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Here's an exclusive look at the pitch deck Wagestream used to raise $25 million while working out of a garden shed

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  • Fast-growing UK fintech startup Wagestream has raised £20 million ($25 million) in a fundraising led by Northzone. 
  • Wagestream lets employees draw down their wages early in exchange for a flat fee.
  • "It's probably not the ideal time to fundraise but we knew we could scale globally so went ahead because we need funds to do that," Wagestream founder and CEO Peter Briffett told Business Insider in an interview.
  • Visit Business Insider's homepage for more stories. 

London fintech startup Wagestream has raised £20 million ($25 million) in a new round of funding.

The company works with employers to let employees draw down a percentage of their income in the month for a small, flat fee (£1.75 fee). It has raised the fresh Series B funding as it looks to expand beyond the UK market. 

During the coronavirus pandemic, the startup helped to onboard NHS trusts across the UK for free and also onboarded more than 50,000 furloughed workers since March. The startup works with more than 100 companies in the UK with a focus on the hospitality, healthcare, retail, and security industries.

"We've been adding NHS trusts and new, large clients every week during the past few months and expanded into Spain and the Netherlands," Wagestream founder and CEO Peter Briffett told Business Insider in an interview. "It's probably not the ideal time to fundraise but we knew we could scale globally so went ahead because we need funds to do that."

The US is the next destination for Wagestream which was founded in 2018.

The company has raised £65 million ($82 million) to date with early investors including the Joseph Rowntree Foundation, the London Co-investment Fund (LCIF), and Village Global — a VC fund backed by CEOs including Bill Gates and Jeff Bezos.

The entire fundraising process was done on video chat from a garden shed in Briffett's home. "I had to get WiFi installed in my shed because video calls kept cutting out from my teenage sons playing Fortnite," he added. 

Wagestream's fundraising was led by Northzone alongside QED Investors, Latitude Ventures and Balderton Capital. 

Check out Wagestream's redacted pitch deck below:

SEE ALSO: Fintech Wagestream helps 50,000 furloughed staff access wages early as coronavirus ravages hospitality and travel




















How accelerators like Techstars and 500 Startups are helping entrepreneurs build a network and pivot to survive the pandemic and recession

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Clement Cazalot hosting Techstars virtual demo day

  • Accelerators like Techstars Boston, which ran a virtual demo day for startups to connect with investors in April, are pivoting to help emerging businesses weather the storm.
  • Meanwhile, founders involved in accelerators have had to either double down on their business strategies as demand has spiked as a result of the pandemic or improvise to keep customers coming in.
  • Founders and VCs are staying connected while self-quarantining at home through accelerators like Techstars and 500 Startups and via video calls and Slack channels.
  • "Some of the best companies were created in downturns," Techstars and Foundry Group founder Brad Feld said during the Techstars Boston event. "Economic stress causes unexpected opportunities, but there will always be smart people looking for work."
  • Visit Business Insider's homepage for more stories.

As 10 startups in Techstars Boston's accelerator program prepared to pitch their businesses during a virtual demo day this past April, managing director Clement Cazalot pumped up the Zoom call by playing the popular Black Eyed Peas song, "Let's Get It Started."

It was the largest attended Techstars demo day event yet, and its first held virtually during the pandemic. There was also a surprise guest: rapper and "Law & Order: SVU" actor Ice-T. 

"I wanna give a warm welcome to all the startups in the Techstars Boston class," he said in a recorded Cameo video. "2020 rhymes with money. Lets get it. Peace."

Ice-T at Techstars virtual demo day with Clement Cazalot

Over the past three months, startup founders have been forced to reckon with looming issues rooted in the COVID-19 pandemic and resulting recession — and accelerators are pivoting to help them out. 

"Companies that came out of the global economic crisis in 2008 benefited from the pandemonium," Techstars and Foundry Group founder Brad Feld said to the startups during the virtual event. "So in this post-COVID-19 world, whatever that means, there will be foundational changes and the opportunities that emerge will be substantial, but hardship and stress will be seen in process."

Accelerator programs — programs that mentor founders, plant seed investments, and help grow the business — are helping startups navigate that stress. Some are employing short-term strategies to survive week by week, while others devise new long-term plans. 

As one of the largest accelerator programs in the world, Techstars has a valuable network, with over 50 programs from Singapore to London to Boston. It brings on over 500 companies in different industries, from technology to healthcare, all receiving equity investments. 

"Everyone is still learning this version of reality we're living in," Aaron Blumenthal, head of 500 Startups, another accelerator holding online demo days and encouraging virtual networking between startups and potential future investors, told Business Insider. The connections accelerators like 500 Startups are making are valuable and could lead to more financing. 

"Young companies need to establish financing quickly," added David Cohen, cofounder of Techstars. "Once they have the capital to get through a situation like COVID-19 is when they can have immediate optionality." Once enrolled in an accelerator, like Techstars or 500 Startups, startups also actively seek out future investors, whether a sole angel investor or a firm, in order to prepare for growth.

In the first quarter of 2020, accelerator and incubator programs invested $110.29 million in private startups among 1,287 deals, according to data Business Insider pulled from Pitchbook. $41.62 million has been invested so far by accelerators in the second quarter of 2020. Given the initial strike of COVID-19 occuring in the midst of Q1, those numbers may decline in the months ahead.

Business Insider spoke with founders who participated in accelerators about what they learned through the experiences that's helping them weather uncertain times.

A spike in demand means it's time to rethink bringing a product to market 

During the Boston virtual demo day, each startup founder went through pitching each of their business models and detailing why their company matters in 2020 to angel investors and VCs on the call. Some were more relevant to the coronavirus pandemic than others, like Statera's clinician compensation tracking application.

Amy Jackson of Statera presenting at Techstars virtual demo day

"Financial stress is a big driver for physician burnout even before COVID-19, now of course physicians are more burnt out," said Statera Founder Amy Jackson, who had to expedite the launch of the platform when many physicians started getting sick as a result of treating patients with COVID-19.

"Our mission is even more urgent than it was a month ago," Jackson added. "There's a huge need for physicians to feel financially stable and to address any concerns to rebuild trust and confidence in a stable environment." Statera's targeted healthcare users are in anything but a stable environment, with many working long shifts in hospitals and doctors offices in order to treat those with COVID-19.

Amy Molk, founder and CEO of educational technology startup Beanstalk, said the company has dramatically ramped up its service. In just three weeks, while in the Techstars Boulder 2020 cohort, Beanstalk went from 150 to 7,000 users as kids were suddenly forced to do school from home. Both Statera and Beanstalk recognized their relevance during a pandemic and sped up launching their platforms to seize a valuable opportunity, under guidance from Techstars and their mentor network. And they're not the only companies that have seen a dramatic shift in the market.

Other startups have to put their main expertise on the backburner and improvise

"If we stayed in the tampon business, we would've gone out of business," said Claire Coder, founder and CEO of Aunt Flow, a 2018 Techstars NYC alum. Aunt Flow provided menstrual products for schools and offices, but once these places closed due to the coronavirus, it pivoted to manufacturing FDA-certified medical masks. As many entrepreneurs have discovered, flexibility is just as important to growth as market demand.

When Geospiza graduated from Techstars in 2018, the company analyzed data to visualize risks surrounding climate change. But since the pandemic started, orders have been scarce.

"When COVID-19 became intense in China, we had internal discussions on what our next steps were," said Sarah Hamma, Geospiza's director of product management. She explained how the company's background in emergency management expertise better positioned them to help existing clients. 

"The staff was not thinking we would be where we are today, but with our knowledge we still had companies and organizations reaching out to ask, ''Can you help us out more?'" Hamma said.

Geospiza now focuses 90% of its efforts on addressing situations involving the COVID-19 pandemic, since they were already working in an adjacent sector with management of emergencies. It's uncertain when they will switch back to covering climate change. 

"We're a little worried about what that means long term, but we're taking note and previewing what disruption climate risk will have on our society," Hamma said. Luckily, the company already completed its Techstars accelerator while also receiving a $1 million equity round May 2019 from Techstars and other investors.

Mastering a relevant virtual pitch and online networking is a must for everyone

Cazalot emphasized to the virtual demo day attendees "one ask, one intro," meaning all the angel investors and venture capitalists present were challenged to help startups network and connect within the industry.

Connections are encouraged more than ever when face-to-face encounters, events, and deals won't take place in the foreseeable future.

500 Startups has implemented Slack communications with startups, mentors, and investors across the globe to further elevate networking within its groups. 

According to Cohen, 80 companies in Techstars numerous accelerator programs are already relevant to COVID-19 and pivoting their business models to address the situation.

"Some of the best companies were created in downturns," Feld said during the Techstars event. "Economic stress causes unexpected opportunities, but there will always be smart people looking for work."

SEE ALSO: One invoice financing platform is using blockchain to give business owners a safe and sustainable alternative to the PPP loan — here's how it works

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This $40 smart face mask can translate speech into 8 languages — here's how it works

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  • The C-Mask from Donut Robotics can translate and transcribe speech and connect to bluetooth.
  • When the coronavirus hit, the company pivoted from its primary robot design to developing masks.
  • They are set to ship in September, and cost about $40.
  • Visit Business Insider's homepage for more stories.

The coronavirus made masks a must-have item for leaving home, and Japanese company Donut Robotics gave them an upgrade. The robotics company pivoted from designs for airport travelers to integrating those same functions into face masks.

Experts have cautioned people to wear masks, whether they have COVID-19 symptoms or not, and say that masks significantly reduce an infected person's ability to spread the virus. A downside, though, is that they make communication more difficult.

A mouth covering naturally muffles speech, and they also make lip-reading and following expressions difficult or impossible. With both transcription and translation capabilities, the C-Mask could be a solution to that problem, especially if masks are going to be part of everyday life for the foreseeable future. 

Here's how Donut Robotics made them work.

Donut Robotics had a contract with Haneda Airport in Tokyo to sell robot translators and guides, like this robot, called Cinnamon.

Source: Reuters



When COVID-19 hit, the team quickly worked to use its technology in a relevant way. "We worked hard for years to develop a robot and we have used that technology to create a product that responds to how the coronavirus has reshaped society," CEO Taisuke Ono told Reuters.



The mask connects to a smartphone app over Bluetooth, where it can then transcribe speech, be used for calls, or translate Japanese into eight different languages.



The name comes from the Five Cs on Donut Robotics' website:

 1.Clear voice

2. Connect with smartphone

3. Cool design

4. Clean material

5. Combat coronavirus.



It took Donut Robotics' designers only about a month to adapt the technology from the translator robot into the mask.



The C-Mask is worn over a typical face mask, which holds up the smart mask with its straps.



The first 5,000 C-Masks will ship in Japan in September.



The company also has plans to sell in Europe, the US, and China, and has received international attention since it was featured by Reuters.



Ono also said that he hopes to make money from subscriptions to the translation app.



