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Archivo del Autor: Belen De Leon

To stop copycats, Snapchat shares itself

Evan Spiegel has finally found a way to fight back against Mark Zuckerberg’s army of clones. For 2.5 years, Snapchat foolishly tried to take the high road versus Facebook, with Spiegel claiming “Our values are hard to copy”. That inaction allowed Zuckerberg to accrue over 1 billion daily Stories users across Instagram, WhatsApp, and Facebook compared to Snapchat’s 186 million total daily users. Meanwhile, the whole tech industry scrambled to build knock-offs of Snap’s vision of an ephemeral, visual future.

But Snapchat’s new strategy is a rallying call for the rest of the social web that’s scared of being squashed beneath Facebook’s boot. It rearranges the adage of “if you can’t beat them, join them” into “to beat them, join us”. As a unified front, Snap’s partners get the infrastructure they need to focus on what differentiates them, while Snapchat gains the reach and entrenchment necessary to weather the war.

Tinder lets you use Snapchat Stories as profile photos

Snapchat’s plan is to let other apps embed the best parts of it rather than building their own half-rate copies.

Why reinvent the wheel of Stories, Bitmoji, and ads when you can reuse the original? A high-ranking Snap executive told me on background that this is indeed the strategy. If it’s going to invent these products, and others want something similar, it’s smarter to enable and partly control the Snapchatification than to try to ignore it. Otherwise, Facebook might be the one to platform-tize what Snap inspired everyone to want.

The “Camera company” corrected course and took back control of its destiny this week at its first ever Snap Partner Summit in its hometown of Los Angeles. Now it’s a camera platform thanks to Snap Kit. Its new Story Kit will implant Snapchat Stories into other apps later this year. They can display a more traditional carousel of your friends’ Stories, or lace them into their app in a custom format. Houseparty’s Stories carousel shares what your buddies are up to outside of the group video chat app. Tinder will let you show off your Snapchat Story alongside your photos to seduce potential matches. But the camera stays inside Snapchat, with new options to share out to these App Stories.

Snap CEO Evan Spiegel presents at the Snap Partner Summit

This is how Snapchat colonizes the native app ecosystem similarly to how Facebook invaded the web with the Like button. Snap’s strong privacy record makes these partners willing to host it where now they might fear that Facebook and its history with Cambridge Analytica could tarnish their brand.

Instead of watching these other apps spin up mini competitors that further fragment the Stories world, Snap saves developers the slow and costly hassle while instantly giving them best-in-class tools to boost their own engagement. Each outpost makes your Snapchat account a little more indispensable, grants its camera new utility, and reminds you to visit again. It’s another reason to stick with Snap rather than straying to other versions of Stories.

If Spiegel knows what’s up, he’ll douse the Story Kit partnerships team with resources so they can sign up as many apps as possible before Facebook can copy this idea too. For now, Snap isn’t injecting ads into App Stories, but it could easily do so and split the cash with its host. This would attract partners, generate revenue, and give Snap’s advertisers more reach.

Houseparty embeds Snapchat Stories

Either way, Snap will score those benefits with its new Ad Kit. Later this year the Snapchat Audience Network will launch allowing partners to host Snap’s full-screen vertical video ads and earn an as-yet-undisclosed revenue share. They won’t have to build up an ad sales force or build an auction and delivery system, but just drop in an SDK to start displaying ads to both Snapchat users and non-users. The company’s message again is that it’s becoming easier to cooperate with Snapchat than copy it.

Snap’s new ad network

Giving its advertisers more reach and reusability for Snap’s somewhat proprietary ad unit format helps Snap address its core challenge: scale. Snap’s 186 million total users can look small in comparison to Instagram, Facebook, or YouTube, especially since that count sank in Q2 and Q3 before stabilzing in Q4 of last year. That makes it tougher for advertisers to justify the chore of spending on Snapchat. Ad Kit and potentially Story Kit give Snap more reach even without user growth.

