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Monday, September 30, 2019
Bnext raises $25 million for its mobile banking alternative
Fintech startup Bnext has raised a $25 million funding round. The Spanish company is building a banking product and has managed to attract 300,000 active users.
DN Capital, Redalpine and Speedinvest are leading today’s funding round. Existing investors Founders Future and Cometa are also participating. Other investors include Enern, USM and Conexo.
When you open a Bnext account, you get a card and you can upload money to your account. Bnext accounts aren’t technically bank accounts — the company has an e-money license. You can then use your card and spend money anywhere around the world without any foreign transaction fee. You can also freeze and unfreeze your card from the app.
“As of now we'll stick to the e-money license, as our international expansion plans complicate potential passporting of banking licenses. We will first need to understand in which countries makes more sense to get a banking license, and then we'll make a decision,” co-founder and CEO Guillermo Vicandi told me.
You can also connect to your traditional bank accounts from the Bnext app. This way, you can manage your money from a single app.
And Bnext takes this one step further by offering financial products from third-party companies as well. It’s clear that the company wants to build a financial hub, the only finance app that you need.
You can lend money to small and medium businesses and earn interests through October, you can save money using Raisin, you can get a loan, a mortgage, an insurance product, etc. Bnext generates revenue from those partnerships.
While Bnext only operates in Spain for now, the company has managed to attract 300,000 active users. It processes €100 million in transactions every month ($109 million).
Up next, Bnext plans to offer premium plans with more features and individual IBANs. The company also plans to expand to Latin America, starting with Mexico later this year.
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Jobpal pockets $2.7M for its enterprise recruitment chatbot
Berlin-based recruitment chatbot startup Jobpal has closed a €2.5 million (~$2.7M) seed round of funding from InReach Ventures and Acadian Ventures.
The company, which was founded back in 2016, has built a cross-platform chatbot to automate candidate support and increase efficiency around hiring by applying machine learning and natural language processing for what it dubs “talent interaction”.
The target customers are large enterprises with Jobpal offering the product as a managed service.
For these employers the pitch is increased efficiency by being able to rapidly respond to and engage potential job applicants whenever they’re reaching out for more info via an always-on channel (i.e. the chatbot) which is primed to respond to common questions.
Candidates can also apply for vacancies via the Jobpal chatbot by answering a series of questions in the familiar messaging thread format. Jobpal says its chatbot can also be used to screen applicants’ CVs and recommend the most promising candidates.
It takes care of the logistical legwork of scheduling interview appointments — leaving HR departments with more time to spend on more meaningful portions of the recruitment process.
Co-founder and CEO Luc Dudler tells TechCrunch it has more than 30 enterprise clients at this stage, generating “thousands of conversations” per day. Customers he name checks include the likes of Airbus, Deutsche Telekom and McDonald’s.
The software works on popular messaging platforms including WhatsApp, Facebook Messenger, WeChat and SMS, and is available in 15+ languages — though Jobpal confirms the German market remains its largest so far.
“The sheer volume of interest and number of questions enterprises receive from prospective talent is often difficult to deal with, which results in a suboptimal experience and frustrated candidates. Conversational interfaces and Natural Language Processing enable us to deliver a candidate-centric experience and increase the efficiency of the recruiting function,” says Dudler, arguing that the recruitment landscape has become “candidate first” — putting the onus on enterprises to get the “candidate experience” right.
“This technology allows employers to engage with candidates when they want and on the platforms they use, such as WhatsApp. This gives control to the candidates, meaning they can get answers in a matter of seconds, instead of days or weeks. For Internal HR teams, they can spend time more time finding the best talent, as jobpal automates tedious and time-consuming tasks, allowing recruitment teams to focus on more value-add tasks.”
“We focus mainly on communication and engagement, and our customers only do in-house recruitment. We don’t work with agencies,” he adds.
Jobpal points to increased engagement from use of its chatbot — claiming companies are seeing more queries from jobseekers than they used to receive emails, as well as arguing the “low-friction” approach is accessible and convenient and leads to increased conversion rates.
With any automated process there could be a risk of biased and unequitable outcomes — depending on the criteria the chatbot is using to sift candidates. Although Jobpal says it’s not using algorithms to take recruitment decisions, so the biggest bias risk looks to be in the hands of the employers setting the criteria.
