Yearly Archives: 2020

News: The No-Code Generation is arriving

In the distant past, there was a proverbial “digital divide” that bifurcated workers into those who knew how to use computers and those who didn’t.[1] Young Gen Xers and their later millennial companions grew up with Power Macs and Wintel boxes, and that experience made them native users on how to make these technologies do

In the distant past, there was a proverbial “digital divide” that bifurcated workers into those who knew how to use computers and those who didn’t.[1] Young Gen Xers and their later millennial companions grew up with Power Macs and Wintel boxes, and that experience made them native users on how to make these technologies do productive work. Older generations were going to be wiped out by younger workers who were more adaptable to the needs of the modern digital economy, upending our routine notion that professional experience equals value.

Of course, that was just a narrative. Facility with using computers was determined by the ability to turn it on and login, a bar so low that it can be shocking to the modern reader to think that a “divide” existed at all. Software engineering, computer science, and statistics remained quite unpopular compared to other academic programs, even in universities, let alone in primary through secondary schools. Most Gen Xers and millennials never learned to code, or frankly, even to make a pivot table or calculate basic statistical averages.

There’s a sociological change underway though, and it’s going to make the first divide look quaint in hindsight.

Over the past two or so years, we have seen the rise of a whole class of software that has been broadly (and quite inaccurately) dubbed “no-code platforms.” These tools are designed to make it much easier for users to harness the power of computing in their daily work. That could be everything from calculating the most successful digital ad campaigns given some sort of objective function, or perhaps integrating a computer vision library into a workflow that calculates the number of people entering or exiting a building.

The success and notoriety of these tools comes from the feeling that they grant superpowers to their users. Projects that once took a team of engineers some hours to build can now be stitched together in a couple of clicks through a user interface. That’s why young startups like Retool can raise at nearly a $1 billion and Airtable at $2.6 billion, while others like Bildr, Shogun, Bubble, Stacker, and dozens more are getting traction among users.

Of course, no-code tools often require code, or at least, the sort of deductive logic that is intrinsic to coding. You have to know how to design a pivot table, or understand what a machine learning capability is and what might it be useful for. You have to think in terms of data, and about inputs, transformations, and outputs.

The key here is that no-code tools aren’t successful just because they are easier to use — they are successful because they are connecting with a new generation who understands precisely the sort of logic required by these platforms to function. Today’s students don’t just see their computers and mobile devices as consumption screens and have the ability to turn them on. They are widely using them as tools of self-expression, research and analysis.

Take the popularity of platforms like Roblox and Minecraft. Easily derided as just a generation’s obsession with gaming, both platforms teach kids how to build entire worlds using their devices. Even better, as kids push the frontiers of the toolsets offered by these games, they are inspired to build their own tools. There has been a proliferation of guides and online communities to teach kids how to build their own games and plugins for these platforms (Lua has never been so popular).

These aren’t tiny changes. 150 million play Roblox games across 40 million user-created experiences, and the platform has nearly 350,000 developers. Minecraft for its part has more than 130 million active users. These are generation-defining experiences for young people today.

That excitement to harness computers is also showing up in educational data. Advanced Placement tests for Computer Science have grown from around 20,000 in 2010 to more than 70,000 this year according to the College Board, which administers the high school proficiency exams. That’s the largest increase among all of the organization’s dozens of tests. Meanwhile at top universities, computer science has emerged as the top or among the top majors, pulling in hundreds of new students per campus per year.

The specialized, almost arcane knowledge of data analysis and engineering is being widely democratized for this new generation, and that’s precisely where a new digital divide is emerging.

In business today, it’s not enough to just open a spreadsheet and make some casual observations anymore. Today’s new workers know how to dive into systems, pipe different programs together using no-code platforms, and answer problems with much more comprehensive — and real-time — answers.

It’s honestly striking to see the difference. Whereas just a few years ago, a store manager might (and strong emphasis on might) put their sales data into Excel and then let it linger there for the occasional perusal, this new generation is prepared to connect multiple online tools together to build an online storefront (through no-code tools like Shopify or Squarespace), calculate basic LTV scores using a no-code data platform, and prioritize their best customers with marketing outreach through basic email delivery services. And it’s all reproducible, since it is in technology and code and not produced by hand.

