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<ul><li>Apple has announced the 45 apps and game finalists for the <keyword id="24169738" type="General" weightage="100" keywordseo="2024-App-Store-Awards" source="keywords">2024 App Store Awards</keyword>.</li><li>The 2024 App Store Awards also introduced a new category for <keyword id="24169739" type="General" weightage="20" keywordseo="Apple-Vision-Pro-apps" source="keywords">Apple Vision Pro apps</keyword>.</li><li>The winners of the 2024 App Store Awards will be announced later this year.</li></ul> Cupertino tech giant Apple on Tuesday announced the 45 finalists for the 2024 App Store Awards. The finalists were selected by Apple's global App Store editorial team for their exceptional quality, innovation, and impact on users' lives. The App Store Awards, an annual tradition, honour the developers who push the boundaries, offering users novel ways to explore, create, and connect. The 2024 awards introduce a new category dedicated to Apple Vision Pro apps, recognising experiences designed for Apple's spatial computing platform. The finalists also include apps and games for iPhone, iPad, Mac, Apple TV, and Apple Watch. <keyword id="24169741" type="General" weightage="20" keywordseo="iPhone-App-of-the-Year" source="keywords">iPhone App of the Year</keyword>: Apps like Kino for its professional video recording capabilities, Runna for customised running plans, and Tripsy for travel organisations have been recognised for enhancing everyday experiences. iPhone Game of the Year: Titles such as AFK Journey, The WereCleaner, and Zenless Zone Zero have captivated players with their rich narratives and compelling gameplay. iPad App of the Year: Bluey: Let’s Play, Moises and Procreate Dreams have been celebrated for fostering creativity and family fun, providing tools for music practice and animation storytelling. <keyword id="24165437" type="General" weightage="20" keywordseo="iPad-Game-of-the-Year" source="keywords">iPad Game of the Year</keyword>: Games like Assassin’s Creed Mirage, Disney Speedstorm, and Squad Busters offer players dynamic worlds and competitive play. Apple Arcade Game of the Year: Balatro+ stands out for its innovative card game, while Outlanders 2 and Sonic Dream Team refresh classic gaming with new adventures. Mac App of the Year: Adobe Lightroom, OmniFocus 4, and Shapr3D are finalists for their powerful project management and design tools. Mac Game of the Year: Frostpunk 2, Stray, and Thank Goodness You’re Here! bring unique storytelling and visual aesthetics to Mac users. Apple Watch App of the Year: LookUp, Lumy, and Watch to 5K provide immediate access to vocabulary improvement, natural rhythms, and fitness tracking. Apple Vision Pro App of the Year: JigSpace, NBA, and What If…? An Immersive Story is at the forefront of spatial computing, redefining how users interact with digital content. Apple Vision Pro Game of the Year: Loóna, THRASHER, and Vacation Simulator have introduced relaxing gameplay and novel control schemes. Apple TV App of the Year: DROPOUT, F1 TV, and Zoom offer entertainment and connectivity on the big screen. The winners of the 2024 App Store Awards will be announced later this year, recognizing apps that have set new standards in creativity, innovation, and technical achievement. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/realme-gt-7-pro-with-snapdragon-8-elite-chipset-launched-starting-at-59999/articleshow/115689685.cms">Realme GT 7 Pro with Snapdragon 8 Elite chipset launched starting at ₹59,999</a> <a href="https://www.businessinsider.in/tech/news/microsofts-ai-powered-recall-feature-is-now-rolling-out-to-copilot-pcs/articleshow/115654136.cms">Microsoft’s AI-powered Recall feature is now rolling out to Copilot+ PCs</a> <a href="https://www.businessinsider.in/business/telecom/news/jio-airtel-and-vi-lost-nearly-11-million-subscribers-in-september-2024/articleshow/115565541.cms">Jio, Airtel and Vi lost nearly 11 million subscribers in September 2024</a>

