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    "channel": {
      "title": "TechCrunch",
      "link": ["", "https://techcrunch.com/"],
      "description": "Startup and Technology News",
      "lastBuildDate": "Fri, 05 May 2023 10:10:22 +0000",
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        "title": "TechCrunch",
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      "item": [
        {
          "title": "Crypto, influencers targeted in Kenya’s new tax bid",
          "link": "https://techcrunch.com/2023/05/05/crypto-influencers-targeted-in-kenyas-new-tax-bid/",
          "comments": [
            "https://techcrunch.com/2023/05/05/crypto-influencers-targeted-in-kenyas-new-tax-bid/#respond",
            0
          ],
          "creator": {
            "__cdata": "Annie Njanja"
          },
          "pubDate": "Fri, 05 May 2023 09:29:50 +0000",
          "category": [
            {
              "__cdata": "Crypto"
            },
            {
              "__cdata": "Social"
            },
            {
              "__cdata": "africa"
            },
            {
              "__cdata": "crypto"
            },
            {
              "__cdata": "crypto regulation"
            },
            {
              "__cdata": "kenya"
            },
            {
              "__cdata": "social media"
            }
          ],
          "guid": "https://techcrunch.com/?p=2538527",
          "description": {
            "__cdata": "<p>Kenya is proposing new taxes to tap the growing digital economy in a bid to grow domestic revenues and narrow its fiscal deficit in response to the ongoing cash crunch. The East African country plans to charge a 3% tax on the transfer or exchange value of digital assets, while content creators will pay 15% [&#8230;]</p>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/05/crypto-influencers-targeted-in-kenyas-new-tax-bid/\">Crypto, influencers targeted in Kenya&#8217;s new tax bid</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/annie-njanja/\">Annie Njanja</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "encoded": {
            "__cdata": "<p id=\"speakable-summary\">Kenya is proposing new taxes to tap the growing digital economy in a bid to grow domestic revenues and narrow its fiscal deficit in response to the ongoing cash crunch.</p>\n<p>The East African country plans to charge a 3% tax on the transfer or exchange value of digital assets, while content creators will pay 15% on online earnings up from 5% withholding income tax. If the proposals in the finance bill are ratified, the taxes will take effect in the coming budget year, which begins July 1.</p>\n<p><strong>Crypto</strong></p>\n<p>Cryptocurrency exchanges like Binance or Yellow Card or persons facilitating the exchange or transfer of digital assets are expected to withhold the tax deductions, and forward them to the country’s tax authority within 24 hours. The exchanges must, however, first register with the tax authority in order to remit such deductions.</p>\n<p>Kenya defines digital assets as “anything of value that is not tangible and cryptocurrencies, token code, number held in digital form and generated through cryptographic means or otherwise, by whatever name called, providing a digital representation of value exchanged with or without consideration that can be transferred, stored or exchanged electronically; and a non-fungible token (NFTs) or any other token of similar nature, by whatever name called.”</p>\n<p>Currently the Kenyan government does not recognize crypto as a legal tender, and has in the past <a href=\"https://www.centralbank.go.ke/images/docs/media/Public_Notice_on_virtual_currencies_such_as_Bitcoin.pdf\">sternly warned</a> that they are unregulated, and highly speculative and volatile, which puts them at a <a href=\"https://techcrunch.com/2022/07/01/u-s-cftc-charges-south-african-company-over-1-7-billion-bitcoin-ponzi-scheme/\">great risk</a> of losing value. The government has also variously asserted that it cannot offer any protection in the event that crypto exchanges go bust, as was recently witnessed with <a href=\"https://techcrunch.com/2022/11/21/ftx-processed-billions-monthly-in-africa-before-going-bust/\">FTX</a>.</p>\n<p>However, over the last few months Kenya has softened its stance on crypto, proposing to work on <a href=\"https://twitter.com/CBKKenya/status/1603686151323361282?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1603686151323361282%7Ctwgr%5E8960674cd3d815c33b6cbd259812b465711d034c%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fbitcoinke.io%2F2023%2F01%2Fkenyan-regulators-working-on-crypto-legal-framework%2F\">a legal framework for crypto assets</a>, as it moves to tap the growing cryptocurrency adoption.</p><div class=\"piano-inline-promo\"></div>\n<p>Kenya currently leads the world in peer to peer transactions involving cryptocurrencies. It is also Africa’s top country in cryptocurrency adoption, followed by Nigeria, according to the 2021 Chainalysis report.</p>\n<div class=\"embed breakout embed-oembed embed--techcrunch\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"cX0jXd0ul1\"><p><a href=\"https://techcrunch.com/2022/10/11/as-crypto-regulation-looms-ahead-here-are-the-bills-to-look-out-for/\">As crypto regulation looms ahead, here are the bills to look out for</a></p></blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" title=\"&#8220;As crypto regulation looms ahead, here are the bills to look out for&#8221; &#8212; TechCrunch\" src=\"https://techcrunch.com/2022/10/11/as-crypto-regulation-looms-ahead-here-are-the-bills-to-look-out-for/embed/#?secret=hHDcy0kfhJ#?secret=cX0jXd0ul1\" data-secret=\"cX0jXd0ul1\" width=\"800\" height=\"450\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"></iframe></div>\n<p><strong>Content creators</strong></p>\n<p>Pertaining to content creators, the new bill imposes a tax on earnings made by a content creator sponsored by a brand to make content or do promotions, and income from affiliate marketing.</p>\n<p>It defines content creators as those offering “entertainment, social, literal, artistic, educational or any other material electronically,” through websites, social media platforms like Facebook, Twitter or Instagram, in partnership with brands or retailers.</p>\n<p>Earnings made by offering, “subscription services where the audience pays a periodic fee to access the content and support the content creator, or merchandise sales where physical goods and services are sold featuring a logo, brand or catchphrase to the audience of the content creator, eBooks, courses, or software,” will also be taxed.</p>\n<p>Also not spared is income from “membership programs for exclusive content including early access, licensing the content including photographs, music or other businesses or individuals for use in the user’s own projects; or crowdfunding for raising funds for specific goals for a content creator or another person.”</p>\n<div class=\"embed breakout embed-oembed embed--techcrunch\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"czoaYJFJIC\"><p><a href=\"https://techcrunch.com/2021/12/14/kenyan-startup-wowzi-secures-3-2-million-from-4dx-ventures-andela-co-founder-to-expand-across-africa/\">Kenyan startup Wowzi secures $3.2 million from 4DX Ventures, Andela co-founder to expand across Africa</a></p></blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" title=\"&#8220;Kenyan startup Wowzi secures $3.2 million from 4DX Ventures, Andela co-founder to expand across Africa&#8221; &#8212; TechCrunch\" src=\"https://techcrunch.com/2021/12/14/kenyan-startup-wowzi-secures-3-2-million-from-4dx-ventures-andela-co-founder-to-expand-across-africa/embed/#?secret=yOPhz7v1v1#?secret=czoaYJFJIC\" data-secret=\"czoaYJFJIC\" width=\"800\" height=\"450\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"></iframe></div>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/05/crypto-influencers-targeted-in-kenyas-new-tax-bid/\">Crypto, influencers targeted in Kenya&#8217;s new tax bid</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/annie-njanja/\">Annie Njanja</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "commentRss": "https://techcrunch.com/2023/05/05/crypto-influencers-targeted-in-kenyas-new-tax-bid/feed/"
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        {
          "title": "Samsung surpasses Apple in smartphone shipments by 1% amid persisting market decline",
          "link": "https://techcrunch.com/2023/05/05/samsung-surpasses-apple-in-smartphone-shipments-by-1-amid-persisting-market-decline/",
          "comments": [
            "https://techcrunch.com/2023/05/05/samsung-surpasses-apple-in-smartphone-shipments-by-1-amid-persisting-market-decline/#respond",
            0
          ],
          "creator": {
            "__cdata": "Ivan Mehta"
          },
          "pubDate": "Fri, 05 May 2023 09:27:47 +0000",
          "category": [
            {
              "__cdata": "Hardware"
            },
            {
              "__cdata": "Apple"
            },
            {
              "__cdata": "Samsung"
            },
            {
              "__cdata": "smartphone market"
            },
            {
              "__cdata": "smartphones"
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          ],
          "guid": "https://techcrunch.com/?p=2538514",
          "description": {
            "__cdata": "<p>Samsung overtook Apple through a slender 1% lead to secure the top spot in smartphone shipment volumes during the first quarter of 2023, despite the ongoing contraction of the smartphone market, according to a new report. The South Korean electronics giant shipped a total of 60.6 million units, narrowly surpassing Apple&#8217;s 58 million in the [&#8230;]</p>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/05/samsung-surpasses-apple-in-smartphone-shipments-by-1-amid-persisting-market-decline/\">Samsung surpasses Apple in smartphone shipments by 1% amid persisting market decline</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/ivan-mehta/\">Ivan Mehta</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "encoded": {
            "__cdata": "<p id=\"speakable-summary\">Samsung overtook Apple through a slender 1% lead to secure the top spot in smartphone shipment volumes during the first quarter of 2023, despite the <a href=\"https://techcrunch.com/2023/04/18/a-12-decline-in-global-smartphone-shipments-is-what-passes-for-stability-these-days/\" target=\"_blank\" rel=\"noopener\">ongoing contraction of the smartphone market</a>, according to a new report.</p>\n<p>The South Korean electronics giant shipped a total of 60.6 million units, narrowly surpassing Apple&#8217;s 58 million in the quarter ending March, according to research firm Counterpoint. The overall smartphone market saw a year-on-year decline of 14% and a quarter-on-quarter drop of 7%, resulting in a total of 280.2 million shipment units in Q1 2023, the Hong Kong-headquartered firm said in a report.</p>\n<p>Concurrently, revenues experienced a 7% year-on-year reduction, reaching a record-low of $104 billion. While Samsung took the lead in shipment volumes, Apple maintained a commanding first quarter in terms of operating profits, securing a substantial 72% lead over Samsung. The iPhone maker also captured half of the market&#8217;s revenue, maintaining a 31% advantage over its South Korean competitor, Counterpoint added.</p>\n<p>Jeff Fieldhack, a Research Director at Counterpoint, attributed Apple&#8217;s resilient performance to the enduring loyalty of its customer base. The company&#8217;s thriving ecosystem discourages consumers from seeking out less expensive alternatives, while its strong presence in the refurbished market — <a href=\"https://techcrunch.com/2023/04/24/refurbished-smartphone-market-apple-iphone-2022/\" target=\"_blank\" rel=\"noopener\">accounting for over 50% of the sector</a> — bolsters its performance, he said.</p>\n<p>&#8220;Apple is able to weather economic and other fluctuations better than its rivals while enjoying unflinching loyalty. This also meant Apple was able to meet the demand for the iPhone 14 series which spilt [sic] over Q4 2022, when it had problems at its Zhengzhou factory, rather than that share dissipating or transferring to rivals,&#8221; Fieldhack said.</p>\n<p>Counterpoint&#8217;s projections align with <a href=\"https://www.canalys.com/newsroom/global-smartphone-market-q1-2023\" target=\"_blank\" rel=\"noopener\">recent findings from Canalys</a>, another research firm.</p>\n<p>Apple officially echoed some of this performance on Thursday, disclosing in the quarterly earnings that it <a href=\"https://techcrunch.com/2023/05/04/iphone-sales-help-apple-beat-revenue-forecasts-for-q2/\">sold $51.3 billion worth of its marquee devices in the quarter ending March</a>.</p><div class=\"piano-inline-promo\"></div>\n<p>But the road ahead is likely to remain tough. For a variety of reasons, we might see a few more declining quarters, according to Counterpoint analyst Tarun Pathak.</p>\n<p>&#8220;The persistent issues affecting the smartphone market are unlikely to abate anytime soon. Moreover, the recent decision by OPEC countries to cut oil production may lead to higher inflation rates, causing a reduction in consumers’ spending power,&#8221; he said.</p>\n<p>The industry-wide downturn has had a noticeable impact on the financial outcomes of numerous major players in the smartphone market. Samsung Mobile Division&#8217;s latest result suggested its revenue was down 2% year-on-year. Meanwhile, Samsung as a company, registered <a href=\"https://news.samsung.com/global/samsung-electronics-announces-fourth-quarter-and-fy-2022-results\">a 95% dip in profit due to sluggish chip demand</a>.</p>\n<p>Earlier this week, chipmaker <a href=\"https://www.cnbc.com/2023/05/03/qualcomm-qcom-earnings-report-q2-2023.html\" target=\"_blank\" rel=\"noopener\">Qualcomm&#8217;s shares fell</a> after it disclosed a 17% decline year-on-year across smartphone processor sales.</p>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/05/samsung-surpasses-apple-in-smartphone-shipments-by-1-amid-persisting-market-decline/\">Samsung surpasses Apple in smartphone shipments by 1% amid persisting market decline</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/ivan-mehta/\">Ivan Mehta</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "commentRss": "https://techcrunch.com/2023/05/05/samsung-surpasses-apple-in-smartphone-shipments-by-1-amid-persisting-market-decline/feed/"
        },
        {
          "title": "Apple introduces 20 new games to Apple Arcade",
          "link": "https://techcrunch.com/2023/05/04/apple-introduces-20-new-games-to-apple-arcade/",
          "comments": [
            "https://techcrunch.com/2023/05/04/apple-introduces-20-new-games-to-apple-arcade/#respond",
            0
          ],
          "creator": {
            "__cdata": "Ivan Mehta"
          },
          "pubDate": "Fri, 05 May 2023 06:43:01 +0000",
          "category": [
            {
              "__cdata": "Apps"
            },
            {
              "__cdata": "Gaming"
            },
            {
              "__cdata": "Apple"
            },
            {
              "__cdata": "Apple Arcade"
            },
            {
              "__cdata": "games"
            },
            {
              "__cdata": "teenage mutant ninja turtles"
            }
          ],
          "guid": "https://techcrunch.com/?p=2538504",
          "description": {
            "__cdata": "<p>Apple launched 20 new games Thursday on Apple Arcade including a new exclusive Teenage Mutant Ninja Turtles title along with classic games like Temple Run and Snake.io. Paramount Global&#8217;s TMNT Splintered Fate is a &#8220;roguelike adventure&#8221; game where you must play different characters including Leonardo, Michelangelo, Donatello, and Raphael to find the missing Master Splinter. [&#8230;]</p>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/04/apple-introduces-20-new-games-to-apple-arcade/\">Apple introduces 20 new games to Apple Arcade</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/ivan-mehta/\">Ivan Mehta</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "encoded": {
            "__cdata": "<p id=\"speakable-summary\">Apple launched 20 new games Thursday on Apple Arcade including a new exclusive Teenage Mutant Ninja Turtles title along with classic games like <em>Temple Run</em> and <em>Snake.io</em>.</p>\n<p>Paramount Global&#8217;s <em>TMNT Splintered Fate</em> is a &#8220;roguelike adventure&#8221; game where you must play different characters including Leonardo, Michelangelo, Donatello, and Raphael to find the missing Master Splinter.</p>\n<p><div id=\"attachment_2538516\" style=\"width: 690px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-2538516\" decoding=\"async\" class=\"size-large wp-image-2538516\" src=\"https://techcrunch.com/wp-content/uploads/2023/05/Apple-Arcade-new-games-TMNT-Splintered-Fate_inline.jpg.large_2x.jpg?w=680\" alt=\"\" width=\"680\" height=\"485\" srcset=\"https://techcrunch.com/wp-content/uploads/2023/05/Apple-Arcade-new-games-TMNT-Splintered-Fate_inline.jpg.large_2x.jpg 1306w, https://techcrunch.com/wp-content/uploads/2023/05/Apple-Arcade-new-games-TMNT-Splintered-Fate_inline.jpg.large_2x.jpg?resize=150,107 150w, https://techcrunch.com/wp-content/uploads/2023/05/Apple-Arcade-new-games-TMNT-Splintered-Fate_inline.jpg.large_2x.jpg?resize=300,214 300w, https://techcrunch.com/wp-content/uploads/2023/05/Apple-Arcade-new-games-TMNT-Splintered-Fate_inline.jpg.large_2x.jpg?resize=768,548 768w, https://techcrunch.com/wp-content/uploads/2023/05/Apple-Arcade-new-games-TMNT-Splintered-Fate_inline.jpg.large_2x.jpg?resize=680,485 680w, https://techcrunch.com/wp-content/uploads/2023/05/Apple-Arcade-new-games-TMNT-Splintered-Fate_inline.jpg.large_2x.jpg?resize=1200,856 1200w, https://techcrunch.com/wp-content/uploads/2023/05/Apple-Arcade-new-games-TMNT-Splintered-Fate_inline.jpg.large_2x.jpg?resize=50,36 50w\" sizes=\"(max-width: 680px) 100vw, 680px\" /><p id=\"caption-attachment-2538516\" class=\"wp-caption-text\"><strong>Image Credits:</strong> Apple</p></div></p>\n<p>Other titles include <em>Words with Friends</em>-like <em>Disney Spellstruck, </em>a silly but fun game called <em>WHAT THE CAR?</em> from the makers of <em>WHAT THE GOLF?</em><em>,</em> Playdead’s dark puzzle platformer<em> LIMBO+ </em>along with classic games like <em>Snake.io+</em> and <em>Temple Run+.</em></p>\n<p>Here is the complete list of 20 games releasing on Apple Arcade:</p>\n<ul>\n<li>TMNT Splintered Fate (Paramount Global)</li>\n<li>Disney SpellStruck (Artist Arcade)</li>\n<li>WHAT THE CAR? (Triband)</li>\n<li>Cityscapes: Sim Builder (Magic Fuel Games)</li>\n<li>Chess Universe+ (Tilting Point)</li>\n<li>Disney Coloring World+ (StoryToys)</li>\n<li>Disney Getaway Blast+ (Gameloft)</li>\n<li>Farming Simulator 20+ (GIANTS Software)</li>\n<li>Getting Over It+ (Bennett Foddy)</li>\n<li>Hill Climb Racing+ (Fingersoft)</li>\n<li>Iron Marines+ (Ironhide Game Studio)</li>\n<li>Kingdom Two Crowns+ (Raw Fury)</li>\n<li>Playdead’s LIMBO+ (Playdead)</li>\n<li>My Town Home &#8211; Family Games+ (My Town Games LTD)</li>\n<li>Octodad: Dadliest Catch+ (Young Horses)</li>\n<li>PPKP+ (SHIMADA TOSHIHIRO)</li>\n<li>Snake.io+ (Kooapps)</li>\n<li>Temple Run+ (Imangi Studios)</li>\n<li>Time Locker+ (Sotaro Otsuka)</li>\n<li>Very Little Nightmares+ (Bandai Namco Entertainment)</li>\n</ul>\n<p>These &#8220;Plus&#8221; versions essentially offer ad-free and in-app purchase-free versions of the mentioned titles.</p>\n<p><div id=\"attachment_2538517\" style=\"width: 690px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-2538517\" decoding=\"async\" loading=\"lazy\" class=\"size-large wp-image-2538517\" src=\"https://techcrunch.com/wp-content/uploads/2023/05/Apple-Arcade-new-games-Snake-io-plus_inline.jpg.large_2x.jpg?w=680\" alt=\"\" width=\"680\" height=\"382\" srcset=\"https://techcrunch.com/wp-content/uploads/2023/05/Apple-Arcade-new-games-Snake-io-plus_inline.jpg.large_2x.jpg 1306w, https://techcrunch.com/wp-content/uploads/2023/05/Apple-Arcade-new-games-Snake-io-plus_inline.jpg.large_2x.jpg?resize=150,84 150w, https://techcrunch.com/wp-content/uploads/2023/05/Apple-Arcade-new-games-Snake-io-plus_inline.jpg.large_2x.jpg?resize=300,169 300w, https://techcrunch.com/wp-content/uploads/2023/05/Apple-Arcade-new-games-Snake-io-plus_inline.jpg.large_2x.jpg?resize=768,432 768w, https://techcrunch.com/wp-content/uploads/2023/05/Apple-Arcade-new-games-Snake-io-plus_inline.jpg.large_2x.jpg?resize=680,382 680w, https://techcrunch.com/wp-content/uploads/2023/05/Apple-Arcade-new-games-Snake-io-plus_inline.jpg.large_2x.jpg?resize=1200,674 1200w, https://techcrunch.com/wp-content/uploads/2023/05/Apple-Arcade-new-games-Snake-io-plus_inline.jpg.large_2x.jpg?resize=50,28 50w\" sizes=\"(max-width: 680px) 100vw, 680px\" /><p id=\"caption-attachment-2538517\" class=\"wp-caption-text\"><strong>Image Credits:</strong> Apple</p></div></p><div class=\"piano-inline-promo\"></div>\n<p>Apple made these additions to the Apple Arcade catalog after launching more than 50 games last year.</p>\n<p>The company said that later this month, it will update titles like <em>Jetpack Joyride 2</em>, <em>Angry Birds Reloaded</em>, <em>LEGO Star Wars: Castaways</em>, <em>Asphalt 8: Airborne+</em>, and <em>Cut the Rope Remastered</em>.</p>\n<p>Apple announced its <a href=\"https://techcrunch.com/2023/05/04/iphone-sales-help-apple-beat-revenue-forecasts-for-q2/\">quarterly results for Q2 FY2023</a> on Thursday. Its services vertical — which includes Apple Arcade — reached all-time record revenue of $20.91 billion. However, it failed to beat analysts&#8217; expectations of $20.97 billion.</p>\n<div class=\"embed breakout embed-oembed embed--techcrunch\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"BUTNWvXEnu\"><p><a href=\"https://techcrunch.com/2023/05/04/iphone-sales-help-apple-beat-revenue-forecasts-for-q2/\">iPhone sales help Apple beat revenue forecasts for Q2</a></p></blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" title=\"&#8220;iPhone sales help Apple beat revenue forecasts for Q2&#8221; &#8212; TechCrunch\" src=\"https://techcrunch.com/2023/05/04/iphone-sales-help-apple-beat-revenue-forecasts-for-q2/embed/#?secret=lkENEEEAjX#?secret=BUTNWvXEnu\" data-secret=\"BUTNWvXEnu\" width=\"800\" height=\"450\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"></iframe></div>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/04/apple-introduces-20-new-games-to-apple-arcade/\">Apple introduces 20 new games to Apple Arcade</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/ivan-mehta/\">Ivan Mehta</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "commentRss": "https://techcrunch.com/2023/05/04/apple-introduces-20-new-games-to-apple-arcade/feed/"
