As high schooler Geovany Gonzaga typed lines of HTML code on a Mac laptop, a green Web page sprang to life on the screen.
Growing up in India and Singapore, Anjney Midha had big dreams of one day moving to Silicon Valley and joining the region’s thriving startup scene.
In fact, he was so enamored by the startup culture there that he started sending cold emails to venture capitalists in the Valley, asking questions about term sheets and business plans. But the usual response he got — if he ever got one — was a simple one line message: “Next time you’re here, let me know, and we’ll get coffee.”
Eventually, Midha got into Stanford and things got a little better. But he still wasn’t able to get the type of instant access with VCs that he got with professors during office hours, leaving him frustrated with lots of unanswered questions about the industry.
But one day at Stanford, in 2013, he came across an on-campus “office hour” set up by Kleiner Perkins’ general partner Mike Abbott. The two instantly clicked, and three days later, Midha was hired as the youngest partner at Kleiner Perkins.
Inspired by those office hours, Midha and his team at Kleiner Perkins’ Edge Fund launched a new app last week that lets anyone from around the world ask questions and speak with them instantly.
Called the “KPCB Edge Office Hours,” the app is basically a communication app where users can ask and get instant feedback from one of the three partners of the Edge Fund, the firm’s early stage fund focused on emerging technologies like drones, digital currency, and virtual reality. The three partners — Midha, Roneil Rumburg, and Ruby Lee — spend at least two hours a week answering questions in real-time, while they respond to non-office hour messages throughout the week.
“The kind of access where you just open up your phone and you’re talking to an investment partner who can write you a check the next day just hasn’t happened before,” Midha told Business Insider. “Nothing’s broadcasted, you just have a 1-on-1 conversation with us while your identity is protected.”
Since its launch on Friday, the app has been downloaded in 17 different countries, Midha said, and he’s already set up 5 to 6 different meetings with people who reached out to him through the app. It’s still in its very early stages, but Midha says he plans to have guest CEOs and even some of the general partners from Kleiner Perkins participate in the two-hour weekly office hours.
Midha says the app is about much more than just providing unfettered access to Valley VCs. The ultimate goal is to change the way venture capital works using great software. “We’re not trying to replace venture capital,” Midha said. “We’re just trying to make VC much better, more efficient and accessible with software. That’s the ultimate goal.”
On July 21, Apple reported its financial results for its third quarter. The results were solid, with actual results on both revenue and earnings per share slightly beating estimates. However, despite the good third-quarter results, Apple issued guidance that was, compared with the Street consensus, a bit light.
That said, despite a “miss,” the company is still delivering incredible amounts of profit and revenue growth, and Apple CEO Tim Cook wasn’t shy about calling the quarter “amazing” in a prepared statement.
Let’s look at what else Cook had to say about this “amazing” quarter on the earnings call.
Cook said he believes the iPhone has “a lot of legs to it,” stressing that that there’s “tons of innovation” left for Apple to bring to its most profitable product line.
“I think we’re in the early innings of it, not in the late innings, and I think the market rate of growth over the long haul will also be impressive,” Cook said in response to a question from one analyst.
Given that the iPhone makes up the majority of Apple’s revenue (63.2% in the most recent quarter) and probably an even greater majority of the company’s profits, it’s certainly a positive that Cook thinks there’s plenty of life left in the smartphone.
Apple’s iPad sales saw continued declines during the quarter, with units plunging 18% and revenue dropping 23% year over year. Despite this bleak picture, Cook says he’s “still bullish” on the iPad.
What is driving this bullishness? For one thing, Cook cited the improvements that are set to come to the iPad with the company’s upcoming iOS 9. He also said the enterprise business, a big area of focus for the company, is “picking up” and that “more and more companies are either contracting for or writing apps themselves.”
Cook also said he thinks customers will eventually start refreshing their iPads, citing strong usage statistic numbers that he says are “six times” greater than those of its nearest tablet competition.
Investors have been very interested in getting some insight into how Apple’s latest product category, the Apple Watch, is doing.