Added size could tip the cards in Snap’s favor given it’s already popular with an extremely important demographic. Snapchat now reaches 75 percent of 13 to 34-year olds in the US, and 90 percent of 13 to 24-year olds there. It claims to now reach more of that younger age group than Facebook in the most lucrative countries: the US, Canada, UK, France, and Australia.

Facebook has massively neglected this segment. Case in point: Facebook Messenger’s Stickers feature that’s popular with kids has hardly improved since its launch in 2013, which I hear was a fight to get approved internally. Meanwhile, Snapchat keeps growing its lead on virtual identity with Bitmoji. Now Snap will let you put your personalized Bitmoji avatar on your FitBit smart watch face, use them to joke about Venmo purchases, and even represent yourself with one in Snap’s new multiplayer games platform.

Again, Snap wants partners to integrate the real thing rather than try to build some half-assed facsimile of Bitmoji. Surprisingly, Facebook’s Avatars have been mired in development for over a year and Apple’s Memoji can’t escape iMessage and FaceTime yet. That’s why Snapchat would be wise to double-down on trying to make Bitmoji the ubiquitous way to represent yourself without a photograph. Facebook’s lack of design cool and Bitmoji’s massive headstart with this differentiated product is a powerful way for Snap to wedge itself into partnerships.

Snap needs all the help it can get if the underdog is going to carve out a substantial and sustainable piece of social networking. Teaming up was the theme of the rest of the Snap Partner Summit. It’s built ways for Netflix, GoFundMe, VSCO, and Anchor to share stickers and for publishers like the Washington Post to share articles back to Snapchat. It’s got Zynga and ZeptoLab building real-time multiplayer Snap Games that live inside chat and are a clever way of slipping ads into messaging.

Snapchat’s new Scan augmented reality utility platform has signed up Giphy and Photomath as well as former partners Shazam and Amazon to let you squeeze extra interactivity out of your surroundings. And since the physical world is too vast for any one developer to fill with AR experiences, Snap beefed up its Lens Studio platform with new templates and creator profiles so developers add to its warchest of 400,000 special effects. Facebook may be able to clone Snap’s features, but not its developer army.

“If we can show the right Lens in the right moment, we can inspire a whole new world of creativity” says Snap co-founder Bobby Murphy . From partnerships to utilities to toys, all the new announcements drive attention back to Snapchat’s camera. That makes it ripe to become the augmented reality brower of the world.

It all feels like a coming of age moment for Snapchat, punctuated by the glitzy press event where media bigwigs gnoshed on Chinese steak buns and played with AR art installations in West Hollywood.

Spiegel has discovered a method of capitalizing on his penchant for inspiring mobile product design. With this strategy in place and Snap’s reengineered Android app and new languages rolling out now, I believe Snapchat will grow again, at least in terms of deeper engagement if not also total user count. Perhaps it will need a little bit more funding to get it over the hurdle, but I expect it will reach profitability before the end of 2020. 

During a pre-event press briefing with a dozen Snap executives including Spiegel and Murphy (that was on ‘background’ so we can’t quote or specify who said what), one Snap higher-up joked that Facebook has been copying it for seven years so it’s started to feel normal. Zuckerberg recently declared he wanted to reorient Facebook around privacy, ephemerality, and messaging — the core tenets of Snapchat. But a Snap leader used some colorful language to describe how they don’t care what Facebook says its philosophy is until it fixes the 2 billion-user product that keeps doing harm.

Subtly throwing shade from the stage, Spiegel concluded that “Our camera lets the natural light from our world penetrate the darkness of the Internet . . . as we use the Internet more and more in our daily lives, we need a way to make it a bit more human.” That apparently means making other apps a bit more Snapchat.


Source: TechCrunch

From Air to Pro, here are the best MacBook deals for April 2019

If you’re in the market for a new Apple laptop, let us make your work a little easier: We hunted down the best up-to-date MacBook deals available online right now from various retailers.

The post From Air to Pro, here are the best MacBook deals for April 2019 appeared first on Digital Trends.


