that i texted him on as did the address that he listed for some of his websites so a bottom line question then has the flow of fentanyl from china to the united states been significantly interrupted in any way by china's law enforcement. I think when it comes to finish fennel reach in the united states from china. I would speculate that. There has been a decrease in that is tough to know for sure. Though we reached out to china for comment we reached out to the national narcotics control commission which is in charge of enforcing this ban. They said that they had not seen any legal sales of sentinel class. Chemicals online within chinese borders since the ban but due to the openness and cross-border nature of the internet. Any country would have a difficult time completely eradicated illegal information. So they're saying that they have not seen illegal activity but they cannot rule out that it's not happening what we've seen in china though. Is that some kind of online activity to sell. Fennel ingredients is still happening. The us drug enforcement administration does say that. Mail shipments attentional from china to the. Us have dropped dramatically since the ban but the also says that more and more of the essential ingredients are being shipped from china to mexico where the ingredients are made into finished venture capital and then sold again into the us so the flow has not stopped but the manner by which it's reaching. The us has changed realistically synthetic drugs. Vendors are finding ways to work around the spin and some ways that are technically legal even if the effect is to be selling deadly poisonous medic drugs to people outside of
"venture capital" Discussed on Marketplace Tech with Molly Wood
"Venture capital doing to change. It's mostly white, mostly male culture. Nothing radical from American public media. This is marketplace tech I'm molly would. So for years, the venture capital industry has been pressured to be more diverse and inclusive invest in more women and people of Color hire more women and people of Color. In the past month we've talked with black startup founders investors about what it will take to drive real change in tech. And they said it'll take work from big silicon valley firms, and the big institutions that invest in those firms called limited partners or LP's. So we called big silicon. Valley, venture capital firm Ilya Fishman is a partner at Kleiner. Perkins I asked him what Kleiner is doing to improve representation in the valley. We do need to lower the barriers to entry and to connect. We also tried to connect new talent with tack in Silicon Valley and so we actually have a program called Kleiner Perkins fellows. We connect them with internship programs in our portfolio companies, and sometimes outside of our portfolio companies. When we started, the program was only seven percent female. It's about fifty percent female today we're about seven percent, Hispanic, and four percent black, and so obviously those are very early starting points, but hopefully we can achieve the same ramp on. Those measures of diversity as we did on gender diversity for program I. Hear you say all this, and it doesn't sound that different from what we've been hearing for. At least almost the twenty years that I've been in this industry. What would it really take to change this culture, would it? Does it take LP's like? Does it take your investor saying? We understand that you're committed to this, but you actually have to have a black partner before twenty twenty two. <hes> I mean I. Think ultimately this comes down to us all actually doing the things that we've talked about doing right for us. It's <hes> identifying amazing entrepreneurs and founders or executives can become those partners down the line. I would I would love for us to to be able to add a ethnically diverse partner <hes> I think committing to a higher by twenty twenty two. Yeah, it's it's hard for me to commit because I wanNA make sure that we actually executed on properly. I guess the question really is. There seems to be agreement that this is a systemic problem that needs systemic solutions. Do you feel like this solutions they are proposing. Are Systemic that they go deep enough. The fundamental systemic change starts with changing the types of people that are in technology and giving more access, and that's why I'm so excited about the fellows program, and that winds up being a feeder to everything else <hes> I think it's all happening i. wish it would happen faster. Couldn't you'd be that change I? Mean I hear you and I hear that you're doing these things, but you say you wish it could. Could happen faster and I feel like you're the guy man why my view is <hes> I think we are. We are making the changes, and by the way adding Carter's team is something. That's a very significant commitment. Right <hes> in general because these these relationships last decades <hes> I. Think you have my commitment that we will. We will look <hes> and we'll have to look, and we'll can commit to looking for diverse candidates as part of the process. Ilia Fishman is a partner at the venture capital firm. Kleiner Perkins according to at least one survey. Black people make up on the one percent of investment partners adventure firms. That's seven actual people.
"venture capital" Discussed on Business Basics
"You're absolutely so. Like, I was saying if you're businesses on capable of fast. Peacock or it's Google search charter fix lag growing facebook millions of people sign out by. software. then you're a good candidate for. It doesn't have to be software again be. Denver team years ago. Uh smartphones McNeil and you saw on Android and IOS Samsung become really against excellence I become. Artful and so something that actually has ready fast growth. You need to see if your business is one such business now. Are you seeing exceedingly fast growth? it doesn't after being money like. Everybody started using golden such came I. They weren't making any money. They are distinct UNC after the for five years and years or on. Their spending the money and breeding growth. I. They add more. Or use. Their services. I'm Google stock earning went from zero to a billion dollars in just one or two years. I been this. charging for the ads rep site that kind of stuff, so so you need to see if your business is capable of really FUSCO growth effort is than your. Candidate for Renchik Apple. So are you find IF YOU'RE A business ten years ago, most of the venture capital was unknown of Silicon Valley the Francisco Bay area, but now a Lotta Renchik has moved out to other cities but still the bulk of the ranch. And potisk Oh you can actually will go into iphone, not the out Lazio lists, and then you can go to rep sites. Out. Is Your Business. That kind of business aid rested I. You can see what other businesses immersed in so you need to figure out venture capitalists in Western different things some in wisden's opera companies on enriched in. New Medicines are biotech, some interest and no other company. The missed in and you netting. WHO's asked out, so you need to figure out whether Your Business is afraid for adventure every company, and then, and then you get in contact with them, and they have information either rep sight of how to get them. What's the best way to approach them? So you follow those guidelines and you should. Okay, WE'LL MR Cunanan. Thank you for joining us today. A. You've been very helpful and I think our listeners can really take away something from today's episode about a topic that not too. Many people know a whole lot about the thank you. Absolutely. Mystery economy joining us to discuss venture Cap-. If you like that episode, please Lake Subscribe and leave a review for podcast wherever you get your podcasts from. If you want. Interesting business reads article selected by me. Sign up for a newsletter which you can find by going over to our website business basic start online. We also have a blog on the website discussing financial book reviews and other basic business, related tips, checkout or social media's well. We're on instagram and twitter with the handle at P. R.. O. J.. B. Is e basics. I'm urging Jin, Arthur and thanks for listening..
