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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

106K subscribers
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/

 

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Google Is Planning to Offer Checking Accounts in Partnership With Banks

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Google is increasingly involved in more areas of its users’ lives. It’s where we turn every day for answers to pretty much everything from simple questions to complicated research. It’s where we get our email, store our photos, manage our calendars, and manage our files. It’s already the most dominant mobile operating system, and it now makes smart home devices. With its purchase of Fitbit, it’s clear Google also wants to dominate wearable technology.

Or, said another way, Google is everywhere.

Now, according to The Wall Street Journal, Google is working on a new project called Cache that involves offering checking accounts. Yes, Google wants to be your bank.

Well, more specifically, Google plans to partner with banks to offer its customers access to banking products like checking accounts. In this case, accounts would be offered by Citigroup, as well as a credit union at Stanford University, and those financial institutions would provide all of the financial services and account management.

Google would provide the convenience, along with loyalty rewards. For example, users would access their accounts through Google Pay, much like Apple’s users access its branded credit card through Apple Pay.

 

Speaking of which, with recent moves by other tech companies into the personal finance space, it was probably inevitable that Google would follow suit. Apple recently introduced its own credit card with Goldman Sachs, and Facebook has announced its plans to launch a digital currency called Libra. It might be worth mentioning that both of those have come under intense scrutiny, with New York regulators launching an investigation into Apple Card for discriminating on the basis of gender when extending credit limits.

I actually think this is less a deviation for Google than it might seem. In fact, as TechCrunch pointed out, by providing users with checking accounts, “Google obviously stands to gain a lot of valuable information and insight on customer behavior with access to their checking account, which for many is a good picture of overall day-to-day financial life.”

It’s helpful to remember that for all the useful services Google provides, the company is, at its core, an advertising platform. That is the underlying business model that makes it huge amounts of money, and it’s the driving force behind every product or service it offers.

And while Google hasn’t suffered the same level of scandal as the next-largest advertising platform, Facebook, the strategy is the same–monetize people’s personal information.

Of course, that lack of scandal is reflected in the fact that consumers say they are more likely to trust Google with their financial information than some of its competitors. Only Amazon was rated higher in a McKinsey & Company survey included in the Journal’s report. Fifty-eight percent of consumers said they would trust Google for financial products.

The Journal also reports that Google won’t sell financial information to advertisers, which is great, but that doesn’t mean it won’t use that information to target specific advertising at customers based on their income or spending habits — which is really the only reason Google would get into financial products in the first place.

It’s also the only thing you need to know when considering whether this is a good idea. I’m not sure any amount of “loyalty program” or convenience can make up for the cost of having even more of your personal information monetized.

Jason AtenWriter and business coach

561 subscribers
Google is planning to launch consumer checking accounts next year in partnership with Citigroup and Stanford University, The Wall Street Journal (WSJ) reported on Wednesday (Nov. 13). Code-named Cache, the accounts will be handled by Citigroup and a credit union at Stanford University. The branding will reflect the financial institutions and not Google. “Our approach is going to be to partner deeply with banks and the financial system,” Google VP of Product Management Caesar Sengupta told WSJ. “It may be the slightly longer path, but it’s more sustainable.”

Google to Pay $2.1 Billion for Fitbit, Making It the Latest Giant Ramping Up on Healthtech

Google is the latest giant company angling to secure more of users’ health information–potentially boding well for healthtech startups looking for an acquirer one day.

Reuters reported this week that Google’s owner, Alphabet, has made an offer to acquire wearable device maker Fitbit. Update: On Friday, Fitbit announced that it has agreed to be acquired by Google for approximately $2.1 billion. The deal is expected to close in 2020. The news comes on the heels of reports last month that Fitbit CEO James Park was exploring a potential sale for his company.

Park and CTO Eric Friedman co-founded the San Francisco-based company in 2007, and proceeded to help pioneer the wearable device industry–which reached a value of $1.6 billion last year, according to a June Research and Markets report. But recently, Reuters noted, the company has been struggling to successfully pivot from fitness trackers to smartwatches, now dominated by Apple and Samsung.

