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How This Entrepreneur Raised $1 Million and Is Leading an Energy Revolution Before Age 30

The path of the entrepreneur is a bold one. At every stage of the journey, you continually make bold decisions and take bold risks.

This has certainly been the case in my journey as a founder. We started a smart home company (in 2013) when everyone said we were crazy. We saw the vision and moved toward it in the face of uncertainty and risk.

When I was starting, I identified other leaders who were making bold decisions. It helped to feel like I was not alone along the path. I followed entrepreneurs accomplished their goals, and other young leaders blazing a new trail. I recently encountered an inspiring story that demonstrates just how bold we can be.​

Ugwem Eneyo is the co-founder and CEO of Shyft Power Solutions, an energy technology company that’s working to enable an energy revolution for underserved consumers in emerging markets. Eneyo, a graduate student at Stanford University, and a member of Forbes 30 under 30, has secured more than $1 million in funding from investors and participated in the 2019 Ameren Accelerator program. GreenBiz named her a 2019 VERGE Vanguard honoree to recognize her dedication to helping advance Nigeria’s energy infrastructure.

Personally, I feel inspired by Eneyo’s bold ambitions to create solutions in an emerging market with a nascent entrepreneurial system – especially in an industry as demanding as energy. I interviewed her to learn more about her role in energy, Shyft’s path to raising money and how accelerators can be a beneficial platform for entrepreneur success.

1. How did you get interested in energy technology?

Ugwem Eneyo: My family is from the Niger Delta, a region that suffered negative environmental and socioeconomic impacts as a result of the extractive industries. After directly seeing the challenges and how they affected my family and communities in the region, I became keenly interested in the nexus of energy, environment and development.

I actually spent years working as an environmental and regulatory advisor in the oil and gas sector, trying to mitigate the impacts and drive change from within the organizations. I eventually left to pursue my M.S. and Ph.D. in civil and environmental engineering at Stanford, still focused on the theme. Shyft Power Solutions is a byproduct of my work at Stanford.

2. How was your experience in your industry different as a Nigerian-American?

Eneyo: There’s an increasing interest within the industry around solving energy challenges in Nigeria and, more broadly, emerging markets. The local knowledge is often an overlooked critical asset in doing so.

My previous work in the industry, and in emerging markets, shows that it’s often non-technical issues that cause projects to be delayed or fail. The intimate local knowledge allows for an understanding of people’s values, culture and thought processes, and that can better inform how we solve problems and how we deliver solutions. This has certainly been the case with Shyft Power Solutions.

3. What approach did you take when raising money for your business?

Eneyo: In the early stage, I leveraged grants and non-dilutive capital, given the longer and more capital-intensive development timeline for building industrial-grade hardware. We also raised traditional venture capital, as well as funding from strategic corporate investors.

The corporate venture capitalists played a key role in our fundraising strategy, as they often had more market knowledge and connections, which complemented the primarily U.S.-based traditional venture capital. And Shyft Power Solutions received $100,000 in seed capital through our participation in the Ameren Accelerator this year.​

4. How did your experience with the 2019 Ameren Accelerator program advance/benefit your business? What’s your relationship with Ameren and the accelerator now that the program has ended?

Eneyo: The Ameren Accelerator, alongside the Ameren employees who served on champion teams as mentors, provided important technical and business development expertise that offered valuable and unique insight into how Shyft’s platform can add value to utilities at scale. Part of our longer-term planning required Shyft to have better insight into utilities, and we were able to leverage Ameren in the process.

Although the accelerator has ended, my team and I have remained in contact with many of our technical champions, who still provide advice and references. Additionally, the accelerator program team has remained supportive, still introducing us to valuable startup resources.​

5. How do you see the energy technology industry changing? What changes would you like to make?

Eneyo: In emerging markets, there will be a leapfrog over traditional central energy infrastructures; instead, we will see digitization and decentralization of energy infrastructure that may work alongside whatever central grid is available. The flexible and intelligent use of distributed energy resources will be necessary to make this possible, and Shyft is developing the technology to do so.

I want to see clean, reliable, and affordable energy for all — urban and rural — and want to see energy demands being met by rapidly growing emerging markets. I’m excited to be leading an organization that’s at the forefront of this energy transition in markets like Nigeria.

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Source: How This Entrepreneur Raised $1 Million and Is Leading an Energy Revolution Before Age 30

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This London Tycoon Harbors A Surprisingly Shady Past

Tej Kohli’s name is up in lights in Paris, flashing on the walls in giant, bold type inside the new high-ceilinged headquarters of French e-sports Team Vitality, a 20-minute walk from the city’s Gare du Nord train station. Some of Europe’s top video game players, influencers, journalists and sponsors have arrived on this November day to buoyantly pay tribute to Kohli, a U.K.-based, Indian-born entrepreneur, now heralded as the lead investor in the e-sports team. Team Vitality has raised at least $37 million and scored partnership deals with Adidas, Renault, telecom firm Orange and Red Bull, with a stated goal to become the top team in European competitive gaming.

E-sports, Kohli proudly tells Forbes, “encompasses the entire spectrum of business … [and is] not very different from other things we do in technology.” His wavy mane of dark hair stands out in the room like a beacon, as he beams amid the buzz and recognition.

London is home to 55 billionaires, with more on the outskirts, and they generally fall into two camps: those who completely shun publicity, and those, like Richard Branson and James Dyson, who enthusiastically embrace it. Kohli, who lives in a multimillion-dollar mansion in leafy Henley-on-Thames, aspires aggressively to the latter. In April, Kohli told the FT’s How To Spend It supplement that, “Sometimes in business it’s important to show you can sell yourself by way of your lifestyle.” His website describes him as “Investor, Entrepreneur, Visionary, Philanthropist,” with photos of an apparent property portfolio, with about half a dozen apartment buildings in Berlin, one in India and an office tower in Abu Dhabi. He claims to be a member of two exclusive London private clubs, 5 Hertford Street and Annabels, and publicly gives tips on “foie gras … roast chicken” and places where “the steaks are huge.”

Kohli has employed a large coterie of PR consultants and actively courts the media, pushing grand visions that back up this image. In a 2013 article he wrote for The Guardian, he offers advice on how to get a job in the tech industry (“Learn to code”). In 2016 he told a Forbes contributor: “The one mission that every entrepreneur has, as a person rather than as an entrepreneur, is to extend human life.” And his Tej Kohli Foundation Twitter bio brags that “We are humanitarian technologists developing solutions to major global health challenges whilst also making direct interventions that transform lives worldwide.” A press release issued in mid December boasted of more than 5,700 of the world’s poorest receiving “the gift of sight” in 2019 at Kohli’s cornea institute in Hyderabad, India.


Kohli also aspires to be validated as a billionaire. Over the past two years, his representatives have twice reached out to Forbes to try to get Kohli included on our billionaires list, the first time saying he was worth $6 billion—more than Branson or Dyson—and neither time following up with requested details of his assets. (Kohli’s attorneys now claim that “as a longstanding matter of policy,” Kohli “does not, and has never commented on his net worth,” suggesting that his representatives were pushing for his billionaire status without his authorization.)

There may be good reason for his reticence. It turns out that Kohli—who in a July press release describes himself as “a London-based billionaire who made his fortune during the dotcom boom selling e-commerce payments software”—has a complicated past. Born in New Delhi in 1958, Kohli was convicted of fraud in California in 1994 for his central role convincing homeowners to sell their homes to what turned out to be sham buyers and bilking banks out of millions of dollars in loans. For that he served five years in prison.

