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☆ OpenAI's mysterious new headquarters features nap rooms, a two-story library, and lounges for viewing both sunrise and sunset, according to planning documents
▼ + stars: | 2023-07-10 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +4 min

It's only fitting then that OpenAI should have a headquarters befitting its status as the vanguard of new AI revolution. But the company has kept details about its San Francisco headquarters a closely guarded secret. A reporter for Insider was even less successful, turned away by a security guard on an intercom who refused even to confirm or deny the existence of an OpenAI office at the location. But we may now have some hints about what it's like inside the offices of the world's most famous AI company, thanks to architectural plans and planning documents viewed by Insider. "It's an impressive space," said Peter Eisenbeiser, a city official who performed the final inspection of the 1960 Bryant Street space.

Persons: OpenAI, Peter Eisenbeiser, Travis Organizations: San Francisco's Mission, Microsoft, San, San Francisco, Florida Street, Bay, Eaton Hall, Architects, Boston Consulting Group Locations: San Francisco's, London, San Francisco, Florida, Seattle

☆ A former producer of hit TV show Entourage is launching an altruistic social network and says he doesn't want 'shitty users'
▼ + stars: | 2023-06-28 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +4 min

Whether it's misinformation on Facebook, privacy concerns at TikTok, or the perpetual cloud of controversy hovering over Elon Musk's Twitter, social media has an image problem. "Because of the hot mess that is legacy social media, I believe there's a real opportunity for disruption," Weiss said. That's what led him to found Roar Social, a social media startup based on the idea that "humans are hardwired for altruism." So I want the right users and to get the right users, you need to be a little patient." "Nothing is stopping McDonald's from selling filet mignon," he said, "they could do it well, they could do it cheaply, but no one's really gonna gonna go to McDonald's to buy the filet mignon.

Persons: Robert Weiss, Weiss, Melinda Gates, There's, it's, filet mignon, mignon, I'm, Bluesky, Jack Dorsey, he'll Organizations: Elon Musk's Twitter, Roar, MTV, Melinda Gates Foundation, Elon, Twitter Locations: TikTok

☆ A debate raging in Washington DC over the definition of who qualifies to be an accredited investor could transform the way startups raise money
▼ + stars: | 2023-06-26 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +9 min

Lawmakers and federal regulators are contemplating changing the definition of "accredited investor." There's a philosophical debate raging in Washington that could transform the multitrillion-dollar capital markets and change the way startups raise money. The origins of the definition of "accredited investor" trace back to the Great Depression and the Securities Act of 1933. And since the Reg D exemption's creation, private markets have become the dominant way for most issuers to access capital markets. According to analysis from the Brookings Institution, in 2020, 13.85% of US households qualified as accredited investors, compared with just 1.8% in 1983.

Persons: Gary Gensler, Elizabeth Holmes, Sam Bankman, Ronald Reagan, Reg D, Maxine Waters, Elizabeth Warren of Massachusetts, Micah Hauptman, Hauptman, haven't, Marcia Dawood, Dawood, Tyler Gellasch, Gellasch, Theranos Organizations: Securities and Exchange Commission, SEC, Apple, Securities, Financial Services, Politico, Consumer Federation of America, Yale Endowments, Brookings Institution, Angel Capital Association, ACA, Healthy Markets Association Locations: Washington, of Arkansas, California

Earlier this year, Insider highlighted the 32 most important VCs in Los Angeles. Now we are highlighting the next wave of VCs in Los Angeles. To identify the top up-and-coming VCs in LA, Insider surveyed more than 75 local investors. Earlier this year, Insider highlighted the 32 most important VCs in Los Angeles, but venture capital is a young person's game where no one can rest on their laurels. To identify the top up-and-coming VCs in LA, Insider surveyed more than 75 local investors and sought input from its editorial team.

Persons: Marc Andreessen, Peter Thiel, Andreessen Horowitz Organizations: LA Tech, SpaceX, Netflix, Apple, Meta, Telstra Ventures, Marquee Locations: Los Angeles, LA, Southern California, VCs, New York, Santa Monica

Mobile ordering and delivery have boosted Starbucks' bottom line and have become an incremental and growing part of the business. Starbucks would not share specifics on the size of its delivery business but has previously said the segment has seen a 20% year-over-year growth. CloudKitchens, which rents small, private kitchen bays that share a reception, offers one solution to delivery growth. Starbucks plans to open the San Francisco ghost kitchen on August 22 and operate it from 7am to 6pm, per a March filing with the city. The ghost kitchen will not sell alcohol.