"venture capital" Discussed on Rework
"Doing fine you know. We were wearing many many hats and we were juggling a lot of stuff but You know we were young then full of vinegar and we could handle it but but the Nineteenth Person Twentieth Person Whatever at twenty one twenty two like this every person that the joined which by the way we be very much subscribed subbed getting rails like higher after. You need to. Don't hire when you think you need someone like we. We would hire when it was abundantly. Clear that the rule was what was needed. And so we got to a point where we're like I'm still enjoying it at work but like I'm working myself to death here and like this is just. This is just not sustainable but we need to make a decision we had to decide like. Should we put the brakes on password because basically at that time we you were more successful than I ever dreamed up this eight years ago and so it was like should we put the brakes on because we could we could. We had like a we were starting to build out. Our our are android products have been there for a while but we continue to build our android product. We're billing at our windows product. We we had a web store version. We have the backup store version. We we had like we had a bunch of stuff and each of them had had their place in the purpose of and they were great. And we're like well. Should we put on the brakes. And maybe just get rid of some some of these things right like we. Backups are only that would save us the web store. We wouldn't need to run our rails up anymore. Wouldn't have to maintain our database We wouldn't have to worry about taxes because like Apple Carol that we could just close down android and windows because like you know you know we were just trying to focus. They just trying to reduce the amount of stuff that we need to do and this was like totally an option. And it's it's one that we almost took the other side of that decision was has okay. Let's hire a CEO. Now that sounds scary and it is scary. Because you're going to hire someone in how do you how do you make sure they're going to share your values. How do you make sure they're going to drive the the company in the direction that you want? Now I'm GonNa be completely honest. I don't really know the answer that question but I got damn lucky like Damn lucky because when I worked at. Ibm I made a really good friendship with Jeff Shiner. Who was my boss at the time and we made a really good friendship there? We used to finish each other's basements like like all sorts of stuff. We're really tight knit and after I left. Ibm We kept kept in touch and he left IBM as well. So we kind of went our separate ways but we kept in touch and then I drove out to his house. One day boat eight years ago and I basically way I don't WanNa see defeated but like I was clearly burnt out and so I went there with probably the worst sales pitch that I've ever done because you know again I'm just burned out. I'm just like we got this APP. It's going doing pretty well and He's gone a little bit too well and yeah we'd like to. Hi Come and help us run the company here and we got we got lucky and Jeff said Jeff said yes and so he joined US eight years ago and and we we've been growing ever since and and I'll say I'll say with confidence like I'm much happier now than I was eight years ago and it's not that hard to figure why like I actually get some sleep now. I was going through quite some periods there for quite some time where I couldn't remember anything because I didn't get any sleep just wouldn't remember remember. That was supposed to do certain things that was. That was when I left the stove on when I left the house. That's a separate story but that did not end well anyways as we. We had a choice to make do we do. We grow the company or do we put on the brakes and we made the decision to hire jeff and it turned out remarkably. Well we find ourselves at basically the exact same fork in the road now. People particularly companies are adopting one password. Faster astor than I ever imagined. And we've basically outgrown all of our systems that we have thank God. Our database is on Amazon. Because all we all you have to do is is going to administer admin console and just click a little button to upgrade right. He's like I want the bigger instance please and you're fine but we don't. We don't have have that here in our processes and and in our in our structure and so it's actually scary but it's also very very exciting because we're GonNa do our best to to to grow these processes that we need to build some structure there and some additional teams that we just don't even exist right now it's not like we the teams too small. It's like no the team just doesn't even exist to grow additional teams so we can start being able to handle handle the handle the load and when we went through all the various ways of doing that. By far the best the best option was to to partner with excel. We certainly could have done it ourselves with like enough sweat and tears and energy and all that type stuff but I suspect that would that would have taken years and to be quite frank. You only have so much energy that you can devote to task on any given day and I fear that if we decide to do it ourselves. We're basically come out the other end exhausted that that's not good for anyone. Either totally and I can see this. Were like we talk about these nomads and time. These scars that you have on your on your memory. I mean I have all sorts of scars from being with base camp for eighteen years that inform how we run the company today and to have sort of like. Hey we don't want to go back to the time where I left the stove on right. That's a visual image. To to have in your mind to help you drive decisions and I think that that's I mean that's Human Mr Right. We we have this catalogue of of past experiences that we filter all our decisions and our hopes and our dreams through and that's how we end up being being different right. That's how we ended up making different decisions and I think that that's that's why it's so great that That we had the opportunity to to get you on the show because I think sharing sharing knows different paths and sharing those different experiences. Help people understand how different people end up arriving at different conclusions based on even the same facts or even sharing much of the same values about how to build a company or the things that they worry about. Because as I listened to you talk I there's so much launch of it where I