        },
        {
          "title": "Kenya’s Fingo partners with Ecobank, launches neobank on the back of $4M investment",
          "link": "https://techcrunch.com/2023/05/04/kenyas-fingo-partners-with-ecobank-launches-neobank-on-the-back-of-4m-investment/",
          "comments": [
            "https://techcrunch.com/2023/05/04/kenyas-fingo-partners-with-ecobank-launches-neobank-on-the-back-of-4m-investment/#respond",
            0
          ],
          "creator": {
            "__cdata": "Tage Kene-Okafor"
          },
          "pubDate": "Fri, 05 May 2023 05:30:11 +0000",
          "category": [
            {
              "__cdata": "Fintech"
            },
            {
              "__cdata": "africa"
            },
            {
              "__cdata": "Fingo"
            },
            {
              "__cdata": "neobank"
            }
          ],
          "guid": "https://techcrunch.com/?p=2538356",
          "description": {
            "__cdata": "<p>Yesterday, Fingo, a YC-backed Kenyan fintech, launched its neobank, which it developed in collaboration with Pan-African financial institution Ecobank Kenya. The Ecobank subsidiary unveiled the neobank, the first of its kind in the East African country, according to the pair, in an event with the country’s president, William Ruto, in attendance.  It’s taken a while [&#8230;]</p>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/04/kenyas-fingo-partners-with-ecobank-launches-neobank-on-the-back-of-4m-investment/\">Kenya’s Fingo partners with Ecobank, launches neobank on the back of $4M investment</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/tage-kene-okafor/\">Tage Kene-Okafor</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "encoded": {
            "__cdata": "<p id=\"speakable-summary\"><span style=\"font-weight: 400;\">Yesterday, <a href=\"https://fingo.africa/\">Fingo</a>, a YC-backed Kenyan fintech, launched its neobank, which it developed in collaboration with Pan-African financial institution Ecobank Kenya. The Ecobank subsidiary unveiled the neobank, the first of its kind in the East African country, according to the pair, in an <a href=\"https://twitter.com/StateHouseKenya/status/1654033448728936448\">event</a> with the country’s president,</span><span style=\"font-weight: 400;\"> William Ruto,</span><span style=\"font-weight: 400;\"> in attendance. </span></p>\n<p><span style=\"font-weight: 400;\">It’s taken a while for Fingo to get here since CEO <a href=\"https://www.linkedin.com/in/kiiru-muhoya-251360131/\">Kiiru Muhoya</a> and his co-founders </span><span style=\"font-weight: 400;\"><a href=\"https://www.linkedin.com/in/jamesdacosta/\">James da Costa</a>, <a href=\"https://www.linkedin.com/in/ian-n/\">Ian Njuguna</a> and <a href=\"https://www.linkedin.com/in/gitari-t/\">Gitari Tirima</a></span><span style=\"font-weight: 400;\"> founded the Kenyan outfit in January 2021 to provide financial services that appeal to a fast-growing African youthful population that happens to be the youngest globally but the most financially marginalized.</span></p>\n<p><span style=\"font-weight: 400;\">For young adults in Africa, opening an account can take several hours to days, with multiple in-person interactions and requirements to bring physical paper documents. In addition, they have to deal with expensive fees to send money and maintain their accounts. Yet, they still struggle to access savings, insurance and credit, financial services Fingo promises to deliver to its users; however, it is currently pitching them cheaper transfer fees, subsidized rates at pay bills, cash-back rewards and other features, including payment links and tailored savings plans. </span></p>\n<p><span style=\"font-weight: 400;\">After a $200,000 pre-seed round, Fingo got into <a href=\"https://techcrunch.com/2021/08/31/this-yc-summer-batch-features-the-largest-group-of-african-startups-yet/\">YC S21</a> and raised $4 million in seed funding toward the end of that year. </span><span style=\"font-weight: 400;\">Multistage venture capital firm HOF Capital led the round with participation from Hustle Fund, Pioneer Fund, TCVP, Launch Africa, Chandaria Capital, Naiban (Nairobi Angel Network), Chui Ventures, as well as from the co-founders of Monzo and Twitch and executives from Google, Facebook and Paytm. </span><span style=\"font-weight: 400;\">What followed was a signed partnership with Ecobank, and Fingo began integrating its software with the bank toward launch while simultaneously waiting for regulatory approval from the Central Bank of Kenya (CBK), which finally came in Q1 this year. </span></p>\n<p><div id=\"attachment_2538447\" style=\"width: 179px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-2538447\" decoding=\"async\" loading=\"lazy\" class=\"vertical size-medium wp-image-2538447\" src=\"https://techcrunch.com/wp-content/uploads/2023/05/F0DC3D38-1356-4132-90A3-3AD7022BA1ED.jpeg?w=169\" alt=\"\" width=\"169\" height=\"300\" srcset=\"https://techcrunch.com/wp-content/uploads/2023/05/F0DC3D38-1356-4132-90A3-3AD7022BA1ED.jpeg 900w, https://techcrunch.com/wp-content/uploads/2023/05/F0DC3D38-1356-4132-90A3-3AD7022BA1ED.jpeg?resize=84,150 84w, https://techcrunch.com/wp-content/uploads/2023/05/F0DC3D38-1356-4132-90A3-3AD7022BA1ED.jpeg?resize=169,300 169w, https://techcrunch.com/wp-content/uploads/2023/05/F0DC3D38-1356-4132-90A3-3AD7022BA1ED.jpeg?resize=768,1365 768w, https://techcrunch.com/wp-content/uploads/2023/05/F0DC3D38-1356-4132-90A3-3AD7022BA1ED.jpeg?resize=383,680 383w, https://techcrunch.com/wp-content/uploads/2023/05/F0DC3D38-1356-4132-90A3-3AD7022BA1ED.jpeg?resize=864,1536 864w, https://techcrunch.com/wp-content/uploads/2023/05/F0DC3D38-1356-4132-90A3-3AD7022BA1ED.jpeg?resize=675,1200 675w, https://techcrunch.com/wp-content/uploads/2023/05/F0DC3D38-1356-4132-90A3-3AD7022BA1ED.jpeg?resize=28,50 28w\" sizes=\"(max-width: 169px) 100vw, 169px\" /><p id=\"caption-attachment-2538447\" class=\"wp-caption-text\">The Fingo App</p></div></p>\n<p><span style=\"font-weight: 400;\">Before giving the green light, the CBK, all that time, tried to understand the framework Fingo and Ecobank had set up for their relationship, especially as it concerns data, transactions and customer interactions. Unlike Nigeria, where collaboration between banks and fintechs is commonplace, allowing the latter group to launch fast (ultimately contributing to why the country has attracted most of Africa’s fintech funding), it is few and far between in Kenya. Fingo claims to be the first Kenyan neobank, so it’s pretty understandable, looking at how long it took to get approvals and go to market.</span></p>\n<p><span style=\"font-weight: 400;\">Meanwhile, Muhoya noted on the call that despite the wait, the fintech still has the majority of its venture capital it raised in the bank because it maintained its 15-man headcount and barely had any expenses other than paying salaries and developing its software. So it isn’t raising additional capital for operations, especially in this challenging fundraising environment. </span></p><div class=\"piano-inline-promo\"></div>\n<p><span style=\"font-weight: 400;\">Now that the partnership has been approved, the Fingo Africa app will offer its users a bank account “under 5 minutes,” paired with free peer-to-peer transactions and immediate access to multiple services such as savings, financial education and smart spending analytics, the company said in a statement. </span><span style=\"font-weight: 400;\">The fintech says it has acquired 10,000 active users with a waitlist of 100,000 customers within 24 hours of launch. However, it will have its work cut out for itself if the plan is to onboard millions in a market where mobile money reigns supreme (Safaricom’s M-Pesa controls over 90% of that medium) and </span><span style=\"font-weight: 400;\">a banking sector dominated by the likes of KCB and Equity Bank (which have their digital banking products). </span></p>\n<p><span style=\"font-weight: 400;\">Fingo’s partnership with Ecobank, which claims to have the most significant footprint of any bank in Africa, covering over 30 countries, might provide the scale the fintech needs outside Kenya. Both entities are planning a Pan-African rollout, with an imminent expansion to the rest of East Africa by the end of the year, according to </span><span style=\"font-weight: 400;\">Muhoya. Digital banking counterparts that serve consumers in that region include <a href=\"https://techcrunch.com/2022/01/18/finclusion-raises-20m-to-build-out-credit-led-neobank-offerings-across-africa/\">Finclusion</a> and <a href=\"https://techcrunch.com/2021/09/22/koa-is-helping-african-consumers-make-better-money-moves/\">Koa</a>. </span></p>\n<div class=\"embed breakout embed-oembed embed--techcrunch\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"gackTjlM13\"><p><a href=\"https://techcrunch.com/2021/09/22/koa-is-helping-african-consumers-make-better-money-moves/\">Koa is helping African consumers make better money moves</a></p></blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" title=\"&#8220;Koa is helping African consumers make better money moves&#8221; &#8212; TechCrunch\" src=\"https://techcrunch.com/2021/09/22/koa-is-helping-african-consumers-make-better-money-moves/embed/#?secret=2wU3j4PkCl#?secret=gackTjlM13\" data-secret=\"gackTjlM13\" width=\"800\" height=\"450\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"></iframe></div>\n<p><span style=\"font-weight: 400;\">“Our partnership with Fingo Africa is a critical milestone in our mission to equip Africa’s youth with the essential financial tools they need to succeed. Together, we will launch youth-focused financial products, including quick access to bank accounts, savings options, and cost-effective transactions, across Ecobank’s pan-African footprint,” said Diallo Djiba, Ecobank Group’s senior fintech advisor, in a statement. “We are excited to extend our current solutions through this partnership and to be at the forefront of youth banking in Africa. Our aim is to reach millions of young people across the 33+ African markets where Ecobank operates.”</span></p>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/04/kenyas-fingo-partners-with-ecobank-launches-neobank-on-the-back-of-4m-investment/\">Kenya’s Fingo partners with Ecobank, launches neobank on the back of $4M investment</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/tage-kene-okafor/\">Tage Kene-Okafor</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "commentRss": "https://techcrunch.com/2023/05/04/kenyas-fingo-partners-with-ecobank-launches-neobank-on-the-back-of-4m-investment/feed/"
        },
        {
          "title": "India&#8217;s Meesho cuts 251 jobs",
          "link": "https://techcrunch.com/2023/05/04/india-meesho-cuts-251-jobs/",
          "comments": [
            "https://techcrunch.com/2023/05/04/india-meesho-cuts-251-jobs/#respond",
            0
          ],
          "creator": {
            "__cdata": "Manish Singh"
          },
          "pubDate": "Fri, 05 May 2023 04:22:47 +0000",
          "category": [
            {
              "__cdata": "Commerce"
            },
            {
              "__cdata": "Fidelity"
            },
            {
              "__cdata": "india"
            },
            {
              "__cdata": "layoff"
            },
            {
              "__cdata": "Layoffs"
            },
            {
              "__cdata": "meesho"
            },
            {
              "__cdata": "Prosus Ventures"
            },
            {
              "__cdata": "Softbank"
            }
          ],
          "guid": "https://techcrunch.com/?p=2538462",
          "description": {
            "__cdata": "<p>Meesho has cut 15% of its workforce, or 251 roles, as the Indian social commerce startup pares its expenses to improve its financial health and confront the &#8220;economic reality.&#8221; This is the second round of job cuts at Meesho, which eliminated about 150 roles a year ago. The Bengaluru-headquartered startup, backed by Fidelity, Prosus, SoftBank, [&#8230;]</p>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/04/india-meesho-cuts-251-jobs/\">India&#8217;s Meesho cuts 251 jobs</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/manish-singh/\">Manish Singh</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "encoded": {
            "__cdata": "<p id=\"speakable-summary\">Meesho has cut 15% of its workforce, or 251 roles, as the Indian <a href=\"https://techcrunch.com/2021/09/29/meesho-india-social-commerce-raises-570-million/\" target=\"_blank\" rel=\"noopener\">social commerce startup</a> pares its expenses to improve its financial health and confront the &#8220;economic reality.&#8221;</p>\n<p>This is the second round of job cuts at Meesho, which eliminated about 150 roles a year ago. The Bengaluru-headquartered startup, backed by Fidelity, Prosus, SoftBank, Sequoia India and Meta, said in a statement that it is looking to &#8220;work with a leaner organizational structure to achieve sustained profitability.&#8221;</p>\n<p>&#8220;We are committed to ensuring all those impacted have our full support and will be provided a separation package that includes a one-time severance payment of 2.5 to 9 months (depending on tenor and designation), continued insurance benefits, job placement support and accelerated vesting of ESOPs. We remain grateful for their contributions in building Meesho,&#8221; a Meesho spokesperson said in a statement.</p>\n<p>The job cuts follows Meesho aggressively trimming its cash burn in the last year. The startup is &#8220;nearing zero cash burn&#8221; and is targeting to achieve EBIDTA breakeven in 2023, its leadership team recently told brokerage firm Jefferies.</p>\n<p>The seven-year-old e-commerce startup, whose sellers are predominantly based in smaller cities, drove a GMV of $4.5 billion in 2022, a nine-fold growth over a year, the startup told Jefferies.</p>\n<p>Meesho is attempting to serve an audience that is too sensitive to price and don&#8217;t mind unbranded products. This value proposition has &#8220;resonated well with the low to mid income customer cohorts from tier 2+ markets, forming the bulk of the consuming class in India although there is traction seen in metro/tier-1 as well,&#8221; Jefferies wrote.</p>\n<p>Compared to traditional platforms, where the average order value from a customer is about 1,000 Indian rupees, or $12.2, Meesho&#8217;s AOV stands below 350 Indian rupees, according to Jefferies and people familiar with the matter. This small basket size presents unique challenges and opportunities and unlocking it is key to expanding the e-commerce market in India, analysts say.</p><div class=\"piano-inline-promo\"></div>\n<p>&#8220;We grew by 10X from 2020 to 2022, helped by Covid tailwinds and aggressive investments. Even as we tracked to our plans, the macro climate undeniably and considerably changed. As a result, we have had to accelerate our timeline to profitability as part of Project Redbull, while readjusting our GMV growth goals to 30% YoY. While our cash reserves buffer us well for these harsh circumstances, we need to stay highly prudent on the cost front,&#8221; Meesho co-founder and chief executive Vidit Aatrey told employees in an email.</p>\n<p>He added: &#8220;As leaders, we made judgement errors in over-hiring ahead of the curve. At the same time, we could have run our org structure in a more effective and lean manner overall. Our spans and layers were inflated, and this could have unintended consequences on our speed to execute. While we are confident that Meesho business will stay strong, the economic reality is here to stay. We are now faced with the hard truth of aligning our people costs with the new projections for our business.&#8221;</p>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/04/india-meesho-cuts-251-jobs/\">India&#8217;s Meesho cuts 251 jobs</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/manish-singh/\">Manish Singh</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "commentRss": "https://techcrunch.com/2023/05/04/india-meesho-cuts-251-jobs/feed/"
        },
        {
          "title": "Praktis lands $20M to help Indonesian D2C brands handle their supply chains",
          "link": "https://techcrunch.com/2023/05/04/praktis/",
          "comments": ["https://techcrunch.com/2023/05/04/praktis/#respond", 0],
          "creator": {
            "__cdata": "Catherine Shu"
          },
          "pubDate": "Fri, 05 May 2023 04:22:25 +0000",
          "category": [
            {
              "__cdata": "Startups"
            },
            {
              "__cdata": "Asia"
            },
            {
              "__cdata": "D2C"
            },
            {
              "__cdata": "e-commerce"
            },
            {
              "__cdata": "eCommerce"
            },
            {
              "__cdata": "Indonesia"
            },
            {
              "__cdata": "manufacturing"
            },
            {
              "__cdata": "Praktis"
            },
            {
              "__cdata": "Southeast Asia"
            },
            {
              "__cdata": "supply chain"
            }
          ],
          "guid": "https://techcrunch.com/?p=2538460",
          "description": {
            "__cdata": "<p>Small to medium-sized enterprises contribute 60% of Indonesia’s gross domestic product. But companies in the D2C space still struggle to compete against bigger brands. Praktis wants to put them on a more level playing field. The startup, which handles everything from raw material purchases to order fulfillment for D2C brands and suppliers, announced today it [&#8230;]</p>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/04/praktis/\">Praktis lands $20M to help Indonesian D2C brands handle their supply chains</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/catherine-shu/\">Catherine Shu</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "encoded": {
            "__cdata": "<p id=\"speakable-summary\">Small to medium-sized enterprises <a href=\"https://www.oecd-ilibrary.org/sites/13753156-en/index.html?itemId=/content/component/13753156-en\" target=\"_blank\" rel=\"noopener\">contribute 60% of Indonesia’s gross domestic product</a>. But companies in the D2C space still struggle to compete against bigger brands. <a href=\"https://www.praktis.co/\" target=\"_blank\" rel=\"noopener\">Praktis</a> wants to put them on a more level playing field.</p>\n<p>The startup, which handles everything from raw material purchases to order fulfillment for D2C brands and suppliers, announced today it has raised $20 million in Series A funding. The round was led by East Ventures (Growth fund), with participation from Triputra Groiup and SMDV.</p>\n<p>Praktis co-founder and chief executive officer Adrian Gilrandy told TechCrunch that even though 60% of Indonesia’s GDP comes from SMEs, many experience difficulties while scaling up their business operations. These include finding reliable suppliers, getting fair pricing, the cost of labor and high exposure to fixed costs.</p>\n<p><div id=\"attachment_2538461\" style=\"width: 690px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-2538461\" decoding=\"async\" loading=\"lazy\" class=\"size-large wp-image-2538461\" src=\"https://techcrunch.com/wp-content/uploads/2023/05/Praktis-Team.jpg?w=680\" alt=\"Praktis' team\" width=\"680\" height=\"453\" srcset=\"https://techcrunch.com/wp-content/uploads/2023/05/Praktis-Team.jpg 2880w, https://techcrunch.com/wp-content/uploads/2023/05/Praktis-Team.jpg?resize=150,100 150w, https://techcrunch.com/wp-content/uploads/2023/05/Praktis-Team.jpg?resize=300,200 300w, https://techcrunch.com/wp-content/uploads/2023/05/Praktis-Team.jpg?resize=768,512 768w, https://techcrunch.com/wp-content/uploads/2023/05/Praktis-Team.jpg?resize=680,453 680w, https://techcrunch.com/wp-content/uploads/2023/05/Praktis-Team.jpg?resize=1536,1024 1536w, https://techcrunch.com/wp-content/uploads/2023/05/Praktis-Team.jpg?resize=2048,1365 2048w, https://techcrunch.com/wp-content/uploads/2023/05/Praktis-Team.jpg?resize=1200,800 1200w, https://techcrunch.com/wp-content/uploads/2023/05/Praktis-Team.jpg?resize=50,33 50w\" sizes=\"(max-width: 680px) 100vw, 680px\" /><p id=\"caption-attachment-2538461\" class=\"wp-caption-text\">Praktis&#8217; team</p></div></p>\n<p>Through its platform, Praktis’ customers are able to manage this business operations, including raw material purchases, production, fulfillment and logistics. Gilrandy said Praktis also aggregates purchasing and processing for economies of scale. This leaves D2C brands free to focus on other parts of their business, including brand building and marketing.</p>\n<p>The startup plans to scale up by growing alongside the D2C brands it serves. Gilrandy said its ecosystem can easily be applied to other verticals—for example, it started in fashion before moving on to the beauty industry. Praktis claimed 12x growth year-on-year from 2020 to 2021 as the COVID-19 pandemic accelerated adoption of its services, and 4x growth year-on-year from 2021 to 2022.</p>\n<p>Praktis will use its new funding for technology development for both brands and suppliers, building its team and expanding its end-to-end supply chain ecosystem.</p><div class=\"piano-inline-promo\"></div>\n<p>The startup also announced today it has appointed Leonard Pontoh as its chief financial officer. Pontoh is also joining its board of directors.</p>\n<p>In a statement, East Ventures co-founder and managing partner Willson Cuaca said, “We are thrilled to double down our investment to Praktis as they strive to empower D2C brands in Indonesia and hit profitability much faster than we expected.”</p>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/04/praktis/\">Praktis lands $20M to help Indonesian D2C brands handle their supply chains</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/catherine-shu/\">Catherine Shu</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "commentRss": "https://techcrunch.com/2023/05/04/praktis/feed/"
        },
        {
          "title": "In Europe, Accel banks on a turnaround over the next 6 to 9 months",
          "link": "https://techcrunch.com/2023/05/04/accels-harry-nelis-venture-capital/",
          "comments": [
            "https://techcrunch.com/2023/05/04/accels-harry-nelis-venture-capital/#respond",
            0
          ],
          "creator": {
            "__cdata": "Connie Loizos"
          },
          "pubDate": "Thu, 04 May 2023 22:16:43 +0000",
          "category": [
            {
              "__cdata": "Venture"