Kohli then turned up in Costa Rica, where he found his way into the world of online gambling during its Wild West era in the early 2000s. He ran online casinos, at least one sports betting site, and online bingo offerings, taking payments from U.S. gamblers even after U.S. laws prohibited it, according to seven former employees. He was a demanding, sometimes angry boss, according to several of these employees.

A spokesman for Kohli confirmed that he ran an online payments company, Grafix Softech, which provided services to the online gambling industry, between 1999 and 2006—and that he acquired several distressed or foreclosed online gaming businesses as a limited part of the company’s portfolio. “At no point was any such business operated in breach of the law,” Kohli’s representative said in a statement.                   

Though his representative claims that Kohli has had nothing to do with Grafix since 2006, Forbes found more than a dozen online posts or references (some deleted, some still live and some on Kohli’s own website) between 2010 and 2016 that identify Kohli as the chief executive or leader of Grafix Softech—including the opinion piece that Kohli wrote for The Guardian in 2013.                        

Even in a world of preening tycoons, this juxtaposition—the strutting thought leader who actively gives business advice while he just as actively tries to stifle or downplay any sustained look into his business past—proves eye-opening.

According to Kohli’s back story, he grew up in New Delhi, India, and he has told the British media that he’s the son of middle-class parents. Per his alumni profile for the Indian Institute of Technology, Kanpur (about 300 miles southeast of New Delhi), Kohli completed a bachelor’s degree in electrical engineering in 1980 and developed “a deep passion for technology and ethical and sustainable innovation.”

At some point, he wound up in California, and set up a “domestic stock” business called La Zibel in downtown Los Angeles. Kohli still uses the Zibel name for his real estate operations today. By the end of the 1980s, Kohli was presenting himself as a wealthy real estate investor who purchased residential properties in southern California to resell for profit. The truth, according to U.S. District Court documents, was that from March 1989 through the early 1990s Kohli, then reportedly living in Malibu, had assembled a team of document forgers and “straw buyers” to pull off a sophisticated real estate fraud.

Source: This London Tycoon Harbors A Surprisingly Shady Past

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… a scalable, accessible and affordable technology solution to end corneal blindness worldwide. VIDEO: Wendy & Tej Kohli Discuss The Mission And Purpose Of The Tej Kohli Foundation https://www.businesswire.com/news/hom…

How Your Definition Of Entrepreneur Can Limit Your Success

The word entrepreneur is used so often in so many different contexts these days that pinning it down is virtually impossible.  Everyone has their own definition, and the one you adopt—or unconsciously accept—can determine your aspirations, dictate your behavior, and in some instances cause you to underperform or fail outright. It’s a classic self-fulfilling prophecy—you’re likely to get what you expect to get.

Among the many definitions of entrepreneur, six currently dominate the popular press, the how-to literature and business education—and loom large in the popular imagination. Each definition, in its own way, can be both empowering and pernicious. Here’s what to look out for:

The Noble Founder.  This would appear to be the simplest definition of all: if you start a business, you’re an entrepreneur, regardless of whether it succeeds. Today, there are over 16 million people attempting to start over nine million businesses in the U.S. But even this apparently simple definition brings with it some significant psychological baggage.  People who associate themselves with this definition often feel a deep sense of pride in their willingness to even try to start a business.  But that understandable pride in taking on the struggle can also mean a too easy acceptance of poor results. Inside the noble founder lurks the noble failure.

The Self-Made Success. Some definitions bestow the title of entrepreneur only upon people who have started a successful business, or at least one from which they earn a decent living. People who see themselves this way can feel a bit proprietary about the definition. To them, everyone who is struggling to make a living is merely an “aspiring” entrepreneur.

Only 30 to 40 percent of startups ever achieve profitability. In the world of Silicon Valley high-risk startups, the chances of reaching profitability plummet to less than one in a hundred. The self-identity of people who feel success is an essential part of what it means to be an entrepreneur are proud of the self-sufficiency they achieve or at least seek. They are more likely than noble founders to keep their eye on the bottom line, but they also can be overly fearful of risk and can underperform in terms of innovation.

The Entrepreneur by Temperament.  In this view, entrepreneurship is a state of mind. It can apply equally to people starting a business or people working in corporate settings. It’s all about mindset: such people “make things happen,” “push the envelope,” or refuse to stop until they get what they want. It is the broadest of definitions. In fact, Ludwig Von Mises, a member of the Austrian school of economics, theorized that since we all subconsciously assess the risks of our actions relative to the rewards we expect to receive, we are all entrepreneurs. Because this definition applies to everyone, anyone can delude themselves into believing they are an entrepreneur. You don’t even have to start a business. You just have to behave a certain way, let the chips fall where they may.

The Opportunist Par Excellence. For at least a century, entrepreneurs have described themselves as having the ability (a skill, not a state of mind) to “smell the money.” There are indeed many entrepreneurs who proudly identify their ability to spot money-making opportunities. But it wasn’t until the economist Israel Kirzner, in the mid-1970s, described the core of entrepreneurship as opportunity identification that academics began to study it as a process and a skill. Entrepreneurial education today is often targeted at teaching opportunity identification skills.

What is interesting is that there is no strong evidence, after several different studies, that entrepreneurial education actually results in students or attendees having a significantly higher chance of reaching profitability. Perhaps opportunity-spotters can overextend themselves by doing multiple startups or product launches simultaneously, a problem that can be compounded by a lack of synergy among these disparate efforts.

The Risk-taker: Frank Knight, one of the founders of the highly influential Chicago school of economics, drew an illuminating distinction between risk and uncertainty. With risk you can predict the probability of various unknown outcomes of business decisions. With uncertainty you not only don’t know the outcomes but also you don’t know the probability of any particular outcome occurring. In other words, risk can be managed, but uncertainty is uncontrollable. Knight argued that opportunities for profit come only from situations of uncertainty.

To succeed as an entrepreneur, you must therefore seek out uncertainty. Today, few entrepreneurs know of Knight’s thesis, but many nonetheless proudly describe themselves as “risk-takers.” This identity can lead to taking on more risk than necessary, especially when you see all risk as good and see yourself as an adventurer into the unknown. You would be better advised to think of your adventures as a series of small calculated experiments that turn the greatest uncertainties into knowable risks.

The Innovator: Joseph Schumpeter’s description of entrepreneurs as innovators who participate in the creative destruction that constantly destroys old economic arrangements and replaces them with new ones has appealed to many observers, including economists. That concept is often naively married to Clay Christensen’s notion of disruptive innovation of industries and markets.

See, for example, Zero to One by PayPal cofounder Peter Thiel. This fetishizing of disruption has led many entrepreneurs to invoke the concept of innovation in support of whatever they want to do, no matter the effects it might have on society like creating a “gig economy” of low-paid workers. Seeing yourself as an innovator and regarding innovation as an unquestioned good is arguably one of the most dangerous definitions of all because it simultaneously encourages great boldness and justifies equally great moral blindness. It also results in passing over opportunities to create valuable and socially beneficial businesses that were less than truly disruptive.

All of these definitions of entrepreneur are self-limiting. How you define yourself as an entrepreneur also defines what actions you’ll take to view yourself as deserving of the title. But the only two things academics have ever been able to show conclusively correlate to entrepreneurial success (measured generally) are years of schooling and implicit, core motivations that align with feeling good about getting things done (known as “need for accomplishment”). Pinning your identity to any of the current definitions of entrepreneur will only set you back.

