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Monthly Archives: May 2022
Platypus eggs which proved Darwin’s evolution theory rediscovered 150 years after they were lost – The Telegraph
Posted: May 15, 2022 at 9:35 pm
They are the specimens that helped prove the theory of evolution, yet they have remained lost for 150 years.
Now, Cambridge University has uncovered jars of platypuses and echidnas which were pivotal in proving that some mammals can lay eggs, supporting Charles Darwins controversial new hypothesis of natural selection and dealing a crushing blow to creationism.
Until Europeans first encountered the creatures in Australia in the 1790s, it had been assumed that all mammals give birth to live young, yet many scientists refused to believe the aberrations were real.
With a tail like a beaver, a flat bill, and webbed feet like a duck, when the first platypus specimens were brought to Europe people thought they were fakes that had been sewn together.
The finds were discovered in stores at Cambridges University Museum of Zoology, while assistant director Jack Ashby was researching a book about Australian mammals.
In the 19th-century, many conservative scientists didnt want to believe that an egg-laying mammal could exist, because this would support the theory of evolution the idea that one animal group was capable of changing into another, said Mr Ashby.
Lizards and frogs lay eggs, so the idea of a mammal laying eggs was dismissed by many people I think they felt it was degrading to be related to animals that they considered lower life forms.
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Securrency Opens "Liquidity Lounge" in Davos: Cutting Edge Discussions on the Evolution of Capital Markets & the Future of Finance – PR…
Posted: at 9:35 pm
Securrency is joined by Abu Dhabi Global Market, Halo Investing, State Street, Stellar Development Foundation, and other partners, for a week-long program of dedicated talks and engagements focused on the movement towards a global liquidity network.
WASHINGTON, May 13, 2022 /PRNewswire/ -- Securrency, a leading developer of institutional-grade blockchain-based financial and regulatory technology, opens the "Liquidity Lounge" on the sidelines of the World Economic Forum in Davos taking place May 22-26.
Located in the heart of Davos, the Liquidity Lounge serves as the hub for focused discussions covering the evolution of global capital marketsand the ramifications for current and future market participants. From the use of distributed ledger technology (DLT) to enhance current market infrastructures to new regulations to innovative products, services, and practices that remove friction in global financial markets to opening up new opportunities for the financially underserved and excluded, the Liquidity Lounge offers participants and attendees the opportunity to gain a first-hand view of where the future of finance is headed.
Securrency and its world-class partners invite all World Economic Forum attendees to join them in the Liquidity Lounge at ESCHER Raumdesign, Promenade 115, 7270 Davos Platz, Switzerland. A seminal event, bringing together global leaders in digital asset finance, compliance and regulation, the Liquidity Lounge is co-hosted by several prominent stakeholders including, Abu Dhabi Global Market, Halo Investing, State Street, and the Stellar Development Foundation, and offers a full program at the cutting edge of global digital finance.
"Securrency's presence on the ground at Davos further demonstrates our ongoing commitment to support the responsible evolution of global financial markets," said,Dan Doney, Chief Executive Officer of Securrency. "We are on the forefront of the remarkable convergence of legacy financial systems with innovative new technologies that are capable of improving global capital markets for all who use them. The power of blockchain technology, harnessed by responsible innovators, is driving this transformation in a way that appropriately balances the need for financial privacy with advanced institutional and regulatory oversight capabilities. The result will be unprecedented global liquidity and a sea-change from how modern markets work and how we interact with them."
John Hensel, Chief Operating Officer of Securrency,said, "We're excited to be curating this discussion on the future of finance. We are also proud to bring together some of our closest partners, such as Stellar Development Foundation, Halo Investing, State Street, and Abu Dhabi Global Market, to share their expert insights, alongside other key figures involved in the evolution of our markets. We are confident that this impressive group of thought leaders will drive the discussion and industry forward."
Beginning with a welcoming reception on Sunday, May 22, the Liquidity Lounge will offer a wide-ranging and spirited discussion on the future of finance in the ambiance of the World Economic Forum. The daily program themes include:
Further details on the agenda can be found at the following link: https://wef.securrency.com/
About Securrency, Inc.
Securrencyis a blockchain-based financial markets infrastructure company focused on building a financial ecosystem to optimize financial logistics to enhance capital formation and stimulate global liquidity. Securrency is driving change at the core of financial services via a fully-interoperable distributed identity and compliance framework with state-of-the-art infrastructure designed to bridge legacy financial platforms to next-generation blockchain networks. One of the most advanced regulatory technology providers in the industry, Securrency has developed integrated, scalable, and universal compliance tools that automate enforcement of multi-jurisdictional regulatory policy.
Media ContactsAnna RyanWachsmanE: [emailprotected]
SOURCE Securrency
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Espeon Will Be the Next Pokemon Unite Eevee Evolution – Siliconera
Posted: at 9:35 pm
Another Eevee evolution will appear in Pokemon Unite, as Espeon is on the way. The character was teased back on May 6, 2022. The official Twitter account showed Eevee in front of a decorative screen. Now, we know Espeon will show up in-game on May 16, 2022.
Theres no gameplay footage of Espeon in Pokemon Unite yet. The announcement only showed off how the psychic-type will look in-game. It did confirm what sort of role the Eevee evolution will play, though. It will be classified as a ranged attacker. Fellow ranged attackers already in-game include Alolan Ninetails, Greninja, and Pikachu. One of the last recent additions, Duraludon, is also another ranged attacker.