There are two important points here. First is to note the degree of fluency these new workers have for these technologies, and just how many members of this generation seem prepared to use them. They just don’t have the fear to try new programs out, and they know they can always use search engines to find answers to problems they are having.

Second, the productivity difference between basic computer literacy and a bit more advanced expertise is profound. Even basic but accurate data analysis on a business can raise performance substantially compared to gut instinct and expired spreadsheets.

This second digital divide is only going to get more intense. Consider students today in school, who are forced by circumstance to use digital technologies in order to get their education. How many more students are going to become even more capable of using these technologies? How much more adept are they going to be at remote work? While the current educational environment is a travesty and deeply unequal, the upshot is that ever more students are going to be forced to become deeply fluent in computers.[2]

Progress in many ways is about raising the bar. This generation is raising the bar on how data is used in the workplace, in business, and in entrepreneurship. They are better than ever at bringing together various individual services and cohering them into effective experiences for their customers, readers, and users. The No-Code Generation has the potential to finally fill that missing productivity gap in the global economy, making our lives better while saving time for everyone.

[1] Probably worth pointing out that the other “digital divide” at the time was describing households who had internet access and households who did not. That’s a divide that unfortunately still plagues America and many other rich, industrialized countries.

[2] Important to note that access to computing is still an issue for many students and represents one of the most easily fixable inequalities today in America. Providing equal access to computing should be an absolute imperative.

News: This startup wants to fix the broken structure of internships

Internships are an opportunity for students to experiment with new career paths and land a full-time offer ahead of graduation. For companies, the weeks-long programs help recruit and train job-ready hires. While the stakes are high, the coronavirus-spurred office closures and market volatility made a number of tech companies slim down or cancel their internship

Internships are an opportunity for students to experiment with new career paths and land a full-time offer ahead of graduation. For companies, the weeks-long programs help recruit and train job-ready hires.

While the stakes are high, the coronavirus-spurred office closures and market volatility made a number of tech companies slim down or cancel their internship programs. Similar to remote schooling, the startups that kept their programs had a huge hurdle to face: How do you teach and train students across the world about your company?

That’s where Symba, a Techstars alum, comes in. The 12-person startup created a white-label software tool to help companies, including Robinhood and Genentech, create an online space to communicate and collaborate with their now-distributed interns.

“Every year, organizations are reinventing the wheel and starting their internship program from scratch,” Ahva Sadeghi, CEO of Symba, said. “It’s like, you’re spending so much money, this is a core part of your recruitment, but you’re not invested in an infrastructure to make sure it’s sustainable.”

Symba sells a plug-and-play workspace for both interns and managers. Interns sign into Symba through a branded landing page and are brought into a workspace. They can then toggle between feedback, community, profiles and projects. There’s also an entire area for onboarding tutorials and company history.

Interns are brought to a workspace upon login. Image via Symba.

Sadeghi is joined by co-founder and CTO Nikita Gupta, who built the entire site from scratch.

Symba was built with a big focus on creating channels for feedback between interns and managers. There is a tab dedicated solely to feedback, where managers can consistently rank their direct reports on a five-star rating scale across various skills. Interns are also able to request feedback.

Each user is invited to create a profile so other interns can reach out and learn about their cohort. While Symba wants to be where interns live during their internship, there’s no direct messaging mechanisms within the web-based platform. Instead, Symba has embedded a Slack integration for users who want to talk directly.

The community board allows interns to meet other interns and chat. Image via Symba.

Managers, on the other hand, are able to log in, assign tasks and check on progress for their direct reports. Feedback is also tracked during the entirety of the internship, to help see who has made progress and deserves a potential return offer.

Because interns come in for only eight to 12 weeks, she says the traditional internship onboarding process — which includes bringing them all onto a company’s full-time tech stack — could create chaos for the organization. Symba wants to be a low-lift alternative.

Sadeghi says that customers have been attracted to the alumni features in their platform, which allow managers to engage interns after the program is complete. The applicant-tracking system works to keep potential hires in the fold of the company.

So far, Symba is optimistic that the tool is working. Users log into the product an average of six to nine times per day, and there have been more than 15,000 intern-projects created on Symba.