just. I'm nodding my head and that's exactly where we were in. And then there these small forks in the road road or slightly different experiences or slightly. The different times were when we went different paths. And that's how we end up with with different Premises and assumptions and fears and hopes and dreams. And all these other things so I just want to give you a huge. Thanks for coming on the show and sharing all this. I just want to also like one password if I could wish for anyone to beat the odds of the venture capital game it. I'M GONNA I'M GONNA put my money on you and I'm GonNa put my money on On one password. And I'm GonNa across my fingers and hoping seven years we look back at this conversation and and we laugh about all the unfounded fears on the one rebounded concerns and we go like. Do you know what this was. Just a slam dunk. This was one of those times. Were the averages were beat and the structural incentives incentive Didn't screw things up and it turned out great. Thank you thank you so much for for saying so I really appreciate that and thank you so much for having me on. The show certainly turned it a lot nicer than a twitter thread. I think and it it saved me some. RSI and my risk As as I type that through and honestly you know I've told you this a couple of times you really did help make one pass take place and it's just You do such a great Joel actually documenting. What's on your mind publicly? It helps a lot my main regret is i. Don't I don't blog enough. There's thousands of other entrepreneurs coming on the scene in every day and I need to give back and and and and blog more for these these people and I'm GonNa try to follow your lead and do that. Well I think you've you've given back Ternan on this show and helping other entrepreneurs at least wrestle with the questions through other people's experiences. I think this is how we can help others level up. Nick come to their conclusions conclusions. They can filter through their Experiences and see where we went and decide for themselves but just being more aware of that I think is Is a huge and and it also say that I appreciate the kind words but Sometimes I also wish that I didn't actually have this Almost unavoidable drive to document everything on my mind because a lot of that ends up on twitter and elsewhere where you go. Do you know what that was a fleeting thought that ended up being tweet. And maybe that shouldn't have been committed the to the Internet but thank you so much again and all the best with one password and I maybe we can actually set up a rendezvous. We check in seven years ears and we bring out the champagne and we celebrate..
"venture capital" Discussed on Rework
"Changing your ways in in ways that then align to what venture venture capital essentially ones out of companies and you sort of like perhaps would end up regretting that. Yeah I certainly I certainly worry a lot. I worry about everything worry able too much. It's it's one of one of the reasons I do. Yoga is because I try to I try to reclaim some some of the peace of mind. Yeah you touched on a lot of a lot of really good things there. I wrote down. I wrote down a couple of leaders. Let's start with leaders so yeah we we want excelled a help us find some more some additional in a leaders. Now we need to be careful there. We have some really damn good leaders on our team right now. They're not going anywhere right. We we desperately. We want them to stay because they've made one pass today and we want them to keep on pushing but there's a whole lot of other missing parts that we just it's holes in the in the puzzle if you will. Hr is is is the biggest one. Like I came from. IBM and superstructure. Place I love. IBM Don't I'm not saying anything wrong. Wrong about them but their HR is like Oh man it was like why does this division even exist and so for a very large portion of my career it would you know make fun of Hr as we've grown. Though I've started to get so much more respect for hr like just so much more respect. We're now one hundred and seventy four people and honestly I think we need. Hr when we crossed about maybe the fifty or eighty person mark like we we should have been investing in hr much earlier is one example of several where we've very much have taken the advice of getting real. Because you know there's so many things in there you don't need a process like if something happens or the ordinary don't make a process for or just move on right. Don't worry about it and so we did that for many many many years and it's worked really well but at a point in time you start to. Actually we want some process. I surprise myself whenever I say that. Say That but you know you don't want to know that okay this thing over here. Someone's got some his on that and and get it to completion. I don't have to worry about that. There's so many so many sections of our company where we don't have any process at all it'd be it'd the handy to have song and what I found interesting about the examples you're giving an and just honestly whenever a company starts to grow. I Dunno no. It isn't the is it the evil on this type of stuff and the BBC's fucking everything up or is it that growing just damn fucking hard like it. It really is. It's it takes a lot of work. It takes a lot of. It takes a lot of attention and it takes people pushing on to actually to get it through. I often just wonder Lake Nick. Veasey not see. I just worry about as one password. The company grows. What's going to happen right like M. my eventually going to wake up some day at a company that don't like working for the that'd be that's like my worst nightmare? We do our best to actually grow in a smarter way as we can and try to preserve our culture as much as we can absolutely preserve. Our values. were growing much faster than I don't know than I ever expected. Perhaps Jeffersonville maybe he could forsee this but to me. I'm amazed at a growth. I guess it's just a stupendous. As of his word I would use. This is absolutely remarkable and so we need to grow and create systems and and and get the right systems in place in the break people in all of this stuff and yeah it's it's a little bit scary of be flattered honest. Yeah I worry about. Would that stuff a lot. We've done it successfully for fourteen years. That's one thing I I just lose track like. I don't really pay attention you know. There's not makes a master plan. We've just kind of go as we go along as we go and but I did the math and we went from two people to one hundred