Only one other Eevee evolution is present in Pokemon Unite at the moment. Thats Sylveon. It joined the cast in October 2022. Like Espeon, it is also another ranged attacker.
Theres another Pokemon Unite update on the way, though its been delayed. A subscription that would give people gems, Holowear, and license trials were teased. It was supposed to launch in May 2022. However, the official account noted that the launch date was an error and the service is delayed.
Pokemon Unite is available on the Nintendo Switch and mobile devices, and Espeon will appear on May 16, 2022.
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Espeon Will Be the Next Pokemon Unite Eevee Evolution - Siliconera
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Is the Human Shoulder Badly Designed? – Discovery Institute
Posted: at 9:35 pm
Photo credit: West Point, U.S. Military Academy, via Flickr (cropped).
A few months ago, I fell and dislocated my left shoulder. My upper arm bone was put back in its socket the same day, but then I spent months in physical therapy to regain full function. In the process, I have learned a lot about an amazing joint that I previously took for granted.
Thedrawing belowshows only part of the human shoulders anatomy.Notshown is the large deltoid muscle, which overlies the shoulder joint and connects the upper arm bone (humerus) to the collarbone (clavicle) and the shoulder blade (scapula). Also not shown is the trapezius muscle across the back, which connects the left and right scapulas. Both the deltoid and the trapezius play important roles in stabilizing the joint.
In the drawing, yellow indicates bone, red indicates muscle, blue indicates tendon, and purple indicates bursa (a fluid-filled cushion). The dashed black lines indicate the hidden ball-and-socket joint between the humerus and the scapula. Unlike the hip joint, in which the ball is deeper in the socket, the shoulder joint is more open. This means the shoulder joint is less stable than the hip joint, but it is also much more flexible. In fact, it is the most flexible joint in the human body.
The biceps muscle at the lower left gets its name from the fact that it has two heads. One attaches, through a tendon and a small bursa, near the top of the humerus. The other head attaches to the coracoid process, an extension of the scapula. The lower end of the biceps muscle is attached to the forearm. Although it is primarily involved in moving the forearm, its divided head helps to stabilize the shoulder joint.
Both the flexibility and stability of the shoulder joint are due primarily to the muscles of the rotator cuff, listed on the left side of the drawing. All four of the listed muscles stretch across the scapula and attach to the top of the humerus. For a 10-minute tutorial on the rotator cuff, seehere. For a longer (20-minute) tutorial on the movements, bones, and muscles of the shoulder, seehere.
The more I have learned about the shoulder joint, the more I have been impressed by its specified complexity, which points tointelligent design. Imagine my surprise when I came across a six-and-a-half-minute video claiming that the human shoulder is a design disaster. Thevideowas made byCheddar News, which describes itself as the only news network focused on the next generation of innovators and decision-makers[.] Cheddar News is where forward thinkers go to learn about the people, ideas and innovations that are driving change and creating whats next.
I am confident that a rigorous argument can be made for the intelligent design of the human shoulder. But that is not what I present here. In what follows, I examine the claimsagainstdesign that are made in the Cheddar News video.
The videos producer is Natalia Ryzak, who has a masters degree in journalism from Columbia University. At the beginning, Ryzak explains that human shoulder blades tilt down and outwards, whereas chimps tilt up. Small variations like this are the reason humans have awful shoulders. And chimps, with whom we share nearly 99% of our DNA, dont. For that, Ryzak continues,we can thank evolution or more specifically, how we are outpacing it.
But the tilt difference does not explain why the human shoulder is awful. If we spent most of our time swinging from tree branches, it might; but we dont. And the claimed 99% similarity between human and chimp DNA has no bearing on the issue.
Ryzak goes on (from 0:47 to 0:59) to say:
Side effects of a human shoulder may include dislocation, separation, rotator cuff tears, bursitis, tendonitis, tendonosis, impingement syndrome, instability, arthritis, adhesive capsulitis (frozen shoulder), and fracture.
But these are not side effects, any more than getting a flat tire is a side effect of making an automobile. Or having a roof torn off by a tornado is a side effect of building a house. And these problems are not unique to humans: Chimps can also suffer fromarthritisandfractures, among other things.
Enter Nathan Lents, professor of biology at the John Jay College of Criminal Justice in New York City. In 2015, Lents argued on hisblogthat the human eye is badly designed, primarily because the vertebrate retina is wired in backwards. Like Richard Dawkins and others before him, Lents based his claim on the fact that the light-sensing cells face away from the incoming light. Butevidencepublished from the 1960s onward and reported in standard textbooks shows that this arrangement isfar betterthan the one Lents favors.
Back to the video on Whythe Human Shoulder is a Design Disaster. Lents says(at 1:30) that the shoulder is more of a floating joint than any other joint in the body. Ryzak explains that the outer layer of muscles (consisting of the deltoid and trapezius) is stronger than the inner layer (the rotator cuff). Then Lents continues (from 1:59),Having such an overlapping meshwork of muscles, what youre inviting is pinching, and tearing, as the orientation can shift. Lents compares the shoulder joint to the hip joint, in which the relationship of the hip to the leg is fairly fixed in place.
