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<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hello! Vice President Kamala Harris has secured the support of enough Democratic delegates to become the party's <a target="_blank" href="https://www.businessinsider.com/kamala-harris-secured-enough-delegates-to-win-democratic-presidential-nomination-2024-7">nominee for president</a>. Harris said she was looking forward to formally accepting the nomination at the Democratic Party Convention next month.But for now, we're examining how <a target="_blank" href="https://www.businessinsider.com/death-hedge-fund-superstars-wall-street-stock-market-titans-gone-2024-7">the hedge fund superstar has gone extinct</a>.What's on deck:<ul><li>Markets: What Wall Street is expecting <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-q2-earnings-report-preview-expectations-tsla-stock-price-robotaxi-2024-7">ahead of Tesla's earnings</a>.</li><li>Tech: Google u-turns on its plans to <a target="_blank" href="https://www.businessinsider.com/google-ditches-plan-to-kill-third-party-cookies-after-pushback-2024-7">kill the third-party cookie</a>.</li><li>Business: Duolingo's trick for teaching you a language? <a target="_blank" href="https://www.businessinsider.com/duolingo-meanest-app-nagging-notifications-melting-icon-gen-z-marketing-2024-7">Being mean</a>.</li></ul>But first, the stars aren't shining as bright anymore.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7f7b11e5-16f3-49fc-92f8-20a90c248b07">The big story</h3><h2 id="a974392f-73c2-4c4e-b1ec-1a6bea702ebf">So long, superstar</h2><div type="image" title="The Wall Street Bull crying over a funeral casket surrounded by white carnations" height="900" width="1200" msid="111965401" hostid="261" sizebytes="100002"></div>Where have all the hedge fund superstars gone?An industry built on big names drawing even bigger money has faced a marked shift. The days of <a target="_blank" href="https://www.businessinsider.com/death-hedge-fund-superstars-wall-street-stock-market-titans-gone-2024-7">investors trusting a star hedge-fund manager with their cash</a> are in the rearview mirror, writes Business Insider's Linette Lopez.In years past, even rubbing shoulders with a legendary hedge fund manager was enough for aspiring fund managers to raise capital. The late Julian Robertson and <a target="_blank" href="https://www.businessinsider.com/billionaire-julian-robertsons-tiger-network-spans-hundreds-of-funds-2019-11">his empire of so-called "Tiger Cubs"</a> prove that.But, unlike years ago, hedge funds are no longer the only game in town for institutions or the ultra-wealthy looking to park their cash somewhere. Venture capital, private credit, and private equity have grown considerably over the past decade.Meanwhile, the hedge fund industry has also evolved. The number of quantitative funds, where the stars are the models rather than an individual's mind, has grown.And the big names that remain in the industry are starting to resemble Wall Street banks in their size and complexity. Ken Griffin's Citadel and Izzy Englander's Millennium Management have filled their ranks with Goldman Sachs alumni <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-alumni-being-hired-by-top-hedge-funds-2023-3">to help oversee their ever-growing operations</a>.<div type="image" title="Bobby Jain" height="1500" width="2000" msid="111965403" hostid="261" sizebytes="260932"></div>Megafunds like Citadel and Millennium <a target="_blank" href="https://www.businessinsider.com/hedge-fund-allocators-due-diligence-multi-strategy-firms-2024-2">sucking up all the oxygen</a> are also making it harder for new funds to raise money.Bobby Jain had two decades of experience at Credit Suisse and was the co-chief investment officer of Millennium when he decided to set up his own shop.His fund, Jain Global, <a target="_blank" href="https://www.businessinsider.com/who-bobby-jain-has-hired-jain-capital-hedge-fund-launch-2023-12">went live this month</a> with a reported $5.3 billion in assets. As eye-popping as that number is, it's well short of his initial target of $8 billion to $10 billion.Jain's high hopes were motivated by being the largest hedge fund launch in history, a title held by ExodusPoint, which launched with more than $8 billion in capital. But ExodusPoint, which also counts two Millennium alums as its cofounders, <a target="_blank" href="https://www.businessinsider.com/exoduspoint-2022-performance-vs-millennium-as-assets-headcount-decline-2023-1">has had its own struggles</a> in <a target="_blank" href="https://www.businessinsider.com/exoduspoint-closes-paris-office-following-expansion-effort-2024-2">recent years</a>.But as the old saying goes, it's always darkest before dawn. All Wall Street needs is a couple of breakout stars to flip the script, and the potential is out there.Aaron Weiner, a 31-year-old from Coatue, got a multibillion-dollar check from Millennium <a target="_blank" href="https://www.businessinsider.com/coatue-star-gets-multibillion-dollar-commitment-from-millennium-2024-6">for his to-be-launched hedge fund</a>. And Jonathan Xiong's Arrowpoint Investment Partners <a target="_blank" href="https://www.businessinsider.com/asia-based-arrowpoint-investment-partners-launches-with-1-billion-2024-6">launched with $1 billion</a> thanks to backing from Blackstone and Canada's largest pension fund.<h2 id="58db3aa0-c214-454b-a45c-e67393aaa840">3 things in markets</h2><div type="image" title="Collage featuring Elon Musk, Tesla Motors dealership facade with logo, and a downward trending arrow" height="600" width="1200" msid="111965407" hostid="261" sizebytes="100990"></div><ol><li>Tesla's time to shine. The EV maker reports earnings after the bell today. Wall Street is bullish on Elon Musk's company after a rough start to the year, and is excited for updates on <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-q2-earnings-report-preview-expectations-tsla-stock-price-robotaxi-2024-7">Tesla's plans for Robotaxi and full self-driving</a>.