Insider Weekly: Uber’s mass exodus – We found Larry Page – Exclusive salary database

Hello!

Welcome to this weekly roundup of stories from Insider. I’m Olivia Oran, filling in this week for Matt Turner. Subscribe here to get this newsletter in your inbox every Sunday.

What we’re going over today:

faang salary thumb 2x1

What’s trending this morning:


See how much Google, Netflix, and others pay

Insider compiled more than 250,000 salaries across more than 250 major companies, including Facebook, Amazon, Google and Lyft. Our new database is searchable by company and job title:

For a long time, sharing salary information has been a major taboo in America, which makes it difficult to know how much you should be getting paid.

To help prepare you for your next salary negotiation, Insider has created a searchable database of the last three years of salary disclosures, collected from the USCIS website, curated to a range of more than 250 companies that Insider reporters regularly cover.

The data is filterable by employer name, type of job, and job location, catching the differences between software engineers in Silicon Valley and Miami.

See the database here:

Also read:


Uber’s trying to address their high turnover rate

Uber CEO Dara Khosrowshahi is seen sitting on stage speaking during an event

Employees are leaving Uber so fast that executives had to have an all-hands meeting about it. The pandemic has caused many workers to change jobs or careers, though some Uber staffers blame uninspiring leadership:

The worry with a high attrition rate, said Uber employees and HR specialists, is that the company could lose key talent, causing leaders to spend more energy hiring replacements rather than focusing on the business.

An internal email from June announcing new roles for two HR employees said they would be “hyper-focused on recruiting and attrition.” Uber has hired more than 200 senior managers in the past six months, according to a person familiar with the matter.

Current and former Uber employees differ on why turnover is rising so much. Some chalk it up to longtime colleagues pursuing fresh opportunities. Others said it reflects Uber’s current culture and the leadership of CEO Dara Khosrowshahi, which, though far less tumultuous than the Travis Kalanick days, can also be less inspiring.

Read the full story here:

Also read:


The most promising fintechs to watch in 2021

5 vcs on a blue background lined up left to right talking about business fintech
From left: Karim Atiyeh and Eric Glyman, founders of Ramp; Shuo Wang, cofounder and CRO of Deel; Stephany Kirkpatrick, founder and CEO of Orum; and Richie Serna, founder and CEO of Finix.

Insider asked more than 40 top fintech investors – from Citi Ventures to Fin Venture Capital – to nominate the most promising fintechs to watch this year. The list includes a number of top B2B startups – here’s a preview:

Cardless

Cited by: Activant Capital (investor)

Total raised: $50 million

What it does: Cardless enables brands to launch their own digital credit cards.

Why it’s promising: “Cardless enables modern brands and fintechs that have built strong communities to offer innovative and rewarding digital credit cards to their consumers, allowing these companies to launch programs in weeks versus six to nine months with best-in-class developer infrastructure,” said Steve Sarracino, founder and partner at Activant Capital.

Check out the full list here:

Also read:


Ryan Tolkin made Schonfeld a heavyweight hedge fund

headshot of ryan tolkin against a green background with faded images of duke university, steven schonfeld, and the schonfeld logo

What started as a family office evolved into an industry giant with over 600 employees – and 34-year-old Ryan Tolkin led the way. Insider spoke to those who know him best to better understand who he is and what drives him:

How he got to his lofty perch is a combination of natural ability and extreme focus and discipline, said those who know him best. Professors described him as both intelligent and prepared, while fraternity brothers remember a driven friend who wouldn’t let anything get in the way of his ultimate goals.

Schonfeld has grown into one of the industry’s more prominent multi-managers thanks to years of solid performance, fundraising, and aggressive hiring.

Now, after being appointed CEO at the beginning of the year and launching a new macro division more recently, Tolkin is riding as high as ever.

Find out more about the ambitious CEO here:

Also read:


Finally, here are some headlines you might have missed last week.

– Olivia

Read the original article on Business Insider

How does work… well, work? Here are the 5 things every employee making a career change in 2021 should know

7 people sit around a table with their laptops and notebooks working
Employees and job seekers will have to look at the workforce from a new perspective to navigate recent changes.

  • Growing rates of burnout have transformed company culture and resulted in a “Great Resignation.”
  • Preferences between in-person and remote work continue to dictate employment decisions.
  • This page will help you decide if it’s time to get a new job and how to apply.
  • See more stories on Insider’s business page.

Work from home was supposed to be temporary.

But in the past 15 months, we’ve lived through a pandemic and a global recession, which led to mass burnout and a spike in voluntary resignations. This new normal means hybrid offices and awkward first encounters with coworkers.

One of the many changes 2021 has brought to the US job market – 9.2 million job openings. Job seekers have the advantage while on the hunt, but they need to know how to use it.

