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Silicon Valleys’ industry monopoly is over

(TECH NEWS) For years Silicon Valley has been home to the leading tech companies but one leader believes the Valley is about to lose their monopoly.

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Peter Thiel, a leader in entrepreneurism and investment who made his career in Silicon Valley, has now said that he believes the Valley will no longer be monopolizing the tech industry moving forward.

The billionaire Thiel, who launched PayPal, was an early investor in AirBnB and Facebook, and launched software company Palantir Technologies, spoke at the Future Investment Initiative in Riyadh, Saudi Arabia last week and shared some of his opinions on the future of the tech world, specifically its future outside the small pocket of California we know as Silicon Valley.

“I have been investing in the technology space — entrepreneur and investor over the past 20 years in Silicon Valley — and within the area of IT, it has for the last 10, 15 years in the US and the world been extremely centered on Silicon Valley,” he said at the event.

“I think there are a lot of reasons for that, but the question is, ‘Where is the growth going to happen the next 10 years?’ And what I would tend to think is that it will be more diversified from just Silicon Valley.”

Thus far, Silicon Valley has dominated the industry due to a large concentration of driven entrepreneurs and the abundance of mentors. Even now, California sees a hugely disproportionate percentage of venture capital deals made, despite rising competition throughout the world.

Per the most recent data coming out of the 2017’s third quarter, provided by the National Venture Capital Association and Pitchbook, show a huge gap between California-based companies and their competition. New York, who had the second highest number of deals made in Q3, with 188, only reached 32 percent of the number of deals closed in California in that same time, who had 580.

Here, it is easy to limit our view to companies based in the United States. Thiel, however, believes that the next wave of technology will be the product of a more global perspective.

“There was something very paradoxical about it all being in Silicon Valley, because after all these Internet companies are global in scope,” Thiel says. “They can be built anywhere. You just need some talented people, some capital, the right governance structures and so it was always this very odd question, why all the companies of this new global technology were built in one specific place.”

He went on to say that he believes China will be a big player in tech because of some up-and-coming companies that are moving into that space and doing creative work. Not only will things grow in China, but Thiel comments, “I don’t think there is a single other place, it is not a specific city or specific country, but I think in general there is much opportunity outside of Silicon Valley.”

Thiel’s opinions certainly strike a chord; it is strange that the tech world has been so focused on one small space in California considering the global scale on which the internet and tech operates. While there is surely competition in Silicon Valley, a broadening of horizons in the tech world will only lead to higher quality and more efficient product being released to the market.

Will hails from Northern California, earned a B.A. in English from Texas A&M University, and now calls Austin, Texas home where he works at a tech startup. He likes riding his bike an ungodly amount of miles and his favorite aesthetic is an open road. If you see him around he'll likely be reading a classic American novel and drinking a Topo Chico.

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Business Finance

Can you afford missing a paycheck? Finance tips for freelancers

(FINANCE) Freelancers who are not always promised a regular paycheck could benefit from staying on top of their finances. Here’s our tips!

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Most Americans don’t have a regular savings account and could not handle a $1,000 emergency, let alone miss practically a month of pay. We all could benefit from some careful reflection about the precarious nature of our personal finances.

Particularly those of us who don’t receive a regular paycheck.

Entrepreneurs and those invested in the gig economy have volatile incomes, and literally no promise of a paycheck ever – that can impact your personal finances in a number of ways.

Variable incomes are normal for this group and can impact entrepreneurs in ways as simple as handling debt.

If this is you – here are a few things to keep in mind that can help you deal with the volatility of living on a variable income and handling your personal finances.  

  • Set up an emergency fund. Start with 500 if you have to, and remember this is an emergency fund for your personal expenses, not your business. If you have an emergency fund, make sure you identify what an emergency is and also be prepared to put money back when it comes out. If you have a hard time not spending money in front of you, put your money in a local bank or CU that you don’t have immediate access too.
  • Stick to a budget. when you can’t forecast your income appropriately, controlling expenses is so critical it’s the few things that are in your control.
  • Don’t mix business with personal. While you may be pouring your personal energy and time into your start-up or gig, be careful about mixing expenses for two reasons: First, it messes up your budget. You need to have separate budgets for personal and business. Second, there could be tax challenges – consult a tax professional for more information. Here’s a little primer to get you started.
  • Save for retirement. There are tax benefits and come on, don’t wait till you can’t work anymore. Also, an IRA IS NOT AN EMERGENCY FUND.
  • Practice good financial behaviors. Automate bill pay. Online statements. Digital receipt tracking. The more you can automate your life, the better you are. You already have so many demands on your time, reduce that so you can spend more time doing what you love and what matters.
  • Consider diversifying your income. Either ensure you have multiple strings or a backup gig (even if it’s just uber driving) or be prepared to do temporary or contract labor during your slow seasons.