Insurance startup Hippo reaches $1.5 billion valuation as it raises $150 million, but the CEO says getting funded during a pandemic was hard

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  • Home insurtech startup Hippo said Tuesday it had secured $150 million in Series E funding, bringing the unicorn's valuation up to $1.5 billion.
  • Investors FinTLV, Ribbit Capital, Dragoneer, and Innovius Capital participated in the funding round.
  • Trying to raise money while COVID-19 roiled markets was "a b----," CEO Assaf Wand said. 
  • Hippo uses technology to build custom profiles of houses, which it draws on to make custom insurance plans. The company says this nuanced approach saves customers money.
  • Hippo plans to hire 100 new employees and is building a new office in Austin, Texas as it prepares for an IPO it hopes to complete in 2021.
  • Visit Business Insider's homepage for more stories.

Home insurance tech startup Hippo announced Tuesday it had pulled in $150 million in a Series E funding round that boosted its valuation to $1.5 billion. But getting there wasn't easy.

"Funding was a b----," CEO and co-founder Assaf Wand told Business Insider.

The unpredictable economic fallout of the COVID-19 pandemic was to blame. The company had to go through a lalorious process of pulling together data on the housing market while the COVID-19 pandemic upended normal patterns.

"When you start the funding, you need to prep the data," Wand said. "You need to do a lot of stuff. Hence, the market was very different three and a half months ago than it was today."

Investors FinTLV, Ribbit Capital, Dragoneer, and Innovius Capital participated in the funding round that was based on a $1.5 billion valuation, according to an official release. Hippo had already joined the unicorn club by reaching a valuation of at least $1 billion during a funding round in 2019.

Hippo deploys various kinds of tech to build nuanced profiles of homes. That allows it to create bespoke insurance plans that it says saves money for customers on a case-by-case basis. 

Hippo plans to hire 100 new employees and is building a new office in Austin, Texas ahead of its planned 2021 IPO, according to the release. Sales were up 60% in the second quarter of 2020 compared to the same time last year, according to the statement.

Wand said the US home insurance market is too resilient for COVID-19 to dampen Hippo's prospects, although the outbreak had created a change in the company's client base.

There are now a lot more of what Wand calls "switchers.''

"People are staying home and trying to save money and trying to get more modern coverage on their home," Wand said.

Hippo also experienced a bump in May and June as people bought homes and prepared to camp out the pandemic, according to Wand.

"Everybody was cramped into a home for too long, and they said, 'listen: It's not that bad, but what I really need is an extra room in the house, what I really need is a swimming pool, what I really need is an office,'" Wand said.

Hippo's big round follows insurance tech rival Lemonade's announcement in June that it plans to go public. Lemonade is valued at $2 billion.

Join the conversation about this story »

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Notable VC Brad Feld says tech workers scattered by COVID-19 could create new startup communities that are unique to each region

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  • Techstars co-founder Brad Feld's new book "The Startup Community Way," a deep take on how to build a local tech community, comes out July 28.
  • Feld told Business Insider that the tech workers abandoning traditional tech enclaves like Silicon Valley in the midst of COVID-19 have the potential to create new entrepreneurial communities in the places where they settle.
  • But startups and VCs in those communities will need to avoid trying to dominate each other if they want their new tech clusters to thrive, Feld said.
  • Feld said workers should focus less on moving to a place where the best opportunities seem to be, and more on making opportunities in the places where they'd like to live.
  • Visit Business Insider's homepage for more stories.

Renowned early-stage investor Brad Feld, the cofounder of Techstars and Foundry Group, has a lot of thoughts about a lot of things.

Normally they spill over into his blog or Twitter, but occasionally he takes the time to pound out a book too. "The Startup Community Way: Evolving an Entrepreneurial Ecosystem," co-written with researcher Ian Hathaway, is due out on July 28. The dense tome takes on how to build startup communities at a moment when COVID 19 is scattering tech workers across the U.S.

Could it be that a pandemic will provide the conditions for a bevy of thriving tech clusters throughout the United States — something that many smaller city governments have labored to create, and many tech workers have yearned for as they struggled with astronomical rents and choking traffic in Silicon Valley and other major tech hubs? If so, Feld is offering a how-to manual.

Feld, who also co-authored a sort of VC investment bible called "Venture Deals,'' chatted with Business Insider about his new book and the potential for fresh tech scenes to spring up across the  country. The interview has been edited for length and clarity.

To start off, what was the impetus for the new book?

I wrote in 2012 a book called "Startup Communities." In 2010, coming out of the financial crisis, people were still saying if you want to start a company, you've got to go to the Bay Area. And I've always thought that was nonsense. I've lived in Boulder since '95, I lived in Boston before that. I've never lived in the Bay Area. And I ended up coming up with this construct that's now widely known around the world as a "startup community." In 2017, a friend of mine named Ian Hathaway said, "Why don't we write a sequel?" 

In your book, you emphasize that it's important to avoid top-down control from governments and other institutions, and instead provide bottom-up support. What kinds of support are needed right now as startup communities struggle with COVID-19?

In Colorado, at the very beginning of the COVID crisis, the governor created a council called the Economic Council on Stabilization Growth. I headed up the committee on businesses of under 500 people. So that captured a lot of entrepreneurial businesses but also small local businesses, all the nonprofits throughout the state, etc… and so in Colorado I would say we had a very inclusive government in that thought process, versus other states who are basically doing things that they think are the right things to do without necessarily really deeply engaging with who it's going to affect. And so, you know, they end up doing things based on whoever's lobbying, whoever's shouting the loudest, whoever has relationships. 

Speaking of these people scattering around, do you see the potential for new startup communities springing up as techies spread out across the country?

Yes, absolutely. I have a deeply-held belief that every city with at least 100,000 people needs to have a robust and growing startup community for the long-term health and success of that city. And then in Colorado, the idea of a rural startup community, or non-urban startup community, becomes important…  So the Aspen example would be in Colorado, if you know Colorado well, but if you do a circle with a radius of about 50 miles around Aspen, you capture towns like Basalt, Carbondale... and you probably end up with about 50,000, maybe 75,000 people. And so instead of the Aspen startup community, what's developed here is the Roaring Forks startup community. Instead of viewing it as a zero sum game between these different cities, they're collaborating to get critical mass… All of a sudden, there's lots of people who might live in New York and say, "you know what? I really want to live in Carbondale, Colorado. I love it, I've got little kids, I want to be in the mountains. And I realize that I don't have to be in New York City anymore."

I thought it was interesting in your book when you said it's important for individual actors to avoid dominating startup communities. Do you have examples of where that's played out?

Austin has grown into a vibrant startup community over a long period of time, but there was a period of time when you said "Austin," people said "Michael Dell of Dell Computers," right? There was a period of time when somebody said "Seattle," the only thing anybody thought about was Microsoft. For many years, whenever a company was trying to raise money in Colorado, I would get an email saying "Brad, is Foundry investing in this company?" And we'd have to explain over and over again that we're not trying to invest in all the great companies in Colorado, we're trying to invest in companies that hit the themes we invest in... I think the unhealthiest thing possible for Boulder would be if I was a gatekeeper for everything that was going on.

You feel like you would have stifled creativity because everything would have gone through your filter?

My filter, by definition, isn't perfect. I make a lot of mistakes [laughs]. And more importantly, it chokes everything off. You want more leaders, not less leaders. If I was the leader of the leaders, it would be bad, because then I would be selecting who the leaders were.  And so instead of creating an inclusive startup community, you create a whole set of different cliques and factions that would slow down evolution and growth.

When you talk I hear less focus on the self and more on solidarity. 

I love the word "topophilia." I learned it from John Hickenlooper, who was Colorado's governor for eight years and is a very successful entrepreneur. He used the word, and the word means "love of place." And as someone who loves in Boulder, Colorado, I have topophilia for Boulder, Colorado. I love this place.  My deeply held belief is that you choose the place you want to live and you build your life around it, not the other way around. And if you put that at the intersection of a startup community and you have a bunch of people who want to be in the city they're in, making that city amazing? Being entrepreneurs, being part of the startup community, being part of whatever the aspect of that growth and development and a community is? The solidarity will come from it.

SEE ALSO: Stop trying to make more Silicon Valleys, VC Brad Feld argues in a new book that comes just as techies are relocating to cities across the US

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Here's an exclusive look at the pitch deck cybersecurity startup CyCognito used to raise $30 million from Accel

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CyCognito_PR_Headshots

  • Palo Alto, California-based cybersecurity startup CyCognito has raised a $30 million Series B round from Accel.
  • Previous investors Lightspeed Venture Partners, Sorenson Ventures, and UpWest also participated.
  • "We were having conversations with investors during Covid but the best investors are always looking 5-10 years ahead and can foresee which companies will succeed," Rob Gurzeev, CEO and cofounder of CyCognito told Business Insider in an interview. "Coronavirus has seen a boom in digitization from businesses and there is now more to protect as a result."
  • Visit Business Insider's homepage for more stories. 

Palo Alto, California-based cybersecurity startup CyCognito has raised a $30 million Series B round from Accel.

CyCognito claims to solve one of the most fundamental business problems in cybersecurity: seeing how attackers view your organization, where they are most likely to break in, what systems and assets are at risk, and how you can eliminate the exposure.

The startup was founded in 2017 by former by intelligence agency staff Rob Gurzeev and Dima Potekhin.

"We were having conversations with investors during Covid but the best investors are always looking 5-10 years ahead and can foresee which companies will succeed," Rob Gurzeev, CEO and cofounder of CyCognito told Business Insider in an interview. "Coronavirus has seen a boom in digitization from businesses and there is now more to protect as a result."

Attackers look for and target the paths of least resistance: the easiest, least secured ways available to compromise organizations, according to Gurzeev.

He estimates that the number of businesses that have digitized their offerings due to COVID-19 has led to an unprecedented amount of potential risk to companies from sophisticated hackers.

"When companies make these decisions so quickly things are more likely to be misconfigured and mis-deployed," Gurzeev added. "The IT ecosystem is growing exponentially as enterprises go increasingly digital."

Previous investors Lightspeed Venture Partners, Sorenson Ventures, and UpWest also participated, taking the company's total funding to $53 million. The company will use the funding to continue expanding its team, particularly product and go-to-market alongside some geographical expansion. 

Check out CyCognito's Series B deck below:

SEE ALSO: Here's an exclusive look at the pitch deck fintech startup Plum used to raise $10 million during coronavirus





























6 simple apps that entrepreneurs and freelancers can use to juggle projects and boost productivity

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man working laptop employee entrepreneur

When it comes to apps and platform tools to run your business, the choices can be overwhelming.

If there's a business management problem to solve, odds are there's a tailor-made service to help out.

The downside to this abundance is that you can easily find yourself wasting time choosing and using different apps for project planning, customer resource management, inventory tracking, financial bookkeeping, or almost anything else you need on a daily basis.

And after you've done all that, you may still need another set of apps to get them to work together.

But what if you could use just one app to handle the job of several?

After all, most productivity apps are powered by databases and cloud computing, and programmed in a way that makes them more user friendly.

If you're comfortable with using spreadsheets like Excel or Google Sheets, there are a recent wave of solutions for you to consider.

Tapping into the power of databases

They're called "low-code" platforms, and they're reducing the need for single-purpose apps by giving users more control over how they use cloud database tools.

It might sound scary at first, but it's helpful to think of a database as just a fancy term for spreadsheets that can interact with each other.

Each row of the spreadsheet is called a record, and records can be almost anything you like, such as a task with a deadline, or individuals' names and contact information.

(In fact, you're using a database to read this story right now — most websites employ a database called a content management system to organize stories, headlines, and media assets).

