Social Media
Amazon’s Twitch acquired social networking platform Bebo for $25M to bolster its esports efforts
While Facebook makes a bold move into cryptocurrency to capitalise on its multi-billion user base, a social network that was once a credible competitor to it has quietly been snapped up by a subsidiary of Amazon. TechCrunch has learned and confirmed that Bebo, one of the earlier platforms to let people share thoughts and media with their friends, has been acquired by Twitch, the streaming video platform owned by Amazon. Together the two will be working on building out Twitch’s esports business, and specifically Twitch Rivals.
A spokesperson for Twitch confirmed the acquisition, which includes both people (around 10 employees) and IP, but declined to provide further comment.
From what we understand from our sources, Twitch paid $25 million for the company earlier this month, after beating out at least one other bidder, Discord (which itself has been building out its own esports business). Indeed, LinkedIn profiles for ex-Bebo employees — see here, here, and here — now at Twitch note June as the changeover date.
It has been a long and winding road for Bebo over the years. Starting out way back in 2005 by Michael and Xochi Birch as an early social networking site, Bebo quickly became the market leader in a couple of English-speaking countries, specifically UK and Ireland.
Bebo’s growth trajectory and the bigger opportunity in social were enough to get it acquired for about $850 million by AOL back in 2008, apparently beating out a number of other interested large tech and media companies interested in getting their own social media platform and the audience that would come with it (disclaimer: AOL eventually also acquired TechCrunch, too).
But the deal was a certifiable dud, with Bebo never managing to build on its early traction, and AOL not being in a position to know how to fix that. Less than two years later, it was sold on to Criterion Capital for $25 million.
Yet as the social wheels continued to turn, and even once-global market leader MySpace also fell back as Facebook, Twitter, Instagram and other mobile-friendly platforms pulled out ahead, even that $25 million price turned out to be too high. After Bebo filed for Chapter 11 bankruptcy protection, the original founders, the Birches, bought it back in 2013 for $1 million with a pledge to reinvent it.
And so they did, putting in place a small team led by Shaan Puri, who worked on a number of ideas to see which of them could fly. (And I don’t know if this was a tongue in cheek joke about how challenging they knew the task would be, but it seems that the holding company set up to house some of the IP and legal aspects of the endeavor was called “Pigs in Flight.”)
The new app studio effort, which went by the name Monkey Inferno (another great one), came out of the gates with “Blab”, a “walkie-talkie” ephemeral video messaging service, which picked up millions of users quickly but found it hard to retain them. It shut down a year later, and it looks like Monkey Inferno dabbled in a few other things before coming to esports.
From social networking to socialising esports
In that last pivot, Bebo first tried out streaming services for esports players, but that proved to be tough competition against dominant platforms like OBS and Xsplit. Then, in an interesting nod to its earlier history in social networking and organising groups of friends, it shifted once more, into organising and running tournaments for streamers, with leagues and more: the streams ran on Twitch and Bebo organised viewers, leagues and other things around that.
That site, Bebo.com, is now offline, and all its tweets seem to have been deleted, but the idea was to build out leagues and tournaments for any and all kinds of groups and players, for example complete beginners, or high school students.
It was the last of these that turned out to line up with a growing market segment.
According to a report in eMarketer, esports attracted some 400 million users in 2018 and pulled in revenues of $869 million from sponsorships, player fees and advertising, and it is projected to be worth between $1.58 billion and $2.96 billion by 2022. And Bebo was helping organise and build those communities.
And that is now linking up neatly with Twitch, which had been developing its own casual esports operation in the form of Twitch Rivals. This launched in beta in 2018 and is now widely available wherever Twitch is.
The Bebo tech and its team are now both being put to use on Twitch Rivals, to help continue expanding it with more features and more users. To be clear, though, it seems there is no intention — from what I understand — to parlay Bebo’s past efforts in social networking into a wider social networking play at Twitch: the focus is on esports.
Still, the acquisition comes at a key moment. Since January, there have been reports that Amazon is working on a new game streaming service (just like Apple, Google and others), which likely won’t be out until next year. While there is no news on that today, you can see how expanding the variety and breadth of content on Twitch by way of esports leagues and tournaments fits in with a wider effort to bring more regular, engaged users into the Amazon fold, using this as one of the big draws.
We’ll update this as and if we learn more.
nnToday, Facebook is coming together with 27 organizations around the world to start the non-profit Libra Association and…
nPosted by Mark Zuckerberg on Tuesday, June 18, 2019
A Global Coin
nFacebook got one thing right for sure: today’s money doesn’t work for everyone. Those of us living comfortably in developed nations likely don’t see the hardships that befall migrant workers or the unbanked abroad. Preyed on by greedy payday lenders and high-fee remittance services, targeted by muggers, and left out of traditional financial services, the poor get poorer. Libra has the potential to get more money from working parents back to their families and help people retain credit even if they’re robbed of their physical possessions. That would do more to accomplish Facebook’s mission of making the world feel smaller than all the News Feed Likes combined.
nIf Facebook succeeds and legions of people cash in money for Libra, it and the other founding members of the Libra Association could earn big dividends on the interest. And if suddenly it becomes super quick to buy things through Facebook using Libra, businesses will boost their ad spend there. But if Libra gets hacked or proves unreliable, it could cost lots of people around the world money while souring them on cryptocurrencies. And by offering an open Libra platform, shady developers could build apps that snatch not just people’s personal info like Cambridge Analytica, but their hard-earned digital cash.
nFacebook just tried to reinvent money. Next year, we’ll see if the Libra Association can pull it off. It took me 4000 words to explain Libra, but at least now you can make up your own mind about whether to be scared of Facebook crypto.
n","protected":false},"excerpt":{"rendered":"Facebook has finally revealed the details of its cryptocurrency Libra, which will let you buy things or send money to people with nearly zero fees. 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Josh Constine is a technology journalist who specializes in deep analysis of social products. He is currently an Editor-At-Large for TechCrunch and is available for speaking engagements.
nnPreviously, Constine was the Lead Writer of Inside Facebook through its acquisition by WebMediaBrands, covering everything about the social network.
nnConstine graduated from Stanford University in 2009 with a Master's degree in Cybersociology, examining the influence of technology on social interaction. He researched the impact of privacy controls on the socialization of children, meme popularity cycles, and what influences the click through rate of links posted to Twitter.
nnConstine also received a Bachelor of Arts degree with honors from Stanford University in 2007, with a concentration in Social Psychology & Interpersonal Processes.
nnJosh Constine is an experienced public speaker, and has moderated over 120 on-stage interviews in 15 countries with leaders including Facebook CEO Mark Zuckerberg, whistleblower Edward Snowden (via on-stage video conference), and U.S. Senator Cory Booker. He is available to moderate panels and fireside chats, deliver keynotes, and judge hackathon and pitch competitions.
nnConstine has been quoted by The Wall Street Journal, CNN Money, The Atlantic, BBC World Magazine, Slate, and more, plus has been featured on television on Good Morning, America, The Today Show, China Central Television, and Fox News. Constine is ranked as the #1 most cited tech journalist on prestigious news aggregator Techmeme.
