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Archivo del Autor: Belen De Leon

Alibaba made a smart screen to help blind people shop and it costs next to nothing

Just a few years ago, Li Mengqi could not have imagined shopping on her own. Someone needed to always keep her company to say aloud what was in front of her, who’s been blind since birth.

When smartphones with text-to-speech machines for the visually impaired arrived, she immediately bought an iPhone. “Though it was expensive,” Li, a 23-year-old who grew up in a rural village in eastern China’s Zhejiang province, told me. Cheaper smartphone options in China often don’t have good accessibility features.

Screen readers opened a plethora of new opportunity for those with visual impairments. “I felt liberated, no longer having to rely on others,” said Li, who can now shop online, WeChat her friends, and go out alone by following her iPhone compass.

Reading out everything on the screen is helpful, but it can also be overwhelming. Digital readers don’t decipher human thoughts, so when Li gets on apps with busy interfaces, such as an ecommerce platform, she’s bombarded with descriptions before she gets to the thing she wants.

Over the past two years, Alibaba’s $15 billion R&D initiative Damo Academy has been working to improve smartphone experience for the blind. Its latest answer, a joint effort with China’s prestigious Tsinghua University, is a cheap silicone sheet that goes on top of smartphone screens.

Li is among the first one hundred visually impaired or blind users to trial the technology. Nothing stands out about the plastic film – which cost RMB 0.25 or 3.6 American cents each to produce – until one has a closer look. There are three mini buttons on each side. They are sensory-enabled, which means pressing on them triggers certain commands, usually those that are frequently used like “go back” and “confirm”.

“It’s much easier to shop with the sheet on,” said Li. Having button shortcuts removes the risk of misclicking and the need for complex interactions with screens. Powering Smart Touch is human-machine interaction, the same technology that makes voice control devices possible.

Alibaba blind smartphone feature

Alibaba’s $1 “Smart Touch” plastic sheet helps smoothen smartphone experience for the visually impaired. / Photo credit: Alibaba

“We thought, human-machine interaction can’t just be for sighted people,” Chen Zhao, research director at Damo Academy told TechCrunch. “Besides voice, touch is also very important to the blind, so we decided to develop a touch feature.”

Smart Touch isn’t just for fingers. It also works when users hold their phones up to the ears. This lets them listen to text quickly in public without having to blast it out through speakers or headphones. Early trials of ear touch show a 50 percent reduction in time needed to complete tasks like taking calls and online shopping, Alibaba claims.

Emotions also matter. People with visual disabilities tend to be more cautious as they fumble through screens, so Smart Touch takes that into account. For instance, users need to double-click on the silicone button before a command goes through.

At the moment, Smart Touch works only on special editions of Alibaba’s two flagship apps, e-commerce marketplace Taobao and payment affiliate Alipay . The buttons automatically take on different functions when users switch between apps.

But Zhao said she wanted to make the technology widely available. Some tinkering with existing apps will make Smart Touch compatible. The smart film requires more testing before it officially rolls out early 2019, so Damo and Tsinghua have been recruiting volunteers like Li for feedback.

“Unlike with regular apps, it’s hard to beta test Smart Touch because the blind population is relatively small,” observed the researcher, but embedding the technology in popular apps could speed up the iteration process.

There’s also the issue with distributing the physical sheets. According to state census, China had around 13 million visually impaired people in 2012. That’s about one in a hundred people. However, they are rarely seen in public, as a post on China’s equivalent of Quora points out.

One oft-cited obstacle is that most roads in China aren’t disability-friendly, even in major cities. (In my city Shenzhen, blind lanes are common but they often get cut off abruptly to make way for a crossing or a bus stop.)

Damo doesn’t plan to monetize the initiative, according to Zhao. She envisions a future where her team could give out the haptic films — which can be mass produced at low costs — for free through Alibaba’s expanding network of brick-and-mortar stores.

Time will tell whether the accessibility scheme is more than public relations fluff. Initiatives around corporate social responsibility have mushroomed in China in recent years. They have come under fire, however, for being transient because many merely pander to the government’s demand (link in Chinese) for corporate ethics overlook long-term impact.

“The technology is ready. It just takes time to test it on different smartphones and bring to users at scale,” said Zhao.


Source: TechCrunch

Black Friday 2018 won't come close to China’s record breaking Singles Day sale – CNET

Mark your calendars. Nov. 11 is the day when all shopping records are broken.
Source: CNET

Travel startups are taking off

The second wave of Internet-era travel companies has captured the attention of venture capitalists.

In the last five years, travel companies have raised more than $1 billion in venture capital funding. That includes short-term rental startups, travel and tourism apps, marketplaces for “experiences” and other travel or hospitality tech platforms. Airbnb, a $38 billion company and an anomaly in the category, has raised $3 billion in that same time frame, according to PitchBook.

In the last few months alone, aspiring Concur-competitor TripActions and travel activities platform Klook entered the “unicorn” club with large venture rounds that valued both of the businesses at more than $1 billion. Meanwhile, luggage maker Away raised $50 million at a $400 million valuation and smaller startups in the space like Freebirds, IfOnly, KKDay, Duffel and RedDoorz all closed modest funding rounds.