Enterprise-grade tools at startup prices

The main advantage of these low-code platforms is that they are extremely user-friendly, and all of them come with pre-built templates that allow you to just get started without having to learn a bunch of tech skills.

Now, individuals and small teams can use tools at a fraction of the skill level and cost that made them the exclusive domain of established enterprise firms.

We looked at how well several of the leading apps meet the following seven critical business management needs: simplicity, security, collaboration, productivity tracking, project and resource management, pricing scalability, and integration with other apps.

If you've used Google's suite of apps, you'll be right at home. Plus, all of them are free to get started, so you can try them yourself before taking the plunge. (Annual memberships range from about $100 to $300 per user, but some services offer discounts for startups and educational teams).

Continue reading to see our roundup of the six best low-code database apps for startups, small businesses, and freelancers.

SEE ALSO: The ultimate Excel guide for small businesses to go beyond bookkeeping and save money on software costs

SEE ALSO: Silicon Valley's 'startup guru' told us there are 5 types of entrepreneurs. Here's how to know which kind you are.

Airtable

Airtable.com

Simplicity— Extremely simple. Easiest one of the bunch, and closest to Google Sheets; probably the best place to start trying this approach

Security— Secure access across the platform; customizable access; password-plus authentication; single sign-on services available at enterprise level.

Collaboration— Real-time teamwork; comments and @mentions; workflow automation; notifications and mobile apps.

Productivity tracking— Calendars, spreadsheets, and visualizations like Kanban boards.

Project and resource management— Customer and employee relationships; inventory management; event planning; marketing content production. 

Pricing— Free; Plus $120/year per user; Pro $240/year per user; Enterprise ready.

Integration with other apps— Limited native integration. Use third-party services to connect with over 1000 apps.



Coda

Coda.io

Simplicity— Almost as simple as Airtable, with more options for different project types.

Security— Secure access across the platform; Team accounts have customizable tools like private folders and advanced locking; single sign-on services available at enterprise level.

Collaboration— Real-time teamwork; comments and @mentions; workflow automation; notifications and mobile apps.

Productivity tracking— Calendars, to-do lists, visualizations like Kanban boards and Gantt charts.

Project and resource management— Customer and employee relationships; inventory management; event planning; marketing content production.

Pricing— Free; Pro $120/year per user; Team $360/year per user; Enterprise ready.

Integration with other apps— Free plan is limited and includes social apps. Paid accounts include Google, Shopify, Asana, Slack, and more.



Notion

Notion.so

Simplicity— Moderately complex. More customizability means less simplicity.

Security— Secure access across the platform, but some users on Reddit have reported seeing unexpected access on pages they shared publicly. Be smart when sharing and use the available tools. Single sign-on (SAML) available on the Enterprise plan.

Collaboration— Real-time teamwork; comments and @mentions; workflow automation; notifications and mobile apps.

Productivity tracking— Calendars, to-do lists, spreadsheets, and visualizations like Kanban boards and card galleries.

Project and resource management— Customer and employee relationships; inventory management; event planning; marketing content production; team knowledge base (wiki).

Pricing— Free; Personal $48/year per user; Team $96/year per user; Enterprise ready. Free personal plans for students and educators, and some startups are eligible for a $1,000 credit toward a Team plan. Additional features available with paid accounts.

Integration with other apps— Limited: Google, Evernote, Trello, and Asana.



Wrike

Wrike.com

Simplicity— Wrike isn't exactly "low-code" like the others in this list, but it does offer robust functionality for larger teams.

Security— Top-tier security across the platform; Business accounts have customizable user groups and permissions; single sign-on services available at enterprise level.

Collaboration— Real-time teamwork; comments and @mentions; workflow automation; notifications and mobile apps.

Productivity tracking— Calendars and to-do lists; visualizations like Kanban boards and Gantt charts.

Project and resource management— Customer and employee relationships; inventory management; event planning; marketing content production.

Pricing— Free; Professional $120/year per user; Business $300/year per user; Enterprise ready.

Integration with other apps— Basic integrations with Microsoft, Google, Adobe, and Salesforce. Optional add-on to connect with over 400 other services.



Zenkit

Zenkit.com

Simplicity— Moderately simple. Easier than Notion, but more advanced than Coda.

Security— Secure access across the platform; Password-plus authentication; Plus accounts have customizable user access profiles; single sign-on services available at enterprise level.

Collaboration— Real-time teamwork; comments and @mentions; workflow automation; offline editing; notifications and mobile apps.

Productivity tracking— Calendars and to-do lists; spreadsheets, visualizations like Kanban boards and mind-maps.

Project and resource management— Customer and employee relationships; inventory management; event planning; marketing content production; team knowledge base (wiki).

Pricing— Free; Plus $108/year per user; Business $300/year per user; Enterprise ready.

Integration with other apps— Dozens of apps including Google, Dropbox, Asana, and Slack.



Sonadier

Sonadier.com

Simplicity— The interface is spare and clean, but the absense of site structure can be intimidating. 

Security— All user data is encrypted, and Sonadier allows users to set access permissions for all of its features, which can be revoked at any time.

Collaboration— Comments and @mentions; data revisioning; submission receipts; mobile compatability.

Productivity tracking— Issue trackers and to-do lists; contacts; approval workflows.

Project and resource management— Task templates; asset tracking; applicant tracking. Sonadier allows users to create whatever form best suits their needs. 

Pricing— Free; Team $5/month per user; Enterprise ready.

Integration with other apps— Uses Zapier to integrate with standard apps.


If you're having trouble choosing, Zenkit has a tool to compare the features of these services and more.

You can also read deep-dives on the no-code revolution and the new wave of work management software from Michael Dubakov, the founder of an early-stage low-code startup called Fibery.

And let us know if you have advice or tips for using these platforms, or there's a service that you've tried and love that you think should be included in this list.



Here's how this founder sought to overcome Shark Tank's apparent aversion to tech startups that had already raised capital

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PROVEN CEO Ming Zhao

  • Ming Zhao, CEO of PROVEN, an AI-powered skin care startup, explained how she tried to overcome Shark Tank's apparent aversion to supporting tech startups that had already raised. 
  • "The sharks are not the most coddling of Silicon Valley entrepreneurs," based largely on the view that tech startup founders or entrepreneurs who are known to have more access to venture capital and other investors, and shouldn't be looking for funding on Shark Tank, she told Business Insider. 
  • She also prepared to be called nasty names, including "gold-digger," which was what Mark Cuban called one entrepreneur in a 2017 episode. Another "shark," Kevin O'Leary, called the African-American founders of Lib Bar "colorful cockroaches."
  • "I was definitely preparing for that having seen those episodes," Zhao told Business Insider. "I was afraid of being called a cockroach or a gold digger or any of those names."
  • While the show's judges ultimately chose not to invest, Zhao says that being on the show was good exposure and led to customers and partners taking PROVEN 
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Entrepreneur Ming Zhao, CEO of PROVEN, an AI-powered skin care startup, was excited to make an appearance on Shark Tank, though she knew she had to brace herself to be called nasty names — including "gold-digger" and cockroach.

"Gold-digger" was how Mark Cuban, one of the show's judges, or "sharks," referred to entrepreneur Yunha Kim for seeking to raise more capital for her mediation app company in a 2017 episode. "Colorful cockroaches" was Kevin O'Leary's label during a 2018 episode for a group of African-American entrepreneurs who launched Lip Bar, a lipstick company. 

"I was definitely preparing for that having seen those episodes," Zhao told Business Insider. "I was afraid of being called a 'cockroach' or a 'gold-digger' or any of those names."

Zhao's startup uses AI and a proprietary database to formulate skin care products based on an individual's skin type and needs. The startup calls its product "the world's most personalized skin care" based on the Skin Genome Project, an award-winning skincare database.

Zhao joined an open casting session for Shark Tank and was chosen to appear in an episode recently. She said she knew it was a big break for her startup, but she knew she wouldn't have to just explain her company's technology and business model. She would have to prepare for a grilling by the sharks, who are known for sometimes being mean-spirited and intense towards the entreprenuers on the show.

The sharks did not invest in her startup, but she said being on the program gave them more visibility. In fact, her episode was recently re-broadcast "which means our show got pretty good accolades," she said.

Preparing for a grilling

The experience of Kim, a serial entrepreneur, in a 2017 Shark Tank episode, which can be viewed on YouTube, stood out for Zhao.

During Kim's appearance, Cuban led the grilling, saying, "From an investment perspective, you don't need the cash." To his fellow host, Richard Branson, the Virgin Group founder, Cuban added, "She's a gold-digger."

"No, she's not a gold-digger," Branson disagreed.

"Did you just call me a gold-digger?" Kim asked smiling.

"Yes," Cuban answered.

Businessman Daymond John endorsed Cuban's argument as he pointed to where Kim was standing before the sharks, saying: "There are so many people around the country that stand on that carpet and they've busted their butt and they've mortgaged everything they have to hopefully get $200,000 to $300,000 to run their business. Every time somebody steps on this carpet with a couple of million dollars in the bank you take away the opportunity from somebody who may have lost their home or sold their kids college fund."

Branson chimed in again to defend Kim, saying, "That's so unfair." Branson later recalled in a blog post how that comment led to a misunderstanding with Cuban, and said that they reconciled later.

Zhao said studied that episode closely as she prepared for her own appearance: "They called the woman a 'gold-digger' because they were like, 'Oh, you know you don't you're not desperate for money, and there are all these other entrepreneurs who you know if they didn't have this money then they would go bankrupt' or something like that."

Zhao knew she was in a similar situation since PROVEN had "already raised a healthy amount of seed money." That's shy decided to come up with "a few comebacks that I prepared beforehand."

She said that had the sharks called her a "gold -igger" for seeking more startup capital, she would have responded: "This show is not a charity show. This is a show where great companies go to meet great investors, so that we can both grow and you know really bring these wonderful products to all of America. That's why I'm here."

'The sharks are not the most coddling of Silicon Valley entrepreneurs'

As she expected, there was "a lot of commotion" among the sharks when she disclosed that the company had raised a few million dollars in capital. Ultimately, no one called Zhao a "gold digger" or any other name, but she said her experience underscored what she said Silicon Valley or tech entrepreneurs should understand about Shark Tank.

"The sharks are not the most coddling of Silicon Valley entrepreneurs," based largely on the view that tech startup founders or entrepreneurs who are known to have more access to venture capital and other investors, and shouldn't be looking for funding on Shark Tank, she said. 

Ultimately, she says, while the sharks chose not to invest, her appearance has had a "raw impact" on the startup's traffic, and reaffirms to their partners "that this is a legitimate business."

"There's a lot of cascading benefits from that," she said. "Even our suppliers now take us more seriously because they all watch Shark Tank."

Got a tip about PROVEN or another tech company? Contact this reporter via email at bpimentel@businessinsider.com, message him on Twitter @benpimentelor send him a secure message through Signal at (510) 731-8429. You can also contact Business Insider securely via SecureDrop.