</li><li>Are mega-cap tech stocks' best days behind them? Smaller stocks have been on an incredible run this month. But Big Tech has a chance to remind investors why it's been the market's top pick for years <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-mega-cap-tech-rally-hinges-q2-earnings-2024-7">with a slew of earnings reports</a>.</li><li>Small-cap stocks may not stay high forever, though. Wall Street is split on whether small-cap stocks will continue their recent winning streak. Bank of America identified <a target="_blank" href="https://markets.businessinsider.com/news/stocks/small-caps-tech-stock-rotation-russell-sp500-treasury-yields-pmi-2024-7">two key metrics to watch</a> to determine if the wins will continue.</li></ol><h2 id="146bcf05-3865-452c-9d9a-a30b4e904a14">3 things in tech</h2><div type="image" title="An hourglass timer connected to a rocket" height="1500" width="2000" msid="111965404" hostid="261" sizebytes="58762"></div><ol><li>Founders claim a startup incubator left a trail of broken promises. AI Forge promised participants in Miami and London cash up front and help with launching their startups. But several founders told BI they <a target="_blank" href="http://www.businessinsider.com/ai-forge-startup-incubator-founders-funding-2024-7">had trouble getting paid and were underwhelmed</a> with what they got. AI Forge's cofounder said participants expected too much.</li><li>Apple aims to slim streaming service. AppleTV+ has a reputation for spending a lot on its movies and shows. The problem is that not a lot of people watch them. Now, Apple wants to cut back, but it's not clear how it plans to do that — or <a target="_blank" href="https://www.businessinsider.com/apple-tv-plus-streaming-cutbacks-eddy-cue-2024-7/">why it's running a streaming service in the first place</a>.</li><li>Google is scrapping its plan to kill off third-party cookies. After spending years preparing for their demise, Google announced <a target="_blank" href="https://www.businessinsider.com/google-ditches-plan-to-kill-third-party-cookies-after-pushback-2024-7">it won't be killing cookies in Chrome</a>. Instead, it will let users opt into having the trackers in their browser.</li></ol><h2 id="e2544a9f-17ed-428e-801f-0b3a167fa796">3 things in business</h2><div type="image" title="Store clerk handing over a luxury golden shopping bag to a shopper" height="1500" width="2000" msid="111965400" hostid="261" sizebytes="286294"></div><ol><li>E-commerce eats everything, except luxury goods. Though e-commerce has revolutionized retail, we still like to buy the nicest, most expensive items IRL. That's because part of buying luxury is the experience of being pampered, and <a target="_blank" href="https://www.businessinsider.com/luxury-retail-ecommerce-online-sales-stores-wealth-the-realreal-2024-7">we like to feel fancy when we buy fancy</a>.</li><li>Meanness and meme-ness are Duolingo's bread and butter. The bratty green Duolingo owl is something of a social media influencer, with a sassy personality that users can't get enough of. Its online presence and relentless nagging have <a target="_blank" href="https://www.businessinsider.com/duolingo-meanest-app-nagging-notifications-melting-icon-gen-z-marketing-2024-7">driven the company to record profits and growth</a>.</li><li>The results of Sam Altman's basic-income study are in. For three years, low-income participants received $1,000 a month, no strings attached. They put the bulk of their extra money towards basic needs like rent and food, but researchers found it didn't directly improve their mental or physical health. <a target="_blank" href="https://www.businessinsider.com/sam-altman-basic-income-study-results-2024-7">Here's everything the study found</a>.</li></ol><h2 id="acda8db7-985b-464a-9752-f9d16b6dd6e3">In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/joe-biden-boosts-elon-musk-x-digital-town-square-2024-7">Joe Biden's bombshell revives Elon Musk's ambitions to make X the world's digital town square</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/secret-service-director-admits-trump-shooting-worst-failure-decades-2024-7">Secret Service director admits Trump shooting was agency's 'most significant failure' in decades</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/quit-jobs-to-become-social-media-influencer-survey-income-brands-2024-7">The appeal of being an influencer is so strong that half of US adults would quit their jobs if they could make a living from social media</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/ai-chatbots-bad-customer-service-botshit-inaccurate-information-airlines-accountability-2024-7">'Botshit' is an example of how AI is making customer service worse</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/andy-beshear-kamala-harris-vice-president-jd-vance-audition-2024-7">The race is already on to be Kamala Harris' VP</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-glasses-photo-2024-7">Mark Zuckerberg posted this pic in February. Someone just spotted an interesting object in the background</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/moviepass-cofounder-hamet-watt-share-ventures-studio-longevity-2024-7">The cofounder of MoviePass is raising $20 million from Amazon and Alphabet for a longevity-focused venture studio</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/startup-job-listing-catches-ai-applications-with-prompt-injection-2024-7">I'm a tech startup founder. We weed out job applications written with ChatGPT by hiding a prompt just for AI in our listings</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/kamala-harris-coconut-pilled-brat-memes-charli-xcx-cringe-2024-7">The one thing Kamala Harris must not do is embrace the memes</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/joe-biden-twitter-ezra-klein-elon-musk-2024-7/">Twitter's not back. But it's not going anywhere, either. Ask Ezra Klein</a>.</li></ul><h2 id="b648cd67-11f4-4e57-9f3f-4ab9ae6dd53b">What's happening today</h2><ul><li>Tesla, Alphabet, Capital One, Visa, Coca-Cola, General Motors, and <a target="_blank" href="https://markets.businessinsider.com/earnings-calendar">other companies</a> are reporting.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Annie Smith, associate producer, in London. Amanda Yen, fellow, in New York.