So far, the video has summarized the structure of the shoulder and its difference from the hip. The shoulder is more flexible than the hip. Good thing, too, or we wouldnt be able to perform many of the actions we do. Just watch an acrobat performing on the parallel bars. Or a baseball player pitching a fastball. Or an athlete swimming the butterfly.
But journalist Ryzak confidently concludesex cathedra(starting at 2:19) that weve proven to you just how cr*ppy our shoulders are. How so? Ryzak doesnt say. Instead she simply suggests going back into the evolution part.
According to Lents (starting at 2:28), In our quadrupedal ancestors, in our deep past, really we had four legs, they werent really arms, to speak of. When you think of a dog and a cat, they dont have arms, they have legs. But they still have a shoulder joint, as we can think of it.
Then Ryzak says, Our shoulders evolved for a life in the trees, swinging and hanging out. Then we left the trees behind and began to stand upright. This freed our arms up for other purposes, like hunting and gathering. So from four-legged animals that walked and ran on the ground, we get animals that spend some of their time on the ground but mostly swing from branches to branches in the trees. Then those animals evolved into animals that stood upright and used their arms for other purposes. This is the standard Darwinian narrative. But how, exactly, did four-legged animals on the ground evolve into two-armed animals that swung on tree branches, which then evolved into two-armed animals that stood upright on the ground? The video offers no explanation; only an imaginative story.
Lents continues (starting at 2:54),We are partially adapted for throwing, which is no other animal in our group of animals throws anything. This is not true: Chimps canthrow, though not as far or as accurately as humans. Indeed, they are infamous forflinging fecesat visitors to zoos.
But thats a minor detail. Lents goes on to say, So we believe that throwing was a very strong evolutionary pressure as we began to hunt throwing spears, thrusting as well, so thrusting and throwing are very specific kinds of motion. And that required that floating nature to our shoulder. But evolutionary pressure just means that throwing favored the survival of early humans. It does not account for the origin of the human shoulder. As Darwinian biologistswrotein 1996, adaptations concern the survival of the fittest, not the arrival of the fittest.
So the claim that we left the trees behind and began to stand upright does not explain the remarkable anatomy of the human shoulder. After all, chimps leave the trees on a regular basis (though they dont stand upright). Yet their shoulder anatomy has not changed.
According to Lents (at 3:57), Part of the problem in present-day humans is not so much a bad shoulder design but a mismatch between what our shoulder is designed to do and how we use it on a daily basis. Of course, Lents doesnt think the shoulder was intelligently designed. As a Darwinist, he believes that the shoulder evolved through accidental variations and survival of the fittest. And in our immediate ancestors, the shoulder was adapted (designed) to swing through trees.
Most of our modern activities are very different. Ryzak adds (starting at 4:16),
It might surprise you, but simply sitting at your desk is a major contributor to shoulder problems. When we hunch forward for days, hours, months, years on end, we end up causing unnecessary pulls and strains on our rotator cuff muscles. That can lead to injuries.
Lents explains (starting at 5:20) that you can minimize shoulder problems by changing the way you eat, changing the ways you use your body. And, Ryzak adds (from 5:34 to 5:52), pay attention to basic posture. So after all the talk about bad design and evolutionary mismatch, the solution to our design disaster is for us to pay attention todiet,exercise, andposture.
I think I could have figured that out without all the anti-design rhetoric and Darwinian storytelling. Oh, and I would add: Be careful not to fall in such a way as to dislocate your shoulder.
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NBA introduces new lineup of postseason hardware featuring an evolution of the Larry OBrien Trophy – TalkBasket.net
Posted: at 9:35 pm
NEW YORK,May 12, 2022The National Basketball Association (NBA) today unveiled a lineup of reimagined trophies for the NBA postseason, including an evolution of the Larry OBrien Trophy, awarded annually to the NBA champions.The six trophies, designed in collaboration with artist Victor Solomon and Tiffany & Co., are named after NBA legends who have helped shape the league and represent the standards of postseason excellence.
The NBAs relationship with Tiffany & Co. spans 45 years, with the American luxury house having designed and manufactured the Larry OBrien Trophy since 1977, the leagues conference championship trophies since 2001 and the Bill Russell Trophy (NBA Finals MVP) since 2005.Tiffanys legendary Makers the skilled craftspeople at its hollowware workshop in Cumberland, Rhode Island bring to life more than 65 trophies each year in addition to hundreds of other designs they also produce at the workshop.Solomon worked in tandem with Tiffany & Co. to evolve the NBAs postseason hardware offerings, refreshing how the leagues champions will be honored for the next 75 years and beyond.
NBA Finals Trophies
The Larry OBrien Trophy
The leagues championship trophy, named after Larry OBrien since 1984, honors the NBAs third commissioner, who oversaw the NBAs absorption of four ABA teams and the elevation of national broadcast agreements.The trophy stands 25.5 inches tall and weighs approximately 30 pounds, with its latest iteration evolved in three key areas:
The Bill Russell Trophy
The NBA Finals MVP award, named after Bill Russell since 2009, honors a legend who won a record 11 NBA championships in 13 seasons.The Bill Russell Trophy, which remains 17.25 inches tall and weighs 11 pounds, is now finished completely in gold vermeil to match the Larry OBrien Trophy, and features similar masking to reveal the net and basketball channels
The NBA Conference Champion Trophies
The NBA is naming its conference champion trophies after two NBA legends, Bob Cousy and Oscar Robertson, for their outstanding contributions on the court and the impact they made as early presidents of the National Basketball Players Association (NBPA).