Google’s interest in smartwatches has been well-documented. Last month, Business Insider reported that the company started developing smartwatch offerings as early as 2013–but has still never released one because of a series of internal reorganizations, quality issues, and design struggles. In January, Google spent $40 million to acquire a chunk of smartwatch intellectual property–and members of the team responsible for creating it–from fashion designer and manufacturer Fossil Group.

More broadly, tech giants have spent the past few years snapping up health care data-oriented startups. In June of 2018, Amazon bought online pharmacy, and 2016 Inc. Rising Star, PillPack for near $750 million–and it acquired digital health startup Health Navigator for an undisclosed price just last Wednesday. Apple purchased personal health data company Gliimpse in 2016, sleep sensor maker Beddit in 2017, and asthma monitoring system Tueo Health in 2018, all also for undisclosed prices.

Altogether, the health care industry has seen at least 250 mergers, acquisitions, shareholder spinoffs, and other similar deals per quarter for more than two years, according to PwC’s most recent U.S. Health Services Deals Insights report. The report noted that in the third quarter of 2019 alone, the industry’s deals tallied $19.6 billion, up nearly 18 percent from the same quarter a year ago.

Cameron Albert-Deitch Reporter, Inc.

Source: Google to Pay $2.1 Billion for Fitbit, Making It the Latest Giant Ramping Up on Healthtech

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CNBC’s “Squawk on the Street” crew discuss the news that Fitbit will be acquired by Google.

Could Google Be About To Break Bitcoin?

Google sent shockwaves around the internet last month when it was claimed the search giant had built a quantum computer able to solve formerly impossible mathematical calculations–with some fearing bitcoin could be at risk.

Details of Google’s so-called “quantum supremacy,” meaning it can solve calculations impossible with traditional computers, were posted to a Nasa website before being deleted, it was claimed by the Financial Times, a business newspaper.

Google’s quantum supremacy could mean it is able to perform in 200 seconds what would take a powerful computer 10,000 years and potentially mean bitcoin, and the encryption that underpins it, could be broken.

Bitcoin, cryptography, and encryption rely on complex mathematical problems and the fundamentals provide the basis of the internet and digital communication trust.

Today In: Money

A powerful enough computer, similar to Google’s quantum computer, could solve these classical equations quickly enough to crack not only bitcoin but also the encryption that the internet is built on.

An explosion in bitcoin investors and the bitcoin price over recent years have made many worried that their newfound crypto-based wealth could be under threat from these powerful quantum computers.

However, steps can be taken to prevent the likes of Google or any other quantum computer breaking into bitcoin and digital communication.

“Cryptocurrencies can be updated with quantum resistant tech,” said Charles Hayter, chief executive of bitcoin and cryptocurrency data website, CryptoCompare. “This is just a continuation of the age old arms race between crackers and enciphers.”

It would appear Google is still some way away from building a quantum computer that could be a threat to bitcoin or other encryption.

“Google’s supercomputer currently has 53 qubits,” said Dragos Ilie, a quantum computing and encryption researcher at Imperial College London.

Qubits, or quantum bits, are the basic unit of quantum information which use the properties of a quantum system, such as the polarization of a photon or the spin of an electron, where as traditional computers store and process data as a series of ‘1’s and ‘0’s.

“In order to have any effect on bitcoin or most or most other financial systems it would take at least about 1500 qubits and the system must allow for the entanglement of all of them,” Ilie said.

Google may not even be as far along as thought, with subsequent reports suggesting the original post was removed from Nasa’s website because it had not been confirmed.

Meanwhile, scaling quantum computers is “a huge challenge,” according to Ilie.

“As you add more qubits the system becomes more and more unstable … [though] researchers can try different approaches for solving these issues so maybe there are ways to mitigate these problems but right now we are quite far from breaking bitcoin.”

In short, “don’t dump your bitcoins yet,” Ilie added.

Follow me on Twitter.

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Source: Could Google Be About To Break Bitcoin?

