Tag Archives: Blog

News: You can’t hack your YC application, but here’s what to avoid

Typically, you hear advice focused on ways to improve your YC application so it gets accepted. Here are some tips on what not to do and why so many YC applications get rejected.

Christopher Morton
Contributor

Christopher Morton is COO of Cognito.

The Y Combinator application season is upon us. I have been through YC a couple of times and have reviewed thousands of applications as a volunteer in later years.

Typically, you hear advice focused on ways to improve your YC application so it gets accepted. Here are some tips on what not to do and why so many YC applications get rejected. I’ve also put down some advice about what else to anticipate and take into consideration as you navigate the application process.

In short, don’t overthink your application, and keep it simple and straightforward.

When should I submit my YC application?

When in doubt, read YC’s instructions and answer the question literally. Avoid verbose marketing lingo and keep answers short and concise.

The best applications are often those made at the last minute, because applicants do not overthink their responses and toil over details they think need to be shoved into a question. While I do not recommend submitting applications at the deadline because the system has had issues receiving submissions, you can capture the essence of last-minute submissions by being clear and concise.

Remember that your application should be good enough to get an interview, not win a prize. Go back to work instead of spending more time perfecting an application.

YC experiments frequently. For this batch and the last, there was an early deadline that would give accepted teams access to YC before the batch officially began. Applying early gives you an opportunity to land an interview in the early round and to update your application to be considered in the standard round.

Is it OK to submit my YC application late?

News: Romanian marketing expert Robert Katai explains how to get the most out of your content

There’s a lot of advice out there on how to grab people’s attention, but there’s one aspect of marketing that Robert Katai thinks isn’t talked about as often: maintaining their attention.

There’s a lot of advice out there on how to grab people’s attention, but there’s one aspect of marketing that Robert Katai thinks isn’t talked about as often: maintaining their attention. The solution, he says, is a combination of content strategy and positioning.

Based in Romania, Katai is known for his podcasts and speeches covering the gamut of content marketing. A product manager at online graphic design platform Creatopy, he also works with clients as a freelance content strategist, and it is in this capacity that he was recommended to TechCrunch via our growth marketer survey. (If you have growth marketers to recommend, please fill out the survey!)

Katai was recommended by multiple Romanian clients and contacts who vouched for his content strategy prowess, so we were curious to know more. Who is he? And is his advice applicable beyond borders?

The short answer is yes. In a freewheeling interview, Katai spoke about how content marketing should integrate with users’ daily lives, and how content can be repurposed across multiple formats. He also shared some insights on the booming Romanian startup ecosystem.

Editor’s note: The interview below has been edited for length and clarity.

TC: How do you help your clients as a freelancer?

Robert Katai: One of the two things I’m doing is that I’m helping clients with creating their content strategy based on their objective. You can get web traffic, but you can also create a message and build the brand. You don’t have to start at the beginning; You can rebuild the brand later.

For instance, I’m working with a Romanian outsourcing company that started in 1993. They pioneered this industry in our city of Cluj-Napoca, but lately they started to realize that they should be more attractive from a sales as well as from an employee perspective. So I worked with them to perform an internal audit to see why employees love the company, why they leave, why they stay and what they want from the company.

Robert Katai

Image Credits: Robert Katai.

From there, I got to the idea that they needed to reshape their brand to not just have people notice them but to also maintain their attention. And here comes the content: I started an ambassador program, because there are people outside of the company who love it.

I also recommended they create an internal print magazine. It’s a very well-designed magazine that their 200 to 300 employees can take home and read. It’s not just about the job; it’s also about their hobbies, things to do in the city and some thought leadership articles that can inspire them to have a better life.

What’s the second way you are helping clients?

Apart from content strategy, I’m working with clients on their positioning for their audience, community and market, but also sometimes in terms of employer branding. Content can be a bridge between the two ways I am helping clients, because I’m using a lot of content marketing here and not focusing only on performance or growth marketing hacks. I’m helping them understand that if they want to establish a memorable, long-lasting brand in the market, they have to make content marketing part of their life.