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I am a successful entrepreneur who researches and teaches entrepreneurship, creativity and innovation, at Princeton University. My two bestselling books on entrepreneurship, “Building on Bedrock: What Sam Walton, Walt Disney, and Other Great Self-Made Entrepreneurs Can Teach Us About Building Valuable Companies” (2018) and “Startup Leadership” (2014) focus on what it really takes to succeed as an entrepreneur and the leadership skills required to grow a company. Prior to joining the Princeton faculty, I was founder and CEO of iSuppli, which sold to IHS in 2010 for more than $100 million. Previously, I was CEO of global semiconductor company International Rectifier. I have developed patents and value chain applications that have improved companies as diverse as Sony, Samsung, Philips, Goldman Sachs and IBM, and my perspective is frequently sought by the media, including the New York Times, Wall Street Journal, Economist, Bloomberg BusinessWeek, Nikkei, Reuters and Taipei Times.

Source: How Your Definition Of Entrepreneur Can Limit Your Success

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When we help youth to develop an entrepreneurial mindset, we empower them to be successful in our rapidly changing world. Whether they own a business or work for someone else, young adults need the skills and confidence to identify opportunities, solve problems and sell their ideas. This skillset can be encouraged and developed in elementary schools, with the immediate benefit of increased success in school. In this talk, Bill Roche shares stories of students that have created their own real business ventures with PowerPlay Young Entrepreneurs. He illustrates the power of enabling students to take charge of their learning with freedom to make mistakes, and challenging them to actively develop entrepreneurial skills. Bill also showcases the achievements of specific students and shares how a transformative experience for one student has been a source of inspiration for him over the years. Bill Roche specializes in designing curriculum-based resource packages related to entrepreneurship, financial literacy and social responsibility. Bill worked directly in Langley classrooms for over ten years and now supports teachers throughout the country in creating real-world learning experiences for their students. Over 40,000 students have participated in his PowerPlay Young Entrepreneurs program. The program’s impact has been captured in a documentary scheduled for release early in 2018. This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at https://www.ted.com/tedx

Elon Musk Buys Out the Neighbors

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Elon Musk, the high-profile billionaire who has placed bold bets on driverless cars and space flights, is known for his over-the-top antics: He appeared in a Los Angeles court earlier this week, telling a jury that a Twitter message he sent suggesting a Thai cave rescuer was a pedophile wasn’t meant to connote the word’s dictionary definition and was in response to what he viewed as an unprovoked attack.

But when it comes to his personal real estate, Mr. Musk uses the same strategy adopted by a number of the mega-wealthy: buy up the neighborhood.

Over the last seven years, Mr. Musk and limited-liability companies tied to him have amassed a cluster of six houses on two streets in the “lower” and “mid” areas of the Bel-Air neighborhood of Los Angeles, a celebrity-filled, leafy enclave near the Hotel Bel-Air.

Those buys—plus a grand, 100-year-old estate in Northern California near the headquarters of Tesla, the electric car concern he heads—means Mr. Musk or LLCs with ties to him have spent around $100 million on seven properties. He didn’t respond to requests for comment.

In 2012, after three years of renting it, Mr. Musk bought a 20,248-square-foot white stucco Colonial mansion, according to Brian Ades, a real-estate agent with Sotheby’s International Realty who represented Mr. Musk in his purchase of the Los Angeles home. Limited-liability companies with ties to Mr. Musk own two other houses on that same street, records show, including a ranch house once owned by actor Gene Wilder. The ranch was turned into a private school, other records show; in an interview on BTV (Beijing Television) published on YouTube, Mr. Musk said he created the school for his five sons.

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In 2015 came additional purchases that shifted to an adjacent street up a steep canyon. Duck Duck Goose, a limited-liability company that shares its addresses with the Musk Foundation and the headquarters of SpaceX, the rocket company where Mr. Musk is CEO, bought a modest ranch house for $4.3 million. A year later, another LLC tied to Mr. Musk bought a large, unfinished, white contemporary three doors down, and then, a little more than two years later, a different LLC also registered to the SpaceX headquarters address snagged a white brick Colonial next to that. All three houses sit on a cul-de-sac of five homes, making neighbors wonder whether Mr. Musk—or SpaceX—is trying to take over the whole end of the street.

The buy-out-the-neighbors approach is a familiar one among the mega wealthy, including tech billionaires. Facebook CEO Mark Zuckerberg paid more than $50 million for five homes in Palo Alto, Calif., while the Mercer Island, Wash., compound of the late Microsoft co-founder Paul Allen comprised 13 different adjoining lots and included eight houses.

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A number of Mr. Musk’s purchases appear to be appreciating. Prices have grown in the neighborhood since his first purchase, with record sales prices in recent months, says Sally Forster Jones, executive director of luxury estates at real-estate firm Compass. One real-estate agent believes the homes are to accommodate employees and associates of Mr. Musk’s various businesses, while some neighbors said they think he wants to build a tunnel connecting his properties on the two different roads.

In December 2018, Mr. Musk mortgaged five of his homes (four in Los Angeles, one in Northern California) to Morgan Stanley Private Bank for a total of $61.3 million, according to recorded deeds.

Here is a rundown of Mr. Musk’s portfolio:

Los Angeles 

  • Purchased in May 2002 for $5.4285 million.
  • Sold in March 2011 for $6.453 million
  • 6,500 square feet, four bedrooms, six bathrooms

Elon Musk bought this house in Bel-Air when he was married to Justine Musk, whom he met while attending Queen’s University in Ontario, Canada. In her blog, which is filled with tales of clubbing, celebrities and parties, Ms. Musk said the house took two years to find, and the couple stayed at the Mondrian and the Hotel Bel-Air on house-hunting trips. She said neighbor Joe Francis, founder of the raunchy video series Girls Gone Wild, attended parties at their home and is “eccentric, charming when he wants to be.” “We hung out constantly,” said Mr. Francis, who confirmed that he lived next door.

After Ms. Musk received the house in the divorce, she wrote in her blog that her financial adviser and business manager told her she had to sell it and “fire half your domestic staff.” She sold it in 2011 for $6.453 million to George McCabe, the founder of a Boston-based investment firm, or as Ms. Musk described it in her blog, to “nice young man from the east coast who plans to use it as a second home.” Ms. Musk didn’t respond to requests for comment.

Los Angeles

  • Purchased in December 2012 for $17 million.
  • Estimated current value: $22.3 million per Zillow
  • 20,248 square feet, seven bedrooms, 13 bathrooms

The Elon Musk Revocable Trust bought this mansion from Mitchell Julis, co-founder of hedge fund Canyon Capital Advisors, according to public records. The 1.7-acre property overlooks Bel-Air Country Club, according to the listing, and includes a lighted tennis court, five garages, a pool and spa, gym and guest quarters. The house, resembling a French country estate, has a wine cellar that holds 1,000 bottles of wine and a two-story library.

The purchase was later transferred to an LLC called Callisto that is linked to Mr. Musk. Mr. Musk’s decision to buy multiple houses was “motivated by utility,” since he has a big family and staff and puts up a lot of visitors, said Mr. Ades, the real-estate agent. He added that Mr. Musk was “ahead of his time,” since the real-estate prices in that part of Bel-Air have skyrocketed. According to the L.A. Department of Building and Safety records, in 2014 Mr. Musk put in new French doors in the master suite, remodeled the master closet and bathroom and remodeled the kitchen.

