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Archivo del Autor: Belen De Leon

Omidyar Network CEO opens up about VC-influenced philanthropy

In 2004, eBay founder Pierre Omidyar and his wife, Pam, set aside some of the wealth they acquired after the online marketplace went public and created Omidyar Network, a philanthropic investment firm “dedicated to harnessing the power of markets,â€� according to an official overview.

Since then, the firm — which operates a 501(c)(3) nonprofit and an LLC — has committed $839 million in nonprofit grants and $735 million in for-profit investments. Today, 60 employees in Mumbai, London, Washington D.C. and Redwood City look for opportunities to invest and contribute across four main areas: Reimagining Capitalism, Beneficial Technology, Discovering Emergent Issues, and Expanding Human Capability.

In 2018, coinciding with a strategic shift that saw Omidyar Network spin out several of its initiatives, the firm elevated to CEO Mike Kubzansky, who had started the firm’s Intellectual Capital arm. In a wide-ranging discussion, Scott Bade spoke to Kubzansky about Omidyar Network’s origins and evolution, and his approach to venture philanthropy.

(This interview has been edited for length and clarity.)

Scott Bade: Omidyar Network has stood out because of its unique structure as both a grant-making institution and as an investor. Could you describe how Omidyar Network got started and how it evolved over the last decade and a half?

Mike Kubzansky: Pierre [Omidyar] originally started the Family Foundation. But having looked at the experience of eBay, he became frustrated that he couldn’t [achieve] the same scale of impact [that eBay had] in a conventional grant-making structure. So we converted Omidyar Family Foundation to Omidyar Network in 2004 with the fundamental insight to add to the classic 501(c)(3) structure of a foundation an LLC to enable us to invest in companies. 

Great, and by investment, how does that work? Are you a typical LP or is there a different investment thesis?

Yeah, so historically first it’s worth saying, being influenced by Silicon Valley DNA, we have typically taken a venture lens on things and typically have invested at the seed or Series A round. Again, that comes straight out of the Silicon Valley experience.

Within that, we’ve had this notion of investing across the returns continuum. In some cases, we feel you can get a fully risk-adjusted market rate return. In some cases you might be ahead of the market, or looking at a firm that’s actually having a market-level impact, in addition to a firm-level impact. In those cases we’ve been willing to take a lower rate of return, at least at entry, in terms of what we would invest in. Typically it’s been venture, part of it syndicate; we have never taken a majority share in a company. 

Before we dig deeper into the programmatic work, I want to dig deeper on your methodology. Clearly when it comes to both defining impact and figuring out how to measure it and maximize it, ON has been different from traditional philanthropy. But how do you define whether a given objective warrants either a grant or an investment or an advocacy approach?

You’ve hit on a question that we’ve spent a lot of time discussing internally. Having this flexible capital structure enables you to range across a lot of different forms of engagement in the world. So our thinking currently is – and this gets into our strategy shift – focus less on things that are easy to measure, like service delivery and financial inclusion and how many people are reached, and focus much more on upstream structural power, rules of the game, mindsets and beliefs about the underlying systems, which we think actually are at the root cause of a lot of the distress and income inequality we see in the world today. 

Thinking like venture capitalists

You talked about thinking like a venture capitalist. Does that mean that that even with your philanthropy or advocacy you take on greater risks that are a long shot at achieving, but perhaps have a high-expected value return? 

Yeah, so you’ve hit on exactly an issue that’s really important to us, which is the ability to take risk. Philanthropic money is the most risk-tolerant capital out there, whether it’s deployed for-profit or not-for-profit or on advocacy. And we view part of our role, in terms of social impact, as being risk capital for very difficult issues that society needs to take on. That mindset pervades how we think about approaching a problem.

We think about risk in a bunch of different ways: one, the ability to take on long-term issues which others may not be able to take on because they’re trying to make quarterly profits or that sort of thing. So there’s where we can take a run at some of the upstream rules of the game and checks on power, which might take time to accomplish. We [also] take it as an ability to take on difficult issues as well, not just time consuming, not just ones that have long-time horizons.

So what is your theory of change? Is your goal to be a think or do tank, is it to be an advocacy group, is it to shape norms, is it to fund pilots or some combination of that? 

Yeah, I think we are, it’s fair to say we are still working through that, but we are in the process of putting out our points of view on what we think needs to change under capitalism and under technology. So for instance, we’ve published a point of view on what we think good digital ID looks like and ought to be. 

Under the Reimagining Capitalism banner, our take is that it is going to take a mix of things. One [part is] about rebalancing structural power. For instance, working people  have not typically seen any of the gains over the last 40 years where profits and productivity have gone up very dramatically but wages have stayed stagnant. So how do you rebalance power between working people and the companies or the capital sources that are working in the economy?

