Year: 2018

02 Aug 2018

Seismic CEO Rich Mahoney will discuss wearable robotics at Disrupt SF

On the face of it, Seismic is addressing a big problem with a familiar approach. The San Francisco-based startup develops wearable suits designed to aid movement for people with mobility issues. The company hopes to one day make its product available for all users, but is beginning by targeting elderly users.

What sets Seismic apart from fellow Bay Area robotics startups Ekso and SuitX, however, is the company’s more subtle approach to its wearable tech. While those systems rely on large, pricey technology, Seismic’s offerings are constructed mostly from textiles, designed to be worn, undetected, beneath a standard articles of clothing.

The startup’s technology might not be the sort of miracle technology that can help paraplegic users walk, but the kind of increased mobility it promises has the potential to transform millions of lives.

Founder and CEO Rich Mahoney will join us at Disrupt to showcase the latest version of Seismic’s technology. The executive will also discuss the company’s journey, as a spinoff from SRI, Stanford’s nonprofit research institute, into a for-profit startup.

While at SRI, Mahoney helped develop the early stages of a number of key Bay Area robotics companies, including Abundant Robotics, Verb Surgical, Motobot, Redwood Robotics, Grabit and Robot Miner. The executive also served as the founding president of Silicon Valley Robotics.

The full agenda is here. You can purchase tickets here.

02 Aug 2018

Apple is worth over $1,000,000,000,000

It happened. Apple won the race to $1 trillion in market capitalization. Following this week’s earnings release, Apple shares (NASDAQ:AAPL) briefly traded at $207.05, which values the company sightly over $1 trillion based on the most recent share count of July 20.

While the smartphone market is more or less saturated, Apple managed to increase its margins and the average selling price thanks to the iPhone X.

iPhone sales grew by 1 percent, but revenue jumped by 20 percent. With $53.3 billion in revenue, the company managed to grow by 17 percent year-over-year.

iPad sales are more or less flat while Mac sales are down. For the past few years, Apple has been saying that services are going to become a key part of the company’s bottom line. All various services (Apple Music, iCloud, Apple Pay, etc.) now represent $9.6 billion in revenue.

But let’s be honest. Apple is killing it on the iPhone front, and it’s all that matters.

Big tech companies have been performing incredibly well for the past year. Alphabet (Google), Amazon and Microsoft now all have a credible shot at crossing the $1 trillion mark.

It’s a meaningless milestone, but an impressive one — $1,000,000,000,000.

Apple has been the biggest company in the world when it comes to market cap for years. It might not remain the case forever, so the company can celebrate this moment.

Now that tech companies have become so big, it raises a ton of questions. Do they cause antitrust issues? Is there enough regulation to make sure they don’t hold too much economical and political power?

Apple (and Tim Cook) are more powerful than many countries and political leaders. Let’s hope they use this power for good.

Apple shares are now slightly below today’s high:

02 Aug 2018

Kinside wants families to make the most of their dependent care flexible spending accounts

Kinside founders Rob Bircher, Shadiah Sigala and Abe Han

The cost of childcare is one of the biggest financial burdens American families face. Even dependent care flexible spending accounts, pre-tax benefit accounts meant to reduce caregiving costs, can be an extra stressor because they involve filling out many forms. Kinside, a startup in Y Combinator’s current batch, wants to help by automating the claims process. It also serves as a childcare management tool, letting parents pay their care providers with a Venmo-like feature while making it simpler for companies to offer childcare benefits, like matching costs, that can help attract talented employees. Kinside is still in beta, but it’s already been adopted by several tech companies, including Le Tote.

Kinside’s three founders—CEO Shadiah Sigala, COO Rob Bircher and CTO Abe Han—were motivated to launch the startup after realizing that dependent care FSAs (which can also be used for other caregiving-related costs, like elder care) are vastly underutilized.

“Even though upwards of 70% of companies offer this FSA, we found in our conversations with numerous companies that maybe 10% of eligible parents are using this benefit,” Sigala says. “From an employee experience perspective, we are really taking on a very onerous, traditional FSA product and streamlining the payments process, not only for employers to offer this benefit very seamlessly, but also streamlining the process for parents to take advantage of this benefit.”

One reason eligible employees forgo their dependent care FSA benefits is the claims process, which can take weeks to process and involves collecting receipts and uploading them onto a website (snail mail and fax are other options). As parents, Kinside’s founders have experienced firsthand the headache of dealing with dependent care FSA forms at previous jobs.

“Some of the products we’ve seen already look a decade old, with multiple screens of input. They are really clumsy, so from a modern Web app and UX experience, Kinside brings it up to speed,” says Han.

Kinside also takes advantage of the trio’s past experience in the payments and benefits space. Before launching Kinside, Sigala co-founded HoneyBook, a CRM for entrepreneurs in creative fields. Han also worked at HoneyBook as lead software engineer, while Bircher was senior vice president of sales and marketing at healthcare benefits tech company Picwell.