and seventy four people and we've been here seven fourteen years so we're basically been doubling every other year anyways right. We're already growing quite aggressively. Somehow I don't know how but somehow we need to find a way to actually Continue that growth but maybe like hopefully we find a way to accelerate it. I'm going to stop talking here real soon because I attend attend up. I think that I think that that hits the nail on the head. The fear say about the fear waking up one day and not liking the company that you're at I remind myself of that at least once a week of all the choices we make at base camp. How do we make choices such that? I want to continue working here for the next ten years and I think that this is one of those things why I am so eager to explore that venture capital question with a lot of entrepreneurs because when you look at the history of venture capital the number of times where founders wake up and companies that they no longer want to be part of. It's very high you could say whether that's because of the venture capitalists or it's because of the growth pressure or they just wake up and think like you know what I don't WanNa work at a company two thousand employees and I'm just dealing with four layers of managers managers. I I really. He liked it at one hundred and fifty people or one hundred seventy eight people and I think that that's the the danger that I see for someone like you for someone like me for for any other founder. Who's in this position where you go like you know what if I reached the point where I really like it? I say you get to the point of two hundred fifty people and you go like this is a great size. I get to deal with with matters. We have a large amount of impact. But I'm still I don't know I involved with some initiatives hands on this is a great size like if if we were to double that again and become five hundred or doubled etiquette become a thousand like my job would just change in ways where it wouldn't like it. What would happen like is that even is that allowed? Can you step off the bus. And that's the part. Where I I share your fears but perhaps even more I think that that's inevitable. Because then you're GonNa hit that brick wall that is hey I I don't know what you're talking about Dave but we all agreed that this is the rocket ship like. We can't stop here here. We can't stop at two fifty. We need to preferably double next year double the year after that. And that's that's the road it's on and that's where it comes in where it doesn't really matter whether someone has avert controller not I mean. I'm just high mcnabb offices here but I think you're gonNA feel like yeah. Do you know what this is what I signed up for whether whether I now like it or not and then what has happened. Obviously I mean several of the companies. I'm mentioned earliest. Sort of scarecrow examples. That was exactly what happened. The founders ended up up being disinterested stopped coming in to work while they kind of in some cases perhaps didn't even need to because now there was a new layer management install new leaders and then they sort of just checked out and then you ended up with the company that was far less of what it started with in terms of its roots in terms of its values and its people and its trust and you ended up with that outcome where you like to know. I don't know how we ended up here. We ended up here one day at the time. And that just seems like a kind of hard hard actually to deal with like like as you're saying your fears you wake up one day and you think this is not the company I WANNA work at. What would you do if you wake up and you and you think like what do you know what two hundred and fifty people the size we're at? This is a good size. What if we could just stay here is that is that ever an option? It's a really good point where it's certainly something. I I think a lot about instead of talking about the future. Why don't I just talk the pastors for a little bit so we were two people? We a hired folks. We got up to twenty. This is about probably eight years ago now and we're at twenty people and I and we're doing we're.
"venture capital" Discussed on Christopher Lochhead Follow Your Differentâ„¢
"Okay so <hes> as you probably know. The Super Smart Folks at the Brookings Institute do some very good research into a number of things <hes> but <hes> startups in venture capital and recently they said quote in recent decades V._C.. She has generated more economic and employment growth in the U._S.. Than any other investment sector any other investments actor they go on to say annually venture investments make up only zero zero point two percent of G._D._p.. In United States but deliver an extraordinary twenty one percent of U._S. G._D._p.. In the form of venture back business revenues so let me just underscore or score that zero point two percent G._D._p.. But delivers twenty one percent of the G._D._p.. In terms of venture back businesses in their revenue that's extraordinary and so a lot of people like shit on venture capital a lot of people this negativity around Silicon Valley and so forth and so on today but let's just give our heads a shake. The data is very powerful <hes> venture capitalist and most importantly the startups startups that they back do extraordinary things at the macro level <hes> in the U._S. and I think that's important to underscore interestingly enough. There's a bifurcation no surprise of where the V. C.. Is Is <hes> so according to Brookings <hes> <hes> California gets fifty one percent of the venture capital making California that Category Queen of V._C.. <hes> they're working with two thousand seventeen data here. My guess is as a percentage. It probably hasn't changed very much overtime back then they tracked forty five point seven billion in California fifty-one percent fourteen percent in New York twelve and a half billion ten percent in Boston nine billion and only three point eight billion in the Great Lakes region and so it is interesting to point out if your in part of the country that is not California you there's a severe lack of venture capital on a severe lack of venture backed startups and look. I generally don't like to get political. I I'm not GonNa take sides <hes> certainly publicly in any political discussion rationing to do my best to stay out of the mix and I don't want to be another place that bitches about stuff in politics however that said we're in an election season in the United States. Maybe it's time for all of us who.