            },
            {
              "__cdata": "Accel"
            },
            {
              "__cdata": "funding"
            },
            {
              "__cdata": "venture capital"
            }
          ],
          "guid": "https://techcrunch.com/?p=2537718",
          "description": {
            "__cdata": "<p>It&#8217;s been almost five years since this editor sat down with longtime VC Harry Nelis and three other investors from Accel&#8217;s London office to talk about the trends rippling through the venture industry. At the time, our talk largely centered on Brexit and SoftBank&#8217;s feverish pace of investment, which was beginning to drive other late-stage [&#8230;]</p>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/04/accels-harry-nelis-venture-capital/\">In Europe, Accel banks on a turnaround over the next 6 to 9 months</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/connie-loizos/\">Connie Loizos</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "encoded": {
            "__cdata": "<p id=\"speakable-summary\">It&#8217;s been almost five years since this editor <a href=\"https://techcrunch.com/video/becoming-a-unicorn-factory-with-philippe-botteri-sonali-de-rycker-luciana-lixandru-and-harry-nelis-accel-disrupt-berlin-2018/\">sat down</a> with longtime VC Harry Nelis and three other investors from Accel&#8217;s London office to talk about the trends rippling through the venture industry. At the time, our talk largely centered on Brexit and SoftBank&#8217;s feverish pace of investment, which was beginning to drive other late-stage funds into earlier-stage companies.</p>\n<p>Of course, much has changed in the intervening years. Brexit came to pass in January 2020. COVID-19 took hold around the world soon after. A global downturn has also reshaped how investors and founders are thinking about their respective roles &#8212; and pushed SoftBank into the background.</p>\n<p>To learn how some of these shifts have impacted Accel (thanks to bets like <a href=\"https://techcrunch.com/2019/06/19/slack-reportedly-prices-ipo-at-26-per-share/\">Slack</a> and <a href=\"https://www.cnbc.com/2021/04/21/uipath-rises-17percent-in-nyse-debut-after-one-of-top-software-ipos-ever.html\">UiPath</a>, it raised some enormous funds just as things were cooling off), we chatted with Nelis again yesterday. Excerpts from that catch-up have been edited lightly below for length and clarity.</p>\n<p><strong>TC: Your seventh fund closed almost exactly two years ago with $650 million as part of <a href=\"https://techcrunch.com/2021/06/29/accel-closes-on-3b-across-three-funds/\">$3 billion</a> in capital commitments that Accel announced in June 2021. This included funds in the U.S. and a global growth stage fund. How much of that fund have you committed? </strong></p>\n<p>HN: I think we&#8217;re roughly halfway through the fund. Subsequent to that whole fundraising, we raised another &#8220;Leaders Fund,&#8221; a pre-IPO fund, with <a href=\"https://techcrunch.com/2022/06/21/accel-new-4-billion-fund/\">$4 billion</a> in commitments in June of &#8217;22. But . . .we&#8217;re now in a period where things have slowed down quite dramatically.</p>\n<p>We have early-stage franchises in Palo Alto, London and Bangalore, India; we have two global funds &#8212; a global growth fund and a global pre-IPO fund. Especially the growth fund and pre-IPO fund, the business for them has been very slow because companies raised so much money over the last few years that they really don&#8217;t need any more. And they know that if they were to raise more money, it probably wouldn&#8217;t be at a higher valuation. So a lot of them are kind of trying to get as far as they can on the money that they&#8217;ve raised. Even the early-stage market was slow for a moment . . . but that has readjusted itself now, and the early-stage market is really back again.</p>\n<p><strong>Accel downsized one of its funds back in 2001 after the big dot-com bust. The firm couldn&#8217;t put the money to work that it had raised, and LPs were meanwhile in a bind because of the downturn. Here we are again. Has Accel talked about downsizing the size of these massive pre-IPO and growth-stage global funds?</strong></p><div class=\"piano-inline-promo\"></div>\n<p>In general, I don&#8217;t think we have seen that. So I haven&#8217;t read anything in the news where people have been cutting back the stage funds or fund commitments. I also think that we&#8217;re very close to the market adjusting again. We&#8217;ve done analysis of, okay, when did most of the big funding rounds happen, how long ago was that, what are reasonable assumptions for burn rates, what does that mean for companies having to fundraise again. And by most of our estimates, it feels like toward the end of the year and definitely in the beginning of next year, we should see the market normalizing again, so I think any kind of talk about smaller funds, etc., would be premature.</p>\n<p><strong>Sometimes it feels like a domino effect. Somebody does it, then everyone else says that was the right thing to do; we should do that as well. It&#8217;s good that you think the markets are going to bounce back. At the same time, the numbers are not looking so great. I talk to secondary shops here in the U.S. from time to time and they&#8217;ve all said that it&#8217;s like trying to catch a falling knife here. Nobody really wants to sell their shares because they&#8217;re down so much. At the same time, buyers don&#8217;t want to buy yet because they think the shares will fall even further. And then yesterday, I saw that institutional LPs are selling some of their holdings at a <a href=\"https://www.businessinsider.com/venture-capital-firms-selling-stakes-secondary-markets-2023-4\" target=\"_blank\" rel=\"noopener\">40% to 60% discount</a>. Are your portfolio companies talking more actively with secondary platforms? Is Accel selling any of its holdings?</strong></p>\n<p>No. We&#8217;ve been here before, right? So in 1999–2000, there was a massive funding cycle, and then of course, after 2001, that became very, very quiet again. So booms and busts are part of capitalism and hence also part of venture capitalism, so our approach is to really keep focusing on building large and valuable businesses, and over time, those large and valuable businesses will end up in windows where there is liquidity and then good stuff will happen.</p>\n<p>During the last few years, we had lots of growth, but it was also sometimes inefficient growth. We&#8217;re working on making them efficient and really building these companies into large and valuable businesses, and then that creates great outcomes for entrepreneurs, and it&#8217;ll also create great venture firms.</p>\n<p><strong>Where are you looking in particular to make new bets? I know fintech is an area of interest for you, and that sector has been hammered obviously over the last year or so. </strong></p>\n<p>What are we looking at? Generative AI, of course, is a very fertile area for us to fund and look around. Security is always something of a gift that kind of keeps giving, as attackers and defenders come up with evermore powerful weapons to battle each other. We&#8217;ve particularly focused on security for big market companies but small businesses have not had the benefit of a lot of defense and a lot of security, so there&#8217;s a whole bunch of companies that are being formed now that help SMEs protect themselves from cybercrime. We also continue to do a lot in payments. And we&#8217;re funding a number of repeat entrepreneurs who have built large businesses before and are still quite young and want to do it again and want to possibly do it bigger.</p>\n<p><strong>How has your pacing changed since we last talked? How long does it take Accel to write an initial check right now?</strong></p>\n<p>It&#8217;s very different from the boom times. In the real boom [in 2020 and 2021], we had typically three or four days to decide on a deal. And that&#8217;s not good for the investors, but it&#8217;s also not good for the entrepreneurs because you end up working together for at least five to 10 years, and when you make a commitment like that, it&#8217;s good to get to know each other. Now the time we have to really familiarize ourselves with an investment opportunity and an entrepreneur is two or three weeks or so, which is much more normative, and it gives us an opportunity to get to know the entrepreneur but equally importantly, it gives the entrepreneur an opportunity to get to know us.</p>\n<p>Before the boom, a typical deployment period for a fund would be three years and it would be deployed in three years and [would feature] roughly 30 to 35 companies per fund. During the boom, that deployment period definitely went to two years and for many firms, sometimes a year and a half &#8212; even faster. And you don&#8217;t get enough time diversification into a fund like that, which makes venture funds more vulnerable. So now we&#8217;re back to what I would expect to be a three-year deployment cycle, with a [more traditional] period to really properly diligence an opportunity.</p>\n<p><strong>So many bets were made during that period, and the fatality rate in the startup world is always high. How do you know that it is time to pull the plug?</strong></p>\n<p>We are of the opinion that it&#8217;s always best for portfolio companies to raise fresh money from the outside, in good times and bad, because that kind of gives an outside market reality check as to the market as a whole. So the first litmus test is, is a company able to raise money from the outside? It doesn&#8217;t matter at what valuation. If they&#8217;re not able to raise money, that&#8217;s kind of a signal from the market.</p>\n<p><strong>Are you more inclined to fund a founder who has <a href=\"https://techcrunch.com/2023/03/21/vcs-struggling-founders/\">returned capital</a> to investors before running out of gas completely?</strong></p>\n<p>If an entrepreneur says, &#8220;Listen, I don&#8217;t quite believe in it anymore because circumstances have changed, it&#8217;s a different market, I prefer to wind things up and give money back to investors and move on,&#8221; on a case-by-case basis, we&#8217;d be okay with that. It&#8217;s okay to admit that circumstances have changed and that the opportunity that you jointly thought was attractive is no longer. It happens. But it&#8217;s not something that we actively ask for. Typically, with entrepreneurs, we kind of we realize they&#8217;re in the driver&#8217;s seat, so we support them when they when they go public; we support them when they decide they want to sell. We also support them if they decide that circumstances have changed and it no longer makes sense to really go after their dream.</p>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/04/accels-harry-nelis-venture-capital/\">In Europe, Accel banks on a turnaround over the next 6 to 9 months</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/connie-loizos/\">Connie Loizos</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "commentRss": "https://techcrunch.com/2023/05/04/accels-harry-nelis-venture-capital/feed/"
        },
        {
          "title": "Daily Crunch: Shopify lays off 20% of staff and sells its logistics arm to Flexport",
          "link": "https://techcrunch.com/2023/05/04/daily-crunch-shopify-lays-off-20-of-staff-and-sells-its-logistics-arm-to-flexport/",
          "comments": [
            "https://techcrunch.com/2023/05/04/daily-crunch-shopify-lays-off-20-of-staff-and-sells-its-logistics-arm-to-flexport/#respond",
            0
          ],
          "creator": {
            "__cdata": "Christine Hall"
          },
          "pubDate": "Thu, 04 May 2023 22:05:04 +0000",
          "category": [
            {
              "__cdata": "Startups"
            },
            {
              "__cdata": "Venture"
            },
            {
              "__cdata": "Daily Crunch"
            },
            {
              "__cdata": "venture capital"
            }
          ],
          "guid": "https://techcrunch.com/?p=2538219",
          "description": {
            "__cdata": "<p>Hello, friends, and welcome to Daily Crunch, bringing you the most important startup, tech and venture capital news in a single package.</p>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/04/daily-crunch-shopify-lays-off-20-of-staff-and-sells-its-logistics-arm-to-flexport/\">Daily Crunch: Shopify lays off 20% of staff and sells its logistics arm to Flexport</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/christine-hall/\">Christine Hall</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "encoded": {
            "__cdata": "<p id=\"speakable-summary\"><em>To get a roundup of TechCrunch’s biggest and most important stories delivered to your inbox every day at 3 p.m. PDT, </em><a href=\"https://techcrunch.com/newsletters/\"><em>subscribe here</em></a><em>.</em></p>\n<p>Why, hello, Crunchers! We’re excited to tell you that today is Thursday! How fabulously exciting.</p>\n<p>Over on TC+, <a href=\"https://twitter.com/haje\" target=\"_blank\" rel=\"noopener\">Haje</a> has been hard at work trying to create the<a href=\"https://techcrunch.com/2023/05/04/the-perfect-pitch-deck/\"> Perfect Pitch Deck</a>. Oh, and <a href=\"https://techcrunch.com/2023/05/03/europe-apply-startup-battlefield-200-disrupt-2023/\">Euro startups: Here’s your chance to apply to Startup Battlefield 200</a>!</p>\n<p>— <a href=\"https://twitter.com/ChristineMHall\" target=\"_blank\" rel=\"noopener\">Christine</a> and <a href=\"https://twitter.com/haje\" target=\"_blank\" rel=\"noopener\">Haje</a></p>\n<h2>The TechCrunch Top 3</h2>\n<ul>\n<li><a href=\"https://techcrunch.com/2023/05/04/shopify-to-reduce-workforce-by-20-sells-logistics-business-to-flexport-for-13-equity/\"><strong>“Side quests are always distracting”</strong></a>: That’s what Shopify CEO Tobias Lütke had to say today when talking about why Shopify had to reduce its workforce by 20%. He also talked about “main quests,” which is another video game analogy in case you were wondering. Oh, and Shopify also sold its logistics business to Flexport.<a href=\"https://twitter.com/psawers\" target=\"_blank\" rel=\"noopener\"> Paul</a> has more of the deets. Meanwhile, <a href=\"https://twitter.com/etherington\" target=\"_blank\" rel=\"noopener\">Darrell</a> also <a href=\"https://techcrunch.com/2023/05/04/how-shopify-bungled-its-latest-layoffs-and-made-employees-feel-like-npcs/\">has some thoughts</a>.</li>\n<li><a href=\"https://techcrunch.com/2023/05/04/microsoft-doubles-down-on-ai-with-new-bing-features/\"><strong>A-I knew this was coming</strong></a>: Microsoft is planning its next set of features for Bing, and, no surprise here, they involve AI. However, <a href=\"https://twitter.com/kyle_l_wiggers\" target=\"_blank\" rel=\"noopener\">Kyle</a> writes that, “they don’t so much reinvent the wheel as they build on what Microsoft has injected into the Bing experience over the past three months or so.”</li>\n<li><a href=\"https://techcrunch.com/2023/05/04/hugging-face-and-servicenow-release-a-free-code-generating-model/\"><strong>Written in the stars</strong></a>: <a href=\"https://twitter.com/kyle_l_wiggers\" target=\"_blank\" rel=\"noopener\">Kyle</a> also wrote about Hugging Face and ServiceNow releasing StarCoder, a free alternative to DeepMind’s AlphaCode, Amazon’s CodeWhisperer and OpenAI’s Codex code-generating models.</li>\n</ul>\n<h2>Startups and VC</h2>\n<p>Signaling that investments in the supply chain sector remain robust, Pando, a startup developing fulfillment management technologies, <a href=\"https://techcrunch.com/2023/05/03/ai-powered-supply-chain-startup-pando-lands-30m-investment/\">today announced that it raised $30 million in a Series B round</a>, bringing its total raised to $45 million, <a href=\"https://twitter.com/kyle_l_wiggers\" target=\"_blank\" rel=\"noopener\">Kyle</a> reports.</p>\n<p>Tellus, an Andreessen Horowitz–backed fintech company that claims it can offer people higher yields on their savings balances by using that money to fund certain U.S. single-family home loans, is under scrutiny by the U.S. government. The <a href=\"https://techcrunch.com/2023/05/04/senate-banking-chair-urges-fdic-to-look-into-tellus-a-fintech-backed-by-andreessen-horowitz/\">Senate Banking chair urges the FDIC to look into the company</a>, <a href=\"https://twitter.com/bayareawriter\" target=\"_blank\" rel=\"noopener\">Mary Ann</a> reports.</p>\n<p>And we have five more for you:</p>\n<ul>\n<li><strong>Flying high</strong>: <a href=\"https://twitter.com/breadfrom\" target=\"_blank\" rel=\"noopener\">Aria</a> reports that satellite imaging and manufacturing company <a href=\"https://techcrunch.com/2023/05/03/maxar-completes-6-4b-sale-to-private-equity/\">Maxar completes a $6.4 billion sale to private equity</a>.</li>\n<li><strong>All is accepted here</strong>: <a href=\"https://twitter.com/bayareawriter\" target=\"_blank\" rel=\"noopener\">Mary Ann</a> invites you to <a href=\"https://techcrunch.com/2023/05/04/fintech-liquido-stripe-of-latam-payments/\">meet Liquido, which aims to be the &#8220;Stripe of LatAm&#8221; </a>— but with even bigger ambitions: The startup says that businesses can accept and process “all forms of payment,” from credit and debit cards to bank transfers to digital wallets, and even cash.</li>\n<li><strong>The Vegas Loop is going places</strong>: <a href=\"https://twitter.com/RebeccaBellan\" target=\"_blank\" rel=\"noopener\">Rebecca</a> reports that <a href=\"https://techcrunch.com/2023/05/03/musks-the-boring-company-to-expand-vegas-loop-to-18-new-stations/\">Musk’s The Boring Company plans to expand Vegas Loop to 18 new stations</a>.</li>\n<li><strong>Peeking at Earth</strong>: <a href=\"https://twitter.com/breadfrom\" target=\"_blank\" rel=\"noopener\">Aria</a> writes that <a href=\"https://techcrunch.com/2023/05/04/nuview-emerges-from-stealth-with-plans-to-map-the-earth-using-lidar/\">Nuview emerges from stealth with plans to map Earth using lidar</a>.</li>\n<li><strong>Massive new European fund</strong>:<a href=\"https://techcrunch.com/2023/05/04/hv-capital-closes-e710m-fund-amidst-the-wider-european-and-global-funding-downturn/\"> HV Capital closes €710M fund amidst the wider European and global funding downturn</a>, reports <a href=\"https://twitter.com/mikebutcher\" target=\"_blank\" rel=\"noopener\">Mike</a>.</li>\n</ul>\n<h2>Acquisition, retention, expansion: Why SaaS founders must understand GDR and NDR</h2>\n<p><div id=\"attachment_2538137\" style=\"width: 1034px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-2538137\" decoding=\"async\" loading=\"lazy\" class=\"size-full wp-image-2538137\" src=\"https://techcrunch.com/wp-content/uploads/2023/05/GettyImages-187938743.jpg\" alt=\"water is coming out of a bucket with holes\" width=\"1024\" height=\"683\" srcset=\"https://techcrunch.com/wp-content/uploads/2023/05/GettyImages-187938743.jpg 1500w, https://techcrunch.com/wp-content/uploads/2023/05/GettyImages-187938743.jpg?resize=150,100 150w, https://techcrunch.com/wp-content/uploads/2023/05/GettyImages-187938743.jpg?resize=300,200 300w, https://techcrunch.com/wp-content/uploads/2023/05/GettyImages-187938743.jpg?resize=768,512 768w, https://techcrunch.com/wp-content/uploads/2023/05/GettyImages-187938743.jpg?resize=680,453 680w, https://techcrunch.com/wp-content/uploads/2023/05/GettyImages-187938743.jpg?resize=1200,800 1200w, https://techcrunch.com/wp-content/uploads/2023/05/GettyImages-187938743.jpg?resize=50,33 50w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" /><p id=\"caption-attachment-2538137\" class=\"wp-caption-text\"><strong>Image Credits:</strong> <a href=\"https://www.gettyimages.com/search/photographer?photographer=ConstantinosZ\" target=\"_blank\" rel=\"noopener\">ConstantinosZ <span class=\"screen-reader-text\">(opens in a new window)</span></a> / Getty Images</p></div></p>\n<p>Investors have raised their expectations around SaaS profitability and growth since the downturn began. As a result, it&#8217;s even more important for founders to have a firm handle on the key metrics VCs consider before saying yes or no.</p>\n<p>In his latest TC+ article, Paris Heymann (partner, Index Ventures) shares formulas for calculating gross dollar retention and net dollar retention, KPIs that provide deep insights into the health of your business.</p>\n<p>&#8220;Predictable businesses are more durable, easier to manage, and typically rewarded with higher valuations than unpredictable ones,&#8221; writes Heymann.</p>\n<div class=\"embed breakout embed-oembed embed--techcrunch\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"ncsDpntrYs\"><p><a href=\"https://techcrunch.com/2023/05/04/acquisition-retention-expansion-why-saas-founders-must-understand-gdr-and-ndr/\">Acquisition, retention, expansion: Why SaaS founders must understand GDR and NDR</a></p></blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" title=\"&#8220;Acquisition, retention, expansion: Why SaaS founders must understand GDR and NDR&#8221; &#8212; TechCrunch\" src=\"https://techcrunch.com/2023/05/04/acquisition-retention-expansion-why-saas-founders-must-understand-gdr-and-ndr/embed/#?secret=eWD5vBEBBO#?secret=ncsDpntrYs\" data-secret=\"ncsDpntrYs\" width=\"800\" height=\"450\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"></iframe></div>\n<p>Three more from the TC+ team:</p>\n<ul>\n<li><strong>That’ll be two imaginary dollars, please</strong>:<a href=\"https://techcrunch.com/2023/05/04/hubspot-earnings-generative-ai/\"> As generative AI finds its footing in enterprise products, how will companies charge for its use?</a> wonders<a href=\"https://twitter.com/alex\" target=\"_blank\" rel=\"noopener\"> Alex</a>.</li>\n<li><strong>This is fine</strong>:<a href=\"https://techcrunch.com/2023/05/04/seed-stage-deal-valuations-soften/\"> Has the seed stage come back down to earth? It depends where you look</a>, writes<a href=\"https://twitter.com/rebecca_szkutak\" target=\"_blank\" rel=\"noopener\"> Becca</a>.</li>\n<li><strong>Reminder</strong>: <a href=\"https://twitter.com/carlypage_\" target=\"_blank\" rel=\"noopener\">Carly</a> reminds us that <a href=\"https://techcrunch.com/2023/05/03/ai-is-just-someone-elses-computer/\">AI is just someone else’s computer</a>.</li>\n<li><strong>Uh-oh, my passport’s expiring</strong>: Ask <a href=\"https://twitter.com/Sophie_Alcorn\" target=\"_blank\" rel=\"noopener\">Sophie Alcorn</a>: <a href=\"https://techcrunch.com/2023/05/03/ask-sophie-will-i-be-allowed-into-the-u-s-if-my-passport-expires-in-5-months/\">Will I be allowed into the U.S. if my passport expires in 5 months?