Category: Entrepreneurs

‘Roblox’ isn’t just a gaming company. It’s also the future of education

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Roblox , which recently made its debut on the New York Stock Exchange, has quickly become one of the most valuable video game companies in the world.  As I write this article, Roblox has effortlessly overtaken household video game names such as Take-Two (maker of Grand Theft Auto ) and Electronic Arts (EA) (maker of Battlefield and FIFA ) in terms of market cap, while only making a fraction of the incumbents’ revenues and none of their profits. And there is good reason for this change in pecking order. Unlike Take-Two and EA, Roblox is not just a gaming company. It is a virtual playground for nearly 200 million monthly users, with two-thirds of those users being of school-going age. Read More …

2 former Navy Seals are using robot submarines to build ‘Google Earth’ for the ocean

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In 2005, Joe Wolfel and Judson Kauffman were a year into their Navy Seal careers when they received a briefing on the USS San Francisco , a nuclear-powered submarine that crashed into an undersea mountain, in large part due to uncharted waters. Joe Wolfel (left) and Judson Kauffman [Photo: courtesy of Terradepth] “The Navy really doesn’t have charts or maps of very much of the seafloor at all,” Kauffman says. Even now, 80% of the ocean remains unmapped, according to the National Oceanic and Atmospheric Administration . “That was the first time that either one of us understood the level of ignorance that exists around this subsea world, so that kind of planted a seed.” Still, their scheme for hurdling that challenge wouldn’t germinate for another dozen years, after the pair parlayed their military experience into a business consultancy and began noting the burgeoning array of space exploration robotics. “One day we looked at each other and said, ‘Why isn’t anybody taking this technology—autonomy, AI, and machine learning—and finding a way to map the ocean?’ ” Kauffman says. “There’s a whole lot of room for modern technology to come in and disrupt the world of ocean exploration and the industry of ocean surveys.” [Image: courtesy of Terradepth] That vision has since blossomed into Austin-based Terradepth , a data service company that has developed a new type of robotic submarine to autonomously map the ocean and its varied environments. [Photo: courtesy of Terradepth] The 30-foot-long submersible uses a camera and sensor suite to collect data, then employs machine learning to process it, discern what’s important, and reprogram itself to return to a location and test for additional information—all without human intervention. The system relies on edge computing, which can analyze information and solve problems at the data source in near real time. The team successfully ran the submarine through its first on-site paces in nearby Lake Travis earlier this month, paving the way for more robust testing in the Gulf of Mexico within three weeks and the Florida coast after that. Along with a camera, the submarine utilizes two types of sonar as well as depth, navigational, temperature, and geolocation instruments. It can dive to nearly 20,000 feet, the depth of 98% of the ocean Read More …

How tech companies can work with HBCUs to meaningfully improve equity

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Over the past few years, we’ve seen various efforts to address racial disparity in terms of opportunity, access, and financial support for Black entrepreneurs and technologists. This includes everything from big tech company reports that document progress in diversifying their workforce to the onboarding of high-profile diversity and inclusion officers to address and improve the lack of D&I internally. But progress has still been glacially slow. That’s why corporations need to adopt a “yes, and” approach when it comes to improving diversity in the technology industry. This way of thinking comes from the world of improv, where all actions are supposed to be built upon. Instead of adopting “yes, and,” corporations all too often follow the lead of their competitors or simply dust off last year’s playbook, choosing comfort over innovation—yes, we need a more diverse workforce, so let’s do more of the same. The technology industry’s engagement with historically Black colleges and universities as a vehicle to recruit talent is one area where a “yes, and” approach would pay significant dividends. Although companies like Google, Apple, and others from the Fortune 1000 have committed more than $66 billion to racial equality initiatives since the killing of George Floyd by police, this funding alone will not solve the issue of bias toward and ultimately lack of access for HBCU students when it comes to getting into the tech industry. Are HBCUs a great source for STEM (science, technology, engineering, and math) graduates? Absolutely. Read More …

Look out, Amazon. Asia-based companies such as Coupang are leading the next e-commerce revolution

