<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5c01e658e60d4f2a90438ad9-1810/soft robotics.jpg" border="0" alt="soft robotics octopus arm" data-mce-source="TED/YouTube" data-mce-caption="Soft robotics research that draws inspiration from octopus tentacles." data-link="https://www.youtube.com/watch?v=AI7M-JTC6_w" /><p class="source"><span><a href="https://www.youtube.com/watch?v=AI7M-JTC6_w">TED/YouTube</a></span></p><p class="caption">Soft robotics research that draws inspiration from octopus tentacles.</p></div><p></p></div></div></p><ul class="summary-list"><li>Facebook has several open job listings for PhD students in "soft robotics."</li><li>Soft robotics is an experimental field of robotics that draws inspiration from biology, from lizard tongues to octopuses.</li><li>It focuses on building flexible robots using next-generation materials that can adapt to real-world environments.</li><li>Facebook has quietly been hiring in the field for a year, and the roles don't appear to be related to any publicly announced hardware projects at the company.</li></ul><p>Facebook is trying to figure out how to build robots that move and act like real animals.</p><p>The Silicon Valley tech giant has, for the last year, been hiring PhD students to conduct research in the field of "soft robotics," a field of robotics that <a href="https://www.hindawi.com/journals/abb/2008/520417/abs/">draws inspiration from biology</a> - from elephant tusks to octupuses and lizard tongues - to create more flexible and versatile robots more akin to animals than the traditional stereotype of boxy machines.</p><p>Using next-generation materials and experimental designs, today's soft robotics projects can resemble worms and <a href="https://www.youtube.com/watch?v=DfHehxz_-Hc">cephalopods</a>, bending and flexing to perform tasks rigid robots couldn't handle, and adapting to real-world environments.</p><p><span>"T</span><span>hey can carry soft and fragile payloads without causing damage ... they can squeeze through openings smaller than their nominal dimensions," <a href="https://www.hindawi.com/journals/abb/2008/520417/abs/">researchers wrote in 2008</a>. "This makes them ideal for applications such as personal robots that interact with people without causing injury, service and painting robots that need high dexterity to reach confined spaces, medical robots, especially for use in surgery, and defence and rescue robots that operate in unstructured environments."</span></p><p>It's not clear what Facebook's soft robotics researches have been working on, and a company spokesperson did not immediately respond to Business Insider's request for comment. Other researchers in the field have looked into using the technology to build <a href="https://www.liebertpub.com/doi/10.1089/soro.2018.0053">"</a><span><a href="https://www.liebertpub.com/doi/10.1089/soro.2018.0053">bioinspired insect-scale running robots,</a>"</span> <a href="https://www.liebertpub.com/doi/10.1089/soro.2018.0063">"origami-based ... artificial muscles,"</a> and <a href="https://www.liebertpub.com/doi/10.1089/soro.2018.0015">"soft pneumatic fingers."</a></p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5c01da890e2bf828760cb1a3-2400/inflatableroboticarm.jpg" border="0" alt="soft robotics inflatable robot arm" data-mce-source="Z22/Wikimedia Commons (CC)" data-mce-caption="English: This is an inflatable robotic arm at the Robotics Institute of Carnegie Mellon University that helped inspire the production team of Disney's Big Hero 6 in Baymax's design." data-link="https://commons.wikimedia.org/wiki/File:Inflatable_Robotic_Arm.jpg" /><p class="source"><span><a href="https://commons.wikimedia.org/wiki/File:Inflatable_Robotic_Arm.jpg">Z22/Wikimedia Commons (CC)</a></span></p><p class="caption">This is an inflatable robotic arm at the Robotics Institute of Carnegie Mellon University that helped inspire the production team of Disney's Big Hero 6 in Baymax's design.</p></div><p></p></div></div></p><p>There are currently three open postings at Facebook to work on soft robotics in Redmond, Washington, according to job listings seen by Business Insider. The company is seeking people with backgrounds in bioengineering, mechanical engineering, robotics, materials <keyword id="41551" type="ENTERTAINMENT" weightage="60" keywordseo="science">science</keyword>, and other subjects, "to<span> develop next-generation soft robotic systems at our research location in Redmond."</span></p><h2>"So far the best ideas have come out of robotics"</h2><p><span>There's a heavy focus on creating novel materials and developing new technology: "</span>These roles are focused on the research and invention of haptics, soft active materials, fluidic actuators, and novel manufacturing techniques," one listing reads.</p><p>Facebook's interest in the field has not been previously been reported, but it has been quietly hiring researchers in the field for more than a year, <a href="https://twitter.com/aygunamirali/status/926371066322223105">social media posts show</a>. The far-out tech has no clear commercial application in any of the consumer hardware products Facebook currently builds, from its Oculus virtual reality headsets to the Portal video-chat device - so why is the company investing in it?</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5c01dad9cc0f472b2e5dfc4b-1786/gettyimages-816884726.jpg" border="0" alt="GettyImages 816884726" data-mce-source="Paul Marotta/Getty Images for TechCrunch" data-mce-caption="A demonstration of grippers built using soft robotics principles." /><p class="source"><span>Paul Marotta/Getty Images for TechCrunch</span></p><p class="caption">A demonstration of grippers built using soft robotics principles.</p></div><p></p></div></div></p><p>Facebook's chief AI scientist has previously said that the company is broadly investing in robotics because potential learnings from the field may be transferrable to its work in artificial intelligence. "Clearly we're missing something in terms of how humans can learn so fast," <a href="https://phys.org/news/2018-07-facebook-keen-robots-future-ai.html">he said in July 2018</a>. "So far the best ideas have come out of robotics."</p><p>But the listings make clear these roles aren't just working on theory or simulation - they're actually building the physical robotics tech. The first listed responsibility is to "re<span style="color: #000000;">search next generation soft haptic and robotic devices with an emphasis on both theory and physical embodiment of the new concepts."</span></p><p><span style="color: #000000;"><a href="https://www.facebook.com/careers/jobs/181469509396186/">One of the three job postings</a> is also for "mechatronics" - a hybrid discipline that combines different fields of engineering.</span> "This puts applications of robotics, control systems, electro-mechanical systems, and similar engineering in this field," <a href="https://medium.com/mistyrobotics/mech-a-what-mechatronics-the-engineering-field-you-didnt-know-existed-1b6edc7b3fa9">as one mechantronic engineer explained on Medium</a>.</p><hr /><p><em><strong>Do you work at Facebook? Do you know more?</strong><span> </span>Contact this reporter via Signal or WhatsApp at +1 (650) 636-6268 using a non-work phone, email at rprice@businessinsider.com, Telegram or WeChat at robaeprice, or Twitter DM at <a href="https://twitter.com/robaeprice">@robaeprice</a>. (PR pitches by email only, please.) You can also <a href="https://www.businessinsider.com/how-to-tip-business-insider-securely-guide-signal-securedrop-2017-6">contact Business Insider securely via SecureDrop</a>.</em></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/we-got-an-exclusive-tour-of-facebooks-engineering-office-in-london-2018-11">We got an exclusive tour inside Facebook's engineering office in London - here's what we saw</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/fSUmN8Jc-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script>        </div>    </div>

Facebook is quietly developing 'soft robotics' - flexible robots that move and act like living organisms

<p style="text-align: justify;"><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/55c9408d2acae700448bc7a2-2400/4892304294327bcd34d6o.jpg" alt="octopus" data-mce-source="Brian Gratwicke on Flickr" data-link="https://www.flickr.com/photos/briangratwicke/4892304294/in/photolist-8sjkC3-kGNJp-HEcTH-7snbUC-pvkw3C-oQVTif-gCvto-kHLFNK-5CMCUi-8dhDwV-5ftrUG-586Lda-a7nAGd-d2xD39-nGoMa-pv5obu-puhcUe-fzcYbq-hjVe9-pMxG16-k18UdV-hvHyw-5bCEFw-7CuXmY-qLwafu-72dFYQ-7Jdsr8-67MZJf-8eYHjD-5NKpTR-aU4k6H-k2iUhh-dXzVhb-2AomF1-6NZrjM-87KuRU-2P7xvn-8whtFm-pmP2U9-7BopYv-97YNm1-224FFi-2SSgHH-8CUd4a-9ouCw-ag9Mdm-9rk1Ec-9SW7vH-qmFFXM-RgoD2" /><p class="source"><span><a href="https://www.flickr.com/photos/briangratwicke/4892304294/in/photolist-8sjkC3-kGNJp-HEcTH-7snbUC-pvkw3C-oQVTif-gCvto-kHLFNK-5CMCUi-8dhDwV-5ftrUG-586Lda-a7nAGd-d2xD39-nGoMa-pv5obu-puhcUe-fzcYbq-hjVe9-pMxG16-k18UdV-hvHyw-5bCEFw-7CuXmY-qLwafu-72dFYQ-7Jdsr8-67MZJf-8eYHjD-5NKpTR-aU4k6H-k2iUhh-dXzVhb-2AomF1-6NZrjM-87KuRU-2P7xvn-8whtFm-pmP2U9-7BopYv-97YNm1-224FFi-2SSgHH-8CUd4a-9ouCw-ag9Mdm-9rk1Ec-9SW7vH-qmFFXM-RgoD2">Brian Gratwicke on Flickr</a></span></p><p class="caption"> Octopuses can out-think humans on some things. </p></div><p></p></div></div>What is the smartest species in the world? You might think it's humans by a long shot, but the reality is a lot more complicated.</p><p>Frans de Waal, a primatologist at Emory University, has a new book out called "<a href="https://www.amazon.com/Are-Smart-Enough-Know-Animals/dp/0393246183/ref=asap_bc?ie=UTF8"><span>Are We Smart Enough to Know How Smart Animals Are?</span></a>" and in it he gives hundreds of examples of surprising intelligence from non-human species, including many instances where other animals appear to be smarter than we are.</p><p>Chimpanzees, for instance, can easily beat humans at recalling a set of numbers that was displayed for a fraction of a second.</p><p>Octopuses can learn to open pill bottles protected by childproof caps, which many humans can't figure out on their own.</p><p>Dogs and horses, among many species that spend time around humans, are able to recognize body language queues that are lost on us.</p><p>Many species can do stuff we can't even imagine: bats that map out space with echolocation; birds that figure out the complex mechanics of flight and landing; and ticks that identify passing mammals by the smell of butyric acid.</p><p>In fact, every species' operating system is finely tuned to do what it needs to do, which makes intelligence comparisons across species rather pointless.</p><p>"It seems highly unfair to ask if a squirrel can count to ten if counting is not really what a squirrel's life is about," de Waal writes. "The squirrel is very good at retrieving nuts, though, and some birds are absolute experts .... That we can't compete with squirrels and nutcrackers on this task - I even forget where I parked my car - is irrelevant, since our species does not need this kind of memory for survival the way forest animals braving a freezing winter do."</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/577eb7ea88e4a714088b689d-2400/820985152255d803d37eo.jpg" alt="squirrel distracted" data-mce-source="Peter Trimming/Flickr" data-link="https://www.flickr.com/photos/peter-trimming/8209851522/in/photolist-dvtCQb-eAmj62-4NFZ53-5nGnAm-nC6R9m-79S6j3-e1gnTq-96qWxa-97eQxV-ndiYba-4WT7YL-nvZGKV-xaJQC-ndxh37-8WPpgj-fq3oDY-eGN3Ch-aFSfdT-5kMgxP-4oh5u-egWbTM-5QbjgA-dCDh8D-aBCYyV-4Dd55e-4EQXZh-qHTAqv-5oDmJh-KyW2P-ag5XrD-5fTC6n-2EPNeR-ei21Z7-3ez5sd-4ZMZ7W-8N9FbU-dhij6y-G1kdee-6Zt3g-bmKTyf-9Hbs3m-ETYKb-6pqGfJ-bWzC5w-6N3kyo-rReAfY-deumq-5C2bLM-Ldmw6-JTLvr" /><p class="source"><span><a href="https://www.flickr.com/photos/peter-trimming/8209851522/in/photolist-dvtCQb-eAmj62-4NFZ53-5nGnAm-nC6R9m-79S6j3-e1gnTq-96qWxa-97eQxV-ndiYba-4WT7YL-nvZGKV-xaJQC-ndxh37-8WPpgj-fq3oDY-eGN3Ch-aFSfdT-5kMgxP-4oh5u-egWbTM-5QbjgA-dCDh8D-aBCYyV-4Dd55e-4EQXZh-qHTAqv-5oDmJh-KyW2P-ag5XrD-5fTC6n-2EPNeR-ei21Z7-3ez5sd-4ZMZ7W-8N9FbU-dhij6y-G1kdee-6Zt3g-bmKTyf-9Hbs3m-ETYKb-6pqGfJ-bWzC5w-6N3kyo-rReAfY-deumq-5C2bLM-Ldmw6-JTLvr">Peter Trimming/Flickr</a></span></p><p class="caption"> Squirrels can out-think humans on other things. </p></div><p></p></div></div>When people have tried to analyze animal cognition, they have tended to focus on a strictly human definition of intelligence and frequently bungled the experiment.</p><p>De Waal talks at length about the spotted history of the field, describing experiments where researchers wrongly concluded that non-human primates don't recognize faces and that elephants don't use tools or recognize reflections. He points to a whole series of flawed cognition tests that gave human babies clear advantages over ape babies. He criticizes supposed tests of dog intelligence that really just showed what breeds were best at following orders. And countless more cases of bad <keyword id="41551" type="ENTERTAINMENT" weightage="100" keywordseo="science">science</keyword> over the centuries.</p><p>In some cases, what's striking is how similar other species are to humans.</p><p>Take chimpanzees, which share 99% of their DNA with humans. De Waal describes a female chimp named Kuif who learned to feed an adopted baby chimp with a bottle and knew to withdraw the bottle when the baby needed to burp. Still more impressive was how Kuif, every time she was called into a separate area for feeding, would first take the time to visit the alpha male, the alpha female, and several friends, waking them up if they were sleeping, and giving them a farewell kiss.</p><p>Dandy, a young male chimp described by de Waal, was smart enough not to reveal finding some buried grapefruits while in the company of larger males. Hours later he ran back unaccompanied to eat them alone.</p><p>Grande, another chimp, would sit quietly when unable to reach a banana hung from the ceiling, until in moments of inspiration she would spring up and try a new technique for reaching the banana: connecting sticks to create a longer tool or stacking boxes to climb higher.</p><p>Chimps show almost human levels of cognitive complexity in these actions. And again there are areas where chimp thinking surpasses human thinking - among them short-term recall and perhaps some kinds of social awareness.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/578e6f814321f1d8208b8c1a-900" alt="Chimps in Kibale National Park" data-mce-source="Andrew Bernard" data-mce-caption="Three chimps engaging with the honey hole experiment in Kibale National Park." /><p class="source"><span>Andrew Bernard</span></p><p class="caption">Chimps think like humans in many ways.</p></div><p></p></div></div>De Waal says we're at the beginning of a new scientific age that recognizes the complexity of animal cognition.</p><p>"Almost every week there is a new finding regarding sophisticated animal cognition, often with compelling videos to back it up," he writes. "We hear that rats may regret their own decisions, that crows manufacture tools, that octopuses recognize human faces, and that special neurons allow monkeys to learn from each other's mistakes. We speak openly about culture in animals and about their empathy and friendships. Nothing is off limits anymore, not even the rationality that was once considered humanity's trademark."</p><p>With this breakthrough may come not only a better understanding of the world around us but also an emerging debate about animal rights. Notably, some groups have argued for granting legal rights to chimps - with a judge in Argentina recently <a href="http://www.independent.co.uk/news/world/americas/argentina-judge-says-chimpanzee-poor-conditions-has-rights-and-should-be-freed-from-zoo-a7402606.html"><span>granting them to a captive chimpanzee called Cecelia</span></a>.</p><p>De Waal says he supports better treatment for animals, but he also warns against giving legal rights to only a limited set of species that meet our standards of intelligence.</p><p>"I find it a very difficult topic to say that an elephant deserves certain rights or a chimpanzee deserves certain rights and a mouse doesn't or a dog doesn't," <a href="http://www.bbc.co.uk/programmes/b08584jt"><span>he told BBC 4</span></a>. "I don't know where you draw the lines or how you draw the lines."</p>     <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/spacex-lands-falcon-9-rocket-first-time-2017">SpaceX just completed a flawless rocket landing - here's the incredible footage</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="QzOXF3ODE6EKQFKBMuvbRB_utwJzn94y" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'QzOXF3ODE6EKQFKBMuvbRB_utwJzn94y',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