Apple unveils 45 app and game finalists for the 2024 App Store Awards

<ul><li> <keyword id="9951693" type="General" weightage="50" keywordseo="fantasy-sports-platforms" source="Orion">Fantasy Sports Platforms</keyword> are on the rise in India with revenues tripling since FY20.</li><li>The next phase of <keyword id="1759314" type="General" weightage="70" keywordseo="fantasy-sports" source="Orion">fantasy sports</keyword> will have AI generated avatars competing.</li><li>Meta11, one such AI-generated FSP, aims to earn revenue via hosting <keyword id="1612654" type="General" weightage="30" keywordseo="original-content" source="Orion">original content</keyword> and streaming the games.</li></ul> The ICC World Cup fever is gripping the nation. Right from stock brokers to central bank governors, few are able to make a statement without a cricket pun. But that’s not where the fun stops. It’s also the season for cricket lovers to engage in fantasy gaming. It’s now a serious business with revenues tripling in the ongoing financial year from FY20, according to a Deloitte report. Seasoned cricket players are taking to this as well and former Sri Lankan skipper, Kumar Sangakkara, has co-founded one such company -- Meta11, an AI-generated fantasy sports platform, which aims to earn revenue via hosting original content and streaming the games. Business Insider India caught up with Sangakkara and Krishan Deegalla, CEO of Behaviol, the company focusing on bringing fantasy sports on the metaverse via Meta11. Edited excerpts. Question: Sangakkara, you are one of the few cricketers who is also a startup founder. Why does the business of fantasy sport interest you? Sangakkara: It came from a thinking that – how do we really give everyone access to cricket? Not everyone has the ability to pick up a bat and ball and play. But there's so much love for this sport. How do we actually make sure that cricket is for everyone? Web based gaming has a great opportunity for that. That was the starting point for this and then when we brainstormed and came up with the concept of Meta11. It has AI controlled avatars playing the sport, being able to predict outcomes and others. It's amazing to see so many people being able to live out their cricketing dreams on our platform, and that is the real key – cricket is for everyone. Cricket has such a strong emotional connection. Once you're a cricket fan, you're always a cricket fan. Who knows, some of our strategies and tactics and game moments might even influence tactical decision making later on in real life cricket as well. Question If I don't know the first thing about playing cricket other than watching it, am I a target audience? Sanga Anyone can play this because the avatars are artificial intelligence led. So, they learn as a player in the game. If you own your own avatar, you can expose your avatar to training to more match play, the more experience they get they learn on their own. It's a great tool to spread awareness about cricket as well in its globalisation drive. Question There are a lot of fantasy gaming apps in India. How do you differentiate yourself? Sanga Our game is so simple to log in, and you play the game and you get rewards for playing not for paying. Our tech platform, our avatars, our digital creations are cutting edge and industry leading in terms of cricket games out there. So we are very differentiated and we want to keep to that model. Question Do you have any plans to introduce match-wise games like normal fantasy sports? Krishan We want to see how we can connect the digital worlds and the physical, the real cricket. There is an opportunity for us to bring that into play. Where in the game, you can create a super avatar, or super digital player. You can pick five players out of both squads. And if that player does well in real life, you can earn points. We will never do just a fantasy app. It will always be linked to the game. Sanga It has the ability to drop real world cricketers into the game as well. A franchise team can play real world cricket and a fan community can play against each other on our platform. Question So, is there a possibility that one day we could be teammates on this platform? Sanga Absolutely. There is no doubt about that. You could play against me, you could play against other cricketers. Hopefully, you could play against your friends, your family members. Question Could you explain how you intend to increase engagement, and make it more interesting for the not-so-avid fan? Krishan To get the engagement, ownership is a key, allowing people to have that meaningful relationship with digital avatars. We have to train them, and create our own teams. We are also having tournaments, which will be team leagues to the platform exciting. Question The government has introduced 28% GST on fantasy gaming. Is that a cause for worry and will it eat into your earnings? Sanga I think that (28% GST) that's for the pay-to-play model. Ours is free-to-play. No user has to put his/her own money into playing. It's a very different kind of foundation we work on. Krishan If you look at traditional fantasy games, they rely on real games. There is no real content there. With us, we generate our own content. All the content that gets streamed, is owned by us. Now, we have a pathway to monetise this and give rewards back to the users. It's like organising real games. We can also expect sponsorship money, streaming rights and we can distribute it back to the community. Question You talked about streaming. If you could go into the monetisation aspect of it. Krishan We had 30,000 users on the first day. There is a huge appetite for advertising on alternative channels apart from Google, Facebook etc. That is why if you look at IPL TV rights it goes for billions of dollars. So, I think we will be a good alternative for that. The game is exciting. People will be able to relate to it and that means it will be engaging. With that we should be able to monetise it – through sponsorships and streaming. Question What’s the vision for Meta11 down the line? Krishan It is quite an evolution to have AI characters play cricket and allow people to own them. Within this framework, we have opportunities that even we have not thought about. I am sure there will be plenty of opportunities. The vision still remains to allow democratising the sport and give access to the masses. And to keep on making the platform interesting and scalable.

Can’t hit a ball? You can still play cricket in the metaverse

11. The Amway Dream

<keyword id="1275203" type="General" weightage="20" keywordseo="telegram" source="Orion">Telegram</keyword>'s CEO has accused <keyword id="6354427" type="General" weightage="20" keywordseo="apple" source="Orion">Apple</keyword> of "destroying dreams and ruining entrepreneurship" because of its <keyword id="9814907" type="General" weightage="20" keywordseo="app-store-policies" source="Orion">App Store policies</keyword>. The company charged a 30 per cent fee on in-app purchases for developers that earn more than $1 million annually, reports MacRumors. Twitter CEO, Pavel Durov, claimed in a post on his Telegram channel that Apple has notified the messaging service that it would not be able to permit content creators to accept payments from third parties. Telegram enables content creators to charge users for access to channels or specific posts through a paywall, as opposed to Apple's in-app purchasing system. According to Durov, Telegram has been forced to prohibit paid posts and channels on its iOS version because Apple is not "happy with content creators monetising their efforts without paying a 30 per cent tax". "This is just another example of how a trillion-dollar monopoly abuses its market dominance at the expense of millions of users who are trying to monetise their own content," Durov was quoted as saying in the report. "I hope that the regulators in the EU, India, and elsewhere start taking action before Apple destroys more dreams and crushes more entrepreneurs with a tax that is higher than any government-levied VAT," he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/parag-agrawals-11-month-tenure-as-twitter-ceo-was-challenging-and-chaotic/articleshow/95138844.cms">Parag Agrawal's 11-month tenure as Twitter CEO was challenging and chaotic</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/walmart-netflix-partner-to-expand-hub-experience-to-more-viewers/articleshow/95136485.cms">Walmart, Netflix partner to expand Hub experience to more viewers</a>

Telegram CEO criticises Apple for App Store policies

It's time to rethink the wedding registry. 11 therapists share what modern couples should ask for.

