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Archivo del Autor: Belen De Leon

Amazon expands its in-store pickup service, Counter, to thousands more stores

Amazon Counter’s, the online retailer’s in-store pickup option that launched this summer at 100 Rite Aid locations in the U.S., is now expanding. The company announced today the service will reach thousands more locations with the additions of new partners GNC, Health Mart, and Stage Stores.

GNC is the well-known health and nutrition chain. Health Mart operates a network of independently owned and operated pharmacies. Stage Stores, meanwhile, operates Gordmans off-price stores, Bealls, Goody’s, Palais Royal, Peebles, and Stage department stores.

Amazon Counter is part of the growing Amazon Hub network, which offers pickup locations for Amazon deliveries as well as thousands of pickup Lockers across the U.S. The system appeals to those who don’t find home delivery convenient — perhaps because they work in an office or don’t have anywhere safe to receive packages.

Amazon today offers a range of alternatives to leaving packages on the doorstep, including Amazon Counter and Amazon Lockers, Key by Amazon for keyless entry into homes and vehicles, and Amazon Day delivery dates.

With Counter, Amazon’s system is designed to be minimally disruptive to the brick-and-mortar’s day-to-day operations. Customers simply show a barcode to the store employee to receive their package.

It may seem surprising that the very retailers Amazon has been putting out of business with its online superstore would agree to partner up like this. But as it turns out, Amazon can drive traffic offline, too.

Department store chain Kohl’s, for example, recently expanded its Amazon partnership on returns to all its 1,150 U.S. locations after its initial trials drove significant revenue increases. Struggling Stein Mart also recently embraced the enemy with plans to install Amazon Lockers in some 200 stores, hoping for the same result.

The new set of Amazon Counter partners, could similarly benefit.

“The response we’ve heard from our customers and partners after the launch of Counter earlier this year has been tremendous,” said Patrick Supanc, Worldwide Director of Amazon Hub, in a statement. “This new network of pickup points gives customers a pickup experience that is fast, flexible and convenient, and partners are thrilled with the strong engagement and additional foot traffic Counter is driving for their stores.”

Though not mentioned by Amazon, it’s worth pointing out that some of its Counter partnerships are with brick-and-mortar pharmacies. After Amazon’s acquisition of online pharmacy PillPack and the launch of its healthcare JV with Berkshire Hathaway and JP Morgan, some expect Amazon will move deeper into the world of pharmaceuticals in the future. A line of retail pharmacy partners couldn’t hurt.

 

 


Source: TechCrunch

Have we reached the tipping point?

Limited partners or  LPs  — the pension funds, the university endowments, the family offices that largely provide venture firms with their spending money — are receiving a lot of attention from venture capitalists, some of it unwanted. VCs have begun knocking down their doors with requests for fresh capital commitments so they’ll have money to invest if the market cools down.

The problem is, many of these LPs are already over-allocated. LPs traditionally invest in many asset classes, such as public equities, and they allocate a small percentage of their portfolio to venture capital. Suddenly, they’re finding they’ve forked over more than they’d intended to VCs.

There are several reasons for this situation. First, VCs are returning to them ever faster for more capital  — sometimes in less than two years’ time  — because they are in vesting at such a furious pace.

Compounding the problem, not all LPs have received returns from their VC investments that they can recycle into new venture capital allocations. In some cases, this capital is still tied up in startups that are raising much more money than in the past and staying private longer. “We have some large exposures to blue chip names where IPOs have been rumored to be coming for a long time already, and now it’s maybe 2021, maybe 2022,” says one endowment manager who asked not to be named. In other cases where startups have gone public, falling prices have prompted VCs to hang on to their shares instead of distribute them.

The result is that LPs are having to cut back on the number of managers they can fund, and that could mean bad news for venture capitalists and startups alike. These LPs don’t have much choice. As the LP explains it, “We have a pretty structured allocation process, and we’re really trying to be creative,” she says. One venture manager who reappeared too quickly for more money was  “easy to walk away from,” says this person. “Others, we’re having to do financial backflips for them to remain strong partners.”

Either way, this LP adds, “We can’t add any new relationships right now,” meaning new venture teams in particular are out of luck. “When [VCs] shorten their fundraising cycle by nine months to a year, you can only squeeze the balloon so much.”