The company declined to disclose revenue, citing the stage of its business, but said that it charges companies $30 to $50 per user per month for the product. The average size of a Symba cohort is 80, but they have had customers who bring more than 2,000 interns onto the product. It only works with companies who pay their interns.

A hurdle of Symba will be the seasonality of its revenue. Because most internships are in the summer, Symba will likely find most growth opportunities during that three-month period.

Symba’s early growth is directly related to the pandemic, as the fear of the virus closed offices, and, in turn, shuttered internship programs. Symba’s success will hinge on if the team can convince companies that an online workspace for interns is a necessary product even when offices reopen.

Beyond translating into a post-pandemic world, Symba wants to be a solution for clients such as bootcamps, accelerators or fellowships. If it’s able to land year-round clients, it will be able to balance the seasonality of its current revenue of summer internships.

The success so far is promising: Early momentum has helped Symba raise $750,000 from a number of investors, including 1517 Fund, January Ventures and Hustle Fund.

News: What would Databricks be worth in a 2021 IPO?

TechCrunch recently covered Databricks’ financial performance in 2020, contrasting its recent performance to some historical 2019 data that the company shared. The data-and-analysis focused unicorn grew its annual run rate 75% to $350 million, compared to its year-ago quarter, meaning that the firm is growing well at scale. TechCrunch described it as “an obvious IPO

TechCrunch recently covered Databricks’ financial performance in 2020, contrasting its recent performance to some historical 2019 data that the company shared.

The data-and-analysis focused unicorn grew its annual run rate 75% to $350 million, compared to its year-ago quarter, meaning that the firm is growing well at scale. TechCrunch described it as “an obvious IPO candidate” at the time, a little under two weeks ago.


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Since that point, Bloomberg reported that Databricks is indeed charging ahead with an IPO, a transaction that could come as soon as the first half of 2021, writing that that it “has held talks with banks but has yet to hire underwriters” for its flotation.

That is enough news for us to have fun with. So, this morning let’s collate all that we know about the company’s financial performance, mix in some current market valuation metrics, and do some light projecting of Databricks’ growth. Our question? What might the company be worth at the end of Q1 or Q2 next year.

Of course, there are some worrying signs on the horizon that the stock market is about to shift lower, but, hey, there’s no need to be a pessimist this early on a Monday morning. Let’s get into the math.

Databricks’ potential IPO valuations

Starting with some history, Databricks was worth $6.2 billion after its September, 2019 Series F round of capital. The company raised $400 million in the transaction, its largest round to-date by $150 million. That capital should get the company to an H1 2020 IPO, provided that its spending didn’t go all old-school Dropbox.

News: YouTube revamps its mobile app with new gestures, video chapter lists, and more

YouTube today is rolling out a series of updates to its player page on mobile devices. The changes relocate some elements, add new features — like an expanded set of gesture-based navigation options — and update existing ones, like video chapters, among other things. Video chapters were introduced in May, as an easier way to

YouTube today is rolling out a series of updates to its player page on mobile devices. The changes relocate some elements, add new features — like an expanded set of gesture-based navigation options — and update existing ones, like video chapters, among other things.

Video chapters were introduced in May, as an easier way to get to the “good part” of a video, without having to manually fast-forward. Instead, creators can apply timestamps to their videos that allow users to quickly jump to a specific section of a video or backtrack to rewatch a key part.

These chapters are automatically enabled as a line of timestamps and titles, based on chapter information the creator adds to their video’s description, beginning at segment 0:00.

youtube video chapters (gif)

Image Credits: YouTube

Today, YouTube is extending this feature to include a new list view that lets you see a complete list of all the chapters included in the video, each with their own preview thumbnail. You can access this list view by tapping or clicking on the chapter title in the player, then jump to the part of the video you want to see by tapping the video chapter in the list.

This make chapters easier to navigate, as the thumbnails offer a visual guide to the various parts of the video.

YouTube is also today updating its player page. To make captions more accessible, it’s moving the button to a more prominent position on mobile phones. The auto-play toggle has been moved as well, so it’s easier to turn it on or off while you’re watching a video — a change that will roll out to desktop users soon, too, YouTube says.

youtube caption and autoplay (gif)

Image Credits: YouTube

There are other small improvements on the new player page, including a re-arranged buttons and controls that respond to your input faster than they did before.