Animals are much smarter than people realize, scientist says

<img src="https://static-ssl.businessinsider.com/image/5e82306b2d41c13b415dddc6-2121/gettyimages-1170984121.jpg" alt="woman working at home" /><p class="source"><span>damircudic/Getty Images</span></p><p class="caption">The author is not pictured.</p><ul class="summary-list"><li>At the start of the year, I was laser focused on getting out of debt by the end of 2020. But my financial reality changed abruptly when the coronavirus hit the US.</li><li>Suddenly my income was on the decline, so I reviewed my spending and made deep cuts to ensure I could pay my rent.</li><li>I cancelled upcoming trips and online therapy, and slashed line items like manicures and highlights from my budget. </li><li>Once things are back to "normal," I plan to keep up the same reduced spending habits.</li><li><a href="https://www.businessinsider.com/yourmoney?utm_source=bullet">Read more personal finance coverage</a>.</li></ul><p>At the beginning of 2020, I was completely focused on <a href="https://www.businessinsider.com/personal-finance/investing-in-stock-market-while-paying-off-debt">getting debt-free</a> by the end of the year. I took on extra assignments and sent the money I received to pay off my debt, gleefully tracking each payment. By early March, when I was set to throw even more toward my debt, my financial reality changed abruptly. </p><p>All of a sudden, articles that I'd spent many hours researching and writing were on hold - along with my payments. My seemingly steady gigs were in jeopardy. My biggest source of income, book royalties, could drop precipitously. I won't know if that's the case until nine months or a year from now.</p><p>So I shifted course, realizing my most pressing financial issue is paying rent so I can stay in the apartment I've shared with my boyfriend for the last four years. To that end, I immediately made major changes to how I spend money. </p><h2><strong>I cut way back on my spending</strong></h2><p>I <a href="https://www.businessinsider.com/coronavirus-change-cancel-travel-refund-2020-2">cancelled upcoming trips</a>, even ones over six months away; the only trips I'm still hoping to take are two family weddings, though I'm prepared to pull out if I can't afford them. </p><p>I cancelled my online therapy, because I know that the stress of spending money I shouldn't will outweigh whatever positive mental health benefits I'd be getting. </p><p>Some of the smallest ongoing purchases I cancelled hurt the most, like backing friends on Patreon, which I plan to resume once my finances are more stable. </p><p>Other expenses that seemed important before I'd ever heard of COVID-19, like manicures and highlights, no longer matter to me.</p><p>When I look back over how I spent money in January and February, I realize that even though I told myself I was committed to becoming debt-free, that wasn't entirely accurate. I still wasted money I shouldn't have, like getting a hotel room in New York when my housing fell through at the last minute, rather than staying with a friend. When my boyfriend and I were feeling lazy, we'd order takeout, not caring if it cost $30 or $60. </p><p>I'm embarrassed to say that, during a work trip in LA, I bought three dresses from a local store, plus jewelry, that I in no way needed - I just wanted them, and thought I could seek out extra work to cover the purchase. </p><p>Some money I'm glad to have used to help others, like donating to political candidates or a friend's fundraiser, and look forward to doing so again in the future.</p><h2><strong>I'm more focused than ever on getting out of debt</strong></h2><p>It's only in retrospect that I see that I was counting on my income remaining the same to juggle all my future bills. Without that safety net, I'm just hoping that enough work continues to come in to not send me further into debt if I have to take cash advances from my credit cards. </p><p>The only aspect of my financial situation I can control is how I spend the money I do have, something I have to keep reminding myself of. </p><p>One small silver lining is that I've become grateful in a new way for the money my boyfriend and I have spent in the past to make our home a pretty one, from plants to art to furniture, especially since we're spending all of our time here, and will continue to do so even after our state is out of lockdown to keep saving. I have more time now to appreciate those purchases, and do my best to show my gratitude by saying hello to our plants (they have names) as I open the curtain to give them light each morning. </p><p>So many of the things I used to spend money on feel useless in this new, at-home-24/7 life, but I've also come to savor them, rather than berate myself for having purchased them. We've been having fun experimenting with new recipes with the foods we're digging out of the back of the pantry, like a random can of octopus a relative brought back from a trip. </p><p>At that LA clothing store, I bought four small stackable rings. I'm wearing them now, and even though I know they were a frivolous purchase, they're bringing me joy, which I hope will help carry me through the rest of the year.</p><h2><strong>I plan to stick to my new budget</strong></h2><p>The biggest challenge will be when life returns somewhat to normal (assuming it does), to not fall back into my old ways of thinking that if I'm not spending lavishly, I'm being frugal. Simply going through my credit card statement for this year taught me that's not the case. </p><p>I've now started <a href="https://www.businessinsider.com/how-much-money-to-save-in-emergency-fund-rules">an emergency fund</a>, with a goal of building it to six months of expenses, something I've avoided previously because I thought paying off my debt, including interest, was more urgent. </p><p>This has been a wake-up call that even though my debt felt crushing, it can wait if it needs to. Paying rent and buying groceries can't. Only when I have my emergency fund in place will I return to paying off my debt beyond the minimum, and only when that's done will I think about traveling recreationally. That's the order I should have been following all along, but it took a worldwide emergency to make me truly understand that.</p><ul class="read-more-links"><li>More <a href="https://www.businessinsider.com/yourmoney">personal finance</a> coverage</li><li><a href="https://www.businessinsider.com/why-open-high-yield-savings-account-now-interest-rates-down">4 reasons to open a high-yield savings account while interest rates are down </a></li><li><a href="https://www.businessinsider.com/how-to-open-wealthfront-cash-account-savings">It took less than 10 minutes to open a high-yield cash account with Wealthfront and earn more on my savings</a></li><li><a href="https://www.businessinsider.com/how-to-buy-a-house-with-no-money-down-home-loans">How to buy a house with no money down </a></li><li><a href="https://www.businessinsider.com/when-to-save-money-in-high-yield-savings">When to save money in high-yield savings</a></li><li><a href="https://www.businessinsider.com/best-rewards-credit-cards">Best rewards credit cards</a></li><li><a href="https://www.businessinsider.com/reasons-to-get-life-insurance-you-havent-thought-of-yet">7 reasons you may need life insurance, even if you think you don't</a></li></ul><p class="tagline"><i>Do you have a personal experience with the coronavirus you'd like to share? Or a tip on how your town or community is handling the pandemic? Please email <a href="mailto:covidtips@businessinsider.com">covidtips@businessinsider.com</a> and tell us your story.</i></p><p><i>And get the latest <a href="/coronavirus-covid19">coronavirus analysis and research</a> from Business Insider Intelligence on how COVID-19 is impacting businesses.</i></p>            <h3>NOW WATCH: <a href="https://www.businessinsider.com/what-its-like-to-do-your-own-taxes-for-the-very-first-time-2018-2">Tax Day is now July 15 - this is what it's like to do your own taxes for the very first time</a></h3>                    <iframe class="bijwplayerclass" src="https://content.jwplatform.com/players/tgwmPsgy-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;"></iframe>            

I thought I was on track to be debt-free in 2020, but the coronavirus showed me how I've been wasting money for years