If they want to reposition themselves in the industry, they need to say: Okay, these are the kinds of content we have to create for our goals; who will amplify the content, who will connect with us, and who will consume the content. Today, content creation is free — everybody can do it. The hard part is how you distribute and amplify that. And here’s how I can help the startups: Make a big piece of content and repurpose it in several small pieces; get it in front of people so that the brand is on their minds.


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How can brands achieve that top-of-mind status?

We all know that there are four kinds of content: Text, video, pictures and audio. These four formats never die. The platform can change, but the format will stay the same. A video can be an Instagram Reel, a documentary or something else, but it’s a video. The same goes for a photo. So the content strategy I’m working with is how brands can use that content ecosystem.

When I work with my clients — and also with Creatopy where I’m a product marketer — I recommend them to use content to build their brand and be visible to their users every day in their feeds. Every morning, when their customers are waking up and checking their phones, they don’t open a newspaper. They will open Twitter, Instagram or Facebook, and maybe then when they get out of the bathroom and make coffee, they will open YouTube and connect with Alexa.

I really believe that brands should create content that can just be in the mind of the user. Snackable content, Reels, TikTok … It doesn’t matter what we call it.

You also talked about repurposing content. Can you explain that?

Let’s take the interview you’ve done with Peep Laja. You could have recorded it as a video. And he covered several topics, so you could have several short videos — 30 seconds, three minutes, whatever. You can publish them daily on your site or social media channels with a comment that says, “Here’s the link to the full article.” But remember that on LinkedIn, that link will need to go into the comments section, not the post itself.

You can also have a longer video that you can publish on social media or on Wistia, asking people to give their email — so now you also have subscribers.

Then the second type of content you can create is audio. You already have it from the recording. You don’t have to publish the full 45-minute conversation, but you can have a five-minute audio clip, and again link to the articles.

Now we have video and audio, but what if you also designed quotes with his headshot and messaging? If it’s part of a series, you should also give it a name.

And it’s not just motivational; it’s educational, too, so you should take these quotes and create carousels for Instagram and LinkedIn. The first slide should grab attention — it can be a question. The second slide can be a link to the interview so that even if people don’t click it, it will be on their minds. Then you can have slides with insights.

The last slide will always be a call to action: Asking people to share, comment or save it for later — it’s the new currency on Instagram! And once you have your Instagram carousel, you create a PDF and publish it on LinkedIn.

So now you have five formats of content from one piece of content.

Wow, how much do we owe you?! Just kidding, we actually do some of that for the Equity podcast, for instance. Now, what other advice do you have for startups?

I’m a big advocate of documenting the process. Just imagine if Mark Zuckerberg had done that and you could read how he launched Facebook and so on. Noah Kagan is doing that right now. I think startup founders should do it, not just from the PR and marketing perspective, but for their audience. Even if your audience is not paying for your product right now, they are staying with you and giving your brand an essence in the industry.

Just think about what Salesforce is doing right now: They launched Salesforce+, which is like Netflix for B2B. It’s to get the attention of professionals and also maintain it, and I believe this is the currency of the big companies today: People’s attention.

Do you work with any startups in Romania? And do you have any impressions to share on the Romanian startup ecosystem?

Yes, I help a few Romanian startups with their content marketing and positioning. Sometimes other startups email me with questions, so I help them, too, but I don’t charge for email advice. I work with the ones that are looking for a long-term or project-based collaboration.

Startup founders here in Romania are curious, and very courageous to experiment even if it won’t necessarily work. And Romanian startups are very smart. For instance, Planable is doing a great job with content, social media and positioning. We also have social media analytics company Socialinsider, which this year launched virtual events, and TypingDNA, which wants to get rid of needing to log in with passwords and was founded by a former colleague.

I also found that the founders here work harder than their teams and don’t just leave others do the work — at least the ones I have met. We have several startup events in Romania: How to Web, and Techsylvania here in Transylvania.

