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Archivo del Autor: Belen De Leon

The changing nature of venture capital

SoftBank and Andreesen Horowitz (a16z) recently announced new funds that reinforce the increasing scale of the venture industry. SoftBank announced its intent to raise a second Vision Fund through a public offering, a first for any venture firm. A16z announced two new funds, an early-stage $750 million fund and a growth-stage $2 billion fund.

A16z is the latest firm to launch a family of funds, four in the past 18 months totaling $3.5 billion, including the earlier announced Bio and Crypto funds. A16z joins GGV, Lightspeed and Sequoia as firms that have raised families of funds that cover specific sectors, stages or countries. In the last 18 months, Sequoia has raised nine funds, with nearly $9 billion committed; Lightspeed four funds for nearly $3 billion; and GGV four funds with $1.8 billion.

These funds and others like them will change the nature of venture capital. Venture is no longer a cottage industry where partners sit around a conference table on Mondays meeting companies and discussing which to support. Venture no longer operates as a collection of individual practitioners like a dental clinic. Venture firms are moving from job shops to scaled organizations with an armada of specialists in human resources, marketing, finance, engineering, legal and investor relations to support their investment and fundraising activity. Once firms with just a few partners, SoftBank, Sequoia and GGV now have teams of hundreds of people working to support continual fund raising, origination and portfolio development in the United States and abroad.

Funding startups is an inherently local business.

Investment banking and private equity firms provide a road map for how the venture capital may develop. The leading investment banks and private equity firms were closely held partnerships for many decades, before increasing capital intensity required a change of corporate structure. Founded in 1914, Merrill Lynch, a securities brokerage firm, was considered an interloper in the cloistered investment banking world. But as more capital entered public securities markets, securities trading houses such as Merrill Lynch encroached on Goldman Sachs, Morgan Stanley, Lehman and Kuhn Loeb, which then dominated highly profitable investment banking.

A wave of consolidation followed as partnerships gave way to full-service investment banks armed with capital to backstop their lucrative mergers and acquisition and financing practices. Founded in 1854, Lehman acquired Kuhn Loeb in 1977, which was then acquired by American Express in 1984, combining Lehman’s banking practice with Shearson’s brokerage business. The last bulge bracket investment banking partnerships Morgan Stanley and Goldman Sachs went public in 1993 and 1999, respectively.

Private equity firms soon followed. Like investment banks, partnerships prevailed in private equity. But as their appetite for capital grew to finance ever-larger acquisitions, private equity tapped the public markets for larger, more stable capital. Today, the five largest private equity firms are all public. Apollo Global Management, a PE firm now with $250 billion under management, went public in 2004. Blackstone, the largest PE firm, with $470 billion under management, followed with an IPO in 2007. Carlyle, KKR and Ares soon followed with public offerings.

Venture capital has been insulated from the capital intensity that fueled consolidation of the investment banking and private equity industries. Funding startups is an inherently local business. Technology innovation has historically been capital-efficient as early technology leaders such as Microsoft and Oracle went public after raising less than $20 million in private funding. And venture is a risky, volatile business, where profits vary substantially, failure rate is high and returns are highly cyclical.

Innovation is costlier as entrepreneurs and investors seek to disrupt rather than enable industries.

But like the investment banking and private equity industries, venture capital is becoming more capital-intensive. Innovation is costlier as entrepreneurs and investors seek to disrupt rather than enable industries.  Startups require more capital to achieve escape velocity with the ever-present, growing threat from technology incumbents. Startups are moving into new industries competing with larger incumbents. And “lean startups� that rely more on company-building services offered by their investors are not “lean� for venture firms that must build out service capacity in talent acquisition, sales, product marketing and finance to accelerate venture growth. Today, staff devoted to supporting startup development often exceeds investment professionals in large venture firms.

The venture industry is highly fragmented, with more than 200 venture firms in Silicon Valley alone. Hundreds of venture firms are starting in cities and countries that were previously considered deserts for technology innovation. The venture industry is likely to consolidate significantly in the next decade as funding confers greater advantage to large venture investors.