Misinterpretation of candidates’ queries based on the technology failing to understand what’s being asked could potentially lead to responses that disproportionately disadvantage certain applicants. Though Jobpal says queries that are too complex are routed to a human to deal with.
“We get a lot of queries about the application process/deadline/evaluation, qualifications needed, supporting documents, working hours, growth options and salary that Jobpal is designed to deal with,” says Dudler, of Jobpal candidate users. “Our chatbots don’t answer questions that are too personal, too obscure or anything non-recruitment related such as customer service queries.”
“Jobpal stores the query data but it’s de-associated from the candidate data. This data is used to train AI models which supports general communication as well as company-specific chatbots. We don’t mine or sell candidate profiles, and we don’t do algorithmic decision making in the recruitment process,” he adds.
The software integrates with a number of enterprise Human Capital Management suites at this point, including SAP SuccessFactors, Workday, Oracle (formerly Taleo), Avature and Smartrecruiters.
The seed round follows what Dudler couches as “a huge increase in demand” — with the team spying an opportunity for further growth.
“We’ll be investing in product development and tripling our headcount in the next 12 months. Specifically, we are looking to recruit a VP of marketing,” he tells us.
Chatbots still strike many consumers as robotic — and even irritating — but the technology has nonetheless been flourishing in the customer support and recruitment space for several years now. Business areas where there’s no shortage of repetitive tasks for automating. And where being able to offer some level of service 24/7 is a major plus.
On the hiring front, the power imbalance between employer and job applicant might even make interfacing with a bot more appealing for a candidate than the pressure of talking to an actual human who already works at the target employer.
For certain types of jobs employee churn can also be incredibly high — making hiring essentially a neverending task. Again, chatbots are a natural fit in such a scenario; being scalable, they take the strain out of repeat and formulaic conversations — with the promise of a smooth pipeline of candidate conversions.
Given all that there’s now no shortage of recruitment chatbots touting automated support for HR departments. At the same time there’s unlikely to ever be a one-size fits all approach to the hiring problem. It’s a multifaceted, multi-dimensional challenge on account of the spectrum of work that exists and jobs to be filled, and indeed the human variety of jobseekers.
This is why there are so many different ‘flavors’ and ‘styles’ of chatbots offering to assist, some with algorithmic matching, and/or targeting different types of employers and/or jobs/industry (or indeed jobseekers; passive vs active) — others just super basic tools (such as the Jobo bot which alerts jobseekers to vacancies matching criteria they’ve specified).
Some more sophisticated chatbot examples include MeetFrank (passive job matching); Mya (for recruiting agencies and massive enterprises, including for shift filling); Vahan (low skilled, blue-collar job-matching for high attrition delivery jobs); and AllyO (conversational AI for “end-to-end HR management”).
While a few recruitment chatbots that are closer to what Jobpal is offering include the likes of Ideal, Brazen and Xor, to name three.
With so much chatbot competition pledging to ‘streamline recruitment’ by applying automation to the hiring task, employers might be forgiven for thinking they have a fresh choice headache on their hands.
But for startups applying AI technology to ‘fix recruitment’ by making talk cheap (and structured), the patchwork of players and approaches still in play suggests there’s ongoing opportunity to grab a slice of a truly massive market.
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In the dual-class shares debate, the big exchanges should get off the sidelines
Adam Neumann’s fall from grace was astonishingly swift once his company, WeWork, filed to go public in August. Even while his spending was fairly well-documented across time (as were his apparent conflicts of interest), he was humiliated for enriching himself, then ultimately kicked out of the corner office before the company, in the least surprising turn of events in recent weeks, today yanked its S-1 registration.
Neumann never exactly hid who he is or how he operates, so what suddenly sparked the ire of reporters — and investors — around the world? What, exactly, in an ultimately unsurprising IPO filing had people coughing up their morning coffee? Boiled down to the worst offense (including selling his own company the trademark “We” for $5.9 million in stock) was very likely the lock on control that Neumann had set up through a multi-class voting structure that aimed to cement his control. And by ‘cement,’ we mean he would enjoy overwhelming control for not just for 5 or 10 years after the company went public but, unless Neumann sold a bunch of of his shares, until his death or “permanent incapacity.”