nn [Disclosures: Josh Constine temporarily advised a college friend's social location-sharing startup codenamed 'Signal' that was based in San Francisco before dissolving in 2015. This advising role was cleared with AOL and TechCrunch's editors and has concluded. Constine's fiancu00e9e Andee Gardiner co-founded startup accelerator Founders Embassy. Constine's cousin Darren Lachtman is the founder of influencer advertising startup Niche that was acquired by Twitter, and he's since left and founded teen content studio Brat. Constine does not write about Founders Embassy or Brat. Constine has personal acquaintances stemming from college housing circa 2007 with founders at Skybox Imaging (now Terra Bella), Hustle, Snapchat, and Robinhood, but does not maintain close social ties with them nor does that influence his writing. Constine occasionally does paid speaking engagements at conferences, but only those funded by companies he does not cover. Constine owns a small position in Ethereum and Bitcoin cryptocurrencies, does not day-trade, and discloses his positions directly in articles where appropriate. Constine does not do consulting, angel investing, or public stock trading beyond public stock invesments by his parents' estate that he has no role in managing or advising.] ","cbAvatar":"https://crunchbase-production-res.cloudinary.com/image/upload/v1415412437/xje35licfau9iewxnf44.png","twitter":"joshconstine","_links":{"self":[{"href":"https://techcrunch.com/wp-json/tc/v1/users/1603003"}],"collection":[{"href":"https://techcrunch.com/wp-json/tc/v1/users"}]}}],"replies":[[{"id":666067,"parent":0,"author":0,"author_name":"c r","author_url":"","date":"2019-06-18T03:10:07","content":{"rendered":"So, why do I care if the vendor has to pay transaction fees to Visa? That doesnu2019t seem like reason enough for me to adopt a new currency.
n"},"link":"https://techcrunch.com/2019/06/18/facebook-libra/#comment-666067","type":"comment","author_avatar_urls":{"24":"https://secure.gravatar.com/avatar/063f6ba64d41d4bb4887b432d09d4da0?s=24&d=identicon&r=g","48":"https://secure.gravatar.com/avatar/063f6ba64d41d4bb4887b432d09d4da0?s=48&d=identicon&r=g","96":"https://secure.gravatar.com/avatar/063f6ba64d41d4bb4887b432d09d4da0?s=96&d=identicon&r=g"},"techcrunch":{"avatar":"https://ct.yimg.com/cy/1768/39361574426_98028a_64sq.jpg","company":"(no company found)","title":"(no title found)","user":"GBWCMWNZ2AORDOFG24Z57R2GFY"},"_links":{"self":[{"href":"https://techcrunch.com/wp-json/wp/v2/comments/666067"}],"collection":[{"href":"https://techcrunch.com/wp-json/wp/v2/comments"}],"up":[{"embeddable":true,"post_type":"post","href":"https://techcrunch.com/wp-json/wp/v2/posts/1845350"}],"children":[{"href":"https://techcrunch.com/wp-json/wp/v2/comments?parent=666067"}]}},{"id":666072,"parent":0,"author":0,"author_name":"Erik de Vries","author_url":"","date":"2019-06-18T03:44:18","content":{"rendered":"This may replace cash or debit transactions for many people. It will be a hard sell to credit card customers in the US though. Credit cards have 4 benefits over Libra.
n1) Ability to spend now and pay later. Even without interest when paying within a month.
n2) Ability to earn cash back or rewards. The merchants are paying for fees and rewards, but in the US they rarely charge the customer for those fees.
n3) Transactions are not final as they are with cash, debit, and Libra. Customer can challenge fraudulent charges and get transactions reversed.
n4) Credit cards are accepted almost everywhere in the US.
That said, this looks to be the best attempt to create a stable crypto currency so far. This may gain a lot of traction in countries where people donu2019t have access to stable currencies and for people that donu2019t have access to credit.
n"},"link":"https://techcrunch.com/2019/06/18/facebook-libra/#comment-666072","type":"comment","author_avatar_urls":{"24":"https://secure.gravatar.com/avatar/e83df7fd7ab6f712087b6d91d09a81fd?s=24&d=identicon&r=g","48":"https://secure.gravatar.com/avatar/e83df7fd7ab6f712087b6d91d09a81fd?s=48&d=identicon&r=g","96":"https://secure.gravatar.com/avatar/e83df7fd7ab6f712087b6d91d09a81fd?s=96&d=identicon&r=g"},"techcrunch":{"avatar":"https://ct.yimg.com/cy/1768/39361574426_98028a_64sq.jpg","company":"(no company found)","title":"(no title found)","user":"S3BOOWUGAEVKG3MQPVHAB5IKJA"},"_links":{"self":[{"href":"https://techcrunch.com/wp-json/wp/v2/comments/666072"}],"collection":[{"href":"https://techcrunch.com/wp-json/wp/v2/comments"}],"up":[{"embeddable":true,"post_type":"post","href":"https://techcrunch.com/wp-json/wp/v2/posts/1845350"}]}},{"id":666074,"parent":0,"author":0,"author_name":"S N","author_url":"","date":"2019-06-18T04:03:48","content":{"rendered":"I am sceptical. If KYC is a requirement, what’s to prevent them from censoring people they don’t like? For example, if you own a history channel on YouTube or something like that, and they decide to ban you for hate speech. And all of a sudden you can’t spend your Libra anymore.
n"},"link":"https://techcrunch.com/2019/06/18/facebook-libra/#comment-666074","type":"comment","author_avatar_urls":{"24":"https://secure.gravatar.com/avatar/62f3bdf30e7b4ea882d77925c6db6265?s=24&d=identicon&r=g","48":"https://secure.gravatar.com/avatar/62f3bdf30e7b4ea882d77925c6db6265?s=48&d=identicon&r=g","96":"https://secure.gravatar.com/avatar/62f3bdf30e7b4ea882d77925c6db6265?s=96&d=identicon&r=g"},"techcrunch":{"avatar":"https://ct.yimg.com/cy/1768/39361574426_98028a_64sq.jpg","company":"(no company found)","title":"(no title found)","user":"M73UWALWXVWUBJ3WIOUUDUHAGQ"},"_links":{"self":[{"href":"https://techcrunch.com/wp-json/wp/v2/comments/666074"}],"collection":[{"href":"https://techcrunch.com/wp-json/wp/v2/comments"}],"up":[{"embeddable":true,"post_type":"post","href":"https://techcrunch.com/wp-json/wp/v2/posts/1845350"}]}},{"id":666076,"parent":0,"author":0,"author_name":"Charles Porter","author_url":"","date":"2019-06-18T04:36:01","content":{"rendered":"Facebook is known for censoring undesirable content and collecting obscene amounts of private data on its users (and non-users. Facebook subsidiary WhatsApp announced that it would be suing users for violating its TOS, even if that violation occurred on a different platform or even meat-space.
nCan’t imagine that FaceBucks will be free from those concerns.
n"},"link":"https://techcrunch.com/2019/06/18/facebook-libra/#comment-666076","type":"comment","author_avatar_urls":{"24":"https://secure.gravatar.com/avatar/435ffae10670466471c0b46cc7e90c39?s=24&d=identicon&r=g","48":"https://secure.gravatar.com/avatar/435ffae10670466471c0b46cc7e90c39?s=48&d=identicon&r=g","96":"https://secure.gravatar.com/avatar/435ffae10670466471c0b46cc7e90c39?s=96&d=identicon&r=g"},"techcrunch":{"avatar":"https://ct.yimg.com/cy/1768/39361574426_98028a_64sq.jpg","company":"(no company found)","title":"(no title found)","user":"KST5RH2GOMT5SGZO3XAUZVZ3QY"},"_links":{"self":[{"href":"https://techcrunch.com/wp-json/wp/v2/comments/666076"}],"collection":[{"href":"https://techcrunch.com/wp-json/wp/v2/comments"}],"up":[{"embeddable":true,"post_type":"post","href":"https://techcrunch.com/wp-json/wp/v2/posts/1845350"}]}},{"id":666082,"parent":0,"author":0,"author_name":"Shannon Butler","author_url":"","date":"2019-06-18T04:57:49","content":{"rendered":"I haven’t read the white paper yet. I think Libra is going to have significant difficulty in maintaining the stability of the currency unless the gas charges are high to disincentivize arbitrage or there are stringent rules on trading.