A few boutique investment banks and private equity firms have withstood the scale and capital advantages of bulge bracket firms. Similarly, seed and early-stage venture firms will resist SoftBank-style institutionalization. Venture firms with expertise in specific technologies, industry sectors or geographic markets will still produce superior returns. However, capital intensity is rising. The venture industry will ultimately be dominated by a few global venture firms supported by independent seed and early-stage funds with proprietary access to high-potential startups.


Source: TechCrunch

MacOS Catalina hands-on review

The public beta of Apple’s MacOS Catalina is here, and we’ve got our first impressions of Apple’s latest operating system to see if the new features are worth the hype.
Source: Digital trends

Dirty Lemon parent Iris Nova will fund and distribute third-party beverages

Iris Nova, the Coca-Cola-backed startup that creates Dirty Lemon beverages, is announcing plans to spend $100 million over the next three to five years to expand its offerings.

Founder and CEO Zak Normandin said the money will go towards launching new beverage brands developed internally at Iris Nova, as well as investing in beverages created by other companies, which will then distributed via the Iris Nova platform.

“This is the way for us to compete with the bigger beverage companies,” Normandin said.

He added that he’s open to working with both established companies and startups taking advantage of the shift away from “high calorie, high sugar beverages.” Either way, they’ll get access to the Iris Nova platform, which allows them to accept orders via text message, and to distribute their beverages next-day or same-day to every major U.S. market.

Normandin said that by linking the investment and the platform partnership, Iris Nova is forcing itself to be “highly selective” about which beverages will be part of the portfolio.

He also said the company won’t work with directly competing products — for example, he won’t partner with two different coconut water brands, but he would work with a coconut water brand and a sparkling water brand. In exchange, the brands have to commit to using Iris Nova as their only e-commerce platform, aside from Amazon.

Although Normandin brought up The Coca-Cola Company several times as a point of comparison (“I think that if Coke were to start today, it would do things exactly the way we are”), he also emphasized that he isn’t trying to turn Iris Nova itself into a consumer brand. There will be advantages for consumers who order across the Iris Nova portfolio — namely, they won’t have to reenter their payment and shipping information — but Normandin said, “I don’t think there will ever be an Iris Nova marketplace.”

The company said it will start adding new beverages to the platform on July 1. The goal, Normandin said, is to introduce 12 brands by the end of the year. He isn’t sure what the internal-external mix will be, but he said the company has already made two external investments, while also having a few beverage brands of its own ready to go, including the Tres Limón line of non-alcoholic apéritifs.

“What we think is that billion-dollar brands will not exist in the future,” he said. “I have no specific loyalty to Dirty Lemon as a brand. Our goal is to meet the needs of consumers right now. Eventually, if it goes away, that’s fine — we’ll create new selections for that same consumer group.”


Source: TechCrunch

Facebook’s searchable political ads archive is now global

Facebook has announced it’s rolled out a basic layer of political ads transparency globally, more than a year after launching the publicly searchable ads archive in the US.

It is also expanding what it dubs “proactive enforcement” on political ads to countries where elections or regulations are approaching — starting with Ukraine, Singapore, Canada and Argentina.

“Beginning today, we will systematically detect and review ads in Ukraine and Canada through a combination of automated and human review,” it writes in a blog post setting out the latest developments. “In Singapore and Argentina, we will begin enforcement within the next few months. We also plan to roll out the Ad Library Report in both of those countries after enforcement is in place.

“The Ad Library Report will allow you to track and download aggregate spend data across advertisers and regions.”

Facebook is still not enforcing identity checks on political advertisers in the vast majority of markets where it operates. Nor indeed monitoring whether political advertisers have included ‘paid for’ disclaimer labels — leaving the burden of policing how its ads platform is being used (and potentially misused) to concerned citizens, civic society and journalists.