<ul><li><keyword id="399907" type="General" weightage="100" keywordseo="meta" source="Orion">Meta</keyword>'s VR social network called '<keyword id="12271123" type="General" weightage="80" keywordseo="horizon-worlds" source="Orion">Horizon Worlds</keyword>' holds little promise in its current avatar, a report by Verge claims. </li><li><keyword id="290568" type="General" weightage="50" keywordseo="vishal-shah" source="Orion">Vishal Shah</keyword>, Meta's VP of Metaverse, apparently told the employees that the metaverse team would remain in a "quality lockdown"for the rest of the year.</li><li>Meta was making a plan to "hold managers accountable" for having their teams use Horizon at least once a week.</li></ul> The flagship metaverse product of Meta (formerly Facebook) is reportedly inundated with several quality issues and even those building the virtual reality (VR) social network at the company are barely using it. According to a report in The Verge citing internal memos, Meta's VR social network called 'Horizon <keyword id="566036" type="General" weightage="80" keywordseo="worlds" source="Orion">Worlds</keyword>' holds little promise in its current avatar. Vishal Shah, Meta's VP of Metaverse, apparently told the employees that the metaverse team would remain in a "quality lockdown" for the rest of the year to "ensure that we fix our quality gaps and performance issues before we open up Horizon to more users". "Simply put, for an experience to become delightful and retentive, it must first be usable and well crafted," he wrote. In August, <keyword id="12741230" type="General" weightage="50" keywordseo="meta-founder" source="Orion">Meta Founder</keyword> and CEO Mark <keyword id="353568" type="General" weightage="50" keywordseo="zuckerberg" source="Orion">Zuckerberg</keyword> was forced to post new screenshots on Facebook and Instagram, showing off a more life-like version of himself, after he faced memes on his poorly-designed metaverse avatar. In the same month, <keyword id="244385" type="General" weightage="50" keywordseo="vivek-sharma" source="Orion">Vivek Sharma</keyword>, the Indian-origin VP of Meta's Horizon social media virtual reality (VR) platform, departed, at a time when Zuckerberg doubles down on his $10 billion metaverse dream. Sharma's team now reports to Shah. Shah wrote in an internal memo that "currently feedback from our creators, users, playtesters, and many of us on the team is that the aggregate weight of papercuts, stability issues, and bugs is making it too hard for our community to experience the magic of Horizon". Horizon Worlds is a social VR experience where you can discover new places with friends, build unique worlds of your own, and form teams to compete in action-packed games. The Horizon Worlds social metaverse platform is currently available only on the company's <keyword id="13626874" type="General" weightage="20" keywordseo="quest-vr" source="Orion">Quest VR</keyword> headsets. Share further wrote that for "many of us, we don't spend that much time in Horizon and our dogfooding dashboards show this pretty clearly" "Why is that? Why don't we love the product we've built so much that we use it all the time? The simple truth is, if we don't love it, how can we expect our users to love it?" he added. Meta was making a plan to "hold managers accountable" for having their teams use Horizon at least once a week. "Everyone in this organisation should make it their mission to fall in love with Horizon Worlds," read another memo. A Meta spokesperson said the company is "confident that the metaverse is the future of computing and that it should be built around people". Zuckerberg said recently that major updates to Horizon and avatar graphics are coming soon. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/gadgets/news/spotify-kills-11-original-podcasts-lays-off-less-than-5-staffers/articleshow/94696549.cms">Spotify kills 11 original podcasts, lays off less than 5% staffers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/stock-markets-slide-with-the-rupee-and-weak-asian-markets/articleshow/94696114.cms">Stock markets slide with the Rupee and weak Asian markets</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/nykaa-enters-into-a-jv-with-dubai-based-fashion-retailer-apparel-group/articleshow/94686015.cms">Nykaa enters into a JV with Dubai-based fashion retailer Apparel Group</a>

Meta's metaverse app has several quality issues, admits head

<ul><li><keyword id="6214644" type="UNKNOWN" weightage="20" keywordseo="Dream11">Dream11</keyword> founders tell Business Insider that they expect a huge spike in users this year </li><li>Two big sporting events-- the IPL and the cricket world cup-- in 2019 may drive boost user interest in the country’s biggest fantasy gaming site. </li><li>The business prospects got a big fillip after the country’s cricket regulator, BCCI, declared Dream11 as the official partner for the upcoming cricket league. </li><li>Reports suggest Steadview Capital may invest another $100 million in the company this year to make it India’s first gaming unicorn. </li></ul>Bhavit Sheth and Harsh Jain used to spend a lot of their time playing fantasy games for the English Premier League. And when the Indian Premier League began in 2008, the two 22-year olds realised that it was time to turn their obsession into a business – and the fantasy gaming site Dream11 was born. Today, 11 years later, the Board of Control for Cricket in India has declared Dream11 as the official partner for fantasy games during the upcoming season of the IPL, and arguably the country’s biggest sports icon right now, Mahendra Singh Dhoni, is their brand ambassador. Now, the founders are gunning for the coveted tag of a unicorn – a company that is worth at least a billion dollars. With the IPL and the cricket World Cup lined-up over the next three months, 2018 may be a big year for Dream11. “We expect to have 90 million users by the end of the World Cup and 100 million by the end of 2019.” Sheth told Business Insider. The Indian fantasy gaming industry is projected to be a ₹118.8 billion market by 2023. While cricket holds the majority of the market share, other games too are picking up. At Dream11, 85% of their users play fantasy cricket while other sports like Kabaddi, basketball and hockey are picking up. The startup last raised $100 million in a Series D round at a valuation of a reported $750 million. Its investors include Tencent, Kalaari Capital and private equity firm Multiples Alternate Asset Management. In <a href="https://www.vccircle.com/steadview-capital-may-make-dream11-india-s-first-gaming-unicorn/">March 2019</a>, there have been reports about Steadview Capital looking at infusing $100 million into the startup taking its valuation to over $1.3 billion and making it India’s first gaming unicorn. Dream11 has 52 million users who compete with each other on the site. The users assemble players from different teams to create a virtual line-up of their own, alongside an actual match. Based on the performance of their chosen players on the field, the virtual gamers are ranked on the virtual leaderboards. “We started off as a free-to-play site, trying to get revenue through ads. Three years into the business, we saw that with a niche product like ours which doesn’t have millions of page views, ads were just hampering the user experience on our app,” said Sheth. So, they changed the format. They allowed users to select their players not for the entire season at one go but only for daily matches. But they still hadn’t solved the question - how do they make money? That’s when they came up with the idea to ask users to pay and then they would pool in the money and award the winner. “But we weren’t sure if it was legally allowed in India. After consulting with many lawyers and one-and-a-half years of research, we knew that since this was a game of skill, there were no legal issues,” said Sheth. The Punjab and Haryana high court declared the Dream11 format of fantasy sports as legal and one that requires considerable skill and judgment. This judgement was further ratified by the Supreme Court When in 2014, Dream11 raised its first round of funding they still had just 300,000 users. But thanks to the popularity of IPL, today they stand at 52 million users. In fact, after signing former Indian cricket team captain MS Dhoni as their brand ambassador, just during the 2018 IPL their user base went from 20 million to 40 million. Their initial 10 million users were dominated by Tier 1 cities but now 50% of their traffic comes from Tier 2,3 and 4 cities. “As 22-year-olds we started this business, engineers who didn't know anything about business. We didn't even in our wildest imagination think that we will have over 52 million users in such short time, with only a team of over 200 managing them and be at this scale,” said Sheth. See Also: <a href="https://www.businessinsider.in/gaming-startup-dream11-strikes-gold-as-the-official-partner-of-ipl/articleshow/68426121.cms">Gaming startup Dream11 strikes gold as the official partner of IPL</a> <a href="https://www.businessinsider.in/mobile-premier-league-signs-virat-kohli-as-brand-ambassador/articleshow/68266803.cms">It’s Virat Kohli Vs MS Dhoni in the Indian e-gaming space</a>