Backing up the truck

SoftBank’s $100 billion Vision Fund is one big reason LPs find themselves in their current predicament. From the moment SoftBank began waving money around several years ago, it launched a vicious cycle.  According to Chris Douvos, whose investment firm, Ahoy Capital, owns stakes in such venture funds as True Ventures and First Round Capital, “When Andreessen Horowitz hit the scene a decade ago, they changed the tempo of investing and everyone got more aggressive in their dealmaking as a response. Then SoftBank entered the picture in a big way, and it was like a16z on steroids.”

In order to compete with SoftBank’s money cannon, other funds supersized their own investment vehicles, and startup valuations soared. Uber and WeWork were prime examples. Uber went public, pricing below expectations, and its shares have been falling ever since. WeWork and its unconventional S-1 filing never made it past the starting gate.

Competitors are enjoying some schadenfreude: they can’t help but delight in SoftBank’s pain. But WeWork’s slow-motion implosion comes at an uncertain moment in time. If a second massive Vision Fund doesn’t come together — and that seems more than likely at this point — it would mean a sharp drop-off in startup funding. That alone might be fine. It might even be healthy for the ecosystem. But the world is also grappling with a U.S. administration that appears increasingly unhinged. More, a recession that seemed far away as recently as early July but could be around the corner.

Collectively, these elements could change the picture dramatically for LPs. Specifically, if LPs aren’t getting enough money back from VCs and their public holdings fall in value because the markets hit the skids, their commitments to venture funds could become even larger as a percentage basis of their overall portfolio. That would create even more imbalance in their asset allocation. Which would mean even less money for new funds. Which would translate into less money for startups. 

It’s a vicious cycle of another kind, in short.

Maybe it won’t happen. We aren’t there yet. But VCs of all sizes would be wise to take a lesson from their entrepreneurs and perfect their pitches. As is becoming clear, LPs can’t dole out capital at the same pace forever, especially without more money coming back to them. If VCs want to continue raising new funds, or raising funds as fast, they’d better have a very good story to tell.


Source: TechCrunch

WeWork confirms an up to $8 billion lifeline from SoftBank Group; names new executive chairman

Confirming earlier reports, The We Company and SoftBank Group agreed to a new capital infusion which will see SoftBank committing $5 billion in new financing and issuing a tender offer for another $3 billion in buybacks for shareholders.

The company also said it would accelerate an existing commitment to put $1.5 billion into the short-term real estate rental company.

Under the specific terms of the deal, WeWork will receive $1.5 billion committed from SoftBank’s April 2020 cash infusion into the company at $11.60 per share. With that money expected to come in seven days after the deal is signed (subject to shareholder approval).

There’s also the tender offer for up to $3 billion worth of non-SoftBank owned shares at a price of $19.19 per share, which will begin in the fourth quarter of this year, with closing subject to regulatory approvals.

Finally there’s a joint venture share swap where all of SoftBank Vision Fund’s interests in regional joint ventures outside of Japan will be exchanged for WeWork shares at a price of $11.60 per share’ and a debt facility consisting of $1.1 billion in senior secured notes, $2.2 billion in unsecured notes, and a $1.75 billion letter of credit facility, which will occur after the tender offer is completed.

After the closing and the tender offer, SoftBank will own approximately 80 percent of the We Company, according to a statement.

But SoftBank will not actually will not hold a majority of voting rights at any stockholder or board of directors meeting,  thanks to WeWork’s convoluted ownership structure. Therefore, even with its 80 percent stake in the business, WeWork isn’t a subsidiary, but an “associate” of SoftBank.

As part of the agreement, the company confirmed that Adam Neumann will become a board observer and Marcelo Claure, the chief operating officer of SoftBank Group will assume the position of executive chairman of the board of directors of WeWork — as soon as the company receives its $1.5 billion payment from SoftBank.

“SoftBank is a firm believer that the world is undergoing a massive transformation in the way people work. WeWork is at the forefront of this revolution. It is not unusual for the world’s leading technology disruptors to experience growth challenges as the one WeWork just faced,” said Masayoshi Son, chairman and chief executive of SoftBank Group Corp, in a statement. “Since the vision remains unchanged, SoftBank has decided to double down on the company by providing a significant capital infusion and operational support. We remain committed to WeWork, its employees, its member customers and landlords.” 