The social network behemoth currently requires advertisers to get authorized and add disclaimers to political and issue-related ads in around 50 countries and territories — with around 140 other markets where it’s not enforcing identity checks or disclaimers.

“For all other countries included in today’s announcement, we will not be proactively detecting or reactively reviewing possible social issue, electoral or political ads at this time,” it confirms, before adding: “However, we strongly encourage advertisers in those countries to authorize and add the proper disclaimers, especially in a rapidly evolving regulatory landscape.”

“In all cases, it will be up to the advertiser to comply with any applicable electoral or advertising laws and regulations in the countries they want to run ads in. If we are made aware of an ad that is in violation of a law, we will act quickly to remove it. With these tools, regulators are now better positioned to consider how to protect elections with sensible regulations, which they are uniquely suited to do,” Facebook continues.

“In countries where we are not yet detecting or reviewing these types of ads, these tools provide their constituents with more information about who’s influencing their vote — and we suggest voters and local regulators hold these elected officials and influential groups accountable as well.”

In a related development it says it’s expanded access to its Ad Library API globally.

It also claims to have made improvements to the tool, which launched in March — but quickly attracted criticism from the research community for lacking basics like ad targeting criteria and engagement metrics making it difficult for outsiders to quantify how Facebook’s platform is being used to influence elections.

A review of the API by Mozilla shortly after it launched slated Facebook for not providing researchers with the necessary data to study how political influence operations play out on its platform — with a group of sixty academics put their name to the open letter saying the API does the opposite of what the company claims.

Facebook does not mention that criticism in today’s blog post. It has also provided little detail of the claimed “improvements” to the API — merely writing: “Since we expanded access in March, we’ve made improvements to our API so people can easily access ads from a given country and analyze specific advertisers. We’re also working on making it easier to programmatically access ad images, videos and recently served ads.”

Commenting on the development, Ashley Boyd, VP of the Mozilla Foundation, told TechCrunch: “It is outrageous that Facebook would further deploy a tool that’s been found deficient and defective by independent researchers. In fact, the version of the tool released earlier this year for the EU elections earned a ‘failing’ grade by Mozilla, when it failed to meet three out of five of the requirements developed by researchers.

“This rollout may serve Facebook’s PR purposes, but we have no reason to believe it will help researchers and political leaders seeking to understand the scope and impact of misinformation on our democracy.”

The other key election interference concern linked to Facebook’s platforms — and which the company also avoids mention of here — is how non-advertising content can be seeded and spread on its networks in a bid to influence political opinion.

In recent years Facebook has announced various discoveries of inauthentic behavior and/or fake accounts. Though it is under no regulatory obligations to disclose everything it finds, or indeed to find every fake.

Hence political ads are just the tip of the disinformation iceberg.

This report was updated with comment from the Mozilla Foundation 


Source: TechCrunch

Facebook may finally let you turn off those annoying notification dots

Sick of those anxiety-inducing red dots constantly appearing on the Groups, Watch, or other tabs in your Facebook app? Well the social network may be easing up a little in its unending war for your attention. Facebook is now testing a toggle to turn off the red in-app notification dots on its homescreen. Until now you had to manually open each of Facebook’s features to extinguishing the maddening flame of the notification badge. This could make Facebook feel more tranquil, and keep you focused on whatever you actually opened the app to do.

“It’s related to the work we’re doing with the well-being team. We’re thinking about how people spend their time in the app and making sure that it’s time well spent” a Facebook spokesperson tells me. Many people can’t feel settled if there are red dots begging to be tapped — a psychological quirk Facebook takes advantage of. The company seems to be realizing that its growth hacking can backfire if its pleas for engagement actually deter us from opening its app in the first place.Turn Off Facebook Notification Dots

The Facebook Notification Dots setting was first spotted in its prototype form by reverse engineering specialist Jane Manchun Wong, hidden in the Android app’s code earlier this summer. Today, social media consultant Matt Navarra noticed the feature being publicly tested. Facebook now confirms to TechCrunch that this is a new global test that started recently on iOS and Android for a subset of users. “We are testing new ways to give people more control over the notifications they receive in the Facebook app” a spokesperson tells me.