Along with the user interface changes, navigation has been updated to include an expanded set of gesture controls. Already, you can double tap on the left or right side of a video to either fast forward or rewind 10 seconds. Now, you’ll be able to swipe up to enter full screen mode and swipe down to exit full screen, too.

youtube gestures (gif)

Image Credits: YouTube

And if you want to see how much time is counting down versus how much time has elapsed in a video you’re watching, you can tap the timestamp to switch back and forth between these numbers.

In another change, YouTube will prompt viewers with “suggested actions” when there’s a way to have a better video experience. For example, you may be prompted to rotate your phone for a landscape video, or play a video in VR. Over time, it will roll out more suggestions, as needed.

Image Credits: YouTube

In its announcement today, YouTube mentioned a bedtime reminders feature which actually launched earlier this year. It’s not clear why it was lumped in with the other changes, as it’s already live. (YouTube says it was just a “recap”).

Many of the other changes may not be new to all users, either, however. YouTube confirmed to TechCrunch that some users will already have these features at the time of the announcement, while others will receive them this week.

The updates will roll out across both iOS and Android, starting today.

News: Mario Kart Live: Home Circuit gets unofficial remote play on Surrogate.tv

Readers of a certain age will no doubt remember some region variation of TV Powww. The syndicated program, which found viewers at home giving directions over the phone to an in-studio operating playing an Intellivision game. Mario Kart Live: Home Circuit review Perhaps the best-known variant is New York’s TV PIXXX, wherein the player would say

Readers of a certain age will no doubt remember some region variation of TV Powww. The syndicated program, which found viewers at home giving directions over the phone to an in-studio operating playing an Intellivision game.

Perhaps the best-known variant is New York’s TV PIXXX, wherein the player would say “PIXX” (a reference to the station’s call letters), in hopes of winning a T-shirt or U.S. Savings Bond. The game was, famously, plagued with the sorts of technical and latency issues one might expect from such an enterprise.

Technology has, thankfully, come a long way since then. Live streaming and cloud gaming in particular have finally started coming into their own in recent years. Founded in 2017, Finnish service Surrogate.tv offers a clever twist on these verticals, offering remote play versions of games with physical elements. Things like pinball, robot fighting and claw machines feature prominently. Naturally, all of that makes Mario Kart Live: Home Circuit a perfect candidate for what the site offers.

Launched last week, Surrogate is currently offering users the chance to play the game remotely during a number of blocks throughout the week (keep in mind that human beings need to be present in-person on the other side). Using the service, four players at a time can control the RC karts, using feeds from the the remote Switches that offer up the AR overlay.

Image Credits: Surrogate

To accomplish the experience (which, Surrogate is quick to note, is in no way affiliate with Nintendo), the site emulated the Switch using the GitHub NSGadgetPi project, which is built with an Adafruit M0 microcontroller. Beyond that, each of the karts, meanwhile, requires the following, per Surrogate,

  • Nintendo Switch – To run the game.

  • Nintendo Mario or Luigi RC Kart – To be driven on the race track.

  • Raspberry Pi 4 – To run SurroRTG and Surrogate’s custom image recognition.

  • HDMI Capture Card – To capture the video feed.

  • USB Sound Card – To capture the sound.

Image Credits: Surrogate

It’s a fun way to experience the game without spending $99 on a kart (and four times that to get the full four-player in-person experience). Though, as anticipated, there are some lag issues, as a few of our staff members who have tried it out can attest. Getting the hang of it takes a few races, and that can eat up some serious time. Depending on when you play, the waiting list gets pretty long — and getting some press coverage will likely only make matter worse.

Image Credits: Surrogate

At very least, however, things have improved tremendously since the days of TV Powww.

News: Pinterest’s new widget brings photos from favorite boards to your iOS 14 homescreen

As iPhone owners began customizing their iOS 14 homescreens with new widgets and custom icons, Pinterest iOS downloads and searches surged as the app became a top source for design ideas and inspiration. Today, Pinterest is more directly joining the homescreen customization trend with its own iOS 14 widget of its own. Last month, Pinterest

As iPhone owners began customizing their iOS 14 homescreens with new widgets and custom icons, Pinterest iOS downloads and searches surged as the app became a top source for design ideas and inspiration. Today, Pinterest is more directly joining the homescreen customization trend with its own iOS 14 widget of its own.