2019 may be the biggest year for this 11-year old Indian gaming startup

Hello, and welcome to this week's edition of the Insider Tech <keyword id="11894123" type="UNKNOWN" weightage="60" keywordseo="newsletter" source="Orion">newsletter</keyword>, where we break down the biggest news in tech, including:<ul><li><a href="https://www.businessinsider.com/elon-musk-unveils-tesla-bot-humanoid-robot-based-off-autopilot-2021-8">Elon Musk's Mr. Roboto dream</a></li><li><a href="https://www.businessinsider.com/amazon-employees-slam-performance-reviews-pip-on-internal-slack-channel-2021-8">Amazon's secret slack channel</a></li><li><a href="https://www.businessinsider.com/inside-cloudkitchens-key-executives-and-recent-departures-2021-7">Team Travis: Who's who at CloudKitchens</a></li></ul>I'm Insider Tech Features Editor Alexei Oreskovic, and I'm always eager to hear your thoughts, feedback and tips, so hit me up at aoreskovic@insider.com.<h4><a href="http://newsletter.businessinsider.com/join/4np/insider-tech">Did someone forward this newsletter to you? Sign up here.</a></h4><h3>This week: <keyword id="11897862" type="UNKNOWN" weightage="60" keywordseo="elon-musk" source="Orion">Elon Musk</keyword> dreams of electric robots</h3><a href="https://www.businessinsider.com/elon-musk-unveils-tesla-bot-humanoid-robot-based-off-autopilot-2021-8"></a>Never underestimate <a href="https://www.businessinsider.com/elon-musk-biography-book-walter-isaacson-tesla-spacex-steve-jobs-2021-6">Elon Musk's</a> indefatigable desire to make people go 'WTF?!' During <a href="https://www.businessinsider.com/tesla-ai-day-self-driving-autopilot-neural-net-elon-musk-2021-8">Tesla's "AI day"</a> event this week, the electric carmaker's CEO stunned the audience by unveiling something that looks very different than a car: a humanoid robot.<ul><li><a href="https://www.businessinsider.com/tesla-senators-ftc-self-driving-autopilot-marketing-claims-elon-musk-2021-8">The "Tesla Bot" stands nearly 6 feet tall and will relieve humans of performing "boring," repetitive physical tasks like lifting and carrying stuff, Musk said. </a></li><li>What do robots have to do with cars? The robots will use the same AI and sensors technology that <keyword id="11900744" type="UNKNOWN" weightage="60" keywordseo="tesla" source="Orion">Tesla</keyword> cars use for their autonomous driving features. Yes, that's the same autonomous driving technology that <a href="https://www.businessinsider.com/tesla-us-probe-over-autopilot-emergency-vehicle-crashes-2021-8">federal highway regulators began investigating days earlier</a>, in the wake of 11 crashes (one of them fatal), and which<a href="https://www.businessinsider.com/tesla-senators-ftc-self-driving-autopilot-marketing-claims-elon-musk-2021-8"> two US Senators want the FTC to probe.</a></li><li>Chutzpah points: If Tesla doesn't build this robot, Musk said, <a href="https://www.businessinsider.com/elon-musk-unveils-tesla-bot-humanoid-robot-based-off-autopilot-2021-8">"someone else will, and so I guess we should make it and make sure it's safe."</a></li></ul>Musk says a prototype will be coming soon, but for now the Tesla Bot is just a pretty picture on a screen. That said, the technology for robots is evolving in amazing ways:<ul><li><a href="https://www.businessinsider.com/olfactory-robot-technology-tech-advances-revolution-robots-deep-learning-machines-2021-8">Here are 5 ways machines can now mimic the human senses.</a></li><li>And don't miss <a href="https://www.businessinsider.com/boston-dynamics-humanoid-robots-are-getting-terrifyingly-nimble-2021-8">Boston Dynamics' latest video of its Atlas robot's new skill: parkour.</a></li></ul><h3><a href="https://www.businessinsider.com/amazon-employees-slam-performance-reviews-pip-on-internal-slack-channel-2021-8">Amazon's slack problem</a></h3><a href="https://www.businessinsider.com/amazon-employees-slam-performance-reviews-pip-on-internal-slack-channel-2021-8"><div type="image" title="Andy Jassy" height="1481" width="2000" msid="85514599" hostid="261"></div></a>Less than two months into his tenure as <keyword id="11893181" type="UNKNOWN" weightage="60" keywordseo="amazon" source="Orion">Amazon</keyword> CEO, <a href="https://www.businessinsider.com/amazon-ceo-andy-jassy-first-company-email-bezos-successor-2021-7">Andy Jassy</a> has his first case of employee unrest to deal with. As Eugene Kim exclusively reports, hundreds of Amazon employees have <a href="https://www.businessinsider.com/amazon-employees-slam-performance-reviews-pip-on-internal-slack-channel-2021-8">created an internal slack channel to openly criticize</a> and vent about the company's opaque performance review system.The channel is called "I got pipped," in reference to Amazon's brutal performance-improvement plan that's known for ending more careers at the company than it improves.