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SEE ALSO: These 5 tech giants could buy VMware if Dell chooses to sell the software giant, according to analysts: 'VMware would be a valuable property to any company in enterprise'

SEE ALSO: The CTO of $6.8 billion AI startup Automation Anywhere explains why the hot startup is hiring despite the pandemic, including jobs that pay more than $200,000 a year

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7 traits that every investor looks for in an aspiring entrepreneur

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  • Marty Zwilling is a startup angel investor and the CEO of Startup Professionals, a business that supports small business owners and founders.
  • He explains it takes a lot more than a good idea for an aspiring entrepreneur to successfully land investors, even if they think they have the best idea in the world.
  • If you don't have a lot of business experience, highlight what leadership and management experience you do have, whether from school projects or having a job.
  • Also, be sure to demonstrate your listening skills. Show a potential investor that you want to learn from them, instead of acting like you already know everything about your product, service, or industry.
  • Visit Business Insider's homepage for more stories.

As an angel investor in startups, I'm a believer that smart investors invest more in you as the entrepreneur than the next billion-dollar solution you are pitching. Yet I find that most of you find it hard to make the case that you can be the next Elon Musk or Bill Gates. I'm not looking for words, but examples of how your habits and attributes have produced results, even before your startup.

In my experience, building a business is more about getting results than having the right dream or the right technical skills. I want to see and hear that determination, never-give-up attitude, and focus that separate the exceptional entrepreneurs from the other 90% that ultimately fail or give up in the face of the big challenges that face every new business.

In this context, I recommend that you highlight some key personal attributes and mindsets in your investor pitch. The following will convince a savvy investor to believe you can deliver the business as well as the solution you are pitching:

1. Highlight prior results from your early initiatives.

Even if you are still in school and have never started a company before, strong entrepreneur candidates can point to projects they initiated or led that produced significant results. Founders like Gates and Mark Zuckerberg always had projects going and even dropped out of school to start their big business.

2. Relate a higher purpose to your business proposal.

These days, customers expect to hear and see social and environmental value from a new business, rather than just a new technology or profit. Certainly, investors want to see a financially attractive opportunity and return projection, but they also want entrepreneurs who can take it to the next level.

For example, Patagonia founder Yvon Chouinard made it clear from the beginning that his company mission was to save the environment, not just be another outdoor clothing seller. He built an "activist company," and continues to lead and profit from that strategy.

3. Give examples of your determination and problem solving.

The startup road to a successful business is always a long one, with many unknowns to overcome. Even if you don't have previous businesses to reference, relate examples of your problem-solving ability and determination in other contexts. Highlight your growth and continuous learning.

4. Demonstrate business as well as technical acumen.

Many aspiring entrepreneurs are so focused on their technology, that they display no interest or credible understand of the financials and metrics of growing a business. This can be mitigated by introducing a partner with the necessary complementary skills and focus to balance the equation.

Before looking for an investor, you or a partner need to demonstrate an understanding of the implications of startup valuation, revenue projections, break-even, and ROI. Ignoring these, or taking an unrealistic position, will kill even the best solution proposal.

5. Practice excellent communication and listening skills.

The ability to get your message across effectively through storytelling, examples, and clear terminology is key, not only in convincing investors, but in attracting customers, vendors, and business partners. Great entrepreneurs know how to listen and learn effectively, as well as talk.

6. Keep a positive perspective, even on competitors.

Great entrepreneurs never degrade their competitors, and provide a positive outlook on all the challenges ahead. They position competitors as a base for their solution advantages, and an indication of existing market demand. They talk positively about how customers will appreciate value.

For example, I often hear statements such as, "competitor x's product is expensive and hard to use." Real entrepreneurs highlight their positives by saying "product x is good, but our solution supports all the new environments, and still gets the job done faster and easier."

7. Show credibility as an industry influencer and leader.

As an entrepreneur, you will have to be able to deal with disparate views and ultimately build solid people relationships in support of your efforts. Relate how you have been able to lead a team and positively influence an organization to align with your beliefs. Leadership is tougher than invention.

As an investor, I see hundreds of innovative solution pitches, but only rarely do I see an aspiring entrepreneur who demonstrates the attributes outlined here or who can convince me that they could be the next Steve Jobs or Jeff Bezos.

I urge you to take a hard look now at how you come across to peers and people in business. You may be the biggest hurdle to your own business success.

SEE ALSO: 3 reasons why it may be a smart move to start your own business during the pandemic

READ MORE: 6 ways to develop devoted customers and strengthen brand loyalty for your small business

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Kanye West criticized StockX's minority-filled centers during a visit to the company in 2018. Now, the resale startup is rethinking its approach to diversity and inclusion.

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  • With over 40% of its workforce and one-quarter of the company's leaders at the director level and above identifying as BIPOC, StockX, a marketplace for sneakers and streetwear, stands out as more diverse than the companies adjacent to it.
  • But in a visit to the company's Detroit offices in 2018, Kanye West took issue with the minority-filled authentication centers compared to the white executives, according to former employees.
  • The incident highlighted a lack of advancement opportunities for people of color at the company.
  • StockX's recently-hired VP of global diversity and inclusion Marlin Williams said the company still has work to do and outlined various steps the company is taking to increase diversity, including a plan to invest in career development and advancement for employees in the centers.
  • Since her arrival at StockX, Williams has led a variety of company-wide discussions regarding the critical intersection of race, tech, diversity, and the sneaker industry.
  • "StockX has deep connections to Black culture and it is our obligation to not only speak out against injustice in the world, but to work for change from within," Williams told Business Insider in a statement.
  • Visit Business Insider's homepage for more stories.

It's likely that every StockX employee knows what happened on October 2, 2018, the day Kanye West visited the company's Detroit, Michigan offices.

It's not just that Kanye is famous. It's common for celebrities and sneakerheads to stop by the fast-growing that recently surpassed 10 million lifetime sales since its founding in 2015. As a resale marketplace and product authenticator, StockX is considered a pillar of the sneaker and streetwear culture that has long defined Detroit.

Still, a visit from West, the progenitor of the Yeezy brand, was a big deal for StockX, where pairs of the rapper's sneakers regularly fetch thousands of dollars. At first, the tour of the company's US headquarters, led by StockX cofounders Josh Luber and Dan Gilbert, seemed to be going smoothly. Then the group stopped at the Detroit data center to see where sneakers and streetwear are verified and reboxed by authenticators.

While an important part of a resale business, work at authentication centers is generally done in a warehouse separate from the corporate offices. StockX's authentication centers are staffed mostly by people of color, whereas many executives, including Luber and Gilbert, are white. The contrast incensed West, according to a former employee who was present during the visit. 

StockX authentication

"[West] told them that what he saw was the worst part of his entire trip to Detroit at that point," said a former StockX employee who was present during West's visit to the center. This employee, who worked in the center until April, relayed how upon looking down at the center through a window, the rapper turned fashion designer changed his entire demeanor.

West became upset after seeing the warehouse-like center filled with people of color, likening them to "robots," and describing the center as a "sweatshop," the former employee said. West also grabbed Luber's hat off his head to make a point about standing up to bullies and empowering minorities, according to the former employee. 

StockX would not comment on any details of West's visit, though a post from the company's website confirms that West was at the company that day. Four other former employees who had heard about or viewed a video of the incident corroborated similar details.

To some former StockX employees, West's tirade, while over-the-top, pointed to what could be seen as an optics problem for the company in terms of diversity. 

Two years later, StockX is re-examining its approach to diversity and inclusion. Business Insider spoke to StockX's recently-hired VP of global diversity and inclusion Marlin Williams, who explained how the Detroit-based startup is approaching diversity as a company rooted in the sneaker community and Black culture. Business Insider also spoke to one current and five former employees who were let go in various rounds of layoffs since December, all of whom requested anonymity in order to speak more frankly about the state of diversity at StockX.

StockX: Between startup and sneakers

After StockX's second major round of layoffs in February, the company hired its first-ever VP of global diversity and inclusion, Marlin Williams. With a slew of previous Detroit-based tech-adjacent and diversity roles under her belt, Williams was well-versed in the startup culture in the Motor City. 

And while StockX's identity as a tech-startup is important in understanding its relationship with diversity and inclusion, its role within the sneaker industry is perhaps even more crucial. As a company based in sneakers and streetwear, StockX is intrinsically tied to the industry's roots in Black culture

"Especially in streetwear and sneakers, where this is derived from the neighborhoods that these people grew up in, it's deeper than just reading about it," said a former StockX warehouse employee, explaining why the company's unique role in the sneaker industry makes Black representation more critical than in a standard tech startup. "It's deeper than buying a pair of sneakers. It's about, how did these sneakers impact your childhood and growing up, and what did they mean to you and your neighborhood and to Black culture?"

The unique position of StockX is not lost on Williams.

StockX center

"StockX has deep connections to Black culture and it is our obligation to not only speak out against injustice in the world, but to work for change from within," she told Business Insider in a statement.

Since her arrival at StockX, Williams has led a variety of company-wide discussions regarding the critical intersection of race, tech, diversity, and the sneaker industry. A current employee in StockX's Detroit office said that since Williams' hiring, StockX has hosted open discussions and conversations to allow BIPOC employees to publicly share their experiences in their personal lives and at the company. 

To Williams, StockX is currently faring well in terms of diversity metrics, though there is still more to be done. More than 40% of StockX's total workforce are people who identify as BIPOC, Williams shared. At the director level and above are, this number is about 25%. According to StockX, these figures were derived as results from a survey employees took at their hiring, 85% of which opted to respond to the ethnicity question. StockX would not give details on the racial breakdown beyond BIPOC, which refers to Black and Indigenous People of Color.

"While we view diversity as our greatest strength, we also recognize that we have work to do," WIlliams said in her statement. She added that she and her team are currently in the process of developing a six-point diversity and inclusion plan to "hold the company accountable."

Pathways toward advancement

In his visit, West highlighted a need for StockX to assist in the advancement of its data center employees of color to roles within the office. Now, StockX says it is taking steps to make this happen. According to Marlin, a pillar of her six-step plan involves investing in career development for employees in the centers who wish to advance within the company.

After recruitment and retention, career advancement is one of the biggest problems for Black employees in the footwear and athletic-wear industry at companies across the board, said Darla Pires DeGrace, a diversity, equity, and inclusion strategist and former recruiter for Reebok. Pires De Grace explained how once a company hires diverse talent, they're often ill-equipped to help employees move up at the company. 

"They're stuck in their entry-level roles or their mid-level roles with no room for advancement," said Pires DeGrace, who is also a member of The African American Footwear Forum (AAFF), which works to address and solve diversity issues in the footwear industry, 

In addition to suggesting that recruitment focus on diversifying mid-level and senior roles as opposed to entry-level roles, Pires DeGrace emphasized the importance of clearly delineating pathways to advancement, a key component of William's six-step plan.

A former employee in the center who was laid off in April said that when he was at StockX, it was rare for someone getting promoted from a job in the authentication center to a corporate role. While many employees in the authentication centers might possess a deep knowledge of streetwear and sneakers, this employee said that many lacked college degrees or any formal experience in the field, both of which are generally considered prerequisites for obtaining corporate-level marketing, engineering, or finance jobs at any company.

As such, StockX recently launched a task force of diverse employees to help workers in the center advance into engineering roles.

Such a program would likely help further increase StockX's overall diversity numbers at the corporate level. 

Sneaker companies and startups are known for low levels of diversity 

Living at the nexus between the sneaker and startup world, StockX stands out for being generally more diverse than the companies adjacent to it. 