Last month, Pinterest broke its daily download record when it saw over 600,000+ downloads in a single day. Though third-party estimates disagreed on which day the new record was achieved, multiple firms saw an outsized number of new users downloading the Pinterest mobile app. The demand was directly tied to the #ios14homescreen redesign trend that was also being shared across social media as users showed off how they were using iOS 14’s new widgets, along with matching wallpapers and custom icons for app shortcuts to give their homescreen a new “aesthetic.”

During this time, Pinterest says it saw searches for ideas like “indie ios 14 homescreen” spike by 15x in the week following the iOS 14 launch compared with the week prior, while searches for “iPhone aesthetic” were up by 19x.

The trend also pushed custom widget makers — like Widgetsmith, Color Widgets, and Photo Widget — up to the top of the App Store charts, as they allowed users to add photos and other colorful widgets to their homescreen.

Similarly, the new Pinterest widget launching today could make for a good alternative to a static photo widget.

Instead of choosing a photo or album of photos saved to your Camera Roll to serve as the source for your iOS 14 homescreen photos as with other photo widgets, the new Pinterest widget allows you to select a Pinterest board as your photo source. The board can either be one of your own or one that you follow.

For example, you could add a widget that features your favorite motivational quotes or one that serves of photos of travel inspiration or style ideas. You could also create seasonal boards, like those for Halloween or fall or Christmas or winter, to make it easier to swap between different homescreen “aesthetics” with the changing seasons.

Pinterest says the new widget will update the photo it features on an hourly on daily basis, depending on your preferences. The widget can also be set either as a small photo or large one, but the company notes there’s no medium option as it’s not optimal for Pin length.

The widget is also interactive. When you tap the Pinterest widget, you’ll be launched directly to that Pin in the app.

As you find new photos that fit your homescreen aesthetic, you can add them to your board to keep a fresh set of photos appearing on your homescreen.

The updated app with the widget is rolling out to iOS users worldwide starting today, Pinterest says.

 

News: SAP shares fall sharply after COVID-19 cuts revenue, profit forecast at software giant

SAP announced its Q3 earnings yesterday, with its aggregate results down across the board. And after missing earnings expectations, the company also revised its 2021 outlook down. The combined bad news spooked investors, crashing its shares by over 20% in pre-market trading and the stock wasn’t showing any signs of improving in early trading. The

SAP announced its Q3 earnings yesterday, with its aggregate results down across the board. And after missing earnings expectations, the company also revised its 2021 outlook down. The combined bad news spooked investors, crashing its shares by over 20% in pre-market trading and the stock wasn’t showing any signs of improving in early trading.

The German software giant has lost tens of billions of dollars in market cap as a result.

The overall report was gloomy, with total revenues falling 4% to €6.54 billion, cloud and software revenue down 2%, and operating profit down 12%. The only bright spot was its pure-cloud category, which grew 11% to €1.98 billion.

SAP’s revenue result was around €310 million under expectations, though its per-share profit beat both adjusted, and non-adjusted expectations.

While SAP’s big revenue miss might have been enough to send investors racing for the exits, its revised forecast doubled concerns. Even though the company said that its customers are accelerating their move to the cloud during the pandemic — something that TechCrunch has been tracking for some time now — SAP also said that the pandemic is slowing sales, and large projects.

Constellation Research anayst Holger Mueller says this is resulting in an unexpected revenue slow-down.

“What has happened at SAP is a cloud revenue delay as customers know that SAP is only investing into cloud products, and they have to migrate to those in the future. The news is that SAP customers are not migrating to the cloud during a pandemic,” Mueller told TechCrunch.

In a sign of the times, SAP spent a portion of its earnings results talking about 2025 results, a maneuver that failed to allay investor concerns that the pandemic was dramatically impacting SAP’s business today and in the coming year.

