The Latest Trends and Insights on TECH Startups
Image Credit: Photo by Per Lööv on