"venture capital" Discussed on Leadership and Loyalty
"Ladies and gentlemen. Please. Welcome gentlemen. Be grateful for the opportunity. Good to have you guys it take. Thanks. Thank you for for for working on twelve cups. A company in the red is shown and. Taking the time to be with us between meetings at all. We know you guys very busy with definitely grateful to have you here. So thank you both very much. Everyone's joking about being innovative that would for me is sort of thrown around. And all too often. Those folks wouldn't recognize innovation of came up among asked you guys are committed to innovating venture capital, which seems weird to me. So the first question is why does venture capital need innovation because it seems pretty simple. Well, I mean, the fact that the innovation economy is honest in the way that never was years ago means that funding source has to change times. To put it simply live in the Asia, replied technology when venture capital was founded about six days ago, we were all in the age Tobel technology, many of venture capital came from. It was to fund very expensive technology that was very complex to build. And there were only a world you have to innovate so venue and to fund that and just get into prototype with extremely exists. Look where we are today. Again, you really only talking about fifty or so years later or of a blip on the radar even just the human race. Right. And yet now is never cheaper or easier to build technology and thanks to develop cans and the rise computer science degree as a plethora of people that know head to -nology. So the entity the challenge is how do you get today? He ends of customers. Right. Shawn's expertise asks what's missing yet venture has continued to deploy undifferentiated dollars. I'll say one last thing. Right. Just to prove that point. Aware in the world. That has as much venture capital being Lloyd as Silicon Valley by workers of magnitude that small street land between San Jose in San Francisco -ployees far over fifty percent of all venture dollars deployed globally yet. The failure rate among Silicon Valley founders is the same as everywhere else in the world. So I tell you be to be donated or not. Well, I mean based on what you just said certainly does what stands out for usual. Is it the same as I under saying? Or is it something else in the context of Wyatt needs so desperately needs innovation. Yeah. It it's. You know, the Bali in the culture largely has been predicated on the concept of technologies developments as opposed to market development. When you're building deep science, and you're bringing things to market that are highly defensible, you can behave Adly instill successful..
"venture capital" Discussed on Leadership and Loyalty
"You can also find us on Google home and Alexa, by simply saying play dove, Barron podcast again think it was your in the show with everybody. You know? All right. Let's strip it down and diorite in as a leader. Whether you're CEO someone in the C, suite a sales lane, an entrepreneur leader in any capacity, you know, silicone valley. Has transformed the world of venture capital. What's the real cost of receiving venture capital? And venture capital. The way to go for your organization. All too often, even the people in the venture capital world cannot be clear about answering those questions if you want to know who can stay tuned because you are about to find out guest on this episode is Andrew Golda and Sean shepherd. Andrew Sean of the founding partners at glow at growth X. Andrew has been in the technology sector since nineteen Ninety-Eight based in New York City, Hong Kong, Singapore and Paolo Alto. He began his career in technology is a lawyer for the early internet pioneers in search such as also vista you. Remember, you may remember those went like this are being being and Yahoo and others well Bretzing law. He and served as publisher Reuters news, and then co-founder, managing director, the company's legal Mead. Jio business in Asia Pacific in the Middle East front a good money to democratize high-performance value-based investing during that time, Andrew his current partners and co founded growth X, Sean shepherd is a serial tech entrepreneur and current found a funding rather at grows X as a serial entrepreneur, Sean shepherd has successfully grown dozens of ille- states companies across a wide variety of products and markets. He was recently named the number two sales influence unlined and contributor at the Huffington Post as co founder of silicone valley based seed stage venture capital fund and marketing development accelerates a growth axon growth, X kademi. He is now committed to working with countries companies and startups on developing the next generation of unpredicted innovators and sales leaders on how to execute in the innovation economy lay..
"venture capital" Discussed on Knowledge@Wharton
"And so how are you seeing that transition going is there? More blended capital more venture capital yet. So I would say that venture capitals incredibly mature at this point. It's also a great time to be raising money. A lot of these funds are flush. Sure, there's there's a concern out there about coming recession. However, there's funds that have just closed their rounds. They have three and four and five years of dry powder to spend. So I'm seeing lots of capital, I'm seeing new private equity shops pop up every day that I didn't know about a lot of them are getting even more purpose built for food for robotics for tech for pharmaceuticals like they're there or even the venture arms of big corporates. They're they're going at a purpose. And they're they've got these sidecar funds of fifty one hundred million dollars to go at a purpose. It the ecosystem is so differentiated and flush and but beat beyond that. I think that some investors are wary of the companies that say we're gonna lose money for fifteen years, and you're going to need to pour in ten billion dollars. But then boy are we going to boil the ocean. I seeing some skepticism about that. Now, there's no question that some of these unicorns have blitz guild to the fifty billion dollar, Mark. And everybody looks at Uber and looks at are being being looks at Amazon and says see you can do it. Right. But what about the thirty thousand ventures that didn't get anywhere close to that? And what's wrong with a ten x or thirty? X why does it have to be a seven hundred x? I'm seeing some skepticism in the capital markets about companies that say what we're tackling so huge and fundamental for society someday, we're gonna make money and just bet on us and keep betting on us. I'm seeing the preference for some investors.
