Coronavirus Updates: Headspace Makes App Free to Unemployed; Cali's Economic Fallout Eclipses Great Recession
Here are the latest headlines regarding how the novel coronavirus is impacting the Los Angeles startup and tech communities. Sign up for our newsletter and follow dot.LA on Twitter for the latest updates.
- Newsom: Employment fallout from the coronavirus pandemic has exceeded the Great Recession
- Headspace makes meditation app free for the nation's 23 million unemployed
Newsom: Employment fallout from the coronavirus pandemic has exceeded the Great Recession
Gov. Gavin Newsom said Thursday that the employment fallout from the coronavirus pandemic has exceeded the economic crisis that brought on the Great Recession. Some 4.6 million Californians have filed jobless claims, and has forced the stater to borrow billions of dollars from the federal government to cover claims. "These unemployment numbers are jaw dropping," Newsom said at a press conference. "We are at a time that is simply unprecedented."
Newsom said the state will need $43.8 billion to cover unemployment claims in the new year, a 650% increase over what was originally predicted. The federal government controls a trust that helps states cover jobless benefits during a recession. The governor said the state's unemployment rate is expected to peak at more than 24.5% this year. But, the rate for the whole year will hover at about 18% -- still significantly higher than the 12.3% peak during the height of the economic crisis.
Headspace makes meditation app free for the nation's 23 million unemployedShutterstock
Headspace, the Santa Monica-based meditation and wellness app, is giving the nation's unemployed workers a free year to help them during the COVID-19 pandemic. The Labor Department reported that jobless claims were up by another 2.98 million last week, bringing the total unemployment claims number to a massive 22.83 million people.
"The current state of unemployment in America has become an alarming crisis," the company said in its pitch to get people to sign up. "To help those affected, we're offering a full year of Headspace Plus for free. Discover meditation and mindfulness tools to help you feel less stressed, more resilient, and kinder to yourself." The company was previously working with the City of Los Angeles in offering residents a free trial. Headspace requires that people list their last employer and date of separation, but it was not known how the company would verify that information. There are more than 1,200 hours of meditation content on the app.
- Coronavirus Updates: Headspace Makes App Free to Unemployed ... ›
- Headspace Raises $93 Million as Meditation App Enters Expansion ... ›
- Snap Partners with Headspace For Meditation Tools - dot.LA ›
- UCLA Anderson Finds it Will Take 3 Years to Recover from COVID-19 - dot.LA ›
Subscribe to our newsletter to catch every headline.
Join us at 11:00 a.m. PST August 4th for the next dot.LA Strategy Session on "The Future of Sports."
The Rams and Chargers are set to play in a brand new $5.5 billion stadium in Inglewood this season that is being billed as the most technologically advanced in the world. Meanwhile, Dodger Stadium just completed a $100 million update and L.A. will be getting a new pro women's soccer team, Angel City, in 2022 backed by high profile VC's and celebrities.
Julie Uhrman, Founder and President at WFC LA (Angel City)
Julie Uhrman, Founder and President at WFC LA (Angel City)<p>Founder and president of Angel City, the consortium who received the rights from the NWSL to officially bring a women's soccer team to Los Angeles in 2022. </p><p>Uhrman was named head of media at Playboy in 2018 after serving as Lionsgate's GM of over-the-top ventures, overseeing the company's Tribeca Shortlist, Comic-Con HQ, Laugh Out Loud in partnership with Kevin Hart and Pantaya. </p><p>Prior to joining Lionsgate, Uhrman worked at VR vendor Jaunt as head of platform business development. She was the founder and CEO of OUYA, an Android-based game console for living room, which raised $8.6 million through Kickstarter and then went on to secure venture funding from Kleiner Perkins and Alibaba before the company was acquired by Razer in 2015. Previously Uhrman held executive roles in digital and game companies including IGN Entertainment and Vivendi Universal.</p>
Kevin Demoff, Chief Operating Officer at Los Angeles Rams
Kevin Demoff, Chief Operating Officer at Los Angeles Rams<p>Kevin Demoff is in his 11th year as chief operating officer with the Rams. In this capacity, Demoff serves as the team's top front office executive and liaison to owner and chairman, Stan Kroenke, on all organizational matters.</p><p>Demoff was recognized by the Sports Business Journal as one of its "Forty under 40" class members of 2016 and in 2010 he was named one of the "NFL's 10 Future Power Brokers" by Sports Illustrated.</p><p>Prior to joining the Rams, Demoff spent the previous four seasons (2005-08) with the Tampa Bay Buccaneers, where he served as a consultant before being named senior assistant in 2006. In this capacity, Demoff assisted General Manager Bruce Allen in contract negotiations, salary cap management, strategic planning and both college and pro scouting. During his tenure with the Buccaneers, the team captured NFC South titles in 2005 and 2007 while posting a winning record in three of his four seasons.</p>
Ben Bergman, Senior Reporter at dot.LA
Ben Bergman, Senior Reporter at dot.LA<p>Ben Bergman is the newsroom's senior reporter, covering venture capital. Previously he was a senior reporter/host at KPCC, a producer at Gimlet Media and NPR and produced two investigative documentaries for KCET. He has been a frequent on-air contributor to NPR and Marketplace and has written for The New York Times. Bergman was a 2017-2018 Knight-Bagehot Fellow in Economic and Business Journalism at Columbia Business School. He enjoys skiing, playing poker, and cheering on The Seattle Seahawks.</p>
- Kobe Bryant Remembered as Venture Capitalist in L.A. - dot.LA ›
- More Sports Video App Aims to Bring NBA to China - dot.LA ›
Why is the stock market up if the economy is getting crushed? With so many people out of work, how is it that the market is soaring, by some estimates, to its highest point ever?