I don’t like this name, but people say that Cluj-Napoca is the “Silicon Valley of Romania.” Lots of startups have been launched here, but the city that is getting more and more traction is Oradea, where the bet on education is paying off.

(If you are a tech startup founder or investor in Cluj or Oradea, fill in TechCrunch’s European Cities Survey 2021.)

News: YouTube to roll out Picture-in-Picture viewing for all U.S. iOS users, starting with Premium subscribers

Though YouTube has supported picture-in-picture viewing on Android devices since 2018, YouTube told TechCrunch today that it plans to launch the feature to all iOS users in the U.S. on both iPhone and iPad. For now, YouTube is inviting Premium subscribers to test this feature, which lets users watch picture-in-picture videos in a mini player

Though YouTube has supported picture-in-picture viewing on Android devices since 2018, YouTube told TechCrunch today that it plans to launch the feature to all iOS users in the U.S. on both iPhone and iPad. For now, YouTube is inviting Premium subscribers to test this feature, which lets users watch picture-in-picture videos in a mini player while browsing other apps. The testing period for Premium users ends on October 31, but YouTube does not have a timeline to share on when all U.S. iOS users will gain access to the feature.

Though this is a mobile feature, Premium subscribers must enable the ability to test it via the YouTube experiments website on the desktop. Last year, YouTube made opting into experiments a Premium perk.

If you scroll down on the experiments website, you’ll see “Picture-in picture on iOS” with the option to try it. Then, if you watch a video on the YouTube app, you should see a picture-in-picture display of the video when you navigate out of the app.

Once viewing a video via picture-in-picture, you can adjust where the video appears on your screen and how big it is. When you tap on the video, you’ll return to the YouTube app. If you lock your phone, the video will pause.

Some users have reported that you might need to delete and reinstall the YouTube app to get it to work.

This feature is different from existing picture-in-picture functionality on the YouTube iOS app because it allows you to continue watching a video even while navigating elsewhere on your phone. Similar features already exist on streaming apps like Netflix.

News: To prevent cyberattacks, the government should limit the scope of a software bill of materials

There is no reason to disdain the concept of SBOM outright. Indeed, it’s heartening to see the federal government take cybersecurity so seriously.

Manish Gupta
Contributor

Manish Gupta is the CEO of ShiftLeft.

The May 2021 executive order from the White House on improving U.S. cybersecurity includes a provision for a software bill of materials (SBOM), a formal record containing the details and supply chain relationships of various components used in building a software product.

An SBOM is the full list of every item that’s needed to build an application. It enumerates all parts, including open-source software (OSS) dependencies (direct), transitive OSS dependencies (indirect), open-source packages, vendor agents, vendor application programming interfaces (APIs) and vendor software development kits.

Software developers and vendors often create products by assembling existing open-source and commercial software components, the executive order notes. It’s useful to those who develop or manufacture software, those who select or purchase software and those who operate the software.

As the executive order describes, an SBOM enables software developers to make sure open-source and third-party components are up to date. Buyers can use an SBOM to perform vulnerability or license analysis, both of which can be used to evaluate risk in a product. And those who operate software can use SBOMs to quickly determine whether they are at potential risk of a newly discovered vulnerability.

“A widely used, machine-readable SBOM format allows for greater benefits through automation and tool integration,” the executive order says. “The SBOMs gain greater value when collectively stored in a repository that can be easily queried by other applications and systems. Understanding the supply chain of software, obtaining an SBOM and using it to analyze known vulnerabilities are crucial in managing risk.”

An SBOM is intrinsically hierarchical. The finished product sits at the top, and the hierarchy includes all of its dependencies providing a foundation for its functionality. Any one of these parts can be exploited in this hierarchical structure, leading to a ripple effect.

Not surprisingly, given the potential impact, there has been a lot of talk about the proposed SBOM provision since the executive order was announced. This is certainly true within the cybersecurity community. Anytime there are attacks such as the ones against Equifax or Solarwinds that involve software vulnerabilities being exploited, there is renewed interest in this type of concept.