<p><div class="KonaFilter image-container float_right"><div class="image"><img src="http://static3.businessinsider.com/image/52a3bb30eab8ea8a2d3aff04-250-250/bawj5tcceaaq6an.jpg?maxX=480" border="0" alt="nrol-39 nothing beyond our reach" width="480" /><p class="source"><a href="https://twitter.com/ODNIgov/status/408712553179533312">Office of the Director of National Intelligence</a></p></div><p></p></div>The National Reconnaissance Office launched a new satellite called NROL-39 from Vandenberg Air Force Base in California late Thursday, but it's their mission logo that's getting much more interest.</p>
<p>The logo, featuring a massive octopus straddling the earth with its tentacles above the phrase "Nothing Is Beyond Our Reach" is probably not the best choice from a public-relations standpoint, in light of the many leaks about mass government surveillance from ex-NSA contractor Edward Snowden.</p>
<p>That seems to be the take from Christopher Soghoian, Principal Technologist and Senior Policy Analyst for the ACLU, who <a href="https://twitter.com/csoghoian/status/408733226518458368">tweeted</a> to the Office of Director of National Intelligence, "Y<span style="font-size: 15px; line-height: 1.5em;">ou may want to downplay the massive dragnet <keyword id="6392096" type="PERSON" weightage="60" keywordseo="Spying">spying</keyword> thing right now. This logo isn't helping."</span></p>
<p><span style="font-size: 15px; line-height: 1.5em;">Founded in 1961 (but <a href="http://www.gwu.edu/~nsarchiv/NSAEBB/NSAEBB35/">not actually acknowledged</a> until 1992), the NRO designs, builds, launches, and maintains America's spy satellites.</span></p>
<p><span style="font-size: 15px; line-height: 1.5em;">"NROL-39 is represented by the octopus, a versatile, adaptable, and highly intelligent creature. Emblematically, enemies of the United States can be reached no matter where they choose to hide," Karen Furgerson, an NRO spokesperson, </span><a href="http://www.forbes.com/sites/kashmirhill/2013/12/05/u-s-spy-rocket-launching-today-has-octopus-themed-nothing-is-beyond-our-reach-logo-seriously/">told Forbes' Kashmir Hill</a><span style="font-size: 15px; line-height: 1.5em;">. "'Nothing is beyond our reach' defines this mission and the value it brings to our nation and the warfighters it supports, who serve valiantly all over the globe, protecting our nation."</span></p>
<p><span style="font-size: 15px; line-height: 1.5em;">The details of the launch and much of the NRO's work is classified, although William Graham at NASA Spaceflight.com <a href="http://www.nasaspaceflight.com/2013/12/atlas-v-launch-nrol-39-vandenberg/">believes NROL-39 will be used for radar imaging:</a></span></p>
<p style="padding-left: 30px;">... it can be inferred that NROL-39 is the third satellite in the NRO's current-generation radar reconnaissance fleet. It follows the NROL-41 mission, or USA-215, launched in September 2010, <a href="http://www.nasaspaceflight.com/2012/04/live-ula-delta-iv-launch-nrol-25-military-satellite-vafb/" target="_blank">and NROL-25 (USA-234) which was launched by a Delta IV in April 2012</a>.</p>
<p style="padding-left: 30px;">The radar imaging program is believed to be a remnant of the NRO's Future Imagery Architecture (FIA) program, which was intended to produce new-generation optical and radar-imaging surveillance satellites, replacing the earlier KH-11 and Onyx radar imaging spacecraft.</p>
<p> Here's the logo on the side of the rocket:</p>
<p><div class="KonaFilter image-container"><div class="image on-image"><img src="http://static2.businessinsider.com/image/52a3baf769beddfb613afefc-1023-1538/bawnccdceaeekoi.jpg" border="0" alt="nro rocket nothing beyond our reach" width="800" /><p class="source"><a href="https://twitter.com/ODNIgov/status/408715995008598016">Office of the Director of National Intelligence</a></p></div><p></p></div></p>

US Spy Agency Boasts 'Nothing Is Beyond Our Reach' With New Logo

<p class="float_right"><div class="image-container display-table float_right"><div><div class="image"><img src="http://static3.businessinsider.com/image/52a3bb30eab8ea8a2d3aff04-250-250/bawj5tcceaaq6an.jpg" border="0" alt="nrol-39 nothing beyond our reach" /><p class="source"><a href="https://twitter.com/ODNIgov/status/408712553179533312">Office of the Director of National Intelligence</a></p></div></div></div>Last week The National Reconnaissance Office <a href="http://www.businessinsider.com/nrol-39-logo-nothing-beyond-our-reach-2013-12#ixzz2n6Gx25Yh">launched a new satellite</a> called NROL-39 from Vandenberg Air Force Base in California, and a lot of people noticed<span> a picutre of a massive octopus straddling the earth.</span></p>
<p>The Daily Show With <keyword id="105511" type="PERSON" weightage="60" keywordseo="Jon-Stewart">Jon Stewart</keyword> has some fun with the spy logo, the choice of which drew ridicule in <span>light of the many leaks about mass government surveillance from ex-NSA contractor Edward Snowden.</span><span><br /></span></p>
<p><span style="font-size: 15px; line-height: 1.5em;">After playing a game of 'That Thing They Said They're Not Doing? They're Totally Doing' - which involves showing clips of the U.S. government denying spying allegations only to confirm them later - Stewart went after the logo that boasts: "Nothing Is Beyond Our Reach."</span></p>
<p>Check it out:</p>
<div style="background-color: #000000; width: 520px;">
<div style="padding: 4px;"><iframe width="512" height="288" frameborder="0" src="http://media.mtvnservices.com/embed/mgid:cms:video:thedailyshow.com:431064"></iframe>
<p style="text-align: left; background-color: #ffffff; padding: 4px; margin-top: 4px; margin-bottom: 0px; font-family: Arial, Helvetica, sans-serif; font-size: 12px;"><strong>The Daily Show</strong></p>
<p style="text-align: left; background-color: #ffffff; padding: 4px; margin-top: 4px; margin-bottom: 0px; font-family: Arial, Helvetica, sans-serif; font-size: 12px;">Get More: <a href="http://www.thedailyshow.com/full-episodes/">Daily Show Full Episodes</a>,<a href="http://www.facebook.com/thedailyshow">The Daily Show on Facebook</a></p>
</div>
</div>
<p>Here's a look at the logo on the rocket:<div class="image-container display-table"><div><div class="image"><img src="http://static2.businessinsider.com/image/52a3baf769beddfb613afefc-1023-1538/bawnccdceaeekoi.jpg" border="0" alt="nro rocket nothing beyond our reach" style="font-size: 15px; line-height: 1.5em;" /><p class="source"><a href="https://twitter.com/ODNIgov/status/408715995008598016">Office of the Director of National Intelligence</a></p></div></div></div></p>

A US Spy Agency Came Up With The Worst Possible Logo - And Jon Stewart Ripped It To Shreds

<img src="https://static-ssl.businessinsider.com/image/5de67424fd9db24df017ac74-2400/retail-8590.jpg" alt="online shopping" /><p class="source"><span>Crystal Cox / Business Insider</span></p><ul class="summary-list"><li>As the way we pay becomes increasingly digital, fraudsters are targeting sites like Airbnb, Fiverr, and OkCupid.</li><li>A new wave of startups has entered the scene, providing fraud prevention software to e-commerce retailers, online dating sites, lenders, and other marketplaces.</li><li>Here's a look at 10 startups that provide fraud prevention for both new and incumbent players, including how much VC cash they've raised and who some of their clients are.</li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summarymarymary">Click here for more BI Prime stories</a>.</li></ul><p>Fraud isn't a new issue for merchants and banks.</p><p>But the way we pay for things and move our money around is changing. And as our financial lives become increasingly digital, the fraud risks get harder to manage - especially for new startups who don't have the legacy risk and compliance infrastructure of a Wall Street bank.</p><p>But those legacy players were also used to a world where static rules could be written to identify fraud - like a payment made in a foreign country, or an ATM withdrawal that breaches an average threshold.</p><p>Today, fraudsters are deploying more intricate tactics, so any company dealing with money and payments needs to stay on its toes.</p><p>To help companies keep up with the speed and complexity of digital payments, a new cohort of startups has arrived, and they're offering fraud prevention services to both newcomers and incumbents. </p><p>From identity verification on dating sites to anti-money laundering AI for international e-commerce brands, these startups use data, machine learning, and automated intelligence to provide more than just rules-based fraud monitoring.</p><p>Here's a look at 10 startups making sure that as our financial lives get more digital, our information isn't at risk.</p><h2><strong>Cognito</strong></h2><p><strong>Total raised</strong>: $2.1 million</p><p><strong>Last round</strong>: $2.1 million seed in August 2014</p><p><strong>Key investors</strong>: Lightspeed Venture Partners (Affirm, Grubhub, Snap), Khosla Ventures (Affirm, DoorDash, Impossible Foods), Y Combinator (Airbnb, Dropbox, Stripe)</p><p><strong>Clients</strong>: Brex, Coinbase, Nextdoor</p><p>Cognito is an identity verification service used by businesses to perform "know your client," often referred to as KYC, validation when onboarding new users. </p><p>Cognito can verify users' personal information to help businesses prevent fraud. To sell age-restricted items online, for example, a business can use Cognito's software to verify a user's date of birth.