Los Angeles

  • Purchased in October 2013 for $6.75 million.
  • Estimated Current Value: $7.8 million per Zillow
  • 2,756 square feet, three bedrooms, three bathrooms

The Elon Musk Revocable Trust bought this house for $6.75 million, considerably less than its original listing price of $7.995 million, records show. The three-bedroom ranch house with a guest cottage, right above the Bel-Air Country Club, was once owned by Mr. Wilder, who bought it in 1976 for $314,000. It was later transferred to an LLC associated with Mr. Musk.

Ad Astra, the school Mr. Musk started for his five sons (a pair of twins and a set of triplets), was registered at this address, though the school’s address has since been switched to a building partially leased by SpaceX in Hawthorne, Calif., about 17 miles away. According to the admissions page on its website, the school, founded in 2014, is for students between 8 and 14 years old and is focused on problem solving, ethical thinking and collaboration. For admissions for this school year, applicants had to solve problems, such as picking one of 11 planets for a new home for humans, or deciding who is to blame for the death of a lake from pollution.

Los Angeles

  • Purchased in July 2015 for $20 million.
  • Estimated Current Value: $20 million per Zillow
  • 7,026 square feet, six bedrooms, eight bathrooms

Originally built in 1954, this house was altered in 2009, according to public records. It sold for $1.825 million in 1998 and then for $2.49 million in 2002 before an LLC called Camellia Ranch bought it in 2015 for $20 million. The mailing address for Camellia Ranch is SpaceX’s headquarters, and it shares a P.O. box with Excession LLC, Mr. Musk’s family office. Jared Birchall, who works for Mr. Musk, is listed as an authorized signatory.

Hillsborough

  • Purchased in June 2017 for $23.364 million.
  • Estimated Current Value: $27.2 million per Zillow
  • 16,000 square feet, 10 bedrooms, 9 bathrooms

Known as de Guigne Court, this 100-year-old mansion sits on 47.4 acres and has bay views, a pool, hiking trails and a ballroom. When the property was first marketed in 2013, its seller Christian de Guigne IV, 78, had made any sale contingent on him retaining a life estate in the property, which would give him exclusive use of it during his lifetime. The estate was then taken off the market, then put back on with the contingency removed.

Located on a leafy hilltop roughly 20 minutes south of San Francisco and north of Silicon Valley, the property has been in the same family for 150 years. Mr. de Guigne’s grandparents built the approximately 16,000-square-foot Mediterranean-style home; the family said it was designed by San Francisco architects Bliss & Faville (who also designed the St. Francis Hotel) around 1912. The main house includes a ballroom, a flower-arranging room, five bedrooms, seven full baths and two half baths. A staff wing has six bedrooms and three baths. A pavilion with 18th-century Chinese wallpaper overlooks the pool.

By the time an LLC tied to Mr. Musk bought the house for $23.364 million in 2017, it was a third of its original $100 million price. The only permit recorded since Mr. Musk bought the house was in October 2018, for removing and replacing kitchen cabinets. Greg Goumas, with Sotheby’s International, says the house was in its “original condition” when it sold and was in need of significant modernization.

Brentwood

  • Purchased by an LLC tied to then-wife Talulah Riley in August 2014 for $3.695 million.
  • Sold in August 2019 for $3.925 million
  • 3,000 square feet, four bedrooms, four bathrooms

In August 2014, a year after Mr. Musk married Ms. Riley (an actress who appeared in the 2005 film Pride & Prejudice) for the second time, an LLC tied to her bought this house for $3.695 million, according to records. Built in 1959, the four-bedroom, white, mid-century modern home has floor-to-ceiling windows that curve around a crescent-shaped saltwater pool and ocean views, according to the listing. The couple later divorced.

The house went on sale in February 2019 for $4.5 million and sold in August 2019 for $3.925 million.

Los Angeles

  • Purchased in July 2015 for $4.3 million.
  • Estimated Current Value: $4.9 million per Zillow
  • 2,963 square feet, four bedrooms, four bathrooms

On a recent late Sunday morning, the grounds of this half stucco, half stone, one-level white house looked unkempt, with a scruffy, bush-filled front yard, a stained glass window, a clay rabbit and dead plants in pots by the front door. Seven large trash bins sat outside the garage, a common sight, according to neighbors, who also said that last February the house was lit up with pink lights for Valentine’s Day. Neighbors said there appeared to be people at the home sometimes, but it didn’t appear anyone was living there full-time.

Duck Duck Goose, an LLC with ties to Mr. Musk, paid 10% above the original asking price, according to public records. Photos from the 2015 sales listing show a brick patio and a grassy back yard overlooking the canyons, rooms with pink walls, floral wallpaper and blue floral wall-to-wall carpets, and a wood-paneled living room.

Los Angeles

  • Purchased in September 2016 for $24.25 million.
  • Estimated Current Value: $27.3 million per Zillow
  • 9,309 square feet, six bedrooms, seven bathrooms

An LLC tied to Mr. Musk bought this contemporary made up of geometric masses, one with two-story glass windows. It sits behind a frosted glass wall. Neighbors said the property is frequently the site of construction, which started in 2011; the L.A. Department of Building and Safety has pages and pages of permitting record documents associated with the property, including one for a residential elevator and another for a fire-sprinkler system.

Los Angeles

  • Purchased in January 2019 for $6.4 million.
  • Estimated Current Value: $4.2 million per Zillow
  • 3,943 square feet, four bedrooms, three bathrooms

The 1958 Frankel Family Trust sold this home to Wyoming Steel LLC for $6.4 million on Jan. 15, 2019, records show. The address for Wyoming Steel is shared with SpaceX’s headquarters. The home is a two-story, white brick Colonial house, with shutters, a pool and a brick front walkway lined by a white picket fence.

By: Nancy Keates

Source: https://www.wsj.com/news/author/nancy-keates

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Elon Musk | The Rich Life | Forbes 23.7 Billion Dollar Net Worth SUBSCRIBE: http://bit.ly/2z9TmzZ JOIN AS A MEMBER: https://bit.ly/2MgeEDC Support The Channel on Patreon: https://www.patreon.com/mccrudden SHOP MERCH @ https://www.michaelmccrudden.com/ When you’re rich like Elon Musk (Tesla and Space x) you don’t just buy a house in Bel Air, you buy up a neighborhood. After securing his first Bel Air address in 2012 for a cool $17 Million he went ahead and bought up all the neighboring mansions scooping up a total of 6 properties to a sum of $80 Million dollars. #elonmusk #cybertruck #therichlife #michaelmccrudden #tesla #networth #forbes

The Entrepreneur Diaries: Anit Hora

In 2007, Anit Hora quit her dream job with no safety net, no backup plan and no idea of what she was going to do next.

After graduating with a degree in fashion design Hora landed a high paying gig as a designer for a major label in New York City. She was earning a good salary, had great benefits, strong job security, enjoyed her work and was getting promoted on a regular basis. Seven years into her seemingly perfect career, however, Hora found herself thinking, “This can’t be it.”

“I did love my job, but I didn’t love it enough to not want to try something new,” she says. “I worked as a full-time knitwear designer when I started making my own products. When demand started to grow, it became more difficult for me to balance everything.”

Hora eventually couldn’t keep up with the pace of a day job and creating her own products, so she took off on a three-month backpacking trip around South America while she considered her next career move. As she traveled, volunteered and taught, Hora fell in love with the lifestyle and ended up staying for over a year and a half. “That’s when I realized that maybe the nine-to-five life isn’t for me,” she says.