Clearly, the intention of an SBOM is good. If software vendors are not upgrading dependencies to eliminate security vulnerabilities, the thinking is we need to be able to ask the vendors to share their lists of dependencies. That way, the fear of customer or public ridicule might encourage the software producers to do a better job of upgrading dependencies.

However, this is an old and outmoded way of thinking. Modern applications and microservices use many dependencies. It’s not uncommon for a small application to use tens of dependencies, which in turn might use other dependencies. Soon the list of dependencies used by a single application can run into the hundreds. And if a modern application consists of a few hundred microservices, which is not uncommon, the list of dependencies can run into the thousands.

If a software vendor were to publish such an extensive list, how will the end users of that software really benefit? Yes, we can also ask the software vendor to publish which of the dependencies is vulnerable, and let’s say that list runs into the hundreds. Now what?

Clearly, having to upgrade hundreds of vulnerable dependencies is not a trivial task. A software vendor would be constantly deciding between adding new functionality that generates revenue and allows the company to stay ahead of its competitors versus upgrading dependencies that don’t do either.

If the government formalizes an SBOM mandate and starts to financially penalize vendors that have vulnerable dependencies, it is clear that given the complexity associated with upgrading dependencies the software vendors might choose to pay fines rather than risk losing revenue or competitive advantage in the market.

Revenue drives market capitalization, which in turn drives executive and employee compensation. Fines, as small as they are, have negligible impact on the bottom line. In a purely economic sense, the choice is fairly obvious.

In addition, software vendors typically do not want to publish lists of all their dependencies because that provides a lot of information to hackers and other bad actors as well as to competitors. It’s bad enough that cybercriminals are able to find vulnerabilities on their own. Providing lists of dependencies gives them even more possible resources to discover weaknesses.

Customers and users of the software, for their part, don’t want to know all the dependencies. What would they gain from studying a list of hundreds of dependencies? Rather, software vendors and their customers want to know which dependencies, if any, make the application vulnerable. That really is the key question.

Prioritizing software composition analysis (SCA) ensures that when dependencies are analyzed in the context of an application, the dependencies that make an application vulnerable can be dramatically reduced.

Instead of publishing a list of 1,000 dependencies, or 100 that are vulnerable, organizations can publish a far more manageable list in the single digits. That is a problem that organizations can much more easily deal with. Sometimes a software vendor can fix an issue without having to upgrade the dependency. For example, it can make changes in the code, which is not always possible if we are merely looking for the list of vulnerable dependencies.

There is no reason to disdain the concept of SBOM outright. By all means, let’s make the software vendors responsible for being transparent about what goes into their software products. Plenty of organizations have paid a steep price because of software vulnerabilities that could have been prevented in the form of data breaches and other cybersecurity attacks.

Indeed, it’s heartening to see the federal government take cybersecurity so seriously and propose ways to enhance the protection of applications and data.

However, let’s make SBOM specific to the list of dependencies that actually make the application vulnerable. This serves both the vendor and its customers by cutting directly to the sources of vulnerabilities that can do damage. That way, we can address the issues at hand without creating unnecessary burdens.

News: Tesla’s redesigned iPhone app features two new home screen widgets

Saqib Shah Contributor Saqib Shah is a contributing writer at Engadget. More posts by this contributor Palantir glitch allegedly granted some FBI staff unauthorized access to a crypto hacker’s data A Tesla Megapack caught fire at the Victorian Big Battery facility in Australia Tesla is rolling out a major update for its iOS smartphone app

Tesla is rolling out a major update for its iOS smartphone app with new controls, improved management and cool visuals. Version 4.0 also gives you the choice between two different sized widgets for your iPhone home screen. As detailed by Tesla Software Updates, both feature the same information: the name of the car, battery percentage, location (or charging info), unlock status, an image of the vehicle and the time the information was last updated. Tesla previously had a “Today” extension for iOS that was nowhere near as comprehensive as the new widgets.