Similar to the original trophies created in 2001, the Eastern and Western Conference Champion trophies each raise a silver basketball symbolically quartered into four sections, representing the key milestones on the road to the NBA Finals: making the Playoffs and winning the First Round, Conference Semifinals and Conference Finals. The underside lists the 15 teams in each conference and the Conference Finals logo. Made of sterling silver, the Western Conference trophy measures 15.6 inches tall and weighs 31 pounds, while the Eastern Conference trophy also measures 15.6 inches tall and weighs 28 pounds. The etching on the base of both trophies features the namesakes and round-by-round scores. The Eastern Conference Champion Trophy is raised by three posts while the Western Conference Champion Trophy is raised by two rings.
The Bob Cousy Trophy
Nicknamed Mr. Basketball and The Houdini of the Hardwood for his revolutionary playmaking ability, Cousy has been named to every Anniversary Team in league history (25th, 35th, 50th and 75th).He is a six-time NBA champion, an NBA MVP, a 13-time NBA All-Star selection, a 12-time All-NBA Team selection and a two-time NBA All-Star Game MVP.As the first president of the NBPA, Cousy was instrumental in securing important benefits for his fellow players.
I have been part of the NBA family since 1950 and among the greatest joys of my post-playing career has been watching the game continue to evolve into what it is today, said Cousy.There are few greater achievements in sports than representing your conference in the NBA Finals, and Im moved that the NBA has granted me the honor of being connected to the Eastern Conference champions for years to come.
The Oscar Robertson Trophy
Oscar The Big O Robertson was the first NBA player to average a triple-double for an entire season.An NBA champion, NBA MVP, 12-time NBA All-Star selection, 11-time All-NBA Team selection, NBA Rookie of the Year, three-time NBA All-Star Game MVP and member of the leagues 35th, 50th and 75th Anniversary Teams, Robertson is one of the best all-around players in the history of the game.Robertson was also the first African American president of the NBPA and played a pivotal role in reforming the NBA Draft and ushering in free agency.
I am thrilled to have the NBA Western Conference Champions Trophy named in my honor, said Robertson. Several decades ago, I played in an emerging and highly competitive league with tremendous talent.This trophy represents to me not only my hard work to make the league better, but all the efforts of the future Oscar Robertson Trophy winners who make the NBA great.
NBA Conference Finals MVP Trophies
Larry Bird and Earvin Magic Johnson helped define the modern NBA with their individual brilliance and team success in the 1980s.Together, Bird and Johnsons bicoastal rivalry captivated fans and played a critical role in elevating the league to new heights.The two NBA legends are honored as the namesakes for the trophies that will now be awarded each year to the Eastern and Western Conference Finals MVPs.
Each Conference Finals MVP trophy raises a sterling silver ball, similar to the conference champion trophies.The trophy bears a 24k gold vermeil net in its support structure, mirroring the new Finals MVP trophy, and stands 14 inches tall and weighs approximately five pounds.
The Larry Bird Trophy
Birds illustrious career is highlighted by three NBA championships, three NBA MVP awards, two NBA Finals MVP awards, 12 NBA All-Star selections, 10 All-NBA Team selections, an NBA Rookie of the Year award, an NBA All-Star Game MVP award and selections to the leagues 50th and 75th Anniversary Teams.
I am very honored to have my name associated with the NBAs Eastern Conference Finals MVP Trophy, said Bird.I know how tough it is to get to this great milestone of the Eastern Conference Finals and to be named the Most Valuable Player makes it even more special.
The Earvin Magic Johnson Trophy
One of the greatest point guards of all time, Johnson has built a legacy of excellence that includes five NBA championships, three NBA MVP awards, three NBA Finals MVP awards, 12 NBA All-Star selections, 10 All-NBA Team selections, two NBA All-Star Game MVP awards and selections to the leagues 50th and 75th Anniversary Teams.
The NBA Conference Finals represent the last hurdle a team must face for an opportunity to make it to the big stage, the NBA Finals, said Johnson.Im truly honored to have my name memorialized on the Western Conference Finals Most Valuable Player Trophy. This player excels on both ends of the court, makes his teammates better and leads his team to the greatest stage in basketball.
Additionally, the NBA and Meta Quest 2 recreated NBA Lane the leagues seasonlong marketing campaign in virtual reality.Starting today in Horizon Worlds, fans will be able to play mini games, watch the latest Playoffs highlights and view all six new trophies in the Trophy Room.
The 2022 NBA Playoffs presented by Google Pixel continue tonight with the Philadelphia 76ers hosting the Miami Heat (7 p.m. ET, ESPN) followed by the Phoenix Suns taking on the Dallas Mavericks (9:30 p.m. ET, ESPN). The 2022 NBA Finals presented by YouTube TV begin on Thursday, June 2 on ABC.
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Irdais move to allow insurers to design new policies expected to bring in innovation – The Financial Express
Posted: at 9:32 pm
As insurance regulator Irdai has allowed the general insurance companies to design new and customised products for dwellings, micro and small enterprises for fire and allied perils, this new guideline will provide policyholders more options to select products. And, competition among the insurers on product features is expected to bring innovation to the industry.