Navigating all the changes in our “work life” over the last year would make anyone’s head spin.

Here are five things any worker who feels they are struggling with should know when trying to excel in their career.

Remote work eliminated work-life balance, but some companies are looking to compensate

Mental Health
The pandemic did not just eliminate in-person socialization but also divisions between the home and office.

The pandemic transformed our living rooms into our office spaces – not the healthiest change for those who already struggled with taking their work home with them.

Burnout has left 61% of Americans feeling at least somewhat burnout and more than 80% have reported that COVID-19 has been a source of change in their lives. With the pandemic causing undue stress on everyone, an unhealthy office culture only adds to the pressure.

Employers need to lead the way in implementing wellness techniques that teach their employees how to care for themselves, take their PTO, and take advantage of flexible work environments.

Read more:

Americans don’t take nearly enough vacation days – and experts say it’s because companies think about PTO all wrong

A day off work and ‘Zoom-free Fridays’ aren’t going to cut it. Here’s how to really tackle burnout.

The Great American Burnout is just beginning. Here are 5 ways managers can prevent the wave from hitting their teams.

A few small changes can make you happier at a job you don’t like, experts say

Burnout rates are rising. Zoom-free Fridays and $250,000 bonuses are the tip of the iceberg. Cisco is solving the problem by going deeper into its culture.

LinkedIn’s new VP of flex work shares 3 steps any company can use to create a hybrid work plan for all employees

If the last year has taught you anything, it’s that you have the freedom to leave

A orange sign with pink balloons reads "now hiring."
Workers are leaving their jobs in search of better pay and benefits.

For workers whose companies have failed to help prevent employee burnout, the pandemic has helped them realize one thing – it’s time to quit.

As millions willingly choose to walk away from their jobs, in what economists have coined the “Great Resignation,” some industries have been hit harder than others. In May, 5.3 million people voluntarily left their jobs.

Low pay and unreasonable working conditions across the retail, hospitality, and fast food businesses have created a crisis of, “rage quitting.” While it may feel good to walk out without notice, sometimes it is better to salvage professional connections.

Telling an employer you’re leaving is never easy, but it’s important to be candid.

Read More:

Americans say the pandemic is changing their personalities – and managers need to take notice or risk losing people

Employees are quitting their jobs in record numbers. Here’s how to tell if you’re losing people for the right reasons.

Now may be the best time to switch jobs – and make more money

A workplace expert shares the exact steps you should take to quit your job without burning bridges

Expert advice to guide you in the job hunt

Whether it be because of recession or resignation, a lot of candidates are on the job hunt.

Searching for a new role can be intimidating, but job seekers should always start by identifying which industries are hiring and what connections they have within them. After finding the job posting of your dreams it’s all about perfecting your résumé, cover letter, and interview techniques.

Never underestimate the need to customize your application for every job posting – learn from the experts about how to stand out as the pool of job seekers grows.

Read More:

Use this email template from a LinkedIn career expert to network and find a new job

No college degree? No problem. How to land a stable, high-paying job on certificates and trainings alone.

Job seekers have all the power right now. Here are 7 questions you should definitely ask in your next job interview.

Headed to a job interview? These are the red flags to look for that indicate a company’s culture won’t be right for you

5 questions companies are asking in interviews right now and how to answer, according to a career expert

What Elon Musk, Richard Branson, Jack Dorsey, and 52 other top executives ask job candidates during interviews

Tips and tricks to help you land a coveted remote job

Work from home
“Work from home” has become “work from anywhere” and many employees want the change to stick.

As lockdown dragged on, people were eager to return to in-person socialization, but the same can’t be said for in-person work.

Freelancers and remote workers were quick to open their inboxes to provide their years of expertise to “conventional workers” who had to quickly set up home offices and adjust to Zoom meetings. And some vacation hotspots welcomed remote workers to bring their laptops and soak up the sun and WiFi.

For those who have been sold on remote work, staying at a company that is committed to providing flexibility is a priority. While many companies – such as Apple, Indeed, and Airbnb – have extended their work from home policies through much of 2021, finding a company that is committed to the practice permanently can be difficult. And the demand is high.

To set yourself up for success, learn what companies are hiring remote workers, how to talk to your boss about working from home, and what can make you stand out when applying for a remote job.

Read More:

This chart shows the type of jobs that are still working from home

The city with the most high-paying jobs isn’t a city – it’s remote work. Here are 6 steps to landing a WFH role you love.

Use this template from a career coach to revamp your résumé and land a remote job anywhere in the world

How can I tell a hiring manager that I want to be fully remote?