Apple has made it clear that it doesn’t plan on explicitly breaking out Apple Watch unit shipments and revenue numbers, but it’s not too difficult to get a ballpark estimate from the company’s “Other Products” line item.
Apple’s “Other” line item, which includes iPods, accessories, the Apple Watch, and more, saw an increase from $1.689 billion to $2.641 billion quarter over quarter. From that alone, it would be reasonable to assume that Apple Watch sales in the quarter were nearly $1 billion.
That said, Cook provided some additional insight. He noted that simply looking at either the year-over-year or quarter-over-quarter revenue change wouldn’t give an accurate picture of Apple Watch sales, as the non-Apple Watch portions of that line item are declining.
This probably means Apple Watch sales for the quarter were well over $1 billion. Given that newly public fitness-tracker vendor Fitbit, which is one of the more successful wearable device vendors out there, is expected to generate $1.41 billion in sales for the entirety of 2015, this seems to be a very impressive showing on Apple’s part.
• At 9:00 AM ET, the S&P/Case-Shiller House Price Index for May. Although this is the May report, it is really a 3 month average of March, April and May prices. The consensus is for a 5.6% year-over-year increase in the Comp 20 index for April. The Zillow forecast is for the National Index to increase 4.0% year-over-year in May.
• At 10:00 AM, Richmond Fed Survey of Manufacturing Activity for July.
• Also at 10:00 AM, Q2 Housing Vacancies and Homeownership survey.
To put the recent 5 day sell-off in perspective, here is a graph (click on graph for larger image) from Doug Short and shows the S&P 500 since the 2007 high …
(Reuters) – Baidu Inc’s quarterly profit missed analysts’ estimates as China’s biggest Internet search company spent heavily to diversify away from its core search advertising business, which is becoming less profitable and more competitive. Baidu’s shares fell more than 8 percent in extended trading on Monday after the company’s current-quarter revenue forecast also fell short […]
Snapshot for : May 29, 2015 ExitEntry Time Time$ Pct# PctSizeSPX :01 :10 :20 :30 :40 :50 :0153% 63% 50.7M 2,108.43 :1053% 63% 50.8M 2,110.61 2.18 :2053% 63% 50.9M 2,109.66 1.23-0.95 :30-50% 63% 4.4M 2,111.52 3.090.911.86 :4051% 64% 10.0M 2,110.70 2.270.091.04-0.82 :50-57% 61% -117.4M 2,110.65 2.220.040.99-0.87-0.05 :00-57% 61% -117.4M 2,107.45 -0.98-3.16-2.21-4.07-3.25-3.20 Need help decoding the […]
LinkedIn has become the most popular social media site for users who earn more than $75,000.
However, LinkedIn has some weaknesses demographically speaking: it is an older, more male, and less ethnically diverse social network than Pinterest, Twitter, Instagram, and Facebook. And LinkedIn has very low rates of penetration among users in their teens and early twenties.
Here are a few of the key takeaways from the BI Intelligence report:
In full, the report:
To access the full report from BI Intelligence, sign up for a 14-day trial here. Members also gain access to new in-depth reports, hundreds of charts and datasets, as well as daily newsletters on the digital industry.
Even though solar energy provides a mere four-tenths of 1 percent of the energy consumed in the U.S. today, Hillary Clinton plans to power every home in the country by 2027 with renewable sources of energy.
That would give her 10 years, if elected president, to realize her plan, which includes a huge increase in solar energy and other alternatives.
The front-running Democratic presidential candidate unveiled the broad outlines of her plan on Sunday that promises to install a half-billion solar panels nationwide by 2021.
That represents a 700 percent increase from the current rate of installations.
Clinton also vowed that if she is elected there would be enough renewable energy produced – including solar, wind, hydro and geothermal – to fulfill her energy goals.
“We can make a transition over time from a fossil fuel economy, predominantly, to a clean renewable energy economy, predominantly,” Clinton said in Iowa on Sunday as part of the roll out.
In a three-minute campaign video, the former secretary of state and U.S. reprimanded skeptical Republican presidential candidates – including former Florida governor Jeb Bush — for questioning the adverse impact of industrial greenhouse gas emissions on climate change.