In general, strong Black representation is difficult to find in the footwear industry. In the last few weeks, Adidas, Nike, and Under Armour have all acknowledged their part in maintaining a workplace lacking in diversity and inclusion. 21.6% of Nike's total US workforce was Black or African American in 2019, according to the company's 2019 diversity report. The New York Times previously reported that fewer than 4.5% of the 1,700 Adidas employees at the Portland, Oregon, campus identified as Black, according to internal employment figures from last summer.

Adidas announced in June a commitment to filling 30% of all new positions in North America and Nike CEO John Donahoe said the sportswear giant must get its "own house in order," in a June 5 memo to employees, according to a CNBC report.

Startups have also historically struggled with diversity. Facebook and Google had less than 4% of Black representation in their US workforces in 2020, according to annual diversity reports. But when it comes to StockX, the company appears more generally diverse than a standard tech startup. 

A former employee who worked in StockX's Detroit offices until April pointed this out. And while he acknowledged that there appears to be more diversity in StockX's authentication centers than in the offices, he affirmed that StockX was still "the most culturally and ethnically diverse" company he had ever worked at, even without many Black or minority executives.

To this employee, a startup veteran who is white, a lack of strong diversity is not a StockX-exclusive problem.

"Sneakers and streetwear is rooted in Black culture," this former employee said. "Tech startups are not."

If you're a StockX employee or someone with a story to tell, contact this reporter at via email at sciment@businessinsider.com or by encrypted messaging app Signal at +1 (646) 376-6018 using a nonwork phone.

SEE ALSO: Sportswear companies are facing a reckoning as Black employees demand representation in the industry indebted to Black culture

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Buzzy challenger bank unicorn Monzo doubled losses in 2019 despite higher revenues, says COVID-19 pandemic is major threat

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TomBlomfield Monzo.JPG

  • Fintech challenger bank Monzo announced that its losses ballooned to £115.4 million ($151 million) in 2019 — twice that of 2018. 
  • That is despite revenues at the London-based startup doubling to £90 million ($118 million) in 2019.
  • Monzo said the ongoing uncertainty of the COVID-19 pandemic was a major threat to its future, but that it could raise more cash if needed. 
  • Visit Business Insider's homepage for more stories. 

Fintech challenger bank Monzo announced Thursday that its revenues had doubled to £90 million ($118 million) in 2019 — but its losses ballooned to £115.4 million ($151 million), twice that of 2018.

The London-based startup attributed the losses to increased marketing spend, hiring, and more technology.

The results in its annual report cover the year to February, and do not account for Monzo's troubles during the coronavirus pandemic. It has laid off up to 80 staff and signed a new $76 million funding round from investors at a 40% valuation drop in recent months. 

"The impact of the COVID-19 pandemic poses a significant risk to the UK and global economy, and this year will be a challenging time for many businesses, including Monzo," Monzo cofounder and president Tom Blomfield said in the report. "With this unexpected change in landscape, we've seen organic customer growth slow as word-of-mouth drops, and we'll see reductions in revenues and higher credit losses."

The pandemic was a threat to Monzo's very existence, the company admitted. But Alwyn Jones, CFO, said Monzo had already raised cash during the pandemic, and could do so again if needed. 

Investors remain bullish: One London-based VC said the revenue growth of the 12 months to February, and increased internal discipline brought on by COVID-19, will serve the business well.

The startup bank, founded in 2015, has more than 4 million customers with current accounts — it also provides saving pots, access to loans, and other financial services. It has more than 36,000 business banking clients.

Over 2019, it added 2.3 million new customers and deposits grew to more than £1 billion ($1.31 billion). Its lending business grew to £143.9 ($189 million) in 2019, from just £19 million ($25 million) in 2018. It recently relaunched paid accounts in an attempt to diversify its revenue and push towards profitability.

It has relied on the wild popularity of its "hot coral" debit cards and easy-to-use app to win new customers, rather than conventional marketing.

Reshuffle of top jobs

Monzo kicked off the year by publicizing a prospective US launch, and the company has applied for a US banking license, a process which could take 12 to 18 months. Blomfield is stepping away from his current role as CEO to become president. And amid financial pressure during the pandemic, he has deferred his salary for a year.

Blomfield's old job has been taken up by TS Anil, the Visa veteran who joined Monzo as US CEO in February. 

Other executive changes include the departure of CTO Meri Williams, while former Deliveroo CTO and Blossom Capital VC Mike Hudack has joined as chief product officer. Sujata Bhatia, a former American Express executive in Europe, has been brought in as new COO. The start of the year also saw Monzo cofounder Paul Rippon leave the company to spend his time farming alpacas.

The startup has raised £385 million ($487 million) to-date.

SEE ALSO: $1.6 billion challenger bank Monzo relaunches paid premium accounts with eye on profitability

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I tried nonstick cookware from new kitchen startup Equal Parts — it's not perfect, but it's still excellent for the price

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equal parts cookware review 6

 

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During the pandemic, I've spent more time in the kitchen than I ever thought I would. It's been a journey baking from scratch for the first time, testing out various meal kits, and experimenting with new recipes day in, day out.  

It's also been an unexpected opportunity to really put some cookware through the wringer. For much of the last few months, new kitchen startup Equal Parts has been the assistant to all my cooking adventures. 

What to know about Equal Parts 

Equal Parts is the latest brand to join a slew of others selling attractive, quality cookware and kitchen tools exclusively online. It specializes in ceramic nonstick pots and pans, along with accessories like a colander, cutting board, and chef's knife. 

equal parts cookware review 5

The prices, while a step up from the budget category, are reasonable for what you get. They range from $19 for a spoon and spatula set to $449 for a 20-piece complete kitchen bundle

There's free shipping on orders over $65 and a 30-day free return policy. 

Equal Parts sent me a few pieces to test and though they're not perfect, I still loved using them. Read on for my experience with the pots, pans, and utensils. 

Equal Parts cookware and utensils review 

First up, the Small Pot and Big Pan. These sleek matte black pieces are made from aluminum with a nontoxic, ceramic nonstick coating and a stainless steel induction plate. 

At first glance, I thought they looked great, but upon closer inspection, they did already have some small paint chips right out of the box. After handling the pans often, the chipping luckily hasn't gotten worse. 

equal parts cookware review 2

I've used the pot and pan on both gas and induction stovetops and found there's better heat conduction and distribution with a gas stovetop. Once over the fire, they heat up quickly and evenly, and the nonstick coating is very effective — it's cooked everything from fried eggs to veggie stir fry with no sticking. When I cooked steak, it stuck a little to the pan (which I feel is necessary for a good sear anyways), but the residue didn't cling and it was easy to wash off. 

Meanwhile, the pot was great for stews and soups. In terms of performance, there was nothing too special about it other than the nonstick feature, but it was reliable and useful, nonetheless. 

Both cookware pieces come with lids, which get quite hot, so you should use a dish towel or mitt when touching them. The handles are comfortable to hold, and the pot comes with a side handle so it's easy to maneuver over to the sink, stovetop, or cabinet. 

equal parts cookware review

In addition to the versatile pot and pan, I tested the Utensil Set, which consists of five common tools: spatula, slotted spatula, a pair of tongs, whisk, and slotted spoon. The spatula and slotted spoon are made from durable, BPA-resistant silicone, while the whisk and slotted spatula have rigid fiberglass handles.

I loved the slotted spatula the most, as it reminded me of a flexible and thin fish spatula. The tongs, while they gripped food securely, were slightly inconvenient because you can't lock and unlock them with one hand (I prefer the tongs from Material for this reason). 

The bottom line

If low-maintenance cooking is your goal, Equal Parts' nonstick cookware will get the job done. I used the cookware and utensils over and over again in the last few months, during which time they've always performed well and been easy to clean. 

Combining performance with simple and sleek designs, Equal Parts is fit to become a modern staple in any frequent home cook's kitchen. 

Note: Due to the coronavirus, orders are currently shipping out later than expected and should ship out within two weeks of your order date. 

 

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6 reasons why you should consider hiring a business coach to level up your small business

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woman consultant

  • If you're feeling stuck trying to grow your small business or startup, consider hiring a business coach.
  • Investor and business mentor Sohail Khan explains that a coach can help take your company to the next level by helping solve problems, offering constructive feedback, and designing a long-term business plan.
  • Having a business coach can also help relieve the pressure of being an entrepreneur, and allow you to focus on the creative, innovative side of your company.
  • Visit Business Insider's homepage for more stories.

Business coaching is proven to work when these two factors are present: The client is willing to grow, and there is a gap between where they are now, and where they want to be. 

That is all that is necessary for you and your business coach to solve problems, create a new life, turn a business around, double sales and profitability, and design and implement a plan of action, or whatever else is called for to ensure that you have what you need to get more of what you want. 

With a business coach, you will:

1. Take more, better and smarter actions because you set the goals you really want.

Ultimately, humans do what they really want to do anyway. And to find out exactly what you really want for yourself and your business is your first task together. A business coach will help you to distinguish between what you could have, should have, and have-to want from what you, in your heart of hearts, really want for yourself. Once you create the ideal goal, you're much more likely to naturally and consistently take actions to reach it.  

2. Have a balanced life, which works well because you designed it.

Sorry, but having it all means starting with a balanced life. And you know what that means: It's time to be very, very selfish. Not egotistical, but selfish, with a capital S. A business coach will show you how to be selfish, yet responsible. Plus, how to get your needs met and still have people like you! You'll love building your foundation because you know you're worth it. You need this base if you are to be yourself. 

3. Make and keep more money you are worth more than you're making.

Money, money, money!  You gotta have it and have a lot more of it than you think. You know you can make (and keep) more money, so why don't you? A business coach will help you increase your business, set up a financial plan and future, and help design a strategy for you to earn more from your business.

4. Reach for more, much more, and not be consumed in the process.

When anyone has a partner they trust, they will always reach for more because they can afford to.

5. Make better decisions for yourself because your focus is clear.

A business coach knows the value of sharing ideas with someone who understands them, and is subjective enough to want a lot for them, yet objective enough not to be biased or self-serving. Just you talking about your options with someone who can listen is often enough to have it all become very clear. You'll always get honest, constructive views.

 6. Have a lot more sustainable energy — no more chugging along.

When you're happy and free from tolerations and problems, you're going to feel better and more productive, thanks to your business coach.

SEE ALSO: 6 ways to develop devoted customers and strengthen brand loyalty for your small business

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I went through infertility, pregnancy, childbirth, and miscarriage all while trying to be a 'good male CEO.' It was years before I realized how delusional I was.

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  • In 2011, Tracy Young cofounded a construction productivity software, PlanGrid. As CEO, she helped build over one million construction projects around the globe before the company was acquired in 2018 for $875 million.
  • On top of commanding daily operations, fundraising, and fielding multiple M&A offers, Young went through two pregnancies, childbirth, and a miscarriage during her time at PlanGrid. 
  • Over time, Young realized her desire to emulate a 'good male CEO' was actually holding her back, and that embracing her female identity would make her a better and happier leader.
  • "Women have different lived experiences than men, and not acknowledging this would be a disservice," she said.
  • Visit Business Insider's homepage for more stories.

Not a lot is written about being a female founder and CEO.

