September, 2016

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Why I Backed a 24-Year-Old Trying to Assess Human Potential

Both Sides of the Table

Today Upfront Ventures is announcing that we’ve backed Rebecca Kantar ’s startup Imbellus , a company designed to assess human potential and ultimately change the way we teach children. We led a $4 million investment along with Thrive Capital, GLG and Sound Ventures. The news blogs will cover the what, how and how much but I want to focus on the “why” and try to be instructive of what I think makes for a great A-round startup.

Design 230
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How to avoid “death by meeting.”

Berkonomics

Imagine yourself with a calendar requiring you to be in six meetings in a day. Day after day. How long would it take to induce you to rethink your use of time – and that of the others sitting (or standing) beside you? More important, how long would it take to realize that there is something wrong with the enterprise when it takes constant meetings to get the job done?

Email 217
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Russian Firm’s Bid For Rocket Launcher Comes Under Fire.

L.A. Business Journal

Russian private aviation holding company CJSC S7 Group’s purchase of Sea Launch, a rocket launch company that operates out of the Port of Long Beach, is making waves in the Southern California aerospace industry, with a legal challenge by the Boeing Co. and concerns about the Russian company’s involvement.

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How ContractSafe Wants To Help You Get Your Legal Docs In Order, With Ken Button

socalTECH

For a lot of companies�and their management and legal teams-- managing the reams of paperwork involved with legal contracts is a big, disorganized mess. To address that disaster, Ken Button and Randy Bishop�two veterans of the startup industry�created ContractSafe (www.contractsafe.com), a new online service aimed at helping companies to tame that mess and manage and store their contracts in the cloud.

Doc 190
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Can You Ask for Office Rent Relief? How to Manage Your Lease During COVID-19

Office leases are one of companies’ largest expenses, and if your whole team is working from home with no clear end in sight, you may be wondering what to do about your lease.

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Artificial Intelligence.Friend or Foe? - MIT Enterprise Forum of the Central Coast

SoCal Tech Calendar

Wednesday, September 21, 2016 -- "Artificial Intelligence. Friend or Foe?" Explore the Unfolding Mystery of AIs Impact of Humanity. MIT Enterprise Forum of the Central Coast. Is humanity at the dawn of a new age of enlightenment, inspired by benign AI enabled tech; or on an unalterable path to computer driven subservience to AI powered, self-aware machines?

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These High School Dropouts Crushed It With Some Simple Growth Hacks

InfoChachkie

A version of this article previously appeared in Forbes. Novelist and High School Dropout Louis L'Amour knew the importance of seemingly unimportant people (AP Photo). “Growth hacking” is one of today’s most overused terms, yet despite its trendiness, it predates the Internet by centuries. Entrepreneurs have been seeking clever shortcuts to spur their growth and circumvent their competitors since the dawn of commerce.

Education 122

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Eye of the needle? Why worry over your bottlenecks.

Berkonomics

Think for a minute whether there is any process or person that could be classed as the eye of the needle in your organization. Is there anything, process or person, that stalls the flow of work from start to finish? A CEO once told me that she was ‘the eye of the needle’ in her organization, purposely controlling quality of service and making sure all of her direct reports let her know of each . decision and action they undertook.

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Tesla Motors to Build 20MW Battery Storage Facility for SoCal Edison

L.A. Business Journal

Southern California Edison has selected Tesla Motors Inc. to build a 20-megawatt battery storage facility in Mira Loma for an undisclosed amount.

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LeisureLink Shuts Down All Operations

socalTECH

LeisureLink , the developer of vacation rental booking software which was started in Pasadena, has shut down all of its operations, and laid off all of its staff. In a letter to partners, LeisureLink said all employees of LeisureLink are being terminated and the platform turned off, after its management was unable to raise additional equity to fund the company.

Pasadena 170
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Energy Storage North America

SoCal Tech Calendar

Thursday, October 6, 2016 -- Energy Storage North America. North America's largest conference, exhibition and networking event for the energy storage industry. Now in its fourth year, ESNA connects developers, energy users, utilities and policymakers to advance understanding and deployment of energy storage and ultimately build a cleaner, more affordable, and more resilient grid.

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This Startup Hacked LinkedIn To Recruit Customers & Reduce Churn

InfoChachkie

A version of this article previously appeared in Forbes. Businesses typically use LinkedIn to recruit employees. However, savvy startups can leverage LinkedIn to create a customer acquisition and a churn reduction tool. In particular, one of Rincon Venture Partner’s portfolio companies, SimpleLegal, has had so much success mining LinkedIn for customers that the CEO was initially reluctant for me to name his company in this article, fearing his competitors will mimic their common sense, yet cleve

Customer 118
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How Do VCs Choose Their Investors (and should entrepreneurs care?)

Both Sides of the Table

I recently read a blog post by Beezer Clarkson, Managing Director of Sapphire Ventures about why entrepreneurs should care about from whom their VC funds raise their capital. I spent a bunch of time thinking about this position — especially since Beezer is an investor in Upfront Ventures. There are a lot of things I think entrepreneurs should care about when raising from a VC: How big or small their fund is?