The insurers are expected to continue to price the new and tailor-made products and coverage extensions more competitively to achieve greater market shares in fire and allied perils insurance, which has been a profitable line of business, according to industry experts.
In its endeavour to increase insurance penetration and provide a wider choice to policyholders, Irdai on May 12 allowed general insurers to design new and customised products for dwellings, micro and small enterprises for fire and allied perils. Currently, the insurance companies offer standard fire and special perils insurance policies, which provide insurance covers for physical loss, destruction and damage to insured properties due to fire, lightning, storm, explosion, flood, earthquake, landslide, cyclone, riots, strikes and terrorism, among others.
The new guidelines from the Irdai permitting insurers to design new and customized insurance products for fire and allied perils is a very welcome move for the benefit of policyholders. Allowing freedom for the insurers to sell customised products and policyholders getting more options to select, will greatly benefit customers as competition on product features will bring innovation, Sanjay Kedia, country head and CEO, Marsh India Insurance Brokers, told FE.
According to Kedia, it has been seen globally that competition on price, coverage, and service helps customers and leads to rapid growth in the market. This is a right step to boost insurance penetration in the country, he said, adding the leading insurance broker hopes that the regulator soon also starts allowing insurance companies and intermediaries to bundle allied services to truly extend solutions to customers and just not insurance products. A case in point is that already for Motor insurance allied services of Road Side Assistance is allowed to be sold along with insurance, he pointed out.
The insurance regulator had allowed pricing freedom i.e; de-tariff in 2008-09, which allows price competition in the general insurance industry. Earlier, the pricing of almost all general insurance products was determined by the Tariff Advisory Committee, supervised by Irdai. Further, in the financial year 2021-22, the regulator decided to allow the insurers to file three insurance policies for the dwelling risks, micro risks, and small & medium risks and permitted the insurance companies to decide the premium rates based on their own experience and underlying risk quality. This has resulted in favourable pricing for the policyholders.
In our view, the trend would continue and the insurers would continue to price the new products and coverage extensions more competitively to achieve greater market share in this (fire and allied perils) profitable line of business, Kedia said on the pricing of the new and customised fire and allied perils insurances.
According to him, reinsurance companies should allow the insurers to innovate on coverage on their part and can contribute by aligning their reinsurance support by providing reinsurance capital and extending product knowledge expertise and allowing the insurers to cede risks. They can further contribute by offering their global expertise in these segments and helping the insurers develop more innovative covers, Kedia added.
Irdai has permitted general insurers to design and file alternative products covering fire and allied perils after considering the increasing demands for new covers in the fire line of business. Such alternative products may be variations of the standard product and may include already approved add-ons as part of the base product or may delete an existing provision, the regulator has said.
However, the definitions and wordings of terms used in the standard product will be the reference point for those terms when used in the alternative products as well. And, the pricing of the new products will be commensurate with the risks involved.
For the countrys non-life insurance industry, gross premium underwritten by the insurance companies under fire insurance stood at `21,545.25 crore for the last fiscal, registering a 7.02% growth year-on-year.
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Tech employees face another tough week of cross-stage layoffs – TechCrunch
Posted: at 9:32 pm
Unfortunately, theres more where last week came from. Following last weeks slew of layoffs in tech, this week had another dose of staff cuts across tech companies. Impact was felt across industries ranging from education to security, as well as stages from a post-Series A startup to a recently-SPACd business.
Below, weve listed the latest companies that have laid off talent in response to the reset happening across startup land. Big shout out to Layoffs.fyi, a tracker that aggregates tips, spreadsheets of impacted employees and other layoff details in one spot.
Section4, an up-skilling startup launched by prominent NYU professorScott Galloway, has laid off a quarter of staff, sources say. The layoffs, which occurred last week, affected employees across all levels of seniority and teams, but specifically targeted a majority of the product team. The startup first splashed onto the scene in 2019 with a goal to scale business school-quality courses in a more affordable, and entirely virtual, way.
CEOGreg Shoveconfirmed layoff details to TechCrunch over e-mail and said that 32 people were impacted. The executive declined to disclose specifics on what impacted employees were offered, but said that the severance package was at market or better. Shove added that there is no hiring freeze and that the company will continue to employ folks in engineering and enterprise. Part of that hiring focus, he adds, is that the startup is moving faster in serving the enterprise than individual consumers, so hiring will reflect that.
Layoffs are a dramatic way to change strategies, but also signal that the company needs to play defense before it can entirely pivot. As weve been covering for months, consumer edtech has been flirting with selling to enterprises as to avoid revenue volatility (and land stickier contracts).
Carvana, the used-car retailer that went public in 2017, laid off 2,500 staffas part of the companys previously announced plans to better align staffing and expense levels with sales volumes, it claims in a filing. Per the same filing, reports Alex Wilhelm, the company is offering those laid off four weeks of pay plus an additional week for every year theyve been at the company. The company claims that the executive team is forgoing their salaries for the remainder of the year to contribute to severance pay.
The mobility meets e-commerce startup surged on Thursday, after earlier hitting a two-year low. I guess thats how the market responds to people losing jobs? A Short squeeze?