</a></li>\n</ul>\n<p><a href=\"https://techcrunch.com/techcrunchplus/\"><em>TechCrunch+</em></a><em> is our membership program that helps founders and startup teams get ahead of the pack.</em><a href=\"https://link.techcrunch.com/click/26685582.342535/aHR0cHM6Ly90ZWNoY3J1bmNoLmNvbS9zdWJzY3JpYmUvP3V0bV9tZWRpdW09VENuZXdzbGV0dGVyJnRwY2M9VENkYWlseW5ld3NsZXR0ZXI/6036d5494a049802a929497cBf82fd2bd\"><em> You can sign up here</em></a><em>. Use code “DC” for a 15% discount on an annual subscription!</em></p>\n<h2>Big Tech Inc.</h2>\n<p><a href=\"https://twitter.com/ron_miller\" target=\"_blank\" rel=\"noopener\">Ron</a> covered the Salesforce World Tour event this week and found out more details about Slack’s plan <a href=\"https://techcrunch.com/2023/05/04/slack-updates-aim-to-put-ai-at-the-center-of-the-user-experience/\">to put AI at the center of the user experience</a>. He writes that examples include helping someone get the gist of a long thread without having to read each message and generating messages. We can’t wait until the technology for telepathy gets better so we can just think and Slack will type out a message.</p>\n<p>Dallas, Texas, found itself in a pickle, confirming that a <a href=\"https://techcrunch.com/2023/05/04/ransomware-attack-forces-dallas-to-shut-down-courts-disrupt-some-911-services/\">ransomware attack</a> forced the city to shut down courts and disrupt some 911 services while the mess got sorted out.<a href=\"https://twitter.com/carlypage_\" target=\"_blank\" rel=\"noopener\"> Carly</a> has more.</p>\n<p>And we have five more for you:</p>\n<ul>\n<li><strong>We’ve got our drone eye on you</strong>: Japan’s biggest drone maker<a href=\"https://techcrunch.com/2023/05/04/japans-biggest-drone-maker-sets-its-sights-on-the-us/\"> ACSL sets its sights on the U.S.</a>, reports <a href=\"https://twitter.com/bheater\" target=\"_blank\" rel=\"noopener\">Brian</a>.</li>\n<li><strong>Under the microscope</strong>: The U.K.’s antitrust watchdog announced it will be doing an <a href=\"https://techcrunch.com/2023/05/04/cma-generative-ai-review/\">initial review of generative AI</a>. <a href=\"https://twitter.com/riptari\" target=\"_blank\" rel=\"noopener\">Natasha L</a> writes that the agency will be looking at “AI foundational models,” like the large language models that OpenAI and Microsoft’s New Bing are doing.</li>\n<li><strong>Into the fold</strong>: <a href=\"https://techcrunch.com/2023/05/04/oh-hey-google-just-announced-the-pixel-fold/\">Oh hey, Google just announced the Pixel Fold</a>. <a href=\"https://twitter.com/bheater\" target=\"_blank\" rel=\"noopener\">Brian</a> has more.</li>\n<li><strong>Off the chain</strong>: <a href=\"https://techcrunch.com/2023/05/04/alibaba-cloud-avalanche-partner-to-deploy-metaverses-on-the-blockchain/\">Alibaba Cloud and Avalanche partner to deploy metaverses on the blockchain</a>,<a href=\"https://twitter.com/jacqmelinek\" target=\"_blank\" rel=\"noopener\"> Jacquelyn</a> writes.</li>\n<li><strong>Tuned in</strong>:<a href=\"https://techcrunch.com/2023/05/04/paramount-plus-q1-2023-earnings/\"> Paramount+ grows to 60 million subscribers</a> as it prepares to integrate with Showtime, reports<a href=\"https://twitter.com/laurenforristal\" target=\"_blank\" rel=\"noopener\"> Lauren</a>.</li>\n</ul>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/04/daily-crunch-shopify-lays-off-20-of-staff-and-sells-its-logistics-arm-to-flexport/\">Daily Crunch: Shopify lays off 20% of staff and sells its logistics arm to Flexport</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/christine-hall/\">Christine Hall</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "commentRss": "https://techcrunch.com/2023/05/04/daily-crunch-shopify-lays-off-20-of-staff-and-sells-its-logistics-arm-to-flexport/feed/"
        },
        {
          "title": "Persona and Index Ventures talk identity, and identifying a good deal",
          "link": "https://techcrunch.com/2023/05/04/persona-and-index-ventures-talk-identity-and-identifying-a-good-deal/",
          "comments": [
            "https://techcrunch.com/2023/05/04/persona-and-index-ventures-talk-identity-and-identifying-a-good-deal/#respond",
            0
          ],
          "creator": {
            "__cdata": "Matt Burns"
          },
          "pubDate": "Thu, 04 May 2023 21:10:54 +0000",
          "category": [
            {
              "__cdata": "Startups"
            },
            {
              "__cdata": "Index Ventures"
            },
            {
              "__cdata": "persona"
            },
            {
              "__cdata": "TechCrunch Live"
            },
            {
              "__cdata": "techcrunch live announcement"
            }
          ],
          "guid": "https://techcrunch.com/?p=2535467",
          "description": {
            "__cdata": "<p>Identity management used to mean making sure you had your driver&#8217;s license when you left the house, but these days it’s not so easy: Identity fundamentally underpins how we engage with the digital world, and identity services can take on many forms (and, unfortunately, abuses). I’m excited to host a TechCrunch Live event with Persona [&#8230;]</p>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/04/persona-and-index-ventures-talk-identity-and-identifying-a-good-deal/\">Persona and Index Ventures talk identity, and identifying a good deal</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/matt-burns/\">Matt Burns</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "encoded": {
            "__cdata": "<p id=\"speakable-summary\">Identity management used to mean making sure you had your driver&#8217;s license when you left the house, but these days it’s not so easy: Identity fundamentally underpins how we engage with the digital world, and identity services can take on many forms (and, unfortunately, abuses). I’m excited to host a TechCrunch Live event with Persona co-founder and CEO Rick Song, one of the early movers in the space, about how his company identified ID management as an opportunity.</p>\n<p>This TechCrunch Live event takes place on <strong>Wednesday, May 10, 2023, at 12:00 p.m. PDT</strong>. <a href=\"https://hopin.com/events/building-robust-infrastructure-with-persona-and-index-ventures?utm_source=tc&amp;utm_campaign=post\" target=\"_blank\" rel=\"noopener\">Register here</a> for Hopin access, where viewers can ask questions and network with other attendees.</p>\n<p>Along with Rick, Index Venture’s Mark Goldberg is speaking at the event, too. Mark made a prescient move to spot and back Persona during its Series B fundraise and backed the company again for its $150 million Series C.</p>\n<p>Rick Song co-founded Persona with Charles Yeh in 2018, and according to PitchBook, the company’s valuation is $1.5 billion as of Persona’s Series C in 2021. Since its founding, the company’s goal has remained the same: provide users with a verification system to protect and secure identity from theft and fraud. The company raised a Series B in 2021 after seeing revenues jump 20x while users increased 5x. In late 2022, Persona introduced new services, expanding beyond identify verification with the launch of à la carte tools, including a risk assessment engine, an identity workflow tool, a graph database aimed at link analysis and fraud detection, and a marketplace for external developers to help connect their business tools to Persona’s identity tools.</p>\n<p>I hope you can join this <a href=\"https://techcrunch.com/tag/techcrunch-live/\" target=\"_blank\" rel=\"noopener\">TechCrunch Live</a> event. Rick and Mark are set to provide actionable insights on how companies can better protect users, and how founders, building such services, can stand out among their competitors.</p>\n<p><a class=\"button button--green-gradient button--primary\" href=\"https://hopin.com/events/building-robust-infrastructure-with-persona-and-index-ventures?utm_source=tc&amp;utm_campaign=post\">REGISTER HERE FOR FREE</a></p>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/04/persona-and-index-ventures-talk-identity-and-identifying-a-good-deal/\">Persona and Index Ventures talk identity, and identifying a good deal</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/matt-burns/\">Matt Burns</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "commentRss": "https://techcrunch.com/2023/05/04/persona-and-index-ventures-talk-identity-and-identifying-a-good-deal/feed/"
        },
        {
          "title": "Investors cheer as Coinbase beats Q1 expectations",
          "link": "https://techcrunch.com/2023/05/04/coinbase-earnings-q1-2023-expectations/",
          "comments": [
            "https://techcrunch.com/2023/05/04/coinbase-earnings-q1-2023-expectations/#respond",
            0
          ],
          "creator": {
            "__cdata": "Alex Wilhelm"
          },
          "pubDate": "Thu, 04 May 2023 20:58:29 +0000",
          "category": [
            {
              "__cdata": "Crypto"
            },
            {
              "__cdata": "coinbase"
            },
            {
              "__cdata": "coinbase earnings"
            },
            {
              "__cdata": "cryptocurrencies"
            },
            {
              "__cdata": "EC Blockchain"
            },
            {
              "__cdata": "EC Cryptocurrency"
            }
          ],
          "guid": "https://techcrunch.com/?p=2538290",
          "description": {
            "__cdata": "<p>In the first three months of the year, the U.S. cryptocurrency exchange generated net revenues of $736 million.</p>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/04/coinbase-earnings-q1-2023-expectations/\">Investors cheer as Coinbase beats Q1 expectations</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/alex-wilhelm/\">Alex Wilhelm</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "encoded": {
            "__cdata": "<p id=\"speakable-summary\">Today after the bell, Coinbase <a href=\"https://s27.q4cdn.com/397450999/files/doc_financials/2023/q1/Shareholder-Letter-Q1-2023.pdf\">reported</a> its Q1 2023 financial results, handily beating expectations. In the first three months of the year, the U.S. cryptocurrency exchange generated net revenues of $736 million, a $79 million net loss and adjusted EBITDA of $284 million.</p>\n<p>Analysts had <a href=\"https://money.cnn.com/quote/forecast/forecast.html?symb=COIN\">expected</a> a far slimmer $655 million in revenue and a larger loss from the company in the first quarter. In after-hours trading, shares of Coinbase are up a little more than 7%.</p>\n<p>Certainly, Coinbase’s results are a welcome dataset for both crypto bulls and investors in the company alike.</p>\n<p>Let’s explore how Coinbase beat analyst estimates, and what it is forecasting for the coming quarter. Can the company keep up its return to adjusted profitability? What does it say concerning Q2 crypto trading activity?</p>\n<h2>Coinbase’s Q1 2023 results, explained</h2>\n<p>If we compare Coinbase’s Q1 2023 results to its year-ago totals, we are presented with an odd set of numbers. Yes, Coinbase’s revenue in Q1 2022 was far greater ($1.17 billion) than what it posted in its most recent quarter. In contrast, however, in the year-ago period, the company’s net loss was far greater ($430 million) and its adjusted EBITDA far smaller ($20 million).</p>\n<p><div class=\"extra-crunch-offer-container\"></div><p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/04/coinbase-earnings-q1-2023-expectations/\">Investors cheer as Coinbase beats Q1 expectations</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/alex-wilhelm/\">Alex Wilhelm</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "commentRss": "https://techcrunch.com/2023/05/04/coinbase-earnings-q1-2023-expectations/feed/"
        },
        {
          "title": "Lyft shares tumble as investors react to dim outlook",
          "link": "https://techcrunch.com/2023/05/04/lyft-shares-tumble-as-investors-react-to-dim-outlook/",
          "comments": [
            "https://techcrunch.com/2023/05/04/lyft-shares-tumble-as-investors-react-to-dim-outlook/#respond",
            0
          ],
          "creator": {
            "__cdata": "Rebecca Bellan"
          },
          "pubDate": "Thu, 04 May 2023 20:55:36 +0000",
          "category": [
            {
              "__cdata": "Transportation"
            },
            {
              "__cdata": "earnings"
            },
            {
              "__cdata": "Lyft"
            },
            {
              "__cdata": "ride hail"
            },
            {
              "__cdata": "Uber"
            }
          ],
          "guid": "https://techcrunch.com/?p=2538273",
          "description": {
            "__cdata": "<p>Lyft shares tanked as much as 12% moments after the company reported first-quarter earnings as investors placed more weight on a dim outlook and lower quarter-over-quarter revenue than other financial gains.  Shares have since stabilized in after-hours trading, now trading down about 10%.   Lyft beat both its own revenue expectations and Wall Street&#8217;s, but it [&#8230;]</p>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/04/lyft-shares-tumble-as-investors-react-to-dim-outlook/\">Lyft shares tumble as investors react to dim outlook</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/rebecca-bellan/\">Rebecca Bellan</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "encoded": {
            "__cdata": "<p id=\"speakable-summary\"><span style=\"font-weight: 400;\">Lyft shares tanked as much as 12% moments after the company reported first-quarter earnings as investors placed more weight on a dim outlook and lower quarter-over-quarter revenue than other financial gains. </span></p>\n<p><span style=\"font-weight: 400;\">Shares have since stabilized in after-hours trading, now trading down about 10%.  </span></p>\n<p><span style=\"font-weight: 400;\">Lyft beat both its own revenue expectations and Wall Street&#8217;s, but it wasn’t enough to assuage investors focused on the ride-hailing company’s future. </span></p>\n<p><span style=\"font-weight: 400;\">The company closed the first quarter of the year with $1 billion in revenue, up 14% from the same quarter last year. It should be noted that its Q1 revenue is lower than $1.2 billion it generated in Q4. Analysts had expected $977 million for the first quarter, and </span><a href=\"https://techcrunch.com/2023/02/09/lyft-shares-get-crushed-on-weak-guidance-for-first-quarter/#:~:text=Lyft%20surpasses%20revenue%20expectations,versus%20%243.2%20billion%20in%202021.\"><span style=\"font-weight: 400;\">the company promised $975 million</span></a><span style=\"font-weight: 400;\"> in February. </span></p>\n<p><span style=\"font-weight: 400;\">That revenue gain is on top of a net loss of $187.6 million, a 4.7% improvement from the $196.9 million it lost in the same period last year. It’s also significantly better than the $588.1 million in net losses posted in the fourth quarter of 2022. Lyft attributed much of that loss in Q4 to $201.3 million of stock-based compensation and related payroll tax expenses.</span></p>\n<p><span style=\"font-weight: 400;\">On an adjusted basis, Lyft earned $22.7 million, compared to $54.9 million a year ago. It is an improvement from the adjusted loss of $248.3 million in the fourth quarter of 2022. </span></p>\n<p><span style=\"font-weight: 400;\">The company’s operating cash flow was in negative territory for the quarter with a loss of  $188 million. Lyft closed out the quarter with cash and cash equivalents of $509.6 million, an increase from $281 million last quarter.</span></p><div class=\"piano-inline-promo\"></div>\n<p><span style=\"font-weight: 400;\">Lyft issued guidance for the second quarter of about $1 billion to $1.02 billion, an indication that the company is not expecting much growth in the coming quarter. On an adjusted EBITDA basis, Lyft expects to earn between $20 million and $30 million, with an adjusted margin of 2% to 3%. </span></p>\n<p><span style=\"font-weight: 400;\">Notably, the company did not issue guidance for the full year, a move that can suggest the company is uncertain about its future or an expectation of changes to come. </span></p>\n<p><span style=\"font-weight: 400;\">The first quarter has been a tumultuous one for Lyft as the company brought on a </span><a href=\"https://techcrunch.com/2023/03/27/lyft-ceo-and-president-stepping-down-to-be-replaced-by-former-amazon-exec/\"><span style=\"font-weight: 400;\">new CEO and president</span></a><span style=\"font-weight: 400;\">, issued</span><a href=\"https://techcrunch.com/2023/04/27/lyft-layoffs-to-affect-26-of-workforce/\"><span style=\"font-weight: 400;\"> layoffs for 26% of its staff</span></a><span style=\"font-weight: 400;\"> and dropped certain offerings like </span><a href=\"https://www.lyft.com/blog/posts/organizing-to-better-support-riders-and-drivers-a-note-from-lyfts-ceo\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">shared rides</span></a><span style=\"font-weight: 400;\">. David Risher, the former Amazon executive who took over for co-founders Logan Green and John Zimmer, said he wanted Lyft to focus on the </span><a href=\"https://techcrunch.com/2023/03/29/lyft-might-drop-shared-rides-stay-focused-on-basics-under-new-ceo/\"><span style=\"font-weight: 400;\">basics of ride-hail</span></a><span style=\"font-weight: 400;\">. Given these cost-cutting measures and the coming of warmer seasons, which are usually a boon for the ride-hail industry, investors might be put off by second-quarter revenue guidance that mirrors the first quarter. </span></p>\n<p><span style=\"font-weight: 400;\">During Lyft’s earnings call Thursday, analysts and investors will want to know how the new leader will help Lyft continue to compete with Uber. The ride-hail competitor </span><a href=\"https://techcrunch.com/2023/05/02/uber-q1-earnings-analysis/\"><span style=\"font-weight: 400;\">beat analysts’ expectations</span></a><span style=\"font-weight: 400;\"> and demonstrated strong financial footing due to its business model that spans across ride-hail and delivery. </span></p>\n<p><span style=\"font-weight: 400;\">Meanwhile, Lyft has been cutting away the extra fat off its business since last year when it </span><a href=\"https://techcrunch.com/2022/07/20/lyft-lays-off-about-60-employees-shutters-in-house-car-rentals-program/#:~:text=Lyft%20will%20still%20offer%20third,%2C%E2%80%9D%20said%20a%20Lyft%20spokesperson.\"><span style=\"font-weight: 400;\">closed down its car rental scheme</span></a><span style=\"font-weight: 400;\">. This quarter, the company is also shutting down its Fleet products focused on personal car ownership and is spinning off Loop, the company&#8217;s cloud infrastructure, into a standalone business. Loop was operating in stealth mode and had a single-digit team, according to a Lyft spokesperson. </span></p>\n<p>Lyft didn&#8217;t share much in the way of updates about its bikeshare business. Risher only reiterated the company&#8217;s plan to create more of a cross-pollinating ecosystem between bikeshare and ride-hail, but didn&#8217;t get into specifics. That side of the business is also expected to see some cuts as it gets &#8220;leaner and more focused,&#8221; according to an <a href=\"https://www.lyft.com/blog/posts/organizing-to-better-support-riders-and-drivers-a-note-from-lyfts-ceo\" target=\"_blank\" rel=\"noopener\">April blog post</a> from the company.</p>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/04/lyft-shares-tumble-as-investors-react-to-dim-outlook/\">Lyft shares tumble as investors react to dim outlook</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/rebecca-bellan/\">Rebecca Bellan</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "commentRss": "https://techcrunch.com/2023/05/04/lyft-shares-tumble-as-investors-react-to-dim-outlook/feed/"
        },
        {
          "title": "iPhone sales help Apple beat revenue forecasts for Q2",
          "link": "https://techcrunch.com/2023/05/04/iphone-sales-help-apple-beat-revenue-forecasts-for-q2/",
          "comments": [
            "https://techcrunch.com/2023/05/04/iphone-sales-help-apple-beat-revenue-forecasts-for-q2/#respond",
            0
          ],
          "creator": {
            "__cdata": "Brian Heater"
          },
          "pubDate": "Thu, 04 May 2023 20:44:28 +0000",
          "category": [
            {
              "__cdata": "Apps"
            },
            {
              "__cdata": "Hardware"
            },
            {
              "__cdata": "Apple"
            },
            {
              "__cdata": "earnings"
            },
            {
              "__cdata": "iPhone"
            }
          ],
          "guid": "https://techcrunch.com/?p=2538207",
          "description": {
            "__cdata": "<p>Everyone knew this would be a rough quarterly earnings report, but the question was just how rough. Facing broader economic headwinds and a slowing smartphone market, Apple reported its second straight quarterly sales drop. Still, the company managed to beat Wall Street forecasts, on the strength of better-than-expected iPhone revenue. Apple itself issued no formal [&#8230;]</p>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/04/iphone-sales-help-apple-beat-revenue-forecasts-for-q2/\">iPhone sales help Apple beat revenue forecasts for Q2</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/brian-heater/\">Brian Heater</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "encoded": {
