I'm currently working on platform where users can sell items of a certain niche. Without going into more detail, any user can create an item, and put it up for sale on the platform. Now, for other users to buy it, I'm considering using the Stripe SDK, but I would love to hear if there's a better way to do it. However, on the other hand, I'm confused as to how I would pay the sellers back, since anyone can be a seller. I was thinking direct bank transfer at the end of every month or so, but I can only think of manually doing it, by sending money from my business account to their personal accounts. Is there a better way to do this? What legalities should I be aware of?
The controversial push to force Chinese tech unicorn ByteDance to divest part or all of its smash-hit TikTok social media service to a US-based company could be in doubt after a report today indicated that China’s government may oppose the transaction. According to reporting by Reuters, the Chinese government may prefer TikTok to simply shutter its U.S. operations instead of allowing it to be sold to an American company.
The potential divestment of TikTok is not a regular business transaction. Instead, the deal is being demanded by the U.S. government, as President Donald Trump directs foreign and economic policymaking via executive fiat. Leaning on his own fabled business acumen, the American premier has also demanded that his government receive a portion of any final sale price. It is not clear if that concept is legal.
As the U.S. and China spar around the globe for both economic and political supremacy, the deal is a flashpoint between the countries with a muddle of companies stuck in the middle. ByteDance is in the mix, along with Microsoft, Walmart and other companies to a lesser degree, like Oracle. The Trump administration has set a mid-September timeline for a deal being struck, though as the month burns away it is not clear if that timeline could be met.
The United States is not alone in taking steps to curb Chinese influence inside its borders, as the TikTok sale comes after India banned the app, along with dozens of other China-based applications.
The deal is also under pressure from a changing regulatory environment in China, with the country’s autocratic leadership changing its export rules to possibly include elements of TikTok that could limit a transaction, and perhaps scuttle its sale.
For ByteDance, the situation is a nightmare. For lead-suitor Microsoft, the transaction is a shotgun marriage that it might not be entirely enthused about. For the Trump administration, it’s an attempt at a power play. And for China’s increasingly authoritarian government, the deal could feel like submission. So, if the deal does manage to come together it will be more surprise than eventuality.
Today, Priti Youssef Choksi is a partner with venture firm Norwest Venture Partners . But she previously spent five-and-a-half years at Google, where she worked on strategic partnerships, and nearly nine years at Facebook, where she began in corporate development and later focused on M&A.
Because Choksi knows firsthand how some of the biggest companies on the planet think about potential acquisition targets and how deals ultimately come together, we asked if she would share some of those insights with us during our recent founder-centric Early Stage event. The idea was to help attendees better how understand how — and why — certain acquisitions come together; her advice was so helpful that we wanted to share it more widely here.
So where to start? Choksi suggested people first understand the “build, partner, or buy” mentality of big acquirers. Indeed, while deals can look very much alike to outsiders (a deal is a deal is a deal), they are not. First, big companies will build internally if they are bolstering a strategic asset or what they need involves sensitive information or technology. A good example of something that Google would never buy, for example, is search tech, because search is the company’s crown jewel, she noted. Companies will meanwhile partner in order to fill a product or service gap or when they’re looking to stand up a new platform, she said, pointing to the early days of Google’s Android ecosystem.
As for when they finally go shopping, companies are driven by three things, said Choksi: talent, technology and traction. With talent, as you might imagine, companies may conduct an acqui-hire with the goal of filling a talent or leadership gap internally or to acquire niche skills that their current employees don’t already have, she said.
Companies meanwhile shop for technology when they need outside tech to boost their organic efforts. Choksi pointed to Luma.io by way of example. Back in 2013, the young company, which created a video-capture, stabilization and sharing app, was acquired by Instagram (which was itself already owned by Facebook); a week after it closed the Luma deal, Facebook launched video on Instagram largely based on Luma’s platform.
Really happy to anounce a big startup from my country (Spain) was sold for 250 milion to EQT.
They will keep the team for keep improving and expanding to Asia/America.
I highly recommend if you are freelancer to take a look of Freepik if you dont know it as it have lot of content freemium.
Congratulations freepik 😀
Hope everyone is well.
As per the title I'd love to hear from those out there that have hacked/hustled themselves some relatively quick cash to use for a business/startup/sideproject.
Two examples which I think are pretty well known are the AirBnB guys who sold the political themed cereal such as Obama Os which ended up making them around $ 40k. The other example being Alex Tew, now co-founder of Calm, who back in 2005 made 'The Million Dollar Homepage', selling off ad space and making just over $ 1m in 4 months.
Look forward to hearing any cool similar stories you have to share!