Year: 2019

Chinese mobile-phone and device maker Transsion has listed in an IPO on Shanghai’s STAR Market, a Transsion spokesperson confirmed to TechCrunch. 

Headquartered in Shenzhen, Transsion is a top-seller of smartphones in Africa under its Tecno brand. The company has also started to support venture funding of African startups.

Transsion issued 80 million A-shares at an opening price of 35.15 yuan (≈ $5.00) to raise 2.8 billion yuan (or ≈ $394 million).

A-shares are the common shares issued by mainland Chinese companies and are normally available for purchases only by mainland citizens. 

Transsion’s IPO prospectus is downloadable (in Chinese) and its STAR Market listing application available on the Shanghai Stock Exchange’s website.

STAR is the Shanghai Stock Exchange’s new Nasdaq-style board for tech stocks that went live in July with some 25 companies going public.

Transsion plans to spend 1.6 billion yuan (or $227 million) of its STAR Market raise on building more phone assembly hubs and around 430 million yuan ($62 million) on research and development, including a mobile phone R&D center in Shanghai, a company spokesperson said.

To support its African sales network, Transsion maintains a manufacturing facility in Ethiopia.  The company recently announced plans to build an industrial park and R&D facility in India for manufacture of phones to Africa.

The IPO comes after Transsion announced its intent to go public and filed its first docs with the Shanghai Stock Exchange in April.

Listing on STAR Market puts Transsion on China’s new exchange — seen as an extension of Beijing’s ambition to become a hub for tech startups to raise public capital. Chinese regulators lowered profitability requirements for the STAR Market, which means pre-profit ventures can list.

Transsion’s IPO comes when the company is actually in the black. The firm generated 22.6 billion yuan ($3.29 billion) in revenue in 2018, up from 20 billion yuan a year earlier. Net profit for the year slid to 654 million yuan, down from 677 million yuan in 2017, according to the firm’s prospectus.

Transsion sold 124 million phones globally in 2018, per company data. In Africa, Transsion holds 54% of the feature phone market — through its brands Tecno, Infinix and Itel — and in smartphone sales is second to Samsung and before Huawei, according to International Data Corporation stats.

Transsion has R&D centers in Nigeria and Kenya and its sales network in Africa includes retail shops in Nigeria, Kenya, Tanzania, Ethiopia and Egypt. The company also attracted attention for being one of the first known device makers to optimize its camera phones for African complexions.

On a 2019 research trip to Addis Ababa, TechCrunch learned the top entry-level Tecno smartphone was the W3, which lists for 3,600 Ethiopian Birr, or roughly $125.

In Africa, Transsion’s ability to build market share and find a sweet spot with consumers on price and features gives it prominence in the continent’s booming tech scene.

Africa already has strong mobile-phone penetration, but continues to undergo a conversion from basic USSD phones, to feature phones, to smartphones.

Smartphone adoption on the continent is low, at 34%, but expected to grow to 67% by 2025, according to GSMA.

This, added to an improving internet profile, is key to Africa’s tech scene. In top markets for VC and startup origination — such as Nigeria, Kenya, and South Africa — thousands of ventures are building business models around mobile-based products and digital applications.

If Transsion’s IPO enables higher smartphone conversion on the continent, that could enable more startups and startup opportunities — from fintech to VOD apps.

Another interesting facet to Transsion’s IPO is its potential to create greater influence from China in African tech, in particular as the Shenzhen company moves more definitely toward venture investing.

In August, Transsion funded Future Hub teamed up with Kenya’s Wapi Capital to source and fund early-stage African fintech startups.

China’s engagement with African startups has been light compared to China’s deal-making on infrastructure and commodities — further boosted in recent years as Beijing pushes its Belt and Road plan.

Transsion’s IPO is the second event this year — after Chinese owned Opera’s venture spending in Nigeria — to reflect greater Chinese influence and investment in the continent’s digital scene.

So in coming years, China could be less known for building roads and bridges in Africa and more for selling smartphones and providing VC for African startups.

The Delta EcoFlow is a new battery generator available on Kickstarter with incredible claimed features. Most are true, some are not.

Device like the Delta offer incredible battery storage capacity. Designed for more than just recharging phones and tablets, these can run refrigerators, pumps, power tools and medical equipment. They’re great for emergencies, camping and general use where power is not available. Similar devices have been on the market for some years so I was eager to verify EcoFlow’s claims.

The EcoFlow Delta can recharge from a wall outlet to 80% in an hour. It’s amazing. The GoalZero Yeti battery of a similar size takes 25 hours. This capability means the Delta can be used and then reused more than competitors.

The device is currently on Kickstarter where it quickly acquired over $2 million from over 2,000 backers. The device’s features listed on the Kickstarter page are clear, but after testing a pre-production unit, I found several of these advertised capabilities and features misleading or false.

The Delta is the latest product from EcoFlow. The company’s founder, Eli Harris, says it’s “The world’s strongest battery generator.” I found the Delta to be a competent battery generator with similar capabilities to competitors but it’s hampered by loud fans.

In short, if you need a battery generator that can recharge much faster than others, the Delta is a great option. Otherwise, the GoalZero Yeti makes more sense for most people.

Battery generators are a safe and more portable option than their gas counterparts. There are no harmful fumes or fuel allowing them to be used indoors, nearer the appliances or tools. Most often (though not with the Delta) they’re silent, too, making them perfect for a camping or hunting companion.