            "__cdata": "<p id=\"speakable-summary\">Everyone knew this would be a rough quarterly earnings report, but the question was just how rough. Facing broader economic headwinds and a slowing smartphone market, Apple reported its second straight quarterly sales drop. Still, the <a href=\"https://www.apple.com/newsroom/2023/05/apple-reports-second-quarter-results/\" target=\"_blank\" rel=\"noopener\">company managed</a> to beat Wall Street forecasts, on the strength of better-than-expected iPhone revenue.</p>\n<p>Apple itself issued no formal guidance ahead of earnings, a move implemented and maintained since the earliest days of the pandemic. Apple sold $51.3 billion worth of iPhones for Q2, beating an expected $48.8 billion for the quarter. The category’s growth amounted to only 2% for the quarter, but it’s still being regarded as a win.</p>\n<p>“We are pleased to report an all-time record in Services and a March quarter record for iPhone despite the challenging macroeconomic environment, and to have our installed base of active devices reach an all-time high,” Tim Cook said in a release. “We continue to invest for the long term and lead with our values, including making major progress toward building carbon neutral products and supply chains by 2030.”</p>\n<p>The broader smartphone market has stagnated and begun to contract, owing to financial concerns and various factors limiting demand. Apple certainly hasn’t been immune to such stresses, but the company is believed to have benefited from a boast from supply chain corrections.</p>\n<p>The bump in iPhone sales is especially critical as the company failed to hit revenue forecasts for the Mac, iPad and other hardware. Even services, which have been the key for the company as it shifts away from a dependency on consumer hardware, fell short of expectations. Mac revenue, which was expected to hit $7.8 billion for the quarter, came in at $7.2 billion. In a recent study, analyst firm Canalys noted a 40.5% drop in Mac shipments for Q2. It was a bad quarter for PC sellers all around, but Apple was hit especially hard.</p>\n<p>iPad just barely fell short, at $6.67 billion versus an expected $6.69 billion. Ditto for services. The category, which includes things like iCloud, Apple TV Plus and Apple Music, reached $20.91 billion, just short of the expect $20.97 billion.</p>\n<p>Given a difficult business climate for growth, all eyes are on the company&#8217;s stock repurchases as a way to drive investor return. Apple delivered: “Given our confidence in Apple’s future and the value we see in our stock,&#8221; says CFO Luca Maestri, &#8220;our Board has authorized an additional $90 billion for share repurchases. We are also raising our quarterly dividend for the eleventh year in a row.”</p><div class=\"piano-inline-promo\"></div>\n<p>The company has, thus far, managed to buck the industry trend of wide-scale layoffs, which have impacted competitors like Google, Amazon and Meta. In <a href=\"https://www.cnbc.com/2023/05/04/apple-aapl-earnings-report-q2-2023.html\" target=\"_blank\" rel=\"noopener\">an interview with CNBC</a>, Cook said layoffs are not on the immediate horizon for Apple. “I view that as a last resort and, so, mass layoffs is not something that we’re talking about at this moment,&#8221; the exec explained.</p>\n<p>Shares of Apple lost just under 1% during regular trading hours, and after reporting its earnings it has rallied just over 1%. Put another way, Wall Street has digested the company&#8217;s aggregate results, new buyback authorization and rising dividend and decided to not change the company&#8217;s value materially. That could change after its earnings call, but for now Apple has, at a minimum, defended its $2.6 trillion market cap.</p>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/04/iphone-sales-help-apple-beat-revenue-forecasts-for-q2/\">iPhone sales help Apple beat revenue forecasts for Q2</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/brian-heater/\">Brian Heater</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "commentRss": "https://techcrunch.com/2023/05/04/iphone-sales-help-apple-beat-revenue-forecasts-for-q2/feed/"
        },
        {
          "title": "Google celebrates Star Wars Day with a fun Grogu Easter egg",
          "link": "https://techcrunch.com/2023/05/04/google-celebrates-star-wars-day-fun-grogu-easter-egg/",
          "comments": [
            "https://techcrunch.com/2023/05/04/google-celebrates-star-wars-day-fun-grogu-easter-egg/#respond",
            0
          ],
          "creator": {
            "__cdata": "Aisha Malik"
          },
          "pubDate": "Thu, 04 May 2023 20:39:56 +0000",
          "category": [
            {
              "__cdata": "Media & Entertainment"
            },
            {
              "__cdata": "Google"
            },
            {
              "__cdata": "google search"
            }
          ],
          "guid": "https://techcrunch.com/?p=2538228",
          "description": {
            "__cdata": "<p>Google is celebrating Star Wars Day with a special Easter egg featuring Grogu, also known as Baby Yoda. When you type &#8220;Grogu&#8221; or &#8220;Baby Yoda&#8221; into the Google Search bar, the character will appear in the bottom right corner of your screen. Once you click on him, he will use the Force to knock out [&#8230;]</p>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/04/google-celebrates-star-wars-day-fun-grogu-easter-egg/\">Google celebrates Star Wars Day with a fun Grogu Easter egg</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/aisha-malik/\">Aisha Malik</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "encoded": {
            "__cdata": "<p id=\"speakable-summary\">Google is celebrating Star Wars Day with <a href=\"https://www.google.com/search?q=grogu&amp;rlz=1C5GCEA_enUS997US997&amp;oq=gro&amp;aqs=chrome.0.69i59j69i57j0i131i355i433i512j0i433i512j0i131i433i512j69i60l3.776j0j7&amp;sourceid=chrome&amp;ie=UTF-8\" target=\"_blank\" rel=\"noopener\">a special Easter egg featuring Grogu</a>, also known as Baby Yoda. When you type &#8220;Grogu&#8221; or &#8220;Baby Yoda&#8221; into the Google Search bar, the character will appear in the bottom right corner of your screen. Once you click on him, he will use the Force to knock out the top section of the results.</p>\n<p>If you click on him again, he will continue to dismantle the search results.</p>\n<p><div id=\"attachment_2538251\" style=\"width: 1034px\" class=\"wp-caption alignnone\"><img aria-describedby=\"caption-attachment-2538251\" decoding=\"async\" loading=\"lazy\" class=\"size-full wp-image-2538251\" src=\"https://techcrunch.com/wp-content/uploads/2023/05/baby-yoda-google.png\" alt=\"\" width=\"1024\" height=\"394\" srcset=\"https://techcrunch.com/wp-content/uploads/2023/05/baby-yoda-google.png 2668w, https://techcrunch.com/wp-content/uploads/2023/05/baby-yoda-google.png?resize=150,58 150w, https://techcrunch.com/wp-content/uploads/2023/05/baby-yoda-google.png?resize=300,115 300w, https://techcrunch.com/wp-content/uploads/2023/05/baby-yoda-google.png?resize=768,295 768w, https://techcrunch.com/wp-content/uploads/2023/05/baby-yoda-google.png?resize=680,261 680w, https://techcrunch.com/wp-content/uploads/2023/05/baby-yoda-google.png?resize=1536,591 1536w, https://techcrunch.com/wp-content/uploads/2023/05/baby-yoda-google.png?resize=2048,788 2048w, https://techcrunch.com/wp-content/uploads/2023/05/baby-yoda-google.png?resize=1200,461 1200w, https://techcrunch.com/wp-content/uploads/2023/05/baby-yoda-google.png?resize=50,19 50w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" /><p id=\"caption-attachment-2538251\" class=\"wp-caption-text\"><strong>Image Credits:</strong> Screenshot/TechCrunch</p></div></p>\n<p>Grogu stars alongside Pedro Pascal in the Disney+ original series “The Mandalorian,” which just finished its third season. The character has been a fan favorite ever since the series premiered on Disney+ in November 2019.</p>\n<p>Baby Yoda can knock out Search results on both the mobile and desktop versions of Google.</p>\n<div class=\"embed breakout embed-oembed embed--techcrunch\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"yhjPANk3Ja\"><p><a href=\"https://techcrunch.com/2023/04/07/the-acolyte-star-wars-series-will-debut-on-disney-in-2024/\">&#8216;The Acolyte&#8217; Star Wars series will debut on Disney+ in 2024</a></p></blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" title=\"&#8220;&#8216;The Acolyte&#8217; Star Wars series will debut on Disney+ in 2024&#8221; &#8212; TechCrunch\" src=\"https://techcrunch.com/2023/04/07/the-acolyte-star-wars-series-will-debut-on-disney-in-2024/embed/#?secret=k9KVcVDCed#?secret=yhjPANk3Ja\" data-secret=\"yhjPANk3Ja\" width=\"800\" height=\"450\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"></iframe></div>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/04/google-celebrates-star-wars-day-fun-grogu-easter-egg/\">Google celebrates Star Wars Day with a fun Grogu Easter egg</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/aisha-malik/\">Aisha Malik</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "commentRss": "https://techcrunch.com/2023/05/04/google-celebrates-star-wars-day-fun-grogu-easter-egg/feed/"
        },
        {
          "title": "Tesla brings back the long-range Model 3 with an 18% discount",
          "link": "https://techcrunch.com/2023/05/04/tesla-brings-back-the-long-range-model-3-with-an-18-discount/",
          "comments": [
            "https://techcrunch.com/2023/05/04/tesla-brings-back-the-long-range-model-3-with-an-18-discount/#respond",
            0
          ],
          "creator": {
            "__cdata": "Harri Weber"
          },
          "pubDate": "Thu, 04 May 2023 19:03:31 +0000",
          "category": [
            {
              "__cdata": "Transportation"
            },
            {
              "__cdata": "electric vehicles"
            },
            {
              "__cdata": "EV"
            },
            {
              "__cdata": "Model 3"
            },
            {
              "__cdata": "Tesla"
            }
          ],
          "guid": "https://techcrunch.com/?p=2536080",
          "description": {
            "__cdata": "<p>After a nearly nine-month hiatus, Tesla has reopened orders for its long-range Model 3. The vehicle reappeared on the automaker&#8217;s website earlier this week with a steep price drop. It previously started at $57,990, but now sits at $47,240 before any interior, exterior or software upgrades. Still, this roughly 18.5% discount seems to come with [&#8230;]</p>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/04/tesla-brings-back-the-long-range-model-3-with-an-18-discount/\">Tesla brings back the long-range Model 3 with an 18% discount</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/harri-weber/\">Harri Weber</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "encoded": {
            "__cdata": "<p id=\"speakable-summary\">After a nearly nine-month hiatus, Tesla has reopened orders for its long-range Model 3.</p>\n<p>The vehicle reappeared on the automaker&#8217;s <a href=\"https://www.tesla.com/model3/\" target=\"_blank\" rel=\"noopener\">website</a> earlier this week with a <a href=\"https://www.reuters.com/business/autos-transportation/tesla-resumes-us-orders-model-3-long-range-version-lower-price-2023-05-03/\" target=\"_blank\" rel=\"noopener\">steep price drop</a>. It previously started at $57,990, but now sits at $47,240 before any interior, exterior or <a href=\"https://techcrunch.com/2022/10/27/self-driving-cars-arent-going-to-happen/\">software</a> upgrades.</p>\n<p>Still, this roughly 18.5% discount seems to come with a catch.</p>\n<p>Tesla previously <a href=\"https://web.archive.org/web/20220801033316/https://www.tesla.com/model3/\" target=\"_blank\" rel=\"noopener\">advertised a 358-mile range</a> before it <a href=\"https://electrek.co/2022/08/12/tesla-stops-model-3-long-range-orders/\" target=\"_blank\" rel=\"noopener\">paused orders</a> on the longer-range vehicle last August. The company now lists the model as having a maximum range of &#8220;325+&#8221; miles, for drivers who choose the 18-inch &#8220;Aero Wheels&#8221; configuration. The long-range Model 3&#8217;s projected range drops to 310 miles with the 19-inch &#8220;Sport Wheels&#8221; upgrade. As <a href=\"https://www.engadget.com/tesla-reopens-long-range-model-3-orders-after-almost-nine-months-164744109.html\" target=\"_blank\" rel=\"noopener\">Engadget</a> reports, the change may be linked to Tesla&#8217;s ongoing <a href=\"https://www.engadget.com/tesla-highland-model-3-redesign-report-172945432.html\" target=\"_blank\" rel=\"noopener\">cost-cutting efforts</a>.</p>\n<p>For reference, Tesla advertises a 267 to 272-mile range for its regular-old Model 3, depending on the wheels.</p>\n<p>Like its stock, the starting price for Tesla&#8217;s vehicles have proved particularly unsteady in recent months. In December, the automaker <a href=\"https://techcrunch.com/2022/12/22/teslas-7500-discount-feels-desperate-and-its-giving-investors-the-ick/\">cut prices for Model 3 and Model Y</a> buyers to boost end-of-year sales, unnerving some of its investors in the process. Tesla issued additional cuts <a href=\"https://techcrunch.com/2023/04/18/tesla-cuts-prices-for-model-3-model-y-on-eve-of-q1-earnings/\">in April</a>, and then it bumped prices up again just <a href=\"https://www.cnn.com/2023/05/03/cars/tesla-raises-prices-globally-china-us-intl-hnk/index.html\" target=\"_blank\" rel=\"noopener\">yesterday</a>.</p>\n<p>Tesla&#8217;s discounts <a href=\"https://techcrunch.com/2023/04/19/tesla-q1-income-falls-24-as-ev-price-cuts-squeeze-profits/\">cut into its margins</a> in the first quarter of this year; the automaker recorded a 24% drop in net income in Q1 2023 from the same period last year.</p><div class=\"piano-inline-promo\"></div>\n<p><div class=\"embed breakout embed-oembed embed--techcrunch\"><blockquote class=\"wp-embedded-content\" data-secret=\"5sdn9PE94B\"><a href=\"https://techcrunch.com/2023/05/01/elon-musk-defamation-suit-tesla-hothi-tslaq/\">Elon Musk reportedly settles defamation suit after saying he&#8217;d never &#8216;surrender an unjust case&#8217;</a></blockquote><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" title=\"&#8220;Elon Musk reportedly settles defamation suit after saying he&#8217;d never &#8216;surrender an unjust case&#8217;&#8221; &#8212; TechCrunch\" src=\"https://techcrunch.com/2023/05/01/elon-musk-defamation-suit-tesla-hothi-tslaq/embed/#?secret=hptJcjKuAW#?secret=5sdn9PE94B\" data-secret=\"5sdn9PE94B\" width=\"800\" height=\"450\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"></iframe></div></p>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/04/tesla-brings-back-the-long-range-model-3-with-an-18-discount/\">Tesla brings back the long-range Model 3 with an 18% discount</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/harri-weber/\">Harri Weber</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "commentRss": "https://techcrunch.com/2023/05/04/tesla-brings-back-the-long-range-model-3-with-an-18-discount/feed/"
        },
        {
          "title": "Developers are building out the blockchain ecosystem in Barcelona",
          "link": "https://techcrunch.com/2023/05/04/developers-are-building-out-the-blockchain-ecosystem-in-barcelona/",
          "comments": [
            "https://techcrunch.com/2023/05/04/developers-are-building-out-the-blockchain-ecosystem-in-barcelona/#respond",
            0
          ],
          "creator": {
            "__cdata": "Jacquelyn Melinek"
          },
          "pubDate": "Thu, 04 May 2023 19:00:12 +0000",
          "category": [
            {
              "__cdata": "Crypto"
            },
            {
              "__cdata": "blockchain"
            },
            {
              "__cdata": "Chain Reaction"
            },
            {
              "__cdata": "Chain Reaction podcast"
            },
            {
              "__cdata": "cryptocurrencies"
            },
            {
              "__cdata": "metaverse"
            },
            {
              "__cdata": "NFTs"
            }
          ],
          "guid": "https://techcrunch.com/?p=2537923",
          "description": {
            "__cdata": "<p>Welcome back to Chain Reaction. This week I’m writing the newsletter from the currently sunny and always beautiful city of Barcelona, Spain.</p>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/04/developers-are-building-out-the-blockchain-ecosystem-in-barcelona/\">Developers are building out the blockchain ecosystem in Barcelona</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/jacquelyn-melinek/\">Jacquelyn Melinek</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "encoded": {
            "__cdata": "<p id=\"speakable-summary\">Welcome back to<strong> Chain Reaction.</strong></p>\n<p>This week I’m writing the newsletter from the currently sunny and always beautiful city of Barcelona, Spain. I’m here for the Avalanche Summit II, which is hosted by Ava Labs, the creator of the layer-1 blockchain Avalanche.</p>\n<p>So far, there have been a lot of discussions surrounding blockchain gaming, decentralized finance and regulation.</p>\n<p>Avalanche also announced a partnership with Alibaba Cloud, the digital technology and intelligence division of Alibaba Group, to deploy metaverses for the online marketplace’s clients. The news was covered exclusively by TechCrunch &#8212; more on that below.</p>\n<p>I moderated two panels titled “<a href=\"https://www.avalanchesummit.com/about-agenda?id=116058\" target=\"_blank\" rel=\"noopener\">Expert Insights on the State of Crypto Markets</a>” and “<a href=\"https://www.avalanchesummit.com/about-agenda?id=116189\" target=\"_blank\" rel=\"noopener\">Stablecoins: The Internet Payment Layer</a>.” The <em>TL;DR</em> takeaway right now is that market players are bullish long term and expect the cryptocurrency market cap to grow significantly in the near future (we’ll see) and the stablecoin industry has a lot of space to grow and the ability to shake up the internet payment space.</p>\n<p>There are still more interviews to be done, content to be rolled out and panels to be attended, so stay tuned for more of that here in the coming days and weeks.</p>\n<h3>This week in web3</h3>\n<p><a href=\"https://techcrunch.com/2023/05/04/alibaba-cloud-avalanche-partner-to-deploy-metaverses-on-the-blockchain/\">Alibaba Cloud joins forces with Avalanche to deploy metaverses on the blockchain</a></p><div class=\"piano-inline-promo\"></div>\n<p>Alibaba Cloud has partnered with layer-1 blockchain Avalanche to provide Alibaba’s clients with a launchpad, Cloudverse, that aims to help businesses customize, launch and maintain their own metaverse spaces on Avalanche’s blockchain. “You and I can create a metaverse right now. Within 15 minutes, the chain is up; within hours the wallet is up and the turnkey is up,” Emin Gün Sirer, the founder and CEO of Ava Labs, said. The technology has been made “very easy” and all of the tools are open source, he added.</p>\n<p><a href=\"https://techcrunch.com/2023/04/29/hong-kong-china-crypto-east-rises/?guccounter=1&amp;guce_referrer=aHR0cHM6Ly90ZWNoY3J1bmNoLmNvbS9jYXRlZ29yeS9jcnlwdG9jdXJyZW5jeS8&amp;guce_referrer_sig=AQAAANDNF-lQdJCu0ryc23gCZq8-Y4QLsJ6CleXsVJg3_O5HLEt_a0lTaS3hyb8tXacgJb8k3N-I2e8hJn7GxcLhmgUbPgj-mZ_IRdBp86m1QM_BN7P9ZdSsyaGqrayqpVEEoqIhY6uJRdRds1PYlIiyOwlSWI2QG6Is-T5audnT0KFA\">As the US cracks down on crypto, Hong Kong extends a warm welcome</a></p>\n<p>To create a favorable environment for web3 businesses, the city is facilitating communication between banks and crypto startups, many of which are scrambling to find alternatives following Silvergate Bank’s meltdown. Tightening crypto regulations in the U.S. may give Hong Kong a chance to step up and be the next crypto hub.</p>\n<p><a href=\"https://techcrunch.com/2023/04/28/jack-dorseys-bitcoin-legal-defense-fund-goes-to-court-to-protect-open-source/?guccounter=1&amp;guce_referrer=aHR0cHM6Ly90ZWNoY3J1bmNoLmNvbS9jYXRlZ29yeS9jcnlwdG9jdXJyZW5jeS8&amp;guce_referrer_sig=AQAAAAeWUV2PnEbrd908tS3DDnWhhMd5Po2wruAnVVjwpvruNMQ4J5y9Fb6v4-hmwI2zvBaWb28bEmXPqFjbXY1SL3bqA3DsjSxZn6jHwW_6icdt5okUvS6f1DOm1m7txviAZjPuqrlIZSMctRydV2LOSwA_px2L05MBDD_8kuUBli6A\">How Jack Dorsey’s Bitcoin Legal Defense Fund is fighting for the future of open source software</a></p>\n<p>A crypto wallet theft lawsuit brought about by a man who claims to be Bitcoin creator Satoshi Nakamoto could jeopardize the future of open source software development. That’s according to the Jack Dorsey-backed Bitcoin Legal Defense Fund, which is taking on a case to defend 11 Bitcoin developers named in a lawsuit filed by Craig Wright, an Australian computer scientist who emerged into the spotlight back in 2016 with a hotly disputed claim of being Bitcoin’s founding father.</p>\n<p><a href=\"https://techcrunch.com/2023/04/27/ftx-crypto-exchange-collapse-lookback/?guccounter=1\">Brett Harrison ‘never lost faith in the business’ while at now-shuttered FTX </a><strong>(TC+) </strong></p>\n<p>It has been almost six months since FTX collapsed, and a lot has transpired since then, from executives being charged to industry businesses facing ripple effects from its demise. At Consensus 2023, Anthony Scaramucci, former White House comms director and founder and managing partner of SkyBridge Capital, which invested in the exchange, and Brett Harrison, founder and CEO of Architect and former FTX.US president, shared their experiences during FTX’s downfall and what life has been like since.</p>\n<h3>The latest pod</h3>\n<p><iframe class=\"embed-iframe\" src=\"https://player.simplecast.com/67d07a33-9c19-4250-ab3a-0d95131ff8af?dark=false\" width=\"100%\" height=\"200px\" frameborder=\"no\" scrolling=\"no\" seamless=\"\"></iframe><br />\nFor this week’s <strong>episode</strong>, <a href=\"https://twitter.com/jacqmelinek\" target=\"_blank\" rel=\"noopener\">Jacquelyn</a> interviewed <a href=\"https://twitter.com/jchervinsky?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor\" target=\"_blank\" rel=\"noopener\">Jake Chervinsky</a>, the chief policy officer at Blockchain Association, a nonprofit organization focused on promoting “pro-innovation” policy for the digital asset world. He is also a board member of the DeFi education fund and advisor for web3 seed-stage fund Variant.</p>\n<p>Prior to his work with the Blockchain association, Chervinsky began his attorney career in private practice with a focus on anti-money laundering and anti-corruption compliance and investigations, financial services litigation and government enforcement defense. He spends a lot of time in DC, testifying at hearings to help provide clarity on the crypto industry in hopes to guide it in the right direction.</p>\n<p>We dove deep into conversations about all things regulation, from how Chervinsky views the current regulatory landscape to whether or not we’re in a “crackdown” era as people call it.</p>\n<p>We also discussed:</p>\n<ul>\n<li>Regulators&#8217; views changing</li>\n<li>American crypto companies</li>\n<li>Are cryptocurrencies commodities or securities</li>\n<li>Stablecoin legislation</li>\n<li>Future legal frameworks and guidelines</li>\n</ul>\n<p>Subscribe to <strong>Chain Reaction</strong> on<strong><a href=\"https://podcasts.apple.com/us/podcast/chain-reaction/id1616008890\" target=\"_blank\" rel=\"noopener\"> Apple Podcasts,</a></strong> <strong><a href=\"https://open.spotify.com/show/6dC9jw0YyPqnul5P3CECoN\" target=\"_blank\" rel=\"noopener\">Spotify</a></strong> or your favorite pod platform to keep up with the latest episodes, and please leave us a review if you like what you hear!</p>\n<h3>Follow the money</h3>\n<ol>\n<li>Hardware crypto wallet provider <a href=\"https://tangem.com/en/\" target=\"_blank\" rel=\"noopener\">Tangem AG</a> raised $8 million</li>\n<li><a href=\"https://fareprotocol.io/\" target=\"_blank\" rel=\"noopener\">FARE Protocol</a> raised $6.2 million in a seed round led by Goat Capital</li>\n<li><a href=\"https://entendre.finance/\" target=\"_blank\" rel=\"noopener\">Entendre Finance</a> raised $4 million to support accounting and bookkeeping for blockchain activity</li>\n<li><a href=\"https://nolus.io/\" target=\"_blank\" rel=\"noopener\">Nolus</a> raised $2.5 million to build cross-chain DeFi leases</li>\n<li>OKX Ventures invested an undisclosed amount in <a href=\"https://www.cetus.zone/\" target=\"_blank\" rel=\"noopener\">Cetus Protocol</a></li>\n</ol>\n<p><em>This list was compiled with information from Messari as well as TechCrunch’s own reporting.</em></p>\n<p><em>To get a roundup of TechCrunch’s biggest and most important crypto stories delivered to your inbox every Thursday at 12 p.m. PT,</em><a href=\"https://techcrunch.com/newsletters/\"> subscribe here</a><em>. </em></p>\n<p><em>Follow me on Twitter <a href=\"https://twitter.com/jacqmelinek\" target=\"_blank\" rel=\"noopener\">@Jacqmelinek</a> for breaking crypto news, memes and more. </em></p>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/04/developers-are-building-out-the-blockchain-ecosystem-in-barcelona/\">Developers are building out the blockchain ecosystem in Barcelona</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/jacquelyn-melinek/\">Jacquelyn Melinek</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "commentRss": "https://techcrunch.com/2023/05/04/developers-are-building-out-the-blockchain-ecosystem-in-barcelona/feed/"