</p><p>In addition to its consumer identity verification product, the Palo Alto-based startup is also <a href="https://www.pymnts.com/news/security-and-risk/2019/business-verification-digital-age/">developing a business verification product</a> which applies the same data validation principles to businesses.</p><h2><strong>Cybertonica </strong></h2><p><strong>Total raised</strong>: $3 million</p><p><strong>Last round</strong>: £2 million Series A in January 2020</p><p><strong>Key investors</strong>: Digital Space Ventures (Capitalise, Revolut, Tandem), Force Over Mass Capital (Airportr, Drover, Vidsy), Truesight Ventures (Octi, QuickBus, Steadypay)</p><p><strong>Clients</strong>: AWS, Cisco, EPAM</p><p>Cybertonica offers three fraud prevention products to payments processors and businesses: Anomalytics, payments fraud detection software; ScreenWiZe, a mobile transaction fraud detection platform; and GoFrictionless, a one-click customer verification software for online merchants.</p><p>The London-based startup offers its products to payments players like banks, e-commerce companies, and merchant acquirers (financial institutions that maintain a merchant's account to accept payments).</p><h2><strong><img src="https://static-ssl.businessinsider.com/image/5e44276c2dae5c4d5a492aa2-1956/2020-01-23t164029z1lynxmpeg0m1vdrtroptp4currency-bitcoin.jpg" alt="FILE PHOTO: Bitcoin (virtual currency) coins are seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, May 27, 2015.    Picture taken May 27, 2015.  REUTERS/Benoit Tessier" /><p class="source"><span>Reuters</span></p><p class="caption">Elliptic provides risk management software for crypto.</p></strong></h2><h2><strong>Elliptic </strong></h2><p><strong>Total raised</strong>: $35 million</p><p><strong>Last round</strong>: $23 million Series B in September 2019</p><p><strong>Key investors</strong>: Digital Currency Group (Cognito, Coinbase, Ripple), Octopus Ventures (Conversocial, Depop, Patch), Santander InnoVentures (Kabbage, Trulioo, Socure)</p><p><strong>Clients</strong>: Silvergate Bank</p><p>Elliptic provides risk management and anti-money laundering software for cryptocurrency to banks, crypto exchanges, and regulators. Its software can help identify fraudulent accounts, links to dark web marketplaces, and money that may be tied to theft.</p><p>Founded in 2013, the London-based startup hopes to bring crypto to the banks, who often won't trade on crypto exchanges, where they feel they can't manage risk. Elliptic provides banks with insight into the licences and KYC policies of crypto exchanges and the transactions happening on that exchange that may be in sanctioned countries.</p><h2><strong>FeedZai</strong> </h2><p><strong>Total raised</strong>: $77.5 million</p><p><strong>Last round</strong>: $50 million Series C in October 2017</p><p><strong>Key investors</strong>: Citi Ventures (Honey, Plaid, Trulioo), Data Collective (Gusto, LendUp, Tala), Sapphire Ventures (23andMe, LinkedIn, Square)</p><p><strong>Clients</strong>: Citi, Credorax, SafetyPay</p><p>FeedZai offers AI-powered fraud prevention services to banks, acquirers, and merchants. Its products include account opening, anti-money laundering, and transaction monitoring.</p><p>FeedZai was initially launched in Portugal, before coming to the US 2014. It has <a href="https://www.businessinsider.com/citi-has-inked-a-deal-with-an-ai-powered-fintech-feedzai-2018-12">inked partnerships with big banks like Citi</a>. FeedZai's machine learning and AI capabilities offer an alternative approach to more static rules-based fraud monitoring, which can generate false positives and desensitize consumers to fraud monitoring.</p><h2><strong>Forter </strong></h2><p><strong>Total raised</strong>: $100 million</p><p><strong>Last round</strong>: $50 million Series D in September 2018</p><p><strong>Key investors</strong>: New Enterprise Associates (Coursera, Robinhood, Letgo), Scale Venture Partners (Bill.com, Root Insurance, Socure), Sequoia Capital Israel (BigPanda, Lemonade, Moovit)</p><p><strong>Clients</strong>: Away, Fiverr, Nordstrom</p><p>Forter provides a fraud prevention platform for e-commerce retailers like Nordstrom and marketplaces like Fiverr.</p><p>Forter helps retailers protect themselves against fraudulent transactions that often result in chargebacks, where the retailer has to return the money. It also offers protections from promotion and return policy abuse. Forter, founded in 2013, has a tech hub in Tel Aviv and a business hub in New York.</p><h2><strong><img src="https://static-ssl.businessinsider.com/image/5e4426653b62b748937951d2-1778/ap17283468419627.jpg" alt="Capitol Hill sunset" /><p class="source"><span>AP</span></p><p class="caption">The US House of Representatives uses Lookout to protect its mobile phones.</p></strong></h2><h2><strong>Lookout</strong></h2><p><strong>Total raised</strong>: $282 million</p><p><strong>Last round</strong>: $150 million Series F in August 2014</p><p><strong>Key investors</strong>: Accel (Dropbox, Slack, Spotify), Andreessen Horowitz (Airbnb, Instacart, Lyft), Index Ventures (Glossier, Plaid, Robinhood)</p><p><strong>Clients</strong>: Landis+Gyr, Schneider Electric, US House of Representatives</p><p>Lookout specializes in mobile fraud detection and anti-phishing. Companies are increasingly vulnerable to phishing attempts, often via email, where an employee could mistakenly click a link and give hackers access to internal documents and systems.</p><p>Lookout has a partnership with Microsoft's Office 365 to give companies oversight in a bring-your-own-device world where employees often use their personal phones to access work emails and documents.</p><h2><strong>Sift</strong></h2><p><strong>Total raised</strong>: $107 million</p><p><strong>Last round</strong>: $53 million Series D in March 2018</p><p><strong>Key investors</strong>: Insight Partners (HelloFresh, N26, Shopify), Stripes (The Black Tux, GrubHub, GoFundMe), Union Square Ventures (Kickstarter, SoundCloud, Stash)</p><p><strong>Clients</strong>: Airbnb, Harry's, OkCupid</p><p>Sift works with online retailers, marketplaces, and even dating sites, to prevent fraudulent transactions and fake user accounts. </p><p>Founded in 2011, San Francisco-based Sift uses data from its customer base to evolve its fraud monitoring technology, which means that customers get the benefit of more than just their own transaction data to inform the fraud monitoring.</p><h2><strong>Socure</strong></h2><p><strong>Total raised</strong>: $61.9 million</p><p><strong>Last round</strong>: $30 million Series C in February 2019</p><p><strong>Key investors</strong>: Scale Venture Partners (Bill.com, Forter, Root Insurance), Santander InnoVentures (Elliptic, Kabbage, Trulioo)</p><p><strong>Case studies</strong>: Investment advisors, lenders, banks</p><p>Socure provides lenders, financial institutions, and e-commerce retailers with identity verification software. It can help verify new account set ups, monitor identity fraud, identity document verification, and check users against anti-money laundering watchlists.</p><p>The New York-based startup was founded in 2012, and counts digital-first businesses like challenger banks and direct-to-consumer retailers as customers.  </p><h2><strong>Trulioo</strong></h2><p><strong>Total raised</strong>: $80.8 million</p><p><strong>Last round</strong>: CA$70 million Series C in September 2019</p><p><strong>Key investors</strong>: Citi Ventures (Honey, Plaid, Square), Goldman Sachs (Marqeta, Plaid, Very Good Security), Santander InnoVentures (Elliptic, Kabbage, Socure)</p><p><strong>Clients</strong>: Bitbuy, CricketBet, PSI-Pay</p><p>Trulioo offers identity and business verification software to financial services customers like brokerages, challenger banks, and gambling platforms. </p><p>Trulioo's GlobalGateway helps companies identify and verify both consumers and businesses on data like contact information, credit history, and, for businesses, company filings and full beneficial ownership details. Trulioo works with data providers like American Express, Experian, and Refinitiv to cross check the data.</p><p>The Vancouver-based startup was founded in 2011 and has attracted investment from <a href="https://www.businessinsider.com/biggest-strategic-investments-from-payments-companies-like-paypal-and-amex-2020-2">corporate venture capital</a> including Citi Ventures, Goldman Sachs, and Santander.</p><h2><strong>Very Good Security</strong></h2><p><strong>Total raised</strong>: $44.9 million</p><p><strong>Last round</strong>: $35 million Series B in October 2019 (<a href="https://www.businessinsider.com/visa-makes-strategic-investment-goldman-backed-very-good-security-2020-1">extended with Visa's corporate venture investment in January 2020</a>)</p><p><strong>Key investors: </strong>Goldman Sachs (Marqeta, Plaid, Trulioo), Visa (Klarna, Marqeta, Stripe)</p><p><strong>Clients</strong>: Brex, LendUp, Petal</p><p>Very Good Security (VGS) helps companies like Brex, Petal, and Deserve protect against fraud by storing data on their behalf. </p><p>VGS stores sensitive information like credit card numbers and health data on behalf of its customers. By storing customer data with VGS, startups reduce the risk of hacks and data breaches. VGS was founded in 2015 and is based in San Francisco.</p>            <h3>NOW WATCH: <a href="https://www.businessinsider.com/ian-bremmer-shares-the-most-important-takeaways-from-davos-2020-1">Ian Bremmer reveals what business and political leaders are discussing behind closed doors in Davos</a></h3>                    <iframe class="bijwplayerclass" src="https://content.jwplatform.com/players/UXG326T9-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;"></iframe>            