But Anit says it wasn’t simple or easy to make the choice to leave her job and travel, especially financially. “Taking the leap is difficult but freeing at the same time. My best advice is to have a well-organized strategy, both financial and otherwise, ready for when you decide to quit your 9-5 and dive headfirst into your company.”

The trip taught Hora how different life was outside the big city. For example, she says she had very little patience for illness in her corporate life; the moment she felt sick in New York she’d race to get a prescription for antibiotics and try to return to work as quickly as possible.

It wasn’t until she came down with an illness in South America and tried to do the same that she realized this wasn’t normal behaviour. “They all looked at me like I was crazy,” she says. “They were like, ‘why would you want such a strong medicine?’”

That’s when Hora fell in love with herbal teas and natural medicines, which she studied formally upon her return to New York in 2008; first in classes at the Open Centre, then during an apprenticeship at an apothecary in Brooklyn.

She even started selling her natural health products at local craft fairs but eventually discovered they weren’t the natural products customers were looking for.

“Every time I’d go to sell them, these women would come up to me and ask for skincare and makeup stuff,” she says. “They’d come to me and be like ‘I’d buy this if you had this for face or hair or nails,’ and I thought, ‘yeah, I’d probably use that too.’”

In 2009 Hora enrolled in the Aveda Institute in New York City where she pursued her aesthetician’s license, but her savings were starting to dry up. At the same time, she needed money to buy supplies, create a website and build her new brand, Mullein and Sparrow.

To make ends meet Hora took up a day job at a spa while attending taking classes in the evenings and on weekends, building her business in what little time remained.

“I wasn’t sleeping very much in those days,” she says. “I don’t remember having any time for a social life or seeing friends, I remember being in complete isolation from everyone I knew, but it was so exciting that I didn’t see it like that.”

Image result for Anit Hora"

After years of balancing work, school and entrepreneurship Hora got the opportunity she had been waiting for in 2014, when she received an email from a representative at one or her favorite retail chains, Anthropologie. “That was such a surreal moment for me,” says Hora. “I was like ‘how did you even find me?’”

The company was interested in selling her products in their stores, but Hora couldn’t fulfill an order of that size from her home studio, so she started looking for a line of credit and a new workspace. Even with her purchase order, Hora couldn’t get her bank to provide the capital she needed. The demand was there, but it still took time for her to develop the bandwidth to fulfill a big order.

In reflection, she says she should have put more thought into financial planning. “I would have put more thought into my budget. Organization is not my strong suit so I would have brought someone on early on to help me allocate my resources more efficiently.”

Today, M.S. Skincare has products in a range of small boutiques and major retailers around the world, including Urban Outfitters, Free People, Nordstrom, Steve Allen and Anthropologie. But the greatest validation, according to Hora, happened when she was selected for an entrepreneurship fellowship from the Tory Burch Foundation as well as Goldman Sachs’ prestigious 10,000 Small Businesses Program, despite having no formal business training.

“There’s a lot of self-doubt that comes from doing this, especially if you spend the first few years by yourself figuring it out,” she says. “You just have to believe you can do it, and keep that sense of stubborn optimism.”

By Ally Financial

Source: https://time.com

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Anit Hora found herself immersed in the corporate fashion world, she realized something was missing in her life. Rather than feeling invigorated by her demanding job, she felt disconnected and burned out. Determined to find out what that missing link was, Hora made a huge change: She quit her job and embarked on a solo backpacking trip through South America to do some soul searching. Flash forward several years, and Hora is a successful esthetician and herbalist, and the founder of Mullein & Sparrow — a line of vegan and organic bath, body and skincare products based in Brooklyn, New York. Sponsored by Pronamel. Download the Bustle App for more stories like these everyday: http://apple.co/1ML4jui Our Site: http://www.bustle.com Subscribe to Bustle: http://bit.ly/1IB6hbS Facebook: https://www.facebook.com/bustledotcom/ Twitter: http://twitter.com/bustle Instagram: http://instagram.com/bustle Pinterest: http://www.pinterest.com/bustledotcom/

 

It Took Canva a Year to Make Its First Technical Hire. Now It’s a Hiring Machine

Plenty of entrepreneurs adhere to the mantra of “hire slow, fire fast” and for good reason. Then there’s Melanie Perkins, the co-founder and CEO of Sydney-based design software company Canva. She spent a year trying to find her first technical hire.

While Perkins didn’t intend to spend so much time filling her first engineering position, looking back on it now, she wouldn’t have done it any other way. The year-long quest informed how she’s made every other hire since. And it’s hard to argue with the results: With 700 employees, Canva is a hiring machine, and it’s been doubling in size every year.

In an industry that sees engineers switch jobs with frightening speed, many of Canva’s early technical hires are still with the company. While Canva won’t discuss revenue, Perkins, the company’s co-founder and CEO, says the company has been profitable since 2017. Canva has 20 million monthly users in 190 countries. In October, Canva announced an $85 million investment, with a valuation of $3.2 billion.

This is going to be bigger than yearbooks

When Perkins started the predecessor company to Canva in 2007, she was just 19. She was frustrated by how hard it was to use design software. When she started teaching design at university, she noticed that her students were similarly frustrated. With her boyfriend (now fiance), Cliff Obrecht, she built a website called Fusion Books that helped students design and publish yearbooks.

It did well–becoming the largest yearbook company in Australia and moving into France and New Zealand. Perkins quit university to work on it full-time. By 2011, Perkins and Obrecht realized Fusion Books could be much more: an engine to make it easy for anyone to design any publication. But to build that more ambitious product, they’d need outside investment.

Perkins headed to San Francisco to visit angel investor Bill Tai, who is known for making about 100 investments in startups that have yielded 19 initial public offerings. She’d met him in Perth a year earlier, where she had collected an award for innovation. “If you come to California, come see me,” he remembers telling her. “Without me knowing exactly what she was doing, she engineered a trip. She’s a very ballsy woman, if that makes sense. And I’m thinking, you know, I should help her. I know hundreds of engineers.”

Early in her San Francisco visit, Tai introduced her to Lars Rasmussen, the co-founder of the company that became Google Maps. Tai told her that if she could hire a tech team that met Rasmussen’s standards, he’d invest. “I didn’t realize at the time what that meant,” says Perkins. She bought an Ikea mattress, and planted it on the floor of her brother’s San Francisco apartment. “Obviously, that was free rent,” she says. “I had food to get by and I felt safe.”

Perkins set out initially to hire by doing the obvious: She went to every single conference she could get into. She’d speak if the organizers let her. Tai invited her to his MaiTai Global networking event in Hawaii, even though, for most attendees, a big draw was kitesurfing, which she’d never attempted. “It was great fun,” she says gamely. Then, “I really don’t like it. I have the scars to prove it. I’ve … retired from kitesurfing.”

Back in San Francisco, Perkins passed out flyers, trying to pique people’s interest. She cold-called engineers, and approached suspects on buses. She scoured LinkedIn, but Rasmussen wouldn’t even deign to meet most of her finds. “He didn’t think they had enough startup gumption or experience with a world-scale company, or with complex technology,” she said. She says fewer than five LinkedIn finds ended up interviewing with Rasmussen. He’d give them a problem-solving challenge that, inevitably, they flubbed.

After a year of this, Perkins was thoroughly frustrated. Surely it’s better to at least make some progress, she told Rasmussen, than to continue to do nothing. But he was adamant.