In terms of controls, you can send commands to your car immediately upon opening the app, instead of waiting for the vehicle to wake up. There’s also enhanced phone key support that essentially lets you unlock multiple Teslas.

An updated visual that should be immediately noticeable is the new 3D vehicle render. There are also new animations when you charge your car and in the climate and controls sections. Design-wise, Tesla has ditched the charging section and now displays that info when your car is plugged in. You can also view Supercharging history from within the app. While the speed limit, valet mode and sentry mode settings have been moved to a new category titled Security, which includes tips on how to use the Bluetooth, phone key and location services.

To sum up, this is the biggest update to the EV maker’s iOS app in a while. Recently, Tesla has mainly focused on providing bug fixes and improvements, outside of the introduction of Virtual Power Plant enrolment in July.

Editor’s note: This post originally appeared on Engadget.

News: We’re focusing on fintech at TechCrunch Disrupt 2021

Do you dig digital currency? Dream about decentralized finance, need to know NFTs? Maybe you’re just crypto-curious. Heck, check “all of the above” and get ready to focus on fintech at TechCrunch Disrupt 2021 on September 21-23. Disrupt is known for bringing the top experts, visionaries, founders, investors and makers to the stage, and this

Do you dig digital currency? Dream about decentralized finance, need to know NFTs? Maybe you’re just crypto-curious. Heck, check “all of the above” and get ready to focus on fintech at TechCrunch Disrupt 2021 on September 21-23.

Disrupt is known for bringing the top experts, visionaries, founders, investors and makers to the stage, and this year we’ve packed more than 80 stellar presentations, events and breakout sessions into three full days.

Join the discussion: Buy your pass today and get ready to hear from the leading voices across the tech spectrum.

With such a wealth of options, here are just some of the sessions dedicated to the topic of fintech in its myriad forms. Plus, we’ll have a dedicated Disrupt Desk session where industry experts and TechCrunch editors will break it down with deep-analysis, insight and likely a laugh or two. Peruse the full Disrupt agenda for specific days and times. Ready? Behold.

Collecting Crypto Opportunities

Dapper Labs launched the digital collectible craze into the mainstream earlier this year with its smash hit NBA Top Shot. Hear from CEO Roham Gharegozlou who, even amid sinking NFT sales, has big ambitions for the space. His startup recently hit a $7.5 billion valuation and aims to own the NFT ecosystem with its Flow blockchain product.

Breaking the Bank

Coinbase’s massive direct listing earlier this year couldn’t have come at a better time as peaking crypto enthusiasm reached market exuberance. Hear from CEO Brian Armstrong who, amid a major market correction, is tasked once again with building for the future and navigating volatility while fending off global competitors knocking at their door.

Bankrolling Web 3.0

At $2.2 billion, Andreessen Horowitz’s third crypto-centric fund is its largest vertical-specific bet ever and a signal of just how crucial blockchain tech and decentralized finance is to the firm’s future. Hear from General Partner Katie Haun who co-leads the crypto team tasked with tracking down the firm’s next Coinbase, which returned billions for the firm.

Revolutionizing the Global Metaverse Economy

Together Labs is leveraging the power of blockchain technology to create the new metaverse economy where users can buy, sell, invest and shape its future. Earlier this year, Together Labs launched VCOIN, the first global, digital currency that can be used in and out of the metaverse. VCOIN makes it possible for users to play to earn real value and then convert that value to cash. Soon, the company will introduce additional blockchain offerings to accelerate the transition to a complete blockchain economy, setting the economic model for other metaverses to follow. Presented by VCOIN.

TechCrunch Disrupt 2021 takes place on September 21-23. Get your pass today and hear the absolute latest trends in fintech — and so much more.

Is your company interested in sponsoring or exhibiting at Disrupt 2021? Contact our sponsorship sales team by filling out this form.