How the hedge fund superstar went extinct

<keyword id="20113876" type="General" weightage="20" keywordseo="Adani-Enterprises-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Enterprises Ltd" meta.hostid="267" meta.entityid="Adani Enterprises Ltd">Adani Enterprises Ltd</keyword>, the flagship incubator of billionaire <keyword id="19929098" type="General" weightage="20" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword>'s conglomerate, on Thursday reported a 37 per cent drop in March quarter <keyword id="19942166" type="General" weightage="20" keywordseo="net-profit" source="keywords">net profit</keyword>, bogged down by one-time past airport dues and commercial mining losses. Its consolidated net profit of Rs 450.58 crore in January-March - the fourth quarter of fiscal year 2023-24 - compares to Rs 722.48 crore net profit in the same period last year and Rs 1,888.45 crore earning in the preceding quarter, according to a stock exchange filing by the company. The firm, which incubates business from airports to data centres, reported an 8 per cent decline in EBITDA (earnings before interest, taxes, depreciation, and amortization) at Rs 3,646 crore in <keyword id="20028449" type="General" weightage="20" keywordseo="Q4" source="keywords">Q4</keyword>. While incubating businesses like new energy and airports showed strong momentum, the firm suffered a loss of Rs 201.83 crore in commercial mining, while the pre-tax earnings from the road business plummeted 84 per cent to Rs 222.03 crore. Also, its unit Mumbai International Airport Ltd (MIAL) recognised a one-time exceptional expense of Rs 627 crore to make up for past payments. Adani New Industries Limited (ANIL), a unit of the company that holds the new energy business -- including solar module and wind turbine manufacturing, saw a 6.2x growth in EBITDA to Rs 641 crore, while the same at airports business more than doubled to Rs 662 crore. The number of passengers at company-run airports rose 19 per cent to 88.6 million. Its revenue from operations was up at Rs 29,180.02 crore in the three months to March 31 from Rs 28,943.84 crore a year ago. For the full fiscal 2023-24 (FY24), net profit soared 31 per cent to Rs 3,240.78 crore. This is despite revenue from operations falling to Rs 96,420.98 crore from Rs 1,27,539.50 crore in 2022-23. Its consolidated EBITDA for FY24 increased by 32 per cent to Rs 13,237 crore that of incubating businesses grew by 47 per cent year-on-year. "<keyword id="20113873" type="General" weightage="20" keywordseo="Adani-Enterprises" source="keywords">Adani Enterprises</keyword> has once again validated its position not only as the premier business incubator in India but also as a global leader in infrastructure development," said Gautam Adani, Chairman of the Adani Group. "AEL's resilient growth model of incubation confirms the operational and organisational excellence. This is supported by high ratings and fully funded growth. Our commitment to excellence in project management and operations continues to set global benchmarks, ensuring sustainable long-term value creation for our stakeholders. We remain dedicated to corporate governance, meticulous compliance, robust performance and effective capital flow management." Giving an operational update, the firm said ingot and wafer units, which are used to manufacture solar modules that trap sunlight to produce electricity, are operational, while it has got orders for the manufacture of 254 sets of wind turbines. Its joint venture with EdgeConneX has one operational data centre in Chennai and construction in Noida and Hyderabad facilities is 81-88 per cent complete. It plans to build nine data centres with a total capacity of 1 gigawatt by 2030 to provide infrastructure for the booming digital services demand. Also, Adani started a copper unit in Mundra in March to foray into the metals business. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank">April auto sales – Hyundai continues to hold the second position as Tata Motors inches closer</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank">Upcoming cars and two-wheelers launching in India in May 2024</a><a href="https://www.businessinsider.in/tech/mobile/news/vivo-v30e-with-5500mah-battery-launched-in-india-starting-at-27999/articleshow/109781103.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/vivo-v30e-with-5500mah-battery-launched-in-india-starting-at-27999/articleshow/109781103.cms" target="_blank">Vivo V30e with 5,500mAh battery launched in India starting at ₹27,999</a>