In real-world operation, this quick recharge time could come in handy. Say, on a construction site or in an emergency incident where power is still available, but out of reach of an extension cord — situations where loud gas generators are generally used. While the Delta is louder than other battery generators, it is not as loud as a gas generator.

The Delta battery comes packaged with a warning that the battery must be fully charged before use. I generally ignore warnings, but I followed this one and immediately plugged it in. Instantly, fans whirled to life and the screen popped on displaying the current charge levels and how long it would take to get to 100%. The Delta was at 30% and would take 45 minutes to fully recharge. It worked as advertised and 45 minutes later the battery was at 100%.

Recharging the Delta battery was a noisy affair. The fans are loud and continue to run after the battery is fully charged. Compared to a GoalZero Yeti, this was a shock. The Yeti is silent where the Delta is not. I keep a Yeti 1400 in my basement, plugged in and ready to use. But with the Delta, even when the battery is fully charged, loud fans still run presumably to keep the unit cool. EcoFlow says the shelf life on the Delta is over a year where the GoalZero Yeti is six months. To me, I would rather have the battery constantly plugged into power so I know it’s ready to go when needed.

The Delta recharges without an AC power inverter (a power brick); it uses the same sort of cable as a desktop PC. The company says by passing through the inverter directly, the Delta can increase charging speed to more than 10 times the traditional AC to DC adapter cable. This also means it’s easier to replace a lost charging cable.

The Delta is much lighter than competing products and its design makes it easier to move. EcoFlow says it’s rugged, and it feels the part. Even my pre-production sample feels tough and ready to go to work. Large rubber pads keep the battery in place and the tough plastic feels more durable than competing products.

There are a handful of plugs and outlets around the device, including USB, USB-C and six AC outlets. It’s a lot and similar in capacity to large gas generators. Most battery generators have much fewer AC outlets, though I’ve often supplemented the capability with small power strips.

Kickstarter Beware

The Delta is currently on Kickstarter for pre-order and exceeded its goal. I fear a good amount of backers will be upset to learn several notable advertised features are false or misleading.

The Delta is not silent. Under operation, either recharging a cell phone or running a power tool, loud fans run on both sides of the battery. These fans run when recharging the battery, too — even when the battery is fully charged. The Kickstarter page and video lists throughout that the Delta produces no noise.

These fans detract from the appeal of the Delta battery. They’re loud. You have to raise your voice to speak over them. Because of these fans, I wouldn’t take the Delta camping or use it in the backyard for a quiet get-together. During power outage situations, I wouldn’t want to sleep near it. But I would use it for power tools — like EcoFlow does in one of its demo videos.

Only one of the four videos on the Kickstarter page allows potential owners to hear the Delta battery. The third video on the page shows the battery powering a hammer drill. Six seconds into the video, the drill stops running, and the battery’s fans are audible.

There are a handful of competing batteries that operate without noisy fans. I’ve taken GoalZero’s Yeti batteries camping and they’re great despite their heft. They’re truly silent and can still recharge from solar panels and car batteries. I’ve used battery generators from Jackery, too, and those are also silent.

I spoke with Ecoflow CEO and Founder Eli Harris during the run-up of this review. He was clear that Ecoflow’s main competitor is not other large batteries, but rather small gas generators available from Honda and others. And that makes a lot of sense. Those are the best selling generators available and widely used for emergency and convenience. These small generators are loud, and the Ecoflow Delta is quieter than those options while still offering most of the power capabilities.

When asked why the Kickstarter page is misleading, he said “that fallacy has never been called out” and he would check with his team about the use of “superlatives and blanket statements.” Three days later, the Kickstarter page still lists the false claims.

EcoFlow claims the Delta battery can run a variety of power tools, including drills, circular saws, power washers and welders. I found this capability hit or miss. Despite some tools being under the claimed amperage and wattage of the Delta battery, the battery wouldn’t power my small or large circular saw or power washer. EcoFlow also claims the battery can recharge a Tesla; it doesn’t recharge my Chevy Volt.

Many tools require extra power when starting up, and I found most of these surge requirements to exceed the capabilities of the Delta battery. This is the same with other batteries like the GoalZero Yeti. In fact, I couldn’t find one tool in my workshop that the Delta powered and the Yeti did not; they worked the same for me, and I have a lot of tools.

Don’t mistake what I’m saying. The EcoFlow Delta has impressive capabilities mainly around its recharge capabilities. This makes it an attractive option for the right use. It’s compact and solid. It has a lot of outlets and is easy to move. This could be a lifesaver in emergency situations where a person still has access to power.

The Delta has some downsides just like other battery generators. It doesn’t offer a dramatic increase in electrical output over competitors so don’t expect this battery to power larger devices. Don’t expect a silent operation, either. This massive battery is loud though, I admit, that’s a relative term. It’s louder than other battery generators but less loud than a gas generator.

I would rather have a silent battery generator that recharges slowly versus a noisy, fast-recharging battery. I use my battery generators camping and around the house when the power goes out. The Delta makes sense on a construction site or on the scene of a natural disaster. I just can’t get over the loud fans.

The Delta EcoFlow is a new battery generator available on Kickstarter with incredible claimed features. Most are true, some are not.