The perfect candidate and the bizarre pitch deck

That same year, Rasmussen introduced her to two candidates that he thought might be a good fit and recruitable. The first, Cameron Adams, a user interface designer who had worked at Google, was busy trying to raise money for his own startup. The second, Dave Hearnden, a senior engineer at Google, initially said he wasn’t interested. In 2012, both had a change of heart.

“We were absolutely over the moon,” says Perkins. Adams came on board first, as a co-founder. Hearnden, on the other hand, started to have second thoughts: Google wasn’t happy with his leaving, obviously, and was trying to get him to stay. He worried that his project would be abandoned without him, and he didn’t want to disappoint his team.

At this point, Perkins sent him something that has since become known as the Bizarre Pitch Deck. In 16 slides, the deck tells the story of a man named Dave, who longed for adventure but was torn by his loyalty for Google. In the pitch deck, as in life, Dave eventually joined Canva. It helped that Google had already poached his replacement.

In 2012, Perkins was able to raise a seed round of $1.6 million, and got another $1.4 million from the Australian government. Tai finally agreed to put in $100,000. “It was really hard for her to raise,” he says. “You’ve got a young girl in her 20s from Australia who had never worked at a company, with her live-in boyfriend as COO. People would say to me, What if they break up? I didn’t have a good answer.” Now, things look much different: Tai says Obrecht is Canva’s “secret weapon,” and that “Cliff has just blown me away.”

Keeping the bar high, hundreds of hires later

While Tai drove her nuts at the beginning, Perkins appreciates his stubbornness now. “We’ve been able to attract top talent across the globe,” she says. “It wouldn’t have been possible without setting such a high technical bar early on.” Tai says he hasn’t made exactly this condition with other startups. But he’s done it in reverse: He’s backed highly technical people without knowing what, exactly, the business opportunity would turn out to be.

The experience also showed her, the hard way, just how much effort she’d have to put into hiring if she wanted to build a successful tech company. By Canva’s second year, the company had a recruiting team. “We knew we needed to invest heavily in hiring,” she says. Now, each open position gets a strategy brief. That document lays out the goals for the person in that role and the project they will be working on. It also identifies the people who will be involved in the hiring process. “Getting everyone on the same page is really critical,” says Perkins. “It sets that person up for success.”

And like Rasmussen looking for the first technical hire, Canva asks each candidate to take a challenge. Candidates have a choice of doing a four-hour challenge or a one-hour challenge. “Maybe they’re working parents and they can do it in an hour,” says Perkins. “Other people prefer to have a longer time and work at their own pace. We’re looking for people happy to take on challenges and who get a real buzz out of being able to solve hard things.”

In in-person interviews, someone on the Canva team will almost always ask the candidate, “How would your previous boss or manager talk about your work or rate you?” Perkins says people are “surprisingly honest” in their responses. The answers help her get a window into what type of leadership allows a particular candidate to thrive. Some people require a lot of structure or hierarchy, she says, and Canva doesn’t have much of either.

“One of the things I believe quite strongly is having a really strong idea of where you’re going,” says Perkins. “I have this visual metaphor. Plant 100 seeds. Until eventually one flowers or sprouts. For most people, if you’re rejected, you feel really hurt and don’t want to continue. The reality is that you have to push through. If I had given up quickly, I certainly wouldn’t be here today.”

By Kimberly WeisulEditor-at-large, Inc.com

Source: It Took Canva a Year to Make Its First Technical Hire. Now It’s a Hiring Machine

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A behind the scenes look at the amazing team behind Canva, hope you enjoy watching the video as much as we enjoyed making it!

Kaiser CEO Bernard Tyson Dies Unexpectedly, Here Is His Impact

In stunning news, healthcare lost a major leader today. Bernard J. Tyson, the Chairman and CEO of Kaiser Permanente, unexpectedly passed away in his sleep at just 60 years young. Unexpected is an understatement since it was only yesterday when Tyson was a guest speaker at the AfroTech gathering in Oakland as shown by this tweet:

                               

And three days prior, he had been in New York City to speak at the Fast Company Innovation Festival as seen in this picture:

Today In: Innovation

Discussing and advocating for key health issues was a big part of Tyson’s life. Through my career, I have met many hospital, health clinic, and insurance executives, and Tyson without a doubt has stood out from most of the rest. He was far from a “mind the store and pick up the paycheck” CEO. Sure, we can rattle off what happened to the typical metrics used to measure hospital and insurance CEO’s since he became Kaiser Permanente’s CEO in 2013 and it’s Chairman of the board of directors in 2014. Kaiser Permanente went from having 9.1 million members to 12.3 million, employing a workforce of 174,000 to 218,000, and generating $53 billion in annual revenues to $82.8 billion. These are all very impressive jumps but do not begin to capture the larger and what I think are the more important steps that have occurred.

Tyson has helped Kaiser Permanente become a leader in transforming how healthcare systems can have a greater impact on population health. Historically, many hospitals and much of the health care system in the U.S. have been way too focused on inpatient and “sick” care, because surprise, surprise, that’s where the immediate money seems to be. You can make a whole lot more money today trying to fix a medical problem (and even failing horribly to fix it) than preventing the problem in the first place.

This has made much of healthcare far too reactive, waiting for problems to occur, too focused on repairing people after they have already been broken. It’s like waiting at the of the wall for Humpty Dumpty to fall rather than helping him down from the wall or at least installing some seat belts. It can also be analogous to waiting for a car to fall into pieces before you take it (or rather carry it in a bag) to the shop and ask the mechanic, “hey, can you do something about patching everything together? I need to drive to a date tonight.”

Under Tyson’s leadership, Kaiser Permanente has taken major steps to expand the role of health care beyond the walls of hospitals and clinics. For example, as I reported previously for Forbes, there are the ongoing initiatives to address obesity and homelessness in the communities surrounding Kaiser facilities. Tyson covers the latter in this Kaiser Permanente video:

                                  

Another example is their first-of-its-kind partnership with the National Basketball Association (NBA) to tackle (or rather, since it’s basketball, assist with) children’s health issues, which I also have written about for Forbes.

Then there’s climate change, which for Pete’s and everyone else’s sake exists. Recognizing the impact that all of their facilities and many employees can have on pollution and the climate, Kaiser Permanente has been taking steps to become carbon neutral by 2020.

If this doesn’t sound like your typical hospital system or clinic, it isn’t. Tyson hasn’t been your typical healthcare system CEO either. When I spoke to Tyson earlier this year, the conversation was more about a vision of how healthcare should be and what a good healthcare system should be doing rather than a review of how great things already are. He didn’t dwell on dollar signs and listing the clinical services that Kaiser and its many physicians offer. Instead, he talked at length about how Kaiser was trying to not just be reactive but rather address the “social determinants of health” such as “improving basic infrastructure, promoting healthy eating, working on exercise, and taking care of the key ingredients to promoting health.” As he emphasized, “great health care is not just engaged with treatment.”

Tyson also pointed to a part of the body that healthcare systems frequently neglect. No, not the feet or the spleen. It’s the head or more specifically the mind, which incidentally should be connected to the rest of your body. As Tyson mentioned, Kaiser has been “extremely focused on the mind, as in mental health and well-being,” and “looking at the whole person.” He spoke of the “comprehensive package, looking at health and health care.” Again, while healthcare systems may talk about mental health and well-being, talk is cheap. They often don’t mind the gap or rather address the gap in taking care of the mind in the community. How many have actually invested in community well-being programs as Kaiser Permanente has?