News: Israel’s maturing fintech ecosystem may soon create global disruptors

What is it about Israeli-founded fintech startups that stand out from their scaling neighbors across the pond?

Adi Levanon
Contributor

Adi Levanon has been an early-stage VC for nearly a decade, with a strong focus on fintech investments since 2015, both in the U.S. and Israel. Currently, she is the Tel Aviv-based investor at Flint Capital.

“Even with its vast local talent, it seems Israel still has many hurdles to overcome in order to become a global fintech hub. [ … ] Having that said, I don’t believe any of these obstacles will prevent Israel from generating disruptive global fintech startups that will become game-changing businesses.”

I wrote that back in 2018, when I was determined to answer whether Israel had the potential to become a global fintech hub. Suffice to say, this prediction from three years ago has become a reality.

In 2019, Israeli fintech startups raised over $1.8 billion; in 2020, they were said to have raised $1.48 billion despite the pandemic. Just in the first quarter of 2021, Israeli fintech startups raised $1.1 billion, according to IVC Research Center and Meitar Law Offices.

It’s then no surprise that Israel now boasts over a dozen fintech unicorns in sectors such as payments, insurtech, lending, banking and more, some of which reached the desired status just in the beginning of 2021 —  like Melio and Papaya Global, which raised $110 million and $100 million, respectively.

Over the years I’ve been fortunate to invest (both as a venture capitalist and personally) in successful early-stage fintech companies in the U.S., Israel and emerging markets  —  Alloy, Eave, MoneyLion, Migo, Unit, AcroCharge and more.

The major shifts and growth of fintech globally over these years has been largely due to advanced AI-based technologies, heightened regulatory scrutiny, a more innovative and adaptive approach among financial institutions to build partnerships with fintechs, and, of course, the COVID pandemic, which forced consumers to transact digitally.

The pandemic pushed fintechs to become essential for business survival, acting as the main contributor of the rapid migration to digital payments.

So what is it about Israeli-founded fintech startups that stand out from their scaling neighbors across the pond? Israeli founders first and foremost have brought to the table a distinct perspective and understanding of where the gaps exist within their respective focus industries —  whether it was Hippo and Lemonade in the world of property and casualty insurance, Rapyd and Melio in the world of business-to-business payments, or Earnix and Personetics in the world of banking data and analytics.

This is even more compelling given that many of these Israeli founders did not grow within financial services, but rather recognized those gaps, built their know-how around the industry (in some cases by hiring or partnering with industry experts and advisers during their ideation phase, strengthening their knowledge and validation), then sought to build more innovative and customer-focused solutions than most financial institutions can offer.

Having this in mind, it is becoming clearer that the Israeli fintech industry has slowly transitioned into a mature ecosystem with a combination of local talent, which now has expertise from a multitude of local fintechs that have scaled to success; a more global network of banking and insurance partners that have recognized the Israeli fintech disruptors; and the smart fintech -focused venture capital to go along with it. It’s a combination that will continue to set up Israeli fintech founders for success.

In addition, a major contributor to the fintech industry comes from the technological side. It is never enough to reach unicorn status with just the tech on the back end.

What most likely differentiates Israeli fintech from other ecosystems is the strong technological barriers and infrastructure built from the ground up, which then, of course, leads to the ability to be more customized, compliant, secured, etc. If I had to bet on where I believe Israeli fintech startups could become market leaders, I’d go with the following.

Voice-based transactions

Voice technologies have come a long way over the years; where once you knew you were talking to a robot, now financial institutions and applications offer a fully automated experience that sounds and feels just like a company employee.

Israel has shown growing success in the world of voice tech, with companies like Gong.io providing insights for remote sales teams; Bonobo (acquired by Salesforce) offering insights from customer support calls, texts and other interactions; and Voca.ai (acquired by Snapchat) offering an automated support agent to replace the huge costs of maintaining call centers.