Given that Neumann is just 40 years old and mostly abstains from meat, that could have been an awfully long time. Yet this wasn’t some madcap idea of his. There are plenty of founders who have or who plan to go public with dual or multi-class shares designed to keep them in control until they kick the bucket. In some cases, it’s even more extreme that that.
Consider at Lyft, for example, Logan Green and John Zimmer hold high-voting shares entitling them to twenty votes per share not until each is dead but both of them. If one of them dies or becomes incapacitated, Lyft’s so-called sunset clause enables the remaining cofounder to control the votes of the deceased cofounder. Even more, after the lone survivor bites the dust, those votes still aren’t up for grabs. Instead, a trustee will retain that person’s full voting powers for a transition period of 9 to 18 months.
The same is true over at Snap, where cofounders Evan Spiegel and Bobby Murphy have designated the other as their respective proxies. Accordingly, when one dies, the other could individually control nearly all of the voting power of Snap’s outstanding capital stock.
That’s not the worst of it, either. Many dual class shares are written in such a way that founders can pass along control to their heirs. As SEC Commissioner Robert Jackson, a longtime legal scholar and law professor, told an audience last year, it’s no academic exercise.
You see, nearly half of the companies who went public with dual-class over the last 15 years gave corporate insiders outsized voting rights in perpetuity. Those companies are asking shareholders to trust management’s business judgment—not just for five years, or 10 years, or even 50 years. Forever.
So perpetual dual-class ownership—forever shares—don’t just ask investors to trust a visionary founder. It asks them to trust that founder’s kids. And their kids’ kids. And their grandkid’s kids. (Some of whom may, or may not, be visionaries.) It raises the prospect that control over our public companies, and ultimately of Main Street’s retirement savings, will be forever held by a small, elite group of corporate insiders—who will pass that power down to their heirs.
Why public market investors haven’t pushed back on such extremes isn’t clear, though they’re far from an homogenous group, of course. Surely, some aren’t aware of what they’re agreeing to when they’re buying shares, given that dual-class structures are far more prevalent than they once were. Other investors may plan to churn out of the shares so quickly that they’re uninterested in a company’s potential governance issues later in time.
A third possibility, suggests Jay Ritter, who is a professor of finance at the University of Florida and an I.P.O. expert, is that even with dual-class structures, shareholders have legal rights that limit that ability of an executive who has voting control to do anything he or she wants, and the board of directors, including the CEO, has a fiduciary duty to maximize shareholder value.
Says Ritter, “I don’t think it’s accidental that with the We Company, the board of directors let [Neumann] get away with various things, and as it was transitioning to a public company, a lot of [outside participants] pushed and said, ‘This is a company where we’re worried about corporate governance and we’re willing to apply a big discount to people with inferior voting rights.'”
Of course, some investors believe visionary founders should be left to control their companies as long as they wish because, in the case of Alphabet and Facebook specifically, their founders have produced asymmetric returns for many years. But we’re still fairly early into this experiment. Do we really want more situations like we saw with Sumner Redstone of Viacom, with trials over founders’ mental capacity playing out in the media?
For his part, Alan Patricof — the renowned venture capitalist who founded the private equity firm Apax Partners before cofounding the venture firm Greycroft — say he isn’t looking forward to that future. Instead, he think it’s time the exchanges that list these companies’ shares do something about it. “I”m not holier than thou in this industry,” says Patricof, “but if you want to be a publicly traded company, you should act like a public company.” To Patricof, that means one vote for one share — period.
There’s a precedent for intervention. Patricof notes that dual-class stock first emerged in 1895 and by that 1926, there were 183 companies with such stock. It became so widespread, that the New York Stock Exchange banned the use of non-voting stock until 1956, when it made changed its rules for the Ford Motor Company, which granted only partial voting rights to new shareholders. In the ensuing years, few companies took advantage of dual-class listings until Google bounded onto the scene and now, 15 years after its IPO, it’s like 1926 all again.
Indeed, while Patricof is sympathetic to the argument that founders might need protection for a few years after an IPO, things have gone way too far, in his estimation, and he thinks the best solution would be for the NYSE and Nasdaq to meet for lunch and decide to ban multi-class shares again.