Adani Enterprises Q4 net falls 37%; incubating businesses show strong momentum

<ul><li><keyword id="6376684" type="General" weightage="20" keywordseo="nykaa" source="Orion">Nykaa</keyword> launches an incubator programme to help potential <keyword id="3152024" type="General" weightage="20" keywordseo="beauty-startups" source="Orion">beauty startups</keyword> with finance and guidance to grow bigger in the space.</li><li>Brands are to participate in the programme and showcase their brand value and the winning brand will earn a grant of ₹4 crore ($500,000).</li><li>A set of judges including actress Katrina Kaif, designer Sabyasachi Mukherjee, stylist Anita Shroff Adajania will be in the jury judging and mentoring the potential beauty brand.</li></ul>India’s largest beauty e-commerce player, Nykaa has come up with an initiative to support some of the many beauty startups and help build homegrown brands. Nykaa’s new incubator programme allows beauty startups in the country to showcase their brand and earn a grant of up to ₹4 crore ($500,000) and even an acquisition opportunity in the future. On July 20, Nykaa launched ‘Beauty&amp;You’ in partnership with American beauty giant <keyword id="162216" type="General" weightage="20" keywordseo="estee-lauder" source="Orion">Estee Lauder</keyword> with a prize pool of ₹4 crore that will be distributed among companies chosen by a panel of fashion entrepreneurs. “We are looking for brands that have innovative ideas and have a sustainable competitive edge and that would be unique products, unique technologies, engaging with new audiences in different ways, creating new business models, offerings, channels.” Shana Randhava, vice-president, ELC New Incubation Ventures told Business Insider India. Nykaa said that it’s not keen on taking equity in the winning startups in return for the grant amount, but they could. “There’s a chance that we may invest in these brands but that is not the aim of the programme. The aim is to give them a pure grant of capital without any equity in return. The awarded brands will get the ability to launch on Nykaa’s platform and stores if they are ready for that,” said CEO of the e-commerce giant Nykaa and son of founder Falguni Nayar Achint Nayar. The programme aims to help founders, innovators, and creators grow their businesses holistically by identifying brand goals, achieving scale ambitions, and curating product portfolios that speak to a new generation of consumers in the Indian market. A set of judges including actress Katrina Kaif, designer Sabyasachi Mukherjee, stylist Anita Shroff Adajania will be in the jury judging and mentoring the potential beauty brand. Shana said that they are looking for brands like Haeckel's, a UK based personal care brand whom Estee Lauder recently invested in. “Our vision is for Beauty &amp; You to harness the entrepreneurial energy in India to advance next-generation beauty brands by presenting opportunities that help put brands on a long-term, sustainable growth path,” said Randhava. It has not decided on how many winners will be declared, it could be one or even four. The chosen startup brands will be provided with masterclasses, financial support, mentorship, awareness and distribution support. The application process starts on August 1 on <a href="https://www.beautyandyouawards.com/">this website</a> and closes on September 30, and winners to be announced in November. “Brands participating should have passion and the rest we can help with. We have infrastructure to help them build and develop on that,” Achint Nayar, Nykaa, CEO. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/burger-singh-raises-30-crore-to-open-120-outlets-in-6-months/articleshow/93021975.cms">Burger Singh raises ₹30 crore, to open 120 outlets in 6 months</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/itc-is-relying-on-its-advisory-maars-app-for-farmers-valued-added-crops-to-grow-its-agri-business/articleshow/93007505.cms">ITC is relying on its advisory app for farmers, valued-added crops to grow its agri-business</a>