Spencer Rascoff, executive chairman at dot.LA, spoke with senior tech-focused executives at investment firm Evercore to discuss what's behind the trends. John Scuorzo, Evercore's senior managing director joined Zaheed Kajani, senior managing director at Evercore to break down Wall Street's perspective on what's happening in the current tech capital markets.
John Scuorzo , Senior Managing Director of Evercore<p><strong>John Scuorzo </strong>is a senior managing director and the Head of Technology Equity Capital Markets at Evercore, with responsibility for the origination and execution of equity and equity-linked transactions for the firm's global technology clients.</p><p>Mr. Scuorzo has been a trusted advisor to technology companies for nearly 20 years, most recently as managing director with Citigroup, where he ran its technology equity capital markets business. </p><p>Mr. Scuorzo has been at the forefront of the evolution of capital formation for most of his career and is recognized as one of the most experienced and innovative capital markets professionals in the Technology sector. Mr. Scuorzo has advised hundreds of leading companies across the globe, including Alibaba, Broadcom, CoStar, Despegar, Dynatrace, Facebook, Fastly, Globant, GoDaddy, GoPro, Grubhub, Guidewire, Microsoft, Ping Identity, Paypal, Palo Alto Networks, Pinterest, Presidio, Sailpoint, Slack, The Trade Desk, Uber, Upwork, Roku, Vmware, Wayfair and Zillow.</p><p>Mr. Scuorzo graduated from Georgetown University with a B.S. in business administration with a major in finance.</p>
Zaheed Kajani, Senior Managing Director of Evercore<p><strong></strong><strong>Zaheed Kajani</strong> is a senior managing director in the firm's technology corporate advisory business and leads the global internet and digital media practice. Zaheed was most recently a managing director and global head of internet and digital media at Citi. With almost two decades of experience, Zaheed has advised on over a 100 transactions in the sector. He has worked with companies raising private capital, public capital through IPOs, follow-ons and converts, as well as M&A.</p><p>Zaheed has an M.B.A. from UCLA's Anderson School of Management, a J.D. from UC Berkeley's School of Law and a B.A. in political science from U.C. Berkeley. </p>
Spencer Rascoff, Executive Chairman of dot.LA
Spencer Rascoff, Executive Chairman of dot.LA<p>Spencer Rascoff <span class="redactor-invisible-space" style=""></span>is an entrepreneur and company leader who co-founded Zillow, Hotwire and dot.LA, and who served as Zillow's CEO for a decade. He is currently executive chairman of dot.LA and a board member at TripAdvisor. In the fall of 2019 Spencer was a visiting executive professor at Harvard Business School where he co-taught the "Managing Tech Ventures" course. In 2015, Spencer co-wrote and published his first book, the New York Times' best seller "Zillow Talk: Rewriting the Rules of Real Estate." Spencer is the host of "Office Hours," a monthly podcast on dot.LA featuring candid conversations between prominent executives on leadership, diversity and inclusion, and startups.</p>
- Founders and Investors Do Not Share Wall Street's Optimism - dot.LA ›
- Tech Markets Boom While Economy Reels - dot.LA ›