Day: June 7, 2021

Getting the Goalpost to Stop Moving



There aren’t many iron laws of money. But here’s one, and perhaps the most important: If expectations grow faster than income you’ll never be happy with your money. One of the most important financial skills is getting the goalpost to stop moving. It’s also one of the hardest.

First, a little story about the 1950s.


“The present and immediate future seem astonishingly good,” LIFE magazine’s January, 1953 cover story begins.

“The country has just lived through what was economically the greatest year in its history” it wrote. It had done this with “10 straight years of full employment, through new management attitudes which include an increasing realization that the well-paid worker, who does his job under healthy and agreeable conditions, is a valuable worker.”

Wealth came so fast to so many it was jarring. “In the 1930s I worried about how I could eat,” LIFE quotes one taxi driver. “Now I’m worrying about where to park.”

If these quotes don’t surprise you it’s because the 1950s are so often remembered as the golden age of middle-class prosperity. Ask Americans when the country was at its greatest and the 1950s is usually near the top. Compared to today? Different worlds, no comparison. The overwhelming feeling is: It was better then.

George Friedman, a geopolitical forecaster, summarized the nostalgia a few years ago:

In the 1950s and 1960s, the median income allowed you to live with a single earner — normally the husband, with the wife typically working as a homemaker — (Read more...)

Twitter Spaces and Nietzsche


This post is by Valet from Feld Thoughts


Last week I was scheduled to do a live interview with Eliot Peper about The Entrepreneur’s Weekly Nietzsche. He opted to use Twitter Spaces and diligently tested it out a couple of days beforehand to confirm that it would work. Nevertheless, we immediately ran into difficulties, and after ten minutes, we decided to bail on the interview and reschedule.

This reminded both me and Dave about our chapter in the book, “Play to the Audience.” Nietzsche says:

It is not sufficient to know how to play well; one must also know how to secure a good hearing. A violin in the hand of the greatest master gives only a little squeak when the place where it is heard is too large; the master may then be mistaken for any bungler.

Our translation to contemporary English is:

In other words: Performing well is not enough; the audience must experience the performance well. If the venue has bad acoustics, even a great violinist sounds terrible. A virtuoso can be mistaken for a novice.

Our essay in the book discusses the importance of a speaker having empathy for the audience, not just in terms of the content but also in the communication medium. For example, is the phone connection clear? If you have an accent, are you speaking slowly enough for your audience to understand? Ben Casnocha’s excellent narrative emphasizes audience engagement and interaction, which is crucial in our era of short attention spans.

This was one of the first chapters we (Read more...)

Tiger Global leads $30M investment into Briq, a fintech for the construction industry



Briq, which has developed a fintech platform used by the construction industry,  has raised $30 million dollars in a Series B funding round led by Tiger Global Management.

The financing is among the largest Series B fundraises by a construction software startup, according to the company, and brings Briq’s total raised to $43 million since its January 2018 inception. Existing backers Eniac Ventures and Blackhorn Ventures also participated in the round.

Briq CEO and co-founder Bassem Hamdy is a former executive at construction tech giant Procore (which recently went public and has a market cap of $10.4 billion) Canadian software giant CMIC. Wall Street veteran Ron Goldshmidt is co-founder and COO.

Briq describes its offering as a financial planning and workflow automation platform that “drastically reduces” the time to run critical financial processes, while increasing the accuracy of forecasts and financial plans.

Briq has developed a toolbox of proprietary technology that it says allows it to extract and manipulate financial data without the use of APIs. It also has developed construction-specific data models that allows it to build out projections and create models of how much a project might cost, and how much could conceivably be made. Currently, Briq manages or forecasts about $30 billion in construction volume.

Specifically, Briq has two main offerings: Briq’s Corporate Performance Management (CPM) platform, which models financial outcomes at the project and corporate level and BriqCash, a construction-specific banking platform for managing invoices and payments. 

Put simply, Briq aims to allow (Read more...)

Which Countries Have the World’s Largest Proven Oil Reserves?


This post is by Anshool Deshmukh from Visual Capitalist


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The Countries With the Largest Proven Oil Reserves

Oil is a natural resource formed by the decay of organic matter over millions of years, and like many other natural resources, it can only be extracted from reserves where it already exists. The only difference between oil and every other natural resource is that oil is well and truly the lifeblood of the global economy.

The world derives over a third of its total energy production from oil, more than any other source by far. As a result, the countries that control the world’s oil reserves often have disproportionate geopolitical and economic power.

According to the BP Statistical Review of World Energy 2020, 14 countries make up 93.5% of the proven oil reserves globally. The countries on this list span five continents and control anywhere from 25.2 billion barrels of oil to 304 billion barrels of oil.