News: Otter.ai expands automatic transcription assistant to Microsoft Teams, Google Meet and Cisco Webex

AI-powered voice transcription service Otter.ai is expanding its Otter Assistant feature for Microsoft Teams, Google Meet, and Cisco Webex. Otter.ai first released this feature for Zoom users earlier this year in May. With this new integration, Otter Assistant can now join and transcribe meetings on more platforms, even if the Otter user is not attending

AI-powered voice transcription service Otter.ai is expanding its Otter Assistant feature for Microsoft Teams, Google Meet, and Cisco Webex. Otter.ai first released this feature for Zoom users earlier this year in May. With this new integration, Otter Assistant can now join and transcribe meetings on more platforms, even if the Otter user is not attending the meeting.

The Otter Assistant automatically joins calendared meetings and records, takes notes and shares transcriptions with meeting participants. If a user decides to skip a meeting altogether, they catch up on the discussion through the recorded notes afterwards. The tool can also help in instances where you have overlapping meetings or larger meetings where only a portion of them are relevant to you.

To use the new tool, users need to synchronize their calendars with the service. The assistant will then automatically join all future meetings, where it appears in the meeting as a separate participant, for transparency’s sake.

“With more companies adapting to a hybrid work model where professionals work and take meetings in-office, at home, and on mobile, many are looking to Otter as a tool to improve team communication and collaboration,” said Otter.ai co-founder and CEO Sam Liang in a statement. “We’re excited to make using Otter even easier and more accessible no matter where or how people conduct and participate in meetings.”

The new integration will be handy for those who attend meetings across several platforms, as the tool can keep all of your meeting notes in one place. The Otter Assistant is available to Otter.ai Business users. The business tier starts at $20 per month and includes features like two-factor authentication, advanced search, audio imports, custom vocabulary, shared speaker identification and more.

News: Job offer management platform Compa emerges from stealth with $3.9M

The offer management platform provides “deal desk” software for recruiters to easily manage compensation strategies.

If you haven’t noticed yet, the hiring market is a hot one — and getting more complicated as enterprise talent acquisition leaders face technology gaps while assessing candidates. This leads to difficulty in determining compensation.

Enter Compa. The offer management platform provides “deal desk” software for recruiters to more easily manage their compensation strategies to create and communicate offers that are easy to understand and are unbiased.

Charlie Franklin, co-founder and CEO of Compa, told TechCrunch it was frustrating to lose a candidate at the compensation stage, so the company created its software to reduce the challenge of relying on crowdsourcing data or surveys to compare pay.

“Recruiters often lack the data and tools to figure out how much to pay people and communicate that effectively,” Franklin told TechCrunch. “We see talent acquisitions teams like a sales team. If you think of it from that perspective, they need to close a candidate, but to ask the recruiter to operate off of a spreadsheet slows that process down.”

Compa co-founders, from left, Charlie Franklin, Joe Malandruccolo and Taylor Cone. Image Credits: Compa

With Compa, recruiters can input pay expectations and compare recent offers and collaborate with other team members and hiring managers to reach pay consensus quicker. The software automates all of the market intelligence in real time and provides insights about compensation across similar industries and organizations.

The company, based in both California and Massachusetts, emerged from stealth Thursday with $3.9 million in seed funding led by Base10 Partners. Participation in the round also came from Crosscut Ventures and Acadian Ventures, as well as a group of strategic angel investors including 2.12 Angels, Oyster HR CEO Tony Jamous and Scout RFP co-founders Stan Garber and Alex Yakubovich.

Jamison Hill, partner at Base10 Partners, said via email his firm was doing research in the ESG “megatrend,” particularly looking for startups focused on compensation management, when it came across Compa.

He was attracted to the founders’ “clarity and conviction” on the company’s vision, their understanding of the pay gap in the market, how Compa’s solution would “create a new wave of smarter, more-data driven recruiting teams” and how it was enabling employers to use compensation and a positive offer management approach to differentiate itself from competitors.