The vision may remain unchanged, but the story that SoftBank will have to tell about its new “associate”. Under Neumann’s stewardship,  We Company was a cash-burning, globe-spanning, all-encompassing community developer that would usher in a new kind of capitalism, operating under the banner of “We”.

Now, the company is more like a struggling purveyor of temporary office space, which has a mountain of leases it owns and is looking down the barrel of a potential cash crunch — even with the SoftBank lifeline. 

Still, SoftBank’s executives and WeWork’s new leadership are standing by their rhetoric for what the company is… and can be.

“WeWork is redefining the nature of work by creating meaningful experiences through integrating design, technology and community. The new capital SoftBank is providing will restore momentum to the company and I am committed to delivering profitability and positive free cash flow,” said Claure in a statement. “As important as the financial implications, this investment demonstrates our confidence in WeWork and its ability to continue to lead in disrupting the commercial real estate market by delivering flexible, collaborative and productive work environments to our customers.â€�


Source: TechCrunch

MacBook Pro 15 vs. MacBook Pro 13: Which should you buy?

If you’re in the market for a new MacBook Pro, which model should you choose? Is the MacBook Pro 13 or MacBook Pro 15 the best option for you? Don’t worry, our guide will help you decide which model to go for.
Source: Digital trends

Should Europe Regulate American Tech Companies?

Four technology policy experts debate whether the EU has declared war on Silicon Valley.
Source: Wired

Electric vehicle charging software EV Connect raises $12 million

EV Connect, the Los Angeles-based company that sells software to manage electric vehicle charging, has raised $12 million in a Series B round led by investors Mitsui & Co. and Ecosystem Integrity Fund.

The company has raised $25 million to date.

EV Connect’s cloud-based platform has an open standard architecture that is designed to be hardware agnostic. In other words, EV Connect aims to provide a variety of hardware vendors a way to monitor, manage and maintain charging stations.

The end goal is to push the industry away from a closed and fragmented system to a more open one, according to EV Connect CEO and founder Jordan Ramer.

EV Connect has a two-tiered approach. The company provides and manages 1,000 electric vehicle charging sites through its EV Connect network. EV Connect has a smartphone app to give drivers of electric vehicles real-time access to charging station status.

Its also sells a cloud-based software platform that businesses can customize. Clients include Yahoo!, Marriott, Hilton, Western Digital, Los Angeles Metropolitan Transportation Authority and New York Power Authority.

As part of the round, Mitsui and EV Connect have agreed to develop new business models around EV charging infrastructure. EV Connect plans to work with Mitsui on various applications of EV charging to lower the cost of charging and maximize its utilization, including fleet and energy management solutions, Ramer elaborated to TechCrunch in an emailed response.

“We strongly believe that EV Connect’s infrastructure management technology accelerates the electric vehicle revolution in the energy and power industry where Mitsui has many assets and access to partners,” Kazumasa Nakai, the COO of Mitsui’s infrastructure projects business unit, said in a statement. “Our unique engineering capabilities, in conjunction with EV Connect’s cloud-based EV infrastructure, will enable us to develop new business models to solve the challenges EV infrastructure currently pose for energy management companies.”


Source: TechCrunch

How I Podcast: Let’s Talk About Cats’ Mary Phillips-Sandy and Lizzie Jacobs

The beauty of podcasting is that anyone can do it. It’s a rare medium that’s nearly as easy to make as it is to consume. And as such, no two people do it exactly the same way. There are a wealth of hardware and software solutions open to potential podcasters, so setups run the gamut from NPR studios to USB Skype rigs.

We’ve asked some of our favorite podcast hosts and producers to highlight their workflows — the equipment and software they use to get the job done. The list so far includes:

Broken Record’s Justin Richmond
Criminal/This Is Love’s Lauren Spohrer
Jeffrey Cranor of Welcome to Night Vale
Jesse Thorn of Bullseye
Ben Lindbergh of Effectively Wild
My own podcast, RiYL

Screen Shot 2019 10 22 at 6.10.58 PM

This week, it’s a nice, in-depth workflow from Mary Phillips-Sandy and Lizzie Jacobs, the host and producer (respectively) of Let’s Talk About Cats. Now in its second season, the Acast network show sits down with artists, musicians and other creatives to, well, talk about their cats. Recent interviews include Spin Doctor Chris Barron and adult actress/writer, Stoya. 