Latch, an enterprise SaaS company that makes keyless-entry systems, has been struggling for the past few months from experiencing a difficult SPAC debut to parting ways with its CFO, Garth Mitchell. Well, it looks like the business volatility has now trickled down to employees with the public company reportedly cutting 30 people, or 6% of its total staff, per an e-mail obtained by TechCrunch.
In 2019, DataRobot had just raised a $206 million Series E round from Sapphire Ventures, Tiger Global Management and a number of other firms. Then, just weeks after COVID-19 arrived in the U.S., the Boston-based machine learning company conducted layoffs due to uncertainty. Fast-forward to the present, DataRobot laid off another 7% of its workforce this week.With about 1,000 employees, these layoffs are estimated to affect around 70 people. In an email to staff obtained by The Information, CEO Dan Wright said that the layoffs were a response to changing market conditions after aggressive hiring last year (a trend we saw across layoffs last week).
That level of investment is no longer sustainable for our business, particularly in the context of broader changes in the market, with investors now taking a harder look at efficiency and spending, he said in the email.
But wait, theres more On the heels of iffy Q1 earnings reports, some big tech companies are in trouble.
Lets start with Meta ne Facebook. Mark Zuckerberg is all-in on building the metaverse, having just opened its first brick-and-mortar store. He also just demoed whats to come on the companys next headset, dubbed Project Cambria, which will incorporate mixed reality into the headset. But in Q1 alone, Metas Reality Labs its VR and AR team operated at a loss of $2.96 billion, and last year, Reality Labs lost over $10 billion. Meanwhile, Facebooks user growth has become relatively stagnant.
Last week, Insider reported that Facebook CFO David Wehner wrote in an internal memo that hiring will be paused across most engineering teams for the rest of the year, citing an industry-wide downturn. Then, this week, Reuters reported that Meta is preparing cutbacks in Reality Labs, a bad omen for its burgeoning metaverse business.Some candidates for jobs at Meta have had their offers rescinded, per a viral LinkedIn post.
Twitter employees are also facing a moment of uncertainty as they await Elon Musks impending takeover. Yesterday, CEO Parag Agrawal who is expected to be replaced after Musks acquisition clears asked two key executives to leave. The company is also undergoing a hiring freeze, which isnt uncommon following M&A deals.
Effective this week, we are pausing most hiring and backfills, except for business-critical roles. We are also pulling back on non-labor costs to ensure we are being responsible and efficient, a Twitter spokesperson told TechCrunch.
And then that brings us to Uber, which is valued lower now than it was in mid-2019.
Its clear that the market is experiencing a seismic shift and we need to react accordingly, CEO Dara Khosrowshahi wrote. He added, We will treat hiring as a privilege and be deliberate about when and where we add headcount. We will be even more hardcore about costs across the board.
Its not easy to navigate the pandemic as a company that requires drivers and passengers to sit together in a car. But, Khosrowshahis note highlighted investors interest in products like Uber Eats, which set their service apart from competitors like Lyft. Still, food delivery isnt the most profitable business either.
Unfortunately, its usually the workers who get the short end of the stick in these situations, whether theyre tech staff or contracted gig workers.
Khosrowshahi ended his note with an attempt at optimism (?) in a turbulent time.
GO GET IT! he said.
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The tech companies that are and arent publicly planning for life after Roe – Protocol
Posted: at 9:32 pm
In a recent conversation with Protocol, Bennett discussed some of the latest trends in enterprise SaaS, from the rise of the small business cloud and the importance of cloud marketplaces to why annual recurring revenue is a much more important sign of a companys health than valuation.
This interview has been edited and condensed for clarity.
Is there a market opportunity for more SaaS companies to service [small businesses]?
Yes, totally. The big narrative that we watched take place over the last 20 years of SaaS investing is it started horizontal and it started enterprise. So at first, this crazy notion of your software is coming from the internet and you're going to put your data in the internet in the early days, it was your customer data only big companies, and innovative ones at that, would go for that [idea]. And then for a decade, SaaS was really a big company, horizontal idea. And it took on all these sort of classic software functions of HR software, customer software, all that kind of stuff.
But over the past decade what we've seen is when you build a piece of software that is the core operating system for a very specific type of business, many, many good things happen. First of all, there are 1,000 features that are specific to somebody who runs a yoga studio, that you'll only build if you're only focused on yoga studios. And so over time building those 1,000 features, [customers] come to love you, they come to think your product is the thing that does everything they need, and you build some natural defensibility because anyone who wants to copy you has to spend the time to build those 1,000 features themselves.
The second thing that happened, which is almost a more powerful thing, is that once you are the core operating system of this small business, this restaurant, this dental practice, whatever it is, you're in a better position to serve them with things beyond software than any of the legacy providers.
A simple example is lending. Who's better at deciding what to lend to a restaurant: the software company that has every transaction that restaurant does every day, plus every transaction of every restaurant in the area and tens of thousands of other restaurants, or the bank down the street that asks them to fax their latest transaction record? And so of course these software companies just have much better information and ability to offer some of these integrated financial services.
Is that part of what you would consider those indirect monetization models that the report talks about?