        },
        {
          "title": "Acquisition, retention, expansion: Why SaaS founders must understand GDR and NDR",
          "link": "https://techcrunch.com/2023/05/04/acquisition-retention-expansion-why-saas-founders-must-understand-gdr-and-ndr/",
          "comments": [
            "https://techcrunch.com/2023/05/04/acquisition-retention-expansion-why-saas-founders-must-understand-gdr-and-ndr/#respond",
            0
          ],
          "creator": {
            "__cdata": "Walter Thompson"
          },
          "pubDate": "Thu, 04 May 2023 18:30:51 +0000",
          "category": [
            {
              "__cdata": "Startups"
            },
            {
              "__cdata": "churn"
            },
            {
              "__cdata": "Column"
            },
            {
              "__cdata": "customer acquisition"
            },
            {
              "__cdata": "EC Column"
            },
            {
              "__cdata": "EC Growth Marketing"
            },
            {
              "__cdata": "SaaS metrics"
            }
          ],
          "guid": "https://techcrunch.com/?p=2538091",
          "description": {
            "__cdata": "<p>It’s become increasingly difficult to sign new SaaS customers unless they can demonstrate high and measurable ROI with rapid time to value.</p>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/04/acquisition-retention-expansion-why-saas-founders-must-understand-gdr-and-ndr/\">Acquisition, retention, expansion: Why SaaS founders must understand GDR and NDR</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/walter-thompson/\">Walter Thompson</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "encoded": {
            "__cdata": "<div class=\"article__contributor-byline-wrapper\">\n<div class=\"article__contributor-byline\">\n\t<div class=\"contributor-byline__contributor\">\n\t\t<div class=\"byline__author\">\n\t\t\t\t\t\t\t<span class=\"byline__author-name\">Paris Heymann</span>\n\t\t\t\t\t\t<span class=\"byline__author-title\" style=\"display: block;\">Contributor</span>\n\t\t</div>\n\n\t\t\t\t<div class=\"contributor__twitter\">\n\t\t\t<a target=\"_blank\" href=\"https://twitter.com/parisheymann\">\n\t\t\t\t\t<svg class=\"icon icon--twitter icon--white\" viewBox=\"0 0 20 20\" version=\"1.1\" aria-labelledby=\"title\">\n\t\t<title>Share on Twitter</title>\n\t\t<path d=\"M20,4c-0.7,0.3-1.5,0.6-2.4,0.7c0.9-0.5,1.5-1.4,1.8-2.3c-0.8,0.5-1.7,0.8-2.6,1C16.1,2.5,15,2,13.8,2c-2.3,0-4.1,1.9-4.1,4.2c0,0.3,0,0.7,0.1,1C6.4,7,3.4,5.4,1.4,2.9C1,3.5,0.8,4.1,0.8,4.9c0,1.4,0.7,2.7,1.8,3.5C2,8.4,1.4,8.2,0.8,7.9v0.1c0,2,1.4,3.7,3.3,4.1c-0.4,0.1-0.7,0.2-1.1,0.2c-0.3,0-0.5,0-0.8-0.1c0.5,1.7,2,2.9,3.8,2.9c-1.4,1.1-3.2,2-5.1,2c-0.3,0-0.7,0-1-0.1c1.8,1.2,4,1.7,6.3,1.7c7.5,0,11.7-6.4,11.7-12V6.1C18.8,5.6,19.4,4.8,20,4z\"/>\t</svg>\n\t\t\t\t</a>\n\t\t</div>\n\t\t\t</div>\n\n\t\t<div class=\"contributor-byline__bio\">\n\t\t<a href=\"https://www.linkedin.com/in/paris-heymann\">Paris Heymann</a> is a partner at <a href=\"https://www.indexventures.com/\">Index Ventures</a>, where he invests primarily in B2B SaaS and data.\t</div>\n\t\n\t\t<div class=\"contributor-byline__more-articles\">\n\t\t<span class=\"more-articles-title\">More posts by this contributor</span>\n\t\t<ul class=\"more-articles-list\">\n\t\t\t\t\t\t<li><a href=\"https://techcrunch.com/2023/01/24/metrics-that-matter-3-kpis-to-track-on-the-path-to-profitability/\">Metrics that matter: 3 KPIs to track on the path to profitability</a></li>\n\t\t\t\t\t</ul>\n\t</div>\n\t</div>\n</div><p id=\"speakable-summary\">Whether it’s the coffee shop down the street, a mobile app on your phone, or software used at work, any long-term minded and customer-centric company is typically focused on:</p>\n<ul>\n<li>Acquisition: Attracting new customers</li>\n<li>Retention: Maintaining existing customer relationships and preventing churn</li>\n<li>Expansion: Deepening and broadening existing customer relationships through cross- and up-sell</li>\n</ul>\n<p>Companies aspire to have direct, long-term, and recurring customer relationships with high retention and expansion because these characteristics lead to more predictable revenues and profits. Predictable businesses are more durable, easier to manage, and typically rewarded with higher valuations than unpredictable ones.<br />\n\t<div class=\"article-block block--pullout block--right\">\n\t\t<blockquote>\n\t\t\tPredictable businesses are more durable, easier to manage, and typically rewarded with higher valuations than unpredictable ones.\t\t\t\t\t</blockquote>\n\t</div>\n\t</p>\n<p>Software companies tend to have relatively high customer retention and expansion compared to other business models. For software, two metrics are commonly used to measure retention and expansion:</p>\n<ol>\n<li>Gross Dollar Retention (GDR)</li>\n<li>Net Dollar Retention (NDR), sometimes referred to as Net Revenue Retention, or Dollar Based Net Revenue Retention.</li>\n</ol>\n<p>GDR measures retention of an existing book of revenue before expansion, whereas NDR incorporates expansion:</p>\n<p><div id=\"attachment_2538097\" style=\"width: 1034px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-2538097\" decoding=\"async\" loading=\"lazy\" class=\"breakout size-full wp-image-2538097\" src=\"https://techcrunch.com/wp-content/uploads/2023/05/gross-dollar-retention-formula-benchmark.png\" alt=\"Gross Dollar Retention formula and benchmarks\" width=\"1024\" height=\"854\" srcset=\"https://techcrunch.com/wp-content/uploads/2023/05/gross-dollar-retention-formula-benchmark.png 1600w, https://techcrunch.com/wp-content/uploads/2023/05/gross-dollar-retention-formula-benchmark.png?resize=150,125 150w, https://techcrunch.com/wp-content/uploads/2023/05/gross-dollar-retention-formula-benchmark.png?resize=300,250 300w, https://techcrunch.com/wp-content/uploads/2023/05/gross-dollar-retention-formula-benchmark.png?resize=768,640 768w, https://techcrunch.com/wp-content/uploads/2023/05/gross-dollar-retention-formula-benchmark.png?resize=680,567 680w, https://techcrunch.com/wp-content/uploads/2023/05/gross-dollar-retention-formula-benchmark.png?resize=1536,1281 1536w, https://techcrunch.com/wp-content/uploads/2023/05/gross-dollar-retention-formula-benchmark.png?resize=1200,1001 1200w, https://techcrunch.com/wp-content/uploads/2023/05/gross-dollar-retention-formula-benchmark.png?resize=50,42 50w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" /><p id=\"caption-attachment-2538097\" class=\"wp-caption-text\"><strong>Image Credits:</strong> Index Ventures</p></div></p>\n<p><div id=\"attachment_2538101\" style=\"width: 1034px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-2538101\" decoding=\"async\" loading=\"lazy\" class=\"breakout size-full wp-image-2538101\" src=\"https://techcrunch.com/wp-content/uploads/2023/05/net-dollar-retention-formula-benchmark.png\" alt=\"Net Dollar Retention formula and benchmark\" width=\"1024\" height=\"854\" srcset=\"https://techcrunch.com/wp-content/uploads/2023/05/net-dollar-retention-formula-benchmark.png 1600w, https://techcrunch.com/wp-content/uploads/2023/05/net-dollar-retention-formula-benchmark.png?resize=150,125 150w, https://techcrunch.com/wp-content/uploads/2023/05/net-dollar-retention-formula-benchmark.png?resize=300,250 300w, https://techcrunch.com/wp-content/uploads/2023/05/net-dollar-retention-formula-benchmark.png?resize=768,640 768w, https://techcrunch.com/wp-content/uploads/2023/05/net-dollar-retention-formula-benchmark.png?resize=680,567 680w, https://techcrunch.com/wp-content/uploads/2023/05/net-dollar-retention-formula-benchmark.png?resize=1536,1281 1536w, https://techcrunch.com/wp-content/uploads/2023/05/net-dollar-retention-formula-benchmark.png?resize=1200,1001 1200w, https://techcrunch.com/wp-content/uploads/2023/05/net-dollar-retention-formula-benchmark.png?resize=50,42 50w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" /><p id=\"caption-attachment-2538101\" class=\"wp-caption-text\"><strong>Image Credits:</strong> Index Ventures</p></div></p>\n<p>GDR and NDR are well-known and widely used metrics, often discussed in the context of growth. Software companies with NDR over 100% grow revenues organically each year just by expanding their existing book of business before adding any new customers.</p>\n<p>While NDR is not a required disclosure, as it is a non-GAAP metric, public software companies often provide visibility to investors through a combination of shareholder presentations, public filings, and earnings calls:<div class=\"extra-crunch-offer-container\"></div><p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/04/acquisition-retention-expansion-why-saas-founders-must-understand-gdr-and-ndr/\">Acquisition, retention, expansion: Why SaaS founders must understand GDR and NDR</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/walter-thompson/\">Walter Thompson</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "commentRss": "https://techcrunch.com/2023/05/04/acquisition-retention-expansion-why-saas-founders-must-understand-gdr-and-ndr/feed/"
        },
        {
          "title": "Meta pitches augmented reality to advertisers with new AR Reels Ads and Facebook Stories",
          "link": "https://techcrunch.com/2023/05/04/meta-pitches-augmented-reality-to-advertisers-with-new-ar-reels-ads-and-facebook-stories/",
          "comments": [
            "https://techcrunch.com/2023/05/04/meta-pitches-augmented-reality-to-advertisers-with-new-ar-reels-ads-and-facebook-stories/#respond",
            0
          ],
          "creator": {
            "__cdata": "Sarah Perez"
          },
          "pubDate": "Thu, 04 May 2023 18:30:11 +0000",
          "category": [
            {
              "__cdata": "Apps"
            },
            {
              "__cdata": "Social"
            },
            {
              "__cdata": "Ads"
            },
            {
              "__cdata": "AR"
            },
            {
              "__cdata": "augmented reality"
            },
            {
              "__cdata": "Facebook"
            },
            {
              "__cdata": "Instagram"
            },
            {
              "__cdata": "meta"
            },
            {
              "__cdata": "reels"
            }
          ],
          "guid": "https://techcrunch.com/?p=2537982",
          "description": {
            "__cdata": "<p>Augmented reality is coming to Reels Ads and Facebook Stories, Meta announced this afternoon at the IAB&#8217;s NewFronts as part of its pitch to advertisers. The update allows brands like Sephora, Tiffany &#38; Co. and others to offer more immersive experiences and AR filters when marketing to Meta&#8217;s audience, including its younger Gen Z users. [&#8230;]</p>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/04/meta-pitches-augmented-reality-to-advertisers-with-new-ar-reels-ads-and-facebook-stories/\">Meta pitches augmented reality to advertisers with new AR Reels Ads and Facebook Stories</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/sarah-perez/\">Sarah Perez</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "encoded": {
            "__cdata": "<p id=\"speakable-summary\">Augmented reality is coming to Reels Ads and Facebook Stories, Meta announced this afternoon at the IAB&#8217;s NewFronts as part of its pitch to advertisers. The update allows brands like Sephora, Tiffany &amp; Co. and others to offer more immersive experiences and AR filters when marketing to Meta&#8217;s audience, including its younger Gen Z users. The company said it&#8217;s also rolling out other enhancements and improvements to Reels ads and noted brands will now be able to work with third-party measurement partners for their Reels Ads campaigns.</p>\n<p>Meta&#8217;s investment in augmented reality (AR) advertising could better position the company to compete with Snap for marketers&#8217; ad dollars, as they look for ways to reach the younger, Gen Z demographic. Earlier this week at NewFronts, Snap introduced its own set of new ad products, including those for Stories and its TikTik clone known as Spotlight. But its more eye-catching news was its test of <a href=\"https://techcrunch.com/2023/05/02/snap-announces-tests-of-sponsored-links-in-my-ai-new-ad-products-for-spotlight-and-stories/\">sponsored links in its AI chatbot feature, My AI. </a></p>\n<p>In terms of AR, however, Snap has long offered ways for brands to reach its users through the format, including through a variety of AR commerce features and its popular Snapchat Lenses, for example. It also works with brands that want to leverage its AR technology on their own websites and apps <a href=\"https://techcrunch.com/2023/04/19/snapchats-ar-technology-comes-to-the-real-world-with-ar-mirrors/\">through its AR Enterprise Services division</a>.</p>\n<p>Before today&#8217;s announcement, Meta offered AR ads in the Facebook Feed, Instagram Feed and Instagram Stories. According to its data, these ads drove incremental ad recall with the 18- to 24-year-old demographic 87% of the time, outperforming non-AR-enabled ads.</p>\n<p>Now, those ads can run in other prominent places across Meta&#8217;s platform, including Facebook and Instagram Reels and Facebook Stories.</p>\n<p>Sephora was able to test AR Reels ads ahead of this launch, where it ran an ad that had users press their thumb to the screen to generate an &#8220;aura vibe&#8221; filter to help them pick the best-fitting fragrance and make a purchase. The company said over half of the ad&#8217;s audience was Gen Z users.</p>\n<p><div id=\"attachment_2538037\" style=\"width: 358px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-2538037\" decoding=\"async\" loading=\"lazy\" class=\"vertical wp-image-2538037 size-large\" src=\"https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-04-at-12.32.21-PM.jpg?w=348\" alt=\"\" width=\"348\" height=\"680\" srcset=\"https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-04-at-12.32.21-PM.jpg 922w, https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-04-at-12.32.21-PM.jpg?resize=77,150 77w, https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-04-at-12.32.21-PM.jpg?resize=154,300 154w, https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-04-at-12.32.21-PM.jpg?resize=768,1499 768w, https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-04-at-12.32.21-PM.jpg?resize=348,680 348w, https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-04-at-12.32.21-PM.jpg?resize=787,1536 787w, https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-04-at-12.32.21-PM.jpg?resize=615,1200 615w, https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-04-at-12.32.21-PM.jpg?resize=26,50 26w\" sizes=\"(max-width: 348px) 100vw, 348px\" /><p id=\"caption-attachment-2538037\" class=\"wp-caption-text\"><strong>Image Credits:</strong> Meta</p></div></p><div class=\"piano-inline-promo\"></div>\n<p>Tiffany &amp; Co. also created an AR ad that let users immerse themselves in their 5th Avenue flagship store, &#8220;The Landmark,&#8221; and browse the jewelry.</p>\n<p>In addition to the expansion of AR advertising, Meta announced features to make Reels Ads more interactive, including a test of a larger &#8220;call to action&#8221; button with additional advertiser information on Facebook and Instagram Reels ads. The button includes an ad thumbnail, headline and additional business details, like the website URL, to help direct interested customers to click.</p>\n<p><div id=\"attachment_2538035\" style=\"width: 324px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-2538035\" decoding=\"async\" loading=\"lazy\" class=\"vertical size-large wp-image-2538035\" src=\"https://techcrunch.com/wp-content/uploads/2023/05/Prominent-CTA.jpg?w=314\" alt=\"\" width=\"314\" height=\"680\" srcset=\"https://techcrunch.com/wp-content/uploads/2023/05/Prominent-CTA.jpg 750w, https://techcrunch.com/wp-content/uploads/2023/05/Prominent-CTA.jpg?resize=69,150 69w, https://techcrunch.com/wp-content/uploads/2023/05/Prominent-CTA.jpg?resize=139,300 139w, https://techcrunch.com/wp-content/uploads/2023/05/Prominent-CTA.jpg?resize=314,680 314w, https://techcrunch.com/wp-content/uploads/2023/05/Prominent-CTA.jpg?resize=709,1536 709w, https://techcrunch.com/wp-content/uploads/2023/05/Prominent-CTA.jpg?resize=554,1200 554w, https://techcrunch.com/wp-content/uploads/2023/05/Prominent-CTA.jpg?resize=23,50 23w\" sizes=\"(max-width: 314px) 100vw, 314px\" /><p id=\"caption-attachment-2538035\" class=\"wp-caption-text\"><strong>Image Credits:</strong> Meta</p></div></p>\n<p>The company will also now allow Facebook users to pause a video ad and preview where the link would take them, potentially driving an increase in click-through rates for Reels Ads.</p>\n<p>For shopping ads, Reels will introduce new multi-destination product ads which means that instead of an ad only pointing to a retailer&#8217;s website or single product page, they can swipe through multiple product images in a carousel without leaving the Reel they&#8217;re watching.</p>\n<p><div id=\"attachment_2538036\" style=\"width: 425px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-2538036\" decoding=\"async\" loading=\"lazy\" class=\"vertical size-large wp-image-2538036\" src=\"https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-04-at-12.30.48-PM.jpg?w=415\" alt=\"\" width=\"415\" height=\"680\" srcset=\"https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-04-at-12.30.48-PM.jpg 1064w, https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-04-at-12.30.48-PM.jpg?resize=92,150 92w, https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-04-at-12.30.48-PM.jpg?resize=183,300 183w, https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-04-at-12.30.48-PM.jpg?resize=768,1257 768w, https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-04-at-12.30.48-PM.jpg?resize=415,680 415w, https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-04-at-12.30.48-PM.jpg?resize=938,1536 938w, https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-04-at-12.30.48-PM.jpg?resize=733,1200 733w, https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-04-at-12.30.48-PM.jpg?resize=31,50 31w\" sizes=\"(max-width: 415px) 100vw, 415px\" /><p id=\"caption-attachment-2538036\" class=\"wp-caption-text\"><strong>Image Credits:</strong> Meta</p></div></p>\n<p>Meta also said marketers can now work with select third-party measurement firms on Reels Ads campaigns, including Double Verify, IAS and MOAT. The company said these firms are helping it to test and launch a Reels Viewability reporting option that will later roll out to advertisers when testing is complete.</p>\n<p>The company also took a moment during its presentation to pitch its investments in AI, noting it&#8217;s using the technology is being used to improve ads ranking by learning which ads are working and which are not, and to better predict which ads are going to be most relevant.</p>\n<p>&#8220;It&#8217;s also driving efficiency for a suite of ad products, eliminating many of the manual and tedious steps of creating an ad,&#8221; said Nicola Mendelsohn, Meta&#8217;s head of Global Business Group. She added that Meta&#8217;s investments were &#8220;already paying off, especially with <a href=\"https://www.facebook.com/business/help/733979527611858\">Meta Advantage</a>, which is our brand name for our portfolio of AI products. Meta Advantage leverages machine learning and AI to help advertisers test and learn but to also realize their campaigns fast and help them acquire and grow their customer base.&#8221;</p>\n<p>Mendelsohn said the majority of Meta advertisers were already using an AI product, <a href=\"https://www.facebook.com/business/help/1362234537597370\">Advantage+ Shopping,</a> launched only last August. Before, advertisers had to manually set up a campaign to text their mix of targeting, creative and placement, she explained, which was time-consuming. Now, advertisers can use Advantage+ Shopping campaigns to executive million of iterations of targeting performance scenarios within milliseconds, allowing them to pick the best combination, in order to send the best ad to the right person at the right time &#8212; all thanks to AI.</p>\n<p>&#8220;This is just the start of how AI can create better connections with people and drive more growth for your business. And we&#8217;re going to have more and more product updates and announcements around AI just in the coming few weeks,&#8221; she said.</p>\n<p>The company had also spoken about its AI agenda during its Q1 earnings, noting also how AI was improving its Reels monetization efficiency, which was up over 30% on Instagram and over 40% on Facebook on a quarter-over-quarter basis. Plus, CEO Mark Zuckerberg also shared that Meta&#8217;s future plans for AI included &#8220;chat experiences in WhatsApp and Messenger, visual creation tools for posts in Facebook and Instagram and ads, and over time video and multi-modal experiences.&#8221;</p>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/04/meta-pitches-augmented-reality-to-advertisers-with-new-ar-reels-ads-and-facebook-stories/\">Meta pitches augmented reality to advertisers with new AR Reels Ads and Facebook Stories</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/sarah-perez/\">Sarah Perez</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "commentRss": "https://techcrunch.com/2023/05/04/meta-pitches-augmented-reality-to-advertisers-with-new-ar-reels-ads-and-facebook-stories/feed/"