n"},"link":"https://techcrunch.com/2019/06/18/facebook-libra/#comment-666082","type":"comment","author_avatar_urls":{"24":"https://secure.gravatar.com/avatar/6a6594ad086c14c085f66f59ca0fc5e2?s=24&d=identicon&r=g","48":"https://secure.gravatar.com/avatar/6a6594ad086c14c085f66f59ca0fc5e2?s=48&d=identicon&r=g","96":"https://secure.gravatar.com/avatar/6a6594ad086c14c085f66f59ca0fc5e2?s=96&d=identicon&r=g"},"techcrunch":{"avatar":"https://ct.yimg.com/cy/1768/39361574426_98028a_64sq.jpg","company":"(no company found)","title":"(no title found)","user":"NBRR4URN2JESBPUFJIP2MGAZAG"},"_links":{"self":[{"href":"https://techcrunch.com/wp-json/wp/v2/comments/666082"}],"collection":[{"href":"https://techcrunch.com/wp-json/wp/v2/comments"}],"up":[{"embeddable":true,"post_type":"post","href":"https://techcrunch.com/wp-json/wp/v2/posts/1845350"}]}},{"id":666069,"parent":666067,"author":0,"author_name":"F F","author_url":"","date":"2019-06-18T03:24:35","content":{"rendered":"Hm… how about sending money to oversea? When you travel, you need to do currency exchange, you lose heaps of money by doing that. 7% sounds like a fair figure.
n"},"link":"https://techcrunch.com/2019/06/18/facebook-libra/#comment-666069","type":"comment","author_avatar_urls":{"24":"https://secure.gravatar.com/avatar/89d55d331bc8ec7879531cbba3b45d34?s=24&d=identicon&r=g","48":"https://secure.gravatar.com/avatar/89d55d331bc8ec7879531cbba3b45d34?s=48&d=identicon&r=g","96":"https://secure.gravatar.com/avatar/89d55d331bc8ec7879531cbba3b45d34?s=96&d=identicon&r=g"},"techcrunch":{"avatar":"https://ct.yimg.com/cy/1768/39361574426_98028a_64sq.jpg","company":"(no company found)","title":"(no title found)","user":"S7U2QTVHQRYVXIDR2LILVKDOYQ"},"_links":{"self":[{"href":"https://techcrunch.com/wp-json/wp/v2/comments/666069"}],"collection":[{"href":"https://techcrunch.com/wp-json/wp/v2/comments"}],"up":[{"embeddable":true,"post_type":"post","href":"https://techcrunch.com/wp-json/wp/v2/posts/1845350"}],"in-reply-to":[{"embeddable":true,"href":"https://techcrunch.com/wp-json/wp/v2/comments/666067"}]}},{"id":666073,"parent":666067,"author":0,"author_name":"Erik de Vries","author_url":"","date":"2019-06-18T03:56:55","content":{"rendered":"Companies like TransferWise are lowering the cost of international transfers and access to money overseas. You donu2019t need crypto currencies to take on the remittance industry. You just need a company with less overhead and more automation to reduce the transaction costs.
n"},"link":"https://techcrunch.com/2019/06/18/facebook-libra/#comment-666073","type":"comment","author_avatar_urls":{"24":"https://secure.gravatar.com/avatar/e83df7fd7ab6f712087b6d91d09a81fd?s=24&d=identicon&r=g","48":"https://secure.gravatar.com/avatar/e83df7fd7ab6f712087b6d91d09a81fd?s=48&d=identicon&r=g","96":"https://secure.gravatar.com/avatar/e83df7fd7ab6f712087b6d91d09a81fd?s=96&d=identicon&r=g"},"techcrunch":{"avatar":"https://ct.yimg.com/cy/1768/39361574426_98028a_64sq.jpg","company":"(no company found)","title":"(no title found)","user":"S3BOOWUGAEVKG3MQPVHAB5IKJA"},"_links":{"self":[{"href":"https://techcrunch.com/wp-json/wp/v2/comments/666073"}],"collection":[{"href":"https://techcrunch.com/wp-json/wp/v2/comments"}],"up":[{"embeddable":true,"post_type":"post","href":"https://techcrunch.com/wp-json/wp/v2/posts/1845350"}],"in-reply-to":[{"embeddable":true,"href":"https://techcrunch.com/wp-json/wp/v2/comments/666067"}]}},{"id":666080,"parent":666067,"author":0,"author_name":"Shannon Butler","author_url":"","date":"2019-06-18T04:50:50","content":{"rendered":"@Erik De Vries Transferwise is unfortunately still really expensive. I’d say due to the regulatory requirements imposed on these types of companies. As regulation comes into place this platform is likely to also become more expensive until it can be truly decentralized.
n"},"link":"https://techcrunch.com/2019/06/18/facebook-libra/#comment-666080","type":"comment","author_avatar_urls":{"24":"https://secure.gravatar.com/avatar/6a6594ad086c14c085f66f59ca0fc5e2?s=24&d=identicon&r=g","48":"https://secure.gravatar.com/avatar/6a6594ad086c14c085f66f59ca0fc5e2?s=48&d=identicon&r=g","96":"https://secure.gravatar.com/avatar/6a6594ad086c14c085f66f59ca0fc5e2?s=96&d=identicon&r=g"},"techcrunch":{"avatar":"https://ct.yimg.com/cy/1768/39361574426_98028a_64sq.jpg","company":"(no company found)","title":"(no title found)","user":"NBRR4URN2JESBPUFJIP2MGAZAG"},"_links":{"self":[{"href":"https://techcrunch.com/wp-json/wp/v2/comments/666080"}],"collection":[{"href":"https://techcrunch.com/wp-json/wp/v2/comments"}],"up":[{"embeddable":true,"post_type":"post","href":"https://techcrunch.com/wp-json/wp/v2/posts/1845350"}],"in-reply-to":[{"embeddable":true,"href":"https://techcrunch.com/wp-json/wp/v2/comments/666067"}]}}]],"author":[{"id":1603003,"name":"Josh Constine","url":"","description":"","link":"https://techcrunch.com/author/josh-constine/","slug":"josh-constine","avatar_urls":{"24":"https://secure.gravatar.com/avatar/fd3b857e7f0024396cdbd36c4c102a5d?s=24&d=identicon&r=g","48":"https://secure.gravatar.com/avatar/fd3b857e7f0024396cdbd36c4c102a5d?s=48&d=identicon&r=g","96":"https://secure.gravatar.com/avatar/fd3b857e7f0024396cdbd36c4c102a5d?s=96&d=identicon&r=g"},"links":{"homepage":"http://www.JoshConstine.com","facebook":"http://www.facebook.com/JoshConstine","twitter":"https://twitter.com/joshconstine","linkedin":"https://www.linkedin.com/in/joshconstine/","crunchbase":"https://www.crunchbase.com/person/josh-constine"},"position":"Editor-At-Large","cbDescription":"Josh Constine is a technology journalist who specializes in deep analysis of social products. He is currently an Editor-At-Large for TechCrunch and is available for speaking engagements.
nnPreviously, Constine was the Lead Writer of Inside Facebook through its acquisition by WebMediaBrands, covering everything about the social network.