I used to believe that my journey as a startup founder was the same as any other founder's experience, regardless of gender, in that it's lonely and hard. I believed the same when I worked in construction. At the time, any questions about there being a difference felt deeply unnecessary to me. 

For example, here is my snarky answer in 2015 at TechCrunch Disrupt: "When Tracy wakes up every morning, Tracy doesn't think 'Oh, I am a female.' When I wake up in the morning I think 'Wow, I've got a lot of work to do. I better get showered, caffeined up, and get my butt to work.'"

For context, I am the daughter of refugees, first to be born in America. The minority part of my identity I understood well, having witnessed my immigrant parents grinding their nose to the stone without ever complaining, so their children could have a better life. I was proud to be their child. The female part of my identity, however, was hidden under plain masculine clothes and behind a stoic demeanor.

I was afraid that I wouldn't be taken seriously as a CEO, and I perceived any attention to my gender as bad.

Then, when I became pregnant in 2017, my opinion changed. Women have different lived experiences than men, and not acknowledging this would be a disservice to humanity.

On the same day I learned I was pregnant, I also learned that one of our tech executives left his laptop on his desk, and would not be coming back to work. I remember the highest level of excitement I have ever felt, finally pregnant after trying for almost a year, and within a few hours, I swung to one of my lowest moments as a CEO.

I thought that I must be the worst leader for someone to just leave me like this. That night, I vomited into my sink and cried sloppily in the dark. Someone I trusted had snuck out of responsibility in the most selfish way imaginable, and my body responded with intense physical reactions. I wondered if male CEOs would have reacted this way. I wish I knew.

By morning, I kicked off an executive search, filled in as leader for the department, and announced my decision to the team. One thing I learned during this time was to not waste turbulence. As part of the shocking announcement of our executive's sudden departure, I also made a bunch of decisions that I previously lacked the courage to make and rolled everything out at once. There were major people and product roadmap changes, and budget and schedule cuts all in the span of a few weeks. Our team had many questions, followed by many emotions and opinions about our new R&D direction. Some team members, including great engineers, quit.

Emotional roller coasters seem to be law in startups, and I believe managing our own emotions is a big part of the job. What I have found is that I cannot stop myself from being human, but I can practice dialing down the duration of negative feelings like anger, fear, and sadness.

When my baby belly began to show, I told my leadership team we were expecting, and by the end of day most people at the company knew, too.

There are no secrets in a startup. One colleague told me the next day that she knew I was pregnant because she saw me eat two bagels. That conversation made me realize that team members are always keeping an eye on their founders and leaders. In some cases, I do believe my coworkers genuinely cared for me. In most cases, I believe they were evaluating how well the company was doing based on my actions throughout the day, and that factored into whether or not they should answer all the recruiters' calls.

Three months before I was due to give birth, I got a message from the CEO of a large competitor who had enough cash to acquire us. There was M&A activity in our industry, and, I too, wanted the option for our startup to become acquired. I was to give a presentation to several of their CxOs (a strong indicator that they were not just kicking the tires). In my own office, it never bothered me that my team's eyes would sometimes wander to my basketball shaped belly during conversation, but it did get under my skin when these strangers, who I was negotiating with, looked at my stomach during this presentation. But that was mostly my own insecurities, something I would learn to deal with.

Two months prior to giving birth, we received a disappointing M&A term sheet, so we declined. There were more problems in the company that I could no longer ignore, and because there was a baby in my belly, I could not use social drugs to escape from my stress, and was stone cold sober through all of it. I needed to make another leadership change. Some of our board directors told me: "We support your decision, but let's wait until you come back from maternity leave," to which I obliged. Although I understood the rationality of their advice, I felt trembling anger for not being supported in that moment.

I've also come to hate the phrase, "Bad breath is better than no breath," because it is terrible advice. My biggest regrets in business involve keeping the wrong person in the company for too long. I knew in my stomach that it was not going to work every time, I would even dread having unproductive one-on-ones with them, but I would come up with excuses, like "I know they can't stay, but I'm so stressed out right now." The fact is, I hired the wrong person, I failed to help them grow as a leader, and I owed it to my team and company to fix my mistakes.

I went into labor the same night of our first user conference.

The weeks leading up to the conference, watching our whole company burn late-night candles in preparation for our new product unveiling, I wondered how many male CEOs would skip their conference for the birth of their child? I assume most would. I kept reasoning with myself that if I wasn't pregnant, there would be no question whether I'd be there or not, so I must be there. Forcing myself to parade my 9-month pregnancy, deliver the keynote, support our team, and work the halls as the host, was my way of feeling like a superwoman, which was mostly about rubbing my own ego. I arrived home around 8 p.m. that evening, and my water broke immediately. I would hear my son's first cry 32 hours later.

No one told me how hard breastfeeding would be. Like clockwork, every two to three hours a tiny mouth latched onto me for 20 minutes, resulting in raw and bloody nipples. The amount of time and effort it requires to breastfeed doesn't stop there. You'll also need to make time to eat an extra 500 calories each day, time to pump and wait for milk to slowly drain out of each breast, and then time to clean each pumping piece thoroughly.

After the M&A deal fell through, I was concerned that two of our largest competitors were coming together. I was determined to get back to work as soon as possible and fundraise a war chest to fight back. However, being only four weeks postpartum, I was still healing. And by healing I mean I was still bleeding from several tears in my vagina from pushing out a baby. Even something as natural as emptying my bladder felt debilitating.

When my son was six weeks old, I handed him over to his nanny (a vetted stranger, really) and went back to work. I wiped tears from my eyes as I drove away, convincing myself that the company needed me more than my son. In reality, waiting a few more weeks for my return would not have made a difference. 

To this day, I ask myself why I rushed back to work when I wasn't ready. And I think I was scared. Not because our business was in trouble. We had two years of runway in the bank, and our interim CEO (our CFO) and the team were running the business just fine.

I think I was scared of what others might think of me as a new mother and CEO, maybe because of my own insecurities, maybe because of the societal norms ingrained in me.

I pressured myself into proving that I was as dedicated to PlanGrid as I always had been.

I would spend the next two months driving to VC's offices, and down to Sand Hill Road, to secure our war chest. Despite this full schedule and constant traveling, I needed to pump milk. But I never asked to use any investor's Mother's Room. On some days, I would park my car on a sleepy street in Palo Alto and pump milk with a silicone hand pump in front of someone's nice house, reading profiles of the investors in my next meeting from my iPhone. Occasionally someone would drive up, or a jogger would run by, and I would feel completely humiliated.

I've always hated fundraising. It's putting our hearts and souls on a platter for money and for smiling strangers to poke holes in us. However, PlanGrid could not have fueled growth the way we did without selling pieces of it to investors who took a chance on us. I often get asked about how it was to fundraise as a woman. I've heard awful stories firsthand from friends. Horrific stories like being offered a term sheet if sex was involved. Thankfully, that was not my experience. I believe I am in the minority.

I think there are bad apples in every industry, but it is especially prevalent in those that control so much money and power. We tried to time all of our fundraising for when we were in a position of strength with attractive revenue growth and enough money in the bank to walk away from any or no deal. I also fundraised with my cofounders, and in later rounds with my CFO. I think it is easier for predators to target their prey when they are alone. I was never alone. 

After half a dozen no's to our Series-C fundraising, and a few weeks before we planned on stopping fundraising all together, we secured a round. We then received a revised M&A offer to purchase our company at a much higher price.  

Our job as founders and CEOs is to maximize all options for the company and choose the best path forward for our team and customers. A part of me wanted to stay CEO of PlanGrid forever. I grew up at PlanGrid. I watched one of my cofounders die of cancer during PlanGrid. I married another one of my cofounders and we became parents together. My self worth was completely tied to the company. PlanGrid gave me purpose and fulfillment.

However, in fall of 2018, the best option for our company given the competitive and market risks, and our own internal challenges, was to sell our company to an incumbent with obvious technical synergies, for over 10 times multiple on revenue. So we did. The day we announced the sale to our team was the most frightened I have ever felt in my life. I was afraid that I had let our team down by selling, but they didn't see it that way. That night, we celebrated together.

My contract with our acquirers was set to last 18 months. The plan included 12 months to run PlanGrid as a standalone company (or try to), and six months to fully integrate into the mothership. Everything that made me a good founder made me a terrible employee at a public company. I was used to having complete autonomy in leading PlanGrid. As a startup, we would make changes quickly. We could take dozens of small bets and risks every quarter. Depending on those results, we would abandon or make larger bets in the direction that was working. Risk-taking is much more limited at a public company, in part because they must report to Wall Street every three months. At a larger company there are also more dependencies — it felt like I couldn't sneeze without asking permission from the heads of five other departments. New leadership took good care of our team and products, and people were nice to me, but it was obvious I was unhappy there.

A few months after the acquisition, I became pregnant for the second time — and shortly after I found out, I also had a miscarriage.

While with my team, I felt it slip out of me. I went to the bathroom and I knew exactly what it was. I walked back out to the group pretending as if nothing happened. For the next few months, I grieved, fighting back tears almost every hour.

The women's experience can be really hard — I went through infertility, pregnancy, birth, miscarriage all the while trying to balance being a good leader, good mother, and good partner. To top it all off, I felt I had to be a version of what I thought a good male CEO was, so that I wouldn't be judged or treated differently. It would take me years before I realized how delusional I was. I became a better and happier leader by being honest in who I was, even if it meant feeling raw, heart-pounding discomfort most days. And it turns out, my female identity was much more important to me than I realized going in.

The tech industry has a long way to go toward gender equality in the workplace — the first step to change is acknowledging that things need to change.

I am no longer employed by the company that acquired us. I posted on LinkedIn that my watch has ended. I have much more time to read about the world we live in and who is controlling it. When I look at leadership across companies, and leadership across countries, it looks predominantly male. And that means our world is missing out on a lot of hardworking, self-identifying women who can improve it. The problems of our time are overwhelming and massive. In the midst of a pandemic and too many crises, our women leaders are proving they are great at leading and getting things done.

I want to see a world where men and women, who make up equal halves of humanity, also make up equal halves of leadership. When that happens, I wholeheartedly believe that the entire world will benefit. We owe it to our sons and daughters to work hard to get there.

Tracy Young was a cofounder of PlanGrid, a construction productivity software, in 2011. PlanGrid grew from five cofounders to 450 people, and helped build over one million construction projects around the globe before it was acquired by Autodesk in 2018 for $875 million. Prior to PlanGrid, Young helped build hospitals in the Bay Area. Follow her on Twitter.

This story was originally published on Business Insider in June 2020.

SEE ALSO: How to go beyond buying and truly support Black-owned businesses, according to 4 Black entrepreneurs

READ MORE: Lisa Su is the first woman to become the world's highest paid CEO, according to an Associated Press survey

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Inside the Mark Cuban-backed search engine that wants to defeat Amazon's fake review problem and help consumers find American-made products in the process

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mark cuban

  • Harsh Khurana founded Cultivate during the pandemic after he saw the socioeconomic impact COVID-19 was having on the small businesses in his area.
  • Cultivate is a search engine and Chrome plugin that helps users find American-made products on e-commerce sites like Amazon and Target.
  • Mark Cuban was the first VC Khurana reached out to and the first to sign on to back the startup, which is currently run by a team of four.
  • Khurana's goal is to help shoppers find higher-quality products and avoid decision fatigue, while also helping small businesses thrive and generating more money for the US economy.
  • Visit Business Insider's homepage for more stories.