These 10 fraud-prevention startups are helping companies like Airbnb, Fiverr, and OkCupid fight everything from money laundering to catfishing - and nabbing a wave of VC cash in the process

<p><em>Welcome to <strong>The Fintech Briefing</strong>, a morning email providing the latest news, data, and insight into disruptive fintech in Europe and around the world, produced by <a href="https://intelligence.businessinsider.com/" target="_blank">BI Intelligence</a>.</em></p><p><strong>Want to receive The Fintech Briefing to your inbox? Enter your email in the box below.</strong></p><form action="http://e.businessinsider.com/s/Fintech+Briefing" method="post" target="_blank"><p><label>Email:</label> <input name="email" type="text" /> <button style="border: none; padding: 6px 8px; vertical-align: top; font-family: helvetica,arial,sans-serif; font-size: 12px; font-weight: bold; text-transform: uppercase; color: #fff; background: #ff722d;" type="submit" value="Subscribe">Subscribe</button></p></form><hr /><p><strong><keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> AND AUSTRALIAN REGULATORS PARTNER:</strong> The UK's financial regulator, the FCA, has signed a <a href="http://www.fca.org.uk/your-fca/documents/mou/asic-fca-cooperation-agreement">co-operation agreement</a> with the Australian regulator, ASIC, in order to promote innovation in both countries' financial sectors. Both regulators actively encourage fintech in their countries by running <a href="https://innovate.fca.org.uk/">Innovation Hubs</a>, which are special departments dedicated to helping innovative firms get regulated. The agreement will make it easier for financial firms to scale across both countries by allowing one country's Innovation Hub to refer a firm to the other, guaranteeing the firm support and advice from the partner regulator.</p><p><strong>The competition to be the top global fintech hub is heating up.</strong> The UK is one of the leading global fintech locations thanks to availability of tech talent, capital investment, and its supportive regulatory policy. But other countries, including the US and China, compete closely for the top spot. For the UK, a booming fintech industry is desirable for two reasons: it helps the national economy, the UK fintech industry <a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/413095/gs-15-3-fintech-futures.pdf">generated</a> £20 billion ($28 billion) in revenue in 2014, and it promotes competition and growth in the financial services industry. </p><p><strong>Maintaining a leading position is challenging.</strong> While the UK boasts a number of advantages for fintechs, it isn't a huge market with under 70 million people. In order to continue to compete with other countries, the UK needs to create opportunities for firms to scale beyond its borders. That will help firms continue to attract investment and generate more revenue. That's likely the impetus behind the partnership with Australia.</p><p><strong>Cross border regulation is a step in the right direction, but there are hurdles. </strong>Cross border regulation is notoriously complex and can take a long time to implement. The EU's recent <a href="http://ec.europa.eu/finance/payments/framework/index_en.htm">Payment Services Directive 2</a> (PSD2) took 2 years to write, and will take a further 2 years to implement, for example. So while the UK's strategy of partnership with other countries make sense, there is still a long way to go for it to pay off. </p><p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="BI Intelligence" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/56f4f706dd0895342f8b4887-960/top challenges for the fintech industry.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span><img src="https://static-ssl.businessinsider.com/image/56f4f706dd0895342f8b4887-700-525/top challenges for the fintech industry.png" alt="Top Challenges for the fintech industry" data-mce-source="BI Intelligence" /></a><p class="source"><span>BI Intelligence</span></p></div><p></p></div></div></p><p><strong>ANDROID PAY GEARS UP FOR UK LAUNCH: </strong>Android Pay will launch in the UK in "the next few months" with a broad range of partners including banks, payment networks, retailers, and apps, according to a <a href="http://officialandroid.blogspot.co.uk/2016/03/tap-pay-uk.html">blog post</a> from the mobile platform's website. It will offer users the ability to make contactless payments and in-app purchases - without them having to re-enter payment or address details every time they shop.</p><p><strong style="line-height: 1.5em; color: #222222;">The UK offers Android Pay everything it needs to take off:</strong></p><ul><li><strong style="color: #222222; line-height: 1.5em;"><strong>Android has the </strong><strong><a href="http://www.kantarworldpanel.com/global/smartphone-os-market-share/">largest share</a></strong><strong> of the smartphone market in the UK at 53%, compared to iOS' 39%.</strong> </strong>This means Android Pay has a potential user base of about 26 million in the country. </li><li><strong style="color: #222222; line-height: 1.5em;"><strong>Major banks are on board. </strong></strong>Launch partners announced this week included HSBC, Lloyds and Nationwide, and Santander has <a href="http://www.bbc.co.uk/news/technology-35874420">said</a> it intends to offer Android Pay this year. Barclays is less likely to sign up given it has its <a href="https://www.barclaycard.co.uk/personal/customer/contactless-mobile">own NFC payments</a> solution for Android phones. Even without Barclays, Android Pay will be available to <a href="http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10975291/UK-banks-face-full-blown-competition-inquiry.html">60% </a>of UK banking customers at launch.</li><li><strong style="color: #222222; line-height: 1.5em;">Contactless payment acceptance is widespread in the UK and consumers have embraced contactless payments. </strong>There are around 319,000 contactless payment terminals <a href="http://www.theukcardsassociation.org.uk/contactless_contactless_statistics/">in the UK</a>, and annual spending on contactless cards tripled in 2015, reaching £7.8 billion ($10.8 billion) - double the preceding 7 years <a href="http://e.businessinsider.com/click/6194900.295/aHR0cDovL3d3dy50aGV1a2NhcmRzYXNzb2NpYXRpb24ub3JnLnVrL3dtX2RvY3VtZW50cy9EZWNlbWJlciUyMDIwMTUlMjBGdWxsJTIwUmVwb3J0JTIwdXBkYXRlLnBkZg/56cb14e098cb756f3b8b57fbBb0373306">combined</a>. That means that Android Pay will have wide acceptance and it won't be a big change in behavior for consumers to start using it. </li></ul><p class="p1">It's not clear whether Samsung Pay will beat Android Pay to market in UK. It will arrive <a href="https://news.samsung.com/global/samsung-pay-continues-global-momentum-in-2016">sometime</a> this year, but no specific date has yet been given. In the US, Samsung Pay's proprietary MST technology gives it an advantage because it allows smartphone payments to be made at terminals which have the old-fashioned magnetic stripe readers - relevant in the US due to the slow rollout of EMV and contactless terminals. This will have less impact in the UK due to the widespread adoption of contactless terminals. Android Pay may be more competitive as a mobile payments feature in the market as a result. Apple Pay, which launched in July 2015, was the first of the mobile payments features offered by the three tech giants to launch in the UK. </p><p><strong>Enjoying The Fintech Briefing? Enter your email to receive it directly to your inbox. </strong></p><form action="http://e.businessinsider.com/s/Fintech+Briefing" method="post" target="_blank"><p><label>Email:</label> <input name="email" type="text" /> <button style="border: none; padding: 6px 8px; vertical-align: top; font-family: helvetica,arial,sans-serif; font-size: 12px; font-weight: bold; text-transform: uppercase; color: #fff; background: #ff722d;" type="submit" value="Subscribe">Subscribe</button></p></form><p><strong>DIGITAL LENDING FIRM RAISES MONEY FROM WORLD BANK: </strong><a href="https://www.kreditech.com/">Kreditech</a>, a German firm which offers credit and loans to people with little or no credit history has just received £8 million ($11 million) from the <a href="http://www.ifc.org/wps/wcm/connect/corp_ext_content/ifc_external_corporate_site/home" target="_blank">International Finance Corporation</a> (IFC), a division of the World Bank group. The IFC invests in private firms whose businesses contribute to economic development in emerging countries. Kreditech, which operates in Mexico, Czech Republic, Russia, Spain and Poland, asks consumers to share their browser and social media history with it in order to help determine their creditworthiness. It believes using this data can provide a more accurate credit score than traditional methods, and also opens up new segments of the market which are currently ignored by traditional lenders due to a lack of credit rating. 70% of people across the globe have no credit rating, <a href="http://data.worldbank.org/indicator/IC.CRD.PRVT.ZS">according</a> to the World Bank. That means there is a large market for Kreditech and companies like it. </p><p><strong>Around the world ...</strong></p><p><strong>CURRENCYFAIR CLOSES FUNDING ROUND: </strong>Ireland-based P2P currency exchange firm CurrencyFair announced that it raised £6 million ($8.9 million) in a recent funding round led by Octopus Ventures, according to <a href="http://finovate.com/currencyfair-raises-8-million-names-new-cmo/?utm_campaign=Tradestreaming&amp;utm_medium=web&amp;utm_source=Tradestreaming_59">Finovate</a>. That brings the firm's total funding to more than £16 million ($22.3 million). CurrencyFair CEO Brett Meyers plans to use the funds to develop its brand in order to give the platform a more "mature voice." The firm's new chief marketing officer (CMO), Nils Andén, could help it achieve these goals. Andén, who helped grow the market cap of European online gambling firm Unibet more than six-fold, was hired this week to help CurrencyFair mature and grow its brand. </p><p><strong>FIFTH THIRD INVESTS IN TECH: </strong>Ohio-based Fifth Third Bank <a href="http://www.businesswire.com/news/home/20160323006085/en/Bancorp-Creates-100-Tech-Jobs-Salary-Packages">announced</a> plans to hire 120 additional developers, engineers, and other tech-related staffers by the end of the year. These positions come in addition to 80 tech hires that the bank has made in the past five months. The new staffers will work to <a href="http://www.americanbanker.com/news/bank-technology/from-branches-to-big-data-how-fifth-third-is-shifting-resources-1080075-1.html?utm_campaign=Tradestreaming&amp;utm_medium=web&amp;utm_source=Tradestreaming_59">improve</a> the consumer-facing side of digital and mobile channels, and to bolster in-branch technology - like instant deposit recognition. The bank also hopes to focus on big data in order to better customize and personalize digital services to meet customer preferences and needs. The bank is using funds saved as a result of closing over 100 branches to fund the project.</p><p> </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/heres-tovala-works-keurig-food-startup-kickstarter-2016-3">We tested the 'Keurig of food' that claims it can replace everything in your kitchen</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="hzcnd1MTE6B7G5EME9AI3V5C0j0SV8N5" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'hzcnd1MTE6B7G5EME9AI3V5C0j0SV8N5',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