Thats what it is. I would say beyond the sort of obvious bundled financial pieces, which are probably the most common indirect monetization plays we see, weve also seen some opportunities when businesses are transacting with other businesses. So imagine the suppliers they're purchasing from. You can build software that helps broker those transactions and can monetize it because you may lend against the transaction balances, or you may have advertising opportunities depending on the industry. So there's a couple other ways to get paid beyond just the embedded fintech. But that trend is still early in many industries, still nonexistent in some industries, and just getting started.
One thing I found really interesting in the report was the prediction that the majority of the Cloud 100 will be selling through marketplaces. What are the benefits of selling through a marketplace on the buyers end and then on the sellers end?
Its all about lowering the friction of the transaction. And it's going to depend widely on what the software is, what's the appropriate marketplace for it to sell on.
But right now, we live in a world where, imagine if, instead of grocery stores, you had to have a direct relationship with a cereal provider and the milk provider and the strawberry provider. That's the software world. Most of this stuff is sold direct. And so, of course, it's going to go to consolidated marketplaces where a buyer can see all the vendors in one place, manage all their vendors in one panel and have some comfort around pricing.
In some software categories, the price has been a little opaque and that slows down transactions. People selling software arent selling a used car where their goal is to get a better price on the next customer; they just want the transaction to go quickly and smoothly. And so I think for a lot of these companies, when the customers want it, they'll be happy to sell through a marketplace and just speed up the transaction.
One of the terms people have typically used to mark success is the term unicorn. Why do you see a need for this new way of thinking about things [centaurs] as opposed to just going with unicorns?
Unicorn was a perfect term when it was coined, like a decade or so ago. I think there were 14 or 15 private companies in the world that had a billion-dollar valuation. Most of them would have had revenue at that time, if they were in the SaaS world, of 100 billion, because at that time, SaaS companies were trading at 10 times revenue.
Back then unicorns were centaurs for the most part. And what happened, unfortunately, is we held up this term unicorn and we created a strong incentive for an entrepreneur to declare their unicorn status as soon as possible because when you were a unicorn it made it easier for you to attract attention, for you to hire people, possibly for you to attract other investment from others who wanted to invest in unicorns.
And so there were two ways to get there: One was to wait your time and grow a lot of revenue, and the other way was to just aggressively fundraise as hard as possible and try to basically pull your valuation forward. And so as a result, we saw something like several hundred unicorns created last year. Ten years ago, there were 14 in the world. Last year, there was 1.5 to two created every single day. And a lot of them, and frankly, we don't think are gonna stand the test of time.
Some certainly will, some are great companies. But some of them took a short path to a puffed-up valuation. And it's a big contributor to the noise that we're all feeling right now. So for us, this is just like a return to basics: Let's measure SaaS companies by how productive they are and how much revenue they have.
There are some regions of the world where public cloud spend is still relatively low maturity wise: The report was talking about Latin America and the Asia-Pacific region. Why is that?
Some of it is just availability of the cloud product and focus on those markets. So in some of these categories that may remain horizontal, the U.S. has been a leader and these companies have focused domestically. In other countries and maybe categories, where the U.S. leader is not likely to be the local leader for whatever reason, I think entrepreneurs in other markets have been a few years behind in sort of recognizing the power of the cloud.
If you were an entrepreneur in China five, six, seven years ago, you were much more likely to be caught up in the consumer wave and want to start a consumer company. But now, I think those entrepreneurs are seeing the cloud and seeing the opportunity there, and we're gonna see that wave.
What do you make of some of the macro trends? I think about the supply chain crisis, labor shortages. How are you thinking about those things from an investment perspective and startups that may be trying to address some of those challenges?
For us it's a huge opportunity for software. So we spend a ton of time focused on what we call B2B marketplaces, B2B procurement and supply chain software, because trillions and trillions of dollars of the global economy are still being mediated by fax machine and telephone. So there's just massive and obvious opportunities.
A lot of these markets are slow tech adopters in complicated spaces and may frankly not have a budget for software. And so some of these indirect monetization models that we spoke about earlier are the key to unlocking many of these spaces. Because maybe you can't come in and charge some big software fee for something, but if you come in with a free piece of software that mediates supply chain or procurement, there's some ways to get paid indirectly. And so that will start to unlock some of the spaces, but the need is pretty obvious.
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Putin dealt hammer blow as Chinas tech giants pull out of Russia: ‘Fear and panic’ – Express
Posted: at 9:31 pm
Several large Chinese tech companies are reportedly reducing shipments in Russia, according to people familiar with the matter. These include PC giant Lenovo Group Ltd and smartphone and gadget manufacturer Xiaomi Corp. Xiaomi sold the second most phones in Russia last year, but has now slashed its shipments to the country.
But these companies are yet to publicly announce these business decisions as Beijing has opposed the crippling Western sanctions slapped down on Russia.
While Russia was hoping that China could provide a trading lifeline as the West slashes ties, that dream appears to be withering away.
Chinas exports of tech products to Russia plummeted from February to March, with laptop shipments being slashed by over 40 percent.
Smartphone shipments were also cut by nearly two-thirds.
And exports of telecom base stations saw a staggering decline of 98 percent, according to the most recently available Chinese government trade data.
These companies are yet to publicly announce these business decisions as Beijing has opposed the crippling Western sanctions slapped down on Russia.
Chinas Ministry of Commerce last month blamed Wests sanctions on Chinas disrupted trade with Russia.