Say you want to buy a beach chair — you've got a long weekend coming up, and virus-be-damned, you're going to find your slice of summer even if you get a mask tan in the process. 

So you go to Amazon, type "beach chair" into the search bar, and hit enter. Almost instantly, Amazon loads items 1-48 of over 2,000 beach chairs on the e-commerce site. Two thousand beach chairs, some with as many positive reviews. You scroll a bit, not even making it through the first 48 chairs before you get overwhelmed. Which reviews are fake? Which products are shoddy? Which brands are trusted and which are counterfeiters? The stress mounts. You start to rethink the beach chair endeavor entirely. You have a bath towel that should be fine to sit on, right? You leave the tab open just in case.

Harsh Khurana wants to help you buy your beach chair. More specifically, he wants to help you find an American-made beach chair that is a high-quality product, without any of the Amazon-induced decision fatigue. 

"The good quality beach chairs might be at the bottom because somebody's paid to be on top," Khurana told Business Insider in an interview. "We have so many stresses in our lives, especially during coronavirus, the last thing we want to do is spend more time online to find the product that we need."

Khurana is the founder of Cultivate, a website and Chrome plugin that helps consumers find products that are made in the US. The company, currently a team of four, was launched during the pandemic and has already attracted an investment from Mark Cuban. When the country went into lockdown, Khurana sat inside his home in central New Jersey trying to figure out what he could do to help struggling businesses.

He saw that small businesses were getting slammed by the pandemic because of forced closures while huge retailers with established e-commerce shops and big marketing budgets were hoovering up all the consumers. 

"You can't beat marketing dollars and search engine optimization when you're an entrepreneur," Khurana said. "You're focused on your customers and the actual quality of your product."

Small businesses and startups often operate on razor-thin margins, which means they don't have the extra cash to sink into getting eyeballs on their product. And when the internet is awash with brands pumping massive marketing budgets into ads that target and follow consumers, that often means the best products aren't the ones that get discovered. Bad news for small businesses, and bad news for consumers. Khurana wanted to level that playing field to help small businesses get discovered online, help consumers find high-quality products, and generate more money for the US economy. Once he had his idea he knew which VC to reach out to first.

"If there's one person who's going to support small businesses and entrepreneurs, it's Mark," Khurana said. 

Khurana sent him an email, the two got talking, and Cuban was in.

"I'm a big believer in buy-American, invest in America," Cuban told FOX Business of his decision to back Cultivate so early on.

Here's how Cultivate works. You can either use the Cultivate search engine, or install a plugin into your Chrome browser and search on Amazon, Target, or other e-commerce sites as you normally would. (Cultivate's extension is currently live on 50 e-commerce sites beyond Amazon and has more than 250,000 products in its database. Khurana is hoping to get that product number to a million by the end of the year.) On the Cultivate site, users will only get results for the American-made products in its database. If you use the plugin, once you've done a search on a retailers site, a notification will pop up on the Cultivate icon in the corner of the Chrome browser if it found an American-made product in the same category. Khurana made sure the notifications are visible but don't impede the shopping experience. 

"We keep it as simple as possible. Anywhere you're shopping, we want you to enjoy your experience," he said. "If you're buying socks, we're going to show you American-made socks. If you want those, we'll take you to the page where you can buy it. It's that simple. Otherwise, you can continue on with your experience."

Simplicity was key for Khurana as he developed the concept for Cultivate. For many consumers, a disconnect exists between their ethical values and their shopping behaviors, and that disconnect is exacerbated by the number of products out there and the lack of information on where they're coming from. But Khurana isn't trying to make the consumer feel bad about that disconnect. 

"We don't blame anybody," Khurana said.

As Cultivate continues to grow, Khurana has big plans for how to make supporting your ethics with your shopping choices so easy that anyone can do it.

"We'll make it seamless so it won't be an extra click to save a job. It would be the same amount of clicks as when shopping on any e-commerce website. And not only do you get good quality goods, you also help somebody."

Khurana is a big believer in helping the underdog, partially because he sees himself as one — his family came to the US from India when he was 9, and he credits America with giving them a chance to prosper. But he also proves out how shopping for products made in the US is also better for the US economy. In Cultivate's blog post detailing their mission, the team explains, "various studies show that every $100 spent on local businesses generates $68 in local economic activity, whereas the same $100 spent on non-local businesses generates only $43."

Khurana also has plans to show users exactly how their dollar has impacted the economy based on their purchases made through Cultivate. Armed with that knowledge, hopefully, your beach chair will feel that much more comfortable.

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Why comedian Hannibal Buress bypassed traditional streaming platforms and teamed up with a video-conferencing startup to release his latest special for free on YouTube

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Hannibal Buress

Last August, while the rest of the world was relishing what they didn't yet realize was the last summer of normalcy, Hannibal Buress was filming a comedy special. 

The special, called "Miami Nights," was released in July and has gotten rave reviews from critics. But the comedian's unusual choice of platform also caught people's attention. Buress forewent the usual streaming services, such as Netflix and HBO, and instead teamed up with the startup video conferencing service Undock to put the whole special on YouTube — for free. 

In a conversation with Business Insider, the comedian explains how he and Undock pulled off a partnership that could come to shape the future of creative control for entertainers. 

Buress says partnering with Undock gave him more control over his work

A few weeks before Buress' special was set to go live, he was still looking for a sponsor. He had already decided to put "Miami Nights" on YouTube, making it available to stream for free, because he wanted to maintain creative freedom in his work. But he needed some capital to pull that off.

"I started thinking, 'maybe I could just get a sponsor, maybe a sponsor will be up for being at the top of the special," he said. "But then we were thinking, maybe we can get bigger sponsors, and bigger companies."

But it takes time to get those big sponsors — time that Buress and his team didn't have. So they went back to the drawing board and came up with a new idea: partnering with a start-up.

"I had done some start-up investing over the past few years, so I reached out to my friend and asked her if she knew of any good up-and-coming companies [I could partner with]," Buress said. 

With about two weeks to spare, that friend put Buress in contact with Undock, a platform that allows for both scheduling and video conferencing. Undock agreed to air its ads at the beginning of Buress' special, and the rest was history.

"We worked really hard to make the deal come together on such short notice," Buress told Business Insider. "And it felt good. Everybody is video conferencing these days, and it didn't feel like a hamfisted plug." 

Undock allows users to schedule and attend virtual meetings

Suddenly, the creative possibilities began to expand for Buress. Not only could he release comedy specials, but he could also create web series, live streams, and podcasts, and he's hoping to partner with more startup companies that can help him make it all happen.

In the end, Buress keeps his creative freedom and intellectual property rights, and a startup gets attention: it's a win-win situation, he says.

"If it goes great, it could be a different way to approach deals," he said, adding that this experience has prompted him to start rethinking how he's going to implement ads on his new podcast. 

Typically for podcasts, there are ad reads, and advertisers pay for that placement. But, Buress told Business Insider, he was thinking about making a partnership with all of his advertisers to possibly own equity in what he was promoting.

"I'm weighing whether I would want a bigger part of the podcast revenue," he said. "Now I'm thinking, why do an ad read for a fee instead of being a part of something? Especially something you think is dope and where you're not just reading it to read it."

Buress is particularly excited about the fact that he has more say over where his work lives.

For example, he explained, at any moment, he can quickly change his mind, take the whole special off YouTube, and sell it to Netflix. He could reinstate ads or open his comment section back up at any time. It's a new world of possibilities, which could help reshape the way artists retain their creative control and liberty, in an entertainment industry notorious for impeding intellectual rights.

"Or I could take it completely down, add a shorter version, hire a Spanish voiceover person and have them dub over it, then put it back up," he continued. "The next one might just go directly to my website. Who knows?"

SEE ALSO: One of the only 4 Black Fortune 500 CEOs just stepped down — here are the 3 that remain

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How to grow a successful startup from cofounders who started with a $30,000 loan, were profitable in their first year, and doubled revenue every year since

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Natasha Oakley and Devin Brugman

  • Natasha Oakley and Devin Brugman cofounded Monday Swimwear in 2014, a brand that's on track to do $20 million in annual revenue before 2022.
  • With no venture capital funding, the company was profitable in year one and its revenue has doubled every year since.
  • In an interview with Business Insider, the cofounders shared their five best pieces advice for entrepreneurs aiming to build a successful startup. 
  • Consistency, attentiveness, and building a strong team were just three of the key factors Oakley said are critical to running a business. 
  • Visit Business Insider's homepage for more stories.

Natasha Oakley and Devin Brugman founded Monday Swimwear in 2014, and the brand has skyrocketed since. 

Doubling revenue every year since its launch with no venture capital funding, they said Monday is on track to do $20 million in annual revenue within the next two years.

A scale-up beyond the cofounders' wildest dreams, their extrapolated growth comes just six years after they launched the brand on a $30,000 loan.

That said, it's certainly taken the pair a good deal of business savvy to get to where they are. Utilizing social media to take their brand to the top, the two entrepreneurs have learned a lot about running a company along the way, and have some advice for anyone who wants to do the same. 

And they shared their tips with Business Insider. 

1. Kill your ego

To make your business successful, can't be too good for any job in your company, according to Oakley.

"We were packing the boxes in our apartment for the first year," she said, adding that a thorough understanding of every role of the business creates a space where you can gain respect for everyone and lead others in their positions. 

2. Pay attention and be reactive

Listen to your customers, Oakley said.

"Your customers will tell you what they like, what they want, if you give them the voice and really listen to what they want," Oakley said. "We maintain an incredible relationship with our customers so we're able to make products they really care about, too." 

3. Be consistent and disciplined with your messaging and branding

"There is an art to pulling back and ensuring that every move you make as a company supports your brand's purpose, beliefs and messaging," Oakley said.

"Decide what sets you apart from the rest and don't do anything that moves away from that. A strong brand has an obvious message that comes across in everything it does." 

4. Create a good team

Trusting the people around you is of the utmost importance when it comes to building a team. 

"People are often surprised by how small the Monday team is, but we're really intentional with our hires and maintaining a brand and product that everyone on our team really cares about," Oakley said. 

5. Be mindful when choosing a business partner

"A lot of people choose to partner with a friend or someone they know very little about. Be mindful of your strong suits, roles, and what each brings to the table and implement ongoing direct communication," Oakley said.

"Fingers don't get pointed until money is gained or lost and it's important to have these scenarios planned ahead of time. A company is built like a pyramid from the ground up, with you and your partner at the bottom rather than the top — ensure you have a strong foundation to build upon!"

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How Monday Swimwear's cofounders turned a $30,000 loan into a multimillion-dollar brand in less than a decade

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Natasha Oakley and Devin Brugman

  • Natasha Oakley and Devin Brugman cofounded Monday Swimwear in 2014 with a $30,000 loan. Now, the company is on track to do $20 million in annual revenue before 2022. 
  • With no venture capital funding, the company has doubled revenue yearly since its founding. 
  • Oakley credits social media marketing and their unique vision with the brand's success, and shares the strategies she and Brugman utilized to get to where they are. 
  • Visit Business Insider's homepage for more stories.

