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☆ Cyber firm Wiz moving funds out of Israel due to judicial plans -source
▼ + stars: | 2023-02-07 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

[1/2] Israelis working in the hi-tech sector hold signs with the Hebrew words "No democracy, no hi-tech" as they demonstrate against proposed judicial reforms by Israel's new right-wing government in Tel Aviv, Israel January 24, 2023. The source, who spoke to Reuters on condition of anonymity, said Wiz, a unicorn with a value of some $6 billion, has concerns about growing uncertainty in the Israeli market in light of the proposed changes. Wiz declined to comment on the transfer of money out of Israel which was initially reported by Channel 12 news. The proposed judicial overhaul, which has yet to be written into law, would tighten political control over judicial appointments and limit the Supreme Court's powers to overturn government decisions or Knesset laws. On Monday, Bank of Israel Governor Amir Yaron told lawmakers that institutional independence was vital for Israel's sovereign credit rating.

☆ ExodusPoint's 2022 struggles is a lesson for all of Wall Street: Play the hits
▼ + stars: | 2023-02-03 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

I shudder to compare some of the greatest artists of our generation to a hedge fund, but I can't help but notice some similarities between their disdain for their biggest hits and ExodusPoint's difficult 2022. The hedge fund, which still holds the industry's largest launch in history, ended the year with fewer assets, employees, and PMs than it started with. The world's biggest hedge fund has a new co-CIO. Ken Griffin, the billionaire owner of hedge fund Citadel, is causing quite the stir over his suggestion that a historic home on a property he owns in Miami be relocated. The firm continues to cut back on the size of a venture-capital fund its raising, The Wall Street Journal reports, with a new goal of $5 billion.

☆ Zopa raises $92 million as SoftBank sits out funding round
▼ + stars: | 2023-02-02 | by ( Pablo Mayo Cerqueiro | Iain Withers | ) www.reuters.com time to read: +2 min

The Japanese conglomerate previously led a 220 million pound funding round in late 2021 that valued Zopa at roughly $1 billion. Zopa did not disclose a price tag for the funding round but said it "cements" its unicorn status, awarded to start-ups worth upwards of $1 billion. London-based Zopa started out as a peer-to-peer lender in 2005 and later moved to banking, amassing 2 billion pounds of consumer loans and more than 3 billion pounds of customer savings. In the meantime, Zopa will use the fresh cash to explore potential acquisitions, including of companies of similar size, Janardana said. The company is also considering raising 25 million pounds to 100 million pounds of Tier-2 debt later in the year to firm up its balance sheet, Janardana said, adding that the plans are contingent on the cost of debt.

☆ European software startup investor Notion Capital set to raise around $300 million for fifth and largest-ever fund, sources say
▼ + stars: | 2023-01-31 | by ( Callum Burroughs | Hasan Chowdhury | ) www.businessinsider.com time to read: +2 min

European venture capital fund Notion Capital is set to raise its fifth fund, Insider understands. The London-based investor has secured around $300 million in commitments so far, sources say. European venture capital firm Notion Capital, which has backed companies like Currencycloud and GoCardless, is set to raise its fifth fund, sources say. Notion filed for its fifth fund in Luxembourg in February 2022. The fifth fund's commitments came in sizable chunks from LPs last year with around $200 million raised over the course of 2022, one London-based source said.

☆ A 26-year-old college dropout makes up to $73,000 a month in revenue selling products on Amazon FBA. He shares his top 5 tips to find the best products and sell them out.
▼ + stars: | 2023-01-26 | by ( Laila Maidan | ) www.businessinsider.com time to read: +8 min

Kevin Pak lost money on the first two products he tried to sell on Amazon FBA. In 2022, Pak made $289,000 in revenue and $127,000 in profit, according to screenshots of his Amazon seller's account viewed by Insider. Pak realized that the manufacturer he ordered shipped out poor-quality products. His product didn't look anything different, except he didn't have any reviews. If you're unsure about this step, Pak recommends consulting with an attorney or hiring a freelancer from Fiverr to do it for you.

☆ Start-up and VC fund to move funds out of Israel over judicial plan
▼ + stars: | 2023-01-26 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

JERUSALEM, Jan 26 (Reuters) - An Israeli venture capital fund and a local startup are moving their bank accounts out of Israel, they said on Thursday, as opposition mounts against government plans to overhaul the country's judicial system. This is a painful but necessary business step," said Guez, a vocal critic of the government's judicial plans. Barnoach told the Calcalist financial daily that the reforms are like a "legal coup" that could lead to economic instability. He said his foreign investors are worried and they may not continue to invest in Israel if the reforms pass. An S&P Global Ratings analyst this month told Reuters that Israel's judicial reforms plan could pressure the country's sovereign credit rating.