Episodes can be found on the official Let’s Talk About Cats website and purveyors of finer podcasts everywhere. 

We record most of our episodes at our network’s office in New York. They’ve set up a little recording room that Acast shows can use — it’s convenient, and there are always cute dogs hanging around. No cats, though. 

The Acast space has ElectroVoice RE20 microphones with windscreens on ElectroVoice 309A mounts. Love that warm, classic sound. Also, I (Mary) am self-conscious about my S’s, and these mics do a good job of controlling them. The headphones are Sony MDR-7506s. They’re… fine. Over-ear headphones always kind of suck for me because they squish my glasses. The headphones run through a PreSonus HP4 amp, which lets everyone set their levels exactly where they want them.

The studio board is a Zoom LiveTrak L-12 and the DAW is Hindenburg, which we only use for recording. Lizzie edits and mixes the show at home with ProTools and her beloved Sennheiser HD 380 pros. She has to be listening to a lot of Cats before her head hurts from the headphones. But she doesn’t wear glasses.

how we podcast zoom livetrak

We try to avoid remote interviews. The more we do the show, the more we’ve realized that it works best when the guest is here in person. We make fast transitions between segments, and one bit (the Cat Quiz) involves handing over a special prize, so getting that IRL reaction is important. (Lizzie cutting in here. Mary’s prizes are next-level. It’s incredible what she’s able to find on eBay, Etsy and I don’t even know where else. The show would not be what it is without them, or without Mary’s research skills. Every week she digs up something like a vintage perfume packaged with a cat figurine in a feather boa, or musical theater-themed cat stickers.)

When remote is the only option, we’ll do Skype with Ladiocast on the studio laptop. We also ask our guests to record locally with whatever prosumer or office studio gear they can get their hands on — anything to make their voices sound closer.

This may be obvious, but Dropbox is essential to our process. We have a shared folder with Acast where studio tracks get uploaded so Lizzie (or Virginia, who helps with production) can grab them. We also use it to share clips and images for social media. Speaking of which, we’ve been using Headliner to make captioned preview videos for Instagram and Twitter. Very convenient, highly recommend. We are not graphic designers, so we use Canva to make images for our social accounts and website, which we built on Squarespace, using one of our favorite podcast’s promo codes for a discount.

Scripts, research, booking trackers, scheduling and everything else happens in Google Drive/Calendar, which we’d be lost without. In season one we worked with a human for transcription, but she went back to grad school, so now we use Otter. It’s not perfect, but it’s by far the best automated transcription tool we’ve found, and you can’t beat the price. I (Mary again) actually like taking some time to go through and correct transcripts, because it’s a good way to become (even more) aware of your verbal tics. By the fourth “of course,” you want to travel back in time and slap yourself. 


Source: TechCrunch

In latest $10B JEDI contract twist, Defense Secretary recuses himself

The JEDI drama never stops. The $10 billion, decade long cloud contract has produced a series of twists and turns since the project was announced in 2018. These include everything from court challenges to the president getting involved to accusations of bias and conflict of interest. It has had all this and more. Today, in the latest plot twist, the Secretary of Defense Mark Esper recused himself from the selection process because one of his kids works at a company that was involved earlier in the process.

Several reports name his son, Luke Esper, who has worked at IBM since February. The RFP closed in April and Esper is a Digital Strategy Consultant, according to his LinkedIn page, but given the persistent controversy around this deal, his dad apparently wanted to remove even a hint of impropriety in the selection and review process.

Chief Pentagon Spokesperson Jonathan Rath Hoffman issued an official DoD Cloud update earlier today:

“As you all know, soon after becoming Secretary of Defense in July, Secretary Esper initiated a review of the Department’s cloud computing plans and to the JEDI procurement program. As part of this review process he attended informational briefings to ensure he had a full understanding of the JEDI program and the universe of options available to DoD to meet its cloud computing needs. Although not legally required to, he has removed himself from participating in any decision making following the information meetings, due to his adult son’s employment with one of the original contract applicants. Out of an abundance of caution to avoid any concerns regarding his impartiality, Secretary Esper has delegated decision making concerning the JEDI Cloud program to Deputy Secretary Norquist. The JEDI procurement will continue to move to selection through the normal acquisition process run by career acquisition professionals.”