Source: Digital trends

Killing Eve season 2: A new killer, new fashion crimes and more cat-and-mouse games – CNET

Jodie Comer and Sandra Oh again walk in the not-always-fashionable shoes of professional assassin Villanelle and MI6 rookie Eve Polastri.
Source: CNET

Game of Thrones stars crash SNL as Kit Harington delivers monologue – CNET

Seems even Jon Snow’s co-stars Emilia Clarke, John Bradley and Rose Leslie want to know how the HBO hit ends.
Source: CNET

Equity transcribed: Funding news round-up, a16z’s future, an upcoming IPO and more Lyft

Welcome back to this week’s transcribed edition of Equity, TechCrunch’s venture capital-focused podcast that unpacks the numbers behind the headlines. Here we put the words of our wildly popular venture capital podcast, Equity, into Extra Crunch members’ eyes instead of their ears. This week, TechCrunch’s Kate Clark and Crunchbase News’s Alex Wilhelm get rapid-fire on funding news from around the way. And because they both talk so fast, they got a lot in.

In case you hadn’t heard, Andreessen Horowitz relinquished its status as a venture capital firm and registered all 150 of its employees as financial advisors. Kate and Alex dug in a bit more about that story. And who is sick of hearing about Lyft’s IPO? Nobody? Great. Because they talked about that and the implications of Uber’s imminent journey into the land of the public.

And finally, the Midas List. Does it matter? Why are we talking about it? Why do lists exist? Who’s on top? Who’s not? Who’s sad? Who cares? And more questions left unanswered.

For access to the full transcription, become a member of Extra Crunch. Learn more and try it for free. 


Kate Clark: Hello, welcome back to Equity. I’m TechCrunch’s Kate Clark and I’m joined again this week with Crunch Base News’ Alex Wilhelm.

Alex Wilhelm: Hello Kate. Good to be back in the studio.

Kate Clark: Welcome back. It’s just Alex and I this week and we have a lot of news to get through. So we’re just gonna start off by doing a rapid-fire overview of some of the stuff we’re not going to go as deep on. Alex, start us off with Affirm.


Source: TechCrunch

The future of news is conversation in small groups with trusted voices

When I first came out to California, one of my favorite places to go for sushi was in downtown Mountain View. They had these little boats that would float around the bar, each carrying some sushi on a small plate. You just sat down and started picking out the ones you liked, and began eating — very efficient and also a little bit of fun.

I feel like my news consumption these days is like those sushi boats. I sit down and the news just streams by and I pick out the articles I like and read them. Very efficient and also a little bit of fun. But I’ve been stuck at the sushi boat bar of news for far too long, watching the same imitation crab rolls go by. I need a better way to consume better information.

As you probably guessed, that “sushi boat bar of news” is Facebook, Twitter and the like. The algorithmic nature of news feeds tends to target the lowest common denominator, and it can often pander to people’s baser instincts. That being said, it does have its place, and provides a glimpse into what is capturing the general public’s attention — but it can’t be the whole meal, and that is what it has become. It’s like people who eat McDonald’s for breakfast, lunch and dinner. It’s tasty, addictive, but very unhealthy in the long term.

So what can you do about it, how can you make a change?

Email newsletters have been making a resurgence in popularity, but they are hard to manage and sort through. Christopher Mims of The Wall Street Journal tweeted about this problem:

if everyone has an email newsletter and someone gets the brilliant idea to consolidate them in one place where they can easily be followed or unfollowed wouldn’t that realize the dream of an open standards-based, surveillance-free alternative to Facebook?

And then Steven Sinofsky had a witty response:

And let us name it is RSS.

Indeed, another “old” technology like email that people have been gravitating toward as an alternative to get their daily news. Wired has proclaimed that “It’s time for an RSS revival” and it has resonated with well-respected thought leaders like Brad Feld. But RSS has had a tumultuous past, mainly used by professionals who need to keep up with their respective industries, not by the average consumer.