“Something is really happening in the industry; something bigger than us,” TripActions co-founder Ariel Cohen said in a recent conversation with TechCrunch about his company’s $154 million Series C financing. “Different startups are identifying the opportunity here and the fact that companies want to make sure their employees are happy while they are on the go. That’s why you see investments in companies like Brex and like TripActions.”

Brex, though not classified as a travel startup, lets startup employees earn extra points on business travel with its corporate credit card for startups. It recently raised a $125 million Series C at a $1.1 billion valuation.

Global travel and tourism is one of the most valuable industries worth some $7 trillion. The online travel market, in particular, is expected to grow to $817 billion by 2020. VCs are hunting for tech-enabled startups poised to dominate that slice.

“You have a new wave of businesses where all of that digital infrastructure is set up, so the focus can be on things like efficiency, improved customer service, scale and growth — you have a ton of companies popping up catering to those needs,” Defy Partners co-founder Neil Sequeira told TechCrunch. Sequeira was a managing director at General Catalyst when the firm made its first investment in Airbnb.

On the other hand, you have a whole cohort of travel business founded amid the dot-com boom that are looking to technology startups for a much-needed infusion of innovation. Many of those larger companies have become active acquirers, fueling VC interest in the space. SAP Concur, for example, acquired the formerly VC-backed travel-booking startup Hipmunk in 2016. Before that, it bought travel planning company TripIt for $120 million, among others.

Expedia has gobbled up a number of travel brands too, like travel photography community Trover; Airbnb-competitor HomeAway, which it paid a whopping $3.9 billion for in 2015; and most recently, both Pillow and ApartmentJet.

Many of these acquisitions are for peanuts, which is far from ideal for a venture-funded company. And building a travel business is cash intensive, hence the $4.4 billion Airbnb has raised to date or even TripActions’ $236 million in total VC funding. To keep momentum in the space, companies need to be striking larger M&A deals.

It doesn’t help that many in and around the venture capital industry are predicting an imminent turn in the market. Travel companies, which are reliant upon a consumer’s tendency to spend excess cash, will be among the first sectors to be impacted by hostile economic conditions.

“If the market turns, people aren’t going to spend $10,000 on a trip to Zimbabwe,” Sequeira said, referencing companies like IfOnly, which sells curated experiences.

Travel startups should raise now while the market is hot. The conditions may not remain favorable for long.


Source: TechCrunch

In venture capital, it’s still the age of the unicorn

This month marks the 5-year anniversary of Aileen Lee’s landmark article, “Welcome To The Unicorn Club”.

At the time, the piece defined a new breed of startup — the $1 billion privately held company. When Lee did her first count, there were 39 “unicorns”; an improbable, but not impossible number.. Today, the once-scarce unicorn has become a global herd with 376 companies on the roster and counting.

But the proliferation of unicorns begs raises certain questions. Is this new breed of unicorn artificially created? Could these magical companies see their valuations slip and fall out of the herd? Does this indicate an irrational exuberance where investors are engaging in wish fulfilment and creating magic where none actually existed?

List of “unicorn” companies worth more than $1 billion as of the third quarter of 2018

There’s a new “unicorn” born every four days

The first change has been to the geographic composition and private company requirement of the list. The original qualification for the unicorn study was “U.S.-based software companies started since 2003 and valued at over $1 billion by public or private market investors.” The unicorn definition has changed and here is the popular and wiki page definition we all use today: “A unicorn is a privately held startup company with a current valuation of US$1 billion or more.”

Beyond the expansion of the definition of terms to include a slew of companies from all over the globe, there’s been a concurrent expansion in the number of startup technology companies to achieve unicorn status. There is a tenfold increase in annual unicorn production.

Indeed, while the unicorn is still rare but not as rare as before. Five years ago, roughly ten unicorns were being created a year, but we are approaching one hundred new unicorns a year in 2018.

As of November 8, we have seen eighty one newly minted unicorns this year, which means we have one new unicorn every four days.

There are unicorn-sized rounds every day

These unicorns are also finding their horns thanks to the newly popularized phenomena of mega rounds which raise $100 million or more. These deals are ten times more common now, than they were only five years ago.   

Back in 2013, there were only about four mega rounds a month, but now there are forty mega rounds a month based on Crunchbase data. In fact, starting from 2015, public market IPO has for the first time no longer been the major funding source for unicorn size companies.

Unicorns have been raising money from both traditional venture capital but also more from the non-traditional venture capital such as SoftBank, sovereign wealth funds, private equity funds, and mutual funds.

Investors are chasing the value creation opportunity.   Most people probably did not realize that Amazon, Microsoft, Cisco, and Oracle all debuted on public markets for less than a $1 billion market cap (in fact only Microsoft topped $500 million), but today they together are worth more than $2 trillion dollars  

It means tremendous value was created after those companies came to the public market.  Today, investors are realizing the future giant’s value creation has been moved to the “pre-IPO” unicorn stage and investors don’t want to miss out.