Persons: Uber, —, Travis Kalanick, Laxman Narasimhan, Travis Kalanick Steve Jennings, CloudKitchens, Pat Grismer, Brady Brewer, Gloria Dawson, Darius Rafieyan, Meghan Morris Organizations: Starbucks, Service, CloudKitchens, Mobile, Buffalo Wild Wings, Getty, TechCrunch, Food Locations: Francisco, San Francisco, China, New York

☆ 10 Things in Tech: Hype House for generative AI developers, why Apple is jumping into the metaverse, and a long-range, electric Toyota
▼ + stars: | 2023-06-02 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

Like my fully-remote colleague Rebecca Knight, I miss sharing random thoughts with my colleagues. My colleague Darius Rafieyan breaks down the novel setup that's helping unprofitable startups raise money. In other news:Hacker Fellowship Zero is cultivating batches of tech developers, many who are jumping into the generative AI wave, per a New York Times report. Welcome home: A Hype House for generative AI developers. Generative AI has a Digital Blackface problem.

Persons: It's, I'm, Siu, Rebecca Knight, Rebecca, Rebecca Zisser, Darius Rafieyan, Simon McGill, Marc Benioff, Sam Altman, Altman, Mark Zuckerberg, Alistair Barr, GirlfriendGPT, bro, Putin, Diamond Naga Siu, Nathan Rennolds Organizations: Bank of America, New York Times, Getty, San, Toyota, Ryanair, Patryk, Software, VMware, Employees Locations: New Jersey, San Francisco, techies, New York, San Diego, London

☆ Making money as a startup is hard, so these New Jersey companies are selling their financial losses in exchange for millions in cash
▼ + stars: | 2023-06-01 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +4 min

The state of New Jersey offers a unique program that allows startups in the state to sell those losses for cash. To date, TrueFort has pulled in $20 million through a New Jersey program for startups. Those companies can then deduct those losses from their taxable income, cutting the amount of money they pay in taxes. The NOL program is especially popular among biotech businesses like Lisata, which are characterized by large R&D expenses and unpredictable paths to profitability. The NOL program is part of a suite of programs designed to support New Jersey startups.

Persons: Sameer Mahorta, TrueFort, Malhorta, David Mazzo, Mazzo, Lisata, Mahorta Organizations: Partners, Shasta Ventures, New, New Jersey Economic Development Authority, state's Technology, Bank of America, NOL, Garden State Locations: New Jersey, Weehawken, Silicon, Garden

The Seed 100 is our annual list of the best early-stage investors, based on data analysis. These investors have proven track records and are on track for continued success. Also read our list that focuses exclusively on successful women: Seed 30: The best early-stage women investors of 2023Seed-stage investing is the riskiest — and potentially most rewarding — venture-capital round and the choice of seed investor can make or break a startup. The Seed 100 identifies top investors via data analysis supplied by Tribe Capital*. Scroll down for the full Seed 100 list.

Our annual list of the best women seed investors has been expanded this year. Also read: The Seed 100: The best early-stage investors of 2023The venture-capital industry has historically been a boys' club. That's changing as more women join venture firms, found their own firms, become angel investors, and join investing syndicates. The best seed investors can repeatedly identify winners years before they are successful. Scroll down for the full Seed 30 list.

Andreessen Horowitz is preparing to launch a fund of funds to invest in other startup backers. A16z has already been courting up-and-coming fund managers at events in San Francisco and LA. The venture-capital powerhouse Andreessen Horowitz has in recent months been in discussions to form a fund of funds focused on early-stage investing, according to multiple people familiar with the project. In recent months, the firm has started to court up-and-coming fund managers with events in San Francisco and Los Angeles, according to three sources familiar with the firm's plans. Partners at crossover fund Tiger Global tried a similar strategy in recent years, committing $1 billion to back an array of early-stage venture funds.

☆ Exclusive: NEA and Pear VC just led a $4.5 million seed investment in Orby, the AI that has thoughts about your job performance
▼ + stars: | 2023-05-10 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +4 min

Stealth AI startup Orby recently closed a $4.5 million seed round led by NEA and Pear VC. The scramble into AI startups continues apace as NEA and Pear VC lead a $4.5 million seed investment into stealth startup Orby, which seeks to leverage the power of surveillance to automate away life's most tedious tasks. It identifies wasted energy and inefficiencies, repetitive tasks that can be automated and handed off to the computer. They say Orby can identify this repetition and write code to automate it. Eventually, they say, Orby may start to know your job better than you do, and find solutions you never thought of.