For 2020, SAP made the following cuts to its forecasts:

  • €8.0 – 8.2 billion non-IFRS cloud revenue at constant currencies (previously €8.3 – 8.7 billion
  • €23.1 – 23.6 billion non-IFRS cloud and software revenue at constant currencies (previously €23.4 – 24.0 billion)
  • €27.2 – 27.8 billion non-IFRS total revenue at constant currencies (previously €27.8 – 28.5 billion)
  • €8.1 – 8.5 billion non-IFRS operating profit at constant currencies (previously €8.1 – 8.7 billion)

So, €300 million to €500 million in cloud revenue is now gone, along with €300 million to €400 million in cloud and software revenue, and €600 to €700 million in total revenue. That cut profit expectations by up to €200 million.

The company, however, is trying to put a happy face on the future projections, believing that as the impact of COVID begins to diminish, existing customers will eventually shift to the cloud and that will drive significant new revenues over the longer term. The trade-off is short-term pain for the next year or two.

“Over the next two years, we expect to see muted growth of revenue accompanied by a flat to slightly lower operating profit. After 2022 momentum will pick up considerably though. Initial headwinds of the accelerated cloud transition will start to turn into tailwinds for revenue and profit. […] That translates to accelerated revenue growth and double digit operating profit growth from 2023 onwards,” SAP CFO Luka Mucic said in a call with analysts this morning.

The question now becomes can they meet these projections, and if the longer-term approach during a pandemic will placate investors. As of this morning, they weren’t looking happy about it.

News: U.S. Space Force Lt. General John F. Thompson will join us at TC Sessions: Space in December

Our first-ever dedicated space event is coming up on December 16 and 17, and we’re thrilled to announce that Lieutenant General John F. Thompson of the U.S. Air Force will join us on our virtual stage at TC Sessions: Space. Thompson is the Commander, Space and Missile Systems Center (SMC) and oversees research, design, development

Our first-ever dedicated space event is coming up on December 16 and 17, and we’re thrilled to announce that Lieutenant General John F. Thompson of the U.S. Air Force will join us on our virtual stage at TC Sessions: Space. Thompson is the Commander, Space and Missile Systems Center (SMC) and oversees research, design, development and acquisition of satellites and their associated command and control systems for the U.S. Space Force.

We’re excited to have Thompson joining us because his role puts him directly in contact with some of the country’s most ambitious and technically advanced startups. As the person responsible for ensuring that the U.S. has a commanding position in areas including advanced missile warning, space launch, space superiority in the emerging defense arena and much more. There’s likely no one in the U.S. defense world closer to the space-focused pipeline for emerging and future-focused technology development.

Lt. Gen. John Thompson, U.S. Space Force

Part of what Thompson and the SMC have accomplished under his supervision is the establishment and continued growth of a rich ecosystem of non-traditional space startups, through both contracting and early stage funding to help them develop novel approaches to challenges both new and old. That work will also form the basis of the forthcoming Space Systems Command (SSC), an in-development command that will be responsible for development, acquisition and deployment of in-space capabilities for the U.S. Space Force. SSC will take its cues from the SMC and its Air Force origins, but be a new, overarching acquisitions entity that also incorporates the needs of Army and Navy space acquisition activities.

We’ll talk to Thompson about that work and how it’s progressing, and what changes about his work and the SMC’s mission as the U.S. continues to establish and grow the Space Force as its own, dedicated military branch.

If you want to hear from Lt General Thompson, you can grab a ticket to get exclusive access to watch this session (along with many others) live (with access to video on demand), network with the innovators changing the space industry, discover the hottest early-stage companies, learn how to score grants for your space company, recruit talent or even find a job with an early-bird ticket for just $125 until November 13. And we have discounts available for groupsstudentsactive military/government employees and for early-stage space startup founders who want to give their startup some extra visibility.

 

News: LA Rams, Fanatics and Postmates coordinate on an on-demand pop-up

Postmates, now destiend to be a division of Uber, is diving deeper into the world of on-demand retail and its partnership with the National Football League. The company, working alongside Fanatics and the Los Angeles Rams is launching a pop-up shop Monday for fans to buy gear directly through the delivery service. The store is

Postmates, now destiend to be a division of Uber, is diving deeper into the world of on-demand retail and its partnership with the National Football League.