To put things in perspective, investors globally deployed $13 billion in almost 20,000 seed & angel deals, and SoftBank was able to deploy the same $13 billion amount in just 2 deals (Uber and WeWork).  The SoftBank type of non-traditional venture world literally redefined “pre-IPO” and created a new category for venture capital investment.

Unicorns are staying private longer

That means the current herd of unicorns are choosing to stay private longer. Thanks to the expansion of shareholders private companies can rack up under the JOBS Act of 2012; the massive amount of funding available in the private market; and the desire of founders to work with investors who understand their reluctance to be beholden to public markets.

Elon Musk was thinking about taking Tesla private because he was concerned about optimizing for quarterly earning reports and having to deal with the overhead, distractions, and shorts in the public market.  Even though it did not happen in the end, it reflects the mentality of many entrepreneurs of the unicorn club. That said, most unicorn CEOs know the public market is still the destiny, as the pressure from investors to go IPO will kick in sooner or later, and investors expect more governance and financial transparency in the longer run.

Unicorns are breeding outside of the U.S. too

Finally, the current herd of unicorns now have a strong global presence, with Chinese companies leading the charge along with US unicorns. A recent Crunchbase graph indicated about 40% of unicorns are from China,, 40% from US, and the rest from other parts of the world.

Back in 2013, the “unicorn” is primarily a concept for US companies only, and there were only 3 unicorn size startups in China (Xiaomi, DJI, Vancl) anyways.  Another change in the unicorn landscape is that, China contributed predominantly consumer-oriented unicorns, while the US unicorns have always maintained a good balance between enterprise-oriented and consumer-oriented companies.  One of the stunning indications that China has thriving consumer-oriented unicorns is that China leads US in mobile payment volume by hundredfold.

The fundamentals of entrepreneurship remain the same

Despite the dramatic change of the capital market, a lot of the insights in Lee’s 5-year old blog are still very relevant to early stage entrepreneurs today.

For example, in her study, most unicorns had co-founders rather than a single founder, and many of the co-founders had a history of working together in the past.

This type of pattern continues to hold true for unicorns in the U.S. and in China. For instance, the co-founders of Meituan (a $50 billion market cap company on its IPO day in September 2018) went to school together and had co-founded a company before

There have been other changes. In the past three months alone, four new US enterprise-oriented unicorns have emerged by selling directly to developers instead of to the traditional IT or business buyers; three China enterprise-oriented SaaS companies were able to raise mega rounds.  These numbers were unheard of five years ago and show some interesting hints for entrepreneurs curious about how to breed their own unicorn.

The new normal is reshaping venture capital 

Once in a while, we see eye-catching headlines like “bubble is larger than it was in 2000.”   The reality is companies funded by venture capital increased by more than 100,000 in the past five years too. So the unicorn is still as rare as one in one thousand in the venture backed community.

What’s changing behind the increasing number of unicorns is the new normal for both investors and entrepreneurs. Mega rounds are the new normal; staying private longer is the new normal; and the global composition of the unicorn club is the new normal. 

Just look at the evidence in the venture industry itself. Sequoia Capital, the bellwether of venture capital, raised a whopping $8 billion global growth mega fund earlier this year under pressure from SoftBank and its $100 billion mega-fund. And Greylock Partners, known for its focus and success in leading early stage investment, recently led a unicorn round for the first time in its 53-year history.  

It’s proof that just as venture capitalists have created a new breed of startups, the new startups and their demands are reshaping venture capital to continue to support the the companies they’ve created.


Source: TechCrunch

Just Cause 4 is like Breath of the Wild on crack video – CNET

Big dumb fun is even better when you add a tornado to the mix.
Source: CNET

Early Black Friday sale at Best Buy ends tonight: $150 to $250 off MacBook Pros, $600 Surface Pro 6 bundle and more – CNET

Can’t wait for Black Friday? This weekend Best Buy’s presale has some great bargains online and in-store.
Source: CNET

Black Friday 2018: The best PlayStation 4 console, game deals – CNET

The best PlayStation bundles come from Black Friday sales where you can get the console plus tons of hot games.
Source: CNET

"Se ha exagerado el impacto de la medicina personalizada"

El reputado oncólogo Vinay Prasad cree que no hay pruebas de que la medicina de precisión esté despegando y defiende que las exageraciones sobre los avances perjudican a los pacientes. También reclama que las farmacéuticas justifiquen cuánto les cuesta desarrollar un medicamento
Source: MIT

'Digital twin', un gemelo virtual para aconsejar a la industria 4.0

Las copias digitales de elementos físicos, como fábricas y edificios, aprenden automáticamente de los sistemas reales a los que imitan. Simulan su comportamiento y lo mejoran al instante, lo que traduce en más eficiencia y ahorro de costes, y son aplicables a todos los sectores
Source: MIT

Venom chomps its way past Justice League at global box office – CNET

Thanks to record-setting numbers from China, the alien symbiote is devouring the DC superhero film.
Source: CNET

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