<h3>Read the full story here:</h3><h3><a href="https://www.businessinsider.com/amazon-employees-slam-performance-reviews-pip-on-internal-slack-channel-2021-8">Hundreds of Amazon employees join an internal Slack channel to criticize its opaque performance-review system</a></h3>And check out some of Insider's other reporting on Amazon's internal culture:<a href="https://www.businessinsider.com/amazon-managers-performance-reviews-hire-to-fire-internal-turnover-goal-2021-5">Some Amazon managers say they 'hire to fire' people just to meet the internal turnover goal every year</a><a href="https://www.businessinsider.com/amazon-annual-performance-review-process-bonus-salary-2021-4">Inside Amazon's complex employee-review system, where workers feel left in the dark and managers expect to give 5% of reports bad reviews</a><h3>Lists-o-mania:</h3>Here at Insider we love to find out who the key players are within various companies and industries, and to track the team rosters and all the big hires and departures. Here's a couple of our latest lists of people worth watching:<h3><a href="https://www.businessinsider.com/these-50-people-are-real-power-brokers-of-silicon-valley-2021-8">50 behind-the-scenes investors in the venture capital world that control billions of dollars</a></h3><a href="https://www.businessinsider.com/these-50-people-are-real-power-brokers-of-silicon-valley-2021-8"><div type="image" title="From left: Paula Volent, chief investment officer of The Rockefeller University, Jagdeep Singh Bachher, chief investment officer of University of California, Kim Lew, chief executive officer of the Columbia Investment Management Company, and Craig W. Smith, chief investment officer of Tufts University on a yellow background." height="1801" width="2400" msid="85514600" hostid="261"></div></a><h3><a href="https://www.businessinsider.com/inside-cloudkitchens-key-executives-and-recent-departures-2021-7">62 power players at Travis Kalanick's secretive food startup, plus 26 who left in the last two years</a></h3><h3>Quote of the week:</h3><a href="https://markets.businessinsider.com/news/stocks/robinhood-ceo-vlad-tenev-diamond-hands-investors-ipo-stocks-memes-2021-8"><div type="image" title="Vlad Tenev, CEO and Co-Founder, Robinhood in his office on July 15, 2021 in Menlo Park, California." height="2462" width="3990" msid="85514602" hostid="261"></div></a><h3>"Customers that have been participating in these IPOs have been relatively diamond-handed, so to speak."</h3>- Robinhood CEO Vlad Tenev, <a href="https://markets.businessinsider.com/news/stocks/robinhood-ceo-vlad-tenev-diamond-hands-investors-ipo-stocks-memes-2021-8">speaking on the company's first earnings call</a> since going public, busts out a bit of meme-stock lingo. To have <a href="https://markets.businessinsider.com/news/stocks/reddit-wall-street-bets-lingo-guide-glossary-yolo-diamond-hands-2021-5?utm_source=markets&amp;utm_medium=ingestgest">"diamond hands"</a> - as anyone in Reddit's Wall Street Bets community will tell you - means to hold on to a stock or cryptocurrency when the price is falling. It's the opposite of "paper hands." <h3>Recommended readings: </h3><a href="https://www.businessinsider.com/how-tiger-global-eclipsed-softbank-to-become-a-global-behemoth-2021-8">Hedge fund Tiger Global is blowing up the unwritten rules of startup investing right now with its speed, tons of cash, and hands-off approach</a><a href="https://www.businessinsider.com/apple-scaling-back-healthhabit-app-layoffs-2021-8">Apple is scaling back a key health project that grew out of its care clinics, and some workers could lose their jobs</a><a href="https://www.businessinsider.com/broken-tech-right-to-repair-devices-environment-disaster-2021-8">Broken tech is causing a mounting environmental disaster. It's time for tech companies to give us the right to repair our stuff instead of needing to throw it away</a><a href="https://www.businessinsider.com/uber-testing-in-app-ads-business-profit-2021-8">Uber is showing ads in its core app for the first time - a feature former CEO Travis Kalanick once rejected as bad for users - as it seeks profitability</a><a href="https://www.businessinsider.com/cisco-ceo-chuck-robbins-next-cloud-transition-q4-earnings-2021-8">The CEO of Cisco says the $239 billion networking giant is signing up more 'web-scale' customers than ever before as a 'transition' in the cloud drives more demand for cutting-edge data center gear</a><h3>Not necessarily in tech:</h3><a href="https://www.businessinsider.com/as-college-athletes-run-nil-ads-universities-fear-brand-conflicts-2021-8">College athletes are starting to cash in on sponsorships and it could spark a fight with universities trying to protect their own multimillion-dollar brand deals</a>Thanks for reading, and if you like this newsletter, <a href="http://newsletter.businessinsider.com/join/4np/insider-tech">tell your friends and colleagues they can sign up here to receive it</a>.- Alexei