nnConstine graduated from Stanford University in 2009 with a Master's degree in Cybersociology, examining the influence of technology on social interaction. He researched the impact of privacy controls on the socialization of children, meme popularity cycles, and what influences the click through rate of links posted to Twitter.
nnConstine also received a Bachelor of Arts degree with honors from Stanford University in 2007, with a concentration in Social Psychology & Interpersonal Processes.
nnJosh Constine is an experienced public speaker, and has moderated over 120 on-stage interviews in 15 countries with leaders including Facebook CEO Mark Zuckerberg, whistleblower Edward Snowden (via on-stage video conference), and U.S. Senator Cory Booker. He is available to moderate panels and fireside chats, deliver keynotes, and judge hackathon and pitch competitions.
nnConstine has been quoted by The Wall Street Journal, CNN Money, The Atlantic, BBC World Magazine, Slate, and more, plus has been featured on television on Good Morning, America, The Today Show, China Central Television, and Fox News. Constine is ranked as the #1 most cited tech journalist on prestigious news aggregator Techmeme.
nn [Disclosures: Josh Constine temporarily advised a college friend's social location-sharing startup codenamed 'Signal' that was based in San Francisco before dissolving in 2015. This advising role was cleared with AOL and TechCrunch's editors and has concluded. Constine's fiancu00e9e Andee Gardiner co-founded startup accelerator Founders Embassy. Constine's cousin Darren Lachtman is the founder of influencer advertising startup Niche that was acquired by Twitter, and he's since left and founded teen content studio Brat. Constine does not write about Founders Embassy or Brat. Constine has personal acquaintances stemming from college housing circa 2007 with founders at Skybox Imaging (now Terra Bella), Hustle, Snapchat, and Robinhood, but does not maintain close social ties with them nor does that influence his writing. Constine occasionally does paid speaking engagements at conferences, but only those funded by companies he does not cover. Constine owns a small position in Ethereum and Bitcoin cryptocurrencies, does not day-trade, and discloses his positions directly in articles where appropriate. 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nThe company announced this morning its To-Do app is live on the Mac App Store, where it will support most of the core features right away, including the ability to create and manage tasks, work offline, share lists, utilize tags and more. It also will integrate with Microsoft Outlook to pull in your “Flagged” email list and will support integration with Planner soon, allowing you to see any items assigned to you.
nThe Mac version also takes advantage of its new platform to offer a handful of keyboard shortcuts, like u23182 to minimize the app so it only displays the list view, and u23181 to return to viewing all your lists. You can click on a task’s text to edit it directly from the list view, as well.u00a0
n
It’s worth noting that Microsoft built this native Mac app using 100% AppKit, it says.
nAt Apple’s Worldwide Developer Conference this month, the company announced a new set of tools — called Project Catalyst — that allow developers to bring their iPad apps to the Mac by leveraging their existing codebase. This is expected to bring more Mac apps to Apple’s Mac App Store over time, as it simplifies the process of maintaining multiple apps for various platforms. Twitter, for example, said on Friday that it would leverage Project Catalyst to bring its app back to the Mac.
nMicrosoft, however, went a different route. We understand the company wanted to ship the new app to Mac users running older versions of macOS (macOS High Sierra and higher), which Project Catalyst wouldn’t allow.
nA big question now is what today’s news will mean for Wunderlist — an app that has a near-perfect 4.9 out of 5 stars rating on the Mac App Store and is the No. 21 most popular free app in the store’s Productivity category.
nAs of today’s launch, Microsoft To-Do has seen a surge of downloads and jumped ahead of its predecessor — it now claims the No. 11 spot in the same category (as of the time of writing).
nMicrosoft had earlier promised that it wouldn’t close down Wunderlist until it was confident that it has “incorporated the best of Wunderlist into To-Do.” Some of the company’s initial concerns were adding support for list sharing in To-Do and rolling out support for all platforms — which Microsoft has now done with this Mac app launch.
nWe asked Microsoft if it will comment on its updated plans for Wunderlist as a result of this launch.
n“We’re not currently working on new features for Wunderlist as we’re concentrating on our new app, Microsoft To-Do,” a spokesperson said. “Once we are confident that we have incorporated the best of Wunderlist into Microsoft To-Do, we will retire Wunderlist,” they added.
nThis is generally the same statement the company made years ago, so it doesn’t add much clarity to the situation.
nIn the meantime, the new Mac version of To-Do is a free download from the Mac App Store here.
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founders need to decide how much salary is enough"},"content":{"rendered":"Startup founders don’t typically launch a company as a get-rich-quick scheme. Most know that it will be a long, hard slog if they are to succeed. There will be lean years where the money is tight, and where they may personally struggle to pay their bills. They do it because they believe in the mission and they want to build a successful company, where, if all goes well, they could end up with a healthy amount of money.
nBut it takes a lot of hard work, long hours, tough times and a bit of luck to find your way through to a successful outcome, however you choose to define that. Early on every dollar you give yourself is money that’s not going into the business, and while you don’t want to starve yourself, neither do you want to run out of money, and those early dollars are especially valuable.
nWhile the ultimate goal is a successful exit, not everyone gets there, and it begs the question, how much is fair to take out in the form of salary, especially in the early years when money is tight, and at what point is it reasonable to sell a bit of equity to take some money out of the business and live a more comfortable life. There are no hard and fast answers.
nRemoving financial obstacles
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nnDisclosures:
nnRon is currently corporate blogger for Intronis where he writes once weekly on IT issues. He has contributed to various corporate blogs in the past including Ness, Novell and the IBM Mid-market Blogger Program.
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proposes share split ahead of reported $20B Hong Kong IPO"},"content":{"rendered":"Alibaba is being heavily linked with a public listing in Hong Kong, which could reportedly happen in Q3 and raise up to $20 billion. The firm is keeping quiet on those rumors, but it did let slip a major hint after it announced plans for a stock split.
nFilings uploaded today (but originally released Friday) announced a proposal for a one-to-eight stock split.
nShareholders are invited to vote on the offer ahead of the company’s annual general meeting on July 15. The initiative has already been approved by Alibaba’s board, which is recommending that shareholders follow suit.
nThe particularly interesting part of the filing is where Alibaba explains the reasons behind the stock split.
n“The Board of Directors is proposing the Share Subdivision to increase the flexibility for the Company in future capital market activities. Among other reasons, the one-to-eight share subdivision will increase the number of shares available for issuance at a lower per share price, and the Board of Directors believes that this will increase flexibility in the Companyu2019s capital raising activities, including the issuance of new shares,” the filing reads.
nThat would appear to clear the way for a second listing for the company, which went public in a record U.S. IPO that raised more than $20 billion in 2014.
nAlibaba declined to provide further comment when we asked.
nReports last week suggested that the Chinese e-commerce giant has already filed initial paperwork for the listing, which would become the largest such float on the Hong Kong stock exchange. The city has become a destination for Chinese tech IPOs since relaxed listing rules came into effect two years ago. Ironically, a lack of flexibility was cited as a key reason why Alibaba picked the U.S. over Hong Kong for its 2014 listing.
nTech firms that have gone public in Hong Kong include Razer, Xiaomi, Tencent’s China Literature and selfie app company Meitu. Despite the hype, some have been guarded of Hong Kong’s suitability for tech firms, which are often not profitable when listing. Indeed, Razer CEO Min-Liang Tan previously warned that “the U.S. [public markets] are probably more cognizant of tech companies” than Hong Kong retail investors.