In 2014, a gap in the swimwear market meant opportunity for Monday Swimwear cofounders Natasha Oakley and Devin Brugman. 

After the launch of their "A Bikini A Day" blog in 2012 — a passion project for the pair prior to their swimwear brand — Oakley and Brugman realized that the thousands of bikinis they tested, often in partnership with advertisers, were never quite up to par.  

Seeing a gap in the market for high-quality, on-trend swimwear that could cater to larger cup sizes and accommodate a diverse range of body types, they decided to fill the demand themselves. 

Starting out with a $30,000 loan, Oakley and Brugman produced the first Monday Swimwear collection and fulfilled orders out of their shared two-bedroom apartment in Los Angeles. With the exact market exposure they'd need given their extensive swimwear-loving, largely female social media following — which now tops four million — sales took off right away. "Our first collection sold out within two weeks of launch," Oakley said. 

Now, still operating out of Los Angeles but with a small team of eight employees, Monday's product line has expanded to three seasonal collections and a year-round best-selling signature collection. Adamant about the company's structure as a direct-to-consumer company, the cofounders have grown to selling over 20,000 suits a month, which are shipped through the team's logistics partners in Southern California, Sydney, and London. 

Monday was profitable in year one, and has remained so ever since, doubling revenue each year.

"We have never pitched the brand to any venture capital firms or sought after any external investment," Oakley told Business Insider, saying that she and Brugman have rejected opportunities to sell. "It's always been important for us to have total control over the business' decisions and direction."

Now ranking as one of the largest swimwear brands in the industry, Monday frequently appears on celebrities like Kendall Jenner, Bella Hadid, Khloe Kardashian, and Jennifer Lopez, and the cofounders said it's on track to do $20 million in annual revenue before 2022. 

Using the savvy the pair have acquired from years of entrepreneurship and trial and error, Oakley and Brugman's  success comes as the result of a perfected approach that utilizes flexibility, market insight, customer feedback, and a whole lot of social media. 

They shared the strategies behind their success with Business Insider. 

A flexible business plan

Anticipating customer engagement and expected revenues is critical, according to Oakley.

"In the practical sense, we use a pretty straightforward approach. We project revenue goals about 18 months out and work backward from there to ensure we have the product, marketing budget, and ideas to support those goals," Oakley said.

"We try to remain as fluid and reactive as possible, which can be challenging as a retail company," she added. "We plan our frameworks far in advance but reanalyze goals, budgets and marketing initiatives on a biweekly and sometimes weekly basis to ensure we are being sensitive to our customers needs and experiences." 

Perfect your social media marketing 

With a few million followers amassed between their blogs, Oakley acknowledged that she and Brugman were in a "unique and fortunate position," having started their brand with little to no advertising or marketing budget.

"Most of our early customers came from our followers over at A Bikini A Day and our personal Instagram pages, so obviously social media — particularly Instagram— is a huge focus for us," Oakley said.

"We see Instagram as a tool to communicate directly with customers and customers-to-be and so we work hard to keep our Instagram both informative and exciting."

At its simplest, she said, social media is visual. "We're intentional about the imagery we create and share, making sure it feels on-brand, unique, and showcases different body types and skin tones so everyone feels seen." On the paid social side, she said they see direct return on advertising spend or around 15x-20x each year. "We credit a lot of this with our imagery and understanding our customers and potential customers. We know who they are and what they want to see."

Quality products for a targeted market 

"With no formal training in fashion design or production, perfecting our design and fit was an initial challenge," Oakley said, but through trial and error and a "rigorous fit strategy," they were able to streamline supply and fulfillment channels.

"It sounds simple, but creating quality products that we love and that will help make our customers feel their most confident is at the core of everything we do," Oakley said, adding that dedication to their product remains the most important part of their business, and that the pair have catered entire collections to followers based on feedback received through social media.

Being in touch with customers has been vital to Monday's success and growth, Oakley said, giving them a unique perspective on the market as both influencers and entrepreneurs.

Careful team growth 

"Devin and I have a very hands-on approach to running and managing our company and like to be involved in every aspect of the business," Oakley said.

In order to scale up and focus on growth, she said they had to learn to delegate and hire the right people. "We purposely have a small team with each team member being highly involved with and passionate about the brand. Like Devin and myself, we all wear a lot of hats and have a very good understanding of the brands ethics, voice, and goals."

SEE ALSO: How to grow a successful startup from cofounders who started with a $30,000 loan, were profitable in their first year, and doubled revenue every year since

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Trustate, a new startup launched by an ex-DLA Piper attorney, is looking to disrupt a key part of an 'inefficient' $194 billion industry by easing the pain points of estate administration

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Trustate Leah Del Percio

  • Leah Del Percio left her job as a trust and estates lawyer at DLA Piper to start her own tech-driven platform.
  • Trustate helps families and institutional clients deal with the administrative tasks of estate management, and uses AI to boost efficiency and minimize costs.
  • Del Percio said, "I was the most surprised by the appetite of our institutional clients. It goes to show that our platform can help both individuals and larger institutions."
  • Visit Business Insider's homepage for more stories.

The world of trusts and estates management might not seem very cutting-edge, but Leah Del Percio, a former DLA Piper attorney with ten years of experience as a tax and estates lawyer, is looking to change that.

This July, Del Percio launched Trustate, a tech-enabled platform that helps clients handle the administrative tasks after a family member dies, from cancelling subscriptions to contacting credit bureaus to obtain credit reports.

"I noticed that there was a big need that was going unmet in my industry where people were losing loved ones as they were administering their estate," she said. "And in doing those tasks, it ends up being a real headache and pain point for these clients."

What many people don't realize is that the bulk of the tasks when it comes to estate management is administrative, and so don't actually require an expensive lawyer. Those tasks usually end up with a paralegal, whose work is charged at a hefty billable rate, explained Del Percio, who, in addition to working at DLA Piper, also provided estate counseling to clients for JPMorgan and practiced estate law at Fein, Such, Kahn & Shepard.

Estates administration is just one part of the broader $194 billion trust and estates market, according to a research report by IBISWorld.

Trustate wants to upend this system, which, in Del Percio's eyes, is "designed to be inefficient" to rack up the bill. The startup, which is "human-powered on the front end, but driven by technology on the back-end," combines emotional connection with AI-powered speed and optimization to keep client fees low.

"People remember those who were there for them in times of crisis," she said.

And, while there are existing softwares that deal with estate planning — like drawing up a will, which Del Percio finds concerning because it's an area that is better served going to a lawyer — there aren't many that effectively deal with administrative tasks, which is where lawyers spend the most time on.

Trustate's platform is essentially a project management software, where each estate is its own project, said Del Percio. A client is assigned to a personalized concierge member, who guides them through the tasks they need to complete, including uploading documents and obtaining e-signatures on forms. The process is further streamlined using AI and document ingestion, which automatically pulls data like account numbers and social security numbers from routine forms.

When compared with old-school, manual systems used by attorneys, Del Percio estimates that Trustate's technology can boost capacity from 50 to 100 estates a year per person, to 300 to 500.

"It's infinitely scalable," she said.

The scalability and cost-savings benefits are also sending institutional clients knocking on Trustate's door.

So far, the startup, whose initial funding was all out-of-pocket but is currently in talks with investors, has as its clients three wealth management firms and one NLJ 500 law firm with a leading regional trust and estate practice.

Trustate saves law firms both time and money, according to Del Percio.

"There's a major concern right now over hiring and training estate paralegals, who are in very high demand and can be very expensive," she said, estimating that they can save firms up to 50 to 100 hours of paralegal time per estate, which translates to $7,500 to $25,000 worth of time to be redeployed elsewhere.

For wealth management firms, Trustate becomes a client retention tool. Del Percio found that 66% to 95% of children fire their parents' financial advisor upon their death. By building emotional trust with their clients, the startup aims to add to advisors' value.

"I was the most surprised by the appetite of our institutional clients," she remarked. "It goes to show that our platform can help both individuals and larger institutions."

SEE ALSO: The notoriously old-school legal industry is finally warming up to tech. Here are the winners and losers as law firms turn to startups to cut costs.

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SEE ALSO: How top law firm Mintz is using AI to help reduce costs for clients and alleviate work for associates

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Buzzy challenger banking unicorn Revolut triples both revenues and losses after adding 10 million new customers

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Nik Storonsky

  • London-based fintech unicorn Revolut tripled its revenues to £162.7 million ($213.1 million) in 2019 but also tripled its losses, compared with 2018. 
  • The challenger bank saw rapid customer growth with 7 million new users added in 2019 and an additional 3 million in 2020 so far, taking the company to 13 million users overall. 
  • "Despite the current economic challenges, we remain focused on our goal of moving towards profitability," Revolut CEO and cofounder Nik Storonsky said.
  • Visit Business Insider's homepage for more stories.

London fintech challenger bank Revolut tripled its revenues to £162.7 million ($213.1 million) in 2019 but also saw losses triple to £107.4 million ($140.6 million), it said in its annual report published Tuesday. 

The unicorn startup, one of Europe's most valuable startups, grew customer numbers from 3.5 million to 10 million during 2019. As of the end of July, it has 13 million users, it said. CEO Nik Storonsky has set a goal of reaching 100 million customers in the next five years and breaking into the North American and Pacific markets. 

The startup allows users to spend money worldwide in 150 currencies at a real-time exchange rate, with no fees, through a debit card. It generates 99% of its revenues in the UK. 

User deposits hit £2.2 billion ($2.88 billion) in 2019, up from £1 billion ($1.31 billion) at the end of 2018, it said.

Expenses at the company increased nearly fourfold to £92 million ($120.5 million), driven by increased staffing costs. The startup grew from 633 employees at the end of 2018 to 2,261 employees at the end of 2019.

In February, the company raised $500 million in Series D funding led by Technology Crossover Ventures (TCV). This round was extended in June to include an $80 million investment from TSG Consumer Partners, bringing the round's total investment to $580 million. Founded in 2015, Revolut is one of Europe's most valuable startups, with a $5.5 billion valuation from $917 million in total funding. 

Like fellow challenger banks Monzo and Starling Bank, the company was hit by the coronavirus pandemic, but doesn't see the uncertainty hurting its business long-term. 

"Due to COVID-19, Revolut experienced a decline in interchange revenue driven by fewer transactions and a high portion of low fee domestic transactions," the company said in its report. "As a result, while growth has slowed because of the pandemic, Revolut has, and will continue to have, a comfortable level of headroom above its regulatory capital and liquidity requirements."

The company will plough on with its international expansion plans through the rest of 2020 and beyond. 

"While we still have some way to go, we are pleased with our progress in 2019," Revolut CEO and cofounder Nik Storonsky said. "We tripled our revenues, increased retail customers from 3.5 million to 10 million, increased daily active customers by 231% and the number of paying customers grew by 139%.

"Since the beginning of the year, we have focused on further developing innovative products for our customers, continuing to introduce Revolut to new markets, and increasing our revenue streams across the business, while reducing our operational costs," he added. "Despite the current economic challenges, we remain focused on our goal of moving towards profitability."

SEE ALSO: UK fintech startup Starling Bank triples customer deposits in 9 months and plans to break even by 2021 despite COVID-19 pandemic

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