For those who plan to return to the office, new challenges are arising

A male-presenting and female-presenting coworkers bump elbows while walking past each other in an office.
As offices reopen across the country, in-person office culture slowly returns.

Some employees are eager and nervous to see their coworkers face to face.

But spending over a year using your bed as a midday nap spot makes the transition to a populated office space even more difficult – especially if you’ve never even met your team.

While the change to working in an office again can be intimidating, for some workers it may be exactly what they need to get a break from hectic households and reconnect with their passions.

Read More:

Should you work from home or the office? An HR chief outlines her 3-step framework

7 couples confess how WFH changed their romantic relationships, how they handled unexpected tensions, and what happens now

Feeling burned out? It might be time to return to the office.

Meeting your colleagues IRL for the first time? Here are 6 ways to squash the anxiety and make a good impression.

Read the original article on Business Insider

Amazon’s 1997 shareholder letter is a free MBA class on leadership – here are 4 lessons from it

Jeff Bezos
Jeff Bezos’ 1997 letter to Amazon shareholders highlighted his conviction and belief in the company’s future success.

  • Amazon’s 1997 shareholder letter offers brilliant business lessons from Jeff Bezos.
  • Alex Lieberman, executive chairman and cofounder of Morning Brew, recently posted on Twitter about those lessons.
  • His tweets outlining what Bezos did right have been reprinted with permission below.

Editor’s note: The below article began as a Twitter thread and has been republished with permission.

Amazon’s 1997 shareholder letter provides a glimpse into the brilliance of Jeff Bezos. It’s a free MBA class in strategy and leadership. Here are four lessons from it.

Alex Lieberman and Austin Rief, Morning Brew co-founders
Alex Lieberman.

Lesson 1: Choose your words wisely

The letter is 1,617 words. The word ‘customer’ occurs 25 times.

That word focuses Bezos and focuses the people that look to him for guidance. Jeff knows that while Amazon’s mission is simple, execution is nearly impossible.

To succeed, the company’s north star must be unmistakable to everyone. Everything in this letter comes back to the customer.

Lesson 2: Have conviction

Every great entrepreneur has one thing in common: Conviction.

It’s about having a deep-rooted (likely contrarian) belief in an opportunity. An opportunity that is untapped, undervalued, and unappreciated.

Jeff Bezos shows wild conviction in the early days of Amazon. He sees a tidal wave that is the Internet, and he knows that if Amazon is in the best position to surf that wave, it’d become massive.

Lesson 3: Always acknowledge trade-offs

You can’t be a clear thinker without being honest about a decision’s trade-offs. Every decision has them. Despite his confidence, Bezos saw incredible risk in Amazon’s grand plan.

Jeff observed two major risks:

1) Other large, public companies saw opportunity in the internet like he did

2) It’s a market defined by network effects. Coming in second wasn’t an option.

This meant speed and heavy investment were mandatory.

Lesson 4: Set expectations early and often

I have found that the No. 1 failure of managers is an inability to set expectations. Sometimes it’s out of fear. Other times it’s an inability to communicate. But it is crucial to building any business for the long-term.

Jeff Bezos does this masterfully. From day one, he made it crystal clear to shareholders that investing in Amazon is opt-in. If you expect business performance quarterly … don’t invest. If you expect business performance over the long-term … join the party.

Alex Lieberman is the executive chairman and cofounder of Morning Brew.

Read the original article on Business Insider

We found Jeffrey Epstein’s other little black book, which revealed hundreds of new connections to the disgraced financier and convicted sex offender

Hello!

Welcome to this weekly roundup of stories from Insider’s Business co-Editor in Chief Matt Turner. Subscribe here to get this newsletter in your inbox every Sunday.

What we’re going over today:

Jeffrey Epstein's address book surrounded by ripped pieces of paper with select names from the book on a red background

What’s trending this morning:


Inside Jeffrey Epstein’s little black book

Insider has obtained a never-before-seen address book that appears to have belonged to Jeffrey Epstein in the ’90s, connecting him to a new network of prominent financiers and political figures:

The Epstein book came to light through a circuitous and unusual path: A self-described “enigmatic rock chick” living in Manhattan’s East Village found it on the sidewalk in the late 1990s.

Denise Ondayko, a former musician who now lives in the Bay Area, said she was walking down Fifth Avenue when she spotted a black address book on the ground. Flipping through, she found addresses and phone numbers for members of the Trump and Kennedy clans, and iconic chroniclers of wealth such as Robin Leach. She decided to hold onto it, slipped it into a box, and forgot about it.

In May 2020, Ondayko and a relative were cleaning out an old storage unit she had rented in Michigan when the long-buried book emerged from a box of odds and ends. Thumbing through it – and seeing the dozens of entries for Epstein’s myriad properties – the relative immediately recognized who the owner was.