“It’s hard to believe that people running for president refuse to believe the settled science of climate change,” she said.
To her credit, Clinton is among the first major presidential candidates to make the dangers of climate change a central issue.
During her formal announcement last month in New York, she vowed to make America “the clean energy superpower of the 21st century.” And as part of the plan she announced yesterday, Clinton vowed to fight Republican efforts to roll back provisions of the Obama administration’s Clean Power Plan.
Her campaign also outlined a new “Clean Power Challenge,” including competition for grants for renewable energy products, more federal assistance to state and local governments to encourage expanded use of alternative energy sources, and other incentives for consumers.
“Through these goals, we will increase the amount of installed solar capacity by 700 percent by 2020, expand renewable energy to at least a third of all electricity generation, prevent thousands of premature deaths and tens of thousands of asthma attacks each year, and put our country on a path to achieve deep emission reductions by 2050,” Clinton said.
Clinton’s sharp focus on solar energy and other alternative energy sources is not unlike President Obama’s big push throughout his first term to spark expansion in the solar energy industry, largely with the use of Energy Department grants and loans to private producers of solar panels and batteries.
However, that approach backfired in August 2011 after a California based solar panel manufacturing plant called Solyndra went bankrupt and left taxpayers on the hook for $535 million of federal green energy loans. Obama had visited the plant the year before and praised it for “leading the way toward a brighter and more prosperous future.”
The proposal released by Clinton over the weekend provided few details of how federal, state and local governments would fund a major expansion in solar energy production The federal investment tax credit, which has helped the solar industry compete against other more entrenched electricity sectors, will significantly decline at the end of 2016 unless it is renewed, experts warn.
While on the face of it, Clinton is vowing an ambitious new push towards greater reliance on solar energy and other alternatives to fossil fuels, the solar industry has made substantial headway in recent years, suggesting that Clinton’s target may well be in reach.
For example, Brad Plummer of Vox notes that solar capacity grew 418 percentbetween 2010 and 2014 – starting from a very small base. So a 700 percent growth rate between 2014 and 2020 is conceivable, although it would require additional policy changes and government incentive.
The U.S. Department of Energy (DOE) has projected that solar panels may be in use on almost 1 million homes by 2020. And if solar costs significantly decline from today’s levels, DOE’s so-called SunShot study predicts that solar installations could grow to nearly 4 million homes by 2020.
Yet while solar technologies are improving, the industry research group cautioned, meeting current U.S. electricity needs with today’s photovoltaic technology would require about 10,000 square miles of solar panels, “an area the size of New Hampshire and Rhode Island combined,” according to the Institute for Energy Research.
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Expansion for WisePies continues but it’s not without what the company is calling “growth pains.” The homegrown restaurant franchising company…
It’s the classic story of the little side business that could, but in this case, the little side business is Comcast’s Internet service, and when we say “could,” we mean bring in millions of customers and billions of dollars in revenue for Comcast. While the telecommunications giant may have begun as a cable provider, its main business is now Internet service provision, boasting 22.5 million Internet subscribers and 22.3 million video customers, as per its second quarter results.
Comcast’s revenue grew 10 percent thanks in large part to an increase of 180,000 high-speed Internet customers, which offset slight losses in their video-based customer base. But for Comcast cast the video results in the best light possible, stating that their net loss in viewers “declined to 69,000, a 52 percent improvement from the second quarter of 2014, and the best second quarter result in nine years.”
In a press release, Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation, noted, “Our second quarter results, including 11.3 percent revenue growth and 8.0 percent operating cash flow growth, demonstrate the strength and momentum we are seeing across our businesses. In Cable, high-speed Internet, and business services continued to perform extremely well, and, significantly, this was the best second quarter video customer results we’ve had in nine years.”
Despite the continuing and seemingly inevitable loss of video customers to streaming services like Netflix, Hulu, and HBOGo, Comcast has managed to weather the storm not only by way of its Internet service provision, but also thanks to the enormous success of its NBCUniversal division. “NBCUniversal had an exceptional quarter, led by the record-breaking box office performances of Jurassic World and Furious 7 and continued strong momentum in our theme parks,” said Roberts. “In addition, NBC won the 2014-2015 broadcast season for adults 18-49. Our teams are executing incredibly well across our strong and diversified portfolio, and I am excited for what we can deliver in the rest of 2015 and beyond.”
