Israeli online migrant workers bank Rewire today announced the completion of a $ 20 million Series B financing round. The Tel Aviv-based company, which develops cross-border online banking services for expatriate and migrant workers worldwide, also said that it has obtained a significant line of credit from a leading bank.
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I am working on a startup right now, I have been working on this project alone for the past 7 months. I talked to a friend (Name – X) who has founded companies before and is business savvy and he introduced me to this other guy (Name – Y) who acts like he knows a lot of investors and keeps mentioning how his dad can invest in my startup and wants to be part of my project BADLY.
I am not very business savvy. I am an engineer. My friend X has a lot of skills that can be useful, for eg: he knows how to set up a Delaware C Corp, help create TOS, User agreements, etc. This other guy Y has some good but a lot of bad ideas. But he really wants to work on my project. He keeps telling me that he's doing "research" into the market every time we have a meeting. But, He did go out of the way to make a pitch deck which I really appreciate although a lot of the stuff inside the pitch deck was just garbage. I appreciate the effort.
We are pitching to an incubator in a few weeks, How do I structure the Cap table? Do they count as Co-Founders when they haven't written a single line of code or done anything substantial for the project? Am I being an asshole? I am naive, So please take that into consideration.-
Edit- The Incubator meeting wasn't because of Person Y's connection. It was because of Clubhouse
Sales engagement platforms (SEP) help sales teams automate and track the large number of tasks they need to do each day as they contact leads and hone in on potential deals. Focused on small-to-medium-sized companies, SEP startup Outplay announced today it has raised $ 2 million from Sequoia Capital India’s Surge program for early-stage startups.
Outplay was founded in January 2020 by brothers Ram and Laxman Papineni and now counts more than 300 clients. Before launching Outplay, the Papineni brothers built AppVirality, a referall marketing tool for app developers.
Laxman told TechCrunch that Outplay’s customers come from sectors like IT, computer software, marketing and advertising and recruiting, and most are based in North America and Europe.
Outplay is designed for teams that use multiple channels to reach potential customers, including phone calls, text messages, email, live chats on websites, and social media platforms like LinkedIn or Twitter. It integrates with customer relationship management platforms like Salesforce and Pipedrive, giving sales people a new interface that includes productivity and automation tools to cut the time they spend on administrative tasks.
For example, Outplay can be used create sequences that send initial messages through different platforms, and then automatically follows up with new messages if there isn’t a reply within a pre-set time frame. Outplay also provides analytics to help sales people track how well sales campaigns are working.
Two of Outplay’s biggest competitors are Outreach and SalesLoft, both of which hit unicorn status in recent funding rounds. Laxman said Outplay is focused on ease of use, with other differentiators including more integrations with CRMs and other software, and a strong customer support team.
As Facebook confronts outrage among its employees and the public for mishandling multiple decisions about its role in shaping public discourse, it is becoming clear that it cannot solve its conundrums without a major change in its business model. And a new model is readily available: for-benefit status.
For decades, a misguided ideology has warped companies, economies and societies: that the sole purpose of corporations is to maximize short-term returns to one set of stakeholders — those who have bought shares. Neither law nor history requires this to be true.
But shareholder value-maximization ideology has become cemented in far too much corporate practice at the expense of societal well-being. This is manifested in many ways: a slavish adherence to the judgment of the “market,” even when other social signals are more powerful; executives enriched by stock options; companies fearful of “activist investors” who attack whenever stock prices fail to meet quarterly “expectations” and often-frivolous shareholder lawsuits pushing for stock gains at all costs.
The pandemic, however, has accelerated an already-spreading recognition that shareholder value maximization is often a harmful choice — not by any means a moral imperative or even a fiduciary responsibility.
Major institutions of capitalism are converging on a new vision for it. The 2019 Business Roundtable CEO statement said that corporate strategy should benefit all stakeholders – including shareholders, yes, but equally customers, employees, suppliers, and the communities in which companies operate. BlackRock CEO Larry Fink’s recent annual letters assert new views of how that investment company, the world’s largest, should invest the trillions it oversees.
Fink’s 2019 letter spelled out a new vision for corporate purpose; the subsequent 2020 and 2021 letters focused on business’ responsibility around climate change, particularly in light of the pandemic. The B Corporation and conscious capitalism movements are growing. The World Economic Forum is championing a “Fourth Sector,” combining purpose with profit. Business schools, facing student rebellions against a purely profit-maximizing curriculum, are rapidly changing what they teach.
And with society under siege, many more businesses, including social media, are scrambling to seem like good corporate citizens. They have no choice.
Facebook, for example, has doubled down on philanthropy and new efforts to combat misinformation, even as usage and share price soar. Platforms like WhatsApp (owned by Facebook) have become essential services to connect people whose physical ties have been abruptly severed during the global pandemic. Shelter-in-place has become, in many ways, shelter-in-Facebook-properties.