Here’s what we discovered in Epstein’s book:

Also read:


Spotify employees are frustrated with Joe Rogan and his show

Joe Rogan

Spotify has benefited from Joe Rogan’s unfiltered style – but not everyone at the company is a fan. Some employees are frustrated with his controversial show, and say he’s making the company so much money it refuses to rein him in:

Rogan, who has a $100 million licensing deal with Spotify, is one of the most powerful figures in media, and one of the most controversial. On his show, he’s aired COVID-19 misinformation, laughed as a guest described sexual harassment, and hosted a prolific conspiracy theorist three times.

Spotify, which owns the exclusive rights to stream “The Joe Rogan Experience,” has stood by him, despite removing a few dozen episodes from his archive. But some of the company’s employees have been irritated by Spotify’s largely hands-off approach and have pushed leadership to rein Rogan in. Spotify hasn’t budged.

See what employees are saying:

Also read:


America is experiencing “The Great Reshuffle”

A cartoon businessman runs up steps, with money falling out of his briefcase.

Millions of Americans are voluntarily leaving their jobs for better ones at a speed we haven’t seen since the turn of the millennium:

In the 25 years that Dawn Fay has been in the recruiting business, she’s seen a hot job market several times. But nothing, she says, comes close to the frenzy she’s seeing right now, as the economy begins to boom in the wake of the pandemic. “There is so much movement in the market,” Fay, a senior district president at the staffing firm Robert Half, said. “The churn is amazing to see.”

“Churn” may be something of an understatement: It’s downright chaos at HR departments across the US. So many Americans have quit their jobs this spring that the resignation rate has skyrocketed to a two-decade high. And people aren’t just looking to switch employers – some are jumping into new professions altogether, while others are climbing the ladder at their current workplace.

The result is an economy-wide game of musical chairs – a wholesale transformation of the job market that has left employers scrambling to retain employees and attract new ones. Call it The Great Reshuffle.

Here’s what that means for the American economy:

Also read:


This secret club helps prepare young CEOs to take over the world

young presidents organizations 4x3

Young Presidents Organization, or YPO, is an ultra-exclusive social group that offers business leaders a chance to speak openly about what it’s really like running a company:

Founded in 1950, YPO has a reputation as a fraternity for ultra-rich white men who inherited their family’s business, and, for a time, it was.

But over the years, it has recruited more entrepreneurs, who tell Insider that the exclusive club is worth the price of admission: a $7,950 upfront fee and chapter dues ranging from $2,000 to $7,000 annually. Plus, the club’s secrecy doesn’t hurt.

Confidentiality is required by a code of conduct, and members say that clandestine atmosphere is part of the appeal. Executives can unload about work or their personal lives, trusting that nothing will slip out. In fact, the group’s code of conduct has an often-repeated line – “Nothing, Nobody, Never” – that serves as an unofficial slogan.

Take a look at the organization that boasts 30,000 members worldwide:

Also read:


Finally, here are some headlines you might have missed last week.

– Matt

Read the original article on Business Insider

5 ways businesses can benefit from following Amazon’s customer-centric growth strategy

Amazon Jeff Bezos
Amazon founder Jeff Bezos.

  • In 1997, Jeff Bezos promised Amazon would focus relentlessly on its customers, and it has.
  • By implementing a customer-centric mission into your own business, you can mirror Amazon’s growth.
  • Tailor your products to evolving needs, prioritize customer satisfaction, and diversify your services.
  • See more stories on Insider’s business page.

The famous words of hotelier Cesar Ritz, “the customer is never wrong,” are as true today as they were over 100 years ago. Although the sentiment has remained consistent throughout the decades, strategies and tactics to establish a customer-centric model are constantly evolving, and companies that fail to understand their customers can’t remain competitive in a packed digital ecosystem for too long.

It would be tough to find an organization with a better strategic model than Amazon.

Amazon’s current mission statement is, “To be Earth’s most customer-centric company, where customers can find and discover anything they might want to buy online, and endeavours to offer its customers the lowest possible prices.” The company’s goals have always been customer-centric. In 1997, Jeff Bezos promised Amazon would “focus relentlessly on our customers.” He also said, “We see our customers as guests to a party, and we are the hosts. It’s our job every day to make every important aspect of the customer experience a little bit better.”

Here are five ways businesses can benefit from the Amazon customer-centric growth strategy.

Read more: Writers you’ve never heard of are quietly making more than $10,000 a month self-publishing on Amazon Kindle. They share 4 tips on how to get started with no experience.

1. Make the customer your central focus

The customer is at the heart of everything Amazon does. In a 2013 interview, Bezos said, “I would define Amazon by our big ideas, which are customer centricity, putting the customer at the center of everything we do, invention.”