Elon Musk dreams of electric robots

<ul class="summary-list"><li>2023 should curtail the current flow of bad startup ideas.</li><li>Easy money and tech solutionism saw investors juicing everything from NFTs to dog-walking startups.</li></ul>Lately, few ideas have proven to be too dumb for venture capital money.VCs are in the business of betting on speculative ideas. The way it roughly works is to bet millions across lots of startups in the hope one of them blows up and returns that cash.But a blitz in capital and a perhaps misguided faith in technology have seen VCs juice up everything from <a href="https://www.businessinsider.com/zume-pizza-robots-layoffs-leadership-turmoil-alex-garden-softbank-2020-1">robot pizza makers</a> to NFTs to <a href="https://www.bloomberg.com/news/articles/2022-08-23/softbank-s-23-billion-loss-looks-like-more-wework-fun" target="_blank" rel="noopener">dog-walking apps</a> over the past few years.VC silliness peaked this year in the public consciousness. Elizabeth Holmes, the fraudulent founder of venture-backed Theranos, <a href="https://www.businessinsider.com/theranos-founder-elizabeth-holmes-sentenced-to-11-years-prison-fraud-2022-11?r=US&amp;IR=T">was sentenced to more than 11 years in prison</a>. Her downfall was portrayed in ABC News series "The Dropout." VC-fueled founder hubris also hit the entertainment mainstream through "WeCrashed", the dramatization of the WeWork saga, and "SuperPumped", which centers on Uber's enfant terrible Travis Kalanick. None of this is a good look for an industry that prides itself on funding innovation.Still, a combination of reputational damage and a tightening monetary environment should mean VCs pull back from startups that clearly have no chance in hell.<h2>Why bad businesses got so much money</h2>Some gory details around recent startup collapses might make even the most financially unsavvy spectator ask how on earth so many investment professionals were happy to overlook obvious problems.Take FTX, the crypto exchange led by disgraced founder Sam Bankman-Fried that collapsed <a href="https://www.ft.com/content/913ff750-d1f4-486a-9801-e05be20041c1" target="_blank" rel="noopener">with an $8 billion hole</a>. Bankman-Fried was arrested in the Bahamas and awaits possible extradition to the US. At its peak, the exchange won investment from blue-chip names such as SoftBank, Lightspeed, and Sequoia — the latter once crowing about being won over by Bankman-Fried <a href="https://www.businessinsider.com/ftx-sam-bankman-fried-league-of-legends-investor-pitch-meeting-2022-11?r=US&amp;IR=T">as he played</a> 'League of Legends' during a pitch meeting.Also in the recycling bin is Pollen, a British events startup founded by two brothers who, <a href="https://www.businessinsider.com/pollen-callum-liam-negus-fancey-departure-music-startup-partying-bankruptcy-2022-12?r=US&amp;IR=T">Insider reported Tuesday</a>, were accused by staffers of running amok, lavish spending after raising cash, and sexual harassment. Representatives for the firm denied the allegations to Insider. The company imploded in August — and investors such as Backed, Molten Ventures, Northzone, and Kindred Capital have apparently quietly melted into the background.Finally, the firesale of German rapid-delivery startup Gorillas to its rival Getir at about a third of its peak valuation marks the deflating online grocery delivery bubble in Europe. Gorillas was once valued at around $3 billion, but was <a href="https://www.businessinsider.com/getir-acquires-grocery-delivery-rival-gorillas-2022-12">snapped up by Getir</a> for just $1.2 billion earlier this month. One investor's take: FOMO."FTX is an example where it was all compounded — super hot space (crypto) where fundamentals don't even really exist, plus huge growth and hand-wavey metrics," said Rob Kniaz, London-based partner at early-stage investor Hoxton Ventures (which didn't back FTX). "Doubt that happens again for a while". Kniaz contends the FOMO drove "less due diligence than usual lately."A period of low interest rates saw cash flowing to investors who then made increasingly outlandish bets to try and return that capital. VCs were able to raise bigger and bigger funds as institutional backers, such as pension funds and endowments, gave them more cash. "Tourist" investors such as hedge fund firm Tiger Global also began indexing startups, essentially competing with VCs."Most folks had no choice" but to try and run to hot startups, said Kniaz, and they simply didn't <a href="https://www.businessinsider.com/tiger-global-venture-capital-bain-relationship-2022-6?r=US&amp;IR=T">have enough time</a> to do the proper due diligence on founders and business models.The subsequent markup in valuations means a correction is due.<h2>'Fewer insane ideas'</h2>We are no longer in a low-interest-rate market, meaning startup investors who could once rely on generous backers will have to be more cautious about how they spend their money.They do have lots of money, with an estimated $290 billion of capital available to them in October, according to <a href="https://pitchbook.com/news/articles/dry-powder-save-startups-vc">Pitchbook data</a>. That money will need to go somewhere, but investors will be picking founders more cautiously, prioritizing profitability over growth — for now. In practice, expect more boring software deals and fewer dog-walking apps.As the tide recedes, Kniaz is optimistic that there will be "a natural reversion to the mean where people can be more thoughtful in analysis."There are signs that this is already in motion. European startups are on course to raise $85 billion this year, 17% short of last year's dealmaking across the continent, according to analysis by <a href="https://www.businessinsider.com/european-startups-are-set-to-raise-85-billion-in-2022-per-atomico-2022-12">VC firm Atomico</a>. "I think when belts tighten you see fewer insane ideas and especially fewer models where the underlying economics don't add up," Kniaz said.Some dumb ideas will doubtless persist: Venture capitalists don't need to make their fund performances public, and some will want to maintain wild valuations for startups already on their books.But Kniaz senses a shift in motion: "This next year will show which emperor has clothes on or not. Lots of companies will get marked down, so fund performance will be adjusted quite a bit."

