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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.
- With internships cancelled, Valence tries to fill the void for young black professionals
- Florida is poised to open Disney World and SeaWorld. Will California be far behind?
- Snap and LAUSD promotes reading during COVID, with an assist from celebs like Alicia Keys
With internships cancelled, Valence tries to fill the void for young black professionals
Across the country aspiring young students have had their summer internships cancelled because of the pandemic, crushing dreams and muddying professional paths. It's been especially hard for communities of color, where some are the first in the family to go to college or where internships provide an entrance into a professional world.
Valence Enterprises Inc., a Santa Monica-based company that's developed a sort of LinkedIn for black professionals, is trying to offset the pain calling on their network of leaders and professionals to provide career advice. Their network of 7,000 individuals can talk on everything from Hollywood to venture capital to marketing. Indeed, the legion of young professionals seeking it will need that hand as they enter a world forever changed by the pandemic.
Many are already facing devastating family loss - as the coronavirus kills African Americans at three times that of white families. And job loss is concentrated in low-wage sectors where black and Latino workers are seeing high unemployment.
The very wealth gap that Valence seeks to lessen is only expected to widen after the pandemic.
Dubbing their efforts the "Boost Challenge," Valence is asking their network of more than 7,000 professionals to provide 30 minute one-on-one coaching sessions. "This is a chance to be coached by some really inspiring people that you otherwise wouldn't have direct access to," said Emily Slade, co-founder of Valence.
So far, they have gotten a buy in from the former chief marketing officer of Beats By Dre, and founder of Opus, Omar Johnson, to offer branding advice; Olympic medalist Michael Johnson will give partnership and sponsorship advice; and Boris Kodjoe, who founded the Full Circle Festival and is an actor and model, will offer his thoughts on the entertainment industry. Other participants include the chief marketing officer of Snap, Kenny Michell; Maisha C. Leek, a partner at Human Ventures; Derek Ali, a Grammy Award-winning mixing engineer; and Caroline Wang, chief culture, diversity and inclusion officer at Target Corp.
"As a tech platform and professional network focused on connecting the Black community with mentorship, job opportunities and capital, Valence is in a unique position to provide some support," said Kobie Fuller, the co-founder and a general partner at Upfront Ventures. Valence has previously partnered with historically black colleges and universities, where students are reeling from the impacts of the pandemic.
An online survey by HBCUvc found among students at historically black colleges 62% lost their job due to COVID-19. The sample survey of 137 students by the nonprofit aimed at increasing opportunity in venture capital and technology also showed that among those 75% held a job while at school.
Florida is poised to open Disney World and SeaWorld. Will California be far behind?
Walt Disney World wants to reopen in weeks after the Orlando amusement park was shuttered as the pandemic spread, and the company's multi-tiered proposal might be a blueprint to how the Magic Kingdom will open the front gates of its Anaheim park. Other Florida parks are also unveiling proposals to do the same, which must be approved by Gov. Ron DeSantis.
Disney plans a tiered reopening, with Disney World and Animal Kingdom opening on July 11, then Epcot and Hollywood Studios on July 15.SeaWorld wants to open on June 11. And Universal Orlando presented its plan to reopen on June 5. That plan also has been approved by the Orlando task force, which sent its recommendation to the governor. "We are developing a series of 'know before you go' communication vehicles and our objective is to reinforce our health and safety messages to guests before they arrive on our property so they are aware and prepared for the new environment," Disney's senior vice president of operations, Jim McPhee, told the task force.
Will the same re-opening plan soon be unveiled for California's version of the theme parks? The Los Angeles Times reported that a key architect of the nation's first coronavirus shelter-in-place order is criticizing the state's increasingly fast pace of lifting stay-at-home restrictions. Dr. Sara Cody, health officer for Santa Clara County — home to Silicon Valley and Northern California's most populous county — said she was concerned by the decision to allow gatherings of up to 100 people for religious, political and cultural reasons.
Snap and LAUSD promotes reading during COVID, with an assist from celebs like Alicia Keys
Snapchat and L.A. Unified School District are partnering to keep high school students reading books while the coronavirus pandemic keeps them from the classroom. On Wednesday, Snap launched a new original series titled The A-List Book Club on its Discover platform, which houses Snap-curated content for its young-skewing audience. The new series will showcase celebrities discussing a favorite book and what it means to them.
Participating celebrities, who will shoot the footage themselves, include Russell Westbrook, Alicia Keys, and Kendall Jenner. At the end of each episode, LAUSD students can swipe up to be directed to L.A. Unified's website, where they can enter their student credentials to receive a free digital copy of the book. Book donations are supported by L.A. Students Most In Need, a charity created to support students during this challenging time.
The series will also air on LAUSD's YouTube channel, as well as on Snapchat nationwide, but without the swipe up option. "Education creates opportunity, and we are excited to support public education and help create new ways to engage students in learning outside the structure of a classroom," said Evan Spiegel, Snap's co-founder and CEO. "We are inspired by working together with Los Angeles Unified to create resources for students to help them build the foundation for future success."