“They deeply understand the nuances that come with enterprise-level HR teams and bring that expertise to every aspect of Compa’s product offering, which is why we believe Compa can emerge as a leader in this trend and chose to partner with this very special team,” Hill added.

Franklin, who previously led human resources M&A at Workday, founded Compa last year with  Joe Malandruccolo, who was on the engineering side at Facebook and Oculus, and Taylor Cone, who has done innovation consulting for organizations like Stanford University.

The company was bootstrapped prior to going after the seed round and will use the capital to expand the team and create additional products that fit into its mission of “making compensation fair and competitive for everyone,” Franklin said.

Going forward, he adds that job offers and compensation need to catch up to how quickly the world is changing. As more people work remotely and companies want to attract a diverse workforce, compensation will be an important factor.

“This is a long-term trend we are seeing in HR — compensation becoming more transparent — not just a spreadsheet shared internally, but a transition from secretive to open and accountable, Franklin said. “Technology is catching up to that, and we have the ability to produce outcomes that drive differences in pay.”

 

News: Founders Fund backs Royal, a music marketplace planning to sell song rights as NFTs

Founders Fund and Paradigm are leading an investment in a platform that’s aiming to wed music rights with NFTs, allowing user to buy shares of songs through the company’s marketplace, earning royalties as the music they’ve invested in gains popularity. The venture, called Royal, is led by Justin Blau, an EDM artist who performs under

Founders Fund and Paradigm are leading an investment in a platform that’s aiming to wed music rights with NFTs, allowing user to buy shares of songs through the company’s marketplace, earning royalties as the music they’ve invested in gains popularity.

The venture, called Royal, is led by Justin Blau, an EDM artist who performs under the name 3LAU, and JD Ross, a co-founder of home-buying startup Opendoor. Blau has been one of the more active and visible figures in the NFT community, launching a number of upstart efforts aimed at exploring how musicians can monetize their work through crypto markets. Blau says that as Covid cut off his ability to tour, he dug into NFTs full-time, aiming to find a way to flip the power dynamics on “platforms that were extracting all the value from creators.

Back in March, weeks before many would first hear about NFTs following the $69 million Beeple sale at Christies, Blau set his own record, selling a batch of custom songs and custom artwork for a collective $11.7 million worth of cryptocurrency.

Royal’s investment announcement comes just as a broader bull run for the NFT market seems to reach a fever pitch with investors dumping hundreds of million of dollars worth of cryptocurrencies into community NFT projects like CryptoPunks and Bored Apes. While visual artists interested in putting their digital works on the blockchain have seen a number of platforms spring up and mature in recent months to simplify the process of monetizing their art, there have been fewer efforts focused on musicians.

Paradigm and Founders Fund are leading a $16 million seed round in Royal, with participation from Atomic — where Ross was recently a General Partner. Ross’s fellow Opendoor co-founder Keith Rabois led the deal for Founders Fund.

The company isn’t sharing an awful lot about their launch or product plans, including when the platform will actually begin selling fractionalized assets, but it seems pretty clear the company will be heavily leveraging Blau’s music and position inside the music industry to bring early fans/investors to the platform. Users can sign-up for early access on the site currently.

As NFT startups chase more complex ownership splits that aim to help creators share their success with fans, there’s plenty of speculation taking off around how regulators will eventually treat them. While the ICO boom of 2017 led to plenty of founders receiving SEC letters alleging securities fraud, entrepreneurs in this wave seem to be working a little harder to avoid that outcome. Blau says that the startup’s team is working closely with legal counsel to ensure the startup is staying fully compliant.

The company’s bigger challenge may be ensuring that democratizing access to buying up music rights actually benefits the fans of those artists or creates new fans for them, given the wide landscape of crypto speculators looking to diversify. That said, Blau notes there’s plenty of room for improvement among the current ownership spread of music royalties, largely spread among labels, private equity groups and hedge funds.

“A true fan might want to own something way earlier than a speculator would even get wind of it,”Blau says. “Democratizing access to asset classes is a huge part of crypto’s future.”

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