Everyone should see it! Click here! http://youtube.com+watch=@3162039724/… Best cryptocurrency exchanger: https://700.by/101 Best cryptocurrency trading platform: https://700.by/102 The crypto community is reacting to a new report claiming Google has achieved a massive breakthrough in quantum computing. According to the Financial Times, a leaked document written by Google’s researchers says the company has achieved “quantum supremacy.”
In other words, Google has created a quantum computer that can perform a calculation that no other computer on earth has the power to process.“A paper by Google’s researchers seen by the FT, that was briefly posted earlier this week on a NASA website before being removed, claimed that their processor was able to perform a calculation in three minutes and 20 seconds that would take today’s most advanced classical computer, known as Summit, approximately 10,000 years.”
Quantum computers use the properties of atoms and molecules to create systems that can simultaneously explore multiple possible solutions to a problem. Many experts believe quantum tech could be used to crack the modern methods of cryptography that keep the internet secure. The threat to the world of cryptography is real enough that the National Security Agency (NSA) is now working to create new techniques that are resistant to quantum computing. News of Google’s apparent breakthrough made it to the front page of the cryptocurrency subreddit, where crypto proponents pondered the potential impact the advancement could have on blockchain technology.
The question is if and when quantum computing can crack the long strings of letters and numbers known as private keys, which Bitcoin users need to access their funds. So far, Google’s researchers say their quantum computer can “only perform a single, highly technical calculation,” indicating it will still take years until the technology can solve real-world problems.
But according to the document cited by the Financial Times, Google expects the tech to evolve at twice the speed of traditional computer processors. Steve Brierley, an adviser on quantum technologies to the UK government, says Google has taken a major leap forward.“It’s a significant milestone, and the first time that somebody has shown that quantum computers could outperform classical computers at all. It’s an amazing achievement.”So far, Google itself has refused to comment. #quantum #cryptocalculator #bitcoinblockexplorer #cryptocurrencynews #cryptocurrencyexchange #cryptonews #cryptoexchange Will Google’s ‘Quantum Supremacy’ Achievement Break Bitcoin: https://www.youtube.com/watch?v=haRLj…

Google Warns LastPass Users Were Exposed To ‘Last Password’ Credential Leak

Google Project Zero is a team of highly talented security analysts with a brief to uncover zero-day vulnerabilities. If a vulnerability is found, Project Zero reports to the vendor concerned and starts a 90-day countdown for a fix to be issued before full public disclosure is made. LastPass is also in the security business, being one of the most popular password management solutions with more than 16 million users, including 58,000 businesses. Project Zero has just disclosed that a security vulnerability left some of those 16 million users exposed to the risk of credential compromise as, in an ironic twist, LastPass could leak the last password used to any website visited.

How could the LastPass ‘last password’ vulnerability be exploited?

In a tweet posted September 16, Google Project Zero analyst Tavis Ormandy stated that “LastPass could leak the last used credentials due to a cache not being updated,” adding “this was because you can bypass the tab credential cache being populated by including the login form in an unexpected way!”

Ormandy reported the vulnerability on August 29, as Project Zero issue 1930, which showed how the credentials previously filled by LastPass could be exposed to any website under certain circumstances.

Today In: Innovation

Ferenc Kun, the security engineering manager for LastPass at LogMeIn, which owns LastPass, said in an online statement that this “limited set of circumstances on specific browser extensions” could potentially enable the attack scenario described.

“To exploit this bug, a series of actions would need to be taken by a LastPass user including filling a password with the LastPass icon, then visiting a compromised or malicious site and finally being tricked into clicking on the page several times,” Kun said, “any potential exposure due to the bug was limited to specific browsers (Chrome and Opera.)”

The answer, thankfully, is nothing. LastPass has already patched the vulnerability, and the fix was comprehensively verified with Project Zero. Indeed, the fix was rolled out on September 13, and Kun confirmed that “we have now resolved this bug; no user action is required and your LastPass browser extension will update automatically.”

As a precaution, the LastPass update was deployed to all web browsers and not just Chrome and Opera.

How severe was this vulnerability and should you stop using LastPass?