There aren’t a lot of other options. VCs aren’t going to force the issue by turning away founders with whom they want to work. Neither are bankers or large institutional investors like mutual funds; they’ve also shown they’re more than happy to look the other way if it means money in their pockets. “I could be wrong,” says Patricof, “but I don’t think it would that tough for [the big exchanges] to impose a ban that keeps founders from wielding so much power at the expense of the company’s other shareholders.”
Given how fiercely competitive the exchanges are, it’s certainly hard to imagine, this meeting of the minds. But the only other plausible path back to a saner system would seemingly be the Securities & Exchange Commission, and it seems disinclined to do anything about the issue.
Indeed, while Commissioner Jackson has advocated for change, SEC Chairman Jay Clayton would clearly prefer to leave well enough alone. After the S&P Dow Jones Indices and another major index company, FTSE Russell, decided to ban all companies with multiple classes of stock a couple of years ago — they’re uncomfortable with forcing popular index funds to buy stakes in companies that give investors little say in corporate decisions — Clayton reportedly called the moves “governance by indexation” at a conference.
It’s easy to see his argument that the indexes are being heavy handed. On the other hand, a lot of market participants might rather see companies forced to do away with dual-class structures — or at least forced to dismantle their multi-class structures after a fixed period or specific event — to watching those with with unchecked power be broken into pieces afterward.
The reality is that neither WeWork, nor Neumann, are not the zany outliers they’ve been made to seem. They’re very much a product of their time, and if shareholders don’t want to see more of the same, something has to be done. It might be incumbent on the exchanges to do it.
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Khatabook raises $25M to help businesses in India record financial transactions digitally and accept online payments
Even as tens of millions of Indians have come online for the first time in recent years, most businesses in the nation remain offline. They continue to rely on long notebooks to keep a log of their financial transactions. A nine-month old startup which is digitizing the bookkeeping and allowing merchants to accept online payments just raised a significant amount of capital.
Khatabook, a Bangalore-based startup, said on Tuesday it has raised $25 million in a new financing round. The Series A round for the startup was funded by GGV Capital, Partners of DST Global, RTP Ventures, Sequoia India, Tencent, and Y Combinator. A clutch of high-profile angel investors including Amrish Rau, Anand Chandrasekharan, Deep Nishar, Gokul Rajaram, Jitendra Gupta, Kunal Bahl, and Kunal Shah also participated in the round. The startup has raised $29 million to date.
Khatabook operates an eponymous Android app that allows small and medium businesses to keep a log of their financial transactions and accept payments online. The app, which was launched on Google Play Store in December last year, has amassed 5 million merchants from more than 3,000 cities, towns, and villages in India, Ravish Naresh, cofounder and CEO of Khatabook told TechCrunch in an interview this week.
The app, which remains free of charge, was used to process transactions worth more than $3 billion in August, said Naresh. Most merchants in developing markets are not online currently. They continue to rely on logging their financial transactions — credit, for instance — on notebooks. As you can imagine, this methodology is not structured.
Even has Reliance Jio, a telecom operator launched by India’s richest man Mukesh Ambani, upended the Indian market and brought tens of millions of Indians online for the first time in last three years, most businesses in the country are still carrying out their operations without the use of any technology, said Naresh. “Could we build an app that makes it very easy for merchants to digitize their bookkeeping?” he said.
“As soon as we launched the app, we instantly started to go viral,” he said. For several months now, the startup is seeing 20% growth each month, he said. In six months, the app has helped businesses recover $5 billion in previously unpaid credits, Naresh claimed. Without any marketing, the app has also gained a significant number of users in Nepal, Pakistan, and Bangladesh, said Naresh.
“At Khatabook, we have taken early but significant steps towards leveraging this trend to digitize India’s shopkeepers. For most of our merchants, we are the first business software they’ve used in their entire life. And we will continue to build more India-first innovations to further enable the growth of what is still a largely untapped sector,” he said.
In a statement, Hans Tung, Managing Partner of GGV Capital, said, “as a global investor, we seek out founders who understand the local market and respond to growth opportunities with speed and agility – we certainly see this with the Khatabook team.”
Naresh, a cofounder of property startup Housing, said the startup will use the capital to build new features to serve merchants. In next 12 months, Khatabook will aim to add 25 million businesses, he said.