Device like the Delta offer incredible battery storage capacity. Designed for more than just recharging phones and tablets, these can run refrigerators, pumps, power tools and medical equipment. They’re great for emergencies, camping and general use where power is not available. Similar devices have been on the market for some years so I was eager to verify EcoFlow’s claims.

The EcoFlow Delta can recharge from a wall outlet to 80% in an hour. It’s amazing. The GoalZero Yeti battery of a similar size takes 25 hours. This capability means the Delta can be used and then reused more than competitors.

The device is currently on Kickstarter where it quickly acquired over $2 million from over 2,000 backers. The device’s features listed on the Kickstarter page are clear, but after testing a pre-production unit, I found several of these advertised capabilities and features misleading or false.

The Delta is the latest product from EcoFlow. The company’s founder, Eli Harris, says it’s “The world’s strongest battery generator.” I found the Delta to be a competent battery generator with similar capabilities to competitors but it’s hampered by loud fans.

In short, if you need a battery generator that can recharge much faster than others, the Delta is a great option. Otherwise, the GoalZero Yeti makes more sense for most people.

Battery generators are a safe and more portable option than their gas counterparts. There are no harmful fumes or fuel allowing them to be used indoors, nearer the appliances or tools. Most often (though not with the Delta) they’re silent, too, making them perfect for a camping or hunting companion.

In real-world operation, this quick recharge time could come in handy. Say, on a construction site or in an emergency incident where power is still available, but out of reach of an extension cord — situations where loud gas generators are generally used. While the Delta is louder than other battery generators, it is not as loud as a gas generator.

The Delta battery comes packaged with a warning that the battery must be fully charged before use. I generally ignore warnings, but I followed this one and immediately plugged it in. Instantly, fans whirled to life and the screen popped on displaying the current charge levels and how long it would take to get to 100%. The Delta was at 30% and would take 45 minutes to fully recharge. It worked as advertised and 45 minutes later the battery was at 100%.

Recharging the Delta battery was a noisy affair. The fans are loud and continue to run after the battery is fully charged. Compared to a GoalZero Yeti, this was a shock. The Yeti is silent where the Delta is not. I keep a Yeti 1400 in my basement, plugged in and ready to use. But with the Delta, even when the battery is fully charged, loud fans still run presumably to keep the unit cool. EcoFlow says the shelf life on the Delta is over a year where the GoalZero Yeti is six months. To me, I would rather have the battery constantly plugged into power so I know it’s ready to go when needed.

The Delta recharges without an AC power inverter (a power brick); it uses the same sort of cable as a desktop PC. The company says by passing through the inverter directly, the Delta can increase charging speed to more than 10 times the traditional AC to DC adapter cable. This also means it’s easier to replace a lost charging cable.

The Delta is much lighter than competing products and its design makes it easier to move. EcoFlow says it’s rugged, and it feels the part. Even my pre-production sample feels tough and ready to go to work. Large rubber pads keep the battery in place and the tough plastic feels more durable than competing products.

There are a handful of plugs and outlets around the device, including USB, USB-C and six AC outlets. It’s a lot and similar in capacity to large gas generators. Most battery generators have much fewer AC outlets, though I’ve often supplemented the capability with small power strips.

Kickstarter Beware

The Delta is currently on Kickstarter for pre-order and exceeded its goal. I fear a good amount of backers will be upset to learn several notable advertised features are false or misleading.

The Delta is not silent. Under operation, either recharging a cell phone or running a power tool, loud fans run on both sides of the battery. These fans run when recharging the battery, too — even when the battery is fully charged. The Kickstarter page and video lists throughout that the Delta produces no noise.

These fans detract from the appeal of the Delta battery. They’re loud. You have to raise your voice to speak over them. Because of these fans, I wouldn’t take the Delta camping or use it in the backyard for a quiet get-together. During power outage situations, I wouldn’t want to sleep near it. But I would use it for power tools — like EcoFlow does in one of its demo videos.

Only one of the four videos on the Kickstarter page allows potential owners to hear the Delta battery. The third video on the page shows the battery powering a hammer drill. Six seconds into the video, the drill stops running, and the battery’s fans are audible.

There are a handful of competing batteries that operate without noisy fans. I’ve taken GoalZero’s Yeti batteries camping and they’re great despite their heft. They’re truly silent and can still recharge from solar panels and car batteries. I’ve used battery generators from Jackery, too, and those are also silent.

I spoke with Ecoflow CEO and Founder Eli Harris during the run-up of this review. He was clear that Ecoflow’s main competitor is not other large batteries, but rather small gas generators available from Honda and others. And that makes a lot of sense. Those are the best selling generators available and widely used for emergency and convenience. These small generators are loud, and the Ecoflow Delta is quieter than those options while still offering most of the power capabilities.

When asked why the Kickstarter page is misleading, he said “that fallacy has never been called out” and he would check with his team about the use of “superlatives and blanket statements.” Three days later, the Kickstarter page still lists the false claims.

EcoFlow claims the Delta battery can run a variety of power tools, including drills, circular saws, power washers and welders. I found this capability hit or miss. Despite some tools being under the claimed amperage and wattage of the Delta battery, the battery wouldn’t power my small or large circular saw or power washer. EcoFlow also claims the battery can recharge a Tesla; it doesn’t recharge my Chevy Volt.