Let’s deal with the last part of that question first; there’s absolutely no reason to stop using LastPass or your preferred password manager for that matter. “Although password managers like any other software have flaws the benefits of using one far outweigh the risks,” says ethical hacker John Opdenakker. “It’s far more likely that your accounts will get compromised by attacks that exploit poor passwords,” Opdenakker says, “such as through credential reuse, than by attacks against password managers themselves.”

OK, so how serious was this particular vulnerability? It certainly sounds serious enough, right? Tavis Ormandy at Project Zero allocated the vulnerability a “high” severity rating. Opdenakker isn’t so sure it merits that. “I think it’s most important that LastPass fixed this bug, which is certainly not a critical one, within a reasonable amount of time,” Opdenakker says, “it’s debatable whether it’s high or medium because, as Ormandy says, it doesn’t work for all URLs.”

LastPass security recommendations

Ferenc Kun said that LastPass continues to recommend the following best practices for added online security:

  • Do not click on links from people you don’t know, or that seem out of character from your trusted contacts and companies.
  • Always enable Multi-Factor Authentication (MFA) for LastPass and other services like your bank, email, Twitter, Facebook, etc.
  • Never reuse your LastPass master password and never disclose it to anyone, including us.
  • Use different, unique passwords for every online account.
  • Keep your computer malware-free by running antivirus with the latest detection patterns and keeping your software up-to-date.

More at Forbes

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

I’m a three-decade veteran technology journalist and have been a contributing editor at PC Pro magazine since the first issue in 1994. A three-time winner of the BT Security Journalist of the Year award (2006, 2008, 2010) I was also fortunate enough to be named BT Technology Journalist of the Year in 1996 for a forward-looking feature in PC Pro called ‘Threats to the Internet.’ In 2011 I was honored with the Enigma Award for a lifetime contribution to IT security journalism. Contact me in confidence at davey@happygeek.com if you have a story to reveal or research to share

Source: Google Warns LastPass Users Were Exposed To ‘Last Password’ Credential Leak

This is a short intro to how to use LastPass. Links: https://www.lastpass.com https://youtu.be/M4Z0xwzpQrk (My Diceware Video) ======================================== Follow me on Twitter: @redfalconsec Like me on Facebook: search “RedFalcon Security” Fonts used: Digitalt by gluk (http://www.dafont.com/digitalt.font) Royalty free ClipArt provided by LibrOffice Impress and clker (www.clker.com). This video made entirely in Linux using open source tools.

Tim Cook, Mark Zuckerberg, Sheryl Sandberg, and Other Tech Leaders Share Their Favorite Summer Reads

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  • When they’re not busy ideating in Silicon Valley, tech execs like to settle down with a beach read.
  • NBC reporter Dylan Byers rounded up book recommendations from tech CEOs in a summer reading list for his newsletter.

For folks seeking an elevated beach read this summer, NBC reporter Dylan Byers asked six tech executives for summer reading recommendations in his newsletter.

Read on for book recommendations from Mark Zuckerberg, Sheryl Sandberg, Tim Cook, and more.

Mark Zuckerberg — Facebook, CEO

Getty

The Last Days of Night by Graham Moore.

A novel about who really invented the lightbulb by the screenwriter behind the Oscar-wining film “The Imitation Game.” It features the intertwining stories of Nikola Tesla, Thomas Edison, and George Westinghouse.

Sheryl Sandberg — Facebook, COO

Reuters

The Moment of Lift by Melinda Gates

Philanthropist Melinda Gates writes about the importance of empowering women, and how that action can change the world.

Tim Cook — CEO, Apple

Getty

When Breath Becomes Air by Paul Kalanithi

When a young Stanford neurosurgeon is diagnosed with lung cancer, he sets out to write a memoir about mortality, memory, family, medicine, literature, philosophy, and religion. It’s a tear-jerker, with an epilogue written by his wife Dr. Lucy Kalanithi, who survives him, along with their young daughter.

Shoe Dog by Phil Knight

A memoir by the creator of Nike, Phil Knight.

Dawn Ostroff — Spotify, CCO

Richard Bord/Getty Images

Educated by Tara Westover

Westover, raised in the mountains of Idaho in a family of survivalists, didn’t go to school until she was 17. She would go on to earn a PhD from Cambridge University. This memoir chronicles her path towards higher education.