☆ The former president of Tesla and COO of Lyft just raised a new $40 million fund and wants to fix venture capital's "addiction to fees"
▼ + stars: | 2023-05-08 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +4 min

Jon McNeill served as president of Tesla, COO of Lyft, and has started and sold six companies. Over the same period the number of new funds closed has fallen by more than 75%, meaning capital is concentrating in fewer and larger funds. "That's all about addiction to fees," said McNeill, "it's not like they've got twenty times the amount of opportunities to fund, they don't." It's a venture fund, but it also bears resemblance to a private equity fund, an incubator, and a sort of "private Berkshire Hathaway" as McNeill puts it. The fund takes 100% of the company up front, as opposed to the 20% stake a VC fund would typically take.

☆ Exclusive: Google's VC firm just led a $12 million Series A investment in Range, a startup that's training AI to give financial advice
▼ + stars: | 2023-05-03 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +7 min

The company is training an AI model to give financial advice and hopes to make human advisors obsolete within a decade. Enter Range, a startup that's looking to use artificial intelligence and machine learning to make human financial planners obsolete. The company is building out a suite of financial planning tools aimed at aging millennials and designed to help streamline investing, saving, and estate planning. 'We're looking to replace you'These recommendations are reviewed and "massaged" by human advisors before being passed on to clients. She said she's excited about the prospect of making her own job obsolete if it means more people having access to financial planning.

☆ Some startups are selling at 80% discounts as investors finally come to terms with the collapse in valuations across the tech industry
▼ + stars: | 2023-05-02 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +5 min

As valuations drop, investors are increasingly looking to the secondary market to sell their startup shares. This scramble to cash out has led to a steep drop in prices for secondary transactions. With secondary transactions, investors can sell all or part of their stake in a VC fund in order to realize gains earlier than they otherwise would. In some cases, he says, StepStone has even acquired startup shares on the secondary market at prices 80% below their most recent funding rounds. Secondary investors came into 2023 sitting on $131 billion in dry powder, according to a survey from investment advisory firm Evercore.

☆ Meet the 31-year old VC and self-made millionaire who faced Hong Kong loan sharks and his own fear of death
▼ + stars: | 2023-04-14 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +9 min

31-year old Maurice Ng came to the US with nothing after his family fled loan sharks in Hong Kong. It was a simple spreadsheet that inspired Maurice Ng at 29 to quit his job to become a venture capitalist. He deducted a little over 2,000 days for commuting time, and allowed himself 255 "regular sick days" and 10 "serious sick days." Assuming 3 meals a day, 365 days a year, 1 hour per meal, he deducted 5,817 days for eating. Despite the current turmoil in the tech industry and venture capital, Maurice seems to be inoculated against self doubt.

☆ Exclusive: The University of California has invested billions in venture capital firms since 2000 and it has lost hundreds of millions so far. Here's why.
▼ + stars: | 2023-04-11 | by ( Ben Bergman | Darius Rafieyan | ) www.businessinsider.com time to read: +6 min

Insider obtained UC Investments' returns through a Public Records Act request. Unlike many other financial institutions, VC funds are not required to show their return on investment in startups. UC Investments, which has been managed by Jagdeep Singh Bachher since 2014, declined to comment. Though selling early produced an initial windfall, UC Investments could have ultimately missed out on substantial gains from these VC funds. By comparison, UC Investments earned a 8.3% return for its investment in public markets.

☆ The bank taking over SVB's venture-debt business doesn't seem to know a lot about venture debt
▼ + stars: | 2023-04-06 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

But first, can you explain what venture debt is? The venture debt community, which has grown considerably as equity funding has dried up, is skeptical that First Citizens is the best firm for the job, Insider's Darius Rafieyan reports. Reporting from the first annual Venture Debt Conference in New York, which First Citizens seemed to be absent from, Darius details how attendees and panelists questioned the family-run regional bank's ability to take over the complex and nuanced business that is venture debt. I'm all for learning on the job, but that type of knowledge seems like a prerequisite for buying a business with more than $70 billion in venture debt. But, if First Citizens is as ill-equipped to take over SVB's venture-debt business as some believe, that only further complicates the matter.

☆ There's confusion and skepticism in the venture debt community as the industry struggles to figure out the future of SVB's loan business
▼ + stars: | 2023-04-05 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +5 min

The first annual Venture Debt Conference was held in New York last week. The event was marked by confusion and skepticism over the future of SVB's debt business. Last week, as many of the biggest names in venture debt gathered in a conference center in New York City's Midtown neighborhood for the first annual Venture Debt Conference, there was one firm conspicuously absent. They didn't even know what warrants were," they said, referring to stock warrants, a common feature of many venture debt deals. One venture debt executive predicted they'd be out of the game in 5 years.