Many tools require extra power when starting up, and I found most of these surge requirements to exceed the capabilities of the Delta battery. This is the same with other batteries like the GoalZero Yeti. In fact, I couldn’t find one tool in my workshop that the Delta powered and the Yeti did not; they worked the same for me, and I have a lot of tools.

Don’t mistake what I’m saying. The EcoFlow Delta has impressive capabilities mainly around its recharge capabilities. This makes it an attractive option for the right use. It’s compact and solid. It has a lot of outlets and is easy to move. This could be a lifesaver in emergency situations where a person still has access to power.

The Delta has some downsides just like other battery generators. It doesn’t offer a dramatic increase in electrical output over competitors so don’t expect this battery to power larger devices. Don’t expect a silent operation, either. This massive battery is loud though, I admit, that’s a relative term. It’s louder than other battery generators but less loud than a gas generator.

I would rather have a silent battery generator that recharges slowly versus a noisy, fast-recharging battery. I use my battery generators camping and around the house when the power goes out. The Delta makes sense on a construction site or on the scene of a natural disaster. I just can’t get over the loud fans.

According to Dropbox CEO Drew Houston, 80% of the product’s users rely on it, at least partially, for work.

It makes sense, then, that the company is refocusing to try and cement its spot in the workplace; to shed its image as “just” a file storage company (in a time when just about every big company has its own cloud storage offering) and evolve into something more immutably core to daily operations.

Earlier this week, Dropbox announced that the “new Dropbox” would be rolling out to all users. It takes the simple, shared folders that Dropbox is known for and turns them into what the company calls “Spaces” — little mini collaboration hubs for your team, complete with comment streams, AI for highlighting files you might need mid-meeting, and integrations into things like Slack, Trello and G Suite. With an overhauled interface that brings much of Dropbox’s functionality out of the OS and into its own dedicated app, it’s by far the biggest user-facing change the product has seen since launching 12 years ago.

Shortly after the announcement, I sat down with Dropbox VP of Product Adam Nash and CTO Quentin Clark . We chatted about why the company is changing things up, why they’re building this on top of the existing Dropbox product, and the things they know they just can’t change.

You can find these interviews below, edited for brevity and clarity.

Greg Kumparak: Can you explain the new focus a bit?

Adam Nash: Sure! I think you know this already, but I run products and growth, so I’m gonna have a bit of a product bias to this whole thing. But Dropbox… one of its differentiating characteristics is really that when we built this utility, this “magic folder”, it kind of went everywhere.

What’s the lesson of WeWork?

Here’s a startup that has been a darling of Silicon Valley investors for years, whose offices and CEO have been stunningly painted across the covers of major trade magazines and strategically deployed across major tech conference stages, including our very own. At its peak, the company commanded a valuation of tens of billions of dollars and was supposed to be on course for the stratosphere, joining companies like Google and Facebook.

And then it all came crashing down, in literally a handful of days.

It’s easy to point to WeWork’s potentially 75%+ valuation drop, its looming layoffs, the firing of its CEO, and the seeming compression of a whole heck of a lot of investors and employee equity as a sordid disaster tale of capitalism, and venture capitalism in particular. VCs — none more so than Masayoshi Son at SoftBank — constantly overbought, oversold, and overcommitted to a company that had pretty much no business fundamentals whatsoever.

So what’s the lesson of WeWork for venture capital? In a word, nothing.

Venture capitalism is about investing in bold bets with huge, outsized returns. It’s meant to be risk-adjusted, both at the valuation scale but also at a portfolio scale. VCs should be buying equity at the right price to take into account every individual startup’s risk profile while also constructing a portfolio that selects each of those risks for the best overall return.

For WeWork, much of those dollars were driven by SoftBank’s Vision Fund, which seemed to double down again and again on the company, even at loggerheads with its own limited partners. The Vision Fund made a bet, seemingly with reasonable access to internal information, and that bet turned out to be wrong.

But a bet it was.

Many bets in venture turn out to be duds. Sometimes you lose some of your money. Sometimes you lose all of it.

And then sometimes you make it in spades. SoftBank’s Son once invested $20 million into a fledging Chinese ecommerce company called Alibaba. That stake is worth around $100 billion today, excluding an $11 billion stock sale a few years ago that was recognized on SoftBank’s financials earlier this year.

This is the math that Son sees in venture: 111,000,000,000 / 20,000,000 = 5,550x. There is no other asset class on the planet that will turn a dollar into thousands of dollars like venture capital.

WeWork’s woes don’t change this base formula. Nor does the continual drop of Wag, which received $300 million from the Vision Fund and looks to be going through tough challenges.

In any portfolio, there are going to be losses. The infamous J-curve in venture, where losses materialize far faster than gains in the early years of a fund, is alive and well — even at the growth stage.

And WeWork isn’t even dead yet — it still has cash, and it will rebuild. Will it be the largest startup turnaround in history? Possibly. Could it go straight to bankruptcy? Sure. Will the Vision Fund make money? Well, it really depends on that preference stack and a thousand other variables to be determined in the coming weeks, months, and years.

It’s all so early. My guess is that we still have about five years to go before we really start to get sufficient information to evaluate the Vision Fund’s ambitions.

Along this line thoughI don’t think I just need to defend venture capitalism though, but capitalism itself.

Matt Stoller, who has made it his mission to target big companies including Big Tech, summarizes the WeWork situation as emblematic of “counterfeit capitalism,” a system of founding story myths and fake growth charts underwritten by venture capitalists trying to build long-term, sustainable monopolistic companies using predatory pricing to kill off competitors.