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How to simplify your commission structure

Berkonomics

Is your commission structure so complex that even you must have help understanding it – and calculating a commission on a pending bid? Sales people are incentivized by money. They usually are able to calculate what’s in it for them before they make the final presentation and ask for the order. But what if the commission plan is so complex that even the people who should be most excited cannot understand or calculate the winning numbers?

Sales 202
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Fender Turns to Hollywood, Internet to Lift Sales

L.A. Business Journal

Guitar maker Fender looks to crank the volume on sales with a new outpost in Hollywood.

Hollywood 218
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LeisureLink Suspends Service, Stops Accepting Reservations

socalTECH

LeisureLink , which develops vacation travel booking software and technology, and was started in the Los Angeles area, appears to have halted its service, telling its partners on Friday that it has suspended accepting new reservations as well as modifying existing reservations. The company--which is still backed by a number of Southern California investors, including the Tech Coast Angels--had merged with VacationRoost.com back in 2013, and moved its headquarters to Utah.

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Energy Storage North America

SoCal Tech Calendar

Wednesday, October 5, 2016 -- Energy Storage North America. North America's largest conference, exhibition and networking event for the energy storage industry. Now in its fourth year, ESNA connects developers, energy users, utilities and policymakers to advance understanding and deployment of energy storage and ultimately build a cleaner, more affordable, and more resilient grid.

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The 5 Criteria That Matter When Evaluating A College Entreprenurial Program

InfoChachkie

A version of this article previously appeared in Forbes. A friend recently asked me to give his startup-minded daughter some advice to help her vet undergraduate entrepreneurial programs. As I thought about the characteristics that comprise a great program, I identified five criteria that a prospective entrepreneurial student can use to evaluate the efficacy of a collegiate entrepreneur curriculum.

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ZUM: On-Demand Rides and Child Care for Busy Parents

Tech.Co

Kids require a lot of attention , and if we ourselves are not available to give that extra care to our kids, we are keen on finding someone who we trust would do a great job. Trust is a huge factor in relegating childcare to others; we need to feel the connection, and believe that our kids are in safe hands and that the person doing the job is willing and capable of giving the utmost possible care.

Demand 112
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Hire on ability. Fire on fit.

Berkonomics

This is not necessarily the way we intend to behave as managers, but our headline reflects the reality of most experiences when viewed in retrospect. We carefully vet the potential hire for experience required. Ninety days or longer later, if that person is terminated by management, it often is for actions resulting from the person’s relationship with others in the organization more often than failure to perform the specific task for which the person was hired.

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Virgin Galactic Begins Test Flights of Commercial Spaceship

L.A. Business Journal

Virgin Galactic’s commercial spaceship, VSS Unity, took to the skies above the Mojave Desert on Thursday, the craft’s first test run since its predecessor SpaceShipTwo crashed and killed one of its pilots in 2014.

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Wpromote Launches Scholarship For Students In Digital Marketing

socalTECH

Los Angeles-based digital marketing agency Wpromote said on Monday that it has launched a new set of scholsrships, which will go to students interested in digital marketing. According to Wpromote, the new scholarships--which will be awarded bi-annually--will total $3,000, with the first award in December of this year. The company will award a $1500, $1000, and $500 scholarship to students who are in high school, undergraduate school and graduate school, and are open to students of all majors and

Marketing 165
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Energy Storage North America

SoCal Tech Calendar

Tuesday, October 4, 2016 -- Energy Storage North America. North America's largest conference, exhibition and networking event for the energy storage industry. Now in its fourth year, ESNA connects developers, energy users, utilities and policymakers to advance understanding and deployment of energy storage and ultimately build a cleaner, more affordable, and more resilient grid.

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Intrinsic Motivation Models Lead To Business Success

Startup Professionals Musings

In my experience mentoring new entrepreneurs and aspiring business leaders, I see far too many who seem to be driven by all the wrong reasons. Everyone seems to espouse extrinsic motivations, such as getting rich, having power, and fulfilling parent dreams, when in fact a focus on satisfying internal interests and desires will likely lead to more success, as well as satisfaction.

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Colorado’s Webroot Buys CyberFlow Analytics, Expands in San Diego

Xconomy

Not long after ViaSat (NASDAQ: VSAT ) acquired San Diego-based LonoCloud in 2013 , former LonoCloud executives Tom Caldwell and Hossein Eslambolchi met for coffee at the Specialty’s Café and Bakery in University City. Eslambolchi, who had served as a LonoCloud advisor and CEO, told Caldwell he had an idea for a cybersecurity startup that would use analytic software and machine learning technology to monitor the data flowing in and out of networks for anything that looks out of the ordinary.

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A simple test: “Are we managing like jerks?”

Berkonomics

Are we who issue orders to associates or employees ever acting as jerks? We’d never like to think so, or we wouldn’t do it in the first place. If someone is saying “This is confusing to me” when you’ve given an instruction or order, there are a number of ways to respond. Of course it may be appropriate to explain your reasoning, or ask what part of the instruction is confusing.