And so our theory of change includes some level of, how do you change the way people understand economics – everything from how you teach economics to how you measure to result of our economy, not in GDP but perhaps in wellbeing or other formats [like] by income decile – all the way straight through to ideas about who the economy is for. 

We would argue that neoliberalism is a version of capitalism, it is not capitalism itself,  and that we can get to a better version of capitalism if we change some of these underlying beliefs and mindsets about the economy. 

… The original ethos of the Valley has tracked through to our notion that we want to see power redistributed back to people and away from concentrated sources of power. 

How has being in Silicon Valley, the mindset of being in the tech world, influenced that thesis on capitalism? 


Source: TechCrunch

Max Q: International Astronautical Congress 2019 recap edition

Our weekly round-up of what’s going on in space technology is back, and it’s a big one (and a day late) because last week was the annual International Astronautical Congress. I was on the ground in Washington, D.C. for this year’s event, and it’s fair to say that the top-of-mind topics were 1) Public-private partnerships on future space exploration; 2) So-called ‘Old Space’ or established companies vs./collaborating with so-called ‘New Space’ or younger companies, and 3) who will own and control space as it becomes a resource trough, and through what mechanisms.

There’s a lot to unpack there, and I plan to do so not all at once, but through conversations and coverage to follow. In the meantime, here’s just a taste based on the highlights from my perspective at the show.

1. SpaceX aims for 2022 Moon landing for Starship

SpaceX timelines are basically just incredibly optimistic dreams, but it’s still worth paying attention to what timeframes the company is theoretically marching towards, because they do at least provide some kind of baseline from which to extrapolate actual timelines based on past performance.

There’s a reason SpaceX wants to send its newest there that early, however – beyond being aggressive to motivate the team. The goal is to use that demonstration mission to set up actual cargo transportation flights, to get stuff to the lunar surface ahead of NASA’s planned 2024 human landing.

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2. Starlink satellite service should go live next year

More SpaceX news, but significant because it could herald the beginning of a new era where the biggest broadband providers are satellite constellation operators. SpaceX COO and President Gwynne Shotwell says that the company’s Starlink broadband service should go live for consumers next year. Elon also used it this week to send a tweet, so it’s working in some capacity already.

3. NASA’s Jim Bridenstine details how startups will be able to participate in the U.S. mission to return to the Moon to stay

Bridenstine did a lot of speaking and press opportunities at IAC this year, which makes sense since it’s the first time the U.S. has hosted the show in many years. But I managed to get one question in, and the NASA Administrator detailed how he sees entrepreneurs contributing to his ambitious goal of returning to the Moon (this time to set up a more or less permanent presence) by 2024.

4. Virgin Galactic goes public

Virgin Galactic listed itself on the New York Stock Exchange today, and we got our very first taste of what public market investors think about space tourism and commercial human spaceflight. So far, looks like they… approve? Stock is trading up about 2 percent as of this writing, at least.

5. Bezos announces a Blue Origin-led space dream team

Amazon CEO Jeff Bezos got a first-ever IAC industry award during the show (it has an actual name but it seems pretty clear it’s an invention designed to fish billionaire space magnates to the stage). The award is fine, but the actual news is that Blue Origin is teaming up with space frenemies Lockheed Martin, Northrop Grumman and Draper – old and new space partnering to develop a full-featured lunar lander system to help get payloads to the surface of the Moon.

6. Rocket Lab is developing a ride-share offering for the Moon and more

Launch startup Rocket Lab has become noteworthy for being among the extremely elite group of new space companies that is actually launching payloads to orbit for paying customers. It wants to do more, of course, and one of its new goals is to adapt its Photon payload delivery spacecraft to bring customer satellites and research equipment to the Moon – and eventually beyond, too. Why? Customer demand, according to Rocket Lab CEO Peter Beck.

7. Europe’s space tech industry is heading for a boom

It seems like there’s a lot of space startup activity the world over, but Europe has possibly more than its fair share, thanks in part to the very encouraging efforts of the multinational European Space Agency. (Extra Crunch subscription required.)


Source: TechCrunch

Denny’s inks deal with Beyond Meat to supply new menu item — Denny’s Beyond Burger

Denny’s signed an agreement with the plant-based food manufacturer Beyond Meat to use Beyond’s meat replacement in a new menu item — the Denny’s Beyond Burger.

Beyond Meat and its largest rival, Impossible Foods, are engaged in a fierce competition to provide meat alternatives to some of the nation’s largest food companies, but increasingly Beyond Meat is pulling away.

In recent months the company has signed agreements with McDonald’s and Denny’s, and expanded a supply agreement with Dunkin’ for signature sandwiches.

The initial pilot with Denny’s will include all of the South Carolina-based restaurant chain’s Los Angeles Denny’s. At Denny’s, the Beyond Burger will come with tomatoes, onions, lettuce, pickles, American cheese and a special sauce on a multigrain bun.