- Disney Plans to Open Florida Theme Park - dot.LA ›
- Disney Loses $1.4 Billion in Operating Income Due To COVID-19 ... ›
- Quibi May be Struggling With Advertisers - dot.LA ›
- Valence Gets $5.25M to Change How Black Professionals Meet - dot.LA ›
- Snapchat Partners With Ticketmaster to Match Users to Local Concerts ›
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Genies Wants To Help Creators Build ‘Avatar Ecosystems’
Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.
When avatar startup Genies raised $150 million in April, the company released an unusual message to the public: “Farewell.”
The Marina del Rey-based unicorn, which makes cartoon-like avatars for celebrities and aims to “build an avatar for every single person on Earth,” didn’t go under. Rather, Genies announced it would stay quiet for a while to focus on building avatar-creation products.
Genies representatives told dot.LA that the firm is now seeking more creators to try its creation tools for 3D avatars, digital fashion items and virtual experiences. On Thursday, the startup launched a three-week program called DIY Collective, which will mentor and financially support up-and-coming creatives.
Similar programs are common in the startup world and in the creator economy. For example, social media companies can use accelerator programs not only to support rising stars but to lure those creators—and their audiences—to the company’s platforms. Genies believes avatars will be a crucial part of the internet’s future and is similarly using its program to encourage creators to launch brands using Genies’ platform.
“I think us being able to work hands on with this next era—this next generation of designers and entrepreneurs—not only gets us a chance to understand how people want to use our platform and tools, but also allows us to nurture those types of creators that are going to exist and continue to build within our ecosystem,” said Allison Sturges, Genies’ head of strategic partnerships.
DIY Collective’s initial cohort will include roughly 15 people, Sturges said. They will spend three weeks at the Genies headquarters, participating in workshops and hearing from CEOs, fashion designers, tattoo artists and speakers from other industries, she added. Genies will provide creatives with funding to build brands and audiences, though Sturges declined to share how much. By the end of the program, participants will be able to sell digital goods through the company’s NFT marketplace, The Warehouse. There, people can buy, sell and trade avatar creations, such as wearable items.
Genies will accept applications for the debut program until Aug. 1. It will kick off on Aug. 8, and previous experience in digital fashion and 3D art development is not required.
Sturges said that the program will teach people “about the tools and capabilities that they will have” through Genies’ platform, as well as “how to think about building their own avatar ecosystem brands and even their own audience.”
Image courtesy of Genies
Founded in 2017, Genies established itself by making avatars for celebrities from Rihanna to Russell Westbrook, who have used the online lookalikes for social media and sponsorship opportunities. The 150-person company, which has raised at least $250 million to date, has secured partnerships with Universal Music Group and Warner Music Group to make avatars for each music label’s entire roster of artists. Former Disney boss Bob Iger joined the company’s board in March.
The company wants to extend avatars to everyone else. Avatars—digital figures that represent an individual—may be the way people interact with each other in the 3D virtual worlds of the metaverse, the much-hyped iteration of the internet where users may one day work, shop and socialize. A company spokesperson previously told dot.LA that Genies has been beta testing avatar creator tools with invite-only users and gives creators “full ownership and commercialization rights” over their creations collecting a 5% transaction fee each time an avatar NFT is sold.
“It's an opportunity for people to build their most expressive and authentic self within this digital era,” Sturges said of avatars.
The company’s call for creators could be a sign that Genies is close to rolling out the Warehouse and its tools publicly. Asked what these avatar tools might look like, the startup went somewhat quiet again.
Allison Sturges said, “I think that's probably something that I'll hold off on sharing. We will be rolling some of this out soon.”
- Bob Iger, Former Disney CEO, Joins Avatar Startup Genies - dot.LA ›
- Genies Raises $150 Million To Make Avatars For The Metaverse ... ›
Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.
Here's What To Expect At LA Tech Week
Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.
LA Tech Week—a weeklong showcase of the region’s growing startup ecosystem—is coming this August.
The seven-day series of events, from Aug. 15 through Aug. 21, is a chance for the Los Angeles startup community to network, share insights and pitch themselves to investors. It comes a year after hundreds of people gathered for a similar event that allowed the L.A. tech community—often in the shadow of Silicon Valley—to flex its muscles.
From fireside chats with prominent founders to a panel on aerospace, here are some highlights from the roughly 30 events happening during LA Tech Week, including one hosted by dot.LA.
DoorDash’s Founding Story: Stanley Tang, a cofounder and chief product officer of delivery giant DoorDash, speaks with Pear VC's founding managing partner, Pejman Nozad. They'll discuss how to grow a tech company from seed stage all the way to an initial public offering. Aug. 19 at 10 a.m. to 12 p.m. in Santa Monica.