The team’s goal is to not only encourage use of dependent care FSAs, but also relieve the mental load for harried parents. To sign up for Kinside, they enter their childcare provider’s information on its Web app and connect a bank account. Kinside then makes automated childcare payments with funds from their FSAs and bank accounts or sends payment reminders. It keeps receipts and at the end of the year provides parents with a tax form.

“This couldn’t be done five years ago because there wasn’t a modern payroll. There weren’t modern payments services that existed and we didn’t have APIs for payment and payroll services,” says Sigala. “A lot of employers offer dependent care FSAs already, but they are very receptive to our service because they are looking for products that will improve the experience.”

Kinside is targeting other tech companies first, since many are at the forefront of building family-friendly policies. Several, including Netflix, Facebook and Etsy, have made headlines for offering parental benefits that are considered very generous by American standards, like longer paid leave, flex time and childcare subsidies. This doesn’t just help parents. It also helps companies build diverse workforces by attracting more millennials and women (the high cost of childcare is a big reason why many new mothers leave the workforce, even if they don’t want to. They simply can’t afford to work).

“They know that you have to offer more than a trivial benefit like free lunch or a foosball table,” says Sigala. “Childcare is more expensive than healthcare, or as expensive as rent. Healthcare is eating up to 20% of a Bay Area family’s income.”

One of Kinside’s selling points is enabling small to mid-sized businesses to offer competitive benefits, too. “You see solutions that cater to larger employers, like on-site daycare centers, that are very inaccessible to smaller to mid-sized companies,” says Bircher. “We want to fill a void that we thought existed for SMBs and this was one way to do it.”

As more companies turn to better family benefits to boost recruitment and retention, it’s conceivable that other startups will also look at ways to make using Dependent Care FSAs easier. Sigala says one advantage Kinside has is the founding team’s prior experience, which means they know the right distribution channels. The startup is looking at ways to help parents get more use out of the money they put in their FSAs by partnering with eligible childcare-related services. It also wants to work with companies that pre-screen providers, so Kinside can potentially address all steps of the childcare process, from finding a trustworthy carer and paying them on time to preparing year-end tax forms.

“Parents are going to pay an arm and a leg for childcare already,” says Sigala. “If we can help them get tax-free dollars toward childcare, that’s what we want to do.”

02 Aug 2018

UK report highlights changing gadget habits — and our need for an online fix

A look back at the past decade of consumer technology use in the UK has shone a light on changing gadget habits, underlining how Brits have gone from being smartphone dabblers back in 2008 when a top-of-the-range smartphone cost ~£500 to true addicts in today’s £1k+ premium smartphone era.

The report also highlights what seems to be, at times, a conflicted relationship between Brits and the Internet.

While nine in ten people in the UK have home access to the Internet, here in 2018, some web users report feeling being online is a time-sink or a constraint on their freedom.

But even more said they feel lost or bored without it.

Over the past decade the Internet looks to have consolidated its grip on the spacetime that boredom occupied for the less connected generations that came before.

The overview comes via regulator Ofcom’s 2018 Communications Market report. The full report commenting on key market developments in the country’s communications sector is a meaty, stat and chart-filled read.

The regulator has also produced a 30-slide interactive version this year.

Commenting on the report findings in a statement, Ian Macrae, Ofcom’s director of market intelligence, said: “Over the last decade, people’s lives have been transformed by the rise of the smartphone, together with better access to the Internet and new services. Whether it’s working flexibly, keeping up with current affairs or shopping online, we can do more on the move than ever before.

“But while people appreciate their smartphone as their constant companion, some are finding themselves feeling overloaded when online, or frustrated when they’re not.”

We’ve pulled out some highlights from the report below…

  • Less than a fifth (17%) of UK citizens owned a smartphone a decade ago; the figure now stands at 78% — and a full 95% of 16-24 year-olds. So, yeah, kids don’t get called digital natives for nothin’
  • People in the UK check their smartphones, on average, every 12 minutes of the waking day. (‘Digital wellbeing’ tools clearly have their work cut out to kick against this grain… )
  • Ofcom found that two in five adults (40%) first look at their phone within five minutes of waking up (rising to 65% of the under 35s). While around a third (37%) of adults check their phones five minutes before lights out (again rising to 60% of under-35s). Shame it didn’t also ask how well people are sleeping
  • Contrary to a decade ago, most UK citizens say they need and expect a constant Internet connection wherever they go. Two thirds of adults (64%) say it’s an essential part of their life. One in five adults (19%) say they spend more than 40 hours a week online, up from 5% just over ten years ago
  • Three quarters (74%) of people say being online keeps them close to friends and family. Two fifths (41%) say it enables them to work more flexibly

Smartphone screen addicts, much?

