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Europe produces more startup mafias despite tech rout: Accel

The average time taken for a startup to hit unicorn status in Europe is now just seven years, according to Accel.Maskot | Digitalvision | Getty ImagesEurope and Israel mint an average of five tech startups for every venture-backed company with a valuation of $1 billion or more, according to a new report from the venture capital firm Accel.Of the 353 "unicorn" companies in the region, 221 have spun out 1,171 new tech-enabled startup companies as employees at these firms left to start up their own ventures, Accel said, citing Dealroom data.A similar report from...

As Arm shuns London, tech investors question UK as an IPO destination

by AoCEgWtx4o

May 8, 2023

Billionaire Masayoshi Son, chairman and chief executive officer of SoftBank Group Corp., speaks in front of a screen displaying the ARM Holdings logo during a news conference in Tokyo on July 28, 2016.Tomohiro Ohsumi | Bloomberg | Getty ImagesThe U.K. may be a great place to build a tech company — but when it comes to taking the crucial step of floating your business, the picture isn't so rosy.That's the lesson several high-growth tech businesses have come to learn in London.When Deliveroo went public in 2021, at the height of a pandemic-driven boom in...

U.S. tech downturn is an opportunity for India: Infosys Narayana Murthy

by AoCEgWtx4o

April 27, 2023

Infosys founder Narayana Murthy sees tech layoffs in the U.S. as an opportunity for India."I look at these things as part of a business cycle. The curve goes up and down, up and down. So I would not be that much worried," Murthy told The CNBC Conversation.While India's domestic IT companies worry that a slowdown in the U.S. economy could lead to American firm cutting back on tech spending and projects in India, Murthy said Indian IT firms stand to gain instead."Whenever there is a downturn in the U.S. or in the developed world,...

‘Crypto is dead in America,’ says tech investor Chamath Palihapitiya

by AoCEgWtx4o

April 24, 2023

Tech investor Chamath Palihapitiya, who said two years ago that bitcoin has replaced gold and predicted the digital currency would climb to $200,000, has a much more cautious view on cryptocurrencies these days."Crypto is dead in America," Palihapitiya said in the latest episode of the All-In podcast.Palihapitiya blamed crypto's demise largely on regulators, who have gotten much more aggressive in their pursuit of bad actors in the industry. Securities and Exchange Commission Chairman Gary Gensler has said crypto trading platforms should abide by strict U.S. securities laws.In answering questions in front of lawmakers recently,...

SVB failure was caused by a banking — not tech — crisis, top VC says

by AoCEgWtx4o

April 23, 2023

LONDON — The collapse of Silicon Valley Bank was the result of a crisis in banking rather than technology, according to a top venture capitalist.Anne Glover, CEO and co-founder of Amadeus Capital, said Friday that the SVB crisis was caused by "utterly irresponsible" practices by Silicon Valley Bank and its management — namely, taking short-term deposits from VCs and investing them in long-maturity debt."It is a banking one-on-one failure, unbelievably irresponsible frankly by the senior management of SVB in California," said Glover, speaking at a tech investor showcase in east London. A spokesperson for...

To understand why America’s lead in tech and innovation is eroding, look at China’s investment in women inventors

by AoCEgWtx4o

April 18, 2023

In the race for global technology leadership, China understands that it needs more inventors to compete with the United States and has worked systematically to expand its capacity to innovate. That’s why China is eating America’s lunch on a critical measure of technological capacity: women inventors. A new World Intellectual Property Organization (WIPO) study of international patent applications found that from 2001 to 2005 and 2016 to 2020, China grew its capacity of women inventors at almost double the rate of the U.S.–42% in China compared to 22% in the U.S. To continue outpacing...

Tech consultant arrested in stabbing death of Cash App founder Bob Lee

by AoCEgWtx4o

April 14, 2023

In a press conference on Thursday afternoon, San Francisco District Attorney Brooke Jenkins confirmed that an arrest has been made in the April 4 fatal stabbing of Cash App founder Bob Lee. Officials named Nima Momeni — a tech entrepreneur in the Bay Area — as the suspect.Authorities also said that Momeni knew the victim, though they would not comment on the motive. They also indicated that the investigation was ongoing.Momeni will be arraigned on Friday, and prosecutors said that they would be filing a motion to detain him without bail.Police made the arrest...

Lawmakers look to future of China competition in tech, media meetings

by AoCEgWtx4o

April 8, 2023

High-profile tech and media executives shared their experiences of working in and competing with China with lawmakers who visited California this week.A delegation of about 10 members of the House Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party made the trip west to meet with industry leaders and subject matter experts about key areas of concern when it comes to dealing with China.Over the three-day trip that kicked off on Wednesday, lawmakers were scheduled to meet with Disney CEO Bob Iger and Apple CEO Tim Cook, as...

Xpeng expands assisted driving tech coverage to Shanghai, something Tesla doesn’t offer in China

by AoCEgWtx4o

March 31, 2023

Xpeng showroom in Beijing showing the P7 electric sedan.Vcg | Visual China Group | Getty ImagesSHANGHAI — Chinese electric car company Xpeng announced Friday it will be rolling out its latest assisted driving software to users in the metropolis of Shanghai, something its U.S. rival Tesla does not offer in China.Previously the technology was only available for Xpeng drivers in Shenzhen and Guangzhou. The company already offers assisted driving on highways in China.related investing newsThe new tech, called XNGP, claims to make driving easier with software that assists with smooth braking at traffic lights,...

Petition to Pause ALL Major AI Developments Circulates the Internet… Elon Musk and Other Notable Tech Figures Sign On

by AoCEgWtx4o

March 29, 2023

A petition started by the Future of Life Institute is circulating online with some heavy hitters signing on in agreement. The petition states: AI systems with human-competitive intelligence can pose profound risks to society and humanity, as shown by extensive research and acknowledged by top AI labs…Contemporary AI systems are now becoming human-competitive at general tasks, and we must ask ourselves: Should we let machines flood our information channels with propaganda and untruth? Should we automate away all the jobs, including the fulfilling ones? Should we develop nonhuman minds that might eventually outnumber, outsmart, obsolete and replace us? Should we risk loss of control of...

Tag: tech