The Founders Guide to LA: A presentation from dot.LA cofounder and executive chairman Spencer Rascoff, who co-founded Zillow and served as the real estate marketplace firm’s CEO. Aug. 16 from 6 p.m. to 9 p.m. in Brentwood.
Time To Build: Los Angeles: Venture capital firm Andreessen Horowitz (a16z) hosts a discussion on how L.A. can maintain its momentum as one of the fastest-growing tech hubs in the U.S. Featured speakers include a16z general partners Connie Chan and Andrew Chen, as well as Grant Lafontaine, the cofounder and CEO of shopping marketplace Whatnot. Aug. 19 from 2 p.m. to 8 p.m. in Santa Monica.
How to Build Successful Startups in Difficult Industries: Leaders from Southern California’s healthcare and aerospace startups gather for panels and networking opportunities. Hosted by TechStars, the event includes speakers from the U.S. Space Force, NASA Jet Propulsion Lab, Applied VR and University of California Irvine. Aug. 15 from 1 p.m. to 5 p.m. in Culver City.
LA Tech Week Demo Day: Early stage startups from the L.A. area pitch a panel of judges including a16z’s Andrew Chen and Nikita Bier, who co-founded the Facebook-acquired social media app tbh. Inside a room of 100 tech leaders in a Beverly Hills mansion, the pitch contest is run by demo day events platform Stonks and live-in accelerator Launch House. Aug. 17 from 12:30 p.m. to 3 p.m. in Beverly Hills.
Registration information and a full list of LA Tech Week events can be found here.
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- Former Zillow CEO Spenser Rascoff Advises LA tech week - dot.LA ›
Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.
LA Tech Week: Anorak Ventures Offers 8 Marketing Principles For Early-Stage Startups
Every entrepreneur knows getting started is half the battle. It’s easy to get overwhelmed by details and lose sight of the goal or mission of your company.
On Tuesday, Greg Castle, managing partner of Anorak Ventures, presented eight marketing principles at L.A. Tech Week that he and his seed-stage venture firm use to guide potential clients in their marketing efforts. Castle has invested in more than 80 seed-stage companies, five of which have gone on to achieve values north of one billion.
1. People Aren’t Numbers
Shallow audience insights mean shallow products and services. It’s important to know your customers inside and out — their likes and dislikes, the language that they use, where they spend their time. All of these are important factors in understanding an audience’s wants and needs
2. 'No' Is the Key Word
Castle said learning to say no–especially in the early stages–is extremely important to the success of your startup. Knowing what is in the scope of your abilities and how customer requests fit into your overall “roadmap” can help to decide when and if a customer request is achievable.
“Every yes is a potential distraction,” Castle said. “Don’t try to be all things to all people.”
3. Clarity Is Key
Being able to clearly articulate what a product is or does is essential, Castle explained. It’s vital to ensure overall consistency in branding and marketing by using simple language and making sure to be as clear as possible when explaining what it is your company does.
Castle said a good rule of thumb is to ask your best friend to describe your company: “If they can’t do it, then what are the chances a customer can do it?”
4. Attention Is Earned
It’s no secret that people today have very limited time and attention. It’s important to make sure your pitch is succinct and enticing.
Castle said a good way to do this is by using Irrigreen’s “1,2,4” structure. First, describe your company in one sentence. Then, describe your company in two sentences. Finally, write a paragraph that describes your company. The idea is that “1” is a brief, elevator-pitch like introduction to your company, “2” is a deeper dive into what your company does, and “4” is a detailed explanation of the ins and outs of your company.
5. Education Is Expensive
As Uber’s popularity began to rise in 2012, pitch meetings began taking on a new meaning as founders used the phrase “Uber for …” to explain what their company did. That’s the key with principle five — using a familiar concept to explain what your company does. People know and understand Uber, so it’s easy to use that as a reference point to explain the concept of a company with a similar goal, rather than spending valuable time and resources trying to explain complex systems.
6. What Gets Repeated Gets Remembered
Tale as old as time. This is why TV commercials have jingles; slogans are made to be catchy and branding is so important. Nike swoosh tells you everything about a product without even using text.. Taking the time to work on memorable branding for your company will pay off in the long run.
Castle said a helpful exercise is to pull up your pitch deck, website, social media, etc. and ask yourself if they all look the same.
7. You’re Not Always the Expert
It’s a simple concept, but an important one. Trust your experts. If you aren’t good with branding, outsource it to a marketing team. If you don’t understand data, ask someone who does. Castle said this concept has been paramount to both Anorak Ventures and his personal endeavors.
8. Perception Is Reality
In simpler terms — what you see is what you get. Castle explained that investors are only ever given a small sample of the larger data points relevant to a pitch This means that it’s crucial that the content presented to investors is in top-notch shape.
Spelling errors, broken links, broken landing pages — are all red flags to investors. Make your pitch as perfect as possible before presenting to a potential funder.