  • Seventy-two per cent of adults say their smartphone is their most important device for accessing the Internet; 71% say they never turn off their phone; and 78% say they could not live without it
  • Ofcom found the amount of time Brits spend making phone calls from mobiles has fallen for the first time — using a mobile for phone calls is only considered important by 75% of smartphone users vs 92% who consider web browsing on a smartphone to be important (and indeed the proportion of people accessing the Internet on their mobile has increased from 20% almost a decade ago to 72% in 2018)
  • The average amount of time spent online on a smartphone is 2 hours 28 minutes per day. This rises to 3 hours 14 minutes among 18-24s

Social and emotional friction, plus the generation gap…

  • On the irritation front, three quarters of people (76%) find it annoying when someone is listening to music, watching videos or playing games loudly on public transport; while an impressive 81% object to people using their phone during meal times
  • TV is another matter though. The majority (53%) of adults say they are usually on their phone while watching TV with others. There’s a generation gap related to social acceptance of this though: With a majority (62%) of people over the age of 55 thinking it’s unacceptable — dropping to just two in ten (21%) among those aged 18-34
  • Ofcom also found that significant numbers of people saying the online experience has negative effects. Fifteen per cent agree it makes them feel they are always at work, and more than half (54%) admit that connected devices interrupt face-to-face conversations with friends and family — which does offer a useful counterpoint to social media giant’s shiny marketing claims that their platforms ‘connect people’ (the truth is more they both connect & disconnect). While more than two in five (43%) also admit to spending too much time online
  • Around a third of people say they feel either cut off (34%) or lost (29%) without the Internet, and if they can’t get online, 17% say they find it stressful. Half of all UK adults (50%) say their life would be boring if they could not access the Internet 
  • On the flip side, a smaller proportion of UK citizens view a lack of Internet access in a positive light. One in ten says they feel more productive offline (interestingly this rises to 15% for 18-34 year-olds); while 10% say they find it liberating; and 16% feel less distracted

The impact of (multifaceted and increasingly powerful and capable) smartphones can also be seen on some other types of gadgets. Though TV screens continue to compel Brits (possibly because they feel it’s okay to keep using their smartphones while sitting in front of a bigger screen… )

  • Ofcom says ownership of tablets (58% of UK households) and games consoles (44% of UK adults) has plateaued in the last three years
  • Desktop PC ownership has declined majorly over the past decade — from a large majority (69%) of households with access in 2008 to less than a third (28%) in 2018
  • As of 2017, smart TVs were in 42% of households — up from just 5% in 2012
  • Smart speakers weren’t around in 2008 but they’ve now carved out a space in 13% of UK households
  • One in five households (20%) report having some wearable tech (smart watches, fitness trackers). So smart speakers look to be fast catching up with fitness bands

BBC mightier than Amazon

  • BBC website visitor numbers overtook those of Amazon in the UK in 2018. Ofcom found the BBC had the third-highest number of users after Google and Facebook
  • Ofcom also found that six in ten people have used next-day delivery for online purchases, but only three in ten have used same-day delivery in 2018. So most Brits are, seemingly, content to wait until tomorrow for ecommerce purchases — rather than demanding their stuff right now

What else are UK citizens getting up to online? More of a spread of stuff than ever, it would appear…

  • Less general browsing/surfing than last year, though it’s still the most popular reported use for Internet activity (69% saying they’ve done this in the past week vs 80% who reported the same in 2017)
  • Sending and receiving email is also still a big deal — but also on the slide (66% reporting doing this in the past week vs 76% in 2017)
  • Social media use is another popular but slightly less so use-case than last year (50% in 2017 down to 45% in 2018). (Though Twitter bucks the trend with a percentage point usage bump (13% -> 14%) though it’s far less popular overall)
  • Instant messaging frequency also dropped a bit (46% -> 41%)
  • As did TV/video viewing online (40% -> 36%), including for watching short video clips (31% to 28%)
  • Online shopping has also dropped a bit in frequency (48% -> 44%)
  • But accessing news has remained constant (36%)
  • Finding health information has seen marginal slight growth (22% -> 23%); ditto has finding/downloading information for work/college (32% -> 33%); using local council/government services (21% -> 23%); and playing games online/interactively (17% -> 18%)
  • Streaming audio services have got a bit more popular (podcasts, we must presume), with 15% reporting using them in the past week in 2017 up to 19% in 2018. Listening to the radio online is also up (13% -> 15%)
  • However uploading/adding content to the Internet has got a bit less popular, though (17% to 15%)

One more thing: Women in the UK are bigger Internet fans than men.