Of course, Kaiser Permanente does have strong incentives to keep its millions upon millions of members healthy since it serves the dual purpose of insurer and healthcare system. However, this dual role alone may not necessarily lead to transformative change. When you talk to Tyson, you never got the sense that he was just spewing platitudes. Rather, expanding healthcare these directions seemed to be a passion.

For example, take a look at his experiences as a child. As he related to me, he was “greatly impacted by a wonderful mother, who was sick all of my life and wonderful doctor who take care of her and us.” This combined with the fact that his “father was a minister” meant that his “line of sight was always the community of the congregation. The community was the family.” He spoke of “having resources in the community and encouragement with multiple ‘moms’ who raised me as a child. The community came together,” and offered “a support system that you can rely on, that was in your corner,” that was encouraging, “you to be all that you can be.”

Certainly, Tyson was much more than the color of his skin. Nevertheless, in this day and age, color of the skin still unfortunately can be a major barrier in healthcare. It was an important step that Tyson, as a racial minority, became the leader of the largest nonprofit health plan and integrated delivery system in the United States. This brought a little more demographic diversity to healthcare leadership, which remains way too homogeneous. If you look at pictures of many healthcare system executives, the colors of the neckties are often more diverse that the colors of the skin. Tyson helped get many people more used to seeing an effective and forward-thinking healthcare system leader from a different background.

Tyson didn’t shy away from talking about how race, ethnicity, gender, and sexual orientation either. These demographic characteristics still unfortunately affect healthcare inside and outside hospital and clinic walls. In fact, he had strong interests in reducing disparities of care as well and said, “The fact that someone may not be getting what they should be getting because color of skin or sexual orientation is unacceptable. Period. No sentence to follow.”

The Kaiser Board of Directors has named Gregory A. Adams to fill Tyson’s shoes as Chairman and CEO on an interim basis. These are certainly big shoes to fill. Adams is no stranger to the Kaiser system as he had been reporting to Tyson as the Executive Vice President and Group President, overseeing all eight Kaiser Permanente Regions that includes 38 hospitals and 651 medical office facilities. Additionally, Adams has led Kaiser Permanente’s national Medicare care delivery strategy and was responsible for Kaiser Permanente’s partnership with the NBA. Adams appears in this video covering the launch of the NBA partnership:

                                

Adams has been with Kasier Permanente since 1999, beginning at Kaiser Permanente in Southern California and subsequently holding positions with increasing leadership responsibility. Adams’ Kaiser Permanente biography includes more information on his background.

In a statement, Ed Pei, Kaiser Permanente board member and Chair of its Executive Committee and the Governance, Accountability and Nominating Committee, said: “Bernard was an exceptional colleague, a passionate leader, and an honorable man. We will greatly miss him. The board has full confidence in Greg Adams’ ability to lead Kaiser Permanente through this unexpected transition.”

Indeed, in his five years as CEO and over 30 years in the Kaiser system, Tyson made a major impact on healthcare that went well beyond hospital and clinic walls in many ways. Unfortunately, we won’t be able to see all that he could have done with more years at the helm.

Follow me on Twitter or LinkedIn. Check out my website.

I am a writer, journalist, professor, systems modeler, computational and digital health expert, avocado-eater, and entrepreneur, not always in that order. Currently, I am a Professor of Health Policy and Management at the City University of New York (CUNY), Executive Director of PHICOR (@PHICORteam), Associate Professor at the Johns Hopkins Carey Business School, and founder and CEO of Symsilico. My previous positions include serving as Executive Director of the Global Obesity Prevention Center (GOPC) at Johns Hopkins University, Associate Professor of International Health at the Johns Hopkins Bloomberg School of Public Health, Associate Professor of Medicine and Biomedical Informatics at the University of Pittsburgh, and Senior Manager at Quintiles Transnational, working in biotechnology equity research at Montgomery Securities, and co-founding a biotechnology/bioinformatics company. My work involves developing computational approaches, models, and tools to help health and healthcare decision makers in all continents (except for Antarctica) and has been supported by a wide variety of sponsors such as the Bill and Melinda Gates Foundation, the NIH, AHRQ, CDC, UNICEF, USAID and the Global Fund. I have authored over 200 scientific publications and three books. Follow me on Twitter (@bruce_y_lee) but don’t ask me if I know martial arts.

Source: Kaiser CEO Bernard Tyson Dies Unexpectedly, Here Is His Impact

765K subscribers
The Kaiser Permanente model is all about integration and partnerships, and how everything comes together for patients, said Kaiser Permanente CEO Bernard Tyson. Tyson thus has to balance his time with both internal and external constituents, which is a non-trivial task for an organization of Kaiser Permanent’s size. “The outside influences so much of what happens on the inside, that I have to spend a lot of my time with customers, the government and other key parties.” In his visit to Systems Leadership on April 25, 2019, Tyson spoke with Lecturer Robert Siegel on the challenges of running an $80B per year company in a complex world while still focusing on the goal of keeping patients healthy.
Read more on Medium: https://stanford.io/2XZKhTZ

Getting To Know The Man Who Did The Most To Nourish Free Enterprise In China: Jack Ma

Most everyone has probably heard of Jack Ma and Alibaba. But, few understand the true immensity—and importance—of what Ma, the co-founder and former executive chairman of Alibaba Group, has done. We had a fascinating conversation at the Forbes Global CEO Summit in Singapore, where we discussed what he did at Alibaba, one of the most formidable e-commerce companies in the world, and his future plans and aspirations.

By providing people in China with a powerful online platform to market their products and services with Alibaba, he nourished millions of small businesses — and the cause of free enterprise. Thanks to Ma, countless numbers of Chinese businesses and individuals can obtain loans and other financial services that would otherwise be unavailable from traditional institutions within China. He also enabled small enterprises everywhere, including the US, to easily trade with entities in China.

Having recently stepped down from Alibaba, Ma is moving into philanthropy, big time, to promote entrepreneurship and education, among other things.

Struggling students will take heart at the fact that Ma was a poor student, frequently flunking his exams. Furthermore, his success was not immediate; numerous employers turned him down when he first entered the workforce.

Ma’s story validates Adam Smith’s truth that commerce benefits us all, and free markets are the best poverty fighters ever created.

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Steve Forbes is Chairman and Editor-in-Chief of Forbes Media.
Steve’s newest project is the podcast “What’s Ahead,” where he engages the world’s top newsmakers, politicians and pioneers in business and economics in honest conversations meant to challenge traditional conventions as well as featuring Steve’s signature views on the intersection of society, economic and policy.

Steve helped create the recently released and highly acclaimed public television documentary, In Money We Trust?, which was produced under the auspices of Maryland Public television. The film was inspired by the book he co-authored, Money: How the Destruction of the Dollar Threatens the Global Economy – and What We Can Do About It.

Source: Getting To Know The Man Who Did The Most To Nourish Free Enterprise In China: Jack Ma

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Jeff Bezos Is No Longer The Richest Person In The World After Amazon Stock Plunges

Amazon founder and chief executive Jeff Bezos lost his title as the richest man in the world during after-hours trading on Thursday, following a lackluster third-quarter earnings call from his ecommerce behemoth.

Amazon shares fell 7% in after-hours trading, knocking Bezos’ fortune down to $103.9 billion. That puts him at number two among the world’s richest. The new number one: Microsoft cofounder and fellow Washington state resident Bill Gates, who is worth $105.7 billion.

Bezos became the richest man in the world in 2018 and the first centibillionaire to ever appear on the The Forbes 400 that year with a net worth of $160 billion, ending Gates’ 24-year run as number one.