If you consider some of the things Amazon offers, such as Prime delivery, one-click ordering, recommendations, special deals, and real-time assistance, all of them serve to benefit the customer.

2. Release new products specific to your customers’ needs

When Amazon first started in 1994, the idea of making a digital purchase was still new. There was a long way to building customer trust in buying things online, which Amazon met because of the emphasis on customer service. Since then, the company has expanded into other products and services that all meet the consumer’s needs. Preferences will constantly change, and your products need to evolve with them.

Always focus on “who” and “why” when creating a product with your target audience at the center of everything. Test it, talk to your customers about it, and make sure it solves a problem for them. The starting point for a product definition is a customer-centric document that doesn’t concern itself with technical details. If you can’t tell customers why they need your product, it probably isn’t going to sell.

3. Invest in research and development to provide more customer satisfaction

It turns out that customers are quite willing to tell us what they want if we ask them about it and listen. Investment in research and development to understand the customer’s needs is crucial to a customer-centric growth strategy. In 2019, Amazon spent $42.7 billion on research and development (which they call technology and content). The costs reflect how the company wants to invest in numerous areas of technology and content to enhance the customer experience continually and improve process efficiency through rapid technology developments.

Customer surveys, focus groups, and review platforms are all ways that small and medium-sized enterprises can start investing in R&D. Experimentation can be initiated by employees at all levels within the company to create new knowledge, which is what R&D is all about. For every idea, ask how it will make things easier for your customers, and if there is a clear answer, it’s one worth driving forwards.

4. Diversify into new trending markets

Over the last two decades, Amazon has become a constantly changing ecosystem of products and systems, including the Kindle, Alexa, Amazon Web Services (AWS), and the purchase of Wholefoods. AWS alone is thought to produce around 50% of Amazon profits, emphasizing how diversifying into new markets can positively impact revenue. Always keep one eye on new markets so you can meet your customers wherever they are. It will foster loyalty and appreciation to ensure market diversification is a success.

5. Use innovation and creation to increase your audience

Every business should want to innovate its customer experience and continue to be unique by offering something that your competition cannot. Of course, innovation does not happen overnight, but keeping up with trends and encouraging creativity should be at the core of a customer-centric growth strategy.

Amazon responded to the “now” economy with Amazon Prime delivery to give customers free shipping on thousands of products. They also pioneered one-click ordering using pre-set options. Amazon Lockers allow customers to pick up items from numerous locations worldwide. The @AmazonHelp Twitter account handles customer queries seven days a week in seven languages. Recently, Amazon Go has introduced a checkout-less store.

The list of innovations from Amazon still goes on, whilst the customer is at the center of each and differentiates Amazon from its competition. Amazon is a multi-billion dollar business that has had several years to develop and perfect its customer-centric model. Although the capabilities of the tech conglomerate are out of the reach of the average business, these five aspects of the customer-centric model can offer inspiration from which any business can benefit.

Read the original article on Business Insider

A koi fish seller says business is booming, thanks to his careful attention to detail. He sometimes visits 20 breeders a day to source fish that can sell for thousands.

Koi carp
A large koi being handled by one of Waddington’s colleagues.

Sourcing and selling koi carp – some of the most expensive pet fish in the world – can be both a profitable business and an enjoyable pursuit. This is especially true for Tim Waddington, the owner of Quality Nishikigoi, which is one of the UK’s largest importers of Japanese Koi.

As previously reported by Insider, the most expensive koi fish ever sold was worth $1.8 million.

Originally raised in Japan during the 1700s, koi gradually moved through the rest of the world over the years as people began to take an interest in the vibrant and colourful species.

“My father pioneered bringing Japanese koi to the UK. He opened the first koi-only retail outlet in the ’80s,” said Waddington. Now, with more than 30 years of experience, Waddington has become an expert in the trade and told Insider about how he runs his rapidly expanding business.

Koi carp
Koi have become increasingly popular over the years.

There is consistent demand for koi, according to Waddington. “People are always looking to buy the fish,” he said. To capitalize on that demand, Waddington said he provides customers with the highest quality Japanese koi that he sources himself, which are sometimes valued at thousands of dollars.

Some of the fish Waddington sells are priced up to $2,700. But like anything expensive, people are more likely to buy pricey items as a one-off purchase. This is why selling cheaper koi is generally more profitable in the long run, Waddington said.

A higher price can also mean a greater loss, however, because there’s a lot of things that can go wrong with fish, Waddington said. “You’ve got to take losses as some fish may die.”

Waddington has had some of the same clients for over 20 years. “I’ve got clients in South Africa, Trinidad, Dubai, America, and most recently, India. It’s very much word of mouth which takes time and experience,” he said.