"venture capital" Discussed on The Changelog
"Joseph. We're here today. Talk about oh, S S capital. I think this is a first in the industry a. A company that invests closely in commercial OS as startup companies. So very cool you announce this recently, first of all welcome to the change long. Thank you so much for having me. It's really really cool to be here. So is this a first of its kind. I mean, I feel like maybe it's a threshold move moment for the open source community. We have not just venture capital, but like specifically exclusively capital focused on open source startups. Yeah. I mean, I think it is pretty much the first of its kind. I it's it's sort of happened organically, we've been thinking about the sort of nature of open source as it relates to company building, and this sort of broad. Of companies that you could call commercial open source software companies. And I mean, there's certainly been venture venture capital investors who have an affinity for open source. They've certainly invested quite a lot of people like Peter Fenton, come to mind, Mike Volpi marching Casado. You know, Dan, Skolnik others, and it's certainly a really exciting area. But what what we needed to exists? Just just in terms of the critical profound nature of open source as as it relates to changing world and changing the technology industry and the software industry at large is really a focused firm that also has a bit of a different structure. We think it it's it's pretty pretty novel and super excited to be talking about here, we actually shared some interesting things that you share recently on our news fee, which was an index that you have an open source software company index of companies with one hundred billion dollars plus in revenue now, the caveat also has recurring or not and then also in or which adds that also potentially could just generate the equivalent of twenty five million dollars a quarter. And you know, I put my own sub note, they're seeing these comes found a way to build a very large business around one or many opens or software companies are sorry one or many more software projects. And I think, you know, maybe a place to begin might be the fact that exists, and there's I didn't even count them. I think let me come the racial quick big. It's thirty six thirty seven. There was only I know I know there was only six or seven about four years ago meeting Makati area. So it's what. Grow will be little over forty by the end of the year. But yeah, definitely growing growing space for sure you're pretty close. There's thirty seven rose not including the header or including the header or thirty eight not including the header. So that means thirty seven. So you're pretty accurate and this is over a thirteen year period. So it makes sense to see a fully focused venture capital firm. Come into the space. Thirteen years later. Why why suddenly or I guess why? So late it's almost late. Yeah. Yeah. That is a really really good question. I think one way to answer that there's lots of ways to answer that question. But one potential way of looking at it is two thousand eighteen is is a really huge year for commercial open source. I guess open source overall is about twenty twenty five years old right open source software and just just in the last sort of five ish years, we've seen a huge amount of growth in into sort of kind of emerging category of companies that that you could kind of classify as commercial open source software companies like your your mention of the index that we've been managing maintaining for several years kind of indicates that that obviously there's there's quite a lot of activity and companies that forms that have reached huge us all of us upscale hundred hundred million in revenue or or twenty five million revenue quarter. So sort of a run rate of one hundred nine revenue was chosen as a metric just. Based on like that revenue number being pretty relevant to companies that can kind of go public or have large outcomes. And so yeah, I mean why. Now, I think is really a function of two thousand eighteen hundred and eighteen we had and I'm actually just up and get hub university that right now. So get up the good good one dimension..
"venture capital" Discussed on Startup Financial News
"It's about the soft information, the soft intangible, information data that's determining. Which companies make, which companies don't. And so again, the three things that were predicting for q. one twenty eighteen on the state of venture capital. Opposite number one, the first trend. Even though reports are gonna come out that more venture capital money is being poured into the US and other nations than ever before pay attention to where that capitals going, pay attention to how much of that capital even from firms that call themselves early stage firms, pay attention to how much of that capital is going to late stage series. The second thing we're predicting. Is an emergence rebirth renaissance, if you will. In early stage venture capital firms, particularly in the micro and really early seed stage spaces. Venture capital firms that are gonna come out from ex and current entre preneurs Bassi saying, look, we know how to play the game. You don't need six and seven figure checks, which can use a little bit of money to get off the ground. You need, our connections are people to help you build these things, and we'll get you off and running. And the third and perhaps the most important trend on this episode and the way that you can win is by realizing the founder. First time, founder arrogance is on the rise. And if you wanna stand out learning to be humble, yet confident is key. In this new Plainfield that we're seeing Roger preneurs here in two thousand eighteen. And so folks, that's the state of venture capital episode for q. one, twenty eighteen also known as episode. One sixty of SF on. Folks. I wanna take a minute for a few housekeeping things. Number one. Thank you for tuning in tonight. So it was my pleasure to be here with you. Number two, my policies for not announcing on Friday that we were off air yesterday due to the holiday president's day, be all enjoyed a day off. But since so many of your entrepreneurs, I'm sure you were just working your butts off. And also I wanna announce that I'm officially a you to me instructor. That's right. A Udom instructor. That's you d. m. y. dot com. I'm going to be launching a few courses I'm doing so in partnership with my firm and GI and the first course I put out his course for the novice or the first time entrepreneur that is maybe thinking about getting in touch mentorship always had a dream or an idea for a business, but he just didn't know where to get started and all seem so daunting. And so scary. Well, the good news is I've put out a course called how to start a startup slash business on you to me, I'm gonna share the link in the show episode tonight. And basically, all I do is give quick overview. It's less than sixty minutes. It's a forty five minute course. It's only six videos total. And I give it real basic overview of the questions that are burning inside you when it comes to how to start a business for the first time. Do I need to incorporate if I need to incorporate? How can I open a Bank account? Should I be an LLC? Do I need to be a c. corporation? Should I be a Delaware c corporation? What if I have co-founders one about getting a logo? What about building a website? How do I build an up? How do I know if my ideas actually going to be good business? These are just some of the topics covered in that course. And the good news is it's totally free course. It's a free for life course. You can just log on. You can watch videos and I just put it out there because not only do a lot of my friends and family asked me have an idea for this business. What do you think about it? How do I get started? Some of my clients do the same. But particularly, I've gotten emails from listeners of the show with a lot of questions that I now realize are not as basic or up front as I thought they were. And it's because I've been around the block somebody times I wanted to share that knowledge.