If email newsletters or RSS were to become the replacement, it would need a new approach or framework, not just a rehashing of past products. But that is only half the problem. In this day and age, we have become accustomed to having our friends and other people around when we read the news. Even if you don’t make any comments yourself, news exists in a public conversation and people’s reactions, whether they be from your friends or celebrities, are often part of the news itself.

Now these public conversations can be very toxic and are the very reason people are fleeing and looking for alternatives, but I don’t think people want to turn the dial to zero and go back to the days of reading the newspaper by yourself over breakfast. I think people still want others around — they just want it to be safe and free from trolls.

I think people are seeking relief from the barrage of social media, not knowing who to trust any more and wanting a better channel to the truth.

When the web first started taking off, information propagated via the web and hyperlinks, and that world was dominated by Google web search. As Facebook and Twitter grew into prominence, information started to propagate via social networks. And now people are starting to get more and more of their information via messaging, which is looking to be the next step in the progression. You can already see this transition happening in places like India with WhatsApp, where it is becoming a major source of misinformation. And there are interesting experiments out there like Naveen Selvadurai’s README on Telegram, where he posts articles into a Telegram group.

But for the most part there hasn’t been much evolution or progress on the messaging side of the equation to adapt it to become more of an information propagation medium. It’s still mainly about casual conversation and has little overlap with the “news feed” use case. But given how things are changing, now may be a good time to push the boundaries of what messaging could become. I think people are seeking relief from the barrage of social media, not knowing who to trust any more and wanting a better channel to the truth.

I’m pretty confident that closing the circle to a closer, trusted group would be welcome by most people. It doesn’t necessarily mean just friends, but it could include trusted experts or voices in the community that can help shepherd people through the noise and distractions.

Mike Isaac recently started a newsletter called “Brain Dump” wherein he wrote about his thoughts on the privacy post by Mark Zuckerberg, but what caught my attention was a paragraph near the end:

this is at least in part why i started this newsletter. the form is a kind of weird semi-private hybrid — a public newsletter, sent directly to inboxes, which occasionally elicits one-to-one conversations with some of you (that i greatly enjoy). it makes me feel much better than scrolling through twitter and watching performative nastiness.

A public forum with a positive audience interaction model. Even Fred Wilson noted that his readers often email him directly with comments that lead to one-to-one conversations. I wonder if Fred enjoys it as much as Mike does.

I’m sure this doesn’t scale very well, but it provides an interesting starting point that aligns with where we are heading. The modern equivalent of one-to-one email conversations is private messaging, which is squarely where Facebook has declared that it is headed, and it is also where people spend most of their time communicating these days, especially with the advent of mobile. The email newsletter also needs a modern equivalent, and maybe it can learn something from podcasts, which is seeing a major rebirth these days.

As it so happens, podcasts have adopted RSS as a de facto standard for providing feeds to podcast aggregators. It has its shortcomings, but it’s doing the job well enough that it continues to be used and has become a requirement for any new podcast that wants distribution. Even though it may seem like an esoteric protocol from the internet days of old, RSS is woven more deeply into the fabric of the web than you might think.

So if we think about who could shepherd us through the noise and distractions, could people like Mike Isaac or Fred Wilson be the right voices that help guide us toward understanding the truth of what is happening in the world? They are two very different types of people with two very different motives, and sometimes they are at odds with each other.

Mike Isaac is a journalist for The New York Times, a publication that recently did a campaign with the slogan, “The truth is more important now than ever.” We live in a time where world-class journalism is dying and yet it is desperately needed. The free press has always been a watchdog for democracy and, as The Washington Post says, “Democracy dies in darkness.” Journalists are probably the most obvious group of people that can guide us, since it is at the core of who they are and it is their job to expose the truth.

Fred Wilson is a venture capitalist for Union Square Ventures. He has a financial interest behind much of what he writes about, but that doesn’t necessarily disqualify him from being an important voice in the community. There are many people who are often the subject of the articles written in The New York Times that should have a voice of their own. “The Players’ Tribune” is a media company built entirely around that concept, giving athletes a platform to connect with the world on their own terms. The critics are skeptical that this just sugar-coats their stories, but you can’t ignore testimonials like the father trying to get his son to enjoy reading and how Steph Curry’s story connected with his son like no other sports publication could.