FINTECH BRIEFING: The UK's global ambitions - Android Pay gears up for UK launch - Kreditech's funding success

<p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5c6b6fa370a61e2e4b69a953-1500/jon horst bucks.jpg" border="0" alt="jon horst bucks" data-mce-source="Morry Gash/AP" /><p class="source"><span>Morry Gash/AP</span></p><p class="caption">Bucks GM Jon Horst could win Executive of the Year.</p></div><p></p></div></div></strong></p><ul class="summary-list"><li><strong>Milwaukee Bucks GM Jon Horst sat down with Business Insider to discuss the Bucks' impressive season so far.</strong></li><li><strong>The Bucks could have the MVP, Coach of the Year, Executive of the Year, and No. 1 overall seed, something Horst called "exceptional."</strong></li><li><strong>Horst weighed in on Giannis Antetokounmpo's growth as a player, calling him the "center point" of the franchise.</strong></li><li><strong>With several key players hitting free agency this offseason, Horst said the Bucks want to keep their team together.</strong></li><li><strong>Horst said that most metrics show the Bucks stack up well with previous championship contenders and that he believes they have a real chance to contend this season.</strong></li><li><strong>Follow all of<span> </span><a href="https://www.businessinsider.com/category/2019-nba-all-star-game">Business Insider's NBA All-Star Weekend coverage here &gt;</a></strong></li></ul><p>It's been quite the season for the Milwaukee Bucks.</p><p>As they head out of the All-Star break, they own the best record in the NBA at 43-14, the MVP frontrunner in Giannis Antetokounmpo, a first-time All-Star in Khris Middleton, and a candidate for Coach of the Year in Mike Budenholzer.</p><p>The team has all the signs of being a real contender. They own the NBA's biggest point differential, the best defense in the league, and the fourth-best offense. They're the only team to rank in the top five in both categories.</p><p>Now, as they head into the home stretch of the season, they'll be trying to prove they have what it takes to contend for a championship.</p><p>During <a href="https://www.businessinsider.com/category/2019-nba-all-star-game">All-Star Weekend</a> in Charlotte, North Carolina, Bucks GM Jon Horst, a contender for Executive of the Year, spoke to Business Insider about building the best team in the league, the growth of Giannis Antetokounmpo, and their championship odds.</p><p><em>This interview has been lightly edited for clarity and condensed for length.</em></p><p><strong>Scott Davis: </strong>I know it's early, but you could be looking at a season where you have the MVP, Coach of the Year, Executive of the Year, and the 1st seed in the East and NBA. How do you view that and the growth of the team in one year?</p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5c6b685670a61e2df10b7944-1328/giannis antetokounmpo 1.jpg" border="0" alt="giannis antetokounmpo 1" data-mce-source="LM Otero/AP" /><p class="source"><span>LM Otero/AP</span></p><p class="caption">Giannis Antetokounmpo is an MVP candidate.</p></div><p></p></div></div></p><p><strong>Jon Horst: </strong>I think it's exceptional. It's exceptional what we've done. A lot of the credit, obviously, to Giannis and to [head coach Mike] "Bud" [Budenholzer], and just everything they've done and the style of play that we have and how it fits.</p><p>I do think that we've done some really nice things with the roster, with Brook [Lopez] and Ersan [Ilyasova] and drafting Donte [DiVincenzo]. Sterling [Brown] and D.J. [Wilson] ended up becoming players that have helped us. But nothing overshadows just Giannis' development. Continues to develop as a player, as a star, as a leader of our team, and the center point of our franchise. So, I think it's remarkable and exceptional and a lot of fun to be a part of. </p><p><strong>Davis: </strong>It's a little simplistic to ask, but is there any part of your roster that is built around Giannis like a LeBron James team, where you have this unstoppable force going to the basket, with shooters around him?</p><p><strong>Horst: </strong>I mean, honestly, no. I think Giannis and LeBron are similar in that they're both great players, and Giannis would tell you that he wants to accomplish the things that LeBron has accomplished and more. We want to do that as a franchise.</p><p>But I think they're very different players, actually. They do it in a different way. Giannis' agility and his finesse and his touch and his length and his reach and all these things that he does, I think they're very different players. The very basic level of creating space for your best player and your superstar to operate, I would say yes. But I think they have very different skill sets and different areas where they get guys shots, different ways in which they get guys shots, different ways in which they get their own shots.</p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5c6b69621631a3364f30f5b3-1396/giannis antetokounmpo 2.jpg" border="0" alt="giannis antetokounmpo 2" data-mce-source="Aaron Gash/AP" /><p class="source"><span>Aaron Gash/AP</span></p><p class="caption">Giannis Antetokounmpo has a grown during his time with the Bucks.</p></div><p></p></div></div></p><p><strong>Davis: </strong>In what areas have you seen Giannis grow? I recall a <a href="https://www.si.com/nba/2017/01/03/giannis-antetokounmpo-milwaukee-bucks-greek-freak-jason-kidd">Sports Illustrated profile</a> a year ago in which he said he's not the same kid who was talking about how much he loves smoothies anymore. What do you see that has changed in him, as a person?</p><p><strong>Horst: </strong>He's changed in so many ways. He's grown physically in stature, he's grown in his understanding of our culture, and he's grown in his language, he's grown in his interpersonal relationships, and family dynamics that he has. He's grown as a leader with our team and how he handles that. He's grown in a lot of ways, a lot of which is maturity. Very proud of him. He's extremely intelligent, extremely humble, extremely loyal. Really just a blessing to have part of our group.</p><p><strong>Davis: </strong>You hear so often about the idea of players who lead by example, which can often mean they're not terribly vocal. Is Giannis like that or has he grown in his vocal leadership, too?</p><p><strong>Horst: </strong>He's always been that lead-by-example guy because he plays so hard, he's so intense, so competitive, and does the right things. He is a true, passionate superstar in doing the right things every step of the way to maximize what he can be. But he's definitely grown in the verbal aspect. </p><p><strong>Davis: </strong>You made a trade at the deadline for Nikola Mirotic. He certainly fits your system, but how did you identify him, specifically, among available players?</p><p><strong>Horst: </strong>How do we identify? The same way we identify everything we do. We have a process, and it's holistic, from an analytics perspective, scouting perspective, operationally, where are we going to get our advantages in a cap and strategy aspect. Coaching dynamic, bringing in the coaches into the discussion to understand what they see and how they think the fit goes. And from a performance standpoint - aging curves, past injury history, upside, and athletic performance, etc. etc.</p><p>So, everything we do, that's how we do it, that's how we identify. And with Nikola, as is sometimes the case, kinda like all the stars align. And everything kinda pointed to him being a great fit and being the right opportunity. And he wasn't the only one; there were other guys. And then we go into our process of trying to talk to the teams and negotiate the best deals that we can. But he was clearly our No. 1 target, and our goal was to go in and try and get a deal done and get him and do the best that we could.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5c6b69d170a61e2dfd2b0d12-1450/nikola mirotic.jpg" border="0" alt="nikola mirotic" data-mce-source="Aaron Gash/AP" /><p class="source"><span>Aaron Gash/AP</span></p><p class="caption">Nikola Mirotic was a big pick-up for the Bucks at the trade deadline.</p></div><p></p></div></div></p><p><strong>Davis:</strong> Is there concern defensively about playing him and Brook Lopez at the 4 and 5?</p><p><strong>Horst: </strong>No. And really that's a credit to Brook. I think he's a super underrated defender. Really needs to get more credit for his impact on our on- [the court], off- [the court splits] offensively and defensively are exceptional, maybe even one of the best on our team. Top five or six in the league, I think in blocked shots. His impact on rebounding is significant. Even though he doesn't average a lot of rebounds per game, the team rebounding percentages go up significantly when Brook is on the floor.</p><p>And so, Brook at the back of our defense really cleans up a lot for all of our guys. And Giannis will tell you that, Khris and Eric [Bledsoe] will tell you that ... And Niko is really intelligent and will be in the right places, and I think he'll do just as well.</p><p><strong>Davis: </strong>Brook's three-point shooting gets a lot of attention, and some people say he's been one of the best signings of the offseason. He's shooting it from deep more often and hitting them at a great clip. Who has been instrumental in taking him to that next level?</p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5c6b6a331631a3365a4af512-1300/brook lopez.jpg" border="0" alt="brook lopez" data-mce-source="Aaron Gash/AP" /><p class="source"><span>Aaron Gash/AP</span></p><p class="caption">Brook Lopez is 12th in the NBA in made threes.</p></div><p></p></div></div></p><p><strong>Horst: </strong>He's really now one of the best shooters in our league, and so, it starts with him. People don't know this about Brook, but he's a tireless worker, one of the first guys in the gym. Loves the gym. He's a gym rat. Loves the group, loves to be around, loves to shoot, loves to work on his game. All you gotta do is watch one of his pregame workouts to see how hard he goes at it.</p><p>But Ben Sullivan is the guy who does a lot of work with him shooting, and Ben has done a great job, a tremendous job in kind of extending his range, getting him more comfortable shooting against the contest, being a little more comfortable putting the ball on the floor, making a move to get to his shot. And so, he's definitely worked on a lot of these things. But the credit really starts with Brook and his work ethic.</p><p><strong>Davis: </strong>I know you have to be careful with these things, but the Bucks were reportedly on the list of destinations for a star player who wants a trade. What does that tell you about Milwaukee as a city, a market, and a team?</p><p><strong>Horst: </strong>Not specific to the first part of the question about being on a list or not on a list, but I think, for us, in Milwaukee, we love our core group. We love our guys. Giannis is a superstar of our franchise, great supporting cast with Malcolm [Brogdon] and Khris and Eric and Brook, and the depth of our roster. Bud as a coach. We love what we have.</p><p>We talk every day about trying to recruit from within. And so, we first and foremost want to recruit from within and maintain and keep our guys. We think we have a great group and a great core. We think with our brand new facilities, the powerful ownership we have, Giannis as a superstar, Bud as a coach, all the things that we're doing in Milwaukee, the excitement that we have, that it will become a destination, more than it has been in the past. And that players will wanna play, not only with Giannis but in our city, with our group of guys.</p><p><strong>Davis: </strong>There's the idea of "pre-agency," where teams have to consider the prospect of keeping star players before their contracts are up. Giannis is not far away from that now. How do you guys plan to handle that?</p><p><strong>Horst: </strong>He is far away from it. He's got two more years on his contract. That's a pretty long time in the NBA, so we're not thinking about Giannis' free agency. Giannis is the core of our franchise; we're the No. 1 team in the NBA, we think we have a chance to compete and do some really special things this year. We plan on keeping this team together going forward, starting next year with some of the free agents that we actually do have, with guys like Eric and Khris and Malcolm and Brook. And we think we'll have a great case for Giannis now and going forward.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5c6b6ac9342cca381f2a34d3-1500/milwaukee bucks.jpg" border="0" alt="milwaukee bucks" data-mce-source="Nell Redmond/AP" /><p class="source"><span>Nell Redmond/AP</span></p><p class="caption">The Bucks want to keep their team together.</p></div><p></p></div></div></p><p><strong>Davis:</strong> As you mentioned, you have some big players coming up on free agency like Middleton, Lopez, and Bledsoe. Is there a result this season that would dictate how you handle the offseason?</p><p><strong>Horst: </strong>We believe in this group. They've proven to this point that they can be very successful regular season play. The playoffs are gonna be a good tell for this team. But just if, for whatever reason, we don't have the success that we wanna have in the playoffs, it's not an indictment on this group - it's just another learning curve, another step for a young superstar, a young core group of guys that have proven to be as good as anyone in the league in the regular season. So, if we have a gap at the end of the season, we'll figure out how to fill that gap also. We wanna keep this group together.</p><p><strong>Davis: </strong>You're leading the league in net rating. By point differential, you're in the same group as the Warriors in recent years, the Rockets last year, and some other recent contenders. What do some of the advanced numbers tell you guys about what this team is and where you might be able to go?</p><p><strong>Horst: </strong>Great question. In terms of regular season performance as an indicator for being a contender - which there's something to that, obviously - your overall win-loss record is a key factor, what your net margin is is a key factor, and what you're really, what we think your offensive rating and defensive rating, those are key metrics. And we've tested those throughout history, and they really are good indicators for success and contending. We're the only team in the NBA in the top five rating offensively and defensively. We're No. 1 in defense and No. 5 or 4 in offense. We have the No. 1 net margin in the league, and our net margin is historic and lines up with some of the teams that have won the championship in the last couple of years - Golden State, as you mentioned. And then our record against the better teams in the NBA is actually really good this year. So we've played well against the best teams.</p><p>What that tells us, is that we are built for a team that can contend. But this team has not won a playoff series in 17 years. This franchise has not won a playoff series in 17 years. Giannis, Khris, and Malcolm have never been part of a playoff series win. George Hill, Brook, some of those guys have won a little bit, but there's a lot of unknown going into the playoffs. So we wanna build off of last year. We wanna have a first-round playoff series win. And then we wanna see what goes on from there.</p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5c6b6b05262898581e4c6632-1333/milwaukee bucks.jpg" border="0" alt="milwaukee bucks" data-mce-source="Mike Roemer/AP" /><p class="source"><span>Mike Roemer/AP</span></p><p class="caption">The Bucks think they can contend for a championship.</p></div><p></p></div></div></p><p><strong>Davis: </strong>This is a bit more anecdotal than the last question, but the league is obviously built on superstars. You have a superstar in Giannis, and Khris is a first-time All-Star, but you're not lumped in the "superteams" group. Do you feel like you have enough to compete with the other stacked teams in the league?</p><p><strong>Horst: </strong>I could say the whole thing again, but really, my answer would be what I just said. If you look at the metrics and numbers - and we trust data - this team is one of the top-scoring teams, not only in the NBA but in the last couple of years, as constructed.</p><p>I think what that means is, even though, guys like Khris or Eric or Malcolm or Brook don't have the whole statistics ... these guys have sacrificed for a style of play to win and to be really good. You know, Khris Middleton, on a per-36 [minutes] basis, is kinda playing like, not a superstar, but definitely, like a pretty solid All-Star. He's an All-Star this year. The guy's playing 31 minutes per game. Well, he's playing 31 minutes a game because we're beating people by double-digits every night. And so if Khris were playing 35, 36 minutes per game, he might be averaging 24 points per game. If Eric Bledsoe was playing 35, 36 minutes, I think Eric could be averaging 20. And so, we're really good. I think we have really talented players that fit a system and fit our superstar, and I think that we have a real chance.</p><ul class="read-more-links"><li>Read more:</li><li><a href="https://www.businessinsider.com/lebron-james-firsrt-all-star-game-long-ago-2019-2" data-read-more-link="" data-e2e-name="read-more-link">LeBron James has been dominant for so long that many of his opponents were in grade school when James made his first All-Star Game</a></li><li><a href="https://www.businessinsider.com/tom-brady-diet-vs-nba-player-diets-unique-2019-2" data-read-more-link="" data-e2e-name="read-more-link">The diets of the best basketball players in the world show how insane Tom Brady's lifestyle really is</a></li><li><a href="https://www.businessinsider.com/charles-barkley-dirk-nowitzki-auburn-story-2019-2" data-read-more-link="" data-e2e-name="read-more-link">Charles Barkley told a fantastic story about the first time he met an 18-year-old Dirk Nowitzki</a></li><li><a href="https://www.businessinsider.com/dennis-smith-jr-talks-dunk-contest-knicks-trade-luka-doncic-2019-2" data-read-more-link="" data-e2e-name="read-more-link">Knicks guard Dennis Smith Jr. talks being in the Kristaps Porzingis blockbuster, what fans don't realize about trades, eating octopus, and jumping over J. Cole</a></li></ul>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/super-bowl-nfl-football-hosting-cost-worth-host-cities-2019-2">Why hosting the Super Bowl isn't worth it, according to an economist</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/wFNUIlNx-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script>        </div>    </div>

