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Archivo del Autor: Belen De Leon

Week in Review: Pet startups will be the death of Silicon Valley

Hey everyone. Thank you for welcoming me into your inboxes yet again.

I’m in Berlin where TechCrunch just pulled off another great Disrupt event, we’ve got a lot of great Europe-focused startup content on the site so get to scrolling if your interest is piqued.

If you’re reading this on the TechCrunch site, you can get this in your inbox here, and follow my tweets here.


The big story

Just as Pets.com symbolized the ridiculousness that came to frame the tech industry preceding the Dotcom bubble burst at the start of the century, dog-walking startup Wag might symbolize that SoftBank’s earthquaking investment overexposure may extend far beyond a one-time WeWork mistake.

This week, the WSJ reported that SoftBank had tossed in the towel on Wag, selling off its massive “nearly 50% stake” in the startup. The report states that SoftBank sold its stake back to the startup at a valuation far below its previous $650 million value. SoftBank is walking away from its two board seats in the process.

Wag will be laying off “a significant amount of the remainder of its workforce,” according to the report.

High-ambition startups stumble all of the time, but SoftBank’s money bag-swinging swagger has left a handful of startups with dollar signs in their eyes and the desire to grow at a pace that they never dreamed of. When LA-based Wag closed its $300 million raise from SoftBank at the beginning of 2018, plenty of people wondered why on earth a dog-walking startup needed that kind of money.

Shift forward to the end of 2019, and startups that have relied on connecting contractor labor with phone-wielding consumers haven’t proven to be as capable in shifting into profitability with Wag seeming to be yet another example.

Needless to say Pets.com and Wag really don’t hold much comparison when it comes to the broader impact. Pets.com was well-known largely because of its hilarious marketing overextension, Wag’s stumblings are far more impactful, especially as they relate to the reputation of its Japanese benefactor which has significantly reshaped the venture capital market in Silicon Valley and around the world.

Send me feedback
on Twitter @lucasmtny or email
lucas@techcrunch.com

On to the rest of the week’s news.

Trends of the week

Here are a few big news items from big companies, with green links to all the sweet, sweet added context:

  • Apple revamps parental controls on iOS
    Apple is giving its parental control tools for iOS new functionality. The new update in iOS 13.3 lets parents set limits over who their kids can talk to and text with during certain hours of the day.
  • Away CEO steps down
    One of the weirder sagas of the week was Away CEO Steph Korey’s stepping down from her role at the D2C luggage company. The step-down followed a long investigation in the Verge which basically chronicled how awful life was on Away’s customer service team which painted a pretty ugly portrait of Korey’s leadership style. It was a rough article, but after Korey’s apology acknowledged that she had made some mistakes and would be trying to fix her management style, most people assumed the saga had wrapped. She stepped down this week following what was reported to be board pressure to do so, turns out they had been wanting to replace Korey and the negative press was the excuse they needed.

GAFA Gaffes

How did the top tech companies screw up this week? This clearly needs its own section, in order of badness:

dollar bills

Image: Bryce Durbin/TechCrunch

Extra Crunch

Our premium subscription business had another great week of content. Our good friend Alex Wilhelm (who hired me as an intern four years ago!) is back at TechCrunch and has fired up a new series on Extra Crunch. Here’s his first post on the new hot club to join.

The $100M ARR Club

“…Firms with valuations that their revenues can’t back are in similar straits. In the post-WeWork era, some unicorns are starting to look a bit long in the tooth. I suspect that the companies in most danger are those with slim revenues (compared to their valuations), poor revenue quality (compared to software startups) or both.

That said, there is a club of private companies that are really something, namely private ones that have managed to reach the $100 million annual recurring revenue (ARR) threshold. It’s not a large group, as startups that tend to cross the $100 million ARR mark are well on the path to going public…”

Sign up for more newsletters including my colleague Darrell Etherington’s new space-focused newsletter Max Q here.


Source: TechCrunch

16 Gift Ideas for Movie Buffs: Posters, Books, Blu-Rays, Soundbars

From soundbars to movie posters, these are great gifts for your favorite cinephile.
Source: Wired

With $4B food delivery acquisition, Korea poised to enter upper tier of startup hubs

Seoul and South Korea may well be the secret startup hub that (still) no one talks about.

While often dwarfed by the scale and scope of the Chinese startup market next door, South Korea has proven over the last few years that it can — and will — enter the top-tier of startup hubs.

Case in point: Baedal Minjok (typically shortened to Baemin), one of the country’s leading food delivery apps, announced an acquisition offer by Berlin-based Delivery Hero in a blockbuster $4 billion transaction late this week, representing potentially one of the largest exits yet for the Korean startup world.

The transaction faces antitrust review before closing, since Delivery Hero owns Baemin’s largest competitor Yogiyo, and therefore is conditional on regulatory approval. Delivery Hero bought a majority stake in Yogiyo way back in 2014.

What’s been dazzling though is to have witnessed the growth of this hub over the past decade. As TechCrunch’s former foreign correspondent in Seoul five years ago and a university researcher locally at KAIST eight years ago, I’ve been watching the growth of this hub locally and from afar for years now.

While the country remains dominated by its chaebol tech conglomerates — none more important than Samsung — it’s the country’s startup and culture industries that are driving dynamism in this economy. And with money flooding out of the country’s pension funds into the startup world (both locally and internationally), even more opportunities await entrepreneurs willing to slough off traditional big corporate career paths and take the startup route.

