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Pay Attention to the Insights of Co-Founders

Pay Attention to the Insights of Co-Founders

If you’ve ever applied to an accelerator or approached (many) investors for funding, one of the most important points they check, especially in the case of investors, is team.

Above all, they want to know about the co-founders, and truth be told, most investors shy away from a startup with a solitary founder, the stated reason most often being that you should be able to find at least one person who shares your vision or passion and is willing to throw in with you. It’s also difficult to operate in a vacuum: much easier if you have that other person off whom to bounce ideas, and to keep you in check, if need be. Read More...

Amazon to NYC: Drop Dead!

Amazon to NYC: Drop Dead!

What happens when business and politics meet

The big announcement recently was that Amazon is pulling out of its deal to have New York City become HQ2. A huge loss to the city, in terms of job creation and the benefits that come with a tech giant coming in with its huge and high profile footprint. Of course, NY offered some $3B in incentives to the behemoth. The downside of Amazon’s withdrawal is that New York will lose the taxes that Amazon would eventually pay, and for those of us who have been following the math, Amazon Will Pay a Whopping $0 in Federal Taxes on $11.2 Billion Profits, according to Yahoo Finance. Read More...

Are we witnessing the waning days of Web 2.0?

Are we witnessing the waning days of Web 2.0?

Jeff Bezos lost as much as $14 billion in personal wealth during a brutal day for Amazon stock. Reported TheStreet.com, “The Nasdaq fell 4.1%, led in part by declines in the mega cap FAANG stocks. Facebook (FB) , Alphabet (GOOGL) , Netflix (NFLX)  and (AAPL) were down 4.13%, 5.06%, 8.38% and 4.63% respectively.

Amazon (AMZN) stock fell into correction territory, falling 6.15% on Wednesday and almost 14% since reaching a record high of $2,039.51 on September 4. Stocks are defined as being in correction territory if they decline between 10% and 20% from a bull market high. Read More...

If the News is Too Good to be True, Chances Are…

If the News is Too Good to be True, Chances Are…

Credit: onsizzle.com

 

Jeff Bezos seems to have made certain people in Washington (DC) quite happy last week. Of course, our red flags always go up with any announcement.

The big news was that Amazon has agreed to give all warehouse workers a $15 an hour minimum wage, thus satisfying Bernie Sanders, who had been after the company – and world’s richest man Jeff Bezos – for quite some time. As the AP reported, Amazon jumps out ahead of its rivals and raises wages to $15, and Sander (D, VT), hailed it as “a shot heard round the world.” Read More...

Post-Steve Jobs: Wash, Rinse, Repeat – Apple Hits $1T

Post-Steve Jobs: Wash, Rinse, Repeat – Apple Hits $1T

Here's to the crazy ones

A Tale of Two Titans

A Tale of Two Titans

Last week, Travis Kalanick, ahem, tendered his resignation as CEO of Uber, the company which he co-founded, and of which he is a 30% shareholder. No mean feat holding on to that much equity, considering the many rounds of funding that the company has received – $8.8B in 14 rounds, according to Crunchbase. It took a shareholder revolt on the part of investors representing roughly 40 percent control of Uber to accomplish the task, according to NewCo.

Then again, he’s Travis Kalanick. Taking a walk down memory lane, here are 13 Instances Where Uber Screwed Up (A Brief Throwback), demonstrating a bit more ubris than was advisable or legal, including class actions; sexist comments (and Susan Fowler’s blog post that started it all); surge pricing; criminal behavior on the part of drivers who were supposedly vetted; falsifying numbers; what to speak of the number of executives who departed the company in quick succession. Uber may not have been Uber without Kalanick’s personality to drive it (no pun intended), and while it has been said that there’s really no such thing as bad press, well, there are many Silicon Valley mantras that are in need of revision.

Uber has always been a predatory, take-no-prisoners corporate culture. They cut corners (drivers were not all properly vetted, it seems; agencies that do background checks do not all follow the same set of rules), and to reach Uber-size in the amount of time it took the company to accomplish its current market share (they’ve been around since 2009 and yes, market share has been falling off of late, which has given its closest competitor a big lift – pun intended: “Uber’s US market share fell from 84% at the beginning of this year to 77% at the end of May, according to  research firm Second Measure. Meanwhile, Lyft’s bookings were up 135% year-over-year in April, according to PYMNTS.com,” says Business Insider), you have to be employing measures that simply do not pass the sniff test (Uber drivers underpaid in New York City for years). Read More...

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