Proven Oil Reserves, by Country

At the end of 2019, the world had 1.73 trillion barrels of oil reserves. Here are the 14 countries with at least a 1% (Read more...)

Future of Media – a quick reality check


This post is by Om Malik from On my Om


I came across this opinion piece about the role of social media in the demise and subsequent rebirth of blogging, a topic not unfamiliar to readers of my blog. It credits Twitter for providing a platform that allows for interactions similar to those that distinguished early blogging communities. And at least in a superficial way, that’s not wrong, I guess. But there is a wide gulf between the impulses that drive social media and the “why” of blogging. And the author completely overlooks the latter in his eagerness to report that, after many bloggers were wiped out, some elements of the activity formerly known as blogging survived. (Fact check: classical blogging continues to flourish in all corners of the Internet.)

As I have noted a time or two, blogging and the behaviors it inspired were the genesis of many contemporary activities on the Internet. Yet, despite this, we still seem unable to fully appreciate what was at the heart of blogging — that thing that makes so many of us nostalgic for its heyday, even as we tweet until our thumbs ache. And this brings me to my long-standing quibble with the media establishment: why can’t they recognize significant changes until it is too late?

Marc Weidenbaum, a music enthusiast and founder of Disquiet.com, expertly captures the distinction between blogs and social. “Social media expects feedback (not just comments, but likes and follows),” he writes. “Blogs are you getting your ideas down; feedback is a byproduct, (Read more...)

Equity Monday: Jeff’s going to space, and everyone wants a piece of Flipkart



Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast where we unpack the numbers behind the headlines.

This is Equity Monday, our weekly kickoff that tracks the latest private market news, talks about the coming week, digs into some recent funding rounds and mulls over a larger theme or narrative from the private markets. You can follow the show on Twitter here and myself here.

It’s WWDC week, so expect a deluge of Apple news to overtake your Twitter feed here and there over the next few days. But there’s a lot more going on, so let’s dig in:

Mendel raises $18M to tease out data structure from medicine’s disparate document trove



The medical industry is sitting on a huge trove of data, but in many cases it can be a challenge to realize the value of it because that data is unstructured and in disparate places.

Today, a startup called Mendel, which has built an AI platform both to ingest and bring order to that body of information, is announcing $18 million in funding to continue its growth and to build out what it describes as a “clinical data marketplace” for people not just to organize, but also to share and exchange that data for research purposes. It’s also going to be using the funding to hire more talent — technical and support — for its two offices, in San Jose, CA and Cairo, Egypt.

The Series A round is being led by DCM, with OliveTree and MTVLP, and previous backers Launch Capital, SOSV, Bootstrap Labs and Chairman of UCSF Health Hub Mark Goldstein also participating.

The funding comes on the heels of what Mendel says is a surge of interest among research and pharmaceutical companies in sourcing better data to gain a better understanding of longer-term patient care and progress, in particular across wider groups of users, not just at a time when it has been more challenging to observe people and run trials, but in light of the understanding that using AI to leverage much bigger data sets can produce better insights.

This can be important, for example, in proactive identifying symptoms of particular ailments or the pathology of (Read more...)

Endua creates hydrogen-powered clean energy storage, using tech from Australia’s national science agency



Hydrogen-based generators are an environmentally-friendly alternative to ones powered by diesel fuel. But many rely on solar, hydro or wind power, which aren’t available all the time. Brisbane-based Endua is making hydrogen-based power generators more accessible by using electrolysis to create more hydrogen and storing it for long-term use. The startup’s technology was developed at CSIRO, Australian’s national science agency, and is being commercialized by Main Sequence, the venture fund founded by CSIRO and Ampol, one of the country’s largest fuel companies.

Main Sequence’s venture science model means that it first identifies a global challenge, then brings together the technology, team and investors to launch a startup that can address that problem. Through the program, Paul Sernia, the founder of electric vehicle charger maker Tritium, was brought on to serve as Endua’s chief executive officer, working with Main Sequence partner Martin Duursma to commercialize the hydrogen-based power generation and storage technology developed at CSIRO. Ampol will serve as Endua’s industry partner.

Endua is backed by $5 million AUD (about $3.9 million USD) from Main Sequence, CSIRO and Ampol. The company plans to launch in Australia first before expanding into other countries.

Sernia told TechCrunch that Endua was created to “solve one of the biggest problems facing the transition to renewable energy—how to store renewable energy in large quantities, for long periods of time.”

Endua’s modular power banks can run up to 150 kilowatts per pack and be extended for different use cases, serving as an alternative to power generators (Read more...)