Evan Spiegel — Snap, CEO

Mike Blake/Reuters

Mortal Republic by Edward Watts

A history of how ancient Rome fell into tyranny.

Jeffrey Katzenberg — KndrCo

Getty Images / Larry Busacca

21 Lessons for the 21st Century by Yuval Noah Harari

Written in 2018, Harari addresses technological and political challenges that humans will have to tackle in the 21st century.

White Working Class by Joan C. Williams

Williams, a law professor, writes “Class consciousness has has been replaced by class cluelessness — and in some cases, even class callousness.”

Rebecca Aydin Business Insider

How Google’s Work With Motorbike Riders In India Demonstrates Its Plan For Emerging Markets

India is the world’s largest market for motorbikes, with two-wheelers making up 70% of all vehicles registered by its 1.3 billion residents. It’s these motorbike drivers, more so than car owners, that Google needs to please as it competes for mindshare in this emerging market. So when user research showed that motorbikers in India didn’t find Maps useful, a team in Google’s Seattle office was tasked with figuring out how to change it.

A dive into the data revealed that motorbike drivers would only open the app for about 30 seconds and then close it. The team of product experts hypothesized that drivers needed more guidance on their route, so they spun up a prototype that would provide more in-ride prompts. But when they tested it with users in Jaipur, the largest city in the Indian state of Rajasthan, the prototype flopped.

The trials and errors to make Maps work better in India were a wake-up call, says Lauren Celenza, lead designer on Google’s two-wheeler project. As Google aims to reach more users in emerging markets like India, South East Asia, Africa and Latin America, the company needed to better integrate user research with product design.

“Opening up of the process beyond the walls of our offices is a playbook that we’re looking to for future projects,” Celenza says.

After actually spending time in India talking to people, the product team realized that the exact opposite of their initial assumption was true: Motorbike drivers didn’t want to look at or listen to their phones at all as they navigated the crowded and often chaotic roads. Instead, they wanted clearer guidance before starting out.

That initial design process highlights the too common tech industry hubris wherein companies launch tools for people far away without proper preparation or understanding of regional wants, needs or cultural differences. At its most anodyne, this approach leads to unpopular products. But it can also fuel real-world crises, like fake news and hate-speech going viral in Myanmar because Facebook didn’t have enough Burmese-speaking moderators.

The Google Maps team on the project ended up building a “two-wheeler mode” with customized routes for motorbikes that simplifies the maps and highlights landmarks to make it easier for drivers to understand and memorize the way before starting out. Since that product launched about a year and a half ago, its usage has grown from one million daily users to 5 million, and Google has launched the feature in more than a dozen new markets.

Two-wheeler mode falls under the domain of what Google calls its “Next Billion Users” initiative to reach users in emerging markets, either by launching new products or adapting old ones. For example, Google launched data-light and offline versions of Search, YouTube and Maps, and created an India-specific payments service called Tez.

At Google’s I/O developers conference last week, the company announced several other features geared at emerging markets. For example, it will start allowing people to pay for Android apps using cash and demoed an automatic text-to-speech service that will initially launch in Google’s Go app for entry-level devices.

“We need to do a lot more work to make sure our technologies and our services actually work really well for these users, including designing the right products for their unique needs,” Caesar Sengupta, vice president of Google’s Next Billion Users group, tells Forbes. “The amount of work we have left to do is still huge.”

In the past year, Google has faced a handful of controversies about how it cooperates with foreign governments. In August, the Intercept reported that the company was working on a version of its search engine in China that would comply with the country’s strict censorship laws. U.S. politicians, human rights activists and Google employees criticized the project, describing it as a tool for oppression and a slap in the face of Internet freedom. Google eventually told Congress in December that it has “no plans” to launch a search engine in China.

This spring, Google (and Apple) received widespread criticism for offering a Saudi Arabian smartphone app that allows husbands to track their wives. The country’s “male guardianship system,” which requires women to obtain male approval for certain actions, makes tracking legal, and Google said it would not remove the app.