WASHINGTON (Reuters) – Some of the biggest U.S. corporate names on Monday offered their support – and billions of dollars in green financing pledges – to buttress the Obama administration’s quest for a global agreement on combating climate change.
Below is the opening segment of this week’s edition of Notes From the Rabbit Hole, NFTRH 353. After this theoretical exercise we got down to nuts and bolts analysis, which provided logical ‘bounce’ targets (provided a bounce is indeed what is in play) for Gold, Silver and HUI, a compelling trend in the Commitments of […]
Victims of apartheid in South Africa cannot sue IBM Corp. and Ford Motor Co. in New York because they cannot show that the companies’ alleged offending behavior occurred in the United States, a federal appeals court said Monday.
The 2nd U.S. Circuit Court of Appeals ruled against lawsuits brought 13 years ago against IBM and Ford.
In its ruling, a three-judge panel cited a 2013 Supreme Court ruling severely limiting the legal reach of the 1789 Alien Tort Statute.
Google has made a play to buy a hot startup in the fake meat industry called Impossible Foods, reports The Information.
The deal reportedly fell through when the two couldn’t agree on price. Google was said to have offered between $200 million and $300 million.
Impossible Foods is developing a fake cheeseburger, a food item that is supposed to look and taste a lot like a ground beef with cheese but is made entirely out of plants.
The goal is to make healthier meat-like-food that is more affordable and sustainable than real beef, especially in developing nations that can’t afford to raise a lot of cattle.
It’s said to be backed by such luminaries as Bill Gates, Khosla Ventures and Google executive Tony Fadell, who helped it raise $74 million in funding.
It’s one of a handful of venture backed fake-meat or similar veggie-food startups. Others include Beyond Meat, also sells a chicken substitute, also backed by Gates as well as Twitter co-founders Evan Williams and Biz Stone.
Google’s desire to buy the company doesn’t seem like a straightforward fit for the internet-search giant. But its 90-person team is chock full of people with strong science and food backgrounds. And Google does have a world-class research team working on all sorts of moonshot projects, from self-driving cars to healthcare.
Google declined comment.
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The lead article in the July 20th Barron’s was “Time to Buy Japan.” We agree that the Japan equity bull market still has legs. It is not too late to participate. Consider first the macroeconomic story. The Japanese economic recovery continues. Growth in the first quarter at an annual rate of 2.4% was the fastest among […]
Doosan Engine (082740 KS)
– Co. reported Q2 operating loss of KRW 6.61bln. (BBG)
Hyosung (004800 KS)
– Co. Q2 operating profit KRW 255bln vs. Exp. KRW 217.9bln. (BBG)
Korea Aerospace (047810 KS)
– Co. Q2 operating profit KRW 77.1bln vs. Exp. KRW 60.2bln. (BBG)
Samsung C&T (000830 KS), Samsung SDI (006400 KS), Samsung Fire (000810 KS)
– Elliott Management returns shareholder certificates allowing it to sell. (BBG)
Samsung Electronics (005930 KS)
– Co. share of the Indian market declined to 24.5% in Q2 from 27.8% in Q1. (Maeil)
– Co. 1st biosimilar product may debut in November. (Maeil)
– Hanssem (009240 KS) rated buy at HSBC.
– KCC (002380 KS) downgraded to hold at HSBC.
– LG Hausys (108670 KS) rated hold at HSBC.
– SK Innovation (096770 KS) ratings upgraded to Baa2 from Baa3 at Moody’s.
ANA (9202 JT)
– Co. Q1 operating profit is said to be JPY 13bln vs. Exp. JPY 6.1bln-10bln. (Nikkei)
Canon (7751 JT)
– Co. Q2 net income JPY 68.2bln vs. Exp. JPY 64.6bln. (BBG)
– Co. lowered FY net income target by 3.9% to JPY 245bln vs. Exp. JPY 25…