Yet, that narrative totally misses the point of what capital does, and what investment means. Very, very few companies (venture-backed or not) are profitable from day one. Opening a restaurant requires buying equipment and signing a lease well before any customer walks in through the front door. Ditto for software startups, which need to actually build software before a user will pay for it. Capital investment is the bridge between plans to execution and launch.

The question is how long should a company be unprofitable to goad sales and drive revenues? A decade or two ago, it used to be that companies needed to be profitable to IPO. But why? Why precisely then should a company slow down its investment and clean up its cash flows? Why not earlier? Why not later?

In fact, something great has happened in the last few years in the credit markets: at least some investors are increasingly positioning their portfolios for growth rather than cash flows. They are willing to wait for profits, sometimes for years.

Or, in other words, more and more investors are thinking long-term about the ultimate potential worth of a business.

WeWork could be profitable today. It could shutter its most recently opened locations, condense down to a handful of locations in major cities, and roll around in its positive cash flow. Of course the Vision Fund understands this. But why lock in small gains today when there is so much more potential lurking out there?

We should be cheering this behavior, and not castigating it, even if WeWork itself might turn out to be a dud. The lesson of this whole saga isn’t that capitalism isn’t performing. In fact, it’s precisely the opposite: (venture) capitalism is performing better than ever to invest in future, long-range growth.

Across the political, social and economic stage, women’s issues are finally receiving heightened attention and priority.

There are more women than ever seeking political office; funding for female-founded startups is reaching record levels (even if they still have a long way to go to reach gender parity); a sizable cohort of female-founded and led companies have achieved billion-dollar unicorn valuations; and several women-led companies, including PagerDuty, The RealReal, and Eventbrite, have entered the public markets with successful IPOs.

What’s driving so much positive change?

Clearly, broadened awareness of gender and power issues, largely due to #MeToo, as well as an increase in the number of female investors, thanks to groups like All Raise, are all contributing catalysts. In addition, women now outnumber men in college, a majority of American moms are in the workforce, and in 40 percent of households those women are the breadwinners. But it’s more than that; I believe that there’s a profound generational shift afloat, and that this first wave of female-led unicorns is just the tip of the NASDAQ iceberg.

Unlike previous generations who may have either looked at self-investment as self-indulgence or who simply didn’t have the resources or technology available to make supplementary investments in themselves, today’s badass millennial women are unapologetic about their desire to invest in their own success and well-being. Determined to succeed without compromising their values or physical and mental wellness, these uber-empowered millennial women are making viable a new generation of startups to help them realize their dreams and feel comfortable in their skin. I refer to this economic wave as She-conomy 2.0.

For decades now there have been tech companies, which I refer to as She-conomy 1.0, catering to traditional and homogeneous identities of women primarily as shoppers and caregivers. In contrast, these new modern She-conomy 2.0 brands address latent, historically unmet, often un-discussed and under-served needs that speak to the multitude of other facets of our identities.

These companies have less to do with what women buy and more to do with their willingness to invest in themselves — in their careers and in their physical and emotional health and well-being. They are seeking and are willing to pay for products and services that help them advance their careers, feel comfortable about their bodies, and provide the physical and emotional support they’re seeking.

Women are taking control of their careers and supporting each other.

More than two decades ago, when I had my first child, I joined a mom’s group at Stanford Hospital. We were all working moms trying to juggle career and motherhood. It was a truly challenging time for each of us. The group provided such helpful support that we met every Monday evening for five years until our kids were in kindergarten. Why Mondays? Because Mondays are especially hard for working parents, marking yet another week in search of balance. We realized that meeting on Monday evenings provided us with the support we needed to make it through the work week. Perhaps even more critically, it gave us something about Mondays to look forward to.

There’s something incredibly empowering about experiencing a major transition like a new job or new parenthood as part of a cohort. Sheryl Sandberg famously sought to institutionalize this kind of support for working women with her non-profit Lean In. It has dramatically raised awareness around working women’s struggles. However, individual Lean In group leaders are usually volunteers running these sessions on the side while working and shouldering life’s endless list of other responsibilities.

Now a new generation of organizations is offering this support — for a fee. As for-profit organizations, they’re doing so in a scalable, consistent and reliable way. Women don’t have to worry about whether the organizer will be able to carve out time to orchestrate a meeting because doing so is the organizer’s job. Chief, Declare, The Assembly*, The Wing and The Riveter are all examples of companies that are growing and thriving because they’re offering valuable space, support and services that women are willing to pay for. Most of these organizations initially targeted millennials, but women of all generations are benefiting and participating.

Women are changing the narrative around previously taboo topics and promoting inclusiveness and acceptance of oneself.

It wasn’t long ago that mannequins, much like cover models, only came in one size. Now mainstream brands not only sell broader offerings; they increasingly showcase them in magazines, catalogs, stores and the runway. For example, Nike’s flagship store in London featured both plus-sized mannequins and para-sport mannequins for people with physical and intellectual abilities, and Rhianna’s new inclusive lingerie line regularly presents both plus-size and pregnant models.