Perhaps contrary to some people’s expectations, women in the UK spend more time online on average than men across almost all age groups, with the sole exception being the over 55s (where the time difference is pretty marginal)…

02 Aug 2018

Last day for Disrupt SF Virtual Hackathon submissions

If you’re still working on your submission to the first Virtual Hackathon at TechCrunch Disrupt San Francisco 2018 on September 5-7, then you’d best start praying to the caffeine gods and chug another Red Bull. The deadline you need to hit rolls in tonight, August 2 at midnight PST — no second chances on this one, folks. Give your coded creation a final round of tweaks and tests and then submit your hack right here.

Previous TechCrunch Hackathons lasted 24 hours, took place on-site, showcased incredible talent and generated some amazing winners, including:

  • Quick Insurance — the easiest way to purchase an insurance product for all your valuable stuff (Disrupt Berlin 2017)
  • Alexa Shop Assist — lets you ask Alexa where to find products in a store (Disrupt SF 2017)
  • reVIVE — a VR solution that provides both a diagnostic and treatment mechanism for ADHD (Disrupt NY 2017)

In this, our first, Virtual Hackathon, literally thousands of talented developers, programmers, hackers and tech makers from around the world have been hard at work since June to show how they’d creatively produce and apply technology to solve various challenges. We cannot wait to see what comes from their efforts.

Here’s how the judging works. We’ve recruited a top-notch panel of experts to review all eligible submitted hacks and rate them on a scale of 1-5. The 100 top-scoring teams each receive up to five Innovator Passes to TechCrunch Disrupt SF 2018.

Out of that group, the top 30 teams will enter the semi-finals and get to demo their hack at Disrupt SF next month. The judges then select the best 10 teams, and they will present and demo their product on The Next Stage. One team will be crowned the first TC Disrupt Virtual Hackathon champion and take home the $10,000 grand prize.

In a classic, “but wait, there’s more” moment, our sponsors have created some incredible challenge hacks, and they’ve put plenty of cash and prizes on the table. We’re talking contests sponsored by Sony Pictures, United Airlines, BYTON, TomTom, Viond, HERE Mobility and Amazon. Check out the full listing.

The first Virtual Hackathon goes down at TechCrunch Disrupt San Francisco 2018 on September 5-7. And if you want a shot at winning anything, you have only a few more hours — tonight, August 2 at midnight PST — to submit your hack. It’s time to get ‘er done!

02 Aug 2018

Exclusive: HR startup Namely, once a high flier, gets a new CEO and $60 million in new funding to soar again

Namely, a 400-person, six-and-a-half-year-old company, has mostly had the kind of trajectory that other startups envy. Mostly.

The startup’s mobile-first platform — which sells payroll, talent management, and other HR services to mid-size businesses across the U.S. via subscription software — has for years been seen as among New York’s most promising businesses. Investors like True Ventures and Lerer Hippeau (not to mention a very long list of angel investors) poured into the company’s early rounds and sang its praises.

Last year, Forbes included the company on its list of 100 top cloud startups.

The abrupt firing of the company’s cofounder and CEO, Matt Straz, back in May, cast a bit of a cloud over the company. Straz, who’d built the company from the ground up, was let go following an investigation into actions “inconsistent with that which is expected of Namely leadership,” the company told employees at the time.

In a series of calls with investors yesterday, none would elaborate on Straz’s alleged behavior, preferring to reiterate the company’s earlier talking points. (We weren’t able yesterday to reach Straz, who has deleted his LinkedIn account and seemingly abandoned Facebook for now.)

Still, credit is due for moving Namely forward more quickly than at other HR startups that — coincidentally and strangely — have also parted ways with their founding CEOs over HR issues. (Think Zenefits and Betterworks.)

In fact, the board member who led the investigation into Straz, longtime Silicon Valley executive Elisa Steele, was just appointed as Namely’s permanent CEO. Steele seems to have hit the ground running, too, judging by her first task, which was to help the company raise more money. Indeed, today, Namely is announcing $60 million in new funding led by GGV Capital.

Tenaya Capital also joined the round, along with early investors, including True, Matrix Partners, and Sequoia Capital.

It was not a job that Steele sought out. Steele had joined the board of Namely last year, and after Straz’s departure, Steele — who has worked previously as the CEO of (then public) Jive Software; the head of marketing for Microsoft’s consumer apps and services brands; and as the CMO of Skype, among other things — planned to help find his replacement.

Things changed when she “went on the road with the team for our fundraising, and we got ready for our user conference [held recently],” she says. “I just fell in love with the company and with the team, and it felt like a great match.”

Unsurprisingly, investors sound excited about Namely’s odds of succeeding in the market its chasing, which is estimated to grow to around $30 billion globally by 2025.

They point partly to the success that companies like Shopify and GoDaddy and Dropbox have enjoyed by going after resource-constrained mid-size businesses that are increasingly relying on cloud-based software to get their work done. These businesses “haven’t seen a ton of innovation until now” when it comes to mid-market HR offerings, says Jeff Richards, a managing director at GGV Capital who led the firm’s new investment in Namely.

