Quibi series from Steven Soderbergh starring Tye Sheriden focuses on smartphone survival skills

People dramatically proclaim all the time that they don’t think they could survive without their smartphones, but a new series form the forthcoming streaming service Quibi from Jeffrey Katzenberg and Meg Whitman approaches smartphone survival in a much more literal way. The scripted series, which will premiere on Quibi at launch in April 2020, stars Ready Player One‘s Tye Sheridan, and counts Steven Soderbergh as an executive producer.

The series, called ‘Wireless,’ was created by Jack Seidman and Zach Wechter, who are the creators of the short film Pocket, which is shot entirely as though it was taking place on a person’s phone, almost like a screencast of that device. Wireless will similar cinematic, which is a good fit for Quibi’s short-form, made for mobile approach to original streaming content. Wechter and Seidman have a head-start in this regard, in fact, since their film collective Pickpocket is specifically aimed at making this kind of feature.

‘Wireless’ will tell the story of Sheridan’s lead character, who is described as “a self-obsessed college student whose only hope for survival is the tool he has spent his whole life learning to use: his smartphone.” Said character will apparently be trapped inside of his freshly crashed car during the action, and using the smartphone (which is low on battery) to try to survive his predicament.

Quibi has already made a whole host of slate announcements, with new ones coming all the time, but it’s going to have a lot to prove once it actually debuts, into what will be by April a very crowded streaming content market. Apple TV+ and Disney+, two new entrants from heavyweights who aren’t building a name from scratch with consumers, just debuted, and there are more coming early next year from NBC, HBO/AT&T and more.

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Decide which type of investor to target for raising capital

I recently wrote Should you raise venture capital from a traditional equity VC or a Revenue-Based Investing VC? Since then, I’ve talked with a number of other firms and greatly expanded my database: Who are the major Revenue-Based (RBI) Investing VCs?

That said, venture capital is just one of many options to finance your business, typically the most expensive. The broader question is, what type of capital should you raise, and from whom?  

I find many CEOs/CFOs default to approaching investors who have the most social media followers; who have spent the most money sponsoring events; or whom they met at an event. But, fame and the chance that you met someone at a conference do not logically predict that investor is the optimal investor for you. In addition, the best-known investors are also the ones who are most difficult to raise capital from, precisely because they get the most inbound.

The first step is to decide the right capital structure for your financing. Most CFOs build an Excel model and do a rough comparison of the different options. Some firms provide tools to do this online, e.g., Capital’s Cost of Equity estimator; Lighter Capital’s Cost of Capital Calculator; 645 Ventures’ cap table simulator. A similar, open-source, highly visual tool focused on VC is Venture Dealr.

For each of the major categories of investors, you can find online databases of the major providers. Major options include:

  • Traditional equity venture capital and private equity. For early-stage startups in particular, I suggest Foundersuite*, Samir Kaji’s Master List of US Micro-VC’s and Shai Goldman’s database of VC funds at/below $200M in size. You can find other databases of investors at AngelList, CB Insights, Crunchbase, Dow Jones VentureSource, Pitchbook, Preqin, and Refinitiv Eikon
  • Revenue-based investing VC. See Who are the major Revenue-Based Investing VCs?
  • Venture debt. See FindVentureDebt and this comparison guide of debt options for SAAS companies. Watch out for double dipping, or interest on interest.
  • Merchant cash advances/factoring. See Debanked’s list.
  • Small Business Association Loans. Ravi Bhagavan, Managing Director, BRG Capital Advisors, said, “a low-cost and often convenient form of capital for small businesses is SBA loans, which are guaranteed by the Small Business Administration. SBA loans are $5k – $5M in size and are typically at a lower cost of capital compared to alternate forms of debt, since up to 85% of the loan is guaranteed by the SBA. Additionally, SBA loans have longer payment periods (5-25 years) than traditional forms of financing and come with less onerous ongoing disclosure requirements. However, SBA loans typically require a personal guarantee (PG) from the founder(s), who are scrutinized for income and credit history at the time of application. PGs can be quite daunting to founders because it puts their personal assets, including homes and investment accounts, on the line. SBA loans are available through SBA-approved banks and SBIC funds. SBICs make equity and debt investments of size $100k – $10M in qualifying small businesses. A good resource for looking up SBICs is here.” 
  • Crowdfunding, e.g., Republic*, Indiegogo*.  This option provides you capital and also market validation for desire for your product.  