☆ It's the perfect time to start your sneaker collection
▼ + stars: | 2023-01-24 | by ( Danni Santana | ) www.businessinsider.com time to read: +7 min

Inflation and high inventory have created the perfect environment for new sneaker collectors. Sneakers are easier to getMost shoes have become relatively easy to get, said a sneaker collector who goes by Sockjig and is the host of the "Sockjig Sneaker Podcast." Sneakerheads new to the Snkrs app might have a better chance of getting one of those "unicorn" shoes, Sockjig said. Saucony is a popular brand among sneaker collectors following casual-fashion trends. And they've placed the emphasis on the Snkrs app," Burns said.

☆ The founders of Web3 startup QuickNode managed to raise $60 million, valuing the company at $800 million — even after the fall of FTX. Here's how they did it.
▼ + stars: | 2023-01-24 | by ( April Joyner | ) www.businessinsider.com time to read: +4 min

Web3 infrastructure company QuickNode has raised $60 million at an $800 million valuation. That's illustrated by the blockchain infrastructure company QuickNode, which just announced $60 million in Series B funding at an $800 million valuation. That's helped QuickNode quadruple its revenue over the past year, Alex Nabutovsky, QuickNode's CEO and cofounder, told Insider. QuickNode's founders decided it was best to put off raising a Series B and focus on their company's growth. Back then, QuickNode's founders received a term sheet in a matter of days, capped off with a meal at the trendy restaurant Carbone.

☆ Why GM's new Chevy Corvette is a hybrid and not an all-electric car
▼ + stars: | 2023-01-19 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

The Detroit automaker had discontinued all hybrids, including plug-in hybrids, to focus investment on all-electric vehicles. So why make a hybrid Corvette? 2024 Chevrolet Corvette E-Ray hybrid sports car GMThe C8 features an exclusive Corvette engine and architecture. The hybrid system was specifically designed for the eighth-generation Corvette, according to Harlan Charles, Chevrolet Corvette product marketing manager. 2024 Chevrolet Corvette E-Ray hybrid sports car GM

☆ Diary of a CEO host Steven Bartlett has raised a $100 million fund to back the next generation of Europe's unicorn founders
▼ + stars: | 2023-01-19 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +3 min

Diary of a CEO host Steven Bartlett has raised $100 million for his new tech investment fund. Flight Story Fund aims to back diverse founders and will target high-growth startups. Steven Bartlett, the host of the hugely popular Diary of a CEO podcast, has raised over $100 million for his new tech investment vehicle. Flight Story Fund wants to back diverse founders who can create Europe's next cohort of startups worth over $1 billion. The fund wants to invest in 20 companies with deals ranging from $1 million to $10 million.

☆ In the largest-ever experiment of its kind, 33 companies adopted a four-day workweek. The results were conclusive: It's time for everyone to take Fridays off.
▼ + stars: | 2023-01-17 | by ( Molly Lipson | ) www.businessinsider.com time to read: +11 min

The results of the new report were unequivocal: The four-day workweek was better for everyone. And nearly all of the 495 employees involved in the trial wanted to maintain the four-day working week. The 4 Day Week trial found that participants spent an hour less time commuting than before the trial. A four-day week also provides vast improvements in well-being, life satisfaction, and sleep for women. As companies continue to grapple with attracting and retaining staff, the four-day week could be a relatively simple solution.

☆ The CTO of Carta alleged 'problems with the culture' at the $7 billion startup. Now the company's suing him, accusing him of corporate espionage and inappropriate sexting.
▼ + stars: | 2023-01-11 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +5 min

The lawsuit accuses Talton of secretly recording a company executive and sharing it with a former employee that was threatening to sue the company. The suit doesn't elaborate on the problems alleged and a spokesperson for the company declined to answer Insider's questions on the matter. Lindauer was copied on the email, seemingly by mistake, cluing company executives into the fact that Talton possessed surreptitious recordings of company executives. The company demanded, through Talton's attorney, that he turn over any recordings or transcripts of company executives. The lawsuit also accuses Talton of inappropriate "sexting" and contains sexually explicit text messages obtained through a forensic review of his work laptop.

Parafin, launched in 2020, works with so-called platform partners, or companies that other small businesses sell their products through. All the cofounders knew was that they wanted to build technology that would help small businesses. And they may not get their first contract payment from the government for as long as 120 days," Reed, the startup's CEO, told Insider. Helping small businesses manage their taxesComplYant's founder Shiloh Jackson wants to help people be present in their bookkeeping. HoneyBookWhile countless small businesses have been harmed by the pandemic, self-employment and entrepreneurship have found ways to blossom as Americans started new ventures.