But Facebook and its brethren remain fragile. Since the 2016 presidential election in the U.S., Facebook has faced governmental hearings and regulation, public uproar (#deleteFacebook), and huge fines for invading privacy and undermining democracy. These calls were amplified in the weeks following the January 6 Capitol riot. Separately, it faces allegations of bias, largely (though not entirely) from the political right. These have led to calls for the revocation or reform of Section 230 of the Communications Decency Act, which grants it immunity from the actions of its users.
A giant company that is simultaneously essential and pilloried is vulnerable. Just ask the ghosts of John D. Rockefeller and his fellow robber barons, whose huge monopolies industrialized America more than 100 years ago. Journalistic muckrakers and public outrage targeted them for their abusive practices until the government finally broke up their companies via antitrust legislation.
Because Mark Zuckerberg maintains complete majority control of Facebook, he could unilaterally quell public opprobrium and fend off heavy-handed regulation singlehandedly by transforming Facebook into a new kind of business: a for-benefit corporation.
Under the Public Benefit Corporation legal model, firms bind themselves to a public benefit mission statement and carry out required ongoing reporting on both the standard financials and on how the company is living up to its mission. That status protects the company against profit-demanding shareholder lawsuits, and also attracts employees and investors who want to combine profit with purpose.
Data.world is one of the thousands of certified B Corporations that have seen good returns on financial metrics. Allbirds, for example, launched in a few sustainable materials using a pro-sustainability process to manufacture comfortable shoes, quickly reaching revenues of $ 100 million and valuation of $ 1.7 billion in an industry fraught with sustainability and human rights concerns. Other household names that are B Corps include The Body Shop, Coursera, Danone, the Jamie Oliver Group, King Arthur Flour, Numi Tea and Patagonia.
Many companies that have not undergone formal B Certification from B Labs have nonetheless done well while transforming their business practices, such as the carpet and flooring company Interface. Some firms incorporate ESG principles into their management systems – the $ 24 billion (market cap) Dutch life sciences company DSM has for years had meaningful sustainability targets for its senior management that account for fully 50 percent of their annual bonuses. Both Interface and DSM attribute much of their commercial success to their attention to non-financial considerations.
A for-benefit Facebook could similarly relate to the world differently, avoiding many of the reputational shocks and regulatory responses that have led to huge stock dips and enormous fines. Its operations would align with Zuckerberg’s proclaimed purpose to enable the potential abundance that results from connecting everyone in the world.
Imagine a Facebook town hall as a true public square, not just another way to gather and sell people’s data without their explicit consent. Imagine a Facebook that put its users first and its advertisers second; that revealed where ads came from; that earned your attention in a way that you controlled rather than through machine-driven algorithms maximizing your attention for good or ill. Such a for-benefit Facebook could create true buy-in and transparency with its massive community around the world.
Of course, such steps as Facebook’s new Oversight Board, which may provide some meaningful review, don’t require a legal change. But if shareholders and employees continue to be rewarded primarily by the success of the problematic ad revenue model, a continuing conflict between private gain and public benefit makes it impossible to have confidence about what is happening behind the scenes. A shift to for-benefit incorporation and appropriate certification brings with it different performance metrics and accountability systems with public scores.
In changing Facebook into a for-benefit corporation, Zuckerberg could insulate himself against presidential rage while rehabilitating his reputation — and his company’s. It would likely create vast ripples both in Silicon Valley and beyond — and it might help transform capitalism itself.
The pandemic has forced organizations across the globe to shutter the office environment, and take up a remote-first strategy. Through necessity, professionals have adapted to remote working. But the systems they use are still playing catch up.
One area less readily accommodating to the remote environment is the onboarding process. Given that it is the first sustained contact that a new starter has with a company, a remote-first strategy is dependent on its success. When looking to onboard new employees, the luxuries of first-day meet and greets, in-person hardware setup, and a team lunch are no longer available. From interview to offer-letter and beyond, any new hire’s early journey is critical to their life at the company, their job satisfaction and ultimately their productivity. The remote induction must be a smooth process, and so needs a thorough rethink.
A cultural shift in the company may be necessary. Organizations need to embrace knowledge-sharing and collaboration, by turning to a “handbook first” approach. A few simple steps can lead them there. Companies also need to analyze their workflow. Are the right systems in place to ensure the seamless flow of both tacit and explicit knowledge?
Perhaps most importantly, artificial intelligence can help transform a clunky old onboarding process into a sophisticated, smooth journey. Naturally the best AI models to use will depend on the business, and department in question. However, with a few pointers business leaders can carve out a path to AI integration.
Let’s dive into the specifics that can transform the remote onboarding process, for the benefit of both the company and the new starter in question.
How to handbook
This is arguably the most important piece of the puzzle when it comes to ensuring newcomers are able to access the right information at the right time; it’s also the most difficult to get right. It is for workers at all levels of an organization to think about how knowledge is shared between teams, and the processes which surround that interchange of ideas.
What is most important is that everyone in an organization prioritizes documentation; exactly how they do it is secondary. You can spin up plenty of free and paid softwares to start creating a handbook. Anything cloud based is suitable, with more sophisticated paid options recommended to keep things easily searchable with documentation sorted into well defined hierarchies, rather than losing those nuggets of information in a sea of folders.