n","protected":false},"excerpt":{"rendered":"Alibaba is being heavily linked with a public listing in Hong Kong, which could reportedly happen in Q3 and raise up to $20 billion. The firm is keeping quiet on those rumors, but it did let slip a major hint after it announced plans for a stock split. Filings uploaded today (but originally released Friday) […] n","protected":false},"author":5956050,"featured_media":1549123,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"outcome":"","status":"","crunchbase_tag":0,"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"jetpack_publicize_message":"Alibaba proposes share split ahead of reported $20B Hong Kong IPO https://tcrn.ch/2L1kU0G by @jonrussell"},"categories":[449557111],"tags":[929443,2666311,576595677,2639695,449556974,68714840,525935,542665,449557049,61334014],"crunchbase_tag":[],"tc_stories_tax":[],"tc_event":[],"jetpack_featured_media_url":"https://techcrunch.com/wp-content/uploads/2017/09/gettyimages-516871766-e1548854716530.jpg","jetpack_publicize_connections":[],"shortlink":"https://tcrn.ch/2L1kU0G","rapidData":{"pt":"","pct":""},"featured":false,"subtitle":"","fundingRound":false,"seoTitle":"","seoDescription":"","premiumContent":false,"premiumCutoffPercent":1,"tc_cb_mapping":[{"slug":"razer","cb_name":"Razer","cb_slug":"razer-organization","cb_link":"https://crunchbase.com/organization/razer"},{"slug":"xiaomi","cb_name":"Xiaomi","cb_slug":"xiaomi-organization","cb_link":"https://crunchbase.com/organization/xiaomi"},{"slug":"min-liang-tan","cb_name":"Min-Liang Tan","cb_slug":"min-liang-tan-person","cb_link":"https://crunchbase.com/person/min-liang-tan"},{"slug":"alibaba-group","cb_name":"Alibaba Group","cb_slug":"alibaba-organization","cb_link":"https://crunchbase.com/organization/alibaba"},{"slug":"meitu","cb_name":"Meitu","cb_slug":"meitu-organization","cb_link":"https://crunchbase.com/organization/meitu"},{"slug":"china-literature","cb_name":"China Literature","cb_slug":"china-literature-organization","cb_link":"https://crunchbase.com/organization/china-literature"}],"associatedEvent":null,"event":null,"authors":[5956050],"hideFeaturedImage":false,"relatedArticles":[],"_links":{"self":[{"href":"https://techcrunch.com/wp-json/wp/v2/posts/1844860"}],"collection":[{"href":"https://techcrunch.com/wp-json/wp/v2/posts"}],"about":[{"href":"https://techcrunch.com/wp-json/wp/v2/types/post"}],"version-history":[{"count":5,"href":"https://techcrunch.com/wp-json/wp/v2/posts/1844860/revisions"}],"predecessor-version":[{"id":1845025,"href":"https://techcrunch.com/wp-json/wp/v2/posts/1844860/revisions/1845025"}],"authors":[{"embeddable":true,"href":"https://techcrunch.com/wp-json/tc/v1/users/5956050"}],"replies":[{"embeddable":true,"count":0,"href":"https://techcrunch.com/wp-json/wp/v2/comments?post=1844860&order=asc&tc_hierarchical=flat"}],"https://techcrunch.com/edit":[{"href":"https://techcrunch.com/wp-admin/post.php?post=1844860&action=edit"}],"author":[{"embeddable":true,"href":"https://techcrunch.com/wp-json/tc/v1/users/5956050"}],"wp:featuredmedia":[{"embeddable":true,"href":"https://techcrunch.com/wp-json/wp/v2/media/1549123"}],"wp:attachment":[{"href":"https://techcrunch.com/wp-json/wp/v2/media?parent=1844860"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https://techcrunch.com/wp-json/wp/v2/categories?post=1844860"},{"taxonomy":"post_tag","embeddable":true,"href":"https://techcrunch.com/wp-json/wp/v2/tags?post=1844860"},{"taxonomy":"_tc_cb_tag_taxonomy","embeddable":true,"href":"https://techcrunch.com/wp-json/wp/v2/crunchbase_tag?post=1844860"},{"taxonomy":"tc_stories_tax","embeddable":true,"href":"https://techcrunch.com/wp-json/wp/v2/tc_stories_tax?post=1844860"},{"taxonomy":"tc_event","embeddable":true,"href":"https://techcrunch.com/wp-json/wp/v2/tc_event?post=1844860"}],"curies":[{"name":"wp","href":"https://api.w.org/{rel}","templated":true}]},"_embedded":{"authors":[{"id":5956050,"name":"Jon Russell","url":"","description":"","link":"https://techcrunch.com/author/jon-russell/","slug":"jon-russell","avatar_urls":{"24":"https://secure.gravatar.com/avatar/5f5876ccfd72ee5c2620b86429e8caf5?s=24&d=identicon&r=g","48":"https://secure.gravatar.com/avatar/5f5876ccfd72ee5c2620b86429e8caf5?s=48&d=identicon&r=g","96":"https://secure.gravatar.com/avatar/5f5876ccfd72ee5c2620b86429e8caf5?s=96&d=identicon&r=g"},"links":{"homepage":"http://asiatechreview.com","twitter":"https://twitter.com/jonrussell","linkedin":"http://th.linkedin.com/in/jmarussell","crunchbase":"https://www.crunchbase.com/person/jon-russell-2"},"position":"Writer","cbDescription":"
Jon Russell has been a reporter for TechCrunch since 2014 covering all things tech in Asia, in particular the major players in China, India and Southeast Asia. Originally from the UK, he is based in Bangkok and has lived in Thailand since 2008. During that time, Jon has watched smartphones and the internet, most notably Facebook, completely change the daily life of people across Southeast Asia. That's pace of change is set to continue as tech and startups become all the more influential in the region, and that's what keeps Jon's interest and attention.
nnYou reach Jon via [email protected] or use his PGP key. He's also active on Telegram (@jonrussell) and Twitter (@jonrussell) and he runs a weekly newsletter at Asiatechreview.com.
nnNote: Jon owns a small amount of cryptocurrency. Enough to gain an understanding, not enough to change a life.
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nnYou reach Jon via [email protected] or use his PGP key. He's also active on Telegram (@jonrussell) and Twitter (@jonrussell) and he runs a weekly newsletter at Asiatechreview.com.
nnNote: Jon owns a small amount of cryptocurrency. Enough to gain an understanding, not enough to change a life.