Bucks GM Jon Horst talks Giannis Antetokounmpo, the team's big signings and trades, and building the team that could threaten the Warriors

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/582d94afdd0895596d8b4a66-808/img_0382.jpg" alt="William Tunstall-Pedoe" data-mce-source="Sam Shead/Business Insider UK" /><p class="source"><span>Sam Shead/Business Insider <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword></span></p><p class="caption">Evi Technologies founder William Tunstall-Pedoe sits  in his home in front of a piece of art designed by an AI called AARON.</p></div><p></p></div></div></p><p>"Sorry, I knew this was going to happen," says British entrepreneur William Tunstall-Pedoe shortly after I start interviewing him at his home in Cambridge.</p><p>We've just been interrupted by Alexa - the AI-powered personal assistant that sits inside Amazon's Echo device, which <a href="http://uk.businessinsider.com/amazon-echo-release-in-uk-germany-2016-9" target="_blank">launched in the UK</a> in September.</p><p>Alexa burst into life after she heard me say her name while asking the <a href="http://uk.businessinsider.com/evi-founder-invests-in-ai-startups-after-26-million-amazon-acquisition-2016-8?r=US&amp;IR=T" target="_blank">entrepreneur turned angel investor</a> about his role in her development.</p><p>The 47-year-old - who sold his voice recognition company Evi Technologies to Amazon in 2012 for what was <a href="https://techcrunch.com/2013/04/17/sources-say-amazon-acquired-siri-like-evi-app-for-26m-is-a-smartphone-coming/" target="_blank">reported to be around $26 million (£21 million)</a> - has five Echo devices scattered across his quirky home, which spans several narrow floors, contains artwork that was dreamt up by a computer, and happens to be where Peter Fluck and Rodger Law first made the <a href="https://www.theguardian.com/tv-and-radio/gallery/2014/aug/03/comedy-puppetry" target="_blank">puppets seen in British satirical TV show "Spitting Image</a>."</p><p>One of the Echo devices in Tunstall-Pedoe's house has been programmed to wake up when he says "Alexa," while the other two respond to "Amazon" and "Echo."</p><p>When I tell Tunstall-Pedoe that I haven't actually witnessed Alexa in action - partly because the Echo device wasn't on sale in the UK when I spoke to him - he seems shocked and instantly starts demoing the voice recognition technology to me.</p><p>"Amazon," he says to a device in the corner of the room. No response. "Amazon!" he repeats louder and more assertively. "What are you?"</p><p>Around a second or so later, the Amazon-built machine responds: "I'm an Amazon Echo."</p><p>But in a bid to show off the range of the Echo device, he then tries to communicate with another device on a floor below: "Alexa, what are you?"</p><p>"Sorry, I can't find the answer to your question," calls out an American-sounding woman from an Echo device downstairs.</p><p>"Alexa, what are you?" repeats Tunstall-Pedoe, who left Amazon in February.</p><p>"I'm an Amazon Echo," Alexa quickly responds. "Ok," says Tunstall-Pedoe, seemingly satisfied. "Doing it from a distance is a real challenge. There's all sorts of proprietary technology in it [Echo] that allows you to just talk to the device across the room and it works. That's really hard. It's one of the things that Amazon's done very, very well."</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/57432381dd089592708b46f1-1920/screen shot 2016-03-10 at 3.06.42 pm.png" alt="amazon echo" data-mce-source="Amazon" /><p class="source"><span>Amazon</span></p><p class="caption">The Amazon Echo speaker.</p></div><p></p></div></div></p><p>Tunstall-Pedoe has been interested in computers and intelligence since an early age. Born into a family of medical professionals in Dulwich, the entrepreneur went to the High School of Dundee in Scotland, where he spent some of his time developing software for his teacher's IT company. "I had a substantial income from software when I was 13," says Tunstall-Pedoe. "My high school had a technical college next to it. And they had a big mainframe. I used to go in there before school and write software and I got addicted I guess."</p><p>Following in his father's and grandfather's footsteps, Tunstall-Pedoe earned himself a place at the University of Cambridge where he graduated with a first class degree in computer science in 1991. "That was largely me pulling my socks up in the final year," he admits. "I worked very, very hard in the last three months."</p><p>After university, Tunstall-Pedoe went on to work for the likes of Acorn Computers and the Isaac Newton Institute. He also did what he describes as "some more niche AI things" off his own back. "I wrote a commercial chess playing program for example and I wrote what remains the only software that can solve and explain cryptic crossword clues. I also wrote a product called Amgram Genius which uses AI techniques to create weird and wonderful anagrams of any subject. That work was really hot."</p><h2>Evi was Tunstall-Pedoe's biggest success</h2><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/582d94afdd0895596d8b4a67-800/evi shot who made you and capital of france.png" alt="Evi Technologies True Knowledge" data-mce-source="Evi Technologies" /><p class="source"><span>Evi Technologies</span></p><p class="caption">The Evi app.</p></div><p></p></div></div>But it was the Evi app that proved to be Tunstall-Pedoe's most successful venture. "I wanted to tackle a really big problem and the biggest problem I could find then was search," says Tunstall-Pedoe. "Bizarrely that vision has stayed absolutely the same for the entire history of the business.</p><p>"The way we've applied it and the products we've applied it to have changed but if you look at Echo, and Alexa, that is precisely that vision coming true. For me, that's one of the most remarkable things about this adventure. The vision has been exactly the same, and it's coming true. It's coming true at scale."</p><p>Evi was essentially an AI-powered app that allowed people to search for things and find answers either by typing a question into a search box or asking a question out loud.</p><p>The origins of Evi can be traced back to September 2005 when Tunstall-Pedoe founded a company called True Knowledge, which was a search engine designed to help people find the information they needed in a more natural way.</p><p>In 2011, True Knowledge began working on a new AI called Evi, which it released in a smartphone app. The Evi AI was launched publicly in January 2012 to massive acclaim, <a href="http://www.businesswire.com/news/home/20120612006738/en/Growing-Rapidly-True-Knowledge-Announces-Change-Evi" target="_blank">gaining over 1 million users</a> within four months of launch. In May 2012, <a href="http://www.cambridgenetwork.co.uk/news/new-name-for-true-knowledge-company-expands/" target="_blank">True Knowledge was officially rebranded as Evi</a> to reflect the focus on the ongoing development of the Evi AI.</p><p>"We had an office on the ground floor of Poseidon House in Castle Park but we moved out and then when Amazon was looking for a place to have their dev centre, they actually ended up taking the entire building," says Tunstall-Pedoe. "So we ended up moving back into it."</p><p>He continues: "We had multiple offices [during True Knowledge and Evi's life time]. We had a much more prominent office on Hills Road for a long time, which was very, very visible. It was right next to a main road and the outside of the building was decorated with questions and answers and True Knowledge. People were very confused by this building. They thought it was some kind of religious establishment."</p><p>Tunstall-Pedoe raised several million pounds for his startup from investors including the likes of Octopus Ventures and a fund set up by ARM founder Hermann Hauser (the exact amount was never disclosed). He <a href="https://techcrunch.com/2013/04/17/sources-say-amazon-acquired-siri-like-evi-app-for-26m-is-a-smartphone-coming/" target="_blank">sold his business to Amazon</a> in October 2012 when it had around 30 staff and Evi is now part of the Amazon group of companies. "I can tell you that Amazon has invested very, very heavily in the team subsequently," says Tunstall-Pedoe.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/582d94afdd0895596d8b4a68-1200/wtp_trueknowledge (1).jpg" alt="True Knowledge Evi" data-mce-source="William Tunstall-Pedoe" /><p class="source"><span>William Tunstall-Pedoe</span></p><p class="caption">William Tunstall-Pedoe founded True Knowledge in 2005 and renamed it to Evi in 2012.</p></div><p></p></div></div></p><h2>Other Silicon Valley firms were interested in Evi</h2><p>Amazon wasn't the only company bidding for Evi, according to Tunstall-Pedoe. "We had another couple of acquisition offers," he says, adding that there was also further funding on the table from investors. "So we could have taken the financing and continued on or we could have gone for one of the other two.</p><p>"One of the acquirers would have moved us over to the Bay Area and they would have shed half of the team in the process. Amazon wanted to invest in the UK, so keep the team where it was and grow it in Cambridge. That made them a much more attractive acquisition from our perspective.</p><p>Tunstall-Pedoe admits that he didn't know exactly what Amazon had planned for Evi at the time of the acquisition. "The project was highly secret," he says. "Obviously we understood the full vision after we were acquired but it wasn't necessarily fully disclosed as part of the discussions. There was a lot of secrecy on the project [Echo]. "We managed to keep it a secret" says Tunstall-Pedoe. "All of that concern about confidentiality was quite important."</p><p>Following Evi's acquisition, the company's technology, platform, and team became an integral part of Alexa, according to Tunstall-Pedoe, who held a senior product role at Amazon in the team that designed, built, and launched Alexa and the Amazon Echo product for more than three years.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/582d94afdd0895596d8b4a69-1024" alt="True Knowledge" data-mce-source="William Tunstall-Pedoe" /><p class="source"><span>William Tunstall-Pedoe</span></p><p class="caption">The True Knowledge/Evi team.</p></div><p></p></div></div></p><h2>Amazon staff are forbidden from revealing company secrets</h2><p>Tunstall-Pedoe is heavily restricted on what he can say about Evi, Alexa, and his time at Amazon. As one of several large technology companies currently in the so-called AI race, Amazon is keen to keep a lot of its intellectual property under wraps and it makes sure that all of its <a href="http://www.geekwire.com/2016/amazon-employment-2nd-quarter/" target="_blank">268,900 current employees</a> (as of April 2016) know what they can and can't say.</p><p>Tunstall-Pedoe can't say, for example, exactly how Evi's technology was integrated into Alexa or how big the Evi team inside Amazon has grown to.</p><p>But Amazon is pumping millions of pounds into the Evi operation, according to the latest Companies House filings. Abbreviated <a href="https://s3-eu-west-1.amazonaws.com/document-api-images-prod/docs/dO90v5I5zdJKWCPeFCf8X_EJokjjc0evkc-E4Pe0mls/application-pdf?AWSAccessKeyId=ASIAILSGKIRUIWEAAKQA&amp;Expires=1477934023&amp;Signature=fsUXK2H4o%2BcDS%2Fbvfknzb8WpMFE%3D&amp;x-amz-security-token=FQoDYXdzEGEaDPurVTEnssp5rwYi7CKcA0F82NrYfinuHllKnYVl%2Bl0qI2bKXWqz38nUxyqJwUilNrc0Rd6tsh0vKzMMToN7YeTKHaikTI3059ewyxcrc3KMWxxRtEncL9Fij4JHxq%2FVruedCQm%2FabDn5efKY3dq4N9ZHYhmnlY9z2qOUgQkyGAV9ItWcmFlUHeBxRZ0YQdrvbjQBYqSNP7JumNsoWYRo%2B1PIsj8Z5vQA5CpPPBEHhSbLd%2FIC1F8mHPSD9cHWKCF6AAzTPhHGGYvi2uMVCNaudbMKi2yqp52761CIDilkhqn6ETHgAYspxcqQtOXuHtagFGroVl26NnlyRlLZt5LG%2BTLTVRUaK38ob%2BC4wOuH61aKdgshYDR%2FYXRAceZ%2FYb3Q8VHvLDGb9jiwVDxgS752yGlUqy%2FW2nIyDyVHCr2Yy06jq2aFJrI0IUCC7h06Nc%2FOUM5%2FRHH%2FbENYFScO%2FjxSALSGOGlToyis4Jo502s77CH2b%2F98P9qlwOevA0jEZsT2D5Rf95bkXjdh6DT%2BSFCrjUhdpNNyW%2Byw0pBr5sXCLHrpfHBK%2FfqeqQLSUsordDdwAU%3D" target="_blank">accounts filed with Companies House</a> on July 14 show that Evi had £4.8 million in fixed assets and £9 million in current assets as at 31 December 2015. That's up from £3.5 million and £8 million respectively for 2014.</p><p>While Amazon has never publicly said exactly how it uses Evi's technology, there have been one or two hints that have slipped out in job descriptions and other reports.</p><p>"Within Amazon Alexa, the Evi team's mission is to answer any question in any language," reads <a href="https://www.amazon.jobs/en-gb/jobs/426303" target="_blank">a job description</a> on Amazon's website for an "Applied Scientist" role in Cambridge. "We develop technology that combines natural language understanding, acquiring large volumes of structured knowledge, and machine reasoning to allow our customers to get answers to their questions in the most natural way possible. We play a key role in the development of Alexa; Amazon's cloud based voice service which delights customers on products such as Echo and Fire TV."</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/57bc0fdadd08956c158b48b9-1200/img_0447.jpg" alt="Amazon Cambridge" data-mce-source="Sam Shead/Business Insider UK" /><p class="source"><span>Sam Shead/Business Insider UK</span></p><p class="caption">Evi's office, which Amazon now uses as an R&amp;D centre, is in Cambridge.</p></div><p></p></div></div><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/57bc0fdadd08956c158b48ba-1200/img_0453.jpg" alt="Amazon office Cambridge" data-mce-source="Sam Shead/Business Insider UK" /><p class="source"><span>Sam Shead/Business Insider UK</span></p><p class="caption">The R&amp;D centre is very discrete, with minimal branding.</p></div><p></p></div></div></p><h2>Echo can be used to play music, get traffic updates, and set alarms</h2><p>The £149 Amazon Echo device performs a variety of functions when you tell Alexa to do something or ask Alexa a question. It will, for example, play music from a certain decade or provide you with traffic updates.</p><p><a href="https://www.amazon.co.uk/product-reviews/B01GAGVIE4/ref=cm_cr_dp_hist_one?ie=UTF8&amp;filterByStar=one_star&amp;reviewerType=all_reviews&amp;showViewpoints=0" target="_blank">Some Amazon reviewers</a> have said they use Echo for timers and alarms but not much else. Tunstall-Pedoe, however, insists Echo is "amazingly useful." When I ask him what he uses Echo for, he replies: "Loads of stuff," before going on to instruct the device to get the local weather for Cambridge.</p><p>"Right now in Cambridge, United Kingdom, it's 17 degrees with showers and partly cloudy skies," Alexa responds. "Today's forecast is rainy weather with a high of 19 degrees and a low of 13 degrees." He goes on to play "Call Me Maybe" by Canadian singer-songwriter Carly Rae Jepsen on Spotify and a "trance" music playlist on Pandora.</p><p>Concluding his demo, and showing off Alexa's intelligence, Tunstall-Pedoe asks: "Amazon, who was president of the US when Barack Obama was a teenager?" The device replies: "Ronald Reagen, Richard Nixon, Jimmy Carter and Gerald Ford were the US presidents when Barack Obama was a teenager." This is the very same question and answer that Evi used to show off in screenshots of the company's app.</p><p>In terms of who developed Evi's core technology, Tunstall-Pedoe doesn't hold back when it comes to taking the credit. "The technology is actually largely a result of me," he says. "There have been some additions to the technology since. And obviously there's been a huge amounts of work engineering it, creating a platform that massively scales very fast. But the actual core IP all came out my head. So the original patents are all mine."</p><p>He goes on to explain how Evi's abilities have been significantly expanded since the acquisition. "What I wrote took many seconds to do stuff and the knowledge base was very small and the knowledge base is much, much much, bigger and runs many orders of magnitude faster and that's credit to the team of engineers that joined me."</p><h2>The entrepreneur is now backing the next generation of founders</h2><h2><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5811d63edd089551098b4b2b-1632/cambridge_peterhouse_oldcourt.jpg" alt="Peterhouse College, Cambridge University" data-mce-source="Wikipedia / CC 3.0" /><p class="source"><span>Wikipedia / CC 3.0</span></p><p class="caption">The University of Cambridge.</p></div><p></p></div></div></h2><p>Since leaving Amazon, Tunstall-Pedoe <a href="http://uk.businessinsider.com/evi-founder-invests-in-ai-startups-after-26-million-amazon-acquisition-2016-8" target="_blank">has been angel investing</a>, backing a total of 21 companies, including Magic Pony Technology, which was <a href="http://uk.businessinsider.com/twitter-acquired-a-london-startup-called-magic-pony-2016-6" target="_blank">acquired by Twitter</a> earlier this year for a reported $150 million (£120 million).</p><p>On departing the ecommerce behemoth, Tunstall-Pedoe admits: "That was really difficult. I really love Amazon. It's a very good business. It's obviously very successful. A few milestones happened at the same time: 10th anniversary of the business was quite a big psychological one. September last year I realised I'd been doing this 120% for 10 years.</p><p>"The launch of the Echo Alexa had been a big success. The project is being heavily invested in. Jeff Bezos is on record recently saying there's more than a thousand people working in Alexa across all the sites.</p><p>"Do I want to do what I've been doing for another 10 years? Or do I want to do one or two other things for the rest of my career? It wasn't an easy decision but I decided it was the right time to move on."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/sleep-8-hour-cycle-ancestors-myth-2016-11">We sleep much differently than our ancestors - here's why</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="lmNHZlNDE62K8PfH58_T7HwvnamGott-" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'lmNHZlNDE62K8PfH58_T7HwvnamGott-',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

William Tunstall-Pedoe: The Cambridge AI guru who taught Amazon's Alexa how to talk