The company, working alongside Fanatics and the Los Angeles Rams is launching a pop-up shop Monday for fans to buy gear directly through the delivery service.

The store is coordinated with the first Monday Night Football game being played at the Rams SoFi stadium.
Postmates will be delivering Rams merchandise through the collaboration with Fanatics starting at 10 in the morning Pacific and running through kickoff.

In September, the company announced that it was the first official on-demand food delivery partner for the NFL. A designation that means a multi-year sponsorship for some of the biggest sporting events in the U.S. including the Super Bowl.

“Fans will be watching NFL football this season from their couch more than ever before, so teaming up with Postmates as the first official on-demand food delivery partner of the NFL was a perfect combination,” Asamoah said at the time of the NFL partnership announcement. “We’re excited for Postmates to bring an NFL experience directly to our fans’ doorsteps throughout the season and around the year.”

The deal marks the first time that the company would deliver t-shirts, hats, caps, and other branded Rams clothing and accessories to an audience. The Rams pop-up is a natural extension of the relationship between the franchise and Postmates, which began earlier in October.

As part of the deal there will be 15 different products on sale for men, women, and children priced between $30 and $100, similar to the prices that fans would expect to see from Fanatics’ online shop.

Postmates will be delivering to Downtown, West Hollywood, Hollywood, Beverly Hills, Silverlake, Echo Park, and Los Feliz in Los Angeles. And there’s no delivery fee.
As merchandisers bring different kinds of retail experiences to consumers no longer willing to brave a brick and mortar store, expect to see more of these kinds of online-to-offline, on-demand shopping options where stores partner with delivery services to bring the instant gratification customers crave to their doorstep.

 

News: Ant Group could raise as much as $34.5B in IPO in what would be world’s largest IPO

The long-anticipated IPO of Alibaba-affiliated Chinese fintech giant Ant Group could raise tens of billions of dollars in a dual-listing on both the Shanghai and Hong Kong exchanges. Shares for the company formerly known as Ant Financial are expected to price at around HK$80, or roughly 68 to 69 Chinese Yuan. The company is selling

The long-anticipated IPO of Alibaba-affiliated Chinese fintech giant Ant Group could raise tens of billions of dollars in a dual-listing on both the Shanghai and Hong Kong exchanges.

Shares for the company formerly known as Ant Financial are expected to price at around HK$80, or roughly 68 to 69 Chinese Yuan. The company is selling around 134 million shares in the Hong Kong portion of its debut, worth around $17.25 billion American dollars at HK$80 apiece.

Given that the share sale is expected to raise a similar amount of money from its Shanghai listing, the company’s IPO could raise as much as $34.5 billion. That tally would make the debut the largest in history, besting the recent Aramco IPO that raised around $29.4 billion.

Alibaba owns a 33% stake in Ant Group. At its currently expected share price, Ant Group would be worth as much as $310 billion, according to the New York Times, or $313 billion per CNBC.

Ant Group’s huge IPO fits its own epic scale. As TechCrunch reported in July, Ant had around 1.3 billion annual active users in March of this year, a number that could have risen in recent quarters. Ant’s Alipay competes with Tencent’s WeChat Pay in the huge and lucrative Chinese market.

The Ant Group IPO could be viewed as a moment in which the United States stock markets showed weakness. When Alibaba went public back in 2014, it did so via the New York Stock Exchange. The Chinese tech giant later dual-listed on the Hong Kong exchange. To see Ant Group dual-list on the Hong Kong and Shanghai indices without a float in New York shows what is possible outside of the United States when it comes to capital financing.

Fintech startups have broadly seen their fortunes rise during 2020, as the global pandemic changed consumer behaviour and moved more commerce and payments into the digital realm. And IPOs have generally performed strongly as well, meaning that Ant Group could find a few tailwinds for its equity when it begins to trade.

Ant has not been content to stick to its knitting, keeping itself busy by investing in other startups. The company took a small stake in installment-payment service Klarna earlier this year, for example.

At a valuation of more than $310 billion, Ant Group would be worth about as much as JPMorgan Chase, the most valuable American bank today. It would also best U.S.-based digital payments leader PayPal, which is currently valued at $236 billion, as well as Square, which is valued at $77 billion.

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