Today In: Billionaires

But the Amazon chief executive’s net worth drop isn’t entirely due to the decline in Amazon shares. Bezos transferred a quarter of his Amazon stake to his ex-wife MacKenzie Bezos as part of their divorce settlement, which was finalized earlier this year. MacKenzie Bezos is worth $32.7 billion, and among the top twenty wealthiest people in the world.

On Thursday afternoon, Amazon reported a 26% drop in net income in its third quarter, its first profit decline since 2017.  In after-hours trading, Amazon dropped nearly 9% to $1,624 per share in the 20 minutes after the market closed. It has since rebounded slightly, hovering at $1,657 per share at 7:30 p.m. ET.

The company said it is investing heavily in logistics and delivery infrastructure, with the goal of making one-day shipping the norm for Amazon Prime members. The company disclosed during its second quarter earnings call in July that it had spent “a little bit” more than the estimated $800 million that it has previously said it would invest in one-day shipping infrastructure. The company declined to disclose how much it had spent on one-day shipping in the third quarter. But chief financial officer Brian Olsavsky did disclose Thursday that the company plans to spend $1.5 billion in the fourth quarter, presumably to finance the one-day shipping initiative.

Gates, meanwhile, has been out of Microsoft since 2014 when he stepped down as chairman of the storied company, though he remains a board member. He has sold or given away the majority of his Microsoft stake and diversified his wealth over time. He is now the co-chairman of the Bill & Melinda Gates Foundation, the largest private charitable foundation in the world.

Bill Gates debuted on Forbes’ first ever billionaire list in 1987 with a net worth of $1.25 billion. Bezos first joined The Forbes 400 list of richest Americans in 1998, one year after Amazon went public, with a net worth of $1.6 billion.

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Angel Au-Yeung has been a reporter on staff at Forbes Magazine since 2017. She covers the world’s wealthiest entrepreneurs and tracks how they use their money and power.

 

Source: Jeff Bezos Is No Longer The Richest Person In The World After Amazon Stock Plunges

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A detailed look at the most expensive divorce in history where Jeff Bezos, the richest person in the world is set to lose almost half of his net worth. Follow us! Twitter: https://twitter.com/MrLuxuryBrand Instagram: https://www.instagram.com/MrLuxuryBrand Facebook: https://www.facebook.com/MrLuxuryBrand Support the Channel! https://www.patreon.com/MrLuxury Why Jeff Bezos Will No Longer Be The Richest Person

Singapore Startup: This HR Tech Firm Worth $100 Million Is Ready To Conquer Asia

In the dizzying world of technology startups, it’s easy to get lost in the hype of hot trends such as AI, blockchain, VR/AR and machine learning. What is often forgotten is the fact that some of the best startups in the world solve the simplest of problems.

This is exactly the approach that Pascal Henry, who is the CEO and cofounder of HReasily, took when he identified the fundamental needs of rapidly growing SMEs–to manage their human resources more efficiently.

Henry launched his Singapore-based HR firm in late 2015 as a Software-as-a-Service (SaaS) business that enables companies to increase productivity by using technology to streamline traditional processes such as payroll processing, leave management and expense claims.

When I was running my first startup in Singapore, I had to do a lot of the manual processes myself. I felt the pain and the drain of it,” explains Henry. “It was taking up a lot of my time and energy, when I should have been focusing on building my business.”

Today In: Asia

 

Improving productivity and efficiency

HReasily’s mission is simple: To innovate and automate HR throughout the world. As one of the fastest-growing cloud-based HR SaaS companies in the region, their simple modules and features aim to transform many of the legacy HR processes and automate them to be accessible anytime and anywhere. Currently the company offers seven modules including payroll, staff leave, employee contracts and attendance. As HReasily grows, it continues to add product lines aimed at empowering companies to scale faster.

Previously, many businesses used solutions that each looked after a particular silo of an HR department. So you’d have one system to manage your payroll calculations, one for leave and others for other functions.

“What happened was you had to log in and out of many various systems, and these systems cost a huge amount of money,” says Henry. “What we’ve done is build a solution that is very affordable that integrates with all the functions on a unified platform.”

A simple but elegant business model HReasily runs a subscription-based revenue model. Starting with payroll, which is at the core of every traditional HR office, the company offers premium versions that run on monthly or yearly subscriptions, with add-on modules available such as staff leave and time attendance. This past summer at the RISE 2019 conference in Hong Kong, Henry and his team unveiled their latest benefits management module which will soon allow customers to acquire group level insurance, healthcare and even apply for credit cards or loans.

HReasily says its competitive advantage lies in its customer base, which is mostly SMEs. By initially focusing on the fundamental needs of this particular segment, the company has earned the support of larger banking and government agencies and has become known as an “SME champion.” Not surprisingly, as the company has grown it says that it began to attract larger corporations, publicly listed companies, multinational corporations and even payroll outsourcing firms.

“As we grew we acquired a more diverse customer base,” Henry says, “because a lot of larger companies are tired of the older and expensive solutions because they need to be installed on premise and they require a refresher every year when rules and regulations change.”

Partnerships are the key to rapid growth

Being based in Singapore has allowed HReasily to capitalize on the rapid growth in Southeast Asia. SME’s account for 97% of all the enterprises in the region, and employ half of the workforce, according to data from Asia-Pacific Economic Cooperation (APEC). HReasily’s growth has been nothing short of impressive. With nearly 30,000 companies on their platform and more than 100 new companies onboarding every day, HReasily is said to be growing rapidly in Singapore, Hong Kong, Malaysia, Indonesia, the Philippines, Thailand, Cambodia and Vietnam.

Some of HReasily’s notable customers include Love Bonito (in Singapore, Indonesia, Malaysia and Hong Kong), Sambat Finance (Cambodia), OnlinePajak (Indonesia) and TechInAsia. As the company looks to complete their coverage of Asia, the next major market they look to tackle is mainland China followed by Taiwan, Japan, Myanmar and Australia.

Investors have taken notice of the company’s growth as well. Fresh off a pre-series A funding round of $5 million from Envy Capital, HReasily is currently estimated to be valued at more than $100 million. Henry admits that the company’s rapid growth in the region has only been possible with the early support from their key strategic partners.

HReasily has been working with Citibank, Mazars and Stripe. The partnership with Mazars, which was a lead investor from the startup’s first round of funding, gives them access to a global audit, advisory and payroll outsourcing firm with 300 offices in 100 countries. Henry says it allows HReasily to localize its solutions to each individual market.

Today, building a solid ecosystem of strategic partners is very important because you come from different angles, but you all serve one customer, which is the SME or the business,” says Henry. “By coming together, we collectively create a great end-to-end experience for them. There’s strength in numbers.”

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Jay Kim is a full-time investor and the host of the popular podcast The Jay Kim Show, Hong Kong’s first dedicated podcast on entrepreneurship and investing in Asia. Inc. Magazine has named The Jay Kim Show one of the top three podcasts from Asia which are inspirational and useful to entrepreneurs. Jay is an avid supporter of the start-up ecosystem in Asia and frequently consults with leaders in local government on topics related to technology, entrepreneurship, early-stage investing and startups

Source: Singapore Startup: This HR Tech Firm Worth $100 Million Is Ready To Conquer Asia

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Is your administration work taking too much out of your time? HReasily provides HR solutions for payroll processing, leave and claims management, employee scheduling and time attendance, so that business owners can focus on growing their businesses.

 

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