The path to entrepreneurship is rough. If the government can be unstable, those of you who work in the world of startups, gigs, and entrepreneurship, need to be even more on your toes. The “normal recommendation” for saving is 10% of your income, but normal may not be enough for you. Be prepared and save (more) of your paycheck.

Disclaimer: I am neither a tax nor investment professional. This is personal financial advice and I encourage you to visit a professional if you need more specific plans of action.

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Tech News

iOS 15 beta has blur nude photos opt-in, but its not without fault

(TECH NEWS) To protect children from explicit content, the most recent beta version of iOS 15 includes a feature that allows users to blur nude photos.

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Woman looking at Apple iPhone representing new iOS 15 beta that will blur nude photos.

In a move to protect children from explicit content, the most recent beta version of iOS 15 includes a feature that allows users to blur nude photos received in the Messages app. Amid privacy concerns, the feature has yet to be released.

The option to blur nude photos is opt-in, reports The Verge, and does not prevent users from choosing to view the photos in question even after being implemented.

This iteration of the feature is distinct from the original one insofar as it will no longer alert a parent or guardian when nude photos are encountered. While this may seem like a controversial change, several experts pointed out that exposing nude content on a child’s device in some households could result in abuse or, as Harvard Cyberlaw Clinic instructor Kendra Albert suggests, the outing of “queer or transgender children to their parents.”

With the most recent version of this feature enabled, children who receive inappropriate photos via the Messages app would be able to do two things: choose to avoid (or see) the content, and choose to send a report to a trusted adult if they see fit to do so.

Blurring photos is just one of several aspects of Apple’s Communication Safety suite, a feature that aims to prevent child sex abuse by making it easier for children to avoid and report predatory content.

 

Child on electronic device- iOS 15 beta that will allow blur nude photos should protect children.

Another feature that Apple has tested – but not released – is their Child Sex Abuse Imagery Detection (CSAM-detection), which scans and reports iCloud content that shows child pornography or abuse to Apple moderators for further review. As one can imagine, the feature drew mixed criticism, the majority of which came from privacy advocates.

While the vast majority of humanity can (hopefully) agree that fighting against child exploitation is a noble cause, these groups argue that scanning and reporting individuals’ personal photos via an algorithm opens the door to government interference and increased surveillance. Switching the algorithm’s baseline to scan for things like anti-government content, for example, would be easy, these groups posit, making the feature extremely dangerous in principle.

There is no current release date set for any of these aforementioned features, though iPhone users can reasonably expect them to drop at some point during iOS 15’s development.

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Tech News

Amazon Music debuts synchronized text transcripts for popular podcasts

(TECH) The first feature to hit Amazon Music is auto-generated and synchronized text transcripts for their most popular podcast shows. Sign us up!

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Amazon Music Transcripts

Amazon set out to accelerate the growth and evolution of podcasts last year by acquiring the podcasting network, Wondery. Now, the company is doing just that with the launch of its auto-generated and synchronized podcast transcripts feature on Amazon Music.

According to an Amazon Music tweet, with this feature, you’ll be able to “Roll it back, jump ahead, and follow along” with the podcast you’re listening to. For instance, you can scrub through the transcript to find that line of text with that quote or movie and book suggestion you can’t quite remember. When you tap on a particular line of text in the transcript, you’ll be able to jump straight into that specific part of the podcast. I can already see all the time saved! But, if you just want to read along as you listen, you can do that, too. The transcript will match the audio as you’re hearing it.

Right now, the company is only rolling out podcast transcripts in the US on both iOS and Android devices. When it will expand to other countries isn’t known, and the feature isn’t available for all podcasts yet. For now, it is only available on a selection of popular podcasts like Smartless, Crime Junkie, This American Life, Uncommon Ground, and Modern Love, but more are coming.

Amazon Music Homescreen

To use it, all you have to do is open the podcasts tab on Amazon Music and select one of the podcasts you’d like to listen to. Of course, you’ll need to select a show with the podcast transcription feature to see it. When your show is playing, on the top of the album art and in fullscreen mode, the transcriptions will be available for you to read along to.

Oh, and if you’re worried about having to read through the ads, you have nothing to fret about. Ads won’t be transcribed. Instead, the transcription will read “audio not transcribed” when they are playing.

So far, Amazon seems to be going strong in the podcasting game with the release of podcast transcripts. The feature makes it easy to search and find what you are looking for in a show. And, for those on a long and noisy bus and subway ride, you’ll finally be able to read the information you previously couldn’t hear.

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