“Most organizations don’t have dozens of people in an HR function; they have a couple,” adds Namely board member Pat Grady of Sequoia Capital, which first invested in Namely in 2015. That means “the easier you can make their lives, the more they like your software.”

Further, though Namely has plenty of competition, the field has thinned a bit in recent years, owing to rivals’ missteps. Gusto, another HR benefits platform, just raised $140 million in fresh funding earlier this week, and publicly traded Workday increasingly caters to both large and mid-size businesses. At the same time, for example, Zenefits “had  a very meteoric rise, then it faded a bit, so we don’t see them as much as a competitor,” says Richards.

As for Steele, Richards and Grady are highly effusive about her leadership abilities.

Grady first met Steele through Jive Software, which Sequoia had backed, and says that though “her background is in marketing, she’s surprisingly operational and deep across a variety of functional areas.” Richards is such a fan that he introduced her last year to another GGV portfolio company, the Bluetooth products company Tile, where she now sits on the board. (Steele is also a director on the boards of publicly traded companies Splunk and Cornerstone OnDemand, and at Everwise, a Sequoia-backed startup.)

“She has the chance to be a superstar,” says Richards of Steele, who was also a VP at Sun Microsystems during the go-go dot com days of nearly 20 years ago. “She just has an incredible range of experience.”

Whether Steele will have the chance again to be a public company CEO remains to be seen. But one would guess that if Namely stays on track, it has a good shot at an IPO. Public market investors have shown time and again this year that they understand software-as-a-subscription businesses, and Namely’s numbers seem promising. Steele says the company currently serves 1,000 companies that collectively employ 200,000 people, and that it has now surpassed $50 million in annual recurring revenue. (The bar for most public companies these days is at least $100 million in ARR.)

With Namely’s newest round of funding — which pushes the total amount of capital it has raised to roughly $200 million — Steele is putting the pedal to the metal, too, she suggests. Among other things on Namely’s road map: much deeper analysis that helps companies better understand the composition of their workforces and their peers; more employees; and of course, more customers, including through new partnerships.

As for whether Namely is still feeling the impact of Straz’s departure, it’s all in the past, say Namely’s representatives. “I think in the last couple of months, there’s been a renewed sense of pride and enthusiasm that the company takes the highest possible moral road and that it lives by the values it espouses,” says Grady. “When put to the test, you do see what a company’s values really are.”

02 Aug 2018

Facebook launches a digital literacy library aimed at educators

Facebook this morning announced the launch of a new set of educational resources focused on helping young people think critically and behave thoughtfully online. The Digital Literacy Library, as the new site is being called, is aimed at educators of children aged 11 to 18, and address topics like privacy, reputation, identity exploration, security, safety, wellbeing and more.

There are 830 million young people online, the company notes, which is why digital literacy is necessary. We’ve seen the results what can happen when people are lacking in digital literacy – they’re susceptible to believing hoaxes, propaganda and fake news is true; they risk their personal data by using insecure apps; they become addicted to social media and its feedback loop of likes; they bully and/or are bullied; and they don’t take steps to protect their online reputation which can have real-world consequences, to name a few things.

However, many teachers today lack the educational resources that would allow them to teach a digital literacy program in their classroom, or in other less formal environments.

Facebook says the lesson plans in the new library were drawn from the Youth and Media team at the Berkman Klein Center for Internet & Society at Harvard University, where they were released under a Creative Commons license. In other words, the company itself did not design the lessons, it’s only making them more broadly available by placing them on Facebook where they can be more easily discovered and used.

The lessons themselves are based on over 10 years of academic research from the Youth and Media team, who also took care to reflect the voices of young people from diverse socioeconomic backgrounds, ethnicities, geographies, and educational levels, Facebook says. Initially, the 18 lessons are launching in English, but they’ll be soon available in 45 additional languages.

For educators, the lessons are ready-to-use as free downloads, and state how long each lesson will take. Outside the classroom, parents could use them to teach children at home, or they could be used in after-school programs. Teachers can also modify the lessons’ content to meet their own needs, if they choose.

The courses will be made available in Facebook’s Safety Center and Berkman Klein’s Digital Literacy Resource Platform for the time being. Facebook says it’s also working with other non-profits worldwide to adapt the lessons and create new ones.

This isn’t the first time Facebook has offered educational resources aimed at young people.

The company also recently launched its Youth Portal, which provides educational material directly to teens, not their teachers. However, those resources are focused more on Facebook itself, providing guidance on things like how to navigate the service, how to stay secure, and how to understand how people’s data is used. (Arguably, this sort of information is something a large number of adults could use a refresher on, as well.)