Facebook plans to continue offering additional ways to personalize notifications so you don’t miss what’s important but aren’t drowned in noise. “People don’t necessarily want to see a notification on the badge [the in-app dots on tabs] if they’re already getting notifications in the jewel [the red counter on the Facebook app icon on your phone’s homescreen]” the spokesperson tells me. It considered a snooze option but went with an on/off switch that’s the least confusion. The Notification dots feature is likely to roll out to everyone unless it suddenly proves to decimate Facebook usage.

Facebook Notification Dots

How To Turn Off Facebook Notification Dots

If you have access to this feature test, you’ll find the option in your Facebook app under the three-lined More/Menu tab -> Settings & Privacy -> Settings -> Notifications -> Notification Dots. There you can “Choose which shortcuts will show you notifications dots” with options for “Videos On Watch”, “Profile”, “Groups”, “Menu”.

One tab/shortcut where you can’t disable the dots is Notifications, which actually makes sense since that’s the main way the app alerts you to activity around your profile and content. But since you already get a heads-up about new Groups posts or when you’re tagged in a photo there, the notification dots on the other tabs are just redundant and distracting.

Facebook notification settings

If you want to control which activities trigger alerts in your Notifications tab, you can go to More/Menu tab -> Settings & Privacy -> Settings -> Notifications -> Notification Settings -> Mobile. There you can see a list of your recent notifications and turn off ones like it in case you’re sick of hearing about friends starting fundraisers, reminders about upcoming events, or comments after yours on a Group post. The Notification Settings page also lets you turn off sound for Facebook notifications, axe them from specific groups or other apps, turn down the frequency of On This Day alerts, and choose what notifications get bumped up to email or text message.

Confusingly, there’s also a totally separate menu that’s accessible from the Notifications tab’s settings gear icon. There you can temporarily or permanently mute push notifications and choose where you receive each type. Obviously there should be a link between these two different spaces. A great next step for Facebook would be allowing user to batch notifications, Instead of either being constantly pestered or totally in the dark, it could let users opt for an occasional digest of notifications, like once per day or when they get to 10 alerts.

Facebook and Instagram Your Activity Counter

A year ago Facebook trumpeted how it launched a Time Well Spent dashboard in its app and Instagram for showing how long per day you use the apps with an option to set a reminder to stop after enough minutes. But buried inside Menu -> Settings & Privacy -> Your Time on Facebook, the toothless feature we’d previously scooped isn’t doing much good. If Facebook wants to be a principled citizen of our devices, it shouldn’t be so hard to say when we do or don’t want to be nagged for attention.


Source: TechCrunch

Acer Swift 3 13 (2019) review

Acer’s 13-inch version of the Swift 3 clamshell laptop doesn’t offer much to distinguish itself from a very crowded market. It’s not faster, cheaper, better-built, or more attractive than the competition.
Source: Digital trends

Nvidia RTX Super: Everything we know so far

The Nvidia RTX Super graphics cards could be just a few weeks away from general release and they could help fix the high prices of current-generation GPUs. Here’s everything we know about these new super cards.
Source: Digital trends

Fitted With Sensors, Antarctic Seals Track Water Temperatures

Scientists have outfitted an army of Antarctic pinnipeds with trackers to monitor warming oceans.
Source: Wired

Create apocalyptic A.I. world with this camera app that removes people from pics

What would the shots in your camera roll look like without any people? Bye Bye Camera is a new iOS app that uses artificial intelligence to remove all people from the photo., but it’s not designed for practical applications.
Source: Digital trends

'Spider-Man: Far From Home' Star Tom Holland Found Out He Was Peter Parker on Instagram

He thought it was a result of the Sony hack.
Source: Wired

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