Since Waddington’s main business consists of sourcing high-class koi, frequent travel to Japan is essential. He has visited Japan more than 70 times in his career, spending about four weeks there for each trip.

“When I go to Japan, I’m looking for fish for my own shop but I’m also looking for fish for other dealers. I’m also looking for individual fish at certain sizes, ages, and varieties,” he said. “I might visit 20 breeders in a day.”

Koi carp
A Japanese mud pond where koi carp are grown over the summer months.

He looks for koi with vibrant colours and takes a list with him on trips to find specific koi – perhaps ones with a particular colour or pattern – for customers.

As a result, sellers need to choose koi with prized bloodlines that can only be obtained from selective breeders.

While some may buy koi as a household pet, others purchase the fish to enter them in competitions to name the champion koi, just like in racehorsing, Waddington said.

In fact, one of the fish supplied to a client recently won the South African National Koi Show.

“That’s what people want me to do: find them these fish where they can win shows with them or just to appreciate them,” Waddington added.

Read the original article on Business Insider

Jeff Bezos believes multibillion-dollar failures are actually a good thing: ‘If the size of your failures isn’t growing, you’re not going to be inventing at a size that can actually move the needle’

Jeff Bezos
  • As Amazon’s CEO, Jeff Bezos said he made big bets that sometimes ended as, “multibillion-dollar failures.”
  • This view lines up with Bezos’ approach to life: Failure is better than never having tried at all.
  • Bezos will step down as Amazon’s CEO on Monday, July 5.
  • Visit the Business section of Insider for more stories.

What’s the point in making billions if you can’t make a multibillion-dollar mistake every now and again?

According to Amazon CEO Jeff Bezos, those types of failures are actually critical to Amazon’s success.

“Amazon will be experimenting at the right scale for a company of our size if we occasionally have multibillion-dollar failures,” Bezos wrote in the company’s 2019 letter to shareholders.

“If the size of your failures isn’t growing, you’re not going to be inventing at a size that can actually move the needle,” he said.

Amazon Fire Phone
The Amazon Fire phone.

He cited Amazon’s infamous Fire phone as an example of a failure – but pointed out that work on the Fire phone assisted in the development of Amazon’s Echo smart speakers and the Alexa digital assistant.

“While the Fire phone was a failure, we were able to take our learnings (as well as the developers) and accelerate our efforts building Echo and Alexa,” Bezos said.

This philosophy – that it’s better to have failed than to never have tried in the first place – is core to how Bezos looks at his own life.

“I knew that when I was 80, I was not going to regret having tried this,” Bezos said in a 2001 interview with the Academy of Achievement. “I was not going to regret trying to participate in this thing called the Internet that I thought was going to be a really big deal. I knew that if I failed, I wouldn’t regret that. But I knew the one thing I might regret is not ever having tried. I knew that that would haunt me every day.”

amazon prime day amazon dash buttons 2x1_smaller
Amazon Dash buttons are no longer sold by Amazon.

In the case of Amazon, Bezos applies that same philosophy on a much larger scale.

“This kind of large-scale risk taking is part of the service we as a large company can provide to our customers and to society,” he said. “We will work hard to make them good bets, but not all good bets will ultimately pay out.”

Of course, this being a letter from the CEO of a publicly-traded company to its shareholders, Bezos has reassurance and tempering to offer as well.

As Bezos put it: “The good news for shareowners is that a single big winning bet can more than cover the cost of many losers.”

Bezos will step down as Amazon’s CEO on Monday, July 5. He’s being replaced by Amazon Web Services CEO Andy Jassy.

Read the original article on Business Insider

SpaceX’s Rideshare is making it far easier to launch satellites into orbit. In-Space Missions explains how it’s using the program to help customers realise their ambitions.

A rendering of In-Space Missions' Faraday spacecraft that was launched in the SpaceX rocket
In-Space Mission’s tech will allow future satellites to be customizable from the ground.

  • SpaceX’s Rideshare has helped cut the timescale for getting into orbit from years to a few months.
  • UK firm In-Space Missions is using the program to develop its own customizable satellite tech.
  • It was able to send one of the 88 small satellites, or smallsats, that recently launched into orbit.

When you spend millions to build a satellite – each second you wait for its launch carries the weight of years of hard work.

Nobody knows that better than Doug Liddle, co-founder and CEO of In-Space Missions, and a nearly 30-year veteran of the space industry. He also led the design of the first Galileo satellite demonstrator, Europe’s premier global navigation satellite system.

Founded almost six years ago, Hampshire-based In-Space Missions aim to achieve a significant reduction in traditional timescales to get technology in orbit. The company designs, builds and operates bespoke missions for clients.