","cbAvatar":"https://crunchbase-production-res.cloudinary.com/image/upload/ea9babfujmoiwhjfy16h","twitter":"jonrussell","_links":{"self":[{"href":"https://techcrunch.com/wp-json/tc/v1/users/5956050"}],"collection":[{"href":"https://techcrunch.com/wp-json/tc/v1/users"}]}}],"wp:featuredmedia":[{"id":1549123,"date":"2017-09-29T08:57:21","slug":"china-zhejiang-alibaba-real-time-gmv-cn","type":"attachment","link":"https://techcrunch.com/china-zhejiang-alibaba-real-time-gmv-cn/","title":{"rendered":"CHINA-ZHEJIANG-ALIBABA-REAL TIME GMV (CN)"},"author":24893112,"license":"","authors":[24893112],"caption":{"rendered":"HANGZHOU, March 21, 2016– People walk past a logo of China’s e-commerce giant Alibaba in Hangzhou, capital of east China’s Zhejiang Province, March 21, 2016. Alibaba China retail marketplaces real-time gross merchandize value in fiscal year 2016 reached three trillion RMB at 2:58 p.m. on March 21, 2016. This means Alibaba Group, China’s leading e-commerce company, might exceed Wal-Mart and become the world’s biggest retail platform in fiscal year 2016, according to analysis. (Xinhua/Wang Dingchang via Getty Images)
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Alibaba China retail marketplaces real-time gross merchandize value in fiscal year 2016 reached three trillion RMB at 2:58 p.m. on March 21, 2016. This means Alibaba Group, China's leading e-commerce company, might exceed Wal-Mart and become the world's biggest retail platform in fiscal year 2016, according to analysis. 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won the H-1B lottery: Donu2019t lose your ticket when changing jobs"},"content":{"rendered":"n nGetting an H-1B skilled-worker visa is like winning the lottery u2014 literally: With the number of new visas issued each year capped at 85,000, most of this year’s over 200,000 applicants face disappointment. But if youu2019re already working in the United States, then youu2019ve already won the H-1B lottery, and that makes you a hot commodity.
nWith H-1Bs in short supply, successful companies frequently poach skilled workers. Everyone knows the tech sector thrives on this free exchange of people and ideas, so if another employer needs your skills, why not start working for them?
nWell, not so fast. H-1B holders can work only for the company that originally sponsored their visa application. So if you want to change employers, youu2019ll need to u201ctransferu201d your H-1B.
nThat process used to be relatively straightforward but not in the Trump era. (Boundless recently underwent this process with an employee, so we understand the pain.) The denial rate for initial H-1B applications spiked over five-fold to 32 percent just in the first quarter of fiscal 2019, up from 6 percent in 2015. Crucially, the Trump administration is targeting u201ccontinuingu201d H-1B applications used by existing employees to either renew their H-1B or switch it to a new employer. Even tech giants like Amazon are now seeing double-digit rejection rates.
n
The bottom line: The days of getting an H-1B transfer quickly rubber-stamped are long gone, and that makes it vital to do whatever you can to keep the odds in your favor. The stakes are high u2014 if things go south, you could lose your right to live and work in the United States. Hereu2019s what H-1B holders need to know about the right u2014 and wrong u2014 ways to set about switching employers:
nDonu2019t take your transfer for granted.
nFirst, understand that an H-1B u201ctransferu201d is actually a brand new visa application, not a simple handover of your existing H-1B visa from one employer to another u2014 thereu2019s no such thing.
n","protected":false},"excerpt":{"rendered":"
Getting an H-1B skilled-worker visa is like winning the lottery u2014 literally: With the number of new visas issued each year capped at 85,000, most of this year’s over 200,000 applicants face disappointment. But if youu2019re already working in the United States, then youu2019ve already won the H-1B lottery, and that makes you a hot commodity.
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to make remote work work"},"content":{"rendered":"Every time I see a “the future of work is remote” article, I think to myself: “How backwards! How retro! How quaint!” That future is now, for many of us. I’ve been a fully remote developer-turned-CTO for a full decade. So I’m always baffled by people still wrestling with whether remote work is viable for their company. That jury rendered its verdict a long time ago.
nOne reason companies still struggle with it is that remote work amplifies the negative effects of bad practices. If everyone’s in one place, you can dither, handwave, vacillate, micromanage, and turn your workplace into an endless wasteland of unclear uncertainty, punctuated by ad-hoc last-second crisis meetings u2014 and your employees will probably still conspire against your counterproduction to get something done, albeit much less than what they’re capable of.
nIf they’re remote, though, progress via conspiracy and adhocracy is no longer an option. If they’re remote, you need decisive confidence, clear direction, iterative targets, independent responsibilities, asynchronous communications, and cheerful chatter. Let me go over each of those:
nDecisive confidence. Suppose Vivek in Delhi, Diego in Rio, and Miles in Berlin are all on a project. (An example I’m drawing from my real life.) It’s late your time. You have to make a decision about the direction of their work. If you sleep on it, you’re writing off multiple developer-days of productivity.
nSometimes they have enough responsibilities to have other things to work on. (More on that below.) Sometimes you don’t have to make the decision because they have enough responsibility to do so themselves. (More on that below.) But sometimes you have to make the business-level decision based on scant information. In cases like this, remember the military maxim: “Any decision is better than no decision.”
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Every time I see a “the future of work is remote” article, I think to myself: “How backwards! How retro! How quaint!” That future is now, for many of us. I’ve been a fully remote developer-turned-CTO for a full decade. So I’m always baffled by people still wrestling with whether remote work is viable for […] n","protected":false},"author":18174465,"featured_media":1834069,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"outcome":"","status":"","crunchbase_tag":0,"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"jetpack_publicize_message":"How to make remote work work by @rezendi"},"categories":[14911,576596928,352,449162627,20429,576603290,17396],"tags":[220230,81,970347,576603422],"crunchbase_tag":[],"tc_stories_tax":[],"tc_event":[],"jetpack_featured_media_url":"https://techcrunch.com/wp-content/uploads/2019/05/GettyImages-1084518636.jpg","jetpack_publicize_connections":[],"shortlink":"https://tcrn.ch/31zH0NK","rapidData":{"pt":"","pct":""},"featured":false,"subtitle":"","fundingRound":false,"seoTitle":"","seoDescription":"","premiumContent":true,"premiumCutoffPercent":0.16,"tc_cb_mapping":[{"slug":"google","cb_name":"Google","cb_slug":"google-organization","cb_link":"https://crunchbase.com/organization/google"}],"associatedEvent":null,"event":null,"authors":[18174465],"hideFeaturedImage":false,"relatedArticles":[],"_links":{"self":[{"href":"https://techcrunch.com/wp-json/wp/v2/posts/1840990"}],"collection":[{"href":"https://techcrunch.com/wp-json/wp/v2/posts"}],"about":[{"href":"https://techcrunch.com/wp-json/wp/v2/types/post"}],"version-history":[{"count":7,"href":"https://techcrunch.com/wp-json/wp/v2/posts/1840990/revisions"}],"predecessor-version":[{"id":1841995,"href":"https://techcrunch.com/wp-json/wp/v2/posts/1840990/revisions/1841995"}],"authors":[{"embeddable":true,"href":"https://techcrunch.com/wp-json/tc/v1/users/18174465"}],"replies":[{"embeddable":true,"count":1,"href":"https://techcrunch.com/wp-json/wp/v2/comments?post=1840990&order=asc&tc_hierarchical=flat"}],"https://techcrunch.com/edit":[{"href":"https://techcrunch.com/wp-admin/post.php?post=1840990&action=edit"}],"author":[{"embeddable":true,"href":"https://techcrunch.com/wp-json/tc/v1/users/18174465"}],"wp:featuredmedia":[{"embeddable":true,"href":"https://techcrunch.com/wp-json/wp/v2/media/1834069"}],"wp:attachment":[{"href":"https://techcrunch.com/wp-json/wp/v2/media?parent=1840990"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https://techcrunch.com/wp-json/wp/v2/categories?post=1840990"},{"taxonomy":"post_tag","embeddable":true,"href":"https://techcrunch.com/wp-json/wp/v2/tags?post=1840990"},{"taxonomy":"_tc_cb_tag_taxonomy","embeddable":true,"href":"https://techcrunch.com/wp-json/wp/v2/crunchbase_tag?post=1840990"},{"taxonomy":"tc_stories_tax","embeddable":true,"href":"https://techcrunch.com/wp-json/wp/v2/tc_stories_tax?post=1840990"},{"taxonomy":"tc_event","embeddable":true,"href":"https://techcrunch.com/wp-json/wp/v2/tc_event?post=1840990"}],"curies":[{"name":"wp","href":"https://api.w.org/{rel}","templated":true}]},"_embedded":{"authors":[{"id":18174465,"name":"Jon Evans","url":"http://rezendi.com/","description":"Jon Evans is the CTO of the engineering consultancy HappyFunCorp; the award-winning author of six novels, one graphic novel, and a book of travel writing; and TechCrunch's weekend columnist since 2010.","link":"https://techcrunch.com/author/jon-evans/","slug":"jon-evans","avatar_urls":{"24":"https://secure.gravatar.com/avatar/df4f08903b7a5c3d7078165edcf5bcf7?s=24&d=identicon&r=g","48":"https://secure.gravatar.com/avatar/df4f08903b7a5c3d7078165edcf5bcf7?s=48&d=identicon&r=g","96":"https://secure.gravatar.com/avatar/df4f08903b7a5c3d7078165edcf5bcf7?s=96&d=identicon&r=g"},"links":{"homepage":"http://rezendi.com","facebook":"http://www.facebook.com/rezendi","twitter":"http://twitter.com/rezendi","linkedin":"http://www.linkedin.com/in/rezendi","crunchbase":"https://www.crunchbase.com/person/jon-evans"},"position":"Columnist","cbDescription":"
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top VCs look for in women’s fertility startups"},"content":{"rendered":"A number of promising women’s health tech companies have popped up in the last few years, from fertility apps to ovulation bracelets — even Apple has jumped into the subject with the addition of period tracking built into the latest edition of the watch. But there hasn’t been much in the way of innovation in women’s sexual health for decades.
