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Rich families across the globe are concerned about how to prepare their children to manage their wealth, but few are doing anything about it. According to a survey by JPMorgan, 69% of ultra-wealthy families cite succession planning as a top priority. That said, she attributed some of the reluctance to many of these family offices being formed within the past 10 or even five years. "Conversations about wealth can be challenging and, in our experience, families often have found it difficult to get started," she told Business Insider. Only 15% of family offices with at least $1 billion in assets kept heirs unaware compared with 27% for firms with $50 million to $500 million.
Persons: Rich, Elisa Shevlin Rizzo, Goldman Sachs, Ackah, Edward Jones Organizations: JPMorgan, Business, Forbes, UBS
A startup backed by Peter Thiel has released the "first AI software engineer." A little-known startup called Cognition Labs stunned software engineers this week when its team of coding whizzes unveiled what it calls "the first AI software engineer." AdvertisementHowever, Cognition's AI software engineer appears to have an aptitude that's a notch above. Of course, the startup has been pretty careful with how it presents its AI software engineer. These reactions are understandable at a time when software engineers are feeling the heat.
Persons: Peter Thiel, Devin, , Peter Thiel's, Scott Wu, Kyle Shevlin, Athagist, Keynes, Oliver Twist, kAKj7ZeBob — Kyle Shevlin, Evan You, Aravind Srinivas marveled, Mark Zuckerberg Organizations: Service, Software, Cognition Labs, Cognition, Informatics Locations: Singapore
Read previewOn Tuesday, Scott Wu's startup Cognition launched what it claims to be the world's "first AI software engineer," Devin, creating quite the buzz — and a little discomfort — in the tech community. The autonomous AI developer, Cognition claims, is the first of its kind to write code, fix bugs, and train AI models, among other tasks, all on its own. Today we're excited to introduce Devin, the first AI software engineer. Devin is… pic.twitter.com/ladBicxEat — Cognition (@cognition_labs) March 12, 2024Cognition claims that Devin can radically change how software engineers do their jobs. And reactions to the capabilities of Devin — which Cognition claims can resolve 13.86% of coding issues found in open-source projects on GitHub — seem mixed.
Persons: , Scott Wu's, Devin, Wu, Reddit, He's, Wu didn't, Peter Thiel's, Scott, Neal, , Kyle Shevlin, Athagist, Devin —, Aravind Srinivas, Evan You, they'd, I'd, Bro, isn't Organizations: Service, Twitter, Raytheon, Business, Cognition, Harvard University, LinkedIn, Fund, Bloomberg Locations: Singapore
He said: "For me, AGI…is the equivalent of a median human that you could hire as a co-worker." "It's interesting to use the term median human — that's importantly different from average human," Henry Shevlin, an AI ethicist and professor at the University of Cambridge, told Insider. How tech bros are defining this idea of median human intellect is open to question. Traditional measurements for comparing AI and human intelligence have tended to focus on capabilities rather than general intellect. But comparing AI with human intelligence at all can be ethically murky and potentially misleading, according to Mittelstadt.
Persons: Sam Altman, Altman, , , It's, you'd, Elizabeth Weil, it's, Brent Mittelstadt, Henry Shevlin, Shevlin, Mittelstadt Organizations: Service, Yorker, Twitter, McKinsey, Oxford Internet Institute, University of Cambridge
Balancing customer acquisition cost and customer lifetime value is difficult. Despite the market downturn, experts say startups need to be more savvy about going after new users. Fintechs need to take a quality over quantity approach when it comes to attracting new customers in a tightening market. One solution is to target customers who will offer greater lifetime value, Ron Shevlin, chief research officer at Cornerstone Advisors, said at the conference. Lifetime value is the amount of revenue a business will generate from a single customer.
Balancing customer acquisition cost and customer lifetime value is difficult. Despite the market downturn, experts say startups need to be more savvy about going after new users. Fintechs need to take a quality over quantity approach when it comes to attracting new customers in a tightening market. But despite the difficult market, experts say fintechs shouldn't simply be looking to grow their market share by any means necessary. Lifetime value is the amount of revenue a business will generate from a single customer.
We don't want to look like JPMorgan,'" Jason Mikula, fintech analyst and writer behind Fintech Business Weekly, told Insider. How closely they adhere to it matters greatly in terms of if a deal is on the line," Mandelbaum told Insider. Investors pumped $132 billion globally into fintechs in 2021 and there were more than 900 fintech M&A exits, according to CB Insights. "It's now a buyer's market," Rob Brown, CEO of Lincoln International, a global investment-banking advisory firm, told Insider. One way companies might optimize the due-diligence process without cutting corners is by leaning on machines to help with the heavy lifting.
We don't want to look like JPMorgan,'" Jason Mikula, fintech analyst and writer behind Fintech Business Weekly, told Insider. How closely they adhere to it matters greatly in terms of if a deal is on the line," Mandelbaum told Insider. Investors pumped $132 billion globally into fintechs in 2021 and there were more than 900 fintech M&A exits, according to CB Insights. "It's now a buyer's market," Rob Brown, CEO of Lincoln International, a global investment-banking advisory firm, told Insider. One way companies might optimize the due-diligence process without cutting corners is by leaning on machines to help with the heavy lifting.
Industry insiders shared their views on what tech companies could reach super app status in the US. Cornerstone Advisors' Ron Shevlin doesn't think the US will have a single super app. The race to build a so-called financial super app is well underway, and some industry insiders are already placing their bets. A super app is essentially a one-stop shop for users' financial needs and beyond, providing multiple services and products — including savings, investing, and shopping tools — all in one place. It is an opportunity, I think, for them to become a super app.
Elon Musk is set to acquire Twitter by the October 28 deadline set by a judge. Rapyd exec Larry Lee says Musk has the best chance at creating a super app from scratch in the US. Larry Lee, Rapyd's global head of financial networks, said Elon Musk is the "best chance" the US has for creating a so-called super app from scratch. A super app is a mobile or web-based application acting as a one-stop shop for consumers' financial and commerce needs. But the key to becoming a super app is having reasons for the user to use it daily or even multiple times throughout the day.
Industry insiders shared their views on what tech companies could reach super app status in the US. Cornerstone Advisors' Ron Shevlin doesn't think the US will have a single super app. The race to build a so-called financial super app is well underway, and some industry insiders are already placing their bets. Ron Shevlin, chief research officer at consultancy Cornerstone Advisors in Scottsdale, Arizona, envisions Walmart being the closest to building a super app in the US. It is an opportunity, I think, for them to become a super app.
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