However, this systemic challenge is best addressed from top down. The process should include some checks and balances, with permissioning crucial for parts of the handbook which should remain static, like policies and SLPs. Other parts of the documentation should be kept flexible, like processes and team level knowledge. The majority of the handbook must be democratized as far as possible.
Gitlab, an all-remote company, first coined the term “handbook-first.” The DevOps software provider acts as a great example of a company that lives and breathes through documenting and codifying internal knowledge. Everyone within the organization buys into the mantra of documenting what they know, with subject matter experts assigned to manage knowledge base content. Keeping company documentation up to date is a collaborative task, considered paramount to the company’s livelihood. Softwares give a helping hand, nudging contributors to keep information up to date.
Darren Murph, Head of Remote at GitLab, says that their documentation strategy, twinned with a cooperative approach, helps to build trust with new starters. “When everything a new hire needs to know is written down, there’s no ambiguity or wondering if something is missing. We couple documentation with an Onboarding Buddy – a partner who is responsible for directing key stakeholder conversations and ensuring that acclimation goes well.”
I see a lot of recruiting tactics from startups. The most recent one was like 6 consecutive emails from someone claiming to be a Cofounder/President of the company, saying that he would like to chat with me. Finally I decided to respond, and immediately (within an obviously automated 3seconds). I got hit with a "Ohhh sorry actually im out of town, but here let me forward you to one of our recruiters".
Just posting to say… Dont do this, its not slick. It automatically makes me think that my day to day is going to be filled with social manipulation techniques to get me to do more work. That is not a company I would want to work for.
If you really wanna recruit people stick to the classic where you include a 5 star glassdoor review, and make sure to mention machine learning or blockchain at least once, not matter what you actually do.
It’s not yet fire season thankfully, which affords some breathing room for firefighters and emergency responders to begin planning out how to confront the increasingly complex and unwieldy task of preventing and responding to fires in the American West. Wildfires in the region have been particularly acute in recent years in states like California, mostly due to hotter conditions driven by climate change, decaying grid infrastructure that can lead to sparks, and a tinderbox of trees and foliage ripe for conflagration.
After years of bruising firefighting, some startups are exploring how to improve fire response. One of them is Cornea, a sort of spin-up by public sector-focused venture studio Hangar, which raised $ 15 million last year to build new startups targeting the government.
One of Hangar’s first companies was Cornea back a couple of years ago, and it remains one of the most interesting for its potential. The idea is to meld geographical, weather and historical fire data into a machine learning model that can augment frontline firefighters with better guidance on where to push forward and when to retreat in the midst of a blaze.
The startup has two main products it is looking to launch this year. The first is focused around delivering better situational awareness around a subject known among firefighters as the “Suppression Difficulty Index.” These are essentially maps that inform firefighters of the dangers of fighting fire in a very specific geographical location. For instance, a particular location could have wind or water conditions that might accelerate a fire and endanger responders if they are not careful.
The other product is focused on “Potential Control Lines” — locations where a fire break or other action could potentially push back a fire. Using typography, vegetation and a myriad of other data, Cornea can locate positions with a higher likelihood of success in battling a fire.
Cornea’s Chief Fire Officer is Tom Harbour, who formerly served a decade as head of fire response for the U.S. Forest Service. He said that “50 years ago, I was raised in a culture where you never knew ‘why’ — you just obeyed orders” when it came to firefighting decisions out in the field. “Your head was on the proverbial swivel.” With Cornea and the products the company is creating, we are “Getting aligned on the ‘why’ and beginning to have [firefighters] sense the information that they are looking at.”
Harbour noted that the most common tools in the field today remain paper maps and markers, simply because “you know it doesn’t break right at the time when you can’t have things break.” Cornea’s products may help firefighters in the field, but they are far more likely to have an impact in the fire operations centers where strategic decisions get made about where to invest firefighting resources.
Josh Mendelsohn, the founder and managing partner of Hangar, said that the company is straight down the center of the studio’s investment thesis. “Cornea is focused on taking these large datasets, processing them effectively … and then giving [firefighters] as much analytical impact in an output as simple as possible,” he said, noting that “it turns out that in this market the best user experience is a PDF.”
Indeed, one of the major challenges for building in this market is simply the unique dynamic of disaster response compared to, say, enterprise SaaS. “Cornea has had to go through a customer-discovery process,” Mendelsohn said. “It all feels necessary, but what are the right things that require the least amount of behavior change to have impact immediately?” One challenge particularly around firefighting is simply the feedback loop from the field to the team. “Fire is seasonal so we have had to be a bit incremental,” Mendelsohn said.
The team is currently three full-time people plus consultants with Hangar augmenting them with its own studio staff. The company built out its product partially using federal research grants to deepen the science of firefighting, and this year, hopes to work with the Forest Service and state firefighting agencies to get its models out to the frontlines. “There is a human bandwidth problem,” Mendelsohn said. “How do you take limited resources to help [firefighters] go further by using them effectively?”