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Africa’s top mobile phone seller Transsion lists in Chinese IPO
Chinese mobile-phone and device maker Transsion has listed in an IPO on Shanghai’s STAR Market, a Transsion spokesperson confirmed to TechCrunch.
Headquartered in Shenzhen, Transsion is a top-seller of smartphones in Africa under its Tecno brand. The company has also started to support venture funding of African startups.
Transsion issued 80 million A-shares at an opening price of 35.15 yuan (≈ $5.00) to raise 2.8 billion yuan (or ≈ $394 million).
A-shares are the common shares issued by mainland Chinese companies and are normally available for purchases only by mainland citizens.
Transsion’s IPO prospectus is downloadable (in Chinese) and its STAR Market listing application available on the Shanghai Stock Exchange’s website.
STAR is the Shanghai Stock Exchange’s new Nasdaq-style board for tech stocks that went live in July with some 25 companies going public.
Transsion plans to spend 1.6 billion yuan (or $227 million) of its STAR Market raise on building more phone assembly hubs and around 430 million yuan ($62 million) on research and development, including a mobile phone R&D center in Shanghai, a company spokesperson said.
To support its African sales network, Transsion maintains a manufacturing facility in Ethiopia. The company recently announced plans to build an industrial park and R&D facility in India for manufacture of phones to Africa.
The IPO comes after Transsion announced its intent to go public and filed its first docs with the Shanghai Stock Exchange in April.
Listing on STAR Market puts Transsion on China’s new exchange — seen as an extension of Beijing’s ambition to become a hub for tech startups to raise public capital. Chinese regulators lowered profitability requirements for the STAR Market, which means pre-profit ventures can list.
Transsion’s IPO comes when the company is actually in the black. The firm generated 22.6 billion yuan ($3.29 billion) in revenue in 2018, up from 20 billion yuan a year earlier. Net profit for the year slid to 654 million yuan, down from 677 million yuan in 2017, according to the firm’s prospectus.
Transsion sold 124 million phones globally in 2018, per company data. In Africa, Transsion holds 54% of the feature phone market — through its brands Tecno, Infinix and Itel — and in smartphone sales is second to Samsung and before Huawei, according to International Data Corporation stats.
Transsion has R&D centers in Nigeria and Kenya and its sales network in Africa includes retail shops in Nigeria, Kenya, Tanzania, Ethiopia and Egypt. The company also attracted attention for being one of the first known device makers to optimize its camera phones for African complexions.
On a 2019 research trip to Addis Ababa, TechCrunch learned the top entry-level Tecno smartphone was the W3, which lists for 3,600 Ethiopian Birr, or roughly $125.
In Africa, Transsion’s ability to build market share and find a sweet spot with consumers on price and features gives it prominence in the continent’s booming tech scene.
Africa already has strong mobile-phone penetration, but continues to undergo a conversion from basic USSD phones, to feature phones, to smartphones.
Smartphone adoption on the continent is low, at 34%, but expected to grow to 67% by 2025, according to GSMA.
This, added to an improving internet profile, is key to Africa’s tech scene. In top markets for VC and startup origination — such as Nigeria, Kenya, and South Africa — thousands of ventures are building business models around mobile-based products and digital applications.
If Transsion’s IPO enables higher smartphone conversion on the continent, that could enable more startups and startup opportunities — from fintech to VOD apps.
Another interesting facet to Transsion’s IPO is its potential to create greater influence from China in African tech, in particular as the Shenzhen company moves more definitely toward venture investing.
In August, Transsion funded Future Hub teamed up with Kenya’s Wapi Capital to source and fund early-stage African fintech startups.
China’s engagement with African startups has been light compared to China’s deal-making on infrastructure and commodities — further boosted in recent years as Beijing pushes its Belt and Road plan.
Transsion’s IPO is the second event this year — after Chinese owned Opera’s venture spending in Nigeria — to reflect greater Chinese influence and investment in the continent’s digital scene.
So in coming years, China could be less known for building roads and bridges in Africa and more for selling smartphones and providing VC for African startups.