Once you decide on the right category of investor, here are some tools I suggest using to find the optimal capital provider:

  • Most important, reference checking. I have a whitelist of investors I recommend to my portfolio — and a blacklist which I guide them to avoid.
  • Comparison websites: BitX, Fundera, GUD Capital, Lencred.com, Lendio, and NerdWallet Small Business Loans are all resources which can help you evaluate different options for small business financing, typically within a defined category of financing. Braavo specializes in financing app companies.
  • Financing supermarkets: Most investment firms start out with one asset class, and then over time they often add others. There are countless examples, e.g., most of the large B2B banks, Kapitus, Kalamata Capital, United Capital Source, etc. These firms can give you an apples-to-apples comparison of what different capital forms, albeit all from one provider, will cost you.

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Consumer Reports puts Tesla Model 3, Model S back on its recommended list after reliability improves

Tesla gained ground and moved up four spots in in the latest Annual Auto Reliability Survey from Consumer Reports, thanks largely to improvements with the Model 3.

Reliability has improved in the Model 3 and Model S enough that Consumer Reports can now recommend the two models.

Consumer Reports announced Thursday the results of its Annual Auto Reliability Survey, which is based on data collected from the organization’s members about their experiences with more than 400,000 vehicles. The survey covers more than 300 models.

CR does not recommend the Model X. The Model X continues to rank among the least reliable models in the survey.

The reversal is good news for Tesla. In February, Consumer Reports said it could no longer recommend the Model 3 because issues with the paint, trim and body hardware raised reliability questions.

Lexus took the top spot, followed by Mazda, Toyota, Porsche and Genesis. Tesla is still ranked in the bottom third of the survey. It now is ranked 23 out of 30 brands reviewed in the annual survey.

“The Tesla Model 3 struggled last year as the company made frequent design changes and ramped up production to meet demand,” Jake Fisher, senior director of auto testing at CR said in a statement. “But as the production stabilized, we have seen improvements to the reliability of the Model 3 and S that now allow us to recommend both models.”

While Tesla has improved, Fisher said he expects Tesla’s reliability rankings will fluctuate, given its track record to date.

Cadillac came in last place by . Audi, Acura and Volkswagen are among the brands that saw sharp drops, following the introduction of troublesome redesigned vehicles. Volkswagen, which is ranked 27th, dropped nine spots from last year due reliability issues with the Atlas and Tiguan. The Consumer Reports survey noted that the two SUVs had problems with power equipment, in-car electronics and emissions/fuel system.

 

Consumer Reports-reliability 2019

Dodge posted one of the best improved reliability scores in the annual survey, gaining 13 places to round out the top 10 after years as a lower ranked brand.

Audi also fell seven spots in its ranking. CR said the number of new or redesigned 2019 models that shared similar powertrains and the new infotainment system caused the fall in ranking. The A6 and Q8 had well below average reliability, CR said.

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Facebook quietly built “Popular Photos”, an in-app Instagram

Facebook is copying Instagram while simultaneously invading its acquisition with branding and links back to the mothership. TechCrunch has spotted Facebook testing a feature called Popular Photos, which affixes an endless scroll of algorithmically selected pics from friends beneath the full-screen view of a photo opened from the News Feed. The result is an experience that feels like the Instagram feed, but inside of Facebook.

Popular Photos could offer users a more relaxing, lean-back browsing experience that omits links you have to click through, status updates you have to read, and other content types that bog down the News Feed. Instead, users can just passively watch the pretty pictures go by.

Facebook’s text and link-heavy feed looks increasingly stodgy and exhausting compared to visual communication-based social networks like Instagram, Snapchat, and TikTok. Users have to do the work of digging into the meaning of News Feed each post rather than being instantly entertained. That experience doesn’t fit as well into short browsing sessions throughout the day, or when users are already drained from work, school, or family. Facebook used to have a dedicated Photos bookmark on desktop that would let you just browse that content type, but at some point it disappeared.