Baemin’s original branding was heavy on the illustrations.

Five years ago, Baemin was just an app for chicken delivery with a cutesy and creative interface facing criticism from restaurant franchise owners over fees. Now, its motorbikes are seen all over Seoul, and the company has installed speakers in many restaurants where a catchy whistle and the company’s name are announced every time there is an online delivery order.

(Last week when I was in Seoul, one restaurant seemingly received an order every 1-3 minutes with a “Baedal Minjok Order!� announcement that made eating a quite distracted experience. Amazing product marketing tactic though that I am surprised more U.S.-based food delivery startups haven’t copied yet).

The strengths of the ecosystem remain the same as they have always been. A huge workforce of smart graduates (Korea has one of the highest education rates in the world), plus a high youth unemployment and underemployment rate have driven more and more potential founders down the startup path rather than holding out for professional positions that may never materialize.

What has changed is venture capital funding. It wasn’t so long ago that Korea struggled to get any funding for its startups. Years ago, the government initiated a program to underwrite the creation of venture capital firms focused on the country’s entrepreneurs, simply because there was just no capital to get a startup underway (it was not uncommon among some deals I heard of at the time for a $100k seed check to buy almost a majority of a startup’s equity).

Now, Korea has become a startup target for many international funds, including Goldman Sachs and Sequoia. It has also been at the center of many of the developments of blockchain in recent years, with the massive funding boom and crash that market sustained. Altogether, the increased funding has led to a number of unicorn startups — a total of seven according to the The Crunchbase Unicorn Leaderboard.

And the country is just getting started – with a bunch of new startups looking poised to driven toward huge outcomes in the coming years.

Thus, there continues to be a unique opportunity for venture investors who are willing to cross the barriers here and engage. That said, there are challenges to overcome to make the most of the country’s past and future success.

Perhaps the hardest problem is simply getting insight on what is happening locally. While China attracts large contingents of foreign correspondents who cover everything from national security to the country’s startups and economy, Korea’s foreign media coverage basically entails coverage of the funny guy to the North and the occasional odd cultural note. Dedicated startup journalists do exist, but they are unfortunately few and far between and vastly under-resourced compared to the scale of the ecosystem.

Plus, similar to New York City, there are also just a number of different ecosystems that broadly don’t interact with each other. For Korea, it has startups that target the domestic market (which makes up the bulk of its existing unicorns), plus leading companies in industries as diverse as semiconductors, gaming, and music/entertainment. My experience is that these different verticals exist separately from each other not just socially, but also geographically as well, making it hard to combine talent and insights across different industries.

Yet ultimately, as valuations soar in the Valley and other prominent tech hubs, it is the next tier of startup cities that might well offer the best return profiles. For the early investors in Baemin, this was a week to celebrate, perhaps with some fried chicken delivery.


Source: TechCrunch

Best gifts for mom in 2019: Christmas gift ideas for current, first time and expecting moms – CNET

Want something unique and useful? We got mom covered.
Source: CNET

The best smart locks of 2019, including Alexa vs. Siri – CNET

Ready to go keyless in 2019? These smart locks are our best bets for bringing your front door online.
Source: CNET

The best language learning apps to achieve fluency – CNET

If you didn’t excel at a language in school, it doesn’t mean you can’t learn one now.
Source: CNET

The Mandalorian episode 6 recap: Baby Yoda meets a gang of scoundrels – CNET

We get an awesome glimpse of Mando’s old life as he takes a prison breakout job.
Source: CNET

The best gifts for readers in 2019: iPad, Kindle vs. Fire and more – CNET

Save a tree: Read an ebook!
Source: CNET

Volkswagen to bring self-driving electric shuttles to Qatar by 2022

Volkswagen Group and Qatar have agreed to develop a public transit system of autonomous shuttles and buses by 2022 for the capital city of Doha.

The agreement signed Saturday by VW Group and the Qatar Investment Authority is an expansive project that will involve four brands under VW Group, including Volkswagen Commercial Vehicles, Scania, its shared ride service MOIA and Audi subsidiary Autonomous Intelligent Driving, or AID.

The aim is to develop the entire transport system, including the electric autonomous shuttles and buses, legal framework, city infrastructure and ride-hailing software required to deploy a commercial service there. The autonomous vehicles will be integrated into existing public transit.

“For our cities to progress we need a new wave of innovation,” QIA CEO Mansoor Al Mahmoud said in a statement. “AI-enabled, emission-free transportation technologies will help advance urban mobility, while diminishing congestion and improving energy efficiency.

The fleet will include 35 autonomous electric ID. Buzz vehicles from the Volkswagen Commercial Vehicles unit, which will shuttle up to four passengers on semi-fixed routes in a geo-fenced area of Doha. Another 10 Scania buses will be used for larger groups.

Closed testing of the shuttle vehicles and buses is expected to begin in 2020. Trials could start as early as 2021. VW and QIA said the project will go live by the end of 2022.


Source: TechCrunch

Fortnite Star Wars event adds lightsabers, Stormtroopers and new challenges – CNET

J.J. Abrams shows off a short clip from the film. But it’s the new weapon that’s the real treat.
Source: CNET

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