nIn-vitro fertilization (IVF) is now a 40-year-old invention and even the top pharmaceutical companies have spent a pittance on research and development. Subjects like polycystic ovarian syndrome, endometriosis and menopause have taken a backseat to other, more fatal concerns. Fertility is itself oftentimes a mysterious black box as well, though a full 10% of the female population in the United States has difficulty getting or staying pregnant.
nThat’s all starting to change as startups are now bringing in millions in venture capital to gather and treat women’s health. While it’s early days (no unicorns just yet) interest in the subject has been jumping steadily higher each year.
nTo shine a better light on the importance of tech’s role in spurring more innovation for women’s fertility, we asked five VCs passionate about the space for their investment strategies, including Sarah Cone (Social Impact Capital), Vanessa Larco (NEA), Anu Duggal (Female Founders Fund), Jess Lee (Sequoia) and Nancy Brown (Oak HC/FT).
nSarah Cone, Social Impact Capital
n
Sarah Cone, Social Impact Capital
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101: Do VC associates matter?"},"content":{"rendered":"Building a company is fueled by highs and lows, but one of the few moments of potential ecstasy (or perhaps for grizzled veterans, deep annoyance) is the VC outreach email. You are building your startup on deforming IKEA desks eating frozen dinners when out of nowhere, a major VC firm reaches out and wants to discuss a potential investment.
nBut then you look up your interlocutor online and find that they have that completely enigmatic title of u201cAssociate.u201d Heck, that email may well have been from me over the years.
nWhat do you do? Do you connect with someone who may well be working at a prominent firm and try to engage? Do you flat out ignore it? Do you equivocate and delay?
nIn short, do VC associates matter to your fundraise?
nFirst, what exactly are associates and what do they do?
nThe best way to understand the work of a venture firm is to look at their actual activities rather than the titles or listed duties of any individual person. On the investment side, there are three main activities: analytics, networking / deal sourcing, and closing.
n","protected":false},"excerpt":{"rendered":"
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Danny is Executive Editor of TechCrunch Extra Crunch, where he covers technology and power. Previously, he was a foreign correspondent at TechCrunch based in Seoul, South Korea as well as a venture capitalist with General Catalyst in Palo Alto and Charles River Ventures in Boston and New York. He was awarded a Fulbright research scholarship to South Korea, where he researched the development of Koreau2019s startup ecosystem. He is a PhD dropout from Harvard where he studied public policy and an honors graduate of Stanford, where he studied mathematical and computational sciences. Danny is based in Brooklyn.
nnHis ethics statement is located at https://www.dannycrichton.com/ethics/
","cbAvatar":"https://crunchbase-production-res.cloudinary.com/image/upload/kx43q415v57n7kc56gvq","twitter":"dannycrichton"}],"replies":[[{"id":665833,"parent":0,"author":0,"author_name":"Marius Chawa","author_url":"","date":"2019-06-14T01:07:47","content":{"rendered":"totally agree. relationships are everything
n"},"link":"https://techcrunch.com/2019/06/12/fundraising-101-do-vc-associates-matter/#comment-665833","type":"comment","author_avatar_urls":{"24":"https://secure.gravatar.com/avatar/4ca18687cfc6f19d03c826b6a35fac46?s=24&d=identicon&r=g","48":"https://secure.gravatar.com/avatar/4ca18687cfc6f19d03c826b6a35fac46?s=48&d=identicon&r=g","96":"https://secure.gravatar.com/avatar/4ca18687cfc6f19d03c826b6a35fac46?s=96&d=identicon&r=g"},"techcrunch":{"avatar":"https://ct.yimg.com/cy/1768/39361574426_98028a_64sq.jpg","company":"(no company found)","title":"(no title found)","user":"KPUAFPUPYWGEZ5SJBGTYKJIFXY"},"_links":{"self":[{"href":"https://techcrunch.com/wp-json/wp/v2/comments/665833"}],"collection":[{"href":"https://techcrunch.com/wp-json/wp/v2/comments"}],"up":[{"embeddable":true,"post_type":"post","href":"https://techcrunch.com/wp-json/wp/v2/posts/1841449"}]}},{"id":665838,"parent":0,"author":0,"author_name":"Derek Bittar","author_url":"","date":"2019-06-14T02:59:38","content":{"rendered":"Entrepreneurs need to understand that VCs mean no offenses in having associates in the frontlines. Associates make a GPs work scalable. They are the extension of the GPs work – usually very synergetic. So, beware not to underestimate an associateu2019s influence on an investment decision. Being arrogant may spoil your opportunity, no matter the size of the fund on the other side of the table.
n"},"link":"https://techcrunch.com/2019/06/12/fundraising-101-do-vc-associates-matter/#comment-665838","type":"comment","author_avatar_urls":{"24":"https://secure.gravatar.com/avatar/448a8f70751354d8fa944d473e2cf674?s=24&d=identicon&r=g","48":"https://secure.gravatar.com/avatar/448a8f70751354d8fa944d473e2cf674?s=48&d=identicon&r=g","96":"https://secure.gravatar.com/avatar/448a8f70751354d8fa944d473e2cf674?s=96&d=identicon&r=g"},"techcrunch":{"avatar":"https://ct.yimg.com/cy/1768/39361574426_98028a_64sq.jpg","company":"(no company found)","title":"(no title found)","user":"COGLA7RR6E5WFXRGQ4WPPHPOXY"},"_links":{"self":[{"href":"https://techcrunch.com/wp-json/wp/v2/comments/665838"}],"collection":[{"href":"https://techcrunch.com/wp-json/wp/v2/comments"}],"up":[{"embeddable":true,"post_type":"post","href":"https://techcrunch.com/wp-json/wp/v2/posts/1841449"}]}}]],"author":[{"id":15408904,"name":"Danny Crichton","url":"","description":"","link":"https://techcrunch.com/author/danny-crichton/","slug":"danny-crichton","avatar_urls":{"24":"https://secure.gravatar.com/avatar/8c216d6030a712ef1dd35e2d6ffdf497?s=24&d=identicon&r=g","48":"https://secure.gravatar.com/avatar/8c216d6030a712ef1dd35e2d6ffdf497?s=48&d=identicon&r=g","96":"https://secure.gravatar.com/avatar/8c216d6030a712ef1dd35e2d6ffdf497?s=96&d=identicon&r=g"},"links":{"homepage":"https://www.dannycrichton.com","facebook":"http://www.facebook.com/dancric","twitter":"https://twitter.com/dannycrichton","linkedin":"http://www.linkedin.com/in/dannycrichton","crunchbase":"https://www.crunchbase.com/person/danny-crichton"},"position":"Editorial Manager","cbDescription":"Danny is Executive Editor of TechCrunch Extra Crunch, where he covers technology and power. Previously, he was a foreign correspondent at TechCrunch based in Seoul, South Korea as well as a venture capitalist with General Catalyst in Palo Alto and Charles River Ventures in Boston and New York. He was awarded a Fulbright research scholarship to South Korea, where he researched the development of Koreau2019s startup ecosystem. He is a PhD dropout from Harvard where he studied public policy and an honors graduate of Stanford, where he studied mathematical and computational sciences. Danny is based in Brooklyn.