So I believe it will have to be a diverse group of voices that will guide us, just like reading only one publication these days may not always give you the whole story. It will likely start with one-to-one conversations between those voices and their readers, but that will only be the beginning.

People are starting to wake up to the reality of the digital world we live in and realize they are not safe.

Just like teenagers will resort to using Google Docs as their chat application of choice at school, the olds are using whatever tools they can get their hands on to find a safe way to understand the truth of what is going on in the world today. There is a product waiting to be built that is optimized for this purpose, and I’m sure companies large and small are trying to figure it out. For some like Facebook, it is an existential question. For publications like The New York Times and The Washington Post, it’s an opportunity to re-establish themselves after the wake of the internet revolution. And for the entrepreneurs, it could be the chance to use the thin edge of the wedge to work their way to a larger success.

The reason this is happening now is that people are starting to wake up to the reality of the digital world we live in and realize they are not safe. If you use Eugene Wei’s framework, social capital has grown to be enormous, but that by itself is not the concern — it is because social capital has become a fungible asset that can be bought, sold and used in whatever manner you choose.

It was all fine when it was just YouTube and Instagram influencers peddling products and making money, but when you can use that same social capital to influence elections, it started to make people feel very creepy and unsafe. The game is changing from one of status that Eugene Wei so articulately describes in his post to one of trust. We’ve fallen down a couple of levels in Maslow’s hierarchy of needs and safety has to be taken care of first before we can get back to esteem.

But we want to get back to trust and safety in a sustainable way, and for that we have to have the right business model. The tricky part is that trust tends to be inversely related to money. The more money you have, the less people trust you. I don’t think the general public trusts the billionaires to look out for their best interests, and the growing income disparity has only made it worse, spawning protests like “Occupy Wall Street” and political slogans like “We are the 99%.

Ironically in the case of trust, a bank is a good analogy. People need to trust the bank to keep their money safe. If people trust a bank, more people will put more money into it. If they don’t trust the bank, then it will create panic and there will be a run on the bank.

In the context of social media, the currency is people’s attention and the bank is what is keeping people’s attention. People are losing trust in the current “attention banks,” so they are moving it out and trying to find a new more trustworthy place to store it. Again, to use Eugene Wei’s framework, the difficulty in migrating off of a social media platform will depend on how much social capital they have accumulated in the “attention bank” and if they can’t transfer that social capital easily, it will be much harder to leave. But for the average consumer, I don’t think they have much social capital, so it will be easy for them to leave. And when enough of the average consumers leave, there will be a mass deflation of the social capital value on the platform, so it will be easier for those “rich” people to leave also.

Now coming back to the business model. Just like banks make a profit by keeping other people’s money and lending it out to others, social media makes money by keeping other people’s attention and lending it out to others. The medium by which people’s attention is captured has moved from the printed page to an online web page, then an online web page to a social media post. And if the progression toward messaging is fully realized, then attention will migrate into a conversation, which would require a transformation of how people’s attention is lent out to others.

Keeping a dialog going between all parties, whether you like them or not, will only help us get closer to the truth.

This transformation is an opportunity to reinvent the business model. It still may fundamentally be about lending out people’s attention, but it may become much more tangible. If you go back to print media, when you purchased an ad in a magazine, you had to use the size of the readership as a proxy to gauge how much attention that was lent to you. If what you get instead is a conversation with a potential customer, it is much more valuable. A good indicator that this could be a good business model are companies like Intercom, which are creating tools to immediately engage in conversations with customers instead of just taking them to a landing page.

Now if you bring this back to people needing a better way to understand the truth of what is happening in the world, can we have frank and honest discussions about a product that may put the company that makes it in bad light, yet still have that company willing to advertise on the platform?