The VC dream machine pumped out one dumb startup after another. 2023 should put an end to that.

<ul class="summary-list"><li>Many family businesses are passed down. They aren't typically inherited through tragedy.</li><li>At 19, Kaley Young ran her mother's <keyword id="12062984" type="UNKNOWN" weightage="60" keywordseo="pilates" source="Orion">pilates</keyword> studio after she died. At 24, she took over her father's business.</li><li>In channeling her own grief into passion projects, Young has exemplified an entrepreneurial spirit. </li></ul>Many family businesses are passed down from generation to generation, like an heirloom or secret recipe. They aren't typically inherited through tragedy. But taking over two businesses before the age of 25 is a responsibility Kaley Young, now 28, says she assumed in order to keep the legacy of her parents, Beth and Keith, alive.At 19, she began running her mother's Long Island Pilates studio, <a href="https://www.hotpilatessecret.com/">Hot Pilates Secret</a>, after Beth died of breast cancer. And at 24, after Keith, a first responder to the <keyword id="11971604" type="UNKNOWN" weightage="60" keywordseo="9/11-attacks" source="Orion">9/11 attacks</keyword>, died of a rare form of cancer, she took over his cutting-board business, <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.williams-sonoma.com%2Fproducts%2Fcup-board-pro%2F%3FKenshoo%3D_k_CjwKCAjwhOyJBhA4EiwAEcJdcQgg6Hi3lOZu9qfPzY_CUb5tksSae_L1BihHGaHBbmiubSyZHGu40BoCM5IQAvD_BwE_k_%26cm_ven%3DNonBrandSearch%26cm_cat%3DGoogle%26cm_pla%3DNonBrand_Search_Cutlery_Exact%26cm_ite%3Dcup%2520board%2520pro%26gclid%3DCjwKCAjwhOyJBhA4EiwAEcJdcQgg6Hi3lOZu9qfPzY_CUb5tksSae_L1BihHGaHBbmiubSyZHGu40BoCM5IQAvD_BwE">Cup Board Pro</a>. "It feels like an honor to be able to have done that," Young said of taking over the family's businesses. "There's so much love that they poured into what they both did."Today, a family friend runs Hot Pilates Secret, and Cup Board Pro, led by Young, has a licensing deal with the home-goods company Williams Sonoma. In channeling her own grief into passion projects, Young has continued a family legacy that spans generations and exemplifies the entrepreneurial spirit of seeking growth through loss."This isn't just about Kaley picking up the baton from her mom and dad. This is who she was meant to be," said <keyword id="12073635" type="UNKNOWN" weightage="60" keywordseo="matt-higgins" source="Orion">Matt Higgins</keyword>, a guest judge on "<keyword id="11938288" type="UNKNOWN" weightage="60" keywordseo="shark-tank" source="Orion">Shark Tank</keyword>" who invested in Cup Board Pro. "There's a lot more happening here than a family running with their parents' dream."<div type="image" title="Kaley Young, her father Keith, sister Keira, mother Beth, and brother Christian stand outside for a family photo" height="412" width="640" msid="86117009" hostid="261"></div><h2>An entrepreneurial spirit from a young age</h2>Young is the oldest of three siblings - her brother, Christian, is 24, and her sister, Keira, is 18 - and grew up watching her parents chase their professional passions. Early on, Beth harbored dreams of opening her own dance and Pilates studios, while Keith worked as a firefighter. On the morning of September 11, 2001, Keith had just put Kaley and Christian on the bus for school when he learned of the attacks. He raced to his station in Brooklyn but was instructed to stay put. Fueled with tense energy, he started cooking. "I was freaking out, and cooking is the only thing that soothes me a little bit," Keith said in a <a href="https://www.instagram.com/tv/CFdcupAgSII/?utm_medium=copy_link">video about his experiences that day</a>. Four years later, in 2005, Keith published a cookbook titled "<a href="https://www.amazon.com/Cooking-Firehouse-Chef-Keith-Young/dp/1557884617">Cooking With the Firehouse Chef</a>." When the family bought their dream home in Wantagh, on Long Island, Beth turned her aspirations into a reality. The house came with a backyard barn that Beth converted into a dance studio before launching Hot Pilates Secret.As Young tells it, the studio was a way for Beth to cope with the loss of her own father, who also died of cancer, and help others heal physically and emotionally. She'd often tell Young, "you have to sweat to destress." Young began assisting her mother with the business when she was a high school freshman and was managing it by the time she was a junior. In 2011, Beth was diagnosed with stage 4 breast cancer but didn't want to close the studio and place of healing she created. Young kept the business, and Beth's dreams, alive as her mother sought treatment. The same year, Young enrolled at the Fashion Institute of Technology in New York to study graphic design. In the fall of Young's sophomore year, the cancer overtook Beth's body. After her mother's death, Young had to decide between continuing school and pausing to support her family. Her father still needed someone to run the studio, which helped pay the mortgage on their house, and care for her siblings."I felt honored that my dad trusted me enough to continue it and so many people in our community believed in me as well," Young said. With a promise to herself that she'd complete her degree one day, Young left school. Back at home, she grew Hot Pilates Secret by offering teacher training and yoga retreats. But taking over the studio this time wasn't just about fulfilling her mother's dreams; it helped Young cope. "After my mom passed away, I continued her Pilates studio as my own healing," Young said. "I was mourning my mom at her studio." Some people, like Young, process loss by turning their negative energy from grief into creative work, explained Dr. Shelley Carson, a lecturer at Harvard University, <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.headspace.com%2Farticles%2Fgrief-creativity-together">in an article</a> for the meditation and mindfulness app Headspace. "Research shows that the mere expression of emotion in artistic form when you are hurting is beneficial," she told Headspace.