<p><em><div class="KonaFilter image-container float_right"><div class="image"><img src="https://static-ssl.businessinsider.com/image/538ca65369bedd4461fdc369-1200-924/charlie-munger-6.jpg?maxX=480" border="0" alt="charlie munger" width="480" /><p class="source"><span>Lane Hickenbottom/Reuters</span></p><p class="caption">Vice-Chairman of Berkshire Hathaway Charlie Munger.</p></div><p></p></div>"In my whole life, I have known no wise people (over a broad subject matter area) who didn't read all the time - none. Zero. You'd be amazed at how much Warren reads - and how much I read. My children laugh at me. They think I'm a book with a couple of legs sticking out."</em></p>
<p>That comment is what really kickstarted my own <a href="http://www.farnamstreetblog.com/2013/09/finding-time-to-read/" target="_blank">reading habits</a>. While <a href="http://www.farnamstreetblog.com/reading/" target="_blank">my 161 books last year</a> pales in comparison to the quality of Munger's reading habits, it's a start.</p>
<p>Munger, of course, is the billionaire business partner of Warren Buffett and the Vice Chairman at Berkshire Hathaway.</p>
<p>Not only is Munger one of the smartest people on the planet - his lecture on <a href="http://www.farnamstreetblog.com/2013/02/the-psychology-of-human-misjudgement/" target="_blank">the psychology of human misjudgment</a> is the best 45 minutes you might spend this year - but he's put all of those brains to use in a practical way.</p>
<p>If you're looking for a book to read this summer, this list of books recommended by Munger is a great place to start.</p>
<h3>1. <a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=1616149426&amp;asin-it=1616149426&amp;asin-fr=1616149426&amp;asin-de=1616149426&amp;asin-uk=1616149426&amp;asin-ca=1616149426&amp;asin-com=1616149426" target="_blank">Faraday, Maxwell, and the Electromagnetic Field: How Two Men Revolutionized Physics</a></h3>
<p>It's a combination of scientific biography and explanation of the physics, particularly relating to electricity. It's just the best book of its kind I have ever read, and I just hugely enjoyed it. Couldn't put it down. It was a fabulous human achievement. And neither of the writers is a physicist.</p>
<h3>2. <a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=140006256X&amp;asin-it=140006256X&amp;asin-fr=140006256X&amp;asin-de=140006256X&amp;asin-uk=140006256X&amp;asin-ca=140006256X&amp;asin-com=140006256X" target="_blank">Deep Simplicity: Bringing Order to Chaos and Complexity</a></h3>
<p>… it's pretty hard to understand everything, but if you can't understand it, you can always give it to a more intelligent friend.</p>
<h3>3. <a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=0140278796&amp;asin-it=0140278796&amp;asin-fr=0140278796&amp;asin-de=0140278796&amp;asin-uk=0140278796&amp;asin-ca=0140278796&amp;asin-com=0140278796" target="_blank">Fiasco: The Inside Story of a Wall Street Trader</a></h3>
<p>I remember reading this shocking book and thinking, holy s---. This book will make you sick.</p>
<h3>4. <a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=0141007303&amp;asin-it=0141007303&amp;asin-fr=0141007303&amp;asin-de=0141007303&amp;asin-uk=0141007303&amp;asin-ca=0141007303&amp;asin-com=0141007303" target="_blank">Ice Age</a></h3>
<p>Of this book Munger said: "(The) best work of science exposition and history that I've read in many years!"</p>
<h3>5. <a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=0609809997&amp;asin-it=0609809997&amp;asin-fr=0609809997&amp;asin-de=0609809997&amp;asin-uk=0609809997&amp;asin-ca=0609809997&amp;asin-com=0609809997" target="_blank">How the Scots Invented the Modern World</a></h3>
<p>A lot of really important stuff like: The first modern nation, the first literate society, the ideas for (modern) democracy and free markets, all originated with the Scots.</p>
<h3>6. <a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=026269185X&amp;asin-it=026269185X&amp;asin-fr=026269185X&amp;asin-de=026269185X&amp;asin-uk=026269185X&amp;asin-ca=026269185X&amp;asin-com=026269185X" target="_blank">Models of My Life</a></h3>
<p>An autobiography of Nobel laureate Herbert A. Simon, a remarkable polymath who more people should know about. In an age of increasing specialization, he's a rare generalist - applying what he learned as a scientist to other aspects of his life. Crossing disciplines, he was at the intersection of "information sciences." He won the Nobel for his theory of "bounded rationality," and is perhaps best known for his insightful quote "A wealth of information creates a poverty of attention." (Also part of <a href="http://www.farnamstreetblog.com/2014/04/5-books-that-will-change-your-life/" target="_blank">five books that will change your life</a>.)</p>
<h3>7. <a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=014200278X&amp;asin-it=014200278X&amp;asin-fr=014200278X&amp;asin-de=014200278X&amp;asin-uk=014200278X&amp;asin-ca=014200278X&amp;asin-com=014200278X" target="_blank">A Matter of Degrees: What Temperature Reveals about the Past and Future of Our Species, Planet, and Universe</a></h3>
<p>… a wide-ranging exploration of how the fundamental scientific concept of temperature is bound up with the very essence of both life and matter.</p>
<h3>8. <a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=0822959046&amp;asin-it=0822959046&amp;asin-fr=0822959046&amp;asin-de=0822959046&amp;asin-uk=0822959046&amp;asin-ca=0822959046&amp;asin-com=0822959046" target="_blank">Andrew Carnegie</a></h3>
<p>The definitive biography of an industrial genius, philanthropist, and enigma. At the meeting in May of this year, Munger also mentioned the <a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=0307386791&amp;asin-it=0307386791&amp;asin-fr=0307386791&amp;asin-de=0307386791&amp;asin-uk=0307386791&amp;asin-ca=0307386791&amp;asin-com=0307386791" target="_blank">Mellon Brothers</a> as people to study.</p>
<h3>9. <a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=0393317552&amp;asin-it=0393317552&amp;asin-fr=0393317552&amp;asin-de=0393317552&amp;asin-uk=0393317552&amp;asin-ca=0393317552&amp;asin-com=0393317552" target="_blank">Guns, Germs, and Steel: The Fates of Human Societies</a></h3>
<p>A book <a href="http://www.farnamstreetblog.com/2013/07/eight-books-bill-gates-is-reading-this-summer/" target="_blank">recommended by Bill Gates</a> and Charlie Munger? Gates said, the book "had a profound effect on the way I think about history and why certain societies advance faster than others."</p>
<h3>10. <a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=0060845503&amp;asin-it=0060845503&amp;asin-fr=0060845503&amp;asin-de=0060845503&amp;asin-uk=0060845503&amp;asin-ca=0060845503&amp;asin-com=0060845503" target="_blank">The Third Chimpanzee: The Evolution and Future of the Human Animal</a></h3>
<p>What is it about that two percent difference in DNA that has created such a divergence between evolutionary cousins? … renowned Pulitzer Prize-winning author and scientist Jared Diamond explores how the extraordinary human animal, in a remarkably short time, developed the capacity to rule the world … and the means to irrevocably destroy it.</p>
<h3>11. <a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=006124189X&amp;asin-it=006124189X&amp;asin-fr=006124189X&amp;asin-de=006124189X&amp;asin-uk=006124189X&amp;asin-ca=006124189X&amp;asin-com=006124189X" target="_blank">Influence: The Psychology of Persuasion</a></h3>
<p>A frequent and persistent recommendation from Munger. I believe he's given away more copies of this book than any other. Here is <a href="http://www.farnamstreetblog.com/2014/04/influence-psychology-persuasion/" target="_blank">a quick overview</a>.</p>
<h3>12. <a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=0195093852&amp;asin-it=0195093852&amp;asin-fr=0195093852&amp;asin-de=0195093852&amp;asin-uk=0195093852&amp;asin-ca=0195093852&amp;asin-com=0195093852" target="_blank">Living within Limits: Ecology, Economics, and Population Taboos</a></h3>
<p>While both books are exceptional, I actually prefer Hardin's other book - <a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=0140077294&amp;asin-it=0140077294&amp;asin-fr=0140077294&amp;asin-de=0140077294&amp;asin-uk=0140077294&amp;asin-ca=0140077294&amp;asin-com=0140077294" target="_blank">Filters Against Folly.</a></p>
<h3>13. <a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=0199291152&amp;asin-it=0199291152&amp;asin-fr=0199291152&amp;asin-de=0199291152&amp;asin-uk=0199291152&amp;asin-ca=0199291152&amp;asin-com=0199291152" target="_blank">The Selfish Gene</a></h3>
<p>Dawkins explains how the selfish gene can also be a subtle gene. The world of the selfish gene revolves around savage competition, ruthless exploitation, and deceit, and yet, Dawkins argues, acts of apparent altruism do exist in nature. Bees, for example, will commit suicide when they sting to protect the hive, and birds will risk their lives to warn the flock of an approaching hawk.</p>
<h3>14. <a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=1400077303&amp;asin-it=1400077303&amp;asin-fr=1400077303&amp;asin-de=1400077303&amp;asin-uk=1400077303&amp;asin-ca=1400077303&amp;asin-com=1400077303" target="_blank">Titan: The Life of John D. Rockefeller, Sr.</a></h3>
<p>At 800 or so pages this is the perfect book for a week-long vacation. From humble beginnings to the height of great power Rockefeller did it all. I think you'll find he has more in common with Marcus Aurelius than today's billionaires.</p>
<p><span style="line-height: 1.5em;">Born the son of a flamboyant, bigamous snake-oil salesman and a pious, straitlaced mother, Rockefeller rose from rustic origins to become the world's richest man by creating America's most powerful and feared monopoly, Standard Oil. Branded "the Octopus" by legions of muckrakers, the trust refined and marketed nearly 90 percent of the oil produced in America.</span></p>
<h3>15. <a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=0393318885&amp;asin-it=0393318885&amp;asin-fr=0393318885&amp;asin-de=0393318885&amp;asin-uk=0393318885&amp;asin-ca=0393318885&amp;asin-com=0393318885" target="_blank">The Wealth and Poverty of Nations: Why Some Are So Rich and Some So Poor</a></h3>
<p>A best-selling exploration of why some nations achieve economic success while others don't. As you can imagine, it's complicated.</p>
<h3>16. <a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=0471392642&amp;asin-it=0471392642&amp;asin-fr=0471392642&amp;asin-de=0471392642&amp;asin-uk=0471392642&amp;asin-ca=0471392642&amp;asin-com=0471392642" target="_blank">The Warren Buffett Portfolio: Mastering the Power of the Focus Investment Strategy</a></h3>
<p>This book has been recommended by both Buffett and Munger on a few occasions.</p>
<h3>17. <a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=0060894083&amp;asin-it=0060894083&amp;asin-fr=0060894083&amp;asin-de=0060894083&amp;asin-uk=0060894083&amp;asin-ca=0060894083&amp;asin-com=0060894083" target="_blank">Genome: The Autobiography of a Species in 23 Chapters</a></h3>
<p>Science writer Matt Ridely unfolds the genome for us. Munger recommended in 2001.</p>
<h3>18. <a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=0143118757&amp;asin-it=0143118757&amp;asin-fr=0143118757&amp;asin-de=0143118757&amp;asin-uk=0143118757&amp;asin-ca=0143118757&amp;asin-com=0143118757" target="_blank">Getting to Yes: Negotiating Agreement Without Giving In</a></h3>
<p>The book is one of the primary business texts in North America. So it shouldn't surprise you that I was first introduced to this as part of my MBA program.</p>
<h3>19. <a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=0060972572&amp;asin-it=0060972572&amp;asin-fr=0060972572&amp;asin-de=0060972572&amp;asin-uk=0060972572&amp;asin-ca=0060972572&amp;asin-com=0060972572" target="_blank">Three Scientists and Their Gods: Looking for Meaning in an Age of Information</a></h3>
<p>What is the meaning of life? This book takes a look at the work and beliefs of three leading American scientists: Edward Fredkin, Edward O. Wilson and Kenneth Boulding.</p>
<h3>20. <a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=0385483821&amp;asin-it=0385483821&amp;asin-fr=0385483821&amp;asin-de=0385483821&amp;asin-uk=0385483821&amp;asin-ca=0385483821&amp;asin-com=0385483821" target="_blank">Only the Paranoid Survive: How to Exploit the Crisis Points That Challenge Every Company</a></h3>
<p>Grove gives us an inside account of how he, virtually overnight, changed the path of Intel forever.</p>
<p>Of course, this is a condensed list of his recommendations. Consider this a look at one of Munger's many bookshelves.</p>
<p>Two others that might interest you are <a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=0471446912&amp;asin-it=0471446912&amp;asin-fr=0471446912&amp;asin-de=0471446912&amp;asin-uk=0471446912&amp;asin-ca=0471446912&amp;asin-com=0471446912" target="_blank">Damn Right!: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger </a>and, one of my all time personal favorites, <a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=1578644283&amp;asin-it=1578644283&amp;asin-fr=1578644283&amp;asin-de=1578644283&amp;asin-uk=1578644283&amp;asin-ca=1578644283&amp;asin-com=1578644283" target="_blank">Seeking Wisdom: From Darwin to Munger</a>.</p>
<p>And before you email me to tell me how expensive some of these books are consider this: ignorance is more expensive.</p><div class="feed-footer-wrapper"><div class="feed-footer">

  <h3>More from Farnam Street:</h3>

  <ul>
       <li>
     <a href="http://www.farnamstreetblog.com/2014/06/charlie-munger-recommended-books/" data-bi-base="http://www.farnamstreetblog.com/">20 Book Recommendations from Billionaire Charlie Munger That will Make you Smarter</a>
    </li>
       <li>
     <a href="http://www.farnamstreetblog.com/2014/06/the-history-of-the-manhattan/" data-bi-base="http://www.farnamstreetblog.com/">The Joy of Mixology - The History of the Manhattan</a>
    </li>
       <li>
     <a href="http://www.farnamstreetblog.com/2014/05/rory-sutherland-this-thing-for-which-we-have-no-name/" data-bi-base="http://www.farnamstreetblog.com/">Rory Sutherland - This Thing For Which We Have No Name</a>
    </li>
       <li>
     <a href="http://www.farnamstreetblog.com/2014/05/certainty-is-an-illusion/" data-bi-base="http://www.farnamstreetblog.com/">Certainty Is an Illusion</a>
    </li>
       <li>
     <a href="http://www.farnamstreetblog.com/2014/05/the-origins-of-good-and-evil/" data-bi-base="http://www.farnamstreetblog.com/">Just Babies: The Origins of Good and Evil</a>
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 </div></div>

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