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Faraday Future’s Main Backer Receives $1B to Pursue Electric Cars

L.A. Business Journal

Le Holdings Co. of China, the main backer of electric car startup Faraday Future, announced on Monday that it raised $1.08 billion from a group of Chinese investors to develop an electric car. Le Holdings Co. of China, the main backer of electric car startup Faraday Future, announced on Monday that it raised $1.08 billion from a group of Chinese investors to develop an electric car.

Startup 149
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ServiceNow Launches Its Own Venture Investment Arm, ServiceNow Ventures

socalTECH

ServiceNow , the developer of service management software led by Frank Slootman--and which started in San Diego--has launched its own venture capital arm, ServiceNow Ventures. According to ServiceNow, which is based in Santa Clara but still has major operations in San Diego, ServiceNow Ventures will target investments in early stage companies that develop cloud-based applications, built on its platform, as well as growth stage vendors developing strategic technology integration with the ServiceN

Invest 165
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TCVN Fireside Chat with Scott Jarus

SoCal Tech Calendar

Thursday, September 29, 2016 -- Crowd-funding – Tales from the trenches: Observations from a combatant. TCVN. Much has been anticipated about crowd-funding and its impact on capital formation. Come hear serial entrepreneur and transformational leader, Scott Jarus, share his experiences and perspective of raising capital as a CEO of both public and privately-held companies.

TCVN 116
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5 Steps To Maximizing Your Startup Cash Flow Runway

Startup Professionals Musings

Cash flow is a basic survival metric for every startup. Investors check your burn rate to assess your efficiency, and project your remaining runway before you run out of money and into a brick wall. Don’t wait until you are almost out of cash before managing every dollar spent, or looking for the next refueling from investors. Desperate entrepreneurs lose their leverage and die young.

Startup 108
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What Startups Can Do About Cyber Attacks

Xconomy

A cybersecurity report by Ponemon Institute, in association with Keeper Security, found that in the 12 months leading up to June 2016, 55 percent of small and medium-sized businesses (SMBs) experienced a cyber attack, while 50 percent encountered data breaches involving customer and employee information. These statistics belie the common notion that cybercriminals attack only big businesses.

Startup 86
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CASTAR App Launches to Match Talent with Casting Agents

LATechDigest

If you want a shot at making it big in the entertainment world, you go to Hollywood. And anyone who has chosen such a path knows how difficult it can be to make connections with fellow talent, and to gain the attention of the powers that be in this town. Castar , available now for iOS and Android, aims to make it easier for artists to showcase their wares, connect with each other, and take advantage of new opportunities provided by Castar’s in-app casting service.

Compton 63
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Van Toffler’s Digital Studio Gunpowder & Sky Acquires FilmBuff.

L.A. Business Journal

Gunpowder & Sky, Van Toffler and Floris Bauer’s recently launched digital content studio, announced today that it has acquired independent content sales and distribution company, FilmBuff. Terms of the deal were not disclosed.

Content 132
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Urban Airship Taps SoCal Tech Vets For Key Roles

socalTECH

Urban Airship , a startup which develops mobile analytics and engagement software, said today that it has named two executives--both of whom have had prominent roles at Santa Barbara area technology companies. The company--based in Portland--said it named Scott Allen as its CFO, and Eric Holmen as its SVP of Worldwide Sales. Allen had previously been VP and CFO of Citrix Online, which is based in Santa Barbara, in addition to current roles at Intermedia and a prior role in finance at ADP.

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Biocom Welcome Reception and Fireside Chat with Dr. Ric Kaner of UCLA

SoCal Tech Calendar

Wednesday, September 28, 2016 -- Biocom Welcome Reception and Fireside Chat with Dr. Ric Kaner of UCLA. Fireside Chat with Ric Kaner, UCLA Kaner Lab AND Welcome Reception for Biocom Los Angeles! See https://www.eventbrite.com/e/sam-and-biocom-present-fireside-chat-with-dr-ric-kaner-of-uclas-kaner-lab-tickets-27555165241.

UCLA 116
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10 Tried-And-True Strategies For Funding New Ventures

Startup Professionals Musings

One of the most frequent questions I get as a mentor to entrepreneurs is “How do I find the money to start my business?” I always answer that there isn’t any magic, and contrary to the popular myth, nobody is waiting in the wings to throw money at you, just because you have a new and exciting business idea. On the other hand, there are many additional creative options available for starting a business that you might not find for buying a car, home, or other major consumer item.

Funding 107
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Tealium Adds $35M to Expand Technology, Sharpen Customer Focus

Xconomy

Tealium, a San-Diego startup that provides online advertising tag management and marketing services for enterprise customers, has raised $35 million in a growth financing deal intended to expand its technology and market reach. Georgian Partners and Bain Capital Ventures, the investment firms that anchored Tealium’s $30.7 million Series D round in early 2015, re-upped in the latest round, which included all existing investors and some debt, Tealium CEO Jeff Lunsford said last week.