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future of car ownership: Building an online dealership"},"content":{"rendered":"Buying a car is painful. Dealerships are the worst, and the options are endless. The rise of the Internet produced powerful tools for shoppers, but in the end, most buyers still have to trudge down to a car lot.
nFor this series of articles, TechCrunch spoke with several founders and investors attempting to rethink car buying. It’s clear these startups are the underdog in this fight. Most consumers buy cars the same way as their grandparents did and for good reason. Dealerships nationwide fought for years to enact laws and regulations that protect their businesses.
nSeveral young companies are attempting to put the dealership online. Companies like Carvana, Shift, Vroom and Joydrive are putting the entire car buying process online, allowing customers to buy, trade-in and even test drive vehicles without talking to a salesman in an oversized golf pullover.
nIn the next part of this series, weu2019ll look at companies like Fair that are moving consumers away from purchasing and into short-term leases. Even automakers are trying something new. Tesla sells directly to consumers while Volvo, BMW, Mercedes and others are launching subscription options to give owners even more flexibility.
nThe three new dealerships
n
Several companies are building online car dealerships. Shoppers find and buy a vehicle solely through these sites, and often, the cars are delivered to the buyer. These online dealerships even take trade-ins.
nThree services dominate this space, and they were all founded in 2013. Carvana, Shift, and Vroom hit the market at the same time but have experienced different paths. One thing is clear though: it takes hundreds of millions of venture capital money to build an online dealership.
nEmily Melton, co-founder and managing partner, Threshold Ventures (formally known as DFJ Ventures), points to consumeru2019s changing expectations and an optimized process across all kinds of vehicles. She co-led Shiftu2019s Series A in 2014.
n","protected":false},"excerpt":{"rendered":"
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For this series of articles, TechCrunch spoke with several founders and investors attempting to rethink car […] 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TechCrunch has learned and confirmed that Bebo, one of the earlier platforms to let people share thoughts and media with their friends, has been acquired by Twitch, the streaming video platform owned by Amazon. Together the two will be working on building out Twitch’s esports business, and specifically Twitch Rivals.
nA spokesperson for Twitch confirmed the acquisition, which includes both people (around 10 employees) and IP, but declined to provide further comment.
nFrom what we understand from our sources, Twitch paid $25 million for the company earlier this month, after beating out at least one other bidder, Discord (which itself has been building out its own esports business). Indeed, LinkedIn profiles for ex-Bebo employees — see here, here, and here — now at Twitch note June as the changeover date.
nIt has been a long and winding road for Bebo over the years. Starting out way back in 2005 by Michael and Xochi Birch as an early social networking site, Bebo quickly became the market leader in a couple of English-speaking countries, specifically UK and Ireland.
nBebo’s growth trajectory and the bigger opportunity in social were enough to get itu00a0acquired for about $850 million by AOL back in 2008, apparently beating out a number of other interested large tech and media companies interested in getting their own social media platform and the audience that would come with it (disclaimer: AOL eventually also acquired TechCrunch, too).
nBut the deal was a certifiable dud, with Bebo never managing to build on its early traction, and AOL not being in a position to know how to fix that. Less than two years later, itu00a0was sold on to Criterion Capital for $25 million.
nYet as the social wheels continued to turn, and even once-global market leader MySpace also fell back as Facebook, Twitter, Instagram and other mobile-friendly platforms pulled out ahead, even that $25 million price turned out to be too high. After Bebo filed for Chapter 11 bankruptcy protection, the original founders, the Birches, bought it back in 2013 for $1 million with a pledge to reinvent it.
nAnd so they did, putting in place a small team led by Shaan Puri, who worked on a number of ideas to see which of them could fly. (And I don’t know if this was a tongue in cheek joke about how challenging they knew the task would be, but it seems that the holding company set up to house some of the IP and legal aspects of the endeavor was called “Pigs in Flight.”)
nThe new app studio effort, which went by the name Monkey Inferno (another great one), came out of the gates with “Blab”, a “walkie-talkie” ephemeral video messaging service, which picked up millions of users quickly but found it hard to retain them. It shut down a year later, and it looks like Monkey Inferno dabbled in a few other things before coming to esports.
nFrom social networking to socialising esports
nIn that last pivot, Bebo first tried out streaming services for esports players, but that proved to be tough competition against dominant platforms like OBS and Xsplit. Then, in an interesting nod to its earlier history in social networking and organising groups of friends, itu00a0shifted once more, into organising and running tournaments for streamers, with leagues and more: the streams ran on Twitch and Bebo organised viewers, leagues and other things around that.
nThat site, Bebo.com, is now offline, and all its tweets seem to have been deleted, but the idea was to build out leagues and tournaments for any and all kinds of groups and players, for example complete beginners, or high school students.
nIt was the last of these that turned out to line up with a growing market segment.
nAccording to a report in eMarketer, esports attracted some 400 million users in 2018 and pulled in revenues of $869 million from sponsorships, player fees and advertising, and it is projected to be worth between $1.58 billion and $2.96 billion by 2022. And Bebo was helping organise and build those communities.
nAnd that is now linking up neatly with Twitch, which had been developing its own casual esports operation in the form of Twitch Rivals. This launched in beta in 2018 and is now widely available wherever Twitch is.
nThe Bebo tech and its team are now both being put to use on Twitch Rivals, to help continue expanding it with more features and more users. To be clear, though, it seems there is no intention — from what I understand — to parlay Bebo’s past efforts in social networking into a wider social networking play at Twitch: the focus is on esports.
nStill, the acquisition comes at a key moment. Since January, there have been reports that Amazon is working on a new game streaming service (just like Apple, Google and others), which likely won’t be out until next year. While there is no news on that today, you can see how expanding the variety and breadth of content on Twitch by way of esports leagues and tournaments fits in with a wider effort to bring more regular, engaged users into the Amazon fold, using this as one of the big draws.
nWe’ll update this as and if we learn more.
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nnBefore TechCrunch, Ingrid worked at paidContent.org, where she was a staff writer, and has in the past also written freelance regularly for other publications such as the Financial Times. Ingrid covers mobile, digital media, advertising and the spaces where these intersect.
nnWhen it comes to work, she feels most comfortable speaking in English but can also speak Russian, Spanish and French (in descending order of competence).
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