Nykaa open to funding beauty startups without equity, initially

<ul class="summary-list"><li>Former SoftBank exec Marcelo Claure and entrepreneur Paul Judge are raising a new $200 million fund.</li><li>The two bought SoftBank's diversity fund last year after incubating it at the Japanese company. </li></ul>Former SoftBank executive <a target="_blank" href="https://www.businessinsider.com/the-fabulous-life-of-self-made-mogul-softbanks-marcelo-claure-2019-10#in-1995-he-figured-out-another-loophole-to-turn-into-a-business-this-time-with-mobile-phones-4">Marcelo Claure</a> and serial entrepreneur and <a target="_blank" href="https://www.businessinsider.com/paul-judge-launches-300-million-fund-to-elevate-diverse-founders-2021-2">investor Paul Judge</a> are in the throes of raising a new $200 million fund.The duo were deep in investing calls when they took a break to catch up with Business Insider. It's been about a month since the Open Opportunity Fund announced that <a target="_blank" href="https://www.prnewswire.com/news-releases/marcelo-claure-to-co-lead-and-co-own-open-opportunity-fund-in-partnership-with-paul-judge-302018746.html">Claure was rejoining the fund</a> — one he was instrumental in launching over three years ago while he was at SoftBank.The past year has been transitional for the fund since Claure and Judge bought the $100 million fund from <a target="_blank" href="https://www.businessinsider.com/inside-softbank-vision-funds-awful-year-former-employees-rival-vcs-2022-12">SoftBank</a>. Other details about the deal were not disclosed.Since then, there haven't been any new investments, but the two are poised to capitalize on the success of the first fund and are raising the second Open Opportunity Fund.The <a target="_blank" href="https://www.businessinsider.com/softbank-100-million-opportunity-fund-companies-people-of-color-2020-6">first $100 million Opportunity Fund</a> — fully backed by SoftBank — invested in 75 startups and has had seven exits, including payments startup <a target="_blank" href="https://www.businessinsider.com/arcus-pitch-deck-fintech-startup-2019-7">Arcus</a>, which Mastercard bought in 2021, and <a target="_blank" href="https://www.businessinsider.com/drift-poached-salesforce-ai-exec-leo-tenenblat-chief-product-officer-2021-1">AI sales and marketing software startup Drift</a>, which Vista Equity Partners acquired, also in 2021. The fund, however, has not had any of its portfolio companies IPO, as that market <a target="_blank" href="https://www.businessinsider.com/the-dead-ipo-market-is-killing-vcs-ability-to-raise-new-funds-2023-7">continues to remain frozen</a>."I'm incredibly optimistic in terms of us being able to raise the money we set up because I've just had a few meetings, and they've all been incredibly positive," Claure, the fund's general partner and vice chairman, said.Judge, the fund's chairman, is a three-time startup founder who transitioned to venture investing with the incubator TechSquare Labs and <a target="_blank" href="https://www.businessinsider.com/paul-judge-launches-300-million-fund-to-elevate-diverse-founders-2021-2">Atlanta-based firm Panoramic Ventures</a>. He said that limited partners' interest has been positive overall since the Open Opportunity Fund's first fund has had so much success. Many of these LPs, including corporations, have a "dual mode" business mindset of wanting to do the right thing but also delivering meaningful capital returns, Judge added.Claure also said they received a "soft commitment" from SoftBank but now need to go out and close that investment. He also said he's contributing $20 million of his own cash to the new fund.Judge said that he expects the first Open Opportunity Fund to continue to deliver "top quartile" returns to its investors over the next five to seven years.For the first fund's portfolio companies, Claure and Judge said 75% of them have gone on to raise more funding. And the companies, on average, are growing revenue 100% on an annual basis and have at least two years of cash runway, Judge said.About 80% of the Open Opportunity Fund's portfolio comprises companies in the B2B SaaS space, including startups like Runway, a mobile app release management startup. Claure and Judge believe focusing on investing in software startups is one of the reasons they've seen so much success in such a short time.For this next fund, they want to replicate the same winning recipe with an eye toward backing companies in the fintech, <a target="_blank" href="https://www.businessinsider.com/list-top-healthcare-startups-investors-take-off-in-2024">healthtech</a>, and edtech spaces. Judge said they plan to invest in late seed to early Series A startups, with about a third of the fund dedicated to growth-stage investing.Claure, who was also previously the CEO of Sprint, helped to conceive the first Opportunity Fund after protests in the US erupted in the wake of <a target="_blank" href="https://www.businessinsider.com/four-minneapolis-police-officers-criminal-charges-george-floyd-death-2020-6">George Floyd's murder</a> in the summer of 2020. He recalled that he turned to <a target="_blank" href="https://www.businessinsider.com/masayoshi-son-softbank-net-worth-lifestyle-silicon-valley-estate-photos-2019-6">Masayoshi Son, SoftBank's CEO</a>, and told him he wanted to start a diversity-focused venture fund. Claure, with Judge, and <a target="_blank" href="https://www.businessinsider.com/softbank-opportunity-fund-black-latinx-founders-moving-miami-2021-6">Shu Nyatta, then a managing partner at SoftBank</a> who now leads Bicycle Capital, a Latin America-focused fund with Claure, and <a target="_blank" href="https://www.businessinsider.com/taskrabbit-ceo-stacy-brown-philpot-steps-down-tech-diversity-2020-6">TaskRabbit CEO Stacy Brown-Philpot</a>, were on the fund's investment committee. And so, the Opportunity Fund was born to invest specifically in Black and Latinx startup founders.In 2023, Black startup founders received <a target="_blank" href="https://techcrunch.com/2024/01/17/funding-black-founders-down-in-2023/">just 0.48% of all venture funding</a> — about $661 million of $136 billion — TechCrunch reported, citing Crunchbase data. The share of funding to Latinx founders is also very similar."The decimal point is in the wrong place," Judge said of what's become the typical funding trend to underrepresented founders. "Our point is the difference between where it is right now and where it should be — that's a lot of money to be made."Judge said that access to capital will have a downstream impact — more <a target="_blank" href="https://www.businessinsider.com/capital-funding-minority-small-businesses-bipoc-lgbtq-women-owned-2021-12">underrepresented founders</a> will be able to pursue their entrepreneurial dreams in areas typically overlooked by traditional investors, and they'll have more diverse company boards and hire diverse workforces. And that ultimately will hopefully lead to more generational wealth for these founders, their families and their communities.For Claure and Judge, the fund's focus is also deeply personal. Both Claure and Judge experienced firsthand the difficulties of raising capital as entrepreneurs of color, and they don't want that same experience for the next generation of startup founders."The joy and satisfaction that I get by helping diverse founders, not one at a time, but 10, 20, 30, 40, 50 at a time," Claure said. "We're going to be able to create an exponential effect."

Marcelo Claure and Paul Judge bought SoftBank's diversity fund. Now they're trying to raise $200 million for it. 