As part of the promotion behind the rollout of the sandwich, Denny’s in Los Angeles will give guests a free burger on Halloween night with the purchase of a sandwich. The restaurant chain (and a former employer of mine) will roll out the Beyond Burger nationwide in 2020.

“We could not be more excited to announce this game-changing partnership with Beyond Meat,� said John Dillon, chief brand officer for Denny’s, in a statement. “As a company we strive to evolve with the tastes and demands of our customers and we knew finding a plant-based option that met our incredibly high-quality standards and taste expectations was critical in staying at the top of our game. The new Beyond Burger at Denny’s offers guests a great tasting burger, and we’re delighted to launch it in Los Angeles, and will be preparing for the national rollout in 2020.�


Source: TechCrunch

Apple AirPods Pro: Price, Details, Release Date

The next version of Apple’s white ear-dongles enter a crowded wirefree headphone market on October 30.
Source: Wired

A Secret Space Plane Just Landed After a Record Stay in Orbit

The plane spent 780 continuous days in orbit conducting classified experiments for the US Air Force before autonomously landing itself.
Source: Wired

The Intel Core i9-9900KS officially launches on Oct. 30 for $513

Intel is set to release the fastest gaming CPU it’s ever made, but the 9900KS is nothing new. This binned 9900K, however, is capable of 5GHz out of the box.
Source: Digital trends

Why Are Parking Lots So Tricky for Self-Driving Cars?

Here’s why Tesla’s “Smart Summon� feature is taking them on anyway.
Source: Wired

Today’s Cartoon: Murder Podcast

They’ll clean it up in postproduction.
Source: Wired

What's Blockchain Actually Good for, Anyway? For Now, Not Much

Not long ago, blockchain technology was touted as a way to track tuna, bypass banks, and preserve property records. Reality has proved a much tougher challenge.
Source: Wired

Instagram expands ban on suicide content to cover cartoons and memes

Instagram has expanded a ban on graphical self-harm imagery to include a broader range of content depicting suicide, including fictional illustrations of self-harm and suicide methods such as drawings, cartoons and memes.

“This past month, we further expanded our policies to prohibit more types of self-harm and suicide content. We will no longer allow fictional depictions of self-harm or suicide on Instagram, such as drawings or memes or content from films or comics that use graphic imagery,” writes Instagram boss, Adam Mosseri, explaining the latest policy shift. “We will also remove other imagery that may not show self-harm or suicide, but does include associated materials or methods.”

Earlier this year Mosseri, met with the UK’s health secretary to discuss the platform’s policy towards self-harm content. The company has faced high level pressure in the country following a public outcry after the family of Molly Russell, a 14-year-old UK schoolgirl who killed herself after viewing suicide content on Instagram, went public with the tragedy by talking to the BBC.

In February the Facebook-owned social media platform announced that it would prohibit graphic images of self-harm, such as cutting, and restrict access to non-graphic self-harm content, such as images of healed scars — by not recommending it in searches.

At the time it also suggested it was toying with the idea of using sensitive screens to blur non-graphical suicide content, saying it was consulting with experts. In the event it appears to have decided to go further — by now saying it will also remove fictional content related to self-harm, as well as anything that depicts methods of suicide or self-harm.

Instagram says it’s doubled the amount of self-harm content it has acted on following the earlier policy change — with Mosseri writing that in the three months following the ban on graphic images of cutting it “removed, reduced the visibility of, or added sensitivity screens to more than 834,000 pieces of content”.

While more than 77% of this content was identified by the platform prior to it being reported, he adds.

A spokesperson for Instagram confirmed to us that the latest policy shift is in effect.

Although it’s not clear how long it could take for it to be effectively enforced. Mosseri told BBC News: “It will take time to fully implement,” adding that: “It’s not going to be the last step we take.”

In his blog post about the policy change, the Instagram boss writes that the new policy is “based on expert advice from academics and mental health organisations like the Samaritans in the UK and National Suicide Prevention Line in the US”, saying: “We aim to strike the difficult balance between allowing people to share their mental health experiences while also protecting others from being exposed to potentially harmful content.”

“Accounts sharing this type of content will also not be recommended in search or in our discovery surfaces, like Explore. And we’ll send more people more resources with localized helplines like the Samaritans and PAPYRUS in the UK or the National Suicide Prevention Lifeline and The Trevor Project in the United States,” he adds.

He goes on to argue that the issues involved are complex and “no single company or set of policies and practices alone can solve”, while defending continuing to allow some suicide and self-harm content on Instagram by saying “experts tell us that giving people a chance to share their most difficult moments and their stories of recovery can be a vital means of support” and that “preventing people from sharing this type of content could not only stigmatize these types of mental health issues, but might hinder loved ones from identifying and responding to a cry for help”.

“But getting our approach right requires more than a single change to our policies or a one-time update to our technology. Our work here is never done. Our policies and technology have to evolve as new trends emerge and behaviors change,” he adds.


Source: TechCrunch

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