Millennials (like all of us) don’t want to feel shamed; they want to feel empowered and beautiful. Instead of settling for frumpy, ill-fitting clothing or outdated product design, millennials are using their social media megaphones to tell the market what they want. Traditional companies like Victoria’s Secret have moved at a molasses-like pace to evolve from treating women as objects of fantasy to celebrating their right to feel great about themselves. Their antiquated practices have created the opportunity for new startups to create brands centered on body positivity. Some companies are filling largely underserved market needs by catering exclusively to larger and specialty sizes, and others are addressing previously taboo topics like body hair, which also contribute strongly to feelings around body positivity. Eloquii offers extended clothing sizes, Ruby Ribbon* and Third Love provide a wide sizing range of under garments and bras, and Fur addresses body hair and grooming.

Women are dedicating more attention to their own health and relationships.

Self-help books have been around for ages, but tech is paving the way for a new generation of services to provide guidance and support that are more convenient and targeted. At the same time, women are increasingly willing to discuss health issues that were previously taboo, like menstruation, menopause and perimenopause, fertility, and depression. Advancements in technology are making health-related self-care more accessible from the convenience of our wristbands and phones. Meanwhile, people are spending a disproportionate amount of their wealth on health, making the entire healthcare industry ripe for disruption.

All of these factors are making femtech big business. Countless new companies are helping women take more active control of their sexual health, including birth control and STI testing (Pill Club and Nurx), period tracking (Flo Health), fertility and egg freezing (Kind Body and Carrot Fertility), menopause (Rory, Genneve), postpartum depression and miscarriage (Maven) and even our relationships (Relish* and Bumble). In addition, no shortage of femtech companies are addressing period care, such as Lola, Cora, The Flex Company, Thinx, and Sustain Natural.

These companies are only viable because so many women — beginning with millennials but expanding out to the rest of us — are now willing and able to invest in themselves. United across a shared mission of female empowerment and inclusivity, She-onomy 2.0 is making it more realistic than ever to empower us to advance our careers, feel good about ourselves and stay healthy. Hats off to the badass millennial women leading this charge; we’re all better off professionally, emotionally and even physically thanks to you!

*Denotes portfolio company for Trinity Ventures

Let us connect some dots. Five years ago, Facebook acquired VR pioneers Oculus for $2 billion. This week, it snapped up neural-interface pioneers CTRL-Labs for somewhere north of $500 million, and announced that its own massively multiplayer VR shared universe Horizon will launch early next year.

Oculus became (somewhat creepily named) Facebook Reality Labs, headed by Andrew Bosworth, one of the company’s first 15 engineers, who also headed the company’s transition from desktop to mobile advertising. It doesn’t take much imagination to see that he’s now in charge a much more interesting, and longer-term, transition: from the World Wide Web to whatever lies beyond.

Their big multibillion-dollar bet, the vision floating in Mark Zuckerberg’s crystal ball, is clearly that this new frontier is “cyberspace,” to use William Gibson’s term, or “the Oasis,” to borrow from READY PLAYER ONE, a copy of which was once issued to every new Oculus employee. Virtual reality, in other words, and/or maybe “mixed reality,” which combines our real world with virtual artifacts.

I can see your eyes rolling already. I admit mine are twitching skywards as well. AR/VR, like nuclear fusion and Brazil, have been the future for so long that it’s become a little hard to take that future seriously. Neuromancer was published in 1984. Jaron Lanier demo’d the first real VR headset and motion capture wearable, the EyePhone and DataGlove, more than thirty years ago. No wonder the notion of a shared global VR space increasingly feels like a retro-future.

But to Zuck’s credit, the path to change here is obvious and therefore plausible: use gaming as the bridge. Create the world’s first and best massively multiplayer online VR game. (The theory being it will be more immersive, and therefore more compelling, than Magic Leap’s mixed reality.) Use Facebook’s power, scale, and wealth to bring gamers in until there’s a thriving community of many million monthly users.

Then, transition to the larger vision, of VR slowly supplanting the Web itself; replace laptops with headsets, phones with overlays on smart glasses, and keyboards with neural interfaces. Not all at once, but bit by bit, as the Horizon gameworld gradually, over a period of years, becomes a platform for socializing and messaging and work as well as play. Then the Internet’s denizens won’t just visit Facebook’s web site, or launch its app; instead they will, literally if virtually, live in Facebook’s walled garden.

Is that vision more than a little creepy? You betcha. Is it one that’s likely to come to fruition? Well, no, I wouldn’t say likely. But I’ll concede it has a chance, one sufficiently nonzero, and sufficiently potentially spectacularly lucrative, that Facebook’s ongoing multibillion-dollar bet makes sense. Lucrative in terms of both money and implicit power. Like I said: more than a little creepy.

Of course this isn’t Facebook’s only vision of the future. It’s just one of their bets. Another is to essentially pivot from social-media advertising to messaging and transactions. You have to grudgingly admire their willingness to explore abandoning their current fantastically successful business model in favor of the untried and untested. Anything to disrupt the innovator’s dilemma.

Will this bet pay off? Will Facebook Horizon, plus VR and neural interfaces, be the gateway to “a consensual hallucination experienced daily by billions,” to quote William Gibson? While the odds are against it, it still seems to have a better chance than anything else on our collective horizon.

Hey everyone. This is Week-in-Review, where I give a heavy amount of analysis and/or rambling thoughts on one story while scouring the rest of the hundreds of stories that emerged on TechCrunch this week to surface my favorites for your reading pleasure.

Last week, I talked about how streaming networks were undoing their advantages and making way for a renewed era of piracy.