"venture capital" Discussed on Chat With Traders
"Why what's the attraction on eid is a lot of hop routed obviously everyone knows that but you guys thought again involved in the spicy said as early as two thousand ten which is uh in a sort of the real early dies what sorry attractive up about this this spiced you gauze walls from the venture capital perspective the crypto space is still very early so there's lots of disruption but it's very early and there's a lot that needs to happen to bring that market up to be truly institutional so thinking about the experience of even buying and selling these assets today if you're going on to your phone to do that it's not always the best customer experience so we're looking at platforms that are helping to shape the space to be a more institutional experience we're looking at market data companies in space we're looking at trading tools ky c custody really the whole ecosystem of solutions that are associated with crypto are things that are on our radar to review from an investment perspective in order nordeste on your face say website that yet you have an area now on the home page which says you're interested in hearing from paypal who had doing our crs how come it let's speak about the the icrc aspect well carrying on this theme that dow venture capital is investing in businesses were d r w can be helpful outside of just aren't dollars i ceo's fits because of our cumberland business so cumberland is one of the largest liquidity providers in the world for crypto and were able to help companies that are raising an icao fine liquidity on the front end so if you had a participant who needed to buy e to participate in your ico that participate include by that eased from cumberland and man on the back end if you're a company that raised a lot of youth from participants that you would like to sell cumberland could facilitate that so we started reviewing ico is from the venture perspective because of that obvious synergy between our two teams and in partnership with cumberland were reviewing bat um but i would say that many of them are not quality projects.
"venture capital" Discussed on Exchanges at Goldman Sachs
"Venture capital the detail in this report as an asset class really what impact is that have on the startup environment or put another way are there more unicorns today because there's a lot of money out there or is there a lot of money out there because there are a lot of unicorns we get into this cycle right those two things end up feeding on each other at least have been for a while now companies are choosing stay private longer and they're choosing stay private longer for a variety of reasons that we can get into a little bit later but ultimately if they're staying private longer that means their valuations are getting higher that means more capital's needed to fund them to cash out earlier investors to compensate employees and so as those companies get bigger they're drawing more capital len and at least so far the returns have been enough for investors to want to continue to feed into this back to that dispersion that i was talking about you seeing everybody wants to be the guy who invested in the next big homerun in venture capital and to the extent that those things keep drawing more investors in they're gonna keep creating more companies and allowing those companies to grow bigger more private companies are staying private for longer what are the main drivers behind that that's one of the big debates in the venture community right now is when should companies giving going public is this trend of staying private longer ultimately a good thing for the companies themselves and you'll find venture capitalist you'll find founders with very different views here but it's happening for a variety of reasons happening one because companies do have access to capital and they've got the ability to stay private longer unit to the extent that in the past unita capital to pay your employees you needed capital you need mental liquidity event for your early investors investors are willing to stay private longer there have been enough positive experiences behind companies that have stayed private long enough to really work out all the kinks get the business model right get to scale not have to deal with the scrutiny of the public market that they've been willing to stay private longer because it's sort of driven that is a better outcome.
"venture capital" Discussed on Invest Like the Best
"In my founders against raising too much money i think there are a lot of reasons why it can be seductive but there are also reasons why could be dangerous to sit actions obvious you have more money you can do more stuff the downsides or pretty real though no one downside is often when you have more money to spend a quicker which is dangerous i think that's particularly dangerous because it increases your burn which means that you have to grow quicker and if you don't hit your milestones exactly correctly you could be more trouble than you were before the second reason is it dilutes you if you're raising more money today you're not going to get the same valuation as if you continue to execute as you say you will and raise that money in the future so you're doing yourself potentially unnecessarily i always think it's useful to have a buffer but i don't think it's useful be'responsible as your advising you mentioned earlier that one of the benefits of seed early stage investing is that you can actually impact the direction of the business is your thinking about simple business levers other things were that you incurred your founders to think about and focus on so i've had some venture capital specific conversations on the podcast guys like any ratcleff where we've talked about the value propositions or the product market fit the growth hypothesis how you scale we haven't really talked about are things like acquisition costs union economics methods for scaling vallat marketing it cetera other kennedy gritty aspects that you feel are especially important that founders focus on where maybe they don't do so naturally that you can bring to the kind of early stage formation of the business philosophy you know i think there's some general things that are just useful to remind founders and then there are unique things so the general things are some of the stuff you mentioned i just beat because of what i do i see many companies and i see the commps and i see what's worked for this company what didn't work for that company.