        },
        {
          "title": "The life and death of a robot vacuum",
          "link": "https://techcrunch.com/2023/05/04/the-life-and-death-of-a-robot-vacuum/",
          "comments": [
            "https://techcrunch.com/2023/05/04/the-life-and-death-of-a-robot-vacuum/#respond",
            0
          ],
          "creator": {
            "__cdata": "Brian Heater"
          },
          "pubDate": "Thu, 04 May 2023 18:30:00 +0000",
          "category": [
            {
              "__cdata": "Robotics"
            },
            {
              "__cdata": "Actuator"
            },
            {
              "__cdata": "boston dynamics"
            },
            {
              "__cdata": "Google"
            },
            {
              "__cdata": "Intrinsic"
            },
            {
              "__cdata": "Robotics roundup"
            },
            {
              "__cdata": "viam"
            }
          ],
          "guid": "https://techcrunch.com/?p=2537456",
          "description": {
            "__cdata": "<p>I’m heading back to the South Bay next week, thanks to Google I/O, which is coming back to the Shoreline Amphitheater. I honestly don’t expect much of anything related to this beat, though AI is going to be all over that thing. That’s hardly a new phenomenon, of course — previous developer conferences have showcased [&#8230;]</p>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/04/the-life-and-death-of-a-robot-vacuum/\">The life and death of a robot vacuum</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/brian-heater/\">Brian Heater</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "encoded": {
            "__cdata": "<p id=\"speakable-summary\">I’m heading back to the South Bay next week, thanks to Google I/O, which is coming back to the Shoreline Amphitheater. I honestly don’t expect much of anything related to this beat, though AI is going to be all over that thing. That’s hardly a new phenomenon, of course — previous developer conferences have showcased how in-house developments have made their way into real-world applications like screening phone calls and making dinner reservations.</p>\n<p>With hype around generative AI at an all-time high, the onus is on CEO Sundar Pichai to convince the world that Google hasn’t missed a step. The company’s showing thus far with things like Bard has been a bit of a disappointment — enough to actually make Bing relevant for a minute. Brave new world, indeed.</p>\n<p>Google’s work in robotics has thus far been spotty. Everyday Robots was notably gutted by this year’s round of corporate layoffs. Thing is, when it’s time to bring the McKinseys of the world in to take a look at the books, fingers invariably point toward the moonshots. High risks, potentially high rewards and extremely long runways. These are precisely the kinds of projects a company invests in during boom times. They’re a good way to keep you a step ahead of the competition or, at the very least, an indication to shareholders and consumers that you’re focused on the future.</p>\n<p>A decade ago this year, Google went on a shopping spree. Amazon had made its first big step into the broader world of robots a year prior with its acquisition of Kiva. Not to be outdone, Alphabet would go on to acquire Boston Dynamics, Schaft, Industrial Perception, Meka, Redwood Robotics, Bot &amp; Dolly, Autofuss and Holomni. It was a wild moment for robotics and the tech industry at large, and iRobot’s stock shot up as a result.</p>\n<p>Reports at the time revolved around the company’s entry into the manufacturing space — that certainly makes sense when you look at the kinds of startups the company was supermarket sweeping up.</p>\n<p>Andy Rubin, the Android co-founder who spearheaded the projects, <a href=\"https://www.nytimes.com/2013/12/04/technology/google-puts-money-on-robots-using-the-man-behind-android.html\" target=\"_blank\" rel=\"noopener\">told The New York Times</a>, “I have a history of making my hobbies into a career. This is the world’s greatest job. Being an engineer and a tinkerer, you start thinking about what you would want to build for yourself.”</p>\n<p>More to the point, he added, “Like any moonshot, you have to think of time as a factor. We need enough runway and a 10-year vision.” As someone who was covering the industry a bit at the time, I can tell you that “10 years” was a common refrain. And guess what? This year is 10 years. Some predictions, like autonomous cars, have yet to pan out in a meaningful way. Last-minute robot delivery exists in limited quantities but is still regarded as a novelty.</p><div class=\"piano-inline-promo\"></div>\n<p>More broadly, however, robots are here right now. They’re mostly behind the scenes, but they’re doing a <em>lot</em> of work. Boston Dynamics has become one of the most visible with its Spot robot. Following <a href=\"https://techcrunch.com/2023/04/11/new-yorks-mayor-wants-you-to-know-how-much-he-loves-police-robots/\">New York City’s announcement</a> that they would be deploying the dog (along with a Knightscope system), footage emerged of the FDNY’s Spot looking for people in the wreckage of a collapsed parking garage — exactly the sort of PR one hopes for as police use of robots continues to raise eyebrows.</p>\n<p><div id=\"attachment_2537470\" style=\"width: 1034px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-2537470\" decoding=\"async\" loading=\"lazy\" class=\"breakout size-full wp-image-2537470\" src=\"https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-03-at-3.01.35-PM.jpg\" alt=\"\" width=\"1024\" height=\"1188\" srcset=\"https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-03-at-3.01.35-PM.jpg 1112w, https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-03-at-3.01.35-PM.jpg?resize=129,150 129w, https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-03-at-3.01.35-PM.jpg?resize=259,300 259w, https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-03-at-3.01.35-PM.jpg?resize=768,891 768w, https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-03-at-3.01.35-PM.jpg?resize=586,680 586w, https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-03-at-3.01.35-PM.jpg?resize=1034,1200 1034w, https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-03-at-3.01.35-PM.jpg?resize=43,50 43w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" /><p id=\"caption-attachment-2537470\" class=\"wp-caption-text\"><strong>Image Credits:</strong> TikTok</p></div></p>\n<p>So, too, does footage of an Atlas clone doing backflips and martial arts moves over on TikTok (currently at 4 million views, from an extremely official account called “Botsom_Dynamics.” I miss Botsom and its delicious Manuel Saddams beer. I honestly didn’t expect to be <a href=\"https://www.snopes.com/fact-check/boston-dynamics-robot-fighting-video/\" target=\"_blank\" rel=\"noopener\">writing up a Snopes story</a> when I woke up this morning, but here we are.</p>\n<p>Boston Dynamics’ systems are forever going to be a prime target for these sorts of fakes. My Twitter replies are full of hack Terminator and Black Mirror jokes any time I write about the company. Sorry to be this guy for a minute, but there are way more effective and cost-efficient ways to hurt people with machines than teaching a 200-pound humanoid robot hand-to-hand combat.</p>\n<p>BD is, of course, one of the companies that came through the other side of the Google acquisition largely unscathed. Not everyone was so lucky. Rubin famously left the company amid some extremely gross allegations, and the dream of a unified Google robotics front effectively dissolved not long after.</p>\n<p>I was reminded of all of this recently while <a href=\"https://techcrunch.com/2023/04/20/robust-ai-raises-20m-as-it-scales-robot-deliveries-for-pilot-customers/\">writing about Robust.AI</a>, as the company’s co-founder and CEO Anthony Jules was also a co-founder and CEO of Redwood Robotics. Following the acquisition, he would go on to become the head of Product for the project that ultimately turned into Everyday Robots. That company was very clearly a product of Google attempting so salvage all of that spending, and at the end of 2019, it detailed some extremely interesting work around the links between AI and robotic learning.</p>\n<div class=\"embed breakout embed-oembed embed--twitter\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Two personal updates!</p>\n<p><img src=\"https://s.w.org/images/core/emoji/14.0.0/72x72/1f4bc.png\" alt=\"💼\" class=\"wp-smiley\" style=\"height: 1em; max-height: 1em;\" /> <a href=\"https://t.co/ST0W1bUA9V\">https://t.co/ST0W1bUA9V</a> → <a href=\"https://twitter.com/GoogleAI?ref_src=twsrc%5Etfw\">@GoogleAI</a><br /><img src=\"https://s.w.org/images/core/emoji/14.0.0/72x72/1f3d9.png\" alt=\"🏙\" class=\"wp-smiley\" style=\"height: 1em; max-height: 1em;\" /> San Francisco → New York</p>\n<p>(Illustration via <a href=\"https://twitter.com/midjourney?ref_src=twsrc%5Etfw\">@midjourney</a>) <a href=\"https://t.co/M8S6pSALib\">pic.twitter.com/M8S6pSALib</a></p>\n<p>&mdash; Max Braun (@maxbraun) <a href=\"https://twitter.com/maxbraun/status/1653776441811804162?ref_src=twsrc%5Etfw\">May 3, 2023</a></p></blockquote>\n<p><script async src=\"https://platform.twitter.com/widgets.js\" charset=\"utf-8\"></script></div>\n<p>Interesting timing on this newsletter, as just yesterday, Everyday Robots’ head of Software and AI, Max Braun, announced that he had officially moved over to the much safer world of Google AI, becoming its senior director of Engineering. It’s good to see some folks’ talents being employed elsewhere within the org.</p>\n<p>I recognize I’ve spent roughly 800 words writing about far more downs than ups. There have been, if not outright successes, then at the very least continued compelling projects born out of X. Wing remains a going concern, with drone delivery pilots happening in a number of areas with a number of different pilots. Waymo’s kicking as well, though it was also impacted by the recent round of layoffs and killed its trucking program. Nuro was born out of Waymo, but founded outside of Google. This January, agtech firm Mineral officially graduated from the Alphabet X program.</p>\n<p><div id=\"attachment_2355327\" style=\"width: 1034px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-2355327\" decoding=\"async\" loading=\"lazy\" class=\"breakout size-full wp-image-2355327\" src=\"https://techcrunch.com/wp-content/uploads/2022/07/unnamed.jpeg\" alt=\"wendy tan white / Intrinsic\" width=\"1024\" height=\"503\" srcset=\"https://techcrunch.com/wp-content/uploads/2022/07/unnamed.jpeg 2200w, https://techcrunch.com/wp-content/uploads/2022/07/unnamed.jpeg?resize=150,74 150w, https://techcrunch.com/wp-content/uploads/2022/07/unnamed.jpeg?resize=300,147 300w, https://techcrunch.com/wp-content/uploads/2022/07/unnamed.jpeg?resize=768,377 768w, https://techcrunch.com/wp-content/uploads/2022/07/unnamed.jpeg?resize=680,334 680w, https://techcrunch.com/wp-content/uploads/2022/07/unnamed.jpeg?resize=1536,754 1536w, https://techcrunch.com/wp-content/uploads/2022/07/unnamed.jpeg?resize=2048,1005 2048w, https://techcrunch.com/wp-content/uploads/2022/07/unnamed.jpeg?resize=1200,589 1200w, https://techcrunch.com/wp-content/uploads/2022/07/unnamed.jpeg?resize=50,25 50w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" /><p id=\"caption-attachment-2355327\" class=\"wp-caption-text\"><strong>Image Credits:</strong> Intrinsic</p></div></p>\n<p><a href=\"https://techcrunch.com/2022/07/18/wendy-tan-white-intrinsic-interview/\">Intrinsic</a>, which was officially announced back in July, remains an interesting question mark. The company was hit hard by the recent Google layoffs, to the tune of 40 people. But it also acquired a pair of startups last year: Vicarious (which appears to have been something more like an acquihire) and Open Robotics, best known as the steward of ROS (though that part of the business is remaining independent). The week after I/O, Intrinsic is hosting its “first product keynote,” which will also feature its “first strategic partner.” In these sorts of instances “strategic partner” often refers to early customers helping to pilot the system.</p>\n<p>Here&#8217;s what CEO Wendy Tan-White said during the initial announcement:</p>\n<blockquote><p>Over the last few years, our team has been exploring how to give industrial robots the ability to sense, learn, and automatically make adjustments as they’re completing tasks, so they work in a wider range of settings and applications. Working in collaboration with teams across Alphabet, and with our partners in real-world manufacturing settings, we’ve been testing software that uses techniques like automated perception, deep learning, reinforcement learning, motion planning, simulation, and force control.</p></blockquote>\n<p>It&#8217;s nice to see growing excitement on the software side of things. I recently wrote about interoperability, which will continue to be huge, so long as warehouses are deploying multiple systems from multiple companies. Ditto for fleet management — there’s a good deal of first party stuff available from manufacturers, but hardware-agnostic software solutions are where it’s at for me.</p>\n<p><div id=\"attachment_2422417\" style=\"width: 1034px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-2422417\" decoding=\"async\" loading=\"lazy\" class=\"breakout size-full wp-image-2422417\" src=\"https://techcrunch.com/wp-content/uploads/2022/10/Viam-lab2.jpg\" alt=\"\" width=\"1024\" height=\"683\" srcset=\"https://techcrunch.com/wp-content/uploads/2022/10/Viam-lab2.jpg 6960w, https://techcrunch.com/wp-content/uploads/2022/10/Viam-lab2.jpg?resize=150,100 150w, https://techcrunch.com/wp-content/uploads/2022/10/Viam-lab2.jpg?resize=300,200 300w, https://techcrunch.com/wp-content/uploads/2022/10/Viam-lab2.jpg?resize=768,512 768w, https://techcrunch.com/wp-content/uploads/2022/10/Viam-lab2.jpg?resize=680,453 680w, https://techcrunch.com/wp-content/uploads/2022/10/Viam-lab2.jpg?resize=1536,1024 1536w, https://techcrunch.com/wp-content/uploads/2022/10/Viam-lab2.jpg?resize=2048,1365 2048w, https://techcrunch.com/wp-content/uploads/2022/10/Viam-lab2.jpg?resize=1200,800 1200w, https://techcrunch.com/wp-content/uploads/2022/10/Viam-lab2.jpg?resize=50,33 50w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" /><p id=\"caption-attachment-2422417\" class=\"wp-caption-text\"><strong>Image Credits:</strong> Viam Robotics</p></div></p>\n<p>Big news on that front from <a href=\"https://techcrunch.com/2023/05/02/viams-robot-prototyping-software-hits-general-availability/\">Viam Robotics</a>. “What a lot of people tell me is ‘hardware is hard,’” founder and CEO Eliot Horowitz told me when I visited their offices in October. “I have a really big problem with that statement.” That’s more or less the general thesis driving their software, which hits general availability this week. The platform is designed for a spate of different tasks, including product prototyping, monitoring and fleet scaling and management.</p>\n<p>I somehow missed the <a href=\"https://www.youtube.com/watch?v=1O4bXocMj0A&amp;ab_channel=ViamRobotics\" target=\"_blank\" rel=\"noopener\">recent video</a> of Actuator favorite Simone Giertz using the system to build an autonomous Tesla charger. Other non-shitty robot clients include Dexai Robotics, HAX, Newlab and Sol Robotics.</p>\n<p>Also on the software side, MIT this week announced the release of <a href=\"https://news.mit.edu/2023/softzoo-simulates-wildlife-soft-robotics-for-designers-0502\" target=\"_blank\" rel=\"noopener\">SoftZoo</a>, which is designed to study the physics, look, locomotion and other aspects of different soft robot models.</p>\n<p>Says PhD student Tsun-Hsuan Wang, “A jellyfish’s gently undulating geometry allows it to efficiently travel across large bodies of water, inspiring researchers to develop new breeds of soft robots and opening up unlimited possibilities of what artificial creatures cultivated entirely in silico can be. Additionally, dragonflies can perform very agile maneuvers that other flying creatures cannot complete because they have special structures on their wings that change their center of mass when they fly. Our platform optimizes locomotion the same way a dragonfly is naturally more adept at working through its surroundings.”</p>\n<p><div id=\"attachment_2537483\" style=\"width: 1034px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-2537483\" decoding=\"async\" loading=\"lazy\" class=\"breakout wp-image-2537483 size-full\" src=\"https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-03-at-3.11.34-PM.jpg\" alt=\"\" width=\"1024\" height=\"621\" srcset=\"https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-03-at-3.11.34-PM.jpg 1728w, https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-03-at-3.11.34-PM.jpg?resize=150,91 150w, https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-03-at-3.11.34-PM.jpg?resize=300,182 300w, https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-03-at-3.11.34-PM.jpg?resize=768,466 768w, https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-03-at-3.11.34-PM.jpg?resize=680,412 680w, https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-03-at-3.11.34-PM.jpg?resize=1536,932 1536w, https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-03-at-3.11.34-PM.jpg?resize=1200,728 1200w, https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-03-at-3.11.34-PM.jpg?resize=50,30 50w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" /><p id=\"caption-attachment-2537483\" class=\"wp-caption-text\"><strong>Image Credits:</strong> DeepMind</p></div></p>\n<p>What do you do when you want to study a robot’s fall recovery capability? <a href=\"https://arxiv.org/abs/2304.13653\" target=\"_blank\" rel=\"noopener\">You knock it down</a>. Repeatedly. The world of robotic research is littered with videos of humans putting robots through hell. We’re hardwired to feel bad for them — especially the ones that kind of look like us. That’s doubly the case when the one doing the pushing is significantly larger than the pushed.</p>\n<p>The research examines how deep reinforcement learning works with small humanoid robots. Its authors at DeepMind note:</p>\n<blockquote><p>Our agents, with 20 actuated joints, were trained in simulation using the MuJoCo physics engine, and transferred zero-shot to real robots. The agents use proprioception and game state features as observations. The trained soccer players exhibit robust and dynamic movement skills such as rapid fall recovery, walking, turning, kicking and more.  They transition between these emergent skills automatically in a smooth, stable, and efficient manner, going beyond what might intuitively be expected from the platform. The agents also developed a basic strategic understanding of the game, learning to anticipate ball movements and to block opponent shots.</p></blockquote>\n<p><div id=\"attachment_1420091\" style=\"width: 810px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-1420091\" decoding=\"async\" loading=\"lazy\" class=\"breakout size-full wp-image-1420091\" src=\"https://techcrunch.com/wp-content/uploads/2016/11/neato-botvac-d5-connected-lifestyle-wood-top-front-hi-1.jpg\" alt=\"Neato Robotics' robot vacuum\" width=\"800\" height=\"423\" srcset=\"https://techcrunch.com/wp-content/uploads/2016/11/neato-botvac-d5-connected-lifestyle-wood-top-front-hi-1.jpg 800w, https://techcrunch.com/wp-content/uploads/2016/11/neato-botvac-d5-connected-lifestyle-wood-top-front-hi-1.jpg?resize=150,79 150w, https://techcrunch.com/wp-content/uploads/2016/11/neato-botvac-d5-connected-lifestyle-wood-top-front-hi-1.jpg?resize=300,159 300w, https://techcrunch.com/wp-content/uploads/2016/11/neato-botvac-d5-connected-lifestyle-wood-top-front-hi-1.jpg?resize=768,406 768w, https://techcrunch.com/wp-content/uploads/2016/11/neato-botvac-d5-connected-lifestyle-wood-top-front-hi-1.jpg?resize=680,360 680w, https://techcrunch.com/wp-content/uploads/2016/11/neato-botvac-d5-connected-lifestyle-wood-top-front-hi-1.jpg?resize=50,26 50w\" sizes=\"(max-width: 800px) 100vw, 800px\" /><p id=\"caption-attachment-1420091\" class=\"wp-caption-text\"><strong>Image Credits:</strong> Neato Robotics</p></div></p>\n<p>Less fun news this week, as German conglomerate Vorwerk is shutting down iRobot competitor Neato after 18 (!) years. Founded in the Bay Area by a trio of Stanford alums, the company grew into one of the leading robotic vacuum producers. Over the years, it helped push the state of the art, including things like LiDAR and Wi-Fi, which helped advance the category from dumb wall bumping into something with more intention. According to the parent company, it sounds like restricting efforts were made, but Neato repeatedly failed to hit its stated goals.</p>\n<p>Says Vorwerk [courtesy of Google Translate]:</p>\n<blockquote><p>The consolidation of Vorwerk also affects the stake in the U.S. company Neato Robotics, which has been 100 percent owned by the Vorwerk Group since 2017. Neato has brought valuable experience and innovations to Vorwerk’s product development in the field of cleaning robots over the past few years. However, Neato’s independent sales in e-commerce and brick-and-mortar retail with a focus on the USA has not been able to be successfully developed, so that the company has not achieved the economic goals it has set itself for several years.</p></blockquote>\n<p>A small team will remain in place to support existing customers for the next five years.</p>\n<p><div id=\"attachment_2527992\" style=\"width: 1034px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-2527992\" decoding=\"async\" loading=\"lazy\" class=\"breakout size-full wp-image-2527992\" src=\"https://techcrunch.com/wp-content/uploads/2023/04/robot-arm-money-1.jpg\" alt=\"\" width=\"1024\" height=\"550\" srcset=\"https://techcrunch.com/wp-content/uploads/2023/04/robot-arm-money-1.jpg 3200w, https://techcrunch.com/wp-content/uploads/2023/04/robot-arm-money-1.jpg?resize=150,81 150w, https://techcrunch.com/wp-content/uploads/2023/04/robot-arm-money-1.jpg?resize=300,161 300w, https://techcrunch.com/wp-content/uploads/2023/04/robot-arm-money-1.jpg?resize=768,413 768w, https://techcrunch.com/wp-content/uploads/2023/04/robot-arm-money-1.jpg?resize=680,366 680w, https://techcrunch.com/wp-content/uploads/2023/04/robot-arm-money-1.jpg?resize=1536,826 1536w, https://techcrunch.com/wp-content/uploads/2023/04/robot-arm-money-1.jpg?resize=2048,1101 2048w, https://techcrunch.com/wp-content/uploads/2023/04/robot-arm-money-1.jpg?resize=1200,645 1200w, https://techcrunch.com/wp-content/uploads/2023/04/robot-arm-money-1.jpg?resize=50,27 50w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" /><p id=\"caption-attachment-2527992\" class=\"wp-caption-text\"><strong>Image Credits:</strong> Bryce Durbin/TechCrunch</p></div></p>\n<p>Some more responses from our recent TechCrunch+ VC survey.