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If you want to understand the future of e-commerce, look to Asia. Today, Coupang went public on the New York Stock Exchange, raising $4.6 billion in the biggest U.S. IPO of the year (so far). The South Korean e-commerce giant’s success is a compelling reminder that many Asian companies are among the world’s leading innovators in digital retailing and beyond. In the U.S., we have all been amazed by the speed, ease, and selection of Amazon. In reality, we are three to five years behind Asia. Americans are familiar with e-commerce giant Alibaba, but a new wave of companies such as Coupang, Pinduoduo, and Bytedance are quickly transforming the online shopping experience for millions of consumers. (Softbank Investment Advisers, my firm, is an investor in Bytedance and Coupang, and Softbank Group is Alibaba’s largest shareholder.) Here are the four prominent e-commerce trends in Asia that I predict will take hold in the U.S. and around the world: From e-commerce to “AllCommerce” using social media Asia’s brick-and-mortar companies were making the transition to digital well before COVID-19 forced businesses to shut their physical footprints. South Korea’s high-density urban landscape, high mobile penetration rate ( 95 percent of adults have smartphones, more than anywhere else in the world), and culture of late-night shopping have enabled the rapid growth and success of e-commerce by connecting local brick-and-mortar businesses to the online world.   In 2020, technology platforms such as Flipkart in India and Tokopedia in Indonesia added new offerings to support the digitization of small businesses and “solopreneurs.” (I am an investor in Tokopedia and backed Flipkart, which Walmart now controls.) Tokopedia launched TokopediaByMe, which allows influencers and individuals to build their own affiliate businesses via social media. These easy-to-use tools brought an extraordinary array of businesses online, from the local warung (family-owned) shop to the neighborhood restaurant. Tokopedia also offers logistics support to help sellers deliver products and services to their customers.   I expect we’ll see more e-commerce companies integrating with social media platforms to make it easier for small merchants to sell their wares without having to build a website or digital storefront. A great example close to home is a new feature from Shopify that adds shopping functions to Facebook and Instagram pages. Look for future marriages of e-commerce tools with social platforms such as Facebook and Bytedance’s TikTok. The upshot is a future in which every social post becomes an opportunity to make a sale. It’s not e-commerce, it’s “AllCommerce.”   Live commerce Though not a term yet familiar to most Americans, live commerce is a very simple but powerful modality that has seen explosive growth in Asia. Live commerce enables purchase engagement between a customer and seller through live video and chat. For Americans of my generation, this format is best understood as the next generation of HSN or QVC on mobile platforms. Read More …

Andrew Yang has some concerns about Zoom

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There’s nobody quite like Andrew Yang, the erstwhile presidential phenomenon whose campaign for a universal basic income found an unlikely ally in the Trump White House—and helped lay the groundwork for direct cash payments during the pandemic. He’s a political outsider who loves to be on the inside; a tech cheerleader who worries about artificial intelligence; a progressive who’s not afraid of Joe Rogan; and now a New York City mayoral candidate who’s . . . never voted for mayor. He’s also a serial entrepreneur, with deep ties to the tech community and strong opinions about how the public and private sectors should cooperate to foster innovation. That’s one of Fast Company’ s bailiwicks too, so we decided to catch up with the father of two (and former Fast Company columnist) in New York to discuss the Great Reopening, the future of bitcoin, why Manhattan beats Miami, and the trouble with Zoom. Fast Company: Congrats on the latest poll . Were you surprised at all to be leading the field with 32%? Andrew Yang: I’m excited that New Yorkers are excited. I think a lot of people are frustrated with what’s been going on in the city this past number of months and years. We know we need a different kind of leadership. I’m thrilled that people see that we can do better for ourselves. That’s my main mission, to restart the engine of New York’s economy and get the agencies and bureaucracies functioning at a higher level. Right—the number one thing on most people’s minds right now is the reopening the economy. We’re poised for a massive rebound in economic activity, but there’s a general feeling that the guidance from the government—on schools, restaurants, where and when you can take off your mask—has been confusing and slow. I’ve talked to dozens, maybe hundreds of business owners here in New York City, small-business owners, comedy clubs, restaurants, bars—and they were very frustrated with the operating guidelines and the lack of visibility. Right now there are different restrictions in New York State as opposed to New York City, which I think made sense at a certain point during the pandemic, but it makes less and less sense now, given the expanded vaccination rates and the fact that infection rates are falling. So number one is, can you reopen your doors? Number two, can you manage all of your financial obligations, primarily rent? If you were the average bar or a restaurant, you might owe somewhere between 3 and 10 months of back rent, even if your landlord is cutting you a break in terms of your cash obligations. Read More …