Sengupta, who reportedly had a leadership role in the Dragonfly project, said that the company is “really engaged” in debates about the services it provides.

“The world is evolving fast,” he said. “We need to be constantly looking at what we’re doing and what are the right ways to be doing something.”

Contact this reporter at jdonfro [at] forbes.com. Have a more sensitive tip? Reach Jillian via encrypted messaging app Signal at 978.660.6302 using a non-work phone or contact Forbes anonymously via SecureDrop (instructions here: https://www.forbes.com/tips/#6ebc8a4f226a).

I’m a San Francisco-based staff writer for Forbes reporting on Google and the rest of the Alphabet universe, as well as artificial intelligence more broadly.

Source: How Google’s Work With Motorbike Riders In India Demonstrates Its Plan For Emerging Markets

He Sold His First Business To Google And Just Raised $120 Million For His Next Startup

Ray Reddy

Ray Reddy has raised millions of dollars in startup funds, sold a company to Google and is taking on the local business gauntlet in an innovative new way. Yet, he chose to exit Google and Silicon Valley to launch his latest venture.

In his exclusive interview on the DealMakers Podcast, Ray Reddy shared the pros and cons of the valley and his fundraising strategies.

The Art of Business

Always curious, Ray wondered if business was like math and science.  He attended the University of Waterloo to study computer science, then a Masters of Business and Entrepreneurship and Technology.

He says he learned some good foundational principles, how to approach complicated problems, and how to learn quickly. Yet, when entering the business world he found that very little of what he learned had any practical knowledge of applicability. He says “it’s much more about common sense and experience than it is about definitive approaches and how to solve some of these problems.”

After school he went straight into corporate strategy at BlackBerry, doing M&A and venture investments. Yet, he has always not only had a lifelong craving for learning, but a passion for building something and building something that he found had a purpose.

What Google Gets about M&A

The mobile phone was starting to consume other portable electronics. It quickly began to absorb portable navigation, portable GPS, handheld units, and portable media players. Yet, no one seemed to be addressing it. Ray Reddy decided to go solve it himself and built a team of people to go after it.

That startup became PushLife.

Prior to the iPhone, they focused on building an experience that made it very easy for people to move content back and forth between their phone and their computers, specifically music. It took normal phones, and it gave them an iPod-like experience on Android, BlackBerry, and Nokia. PushLife ended up licensing software to major carriers.

It was so successful it was acquired by Google. After the acquisition, he was at Google for four years. First in the Canadian Google office in Waterloo. Then out in Mountain View at Google‘s headquarters.

He ended up running the mobile commerce team for one of their products. Then towards the end, Ray was actually part of the launch team for Google Shopping Express, which was their same-day delivery effort in retail.

The difference with companies like Google, according to Ray, is that they do hundreds of acquisitions a year. They really turn it into a mass production factory. It’s very organized. There are no games. They are very straight-up. From Ray‘s perspective, it doesn’t feel like anyone is trying to overly optimize a negotiation. It makes a lot of sense because the transaction is the beginning of the relationship.

Ray‘s opinion is that Google‘s M&A process is designed in a way to get a group of people that are energized and that deliver a lot of value over the upcoming years. Contrast that with some other acquisition approaches and the result is quite different.

Eventually, Ray found a big new problem to solve. He ultimately concluded that structurally, a big company wasn’t set up to solve this problem, even with all the resources a company like Google has.

Toronto vs. The Valley

Ray moved his founding team to Toronto. Not that the Valley isn’t a really interesting place. He says “On one hand, it is the capital of technology worldwide, but I think there’s also some really weird dynamics there.” The biggest one being that you’ve got a very high concentration of very wealthy people, and they’re all early adopters.

He points to the collapse of the entire on-demand space, everything from on-demand valets to cleaning services several years ago, and a massive false-positive from the Valley.

Because when you have places like Palo Alto where average household incomes are north of $2 million, you can fool yourself into thinking that there are enough people who will pay a big premium for convenience.