Perhaps the biggest beef around this contract, which was supposed to be decided in August, has been the winner-take-all nature of the deal. Only one company will eventually walk away a winner, and there was a persistent belief in some quarters that the deal was designed specifically with Amazon in mind. Oracle’s Co-CEO Safra Catz took that concern directly to the president in 2018.

The DoD has repeatedly denied there was any vendor in mind when it created the RFP, and internal Pentagon reviews, courts and a government watchdog agency repeatedly found the procurement process was fair, but the complaints continue. The president got involved in August when he named his then newly appointed defense secretary to look into the JEDI contract procurement process. Now Espers is withdrawing from leading that investigation, and it will be up to others including his Deputy Secretary to finally bring this project over the finish line.

Last April, the DoD named Microsoft and Amazon as the two finalists. It’s worth pointing out that both are leaders in Infrastructure as a Service marketshare with around 16% and 33% respectively.

It’s also worth noting that while $10 billion feels like a lot of money, it’s spread out over a 10-year period with lots of possible out clauses built into the deal. To put this deal size into perspective, a September report from Synergy Research found that worldwide combined infrastructure and software service spending in the cloud had already reached $150 billion, a number that is only expected to continue to rise over the next several years as more companies and government agencies like the DoD move more of their workloads to the cloud.

For complete TechCrunch JEDI coverage, see the Pentagon JEDI Contract.


Source: TechCrunch

Venture capital firm Redpoint hires a ‘head of founder experience’

As access to top deals becomes more competitive, venture capital firms are creating new roles to attract top entrepreneurs. Now, in addition to recruiting top dealmakers, firms are bringing in culture experts and allocating roles to individuals who better understand and empathize with the founder journey.

In keeping with this trend, Redpoint Ventures, a venture capital firm with roots in Silicon Valley’s Sand Hill Road, has hired a partner and its first-ever “head of founder experience.” Travis Bryant, who joined the firm one year ago as an entrepreneur-in-residence, will be focused on how founders perceive the Redpoint brand, ensuring each individual moment a founder spends with the firm is as founder-friendly as possible.

Historically, VC firms hired investment partners to network, invest in companies and help foster those companies’ growth over a years-long period. Increasingly, these same firms are identifying new talent to provide to founders more attention, resources and support through the company-building process as a means to win access to top deals.

Earlier this month, True Ventures hired its first-ever vice president of culture, Madeline Kolbe Saltzman, who explained she would be guiding “the company and the founder to being the best they can be.� Bryant, for his part, will have a host of responsibilities, including supporting existing programs and services tailored to the needs of portfolio founders, and even remodeling the office to create a better “flow� for founders. Basically, Bryant will think through all the ways Redpoint can leave a positive, lasting impression on the companies it invests in and even the companies it rejects.

“The founder is the center of the solar system,â€� Bryant tells TechCrunch. “It’s not about them coming to pitch us. It’s how do we help them develop their idea and how do we give them the confidence to get it out in the world.â€�

One might have thought venture capitalists would steer away from the cult of the founder mentality amid the WeWork saga of 2019. Arguably, tech-founder worship allowed WeWork to garner a baseless $47 billion valuation as a result of the billions in equity funding its founder used to purchase a private jet, make several poorly thought-out acquisitions and commit other irresponsible acts that resulted in a delayed initial public offering, hundreds of layoffs and more to come.

Redpoint’s latest hire, if anything, suggests tech-founder worship is far from being erased. To that point, Bryant says his role is less about the founder and more about creating an environment that fosters more human-to-human relationships, bidding adieu to the traditional startup-VC dynamic.

“In the past, a founder might have just wanted to work with a VC because of their prior performance with a goal to just get money, but now it’s money-plus-plus,â€� Bryant said. “What are you going to do actively? What can you do to help them cross this chasm and get their idea out and make it successful.â€�

“The expectation of investors is much more significant,” Bryant added. “It’s not about writing a check and hoping to turn that check into something. It’s about adding value.”


Source: TechCrunch

Facebook commits $1B to address housing issues – CNET

The social media giant says it wants to help California.
Source: CNET

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