The answer to this question lies in private messaging. On a platform like Facebook and Twitter, where it is a public conversation, a “town square” as Zuckerberg calls it, then it is more likely to be a problem. But if the conversation is private or in a small closed group, then it is less likely to be a problem. If done correctly, it could be an opportunity to change people’s minds or clarify misunderstandings.

As we said before, it will require a diverse group of voices to guide us to the truth, and companies should have a voice in the conversation where people are talking about their products or services. It’s not too dissimilar to Yelp giving businesses a way to respond to reviews and defend themselves. I think it’s the fair thing to do, and what’s important is not who is right or wrong, but the conversation itself. Keeping a dialog going between all parties, whether you like them or not, will only help us get closer to the truth. Shutting them down will not. They just need to be safe and with people we trust.

If you walk down Harrison Street in San Francisco’s Mission District, you’ll come across a store front with blacked-out windows, right across from the award-winning restaurant Flour + Water, (where Steve Jobs famously got denied a table). The only writing you’ll find is on the front door, which says “By Reservation Only sasakisf.com.”

You would never know by looking at it, but it is also an award-winning restaurant owned by Masaki Sasaki, who earned a Michelin star when he was the chef at Maruya and also consulted for many other omakase restaurants in San Francisco. The restaurant seats 12 people and they offer only one prix-fixe menu nightly. When I want the best sushi both in quality and overall dining experience, this is where I go. Each bite sends you to another world and you can’t help but close your eyes to fully enjoy the experience. It is fitting that omakase is all the rage these days; an intimate experience with only the highest-quality fish, hand-crafted by a master chef.

I think this is where we are heading with our daily news consumption — private groups, only the highest quality, curated by experts that we trust. You can see this change already happening in people’s behavior, partly in reaction to recent events, but also because people are starting to educate themselves on how all of this technology works and what it means to them personally.

With that understanding will come action and people will begin to make different choices depending on how they feel about what they have learned. And that action will lead to opportunity for new and existing companies to provide a service that people want given what they now know.


Source: TechCrunch

Honda is building a new Passport at an Indy race, pop-up style – Roadshow

A skilled crew of Honda factory workers from Alabama will build the SUV over three days at Barber Motorsports Park.
Source: CNET

A record $2.5B went to US insurance startup deals last year, and big insurers are in all the way

Insurance policies are confusing as hell, but the basic business proposition is pretty simple. For policyholders, it’s a way to get paid if something bad happens. And for insurers, it’s a way to make money charging people who avert disasters.

Given that many major insurance companies have stayed in business a century or more, it has clearly been a successful formula for those who write the policies. While other industries fall prey to the forces of creative disruption, giant insurers have largely managed to remain giant and profitable.

In the past few years, however, a surge of well-funded startups are scaling up insurance-focused offerings. Venture funding for insurance and insuretech companies hit all-time highs in 2018, according to Crunchbase data, with both global and U.S. totals reaching record levels. A space that once attracted a few hundred million in venture investment is now in the multiple billions.

Insuretech is seeing some massive rounds, too. And while traditional venture firms are active in the space, a surprisingly large portion of funding is coming from the corporate venture arms of the very same giant insurance companies startups are trying to disrupt.

“I think what it comes down to is insurance is viewed as a grand slam opportunity,” said Caribou Honig, chairman of the InsureTech Connect conference series and a former founding partner at venture firm QED Partners. “The venture community says prices are not cheap, but if we can find opportunities, this is a massive space.”

Below, we get up to speed on recent funding data, muse at the valuations, look at the active players and speculate about why we haven’t seen more exits.

A few more deals, but a lot more money

First, let’s talk about the rising cost of insurance deals.

People complain when their insurance payments go up a few bucks. That’s nothing compared to what insurance startup investors have to confront.

Valuations for sought-after startups are on a tear, and round sizes are ballooning as well. In all, U.S. insurance and insuretech startups raised just over $2.5 billion in 2018, more than double 2017 levels. Global investment, meanwhile, was just shy of $4 billion.