In addition, Facebook has begun to roll out educational guidance into its new app, Messenger Kids, aimed at the under-13 crowd. The app encourages children to be kind and respectful online, by promoting empathy and positive messaging through things like the “Messenger Kids Pledge,” kindness stickers, and other in-app challenges.

At the root of all this is the fact that Facebook, along with most social media, has corrupted the way people interact and navigate the online world. And it is now belatedly is waking up to its role and its responsibilities on that front. These large platforms were built by optimistic engineers who for years only saw the positive side of connecting the online world, and not the potentially negative outcomes – like data theft and misuse, fake news, hacking, attempts to disrupt democracy, bullying, targeted harassment, and even genocide. A literacy program could help the next generation of users, but it has arrived too late for many of Facebook’s users.

Below, are the lesson plans’ description, for reference:

02 Aug 2018

Apple comes close to reaching $1 trillion

Apple has been performing incredibly well on the stock market for the past few days (NASDAQ:AAPL). While Yahoo Finance says that Apple is now worth over $1 trillion, this hasn’t yet happened. The company sent a filing to the SEC with an updated share count.

While everyone thought the magic number was $203.45, it was based on an outdated number. According to the filing, there are 4,829,926,000 Apple shares in circulation. Apple is going to hit $1 trillion when shares are worth $207.043 — so let’s say $207.05.

That’s why I posted a post earlier today claiming that Apple already hit $1 trillion — I’m sorry for the confusion. Shares are currently trading at $205.62. So Apple shares still need to jump by 0.7 percentage point to reach the market capitalization of $1 trillion.

Public companies don’t always have the same number of shares over time. Some companies, such as Apple, frequently buy back some of its own shares. It’s a vote of confidence as it means that you think your shares are going to keep going up in the future. It also reduces the number of outstanding shares, which mechanically increases the value of each share. Executives at bigger companies also get paid in shares. Sometimes, companies also issue new shares to raise capital.

For all these reasons, public companies need to send updated share counts. And it can take a bit of time before websites, such as Yahoo Finance, update their data set. In all cases, you should keep an eye on Apple shares today and see if they hit $207.05.

02 Aug 2018

Instagram’s CEO on vindication after 2 years of reinventing Stories

“I think the mistake everyone made was to think that Stories was a photography product” says Instagram CEO Kevin Systrom. “If you look at all these interactivity features we’ve added, we’ve really made Stories something else. We’ve really innovated and made it our own.”

His version of the ephemeral slideshow format turns two years old today. By all accounts, it’s a wild success. Instagram Stories has 400 million daily users, compared to 191 million on Snapchat which pioneered Stories. While the first year was about getting to parity with augmented reality filters and stickers, the two have since diverged. Instagram chose the viral path.

Snapchat has become more and more like Photoshop, with its magic eraser for removing objects, its green screen-style, background changer, scissors for cut-and-pasting things, and its fill-in paint bucket. These tools are remarkably powerful for living in a teen-centric consumer app. But many of these artistic concepts are too complicated for day-to-day Snapping. People don’t even think of using them when they could. And while what they produce is beautiful, they get tapped past and disappear just like any other photo or video.

Instagram could have become Photoshop. Its early photo-only feed’s editing filters and sliders pointed in that direction. Instead, it chose to focus not on the “visual” but the “communication”. Instagram increasingly treats Stories as a two-way connection between creators and fans, or between friends. It’s not just one-to-many. It’s many-to-one as well.

Instagram Stories arrived three years after Snapchat Stories, yet it was the first to let you tag friends so they’d get a notification. Now those friends can repost Stories you tag them in, or public posts they want to comment on. You could finally dunk on other Instagrammers like you do with quote-tweets. It built polls with sliders friends can move to give you feedback about “how ridiculous is my outfit today?” Music stickers let you give a corny joke a corny soundtrack or share the epic song you heard in your head while looking out upon a beautiful landscape. And most recently, it launched the Question sticker so you can query friends through your Story and then share their answers there too. Suddenly, anyone could star in their own “Ask Me Anything”.

None of these Instagram tools require much ‘skill’. They’re designed not for designers, but for normal people trying to convey how they feel about the world around them. Since we’re social creatures, that perception is largely colored by their friends or audience. Instagram lets you make them part of the Story. And the result is a product that grabs non-users or casual users and pulls them deeper into the Instagram universe, exposing people to the joy of creating something the last until tomorrow, not always forever.

Snap has been trying to get more interactive too, adding tagging for instance. It’s also got new multiplayer filter games called Snappables you play with your face and can then post the footage to your Story. But again, they feel overly involved and therefore less accessible than where Instagram is going.