Using SpaceX’s Rideshare, which uses the orbital class reusable rocket Falcon 9, In-Space Missions recently sent one of the 88 small satellites, or smallsats, that went into orbit.

For large satellites, Liddle would previously have spent $11.8 million to launch one. Now the cost is around $1 million.

SpaceX has revolutionized the cost, Liddle said: “It isn’t just the slots on their rockets that are a low price. They’re also going several times a year. You can fill up a 200 kilogram slot on the rocket for $1 million, which is crazy. Compared to what it used to be.”

After having worked for the European Space Agency, the UK’s Ministry of Defence and several private firms, Liddle decided to cater to smaller businesses or early-stage startups valued in the $20 million range.

“There are people with great business ideas, who don’t know how to get their stuff into space,” he said.

Satellites provide deep insight for climate-crisis research but also have many common applications, including gathering data for credit card authorizations or even tracking wildlife.

With the advent of SpaceX’s reusable rockets, Liddle said the sky’s the limit for making space exploration more accessible.

“We’re in a world now where people can come out of university, set up a space company, and get something in space in a couple of years,” he said. “That was just unheard of even 10 years ago.”

In fact, his company is already spearheading its own technological advancements to further equalize the space race, while also making it sustainable.

Governments are increasingly implementing rules to reduce the environmental impact of spaceflight. More than 27,000 pieces of orbital debris, or “space junk” are tracked by the US Department of Defense, according to NASA.

“You can’t just keep putting things into space,” Liddle said. “There is only physically so much space you can go into before you start banging into each other.”

Historically, each launched satellite has served a sole purpose. Liddle’s team, however, is not only hosting multiple customers on their satellite but has also designed technology that allows future satellites to be customizable from the ground. It’s expected to be publicly available in 12 to 18 months.

Liddle said: “We’ve developed a piece of technology that’s flying on this satellite, which we’re then going to expand and fly on future ones, that will allow people to, from the ground, upload their payload, their service, their application. So it would be like every app on your phone.”

The technology his team is developing will reduce the timescale from a few years to three to four months.

He used the analogy of using one piece of software to access Snapchat, Facebook, and Instagram.

“The technology that’s available now has got us to the place where you can fly loads of people in one spacecraft,” he said. “You can reconfigure it in software from the ground and upgrade it in the same way your phone will upgrade every so many months. You can do exactly the same with spacecraft now.”

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How the Black tech community is leveraging business models that made hip-hop become a massive cultural and business phenomenon

Josh Otis Miller
Josh Otis Miller is a filmmaker and director of the upcoming documentary “Fund Black Tech.”

  • Lauren deLisa Coleman is a trend analyst and author at the intersection of pop culture and emerging tech.
  • Coleman says business patterns in Black tech are reminiscent of the hip hop industry in the 90s.
  • For Black founders “it’s about moving strategically and blowing up,” says Coleman.
  • See more stories on Insider’s business page.

Forget the former tech mantra of move fast and break things. For Black tech entrepreneurs and founders, who receive less than 1% of venture-capital funding, it’s about moving strategically and blowing up.

Lauren deLisa Coleman
The author.

As an AI entrepreneur with a background in the hip-hop music industry, I’ve started noticing business patterns in Black tech that look a lot like what I saw during the golden era of hip hop in the 90s.

Strong business models coupled with sheer talent enabled hip hop to become a multi-billion-dollar industry.

Hip-hop artists’ unparalleled, multi-pronged approach to the business grind almost never slept. Many recording artists were also CEOs of independent labels. They may have also had a promotional company or graphic design firm, as well as a clothing label or accessories line in partnership with streetwear designers.

They were veritable factories of business and selling. And then this was all amplified by “the crew” – or in mainstream speak, a collective.

The unmatched Wu-Tang Clan was and continues to be its own kind of crew from that era; the Dogg Pound Gangstaz went beyond duo Daz and Kurupt to include artists Snoop Dogg, Warren G, Nate Dogg, and the D.O.C. You get the idea.

But these legendary crews weren’t just about creativity and recognition – they were also about sales. Hockey-stick earnings growth followed, coming from a self-supported, self-directed business approach that made many in the hip-hop industry very successful.

Read more: A Black founder raised millions from VCs. He shares his best tips on how to overcome investing bias and succeed in Silicon Valley.

Now, we’re beginning to see various ‘crews’ and collaborations emanate from the Black tech space.

A perfect example of this is the Black NFT “crew” Crypto for Black Economic Empowerment (CBEE) led by finance whiz Erikan Obotetukudo who partnered with Cuy Sheffield, a CryptoArt collector and acting head of crypto at VISA.