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Sunday, September 29, 2019
Saturday, September 28, 2019
Elon Musk says Starship should reach orbit within six months – and could even fly with a crew next year
SpaceX CEO Elon Musk delivered an update about Starship, the company’s nest generation spacecraft, which is being designed for full, “rapid reusability.” Musk discussed the technology behind the design of Starship, which has evolved somewhat through testing and development after its original introduction in 2017.
Among the updates detailed, Musk articulated how Starship will be used to make humans interplanetary, including its use of in-space refilling of propellant, by docking with tanker Starships already in orbit to transfer fuel. This is necessary for the spacecraft to get enough propellant on board post-launch to make the trip to the Moon or Mars from Earth – especially since it’ll be carrying as much as 100 tons of cargo on board to deliver to these other space-based bodies.
These will include supplies for building bases on planetary surfaces, as well as up to 100 passengers on long-haul planet-to-planet flights.
Those are still very long-term goals, however, and Musk also went into detail about development of the current generation of Starship prototypes, as well as the planned future Starships that will go to orbit, and carry their first passengers.
The Starship Mk1, Mk2 and the forthcoming Mk3 and Mk4 orbital testers will all feature a fin design that will orient the vehicles so they can re-enter Earth’s atmosphere flat on their ‘bellies,’ coming in horizontal to increase drag and reduce velocity before performing a sort of flip maneuver to swing past vertical and then pendulum back to vertical for touch-down. In simulation, as shown at the event, it looks like it’ll be incredible to watch, since it looks more unwieldy than the current landing process for Falcon boosters, even if it’s still just as controlled.
The front fins on the Starship prototype will help orient it for re-entry, a key component of reuse.
Musk also shared a look at the design planned for Super Heavy, the booster that will be used to propel Starship to orbit. This liquid-oxygen powered rocket, which is about 1.5 times the height of the Starship itself, will have 37 Raptor engines on board (the Starship will have only six) and will also feature six landing legs and deployable grid fins for its own return trip back to Earth.
In terms of testing and development timelines, Musk said that the Starship Mk1 he presented the plan in front of at Boca Chica should have its first test flight in just one to two months. That will be a flight to a sub-orbital altitude of just under 70,000 feet. The prototype spacecraft is already equipped with the three Raptor engines it will use for that flight.
Next, Starship Mk2, which is currently being built in Cape Canaveral, Florida, at another SpaceX facility, will attempt a similar high altitude test. Musk explained that both these families will continue to compete with each other internally and build Starship prototypes and rockets simultaneously. Mk3 will begin construction at Boca Chica beginning next month, and Mk4 will follow in Florida soon after. Musk said that the next Starship test flight after the sub-orbital trip for Mk1 might be an orbital launch with the full Super Heavy booster and Mk3.
Musk said that SpaceX will be “building both ships and boosters here [at Boca Chica] and a the Cape as fast as we can,” and that they’ve already been improving both the design and the manufacture of the sections for the spacecraft “exponentially” as a result of the competition.
The Mk1 features welded panels to make up the rings you can see in the detail photograph of the prototype below, for instance, but Mk3 and Mk4 will use full sheets of stainless steel that cover the whole diameter of the spacecraft, welded with a single weld. There was one such ring on site at the event, which indicates SpaceX is already well on its way to making this work.
This rapid prototyping will enable SpaceX to build and fly Mk2 in two months, Mk3 in three months, Mk4 in four months and so on. Musk added that either Mk3 or Mk5 will be that orbital test, and that they want to be able to get that done in less than six months. He added that eventually, crewed missions aboard Starship will take place from both Boca Chica and the Cape, and that the facilities will be focused only on producing Starships until Mk4 is complete, at which point they’ll begin developing the Super Heavy booster.
In total, Musk said that SpaceX will need 100 of its Raptor rocket engines between now and its first orbital flight. At its current pace, he said, SpaceX is producing one every eight days – but they should increase that output to one every two days within a few months, and are targeting production of one per day for early in Q1 2019.
Because of their aggressive construction and testing cycle, and because, Musk said, the intent is to achieve rapid reusability to the point where you could “fly the booster 20 times a day” and “fly the [starship] three or four times a day,” the company should theoretically be able to prove viability very quickly. Musk said he’s optimistic that they could be flying people on test flights of Starship as early as next year as a result.