☆ Hot AI startup Scale AI, valued at $7 billion, has laid off 20% of its staff. Insiders say employees found out when they were locked out of their computers.
▼ + stars: | 2023-01-09 | by ( Samantha Stokes | Stephanie Palazzolo | ) www.businessinsider.com time to read: +4 min

Scale AI laid off 20% of its workforce this morning, Insider has learned. Scale AI has raised more than $600 million from investors like Tiger and Y Combinator and was valued at $7 billion. Buzzy artificial intelligence data-management startup Scale AI, which was last valued at $7 billion in 2021, laid off 20% of its workforce Monday morning, Insider has learned. Founded in 2016 by Alexandr Wang and Lucy Guo, Scale AI was a member of the prestigious accelerator program Y Combinator's summer 2016 cohort. However, the job cuts at Scale AI – once a Silicon Valley darling – seem to suggest otherwise.

"As counterintuitive as it may sound, this layoff left me in a really good position," the 24-year-old said. U.S. tech giants including Meta, Microsoft (MSFT.O), Twitter and Snap (SNAP.N) have purged more than 150,000 staff, according to Layoff.fyi, which tracks technology job losses. Day One Ventures, an early stage venture fund in San Francisco, launched a new initiative in November to fund startups founded by people who had been laid off from their tech jobs, touting the slogan "Funded, not Fired". Silicon Valley investor U.S. Venture Partners and Austrian VC firm Speedinvest have meanwhile earmarked a similar amount for newly founded companies. Fong told Reuters that experience in Big Tech firm gave founders a "strong brand that can be leveraged to meet investors, potential customers, and recruit team members".

☆ Five Chinese startups that survived a tough year of Covid lockdowns
▼ + stars: | 2023-01-03 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Qilai Shen | Bloomberg | Getty ImagesBEIJING — In a year of Covid lockdowns and travel restrictions, some Chinese startups that survived found growth online and overseas. The startup avoided significant impact from China's Covid lockdowns since it could deliver its products virtually, Jiang said. The company aggressively pushed overseas in 2022 – launching subsidiaries in Tokyo, Seoul, Germany, Dubai, Los Angeles and Hong Kong, Wan said. Previously, Wan said that Keenon had seen revenue at least double or more every year from a lower base, when the China market was growing. The company has a staff of 100 people in the southern Chinese province of Guangdong and Los Angeles, Lin said.

☆ These 6 handbags are 'actually worth the investment,' says shopping expert: Chanel, Louis Vuitton, limited drops
▼ + stars: | 2022-12-30 | by ( Charles Gorra | ) www.cnbc.com time to read: +4 min

As the founder of Rebag, a designer handbag resale site, I've kept a close eye on the resale value of sought-after luxury goods. That's well above other major designer names — like Chanel, for example, which boasts an average value retention of 87%. Birkins have an average value retention of 96%, while the Kelly averages 108%. For example, the Nigo Keepall Bandoulière bag has a 119% average value retention, while the Louis Vuitton x NBA Ball in Basket Bag has a 147% average value retention. Up 12 percentage points from 2021, the brand's average value retention is 87%, although several bags exceed 100%.

☆ The year that brought high-flying Silicon Valley back down to earth
▼ + stars: | 2022-12-30 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +9 min

The tech industry, already dominant, only seemed destined to grow even bigger at the start of this year. The spread of the Omicron variant suggested a continued pandemic-fueled demand for digital goods and services, which had buoyed many tech companies. The result was a bloodbath unlike anything the tech industry has seen in the past decade. For years, Silicon Valley has held up its founders as visionaries who can see far into the future. “I do not think venture is cratering, or the tech industry is cratering as an industry.”But for now, at least, there appears to be no end in sight to the pain for Silicon Valley and those who work in it.

☆ The fintech reckoning is upon us. Here’s what to expect next year
▼ + stars: | 2022-12-28 | by ( Hugh Son | ) www.cnbc.com time to read: +9 min

Many fintech companies — particularly those dealing directly with retail borrowers — will be forced to shut down or sell themselves next year as startups run out of funding, according to investors, founders and investment bankers. Other private companies with a reasonable path to profitability will typically get funding from existing investors. The frenzy peaked in 2021, when fintech companies raised more than $130 billion and minted more than 100 new unicorns, or companies with at least $1 billion in valuation. "20% of all VC dollars went into fintech in 2021," said Stuart Sopp, founder and CEO of digital bank Current. "The competitive landscape shifts the most during periods of fear, uncertainty and doubt," said Kelly Rodriques, CEO of Forge, a trading venue for private company stock.