Mimicking Photoshop reinforces the idea that everything has to look polished. That’s the opposite of what Systrom was going for with the launch of Instagram Stories. “There will always be an element in any public broadcast system of trying to show off” Systrom explains. “But what I see is it moving in the other direction. GIF stickers allow you to be way more informal than you used to be. Type mode means now people are just typing in thoughts rather than actually taking photos. Things like Superzoom with the TV effect or the beats — it’s anything but polished. If anything it’s a joke. Quantitatively people feel comfortable to post way more stories than to feed.”

Systrom is about to go on paternity leave, and has been using Stories from friends with kids to collect ideas about what to do with his own. When asked if he thinks Stories produces less of the dangerous envy inherent in the feeds of social media success theater we passively consume, Systrom tells me “Just personally, it’s inspired me rather than it’s created any sense that I’m missing out”. Of course, that might be related to the fact that his life of attending the Met Gala and bicycling through Europe doesn’t leave much to envy.

AR filters have become table-stakes for Stories. On the left, Instagram. On the right, Snapchat.

The sense of comfort powered by Instagram purposefully pushing Stories to diverge from its classy feed has contributed to its explosion in popularity — not just for Stories but Instagram as a whole. It now has over 1 billion users, in part driven by it introducing Stories to developing countries Snapchat never penetrated.

“Remember how at the launch of Stories, I said it was a format and we want to make it original? And there was a bunch of criticism around us adopting this format? My response was this is a format and we’re going to innovate and make it our own. The whole idea there is to make it not just about photography but about expression. It’s a canvas for you to express yourself.” Stories emerged as how Instagram expressed itself too, allowing it to break away from the staid perfection of the feed, becoming something much more goofy.

Last week when Facebook announced its revenue was decelerating as users shifted attention from its lucrative News Feed to Stories where it’s still educating advertisers, its share price tanked, deleting $120 billion in market cap. Yet imagine how much further it would have dropped if Systrom hadn’t been willing to put his pride aside, take Snapchat Stories, and give it the Insta spin? Instead, it led the way to Facebook now having over 1.1 billion (duplicated) daily Stories users across its apps. The poises Facebook and Instagram to earn a ton off of Stories.”

“There was a long time that desktop advertising worked really really well but we knew the future was mobile and we’d have to go there. There was some short term pain. Everyone was worried that went wouldn’t monetize as well” Systrom remembers. “We believe the future is the combination of feed and Stories, and it just takes time for Stories to get to the same level or even exceed feed.”

So does he feel vindicated in that once-derided decision to think of Stories not as Evan Spiegel’s property but a medium meant for everyone? “I don’t wake up everyday trying to feel vindicated. I wake up everyday trying to make sure our billion users have amazing stuff to use. I just feel lucky that they love what we produce” Systrom says with a laugh. “I don’t know if that fits your definition of vindicated.”

02 Aug 2018

Microsoft Surface Go review

The Surface Go is an odd thing. Not because of the device itself, so much as how Microsoft ultimately arrived at it. The tablet was reverse-engineered, the low-end addition to the premium Surface line.

What the company ultimately arrived at was the closest thing it’s offered to an iPad/iPad Pro competitor, to date. For its part, however, Microsoft is positioning the product as a portable, low-cost alternative to its other Surface devices.

It’s a bit of branding confusion, to be sure, but that’s never stopped Microsoft before. That’s basically the Surface line in a nutshell. The company has the resources and infrastructure to throw stuff against the wall to see what sticks — and for the most part, that’s worked well with the Surface line, which has effectively transformed from proof of concept into the Windows flagship line.

In a lot of ways, the Surface Go is a strange sort of in-between device. The form factor is essentially that of the Surface Pro, shrunk down to 10 inches, with rounded corners. The smaller footprint comes with some sacrifices, of course, including the dual-core Intel Pentium Gold 4415Y, which is a notable downgrade from the Intel Core m3/i5/i7 found on the Surface Pro. The battery, rated at nine hours, is smaller than the one you’ll find on the iPad Pro.

The port situation more closely mirrors what you’ll find on a tablet, versus a full-fledge computer, with a single USB-C, a headphone jack and the proprietary Surface Connect port. That latter bit seems like an odd choice, given the limited real estate here (not to mention the fact that you can charge via USB-C), but Microsoft’s clearly as interested in keeping existing Surface owners on board here as it is converting new ones. Part of that means making sure the system is backward-compatible with old accessories, for the multiple Surface-owning power users out there.

The keyboard is an additional $99 on top of the $400 asking price. Pretty standard with this sort of device, really. It’s a sort of Sophie’s Choice for manufacturers when building these kinds of convertibles — go the full swiveling keyboard, à la the Pixelbook, or add it as an accessory.

The latter decision is better for those devices primarily intended to be used in slate mode, but ultimately keyboard cases just aren’t going to provide the same manner of typing experience as a devoted keyboard. The Surface line has long offered one of the best keyboard cases around, but it’s just not a proper replacement if you plan on using the product primarily as a word processing device. That said, it still beats the hell out of attempting to file a story using a touchscreen.