<ul><li><keyword id="186684" type="General" weightage="100" keywordseo="iit-guwahati" source="Orion">IIT Guwahati</keyword> sets up a technology incubation centre to encourage its students to transform their business ideas into businesses.</li><li>The centre will provide technical support, business mentoring, and a soft loan facility.</li><li>The centre also focuses on the empowerment of women in terms of entrepreneurship; it has partnered with NSRCEL-IIMB for Women Startup Program (WSP).</li></ul>To encourage its student entrepreneurs, the <keyword id="666878" type="General" weightage="20" keywordseo="Indian-Institute-of-Technology-Guwahati" source="Orion">Indian Institute of Technology Guwahati</keyword> (IITG) has created a technology incubation centre (TIC), which will provide a place for students to transform innovative ideas into viable business propositions on campus. The centre will also provide technical support, business mentoring, and a soft loan facility (subject to availability). It aims to promote advancement in science and technology, traditional knowledge and biodiversity resources; facilitate a platform for entrepreneurship and incubating research mindset for the development of society; and create an interface among researchers, technocrats, and industries. “IIT Guwahati through the TIC has embarked on encouraging the students, faculty, staff and other entrepreneurs to provide necessary technological guidance and convert their ideas into products and technology that will be useful to the society and make the country Atmanirbhar,” said Prof. T.G. Sitharam, director, IIT Guwahati. These incubated startups will work in different sectors such as robotics, information technology, water, oil sector, biotechnology, machine learning, internet of things, renewable energy, home automation and logistics, among other sectors. The Institute said that its incubation centre is recognised by the Ministry of <keyword id="6464993" type="General" weightage="20" keywordseo="micro" source="Orion">Micro</keyword>, <keyword id="6372449" type="General" weightage="20" keywordseo="small" source="Orion">Small</keyword>, <keyword id="4022726" type="General" weightage="20" keywordseo="and-medium-enterprises" source="Orion">and Medium Enterprises</keyword> (MSME), Government of India. The grant assistance from The <keyword id="694074" type="General" weightage="50" keywordseo="technology-development-board" source="Orion">Technology Development Board</keyword>, under the Ministry of Science and Technology, Government of India, has also been approved to support startups, it added. It connects to a pool of experts in terms of faculties, funding agencies such as <keyword id="56072" type="General" weightage="50" keywordseo="oil-india-limited" source="Orion">Oil India Limited</keyword> (OIL) and Numaligarh Refinery Limited (NRL), among others, and other financial institutions like Indian Bank and YES bank. The centre also focuses on the empowerment of women in terms of entrepreneurship; it has partnered with NSRCEL-IIMB for Women Startup Program (WSP). It has also partnered with Innovations for Defence Excellence (iDEX) in building the ecosystem for startups to interact with the Indian Defence establishment. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/fintech-company-moneyplanned-raises-over-2-5-crore-from-inflection-point-ventures-others/articleshow/94298456.cms">Fintech company MoneyPlanned raises over ₹2.5 crore from Inflection Point Ventures, others</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/is-covid-19-finally-over-in-india-this-is-what-who-and-experts-have-to-say/articleshow/94298319.cms">Is Covid-19 finally over in India? This is what WHO and experts have to say</a>

IIT Guwahati starts incubation centre to help its students turn entrepreneurs

<ul class="summary-list"><li>If you're starting a side hustle, there are many ways to invest in your skills without going broke.</li><li>Funding expert Arielle Loren advises people not to seek funding until they have proof of concept.</li></ul>If you're thinking of <a href="https://www.businessinsider.com/the-clawset-millennial-founder-nisha-persaud-interview-side-hustle-2021-12">starting a side hustle</a>, there are many ways to invest in your skills without going broke.For entrepreneurial hopefuls, it's a great time <a href="https://www.businessinsider.com/easiest-business-to-start-today-solopreneur-virtual-assistant-graphic-design-2022-5" rel="">to start your own business</a> or <a href="https://www.businessinsider.com/how-to-start-side-hustle-business-with-no-money-2023-1" rel="">side hustle</a> because most of the tools you need are online. Plus, many are <a href="https://www.businessinsider.com/how-to-start-side-hustle-business-with-no-money-2023-1" rel="">free or affordable</a>. This digital revolution is one reason <a href="https://www.businessinsider.com/the-great-resignation-created-more-solo-entrepreneurs-and-freelancers-2021-10" rel="">10.5 million Americans created businesses</a> between 2020 and 2022.Arielle Loren is the CEO and founder of <a href="https://100kincubator.com/">100K Incubator</a>, a business-funding app for women. Her program teaches entrepreneurs about <a href="https://www.businessinsider.com/how-to-get-loans-investment-other-funding-for-small-businesses-2019-11">three levels of funding</a> based on their amount of revenue. Side hustles typically fit within the first category, since they normally make less than $3,000 a month, she told Insider."Side hustles are a great way to dip your toes into the world of business," Loren, a Harvard alumna, said. "It's the perfect way to ease into entrepreneurship." Loren shared her tips for funding your side hustle and how to choose the best option for your needs. <h2>Give it 3 months before taking capital</h2>You can use some personal savings or dip into your monthly income to pay for initial startup costs, Loren said. But she advises waiting three months before taking larger amounts of <a href="https://www.businessinsider.com/harvard-alumna-entrepreneurs-dont-take-funding-you-cant-repay">capital to grow your business</a>.Entrepreneurs should use those three months as proof of concept: Determine whether you have enough consistent sales to keep the business going. If you don't, cut your losses."If you're not making quick money, then is this really a side hustle?" she said. "Or is this a business that's going to need a lot more capital and with a longer-term plan?"<h2>Capital can give you a competitive edge</h2>Once you've determined your side hustle is making enough money, it's important to map out how you'll use funding. The most common reason for funding a side hustle is to invest in marketing and customer acquisition to give your business the competitive edge it needs to grow, Loren said. For example, if you invest $1,000 in social-media ads to get your sales up to $2,000, that capital investment has now doubled your profits. "No one should be taking out capital unless they're really clear about their numbers," she said. <h2>4 funding options for a side hustle</h2>Then, you should calculate how much funding you'll need. A side hustle allows you to be more conservative about the amount of capital you take since it's not a full-time business, Loren said."The majority of capital that you're going to be seeking is probably going to be a small amount," Loren said. For businesses making less than $3,000 a month in revenue, she suggests four funding options to help you scale:<ul><li><a href="https://www.businessinsider.com/how-to-get-loans-investment-other-funding-for-small-businesses-2019-11#level-1-business-credit-cards-1">Business credit cards</a> are an easy, low-risk way to build up your business credit without having substantial revenue, plus many come with benefits and perks, like miles, discounts, and cash-back deals.</li><li><a href="https://www.businessinsider.com/how-to-get-loans-investment-other-funding-for-small-businesses-2019-11#level-1-personal-loans-2">Personal loans</a> from a bank are based on your income and personal credit, so they can be easier to get if you have a good credit score and high income.</li><li><a href="https://www.businessinsider.com/how-to-get-loans-investment-other-funding-for-small-businesses-2019-11#level-1-home-equity-loans-or-lines-of-credit-3">Home-equity lines of credit</a> disburse large amounts of capital incrementally at interest rates that are very low compared with most small-business loans.</li><li><a href="https://www.businessinsider.com/how-to-get-loans-investment-other-funding-for-small-businesses-2019-11#level-1-crowdfunding-4">Crowdfunding</a> can help you identify and gain target customers but works best for early-stage entrepreneurs if they already have a large following. Otherwise, they're more of a marketing campaign.</li></ul>"The difference between a side hustle and a business is really just a matter of the time that you put towards it but also the revenue that's able to be generated from it," she said. "That also impacts the capital that you end up taking on."