☆ I'm a SVB employee who lost more than $1 million. Here's the inside story of our struggle to survive.
▼ + stars: | 2023-03-25 | by ( Darius Rafieyan | Mattathias Schwartz | ) www.businessinsider.com time to read: +9 min

The best case outcome — which I think is unlikely, given the brand tarnishing — is that we operate as a wholly-owned subsidiary. We spent a whole weekend on the phone, email, chat, any sort of way to get in touch with the VC firms, partners of the VC firms, operating partners, CFOs, anybody we could to try and get them to rally. Originally there was a list of 13 VC firms, which said they were willing to sign a statement saying that they supported us. We spent a whole weekend on the phone, email, chat, any sort of way to get in touch with the VC firms, partners of the VC firms, operating partners, CFOs, anybody we could to try and get them to rally. Whether you've raised $5 million or you've raised $500 million, you have a dedicated person.

☆ Exclusive: $7 billion tech unicorn Carta bet big on managing employee equity for public companies. Now it's telling them to get off its platform.
▼ + stars: | 2023-03-23 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +6 min

$7 billion unicorn Carta is officially retreating from its equity management software for public companies, according to multiple sources Insider has spoken to. Thousands of private companies use the platform to track company and employee ownership, process venture investments, and administer employee stock programs, among a slew of other services. Carta had seen the company through its 2017 public listing on the London Stock Exchange, helping its employees and shareholders navigate the complex world of public stock markets. Transfer agents are regulated entities that all public companies are required to use to track stock ownership. "I guess getting into the public markets is something that they sort of dipped their toe in and now want to withdraw," he said.

Silicon Valley Bank spent decades building trust with tech startups and venture capitalists. A Twitter panic, triggered by the people who placed their trust in the bank, took down the bank in days. Darius Rafieyan walks us through the rise and fall of Silicon Valley's exclusive boutique bank. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicySilicon Valley Bank spent decades building trust and relationships with Silicon Valley tech startups. But a Twitter panic took the bank down in days — triggered by the same people who placed their trust in the bank in the first place.

☆ Silicon Valley Bank's CEO and CFO were ousted but other bank executives still have their jobs — and they're wooing new customers, acting CEO told clients.
▼ + stars: | 2023-03-17 | by ( Kali Hays | Darius Rafieyan | Dakin Campbell | ) www.businessinsider.com time to read: +5 min

Clients were told that the CEO and CFO are out of SVB, while other managers remain. His message to them: Silicon Valley Bank was fully operational, protected by unlimited FDIC insurance even for new deposits, and all business was functioning normally, as if the bank run on Friday never happened. In this case, Silicon Valley Bridge Bank is a full-service bank." Retaining management is, perhaps, a good outcome for the moment for SVB employees who have been cast in a pall of uncertainty since last week. SVB employees now seem to fall into three groups, according to the recruiter, who has spoken with SVB employees in recent days.

Employees have been working around the clock to onboard as many startups as possible in the wake of the implosion of Silicon Valley Bank. Silicon Valley Bank, which had more than $175 billion in deposits and served nearly half of US VC-backed startups, was taken over by US regulators on March 10. "That said, I am worried that this bias towards a Big Four bank is a double-edged sword," Shekar added. "SVB did not think like a big bank. They could understand your operating plan when a big bank would balk at it," Ashley Tyrner, CEO and founder of FarmBoxRX, told Insider.

Greg Becker, who was the longtime CEO of Silicon Valley Bank, pictured last year. "Looks like Silicon Valley Bank is in some deep shit," Uncommon Capital general partner Jamie Quint tweeted. Startup founders scrambled to get their funds out of Silicon Valley Bank after its collapse. Andreessen Horowitz announced this week that it will continue banking with Silicon Valley Bank "for the foreseeable future" but is crafting a longer-term plan to diversify. Even so, he added, "I think we'd be supportive, as they stabilize, for them to be one of many partners that our founders bank with."

☆ Exclusive: Carta's fired CTO accuses CEO Henry Ward of deceiving regulators, abusing employees, and misappropriating funds
▼ + stars: | 2023-03-16 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +5 min

In a new legal filing Carta's former CTO accuses the company's CEO of a litany of misdeeds. New details have emerged in the ongoing lawsuit between $7 billion startup Carta and its former CTO Jerry Talton. Four days after submitting that letter, Talton was placed on administrative leave. On December 23, 2022, two months after sending his letter, Talton was fired and stripped of $10 million of unexercised stock options, according to Wednesday's filing. The legal filing claims that the company "invaded Talton's privacy and inserted these salacious elements in the complaint simply to malign him."

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