Part of its rapid reusability comes from the heat shield design that SpaceX has devised for Starship, which includes a stainless steel finish on one half of the spacecraft, with ceramic tiles used on the bottom where the heat is most intense during re-entry. Musk said that both of these are highly resistant to the stresses of reentry and conducive to frequent reuse, without incurring tremendous cost – unlike their initial concept, which used carbon fibre in place of stainless steel.
Musk is known for suggesting timelines that don’t quite match up with reality, but Starship’s early tests haven’t been so far behind his predictions thus far.
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Friday, September 27, 2019
Tesla, Elon Musk violated labor laws, judge rules
Tesla broke national labor laws when it unfairly prevented workers from unionizing, an administrative law judge in California ruled Friday.
The ruling, which will likely be appealed, was first reported by Bloomberg. Tesla has not responded to a request for comment. TechCrunch will update the article if Tesla responds.
The automaker and CEO Elon Musk were ordered by Judge Amita Baman Tracy to take several actions to remedy the violations, including reinstating and giving backpay to a fired pro-union employee. The judge also ordered Musk to hold a public meeting and read aloud the findings to employees at the factory informing them the NLRB concluded the company had broken the law.
From the ruling:
I recommend that Respondent be ordered to convene its employees and have Elon Musk (or, if he is no longer the chief executive officer, a high-ranking management official), in the presence security guards, managers and supervisors, a Board agent and an agent 15 of the Union, if the Region and/or the Union so desire, read the notice aloud to employees, or, at Respondent’s option, permit a Board agent, in the presence Musk, to read the notice to the employees at the Fremont facility only.
The NLRB, while able to determine Tesla violated the law, has a limited reach, Bloomberg noted. The NLRB, for instance, can’t hold executive personally liable, nor can it assess punitive damages.
The ruling, which was published Friday, found that Musk and Tesla had violated the National Labor Relations Act by repressing attempts to organize a union at the company’s Fremont. Calif., factory. The judge determined that Tesla violated labor laws when it created rules that prevented off-duty employees from distributing union organizing leaflets in the Fremont parking lot, fired two workers unfairly and interrogated employees about their union activities. The judge also determined that Musk’s own tweets violated the law when he implied that workers who unionized would have to give up give up company-paid stock options.
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Thursday, September 26, 2019
One day left to get featured at TechCrunch Disrupt Berlin’s Startup Battlefield
Founders. The clock is ticking. Applications for Startup Battlefield at Disrupt Berlin 2019 are closing in just about 24 hours.
On December 11-12, TechCrunch will feature the top early-stage startups from around the world in the most renowned on-stage pitch competition in the world – Startup Battlefield. Companies are battling for $50,000 in equity-free prize money, the infamous Disrupt Cup and the attention of press and investors from around the world.
You’ll join the leave of highly successful Startup Battlefield Alumni, including N26, JukeDeck, Dropbox, GetAround, Mint.com, and more. All together, the 857 companies that have launched with Startup Battlefield have raised over $8.9 billion in funding, with 113 successful exits (IPOs and acquisitions).
It’s simply. Startups from any part of the world and any industry can apply. Companies must be early stage, pre-major publicity and have a minimally viable product to demo live on stage. TechCrunch editors review the applications and select the top 3-5% of companies that apply – more competitive than college!
After being selected, founders will go through a mini-accelerator with the Startup Battlefield team, where we will train you on your pitch, go-to-market strategy, on stage talent and set you up for the biggest, most public launch on the largest tech stage in the world. Teams pitch for 6 minutes including a live demo, followed by a 6 min Q&A with our esteemed judges – VCs, angels and heads of major companies.
If you make it to the final round, you simply pitch on stage again with the same pitch in front of a brand new set of judges. These judges debate and decide the final winner of the competition and the startup that gets to bring home $50,000 and the Disrupt Cup.
Participating in Startup Battlefield gets you a whole suite of perks. We’re talking free exhibition space in Startup Alley for both days of Disrupt, invitations to private events, backstage access, CrunchMatch — our free business-matching platform — free subscriptions to Extra Crunch and a ticket to all future TechCrunch events. That’s some major value right there.
There’s nothing to lose, and everything to gain. Stop procrastinating apply to Startup Battlefield today. We want to see you in Berlin!
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