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The big story

In the startup world, moral relativism seems to be a guiding force. But in order for this system to work, you need some sort of north star for wrongdoing. That can be hard to find though, so often missteps from Uber or Facebook of some other startup are said to be drowning in nuance and plagued by numerous stakeholders.

But, thankfully, there’s Juul, a company that’s website is devoted to its values so that its real world impact doesn’t have to be.

This week, the startup’s CEO stepped down and was replaced by a Big Tobacco exec, a truly fitting development for a company that has long tried to maintain a moral high ground based on the alternative facts of the reality at hand. Things aren’t looking too good for Juul these days, but it’s not because the startup had a come to Jesus moment on its own, it’s because the White House and FDA are pissed and threatening to pull a nuclear option and ban flavored cartridges, which account for 80% of Juul’s sales.

Why? Because Juul’s fruity flavors were heading straight into teenagers’ hands, because they were too good not to traffic, addictive, some might say. Over the course of last year, high school student use of tobacco surged 38% thanks to a 78% surge in e-cigarette use, according to a report by the CDC. That, aligned with some unfortunately-timed mystery vaping disease possibly caused by counterfeit THC cartridges, has plunged the company into a regulatory crisis and Altria into into an identity crisis.

In December of last year, Altria bought 35% of Juul for $12.8 billion, in a deal that valued the startup at $38 billion. Following the deal, employees got massive bonuses, divvying up $2 billion in Altria cash, in large part to lessen the sour taste of a deal with Big Tobacco.

In the deal’s aftermath, then-CEO Kevin Burns tried to soften the optics, “We understand the controversy and skepticism that comes with an affiliation and partnership with the largest tobacco company in the US. We were skeptical as well,” he wrote in a statement. “But over the course of the last several months we were convinced by actions, not words, that in fact this partnership could help accelerate our success switching adult smokers.”

The deal was a hail mary for Altria, and one that increasingly appears to be heading to a receiver-less end zone. In the past five months, Altria has seen its share price slide 30 percent to a five-year low, largely as its redemption bet on Juul has faded as the regulatory environment has shifted in an extremely hostile direction. This all leads to this week, when the Burns stepped down as CEO and was replaced by Altria exec K.C. Crosthwaite.

In the case of Juul, the mission may have differed from the reality at hand, but it always made for a great story, a good one for execs and investors and recruiters and marketers and engineers and interns to tell when their ethics were called into question, but eventually the charade lifts and you get to see that the soul of your startup isn’t so metallic, sleek and full of Silicon Valley ideals, it’s just a different kind of tar black.

Send me feedback
on Twitter @lucasmtny or email
lucas@techcrunch.com

On to the rest of the week’s news.

Trends of the week

Here are a few big news items from big companies, with green links to all the sweet, sweet added context:

• TechCrunch’s Galaxy Fold gets damaged after one day
  TechCrunch escaped a busted Galaxy Fold unit the first time around, though other reviewers’ issues led to a lengthy delay and a product rethinking, but in reviewing our “new-and-improved” Galaxy Fold unit, we suffered a damaged screen after just over one full day with the device. We were pretty generous in noting the things that it could have been the cause, but at the end of the day you shouldn’t have to handle your $2,000 smartphone with kids’ gloves. Read more here.
• Amazon launches more Alexa devices
  Amazon’s annual event — where they toss a bunch of Alexa-enabled junk into the wild — has come! Alexa glasses and Alexa rings, Alexa Echos and glow-y orb things. See them all here.
• Facebook is officially preparing to ditch like counts (in Australia)
  Facebook is ready to make a big change to how users see other people’s content, hiding how many likes posts have received in a test taking place in Australia. Read more here.

GAFA Gaffes

How did the top tech companies screw up this week? This clearly needs its own section, in order of badness:

1. Facebook gives the politicians of the world a free pass:
   [Facebook promises not to stop politicians’ lies and hate]

2. Apple gives keyboard apps a bit too much access:
   [Apple says a bug may grant ‘full access’ to third-party keyboards by mistake]

Our biggest event of the year is right around the corner and we’re bringing in some of the most important figures in the tech industry. Here’s who’s coming to Disrupt SF 2019.

• Ellen Pao, Tracey Chou and Harry Glaser are coming to Disrupt
• Bird CEO Travis VanderZanden talking scooters at Disrupt SF

In addition to taking in the great line-up of speakers, you can roam around Startup Alley to catch the more than 1,000 companies showcasing their products and technologies. And of course the Startup Battlefield competition that launched the likes of Dropbox, Cloudflare and Mint will once again be one of the biggest highlights of Disrupt SF.

Sign up for more newsletters in your inbox (including this one) here.

SpaceX CEO Elon Musk delivered an update about Starship, the company’s nest generation spacecraft, which is being designed for full, “rapid reusability.” Musk discussed the technology behind the design of Starship, which has evolved somewhat through testing and development after its original introduction in 2017.

Among the updates detailed, Musk articulated how Starship will be used to make humans interplanetary, including its use of in-space refilling of propellant, by docking with tanker Starships already in orbit to transfer fuel. This is necessary for the spacecraft to get enough propellant on board post-launch to make the trip to the Moon or Mars from Earth – especially since it’ll be carrying as much as 100 tons of cargo on board to deliver to these other space-based bodies.