Here's how to fund your side hustle without going broke

<ul class="summary-list"><li>Reed Jobs, the son of Steve Jobs, launched Yosemite, a VC firm that will invest in cancer treatments.</li><li>The 31-year-old started the the fund after his dad died from complications with pancreatic cancer.</li></ul><a href="https://www.businessinsider.com/steve-jobs-billionaire-family-nepo-baby-eve-reed-secret-daughter-2023-1">Reed Jobs, Steve Jobs's oldest son</a>, is striking out on his own.Jobs, one of three children of the Apple cofounder and philanthropist Laurene Powell Jobs, is launching Yosemite, a venture capital firm that will invest in new cancer treatments, <a href="https://markets.businessinsider.com/news/stocks/emerson-collective-health-spins-off-to-form-new-investment-fund-yosemite-announces-first-close-of-oversubscribed-200m-fund-to-accelerate-transformative-cancer-ventures-1032501103">according to a press release</a>. The 31-year-old was inspired by his father to start the fund after <a href="https://www.businessinsider.com/steve-jobs-has-died-2011-10#:~:text=Terribly%20sad%20news%3A%20Apple%20founder,of%20people%20around%20the%20world.">Steve Jobs died from complications of pancreatic cancer</a> in 2011, he told <a href="https://www.nytimes.com/2023/08/01/business/dealbook/steve-jobs-son-venture.html" target="_blank" rel="noopener">The New York Times.</a>So far, Yosemite has raised $200 million dollars through investments from medical institutions like Memorial Sloan Kettering Cancer Center, The Rockefeller University, and M.I.T, as well as from venture capitalist John Doerr, according to the Times.Jobs plans to raise $400 million for his firm's initial fund, <a href="https://affiliate.insider.com?h=cab7afa6286c0d32d8b7e9b1aeb0c4ccd2f6d7f6d0561e175dbb9149e7528be0&amp;postID=64c90968fa4d08025228a9e2&amp;site=bi&amp;u=https%3A%2F%2Fwww.theinformation.com%2Farticles%2Freed-jobs-to-start-400-million-vc-fund-testing-appetite-for-new-funds">The Information reported</a>, which is just about 10 times the average fund size of new venture capitalists last year, <a href="https://pitchbook.com/news/articles/emerging-managers-fundraising-venture-capital">according to Pitchbook.</a>The VC firm will incorporate a dual structure model of a for-profit business and a donor-advised fund, which will provide grants to scientists, <a href="https://markets.businessinsider.com/news/stocks/emerson-collective-health-spins-off-to-form-new-investment-fund-yosemite-announces-first-close-of-oversubscribed-200m-fund-to-accelerate-transformative-cancer-ventures-1032501103">according to a press release</a>. Scientists can use the grants for their research and then go back to Yosemite for venture funding.Jobs's latest business venture will build on his previous work as a managing director at the Emerson Collective, the mission-driven corporation founded by his mother. While he was leading Emerson's health care space, the company invested in healthcare enterprises like ElevateBio, a gene therapy startup, and GetLabs, an at-home diagnostics collector, <a href="https://www.emersoncollective.com/work/venture-capital/" target="_blank" rel="noopener">according to Emerson Collective's website</a>. He is bringing at least three high-ranking members from Emerson with him to Yosemite, The Information reported.While Jobs told the Times that starting a venture capital firm was never one of his career goals, he said that his new role will help scientists build and focus their research. "I had never ever wanted to be a venture capitalist," Jobs said. "But I realized that when you're actually incubating something and putting it together, you can make a tremendous difference in what assets are part of that, what direction it's going to take, and what the scientific focus is going to be."Jobs attributes his interest in the healthcare space, at least in part, to his father's death. "My dad succumbed to cancer when I was in college at Stanford," Jobs told the Times. "I was pre-med because I really wanted to be a doctor and cure people myself. But just completely candidly, it was really difficult after he passed away." Even though Jobs didn't study business or medicine — he ended up graduating with both a BA and master's in history, <a href="https://med.stanford.edu/minorconsult/reed-jobs.html">according to Stanford's website</a> — he may have learned a thing or two about business by time spent with his father.Before college, the Apple cofounder took his son on a business trip to Hawaii so he could "be in the room" with leaders like Apple executives and other high-level tech moguls, according to "Steve Jobs," a biography by Walter Isaacson.Yosemite didn't respond to Insider's immediate request for comment before publication.