Obotetukudo launched the CBEE as a place for Black crypto entrepreneurs to connect and share tips. Through Sheffield, it also provides introductions and collaborations to amplify projects deemed worthy for certain entrepreneurs outside of the group.

Recently this crew banded together by pooling resources and leveraging notable names like rapper Pusha T and model Tyra Banks to support the drop of ex-Dodger MLB player-turned-artist Micah Johnson’s NFT art debut, which ended up selling out at $1.4 million in seven minutes.

And then, there’s Trillicon, a collective of technologists, photographers, and designers known as the Wu-Tang of tech.

“‘Trillicon’ is a play on the phrase ‘Trill’ or true and real,” Trillicon CEO Jason Mayden told Insider. “In 2014, as a faculty member at Stanford, I began to connect with other like-minded individuals. We formed a collective as an extension of my private design and business strategy practice.”

Trillicon CEO Jason Mayden
Trillicon CEO Jason Mayden.

“We all ran in adjacent circles; some of us went to college together and others were friends of friends. It was our faith, personal ethos, and collective aspiration to be servant leaders to advance tech and entrepreneurship,” said Mayden.

“For founders of color, our challenges and emotional and mental toils have varying degrees of complexity and nuance that result from generations of disenfranchisement. As an outsider, it was important to define my unique perspective to ideating and problem-solving.”

As much as hip hop is beloved now, initially it was very much considered persona non grata in both the major music industry and culture at large.

Kino Childrey, a manager in the music industry who’s worked artists like 2021 Grammy rap nominee Royce da 5’9, told Insider, “Hip hop was considered outside the typical recording industry parameters. We were kept out for a long time, (as) outcasts. People didn’t get it.”

Childrey says many in hip hop realized that collaboration was the key to success. By working together, artists could motivate major record labels to get on board, with the liquor and fashion industries following.

Josh Otis Miller, a filmmaker and director of an upcoming documentary entitled “Fund Black Tech” echoed these sentiments.

Josh Otis Miller
Josh Otis Miller is a filmmaker and director of the upcoming documentary “Fund Black Tech.”

“Hip hop emerged out of Black voices being suppressed,” he said, “and what is happening in the tech scene is Black voices, Black ideas, being suppressed. Today, hip hop is the biggest income generator in the music industry, the biggest culture-setter in the entire world. Imagine a world where Black ideas and Black tech businesses get a voice.”

When even the National Science Foundation SBIR grants for tech founders holds over years at an average of only 8% of award for all others than Caucasian males, you’ve gotta get creative to find your way as a founder of color.

“Tech is about reimagining,” added Childrey, “so this hip hop approach is demonstrative of that. It’s about taking the path of least resistance in order to survive and overcome those trying to hold you back.”

Lauren deLisa Coleman is a digi-cultural trend analyst, author, and speaker within the intersection of popular culture, emerging tech, and the impact of such trends on business and governance.

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John McAfee’s widow says that the antivirus magnate, who died in a Spanish jail, was not suicidal

John McAfee
John McAfee’s widow said he wanted to spend his remaining years fishing and drinking.”

  • John McAfee’s widow said he wasn’t suicidal when she last spoke to him hours before his death.
  • Spanish authorities are conducting an autopsy but indicated that evidence suggests it was a suicide.
  • Janice McAfee told reporters Friday that he “would never take his life in this way.”
  • See more stories on Insider’s business page.

The widow of John McAfee, the British-American tycoon who died in a Spanish prison this week while awaiting extradition to the US, said Friday that her husband was not suicidal when she last spoke to him hours before he was found dead.

“He would never quit this way, he would never take his life in this way,” Janice McAfee told reporters outside the Brians 2 penitentiary where she recovered her late husband’s belongings. “I don’t believe he did this. I want answers, I will get answers, of how this was able to happen.”

“His last words to me were ‘I love you and I will call you in the evening,'” she said in her first public remarks since the software entrepreneur’s death on Wednesday. “Those words are not words of somebody who is suicidal,”

Authorities in Spain are conducting an autopsy on McAfee’s body but have indicated that everything at the scene indicated that the 75-year-old killed himself.

John McAfee was arrested at the Barcelona airport in October last year on a warrant issued by prosecutors in Tennessee for allegedly evading more than $4 million in taxes. Hours before he was found dead, Spain’s National Court agreed to his extradition to the US but the decision was not final.

“We were prepared for that decision and had a plan of action already in place to appeal that decision,” Janice McAfee, 38, told reporters. “I blame the US authorities for this tragedy. Because of these politically motivated charges against him, my husband is now dead.”

“All John wanted to do was spend his remaining years fishing and drinking,” she added. “He did not deserve to die in a filthy prison like a caged animal.”

Results of McAfee’s autopsy could take “days or weeks,” authorities have said.

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