"venture capital" Discussed on Bloomberg Radio New York
"We'll see some ipo's what's going to happen of all the venture next year appeals another big throwing exit strategy for our venture investments in the last year but is it gonna changes eighteen jeff great about judges right now use as venture capital leader ernst and young with a look at some of the deals we might see in two thousand eighteen i guess we should start at the beginning wh what kind of money is rolling into hedge or individual funds if this for the second half of the year and as we maybe look ford in two thousand eighteen door venture capital formation perspective require bill is a very highly attractive asset class for alternative asset manager so i think we're going to continue to see the capital formation side be strong and i think will continue to the i'm hungry now funded an investment in two company continues to be uh near alltime highs jeff can you speak to the issue of the healthcare sector i'm specifically interested in the gene editing sell editing a technology that really has come to the forefront here in battling not only rare genetic diseases but also in battling cancer well what we're seeing on the venture side is that you know there have been investments made in companies like that and we anticipate uh the biotech sector to help lead a uh an increase of the ipo market initially and we're hoping that leads over into uh the tech sector and this the tech sector will fall follow and it will hopefully have a a very solid 2018 in terms of an ipo class getting back to the question i mean those technologies have enabled practitioners to provide highly specified in highly um individually specific uh targeted therapies to individuals who are facing these lifethreatening diseases in so that they knew wave of technology and these are very expensive technologies to bring the market and you know the model from a uh innovation perspective going back you know twenty plus years has been to raise uh venture capital to get good data in terms of your um early clinical trials and then uh raise you know public money to help bring those come by those drugs and solutions to market given.
"venture capital" Discussed on Capital Allocators
"Okay you you have them you've allocated under managers what do you do to compare these things and an what does that actually look like so we spent a fair amount of time thinking about this in terms of what should we be paid for our for unit per unit of illiquidity and we've examined historical data we've examines by acid class we've examined by economic and market regime and then we came up with a simple juristic a basically hundred basis points per year we think that we should be getting in terms of in ill liquidity premium to walk up our money so in a simple case if we had a public equity or you chose venture capital of we have a private venture capital funds and we have a public manager that invests in the same underlying risks of those venture capital companies but four stage of development so for talking technology or if we're talking healthcare then for the difference in liquidity what we'd like to see is our awaits you a premium of one hundred basis points per year four for each year's worth of liquidity a and that paradigm extends out to other as a class is as well how do you quantify hundred basis points i'm just thinking in my head oh we've got a a technology stock picker by the way that might be next to a technology hedge fund manager and then we have an early stage venture capital fund that isn't one of the big brand names that everyone wants access to but looks interesting.
"venture capital" Discussed on Bloomberg Radio New York
"Do in walled an editor at bloomberg view speaking about the opioid addiction and its relationship to the manufacturers of those very drugs venture capital and its explosion in northern california here to tell us more about the venture capital industry is justin fox a contributor to bloomberg view justin a pleasure begin by telling people about the sort of methodology of tabulating all this information that has been done to help us understand where the venture money is and where it's going well for years pricewaterhouse coopers and putting out this quarterly report called the money tree report that sort of the standard guide to wear the venture capital money is going in the us they've used like right now they're data sources a company called c b incites in the past they've gotten it elsewhere but pwc has been doing this all along and among laid measured in lots of different ways but one of the ways they do it is they slice it all into the diff the main sort of regions for receiving venture capital money and they did something interesting this year which is they always used to be silicon valley has always been the biggest region for getting venture capital money lawyers the data they realize there's this sort of bifurcation but by silicon valley they meant the entire san francisco bay area they decided to split it into silicon valley which is basically redwood city on southward uh what what people really think about in silicon valley in san francisco which is the city itself in a bunch of surrounding counties although almost all the venture capital investment is going not just into the city but into a couple of square miles downtown into the south of downtown they have these data go going back to 1995 and so a name decide when they made the change in decided to split silicon valley into silicon valley in san francisco they went ahead and did that with all the.
"venture capital" Discussed on The Twenty Minute VC
"And i decided this is really hard i want to go beyond investor yet can i had some experience for my l b o is fears before but i knew i didn't want to go invest in specialty chemical companies and metal bending businesses i saw fell in love with tac having worked a software started for a couple of years and so in early two thousand wanner baby spring of two thousand one reached out to every single person i buy new or i knew of worked to be c trying to find a job but it was about blood burst it was a really lousy time and most venture capital firms in early one was shrinking than so for the good most of my peers folks who were coming out of business school in the same class i would have in weren't interested in venture capital because uh who had mature left for dead but for the bad there weren't many spots but i managed to commits a couple of folks to consider me in a joined thus emerge which was just starting to build out the true new york office that had been launched a couple of years before in the home of one of my my now partners and i was kind of the second associate to join working to support todd rubs davis one of the partners will now with my colleagues one another one that i do wanna keep till i've on on the operational experience that just because we have pat grady from sikora on the show recently in he said that the race if decay on operational experience has never been greater than it is now late kind of rapidlyevolving product cycles in technology to agree with them meeting food that we will achieve see fall less operational these season ashley 80s enjoying a much stronger rates of decay in terms of operational experience helping bbc's.