As Ray states, “the types of investors living in the Valley are not at all sensitive to paying a $10 delivery fee for having a $10 item brought to them.“ That doesn’t seem weird to them. When you look across average neighborhoods and cities in North America, that’s not necessarily true. You lose sight of that in the Valley. You lose sight of the average person.

Ray says “So, if you’re trying to build a mass market consumer product, you just have to be very careful of false-positives that can come from something working in the Valley“

Then the team went and looked at the reality of building talent there, and hiring, and cost, and a lot of those other things. They decided to move to Toronto instead.

Fundraising Strategy

Ray’s latest startup is Ritual which is a social ordering app that taps into networks of co-workers and colleagues for fast and easy pick-up and pay at a wide variety of local restaurants and coffee shops.

He has already raised $120 million in capital. Greylock led the Series A out of the Valley. Insight did the Series B out of New York. Georgian Partners led the C round out of Toronto.

Rather than waiting until funds are imminently needed to close a round, he says “I think about it differently which is you should always be talking to investors. Always having an ongoing conversation with investors.”

He’s always talking to the next stage of investors and trying to build that relationship. Fundraising comes down to trust, and do they trust your judgment? Do they trust that you can do what you say you’re going to do?

For Ritual, it’s never been about the investor that gives the highest valuation. It has been about who do you want to work with and who do you want to build this company with and spend time with.

He’s had a relationship with each one of those investors for about 9 to 12 months before the round. When it came time for fundraising, it was a no-brainer each time.

Today Ritual has a team of about 300 people globally.

Listen in to the full podcast episode to find out more, including:

  • The process of selling your company to Google
  • Benefits of launching in cities outside of Silicon Valley
  • Ways to build relationships with investors
  • Success factors behind marketplaces
  • Retention as the critical factor for ultimate success in business

Alejandro Cremades is a serial entrepreneur and author of best-seller The Art of Startup Fundraising, a book that offers a step-by-step guide to today‘s way of raising money for entrepreneurs.

I am a serial entrepreneur and the author of the The Art of Startup Fundraising. With a foreword by ‘Shark Tank‘ star Barbara Corcoran, and published by John Wiley

Source: He Sold His First Business To Google And Just Raised $120 Million For His Next Startup

Who Got Rich This Week: Zuckerberg, Bezos And Three Other Billionaires Gain $13 Billion Combined

Mark Zuckerberg has had plenty of difficult days in the past year, but this past week was a good one for him. The Facebook CEO’s net worth jumped $5.5 billion in the week through Thursday April 25, mostly due to investor glee about the $2.4 billion in first quarter profit that the social media firm reported on Wednesday.

The 34-year-old is worth $71.3 billion, $20 billion more than at the beginning of 2019. He is now the 5th richest person in the world, up from No. 8 in March when Forbes published the annual world’s billionaires list. The positive quarterly earnings report overshadowed news that Facebook is setting aside as much as $5 billion to pay a fine to the Federal Trade Commission over privacy issues.

Zuckerberg’s gain was by far the biggest of the week, but he is in good company. The fortunes of Zuckerberg and four other tech billionaires, including Amazon’s Jeff Bezos, rose by a collective $13 billion in seven days.

A day after Facebook released its first-quarter earnings report, Amazon announced a quarterly profit of $3.6 billion, an all-time record for the e-commerce giant. Amazon’s share price rose 2.2% in the week through Thursday, causing Bezos’ net worth to surge by $3.2 billion. The 55-year-old CEO, who owns a 16% stake in Amazon, is now worth $157.8 billion.

Bezos announced earlier this month that he will transfer approximately 4% of the company’s stock to his wife, MacKenzie, as part of their divorce settlement, which is expected to be completed around early July. Jeff Bezos would still be the world’s richest person while MacKenzie will become the third-richest woman.

WE Day California

Steve Ballmer retired from Microsoft in 2014, but he’s still its largest individual shareholder.

2016 Getty Images

The net worth of Steve Ballmer, Microsoft’s former CEO, rose $1.7 billion in the week through Thursday as the software giant’s share price increased by 4.7%. Microsoft smashed earnings estimates with a quarterly revenue of $30.6 billion, boosted by its commercial cloud business, which has grown 41% year-over-year. Ballmer, Microsoft’s largest individual shareholder, is now worth $48.3 billion. Cofounder and former CEO Bill Gates only owns just over 1% of shares, having sold or given away most of his stake in Microsoft, but the stock uptick did bump his net worth by $600 million.