<div type="image" title="Kaley Young, doing yoga" height="480" width="640" msid="86117011" hostid="261"></div><h2>From first shipments to 'Shark Tank'</h2>Beth's studio wasn't Young's only side project. While still in high school, she also lent her entrepreneurial talents to her father's burgeoning business, Cup Board Pro, a cutting board with a detachable pocket for scraps. Her father created the tool based on his experiences in the kitchen and asked Young to create a website and shoot promotional videos. The duo paused their work on Cup Board Pro to tend to Beth's illness, but a year after Beth's death, Keith was invited to appear on Food Network's cooking-competition show "Chopped." He became a two-time champion of the show, which gave him the confidence to revisit the company. His first shipment of 2,000 cutting boards arrived in December 2015, the same month he received a terrible diagnosis of his own: He had synovial sarcoma, a rare form of cancer that attacks the body's soft tissues, almost surely a result of his rescue efforts after 9/11. Keith died in March 2018 and, once again, Young vowed to fulfill her parent's dream.Opportunity quickly came knocking - or calling.One month after Keith's death, producers from "Shark Tank" contacted Young about coming on the show. "It felt like that was a sign from our dad to continue it," Young said. "'Shark Tank' was the show he dreamt about going on." In October, the episode featuring Young and her siblings premiered. All five celebrity investors were visibly moved by their story and impressed by the quality of the product, especially the logo, which noted that 343 firefighters died on 9/11. They were also encouraged to know Young and her siblings had sold 300 cutting boards in the weeks before filming. <div type="image" title="Kaley Young, Keira Young, and Christian Young hold a large check for $41,119 to the FDNY Foundation and pose with firefighters and the cast of 'Shark Tank.'" height="410" width="547" msid="86117013" hostid="261"></div><keyword id="11930436" type="UNKNOWN" weightage="60" keywordseo="mark-cuban" source="Orion">Mark Cuban</keyword>, <keyword id="12073637" type="UNKNOWN" weightage="60" keywordseo="lori-greiner" source="Orion">Lori Greiner</keyword>, <keyword id="12073636" type="UNKNOWN" weightage="60" keywordseo="daymond-john" source="Orion">Daymond John</keyword>, <keyword id="12002052" type="UNKNOWN" weightage="60" keywordseo="kevin-oleary" source="Orion">Kevin O'Leary</keyword>, and Higgins made an extremely rare decision to partner on an offer, proposing a $100,000 investment for 20% equity, just 10% more than the trio's initial ask. The sharks also promised to donate any profits from their stake in Cup Board Pro to a charity that supported firefighters who were sick from 9/11. After filming, John helped the trio snag a licensing deal from Williams Sonoma. "​​You think about all of the inflection points an entrepreneur goes to that makes the difference in the outcome," said Higgins, cofounder of venture-capital firm RSE Ventures and former press secretary for New York City mayor Rudy Giuliani. "To pick herself back up, three months after her dad died, and end up on that set is extraordinary." <h2>Fulfilling a dream of her own</h2>A licensing deal with Williams Sonoma allowed Young to take a step back from Cup Board Pro. She's still the owner but doesn't have to manage the day-to-day operations of the business. Additionally, Williams Sonoma helped scale the product by offering different colors and sizes, which sell for <a href="https://www.williams-sonoma.com/products/cup-board-pro/?Kenshoo=_k_Cj0KCQjw4eaJBhDMARIsANhrQACgulHpmPtYT0kjAHqPTeCzmAUpVh9w84PVN4ysY7sHgqmJAMRLzKEaApAREALw_wcB_k_&amp;cm_ven=NonBrandSearch&amp;cm_cat=Google&amp;cm_pla=NonBrand_Search_Cutlery_Exact&amp;cm_ite=cup%20board%20pro&amp;gclid=Cj0KCQjw4eaJBhDMARIsANhrQACgulHpmPtYT0kjAHqPTeCzmAUpVh9w84PVN4ysY7sHgqmJAMRLzKEaApAREALw_wcBAMRLzKEaApAREALw_wcB">$70-$100</a>. "We were so impressed by Kaley, and it was so clear she's taking charge of that family professionally and personally," said Kendall Coleman, the director of public relations at Williams Sonoma. "She's not just the big sister; she's the boss."Young returned to FIT in 2017, this time focusing on interior design, and completed her associate's degree in 2019. The next year, she sold Hot Pilates Secret to family friend Chrissi Forde. (Young and Forde wouldn't disclose the details of the deal.) "I had it for seven years, and it was an incredible seven years," Young said, "but I knew it was my time to grow a little more."For Young, that meant finally focusing on one of her professional dreams: starting a business of her own. In February 2020, she launched her interior-decorating company, Kaley Young Design. Today, she has six clients - the maximum number she can handle as a solo entrepreneur - and has a wait list of eager customers. <div type="image" title="A dinning room with large white fabric chairs, a long table, and a small dog facing the camera." height="640" width="514" msid="86117016" hostid="261"></div>Despite entering a new chapter of her life, Young upholds her parents' tradition of hosting Christmas for the family. She also created a tradition of her own: Loved ones now gather for dinner on her parents' birthdays and "heaven anniversaries," often pulling recipes from Keith's cookbook, which will be re-released in October."It lets their spirits live on," she said, "like they were here."

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