</p>\n<p><strong>Q: Will robotics and automation replace human jobs in the long run?</strong></p>\n<p><strong>Milo Werner,</strong> The Engine: Yes, absolutely, but it&#8217;s more freeing humans from work than replacing them. We should look at this with excitement. The harder challenge is going to be steering that productivity in a positive direction. I’d love to see us really embrace spending time building a positive global community with prosperity across the planet.</p>\n<p><strong>Neel Mehta, G2:</strong> I think it&#8217;s less about robots replacing humans and more about robots augmenting human productivity and filling the growing gaps in the labor force. In manufacturing, for example, the U.S. is probably going to be at least 2.5 million workers short of what it needs to keep up with normal economic growth.</p>\n<p><strong>Paul Willard, Grep:</strong> In some cases, robots will change human jobs, but ultimately the robots will create far more, better jobs than they replace. Many robots create business models that could never close, where the value provided exceeds the cost, with humans doing the work. All robots need humans to install, operate and maintain them, so there are the direct robot support jobs created, which are good jobs. But more importantly, when a new industry, like instant delivery via robot aircraft, comes to exist, it will unlock other industries that can use this efficiency to do something previously impossible. In this way, the robots will create many whole new industries that are difficult for us to imagine ahead of time as people figure out how to use new capabilities.</p>\n<p><iframe class=\"embed-iframe\" src=\"https://docs.google.com/forms/d/e/1FAIpQLSc6ND2w6QmUHf58TVdxxBcYrHkaKhWwQmLtexDVIOkyB2fviw/viewform?embedded=true\" width=\"640\" height=\"877\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\">Loading…</iframe></p>\n<p>As ever, <a href=\"https://docs.google.com/forms/d/e/1FAIpQLSc6ND2w6QmUHf58TVdxxBcYrHkaKhWwQmLtexDVIOkyB2fviw/viewform?usp=sf_link\">soliciting companies</a> for job openings for future issues.</p>\n<p><div id=\"attachment_2537498\" style=\"width: 1034px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-2537498\" decoding=\"async\" loading=\"lazy\" class=\"breakout size-full wp-image-2537498\" src=\"https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-03-at-3.10.28-PM.jpg\" alt=\"\" width=\"1024\" height=\"614\" srcset=\"https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-03-at-3.10.28-PM.jpg 2118w, https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-03-at-3.10.28-PM.jpg?resize=150,90 150w, https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-03-at-3.10.28-PM.jpg?resize=300,180 300w, https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-03-at-3.10.28-PM.jpg?resize=768,461 768w, https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-03-at-3.10.28-PM.jpg?resize=680,408 680w, https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-03-at-3.10.28-PM.jpg?resize=1536,921 1536w, https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-03-at-3.10.28-PM.jpg?resize=2048,1228 2048w, https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-03-at-3.10.28-PM.jpg?resize=1200,720 1200w, https://techcrunch.com/wp-content/uploads/2023/05/Screenshot-2023-05-03-at-3.10.28-PM.jpg?resize=50,30 50w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" /><p id=\"caption-attachment-2537498\" class=\"wp-caption-text\"><strong>Image Credits:</strong> bendhoward</p></div></p>\n<p>And finally <a href=\"https://youtu.be/Vb5y-kY6nVw\" target=\"_blank\" rel=\"noopener\">a fun video</a>, courtesy of TechCrunch EIC, Matthew Panzarino. It’s a robot puppet of Vanessa Carlton, cruising around San Francisco on the back of a last-mile delivery vehicle, belting out her 2002 hit single “A Thousand Miles.” That’s it. That’s the tweet. Or bleet. Or skeet. Or whatever.</p>\n<p>Did I mention I’m on Bluesky now at <a href=\"https://bsky.app/profile/bheater\" target=\"_blank\" rel=\"noopener\">@bheater.bsky.social</a>? It’s nice and quiet over there. Follow me for music jokes, rabbit pictures and the occasional piece of robot news.</p>\n<p><div id=\"attachment_2300290\" style=\"width: 1034px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-2300290\" decoding=\"async\" loading=\"lazy\" class=\"breakout size-full wp-image-2300290\" src=\"https://techcrunch.com/wp-content/uploads/2022/04/actuator-blue.webp\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https://techcrunch.com/wp-content/uploads/2022/04/actuator-blue.webp 2048w, https://techcrunch.com/wp-content/uploads/2022/04/actuator-blue.webp?resize=150,84 150w, https://techcrunch.com/wp-content/uploads/2022/04/actuator-blue.webp?resize=300,169 300w, https://techcrunch.com/wp-content/uploads/2022/04/actuator-blue.webp?resize=768,432 768w, https://techcrunch.com/wp-content/uploads/2022/04/actuator-blue.webp?resize=680,383 680w, https://techcrunch.com/wp-content/uploads/2022/04/actuator-blue.webp?resize=1536,864 1536w, https://techcrunch.com/wp-content/uploads/2022/04/actuator-blue.webp?resize=1200,675 1200w, https://techcrunch.com/wp-content/uploads/2022/04/actuator-blue.webp?resize=50,28 50w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" /><p id=\"caption-attachment-2300290\" class=\"wp-caption-text\">Image Credits: Bryce Durbin / TechCrunch</p></div></p>\n<p><em>Don&#8217;t be evil. <a href=\"https://techcrunch.com/newsletters\">Subscribe</a> to Actuator.</em></p>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/04/the-life-and-death-of-a-robot-vacuum/\">The life and death of a robot vacuum</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/brian-heater/\">Brian Heater</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "commentRss": "https://techcrunch.com/2023/05/04/the-life-and-death-of-a-robot-vacuum/feed/"
        },
        {
          "title": "Why is Discord making you change your name?",
          "link": "https://techcrunch.com/2023/05/04/why-is-discord-making-you-change-your-name/",
          "comments": [
            "https://techcrunch.com/2023/05/04/why-is-discord-making-you-change-your-name/#respond",
            0
          ],
          "creator": {
            "__cdata": "Devin Coldewey"
          },
          "pubDate": "Thu, 04 May 2023 18:27:15 +0000",
          "category": [
            {
              "__cdata": "Social"
            },
            {
              "__cdata": "discord"
            }
          ],
          "guid": "https://techcrunch.com/?p=2538062",
          "description": {
            "__cdata": "<p>Popular chat and streaming app Discord is making every single one of its users change their names, and you could be forgiven for wondering why make such a disruptive move at all. But the platform&#8217;s founders say it&#8217;s more necessary than you might think. Ordinarily, Discord users are identified by a name and random number [&#8230;]</p>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/04/why-is-discord-making-you-change-your-name/\">Why is Discord making you change your name?</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/devin-coldewey/\">Devin Coldewey</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "encoded": {
            "__cdata": "<p id=\"speakable-summary\">Popular chat and streaming app <a href=\"https://techcrunch.com/tag/discord/\">Discord</a> is making every single one of its users change their names, and you could be forgiven for wondering why make such a disruptive move at all. But the platform&#8217;s founders say it&#8217;s more necessary than you might think.</p>\n<p>Ordinarily, Discord users are identified by a name and random number separated by a hash sign &#8212; like MinaHarker#1897. Originally, <a href=\"https://discord.com/blog/usernames\" target=\"_blank\" rel=\"noopener\">explains co-founder Stanislav Vishnevskiy</a>, it would have just been MinaHarker, since they didn&#8217;t require unique names (you were just joining a friend&#8217;s channel), but later when they needed to differentiate users with identical names, they added the &#8220;discriminator&#8221; four-digit number.</p>\n<p>As Discord has grown, this same system has stayed in place, but it wasn&#8217;t ideal for sharing outside of Discord. Meet someone in real life and you can say, &#8220;I&#8217;m @BigDraculaEnergy on Instagram&#8221; or whatever. But few people remembered their four-digit number or indeed the capitalization of their name on Discord, which actually matters.</p>\n<p>&#8220;Well, figure it out,&#8221; you say, but the trouble is lots of people didn&#8217;t: &#8220;Almost half of all friend requests fail to connect the user with the person they wanted to match with, mostly because users enter an incorrect or invalid username due to a combination of missing discriminator and incorrect casing,&#8221; Vishnevskiy writes, and other problems were common as well. That kind of friction and frustration is bad news for a growing community trying to reach new audiences.</p>\n<p>So after long debate the team decided to take an approach that will be familiar to users of social networks: a unique username, plus a freely assignable display name that can be changed at any time.</p>\n<p><div id=\"attachment_2538148\" style=\"width: 1034px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-2538148\" decoding=\"async\" loading=\"lazy\" class=\"size-full wp-image-2538148\" src=\"https://techcrunch.com/wp-content/uploads/2023/05/discordnames.png\" alt=\"\" width=\"1024\" height=\"410\" srcset=\"https://techcrunch.com/wp-content/uploads/2023/05/discordnames.png 1800w, https://techcrunch.com/wp-content/uploads/2023/05/discordnames.png?resize=150,60 150w, https://techcrunch.com/wp-content/uploads/2023/05/discordnames.png?resize=300,120 300w, https://techcrunch.com/wp-content/uploads/2023/05/discordnames.png?resize=768,307 768w, https://techcrunch.com/wp-content/uploads/2023/05/discordnames.png?resize=680,272 680w, https://techcrunch.com/wp-content/uploads/2023/05/discordnames.png?resize=1536,614 1536w, https://techcrunch.com/wp-content/uploads/2023/05/discordnames.png?resize=1200,480 1200w, https://techcrunch.com/wp-content/uploads/2023/05/discordnames.png?resize=50,20 50w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" /><p id=\"caption-attachment-2538148\" class=\"wp-caption-text\">Illustration showing before and after Discord username and display names. <strong>Image Credits:</strong> Discord</p></div></p>\n<p>The problem is simply this: Despite already having a name, everyone will now need to pick a new one, which might or might not be similar to the old one.</p><div class=\"piano-inline-promo\"></div>\n<p>If our friend MinaHarker#1897 wants to snag her name, she may find that others have already done so, and though she used to be known just by her name, she now has to change something, perhaps adding periods, underscores or numbers (the only other permitted characters). It&#8217;s definitely arguable that m1na_h4rk3r is more difficult to say or search for than MinaHarker#1897. And with hundreds of millions of users who previously had whatever name they wanted, you can be sure that kind of conflict will be fairly common.</p>\n<p>Users are understandably upset over the change. It may well be that friend searches were awkward and often unsuccessful. But that&#8217;s a temporary inconvenience &#8212; you ask your friend again or check around and find the correct name. What about this couldn&#8217;t have been fixed by a smarter search function to help differentiate between Jonathan#6733, Jonathan#7633, and Jonathan#3367?</p>\n<div class=\"embed breakout embed-oembed embed--techcrunch\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"NC4mG7Bv1w\"><p><a href=\"https://techcrunch.com/2023/04/20/jailbreak-tricks-discords-new-chatbot-into-sharing-napalm-and-meth-instructions/\">Jailbreak tricks Discord&#8217;s new chatbot into sharing napalm and meth instructions</a></p></blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" title=\"&#8220;Jailbreak tricks Discord&#8217;s new chatbot into sharing napalm and meth instructions&#8221; &#8212; TechCrunch\" src=\"https://techcrunch.com/2023/04/20/jailbreak-tricks-discords-new-chatbot-into-sharing-napalm-and-meth-instructions/embed/#?secret=eWWW39vpJZ#?secret=NC4mG7Bv1w\" data-secret=\"NC4mG7Bv1w\" width=\"800\" height=\"450\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"></iframe></div>\n<p>In solving some problems, it also introduces others — which will also be familiar to social media users. For instance, how will Discord ensure that notable online personalities aren&#8217;t targeted by impersonators? Every platform is in constant battle with impersonators, and one can hardly expect the average user to know whether @ninja or @ninja_ is the one they want. (And after all, why shouldn&#8217;t an actual ninja take one of those names?)</p>\n<p>Others have pointed out that Discord channels have been great for automatic functions (like Midjourney&#8217;s image generation, an enormous community there) and friendly bots, which might be broken or require serious rework to operate under the new conditions. Having a single universal nickname may not be everyone&#8217;s cup of tea, either. Do I want to be known by the same nickname on my K-drama channel as on my racing sim channel?</p>\n<p>The company hopes to avoid acrimony with a slow rollout and prioritizing usernames for people who have been on the platform the longest. But those users are likely to be the most ticked off, since they joined when Discord was a relatively no-frills chat app for gamers and other communities — this <a href=\"https://techcrunch.com/2021/11/10/discord-nfts-crypto-jason-citron/\">constant creep</a> toward being a full-blown social network may eventually push them to explore alternatives.</p>\n<div class=\"embed breakout embed-oembed embed--techcrunch\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"q1uRBLZQiz\"><p><a href=\"https://techcrunch.com/2023/01/27/best-twitter-alternatives-social-apps/\">The best Twitter alternatives worth checking out</a></p></blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" title=\"&#8220;The best Twitter alternatives worth checking out&#8221; &#8212; TechCrunch\" src=\"https://techcrunch.com/2023/01/27/best-twitter-alternatives-social-apps/embed/#?secret=HELwMHrMX7#?secret=q1uRBLZQiz\" data-secret=\"q1uRBLZQiz\" width=\"800\" height=\"450\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"></iframe></div>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/04/why-is-discord-making-you-change-your-name/\">Why is Discord making you change your name?</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/devin-coldewey/\">Devin Coldewey</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "commentRss": "https://techcrunch.com/2023/05/04/why-is-discord-making-you-change-your-name/feed/"
        },
        {
          "title": "How Shopify bungled its latest layoffs and made employees feel like NPCs",
          "link": "https://techcrunch.com/2023/05/04/how-shopify-bungled-its-latest-layoffs-and-made-employees-feel-like-npcs/",
          "comments": [
            "https://techcrunch.com/2023/05/04/how-shopify-bungled-its-latest-layoffs-and-made-employees-feel-like-npcs/#respond",
            0
          ],
          "creator": {
            "__cdata": "Darrell Etherington"
          },
          "pubDate": "Thu, 04 May 2023 18:24:57 +0000",
          "category": [
            {
              "__cdata": "Enterprise"
            },
            {
              "__cdata": "Layoffs"
            },
            {
              "__cdata": "Shopify"
            }
          ],
          "guid": "https://techcrunch.com/?p=2538024",
          "description": {
            "__cdata": "<p>Shopify laid off 20% of its global workforce today — its second sizeable employee culling after a reduction of 10% announced last July. This latest downsizing also includes the wholesale divestment of an entire line of business: Shopify&#8217;s in-house logistics arm, which sought to own more of the warehousing and fulfillment chain for its merchants. [&#8230;]</p>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/04/how-shopify-bungled-its-latest-layoffs-and-made-employees-feel-like-npcs/\">How Shopify bungled its latest layoffs and made employees feel like NPCs</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/darrell-etherington/\">Darrell Etherington</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "encoded": {
            "__cdata": "<p id=\"speakable-summary\">Shopify <a href=\"https://techcrunch.com/2023/05/04/shopify-to-reduce-workforce-by-20-sells-logistics-business-to-flexport-for-13-equity/\">laid off 20% of its global workforce today</a> — its second sizeable employee culling after a reduction of 10% announced last July. This latest downsizing also includes the wholesale divestment of an entire line of business: Shopify&#8217;s in-house logistics arm, which sought to own more of the warehousing and fulfillment chain for its merchants.</p>\n<p>Shopify CEO Tobi Lütke&#8217;s internal message to the entire company was <a href=\"https://news.shopify.com/important-team-and-business-changes\" target=\"_blank\" rel=\"noopener\">shared as an external-facing blog post</a> on the corporate newsroom (which — disclosure — I helped establish when I worked for the company way back in 2018–19). The letter is a particularly egregious example of layoff communications done poorly, but it stands as an accurate representation of Lütke&#8217;s basic inability to empathize with the situation of many employees under his company&#8217;s charge.</p>\n<p>Lütke frames the 20% reduction as an effort to &#8220;pay unshared attention to [Shopify&#8217;s] mission,&#8221; which itself already starts things off on strange footing, since it presents those impacted as effectively working on distractions and unworthy of the time and focus they were &#8220;sharing&#8221; with the company&#8217;s core focus. The letter expands on this — to even more insensitive effect — by quickly drawing an analogy between Shopify and video game mechanics, distinguishing between the company&#8217;s &#8220;main&#8221; and &#8220;side quests.&#8221;</p>\n<p>In gaming, there&#8217;s often a critical path — the main storyline — that focuses on one primary goal. Open-world gaming in particular also includes a wide range of side quests, which may be strongly, loosely or not at all related to the core story and goal.</p>\n<p>Lütke is an avid gamer who has incorporated that love into the company in many ways, including Shopify Rebellion, <a href=\"https://shopifyrebellion.gg\" target=\"_blank\" rel=\"noopener\">an e-sports team</a> created in 2021. Executive assistants at Shopify are also known as &#8220;expansion packs&#8221; — a reference to add-on game content that is typically added post-release to provide more gameplay experience for the gamer.</p>\n<p>Video game comparisons at Shopify can be useful, in that they simplify and make relatable obtuse corporate concepts that might otherwise be inaccessible. That&#8217;s useful at a company that still prides itself on hiring from a range of backgrounds, including from beyond traditional educational or professional tech industry experience.</p>\n<p>The downside, however, is evident in cases like today&#8217;s letter. Lütke paints deciding who was included in today&#8217;s layoffs as looking at side quests and figuring out which weren&#8217;t contributing to the main &#8220;game&#8221; story of the company. This included people focused on side bets like logistics that Shopify has been pursuing for years, as well as on managers whose main job included &#8220;heavy layers of process, approvals, meetings and…side quests,&#8221; per Lütke&#8217;s characterization.</p><div class=\"piano-inline-promo\"></div>\n<p>The letter also cites a major shift in direction prompted by technological development as the cause for a big shift in company focus and priorities: Namely, the &#8220;dawn of the AI era&#8221; and the fact that &#8220;Shopify has the privilege of being amongst the companies with the best chances of using AI to help our customers.&#8221; What it doesn&#8217;t note, however, is that the existing direction, and all the various side quests that Shopify has invested in heavily over the years, including logistics, are bets made either directly by or with the full-throated endorsement of its CEO and founder — Lütke himself.</p>\n<p>I&#8217;m still in touch with many, many Shopifolk (yes, it&#8217;s a cringey moniker, but also a strangely affectionate one) and there&#8217;s a pervasive sentiment that Lütke&#8217;s framing of this workforce reduction is incredibly insensitive. The subtext, drawn from taking the video game to its logical conclusion, is that those affected by today&#8217;s layoffs are little more than NPCs (non-player characters), those digital beings who populate game worlds and make it more engaging and believable for the only real person of consequence — the gamers themselves.</p>\n<p>Shopify did get one thing right by offering a generous package that includes 16 weeks of severance, plus medical benefits and additional supplemental compensation, including assisting to finance a replacement laptop. But in a moment where other CEOs have at least taken the time to express regret and reflect on past choices, this one instead chose to draw an elaborate comparison to an escapist leisure pursuit and waxed philosophical about corporate institutional cruft. At least some underappreciated NPCs now get a chance to become players in their own right.</p>\n<p><em>Note: I worked for Shopify from 2018 to 2019 but hold no shares or financial interest in the company.</em></p>\n<p><a rel=\"nofollow\" href=\"https://techcrunch.com/2023/05/04/how-shopify-bungled-its-latest-layoffs-and-made-employees-feel-like-npcs/\">How Shopify bungled its latest layoffs and made employees feel like NPCs</a> by <a rel=\"nofollow\" href=\"https://techcrunch.com/author/darrell-etherington/\">Darrell Etherington</a> originally published on <a rel=\"nofollow\" href=\"https://techcrunch.com\">TechCrunch</a></p>\n"
          },
          "commentRss": "https://techcrunch.com/2023/05/04/how-shopify-bungled-its-latest-layoffs-and-made-employees-feel-like-npcs/feed/"
        }
      ]
    }
  }
}