We lay out the funding spike in chart-form below, looking at round counts and investment totals in the U.S.

And here are the five-year totals for the global market (including the U.S.).

A huge wave of seed-stage insurance startups launched three or four years ago, Honig said, and that’s one of the reasons average round sizes are rising so much. Hot companies in that cohort are rapidly maturing, and they’re seeking ever-larger later-stage rounds.

In the U.S., nearly 50 insurance or insuretech companies raised rounds of more than $10 million, including some supergiant financings. We look at some of the largest global funding recipients below:

Corporate cash

The trend of incumbent insurance companies launching or scaling up venture arms started a few years ago, and it’s been accelerating.

Using Crunchbase data, we put together a list of 13 insurance companies active in startup investment, mostly through dedicated corporate venture arms.

Overall, the investors on the list are getting more active. In 2018, they participated in 42 known funding rounds, with an aggregate value around $630 million. In 2017, by comparison, they backed 34 rounds with around $400 million in aggregate value.

And there’s more dry powder to put to work. Last month, for instance, German insurance giant Allianz increased the size of its corporate venture capital arm, Allianz X, to around $1.1 billion, more than double its initial size.

So, are there enough insurance startups to go around? It’s not necessarily an issue, said Joel Albarella, who heads up New York Life Ventures. That’s because many of the deals New York Life and other corporate VCs back aren’t pure-play insurance startups.

Some of New York Life’s most recent deals, for instance, include Carrot, developer of a smoking-cessation platform, and Trifacta, a data analysis software startup. The corporate venture fund also had a profitable exit two years ago with the sale of Skycure, a mobile security provider, to Symantec. These, Albarella said, are all examples of companies with technologies of interest to insurers that have applications in other sectors as well.

That said, Albarella also has concerns about rising valuations now that insuretech has become a certifiably hot space, particularly for corporate venture capital (CVC) investors.

“There’s clearly a price premium on deals in which a CVC is involved,” he said. And there’s no shortage of capital.

Exits

With all the money going into insurance startups, one might think we’d see money coming out. However, that hasn’t really been the case, at least for U.S. startups.

A few companies with technologies applicable in the insurance industry have secured solid exits. But so far, none of the really heavily funded pure-plays (think Oscar Health or Metromile) have gone the M&A or IPO route.

If poetic justice applied in the real world, we’d see insurance startup investors reaping gains on their investments only after something really bad happened. Even then, only after they filed reams of paperwork and spent hours on hold.

A more realistic scenario, at least in Honig’s view, is that we will see a few really, really big exits, but probably not in the next few quarters. For now, fast-growing insurance-focused startups can easily raise capital in the private markets. In most cases, companies would prefer more time to build their brands, raise revenues and get their books in order before attempting an IPO.

As for M&A, we haven’t seen a lot of big insurance startup acquisitions. Again, Honig speculates that insurers are mostly still in watch-and-wait mode, as the current crop of startups matures.

That said, we have seen some big deals involving startups that don’t seem like obvious insurance deals. One Honig pointed to is Ring, the smart doorbell maker acquired by Amazon last year for $1 billion. The company’s IoT technology has applications for homeowners insurance, Honig said, and Ring counted insurer American Family among its backers.

Exceeding the deductible

For now, insuretech venture investors are largely holding on, hoping valuations will continue to rise.

We can’t say, of course. However, we do note the oft-true Murphy’s Law of Insurance, which states that the damage rarely exceeds the deductible. A corollary for the insurance exit might be that the return rarely exceeds the capital invested.

Of course, pessimists usually just stay away from venture capital deals.


Source: TechCrunch

Thanks to Samsung and Verizon, 5G is about to all get up in your face – CNET

The Galaxy S10 5G and launch of Verizon’s 5G data network are the first drops in a 5G flood.
Source: CNET

Ageless Ant-Man Paul Rudd turns 50 and no one on Twitter believes it – CNET

If there’s a Fountain of Youth, the Marvel actor’s found it.
Source: CNET

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