I’ve been using it a bit in meetings and still finding it tough to get used to it. The keys are soft and necessarily lack the sort of tactile impact I’m used to on my full-time laptop. There’s also the inarguable point that these kinds of devices really remove the “lap” part from the laptop equation.

Microsoft has press shots of happy users sitting cross-legged, with the device and keyboard nestled warmly in their lap. During my initial briefing, I asked a rep whether he thought that was a reasonable use case. He gingerly attempted to recreate the pose — which is to say, it’s possible, but not particularly convenient.

You end up tensing your muscles so the whole thing doesn’t split apart. This is one category where Samsung’s Galaxy Tab S4 has the competition beat. Seems it would be easy enough to build a keyboard case that sticks together after a good jostle — but then, I’ve never attempted to make one myself.

The lovely fabric covers that have been a hallmark of the service line are here on the 10-inch model. That, coupled with multiple matching peripherals, means the Go can pass as a pretty decent fashion accessory to slip in and out of a hand bag. The device itself is a bit on the chunky side, however, which has also been something of a hallmark with the Surface line.

Windows 10 S is back, as well. The locked-down operating system has certainly found its share of critics, but Windows RT it’s not. There are a bunch of implications for using the hobbled version of Microsoft’s operating system, but chief among them is the barring of apps not downloaded from the Windows app store. That puts the device at a decided disadvantage against the iPad, which apparently boasts around 1.3 million apps optimized specifically for the tablet form factor.

The tweaks are in place for security purposes, so the systems with lower specs can handle the workload — the latter certainly makes sense here.

More than anything, however, the inclusion betrays Microsoft’s broader intentions with the device. The 10 S has two distinct targets: students and older, less-savvy users who don’t want to be bogged down with the nuances and demands of a fully open operating system.

The first category is the tell here. Microsoft has been struggling to find the right way back into education in this post-Chromebook world. Like so much of what the company does, it’s taken an everything-and-the-kitchen-sink approach that includes everything from the $1,000 Surface Laptop to a new category of $189 third-party devices. There’s a lot to be said for that approach. After all, no two schools/students/teachers are alike. When you’ve got the scope and resources of a Microsoft, why the heck not just make something for as broad a user base as possible?

In the realm of education, the Surface Go represents a kind of middle-ground. It’s somewhere between a Chromebook and full-fledged tablet. Like the vast majority of convertibles, it doesn’t get the balance exactly right. But, then, no device is going to be everything to everyone. The price point will certainly make it too costly for a lot of classrooms, however.

For those schools who prefer to go with the Windows camp, due to its more mainstream usage beyond the classroom, it will ultimately be difficult to justify the premium when you can go out and pick up a Windows 10 S laptop for $189. After all, the main selling point of convertible functionality is the ability switch to tablet mode for entertainment purposes. Kids these days have enough distractions already, right?

What Windows does afford users that you won’t get on the iPad, however, is the ability to switch over into desktop mode. Apple’s mobile-only tablet approach is a pretty big roadblock toward becoming a full-fledge laptop replacement. That’s precisely why Samsung is going all-in on DeX desktop mode with the Tab S4.

Windows can do both, which is why these sorts of convertible devices are the sweet spot for Microsoft’s operating system. The company has also brought some nice additions over the years, like Windows Hello face login and a number of features for Pen input. Microsoft’s magnetic pen snaps onto the side of the device magnetically, which is good news for those of us who regularly misplace peripherals.

Of course, Microsoft’s always had some of the strongest productivity offerings around. Given the relative limitations here, however, I don’t think I’d want to rely on the Surface Go (or any other tablet-first convertible, for that matter) as my primary work device. As a supplemental portable device for the meetings when you don’t want to lug a bigger laptop around, on the other hand, it could certainly make some sense.

It’s easy to see why Microsoft made the Go. Convertibles are a rare bright spot in an otherwise stagnating tablet category. That’s part of what’s made the Surface line something of a surprise hit for the company. It’s hardware cache that the company hopes will finally propel Microsoft into more mainstream tablet success.

And the Surface Go isn’t a bad little device, at the end of the day. At $400, it’s on the pricier side for a tablet, and certain sacrifices have been made for the sake of keeping the price down versus the souped up Surface Pro. And unlike other Surface devices, the Go is less about pioneering a category for Windows 10 than it is simply adding a lower-cost, portable alternative to the mix. As such, the product hits the market with a fair bit of competition. Acer and Lenovo have a couple, for starters, most of which fall below the Go’s asking price.

For Windows devotees looking for something smaller and portable with nice fashion sense, the Go is worth a look. It’s also worth having a look around at the competition. A better deal shouldn’t be too tough to find.