A Facebook spokesperson confirms that Facebook was running a small test of Popular Photos in October when we spotted it. That trial has concluded but the team is now iterating on the product and plans to do updated tests in the future. The company refused to disclose more details or its motives for Popular Photos.

Here’s how Popular Photos works. When users discover a photo in the News Feed or a profile, they can tap on it to see it full-screen on a black theater-view background. Typically, if users swipe or scroll on that photo, they’re just booted back out to where they came from. But with the Popular Photos feature, Facebook splays out more images for users to scroll through after the original.

By scrolling down past the Popular Photos title, they’ll see additional pics and a “See More Photos” label beckoning them to keep whipping through more public and friends-only images shared by friends and who they follow. Like on Instagram but unlike the News Feed, Facebook truncates the captions of Popular Photos after only around 65 characters so the stream doesn’t look overwhelmingly wordy. The black backgrounds give a more cinematic feel to the Popular Photos, putting emphasis on the imagery.

Facebook started showing Related Videos in 2014 when users scrolled past a video they’d opened full-screen. Now this “More Videos” feature will auto-play the next video and automatically bump users down the feed to view it. The feature even shows video ads. That could foreshadow Facebook inserting advertisers’ photos into the Popular Photos tab to monetize the extra browsing.

Facebook hasn’t been shy about trying to leverage Instagram to benefit itself. The company has placed an Open Facebook button in the Instagram navigation sidebar.

Previously, Instagram tried showing Facebook alerts in its own Notifications tab, and an annoying red counter for Facebook notifications on the three-line hamburger button that opens the Instagram sidebar in an attempt to drive referral traffic back to the Facebook app. Facebook has also tried notifying users in its app asking them to Like the Facebook Pages of people they follow on Instagram. And now, a “from Facebook” and new FACEBOOK logo can be found appended to the Instagram loading screen.

For Facebook to keep growing after 15 years in the market, it needs to fully embrace visual communication. It’s already copied Snapchat Stories and implemented the ephemeral photo and video format across its apps. Clearly it’s not above copying its own subsidiary Instagram to offer an alternative take on feed scrolling. I wonder how Instagram’s team feels about its parent company building a direct competitor?

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The ONNX format becomes the newest Linux Foundation project

The Linux Foundation today announced that ONNX, the open format that makes machine learning models more portable, is now a graduate-level project inside of the organization’s AI Foundation. ONNX was originally developed and open-sourced by Microsoft and Facebook in 2017 and has since become somewhat of a standard, with companies ranging from AWS to AMD, ARM, Baudi, HPE, IBM, Nvidia and Qualcomm supporting it. In total, over 30 companies now contribute to the ONNX code base.

It’s worth noting that only the ONNX format is included here, not the ONNX runtime, which Microsoft open-sourced a year ago. The runtime is an inference engine for models in the ONNX format and I wouldn’t be surprised if, at some point, Microsoft put that under the guidance of a foundation, too, but for now, that’s not the case.

“ONNX is not just a spec that companies endorse, it’s already being actively implemented in their products,” said Dr. Ibrahim Haddad, Executive Director of the LF AI Foundation, in today’s announcement. “This is because ONNX is an open format and is committed to developing and supporting a wide choice of frameworks and platforms. Joining the LF AI shows a determination to continue on this path, and will help accelerate technical development and connections with the wider open source AI community around the world.”

In its own announcement, Microsoft stressed that it remains committed to ONNX and highlights the work it did on making it easier to generate ONNX models from popular frameworks like PyTorch, TensorFlow, Keras and SciKit-Learn. “We are proud of the progress that ONNX has made and want to recognize the entire ONNX community for their contributions, ideas, and overall enthusiasm,” wrote Eric Boyd, the Corporate VP at Microsoft in charge of Azure AI (not Microsoft AI). “We are excited about the future of ONNX and all that is to come.”

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