But it urged companies not to submit to external coercion and make improper external statements, explaining their silence.
It came after the US threatened to punish China if it undermined its wide ranging financial sanctions or export controls slapped down on Moscow.
China has in return accused the US of creating fear and panic with its sanctions, and even claimed that the US was fuelling tensions by providing weapons to Kiev.
READ MORE:How the UK, US and their allies could respond to a nuclear attack
This also comes as China reportedly ordered a stress test to assess what would happen if the Wests Russia-style sanctions targeted its own economy too.
An extensive exercise reportedly took place began around late February and early March after the West slapped harsh sanctions on Russia.
A person familiar with the matter said: Those involved in this exercise use how Russia was treated as a baseline for Chinas own policy response should it be treated in a same fashion by the West.
This stress test involves a range of methodology, including modelling.
Chinese analysts have also told Beijing state media outlet The Global Times Russia has strong capacity and resilience to withstand US and EU sanctions.
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iPod Creator Tony Fadell Isn’t Buying the Metaverse Hype – CNET
Posted: at 9:31 pm
If anyone has an eye for where the tech industry is headed, it's probably Tony Fadell.
During his time at Apple, he led the team that developed the iPod (RIP) and the first three generations of the iPhone. Then, he co-founded the now Google-owned smart home company Nest, which raised the bar for how connected appliances should look and feel. With that kind of track record, it's no surprise he has a strong opinion on the metaverse -- a nebulous term that tech executives have used to describe the future of the internet.
But his opinion might not be the one you'd expect from someone as closely tied to progress in the tech industry as Fadell. His exact words when recently speaking with Wired's Steven Levy were "fuck the metaverse," an opinion that hasn't gone unnoticed.
It's not that simple. He sees potential in the technologies that are often brought up in the context of the metaverse, like augmented reality, virtual reality and mixed reality (XR), which falls in between the two. He just doesn't think the metaverse is the social internet revolution it's being made out to be.
Apple just discontinued the iPod Touch, seemingly ending the product line that Fadell helped create.
"I'm not against the technology," Fadell said in an interview with CNET following the launch of his new book, Build: An Unorthodox Guide to Making Things Worth Making. "I'm against the application; the way it's been buzzed about. It's not a problem that needs solving."
The metaverse is a catch-all term that generally refers to online spaces where people can gather virtually, typically through digital avatars. You might be wondering what makes the metaverse so different from a Zoom call or a video game. My colleagues Scott Stein and Andrew Morse describe it best. Unlike a video call, spaces in the metaverse don't disappear when you log off. Many have pointed to games like Roblox, Minecraft and Fortnite as being examples of how the metaverse exists today.
Tech giants see the metaverse as being a critical component of the next phase of the internet, impacting how people work, play and socialize. But Fadell thinks there should be a bigger focus on fixing the problems plaguing today's social networks before moving on to what's next. Meta is already struggling to combat harassment on its virtual reality platform, as CNET's Queenie Wong reported.
"I don't want to hear about a new social hangout without hearing [about] the new content moderation that's going to happen," Fadell said. "And let's fix the ones we have."
Companies have been joining metaverse experiences like Roblox, such as Spotify's island.
The idea of the metaverse isn't new, but tech companies have been making it a larger part of their businesses recently. In October, Facebook rebranded itself as Meta to reflect its larger focus on building the metaverse. CEO Mark Zuckerberg called it "the next frontier" and has evangelized the metaverse's potential to make virtual interactions feel more intimate. Microsoft agreed to acquire video game giant Activision Blizzard in January to "provide building blocks for the metaverse." Samsung has also started holding events in the metaverse.
Companies in other industries have also started to take notice. A recently announced partnership between Kraft Heinz and Microsoft will allow the food and beverage giant to create "digital twins" of its manufacturing facilities to test processes before they hit the plant floor. Microsoft's Judson Althoff used the term "industrial metaverse" in a press release detailing the partnership. Disney also appointed an executive to oversee its metaverse strategy in February.
Fadell thinks there are more important problems to solve besides the metaverse -- such as the climate crisis -- but there's another reason why he isn't buying into the hype. Many of today's metaverse experiences put users in the shoes of an avatar, resulting in social interactions that don't feel authentic. "I can't see your facial expressions," Fadell said. "I can't connect with you."
He's not the first to cast such doubts. Snap CEO Evan Spiegel recently said the word "metaverse" is never used in the company's offices because it's "ambiguous" and "hypothetical," according to The Guardian. But companies like Snap are investing heavily in augmented reality, which blends digital graphics with the physical world and is often associated with the metaverse. Snap unveiled a pair of AR glasses last year, and Apple is rumored to be working on augmented reality eyewear as well.
Tony Fadell
Google, Fadell's alma mater, was early to the AR smart glasses race back in 2012, when it demonstrated theExplorer Edition of Google Glass. During its Google I/O conference on Wednesday, it revealed anew pair of AR spectacles that can translate speech.
But to Fadell, the original Google Glass had an issue similar to that of the current iteration of the metaverse: It's not solving a problem. According to Fadell, it's not enough just to create the technology or platform.
"You have to tell people what to do with it," he said when asked about how lessons from Google Glass' shortcomings could be applied to the next wave of AR glasses.
"That's exactly what I see with the metaverse."
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