Michael Dell, chairman and CEO of Dell Technologies, is now worth $40 billion after gaining $1.4 billion in a week due to a 6.6% stock uptick. Last December, the computer maker returned to the public market six years after Dell took the company private. Dell Technologies’ market capitalization was $46.7 billion as of end of day Thursday, up from its $34 billion listing. Dell’s net worth has nearly doubled over the past 12 months.

Larry Page, the cofounder of Google and CEO of its parent company Alphabet, got $1.1 billion richer, with an estimated fortune of $57.6 billion. Shares of Alphabet, which will report its first-quarter earnings after the closing bell on Monday, have increased 2.2% since last Thursday. It has been a busy week for Alphabet’s “Other Bets.” Wing, which became an independent Alphabet business last summer, recently got approval from the Federal Aviation Administration to deliver goods by drone. Wing plans to start drone deliveries in Blacksburg, Virginia, later this year. Loon, which uses high-altitude balloons to provide internet access to remote areas, raised $125 million from a SoftBank subsidiary on Thursday.

Like what you see? Follow me on Twitter. You can also drop me a line at hcuccinello@forbes.com or send a secure tip at forbes.com/tips.

I am a wealth reporter at Forbes. Prior to joining the wealth team, I oversaw the Forbes Media and Entertainment section for nearly three years as Assistant Editor.

Source: Who Got Rich This Week: Zuckerberg, Bezos And Three Other Billionaires Gain $13 Billion Combined

Eduardo Saverin’s VC Firm B Capital Raises $406 Million In First Close Of New Fund, Filing Shows

Eduardo Saverin raises new fund

Eduardo Saverin and his VC firm B Capital just filed a $406 million first close of their new fund.Bryan van der Beek for Forbes

The venture capital firm cofounded by Facebook billionaire Eduardo Saverin and partner Raj Ganguly has raised hundreds of millions in new funding to invest in startups.

B Capital has raised $406 million in a first close of its second fund, according to a new regulatory filing with the SEC obtained on Friday. The firm, which wrote in the filing it had raised that amount from 62 investors since late March, indicated that it planned to raise more than that amount, which already tops the $360 million it raised for its first fund.

B Capital declined to comment on the filing or its funding plans.

Earlier in March, Forbes published a wide-ranging interview with Saverin, the cofounder of Facebook who moved to Singapore in 2009. In that article, Saverin and Ganguly revealed a strategy to invest in companies with an international focus—B Capital maintains offices in California, New York and Saverin’s Singapore—and ones that can benefit from a “special relationship” with Boston Consulting Group, the consulting firm that is one of the anchor investors in B Capital’s initial fund.

At the time, B Capital had made about 20 investments from that fund, using up much of its “dry powder,” as the industry sometimes refers to money available to invest in startups. A source told Forbes at the time that B Capital would look to raise a second fund of approximately twice the size of its first later in 2019. That remains the goal after this first filing, the source says now.

At the time, B Capital had recently expanded to bring on a seventh partner, Karen Appleton Page, a former executive at Box and Apple. With seven investment partners and check sizes that can run into the tens of millions, it’s not surprising that B Capital, still just four years old, would seek out so much money so fast.

“No matter how lucky or blessed I might be, I will never retire on a beach,” Saverin told Forbes in early 2019. “We are still so early into making the technologies that will impact the world.”

Read more of Saverin’s views—and see how B Capital is looking to stand out in a crowded venture capital market—check the full feature story here.

Follow Alex on Forbes and Twitter for more coverage of startups, enterprise software and venture capital. 

I’m an associate editor at Forbes covering venture capital, cloud and enterprise software out of New York. I edit the Midas List, Midas List Europe, Cloud 100 list and 3…

Source: Eduardo Saverin’s VC Firm B Capital Raises $406 Million In First Close Of New Fund, Filing Shows

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