Meet Reed Jobs, the Apple cofounder's son who just launched a VC fund to invest in cancer treatments

<ul><li><keyword id="6355588" type="LOCATION" weightage="20" keywordseo="rajasthan">Rajasthan</keyword>’s capital, <keyword id="6354779" type="LOCATION" weightage="20" keywordseo="Jaipur">Jaipur</keyword>, is now home to the biggest tech hub in <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>. </li><li>The <keyword id="6821801" type="UNKNOWN" weightage="20" keywordseo="bhamashah-techno-hub">Bhamashah Techno Hub</keyword>, big enough to accommodate up to 700 entities with facilities provided free of charge, was inaugurated on Thursday. </li><li><keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">Startups</keyword> in the <keyword id="6530027" type="UNKNOWN" weightage="20" keywordseo="incubation">incubation</keyword> space can apply for government grants and <keyword id="6357455" type="UNKNOWN" weightage="20" keywordseo="Funding">funding</keyword> for <keyword id="572926" type="COMPANY" weightage="20" keywordseo="seed-capital">seed capital</keyword> that will be interest-free.</li></ul>The culture and ecosystems for start-ups are being curated all over the world, not just in India, as the value of innovation is increasing. In India, normally it’s cities like <keyword id="6355033" type="LOCATION" weightage="20" keywordseo="bangalore">Bangalore</keyword> and Pune that are looked at for tech startups. But, stretching across 100,000 square feet, the largest incubator in the country was <a href="https://www.financialexpress.com/industry/technology/move-over-bengaluru-hyderabad-this-rajasthan-city-is-now-indias-biggest-techno-hub/1290556/">inaugurated in Jaipur on Thursday</a>. This city in Rajasthan is normally acclaimed for its tourism industry and the Jaipur Literature Fest but, with the <keyword id="3569473" type="PERSON" weightage="20" keywordseo="bhamashah">Bhamashah</keyword> Techno Hub being able to accommodate 700 newcomers in the startup space, all of that might change soon. More than buildings The tech hub isn’t just buildings where startups can put up shop, but an incubation centre that will foster startups from beginning to end. The facility is geared with internet connectivity, co-working spaces, banking, IPR, advisory support and other facilities - free of charge. In comparison, the tech hub already set up in Hyderabad charges different fees for the various facilities they have to offer. The Rajasthan government, at the time of writing this article, is the only state in the country to offer all the services and facilities free of cost. Other programs, if not priced, require an equity stake in the startups instead. One of its unique features are the Tinkering Labs that aim at nurturing curiosity. Entrepreneurs and inventors can hone their skills in adaptive learning, computational thinking and physical computing using a do-it-yourself (DIY) approach. There’s even government funding for students who’re coming out of college and don’t have the capital to develop their ideas further. The government has ₹500 crore set aside just for the funding of startups. One way they do that is in partnership with Bhamashah Technofund, the seed capital is provided to young entrepreneurs without any collateral or detailed evaluation. And, the funds obtained through Bhamashah Technofund are then matched by the government up to ₹2.5 million. There’s also a grant of half a million that goes out to students, to that they can at least beta test their ideas. If students are looking for funds to expand, then those requests are looked into by an external jury. The government has plans to expand the project even further, to include cities like Udaipur, Kota and Jodhpur <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/rajasthan-setting-up-largest-startup-incubation-hub-in-the-country/articleshow/63827216.cms">according to</a> Akhil Arora, the Principal Secretary at the IT and Communication Department of Rajasthan. Almost 70 startups are already work-in-progress across these three cities.

This is where India’s largest Silicon Valley is starting up

<ul><li>Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> has announced that corporates can now spend 2% of their CSR on government initiatives like PSU incubators as well as public funded education entities including IITs. </li><li>She had earlier said that 80 livelihood business incubators and 20 technology business incubators will be set up in 2019-2020. </li><li>The <keyword id="8124812" type="UNKNOWN" weightage="20" keywordseo="state-run-incubators">state run incubators</keyword> in India include the likes Techno Hub, Rajasthan, T-Hub Hyderabad from the Telangana government, Kerala Startup Mission among others.</li></ul>The Indian government has announced that corporates can now spend 2% of their CSR spending on government initiatives like PSU incubators as well as public funded education entities including IITs. The state run incubators in India include the likes Techno Hub, Rajasthan, T-Hub Hyderabad from the Telangana government, Kerala Startup Mission among others. The Indian government has had a positive attitude to increase incubation centres in the country. During the budget announcement in July, Finance Minister Nirmala Sitharaman had said that 80 livelihood business incubators and 20 technology business incubators will be set up in 2019-2020 to encourage and develop 75,000 social entrepreneurs in India. This will come as a big boon to the Indian startup ecosystem which has been talking about the need of more government initiatives to push forward incubation which will result in the spur of startups. Including the CSR spend towards incubation, will also encourage the corporates who have already been actively involved with startups through partnered accelerator programs, incubation as well as acquisition of startups. Apoorv Sharma, co-founder &amp; president, Venture Catalysts, in an earlier interview with Business Insider had put forth the same point to say it will be a vital factor in increasing India’s ranking in the global startup ecosystem. However, Sharma believes that in India, private incubators too need to be given incentives. He cites the example of the US and China, where successful incubators and accelerators are the private ones. Sitharaman announced a slew of initiatives that has the markets rejoicing – corporate tax has been slashed. A domestic company can pay income tax at 22% if they don’t seek any exemption or incentives and there will be an Effective Tax Rate of 25.17% inclusive of all surcharges and cess for such domestic companies.

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