These will include supplies for building bases on planetary surfaces, as well as up to 100 passengers on long-haul planet-to-planet flights.

Those are still very long-term goals, however, and Musk also went into detail about development of the current generation of Starship prototypes, as well as the planned future Starships that will go to orbit, and carry their first passengers.

The Starship Mk1, Mk2 and the forthcoming Mk3 and Mk4 orbital testers will all feature a fin design that will orient the vehicles so they can re-enter Earth’s atmosphere flat on their ‘bellies,’ coming in horizontal to increase drag and reduce velocity before performing a sort of flip maneuver to swing past vertical and then pendulum back to vertical for touch-down. In simulation, as shown at the event, it looks like it’ll be incredible to watch, since it looks more unwieldy than the current landing process for Falcon boosters, even if it’s still just as controlled.

Musk also shared a look at the design planned for Super Heavy, the booster that will be used to propel Starship to orbit. This liquid-oxygen powered rocket, which is about 1.5 times the height of the Starship itself, will have 37 Raptor engines on board (the Starship will have only six) and will also feature six landing legs and deployable grid fins for its own return trip back to Earth.

In terms of testing and development timelines, Musk said that the Starship Mk1 he presented the plan in front of at Boca Chica should have its first test flight in just one to two months. That will be a flight to a sub-orbital altitude of just under 70,000 feet. The prototype spacecraft is already equipped with the three Raptor engines it will use for that flight.

Next, Starship Mk2, which is currently being built in Cape Canaveral, Florida, at another SpaceX facility, will attempt a similar high altitude test. Musk explained that both these families will continue to compete with each other internally and build Starship prototypes and rockets simultaneously. Mk3 will begin construction at Boca Chica beginning next month, and Mk4 will follow in Florida soon after. Musk said that the next Starship test flight after the sub-orbital trip for Mk1 might be an orbital launch with the full Super Heavy booster and Mk3.

Musk said that SpaceX will be “building both ships and boosters here [at Boca Chica] and a the Cape as fast as we can,” and that they’ve already been improving both the design and the manufacture of the sections for the spacecraft “exponentially” as a result of the competition.

The Mk1 features welded panels to make up the rings you can see in the detail photograph of the prototype below, for instance, but Mk3 and Mk4 will use full sheets of stainless steel that cover the whole diameter of the spacecraft, welded with a single weld. There was one such ring on site at the event, which indicates SpaceX is already well on its way to making this work.

This rapid prototyping will enable SpaceX to build and fly Mk2 in two months, Mk3 in three months, Mk4 in four months and so on. Musk added that either Mk3 or Mk5 will be that orbital test, and that they want to be able to get that done in less than six months. He added that eventually, crewed missions aboard Starship will take place from both Boca Chica and the Cape, and that the facilities will be focused only on producing Starships until Mk4 is complete, at which point they’ll begin developing the Super Heavy booster.

In total, Musk said that SpaceX will need 100 of its Raptor rocket engines between now and its first orbital flight. At its current pace, he said, SpaceX is producing one every eight days – but they should increase that output to one every two days within a few months, and are targeting production of one per day for early in Q1 2019.

Because of their aggressive construction and testing cycle, and because, Musk said, the intent is to achieve rapid reusability to the point where you could “fly the booster 20 times a day” and “fly the [starship] three or four times a day,” the company should theoretically be able to prove viability very quickly. Musk said he’s optimistic that they could be flying people on test flights of Starship as early as next year as a result.

Part of its rapid reusability comes from the heat shield design that SpaceX has devised for Starship, which includes a stainless steel finish on one half of the spacecraft, with ceramic tiles used on the bottom where the heat is most intense during re-entry. Musk said that both of these are highly resistant to the stresses of reentry and conducive to frequent reuse, without incurring tremendous cost – unlike their initial concept, which used carbon fibre in place of stainless steel.

Musk is known for suggesting timelines that don’t quite match up with reality, but Starship’s early tests haven’t been so far behind his predictions thus far.

The right advice at the right time can make all the difference for your company. So this year at Disrupt SF (Oct. 2-4), we’re going to try to help startup founders get an extra level of insight. We’re hosting a set of workshops with experts in fundraising, growth and hiring, where attendees can submit questions and materials ahead of time and potentially talk with them live at the event.

Fundraising: Top seed investors Charles Hudson (Precursor Ventures) and Anu Duggal (Female Founders Fund) will join Russ Heddleston, CEO of DocSend, to do a pitchdeck teardown session. Fill out this form to send them your deck for consideration. More details here.

Growth Marketing: Leading growth marketer Asher King Abramson will be critiquing startup marketing assets with a focus on Facebook and Instagram. More details here.

Hiring:  Immigration lawyer Sophie Alcorn will be helping you with the ins and outs of the immigration process, and how to think about it from a founder and investor perspective. More details here.

If they use your pre-submitted deck, assets or questions, we’ll give you a free ticket to any TechCrunch event next year.

These tracks are based on the interest we’ve seen from subscribers to our Extra Crunch membership service for cutting-edge startup knowledge. Abramson and Alcorn are also on our list of Verified Expert service providers, where we showcase the people that startups recommend to us.

But to get this invaluable feedback, you’ll need to have a pass to attend Disrupt SF. Sign up to get your pass to attend today.

Too far away to attend in SF? For folks who are considering attending our Disrupt Berlin conference on 11-12 December, you can look forward to a similar offering.