Founders in their 20s get a lot of media attention, but research suggests most founders are older. But the data on successful entrepreneurs says otherwise: The average age of business founders is around 40 years old, according to research by Pierre Azoulay, a professor at the Massachusetts Institute of Technology. And a 50-year-old founder is approximately twice as likely to experience a successful exit, meaning the startup is acquired or goes public, compared with a founder at age 30, according to Azoulay's analysis of 2.7 million founders between 2007 and 2014. What's more, the average age of a unicorn founder is 34, according to venture capital partner Ali Tamaseb's 2021 book Super Founders: What Data Reveals About Billion-Dollar Startups. Here are other successful people who found success later in life.

☆ An Indian tech unicorn's founders share 3 tips for success — including a 'hit by a bus' plan
▼ + stars: | 2022-12-27 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +5 min

Harsh Jain says it's an "open secret" that he doesn't use his own fantasy sports app — for fantasy football, at least. After introducing it to his childhood friend Bhavit Sheth, they set out to look for a fantasy cricket platform in India. Are you building scale and systems in a way ... not dependent on [a single person] and … having one person make a decision? Harsh Jain Co-founder and CEO, Dream SportsAccording to Jain, it's the "first mover's advantage" that brought their company Dream Sports — the parent company of Dream11 — to great heights. Harsh Jain CEO and co-founder, Dream Sports

☆ Oil funds and a Turkey ETF were 2022 market winners, but Russia and crypto tanked
▼ + stars: | 2022-12-27 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +4 min

New York CNN —Oil stocks skyrocketed in 2022, so it’s no surprise funds that track the energy sector were Wall Street winners this year. The iShares MSCI Turkey exchange-traded fund had more than doubled as of December 19, according to data from Morningstar Direct. The Turkish economy has slowed recently as unemployment has risen, but the instability has not hurt Turkish stocks. Other US and international oil funds and ETFs were also at the top of Morningstar Direct’s list. (Morningstar Direct provided CNN Business with a ranking of the best and worst mutual funds and ETFs for 2022, excluding so-called leveraged funds that make outsized bets on stock market indexes.)

☆ He Rolls in a Toyota Built for Japanese VIPs
▼ + stars: | 2022-12-24 | by ( A.J. Baime | Photographs Anna Powell Denton For The Wall Street Journal | ) www.wsj.com time to read: 1 min

Joe Molina , 67, the retired founder and president of PR firm JMPR Public Relations living in Carmel, Ind., on his 1997 Toyota Century V12, as told to A.J. The Toyota Century is like the unicorn of cars. But they’ve never seen one, and those who know what it is can’t believe their eyes. The model made its debut in 1967 on the 100th birthday of Toyota’s founder, thus its name. My specific Century’s generation was the first Japanese production car ever built with a V-12 engine.

☆ 4 major trends in health startups in 2022, after an unexpected post-pandemic dropoff in funding
▼ + stars: | 2022-12-24 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +6 min

VCs poured $13.5 billion into healthtech startups in 2022 — down nearly 50% from 2021. But a global slump and the tech downturn changed all of that, and funding into health startups fell by nearly 50% to $13.5 billion this year. AI-driven drug development and mental health startups also boomed during COVID-19 but have seen a funding dropoff in 2022. Tech that served underrepresented groups was spotlightedFrom menopause to mental health, health conditions that were billed as 'taboo' pre-pandemic have come to the forefront this year. Startups offering personalized treatments for niche issues or demographics, such as menopause app Vira Health, mental health platform MyMynd, and men's health platform Numan, all raised capital this year.

☆ This Retailer’s Lifeblood Was Cheap Plastic Toys. Now It Wants to Switch to Wood.
▼ + stars: | 2022-12-23 | by ( Trefor Moss | Photographs Tobias Nicolai For The Wall Street Journal | ) www.wsj.com time to read: 1 min

COPENHAGEN—Denmark, the home of Lego, once pioneered the plastic toy. Now one of the country’s biggest toy retailers wants to ditch plastic and go back to wood and other natural materials. Variety-store chain Flying Tiger Copenhagen has grown rapidly across Europe by offering an eclectic mix of cheap toys, gadgets and household items that are often made of plastic. Typical items include a remote-controlled dinosaur for roughly $19, a set of six stick-on mustaches for $4 or a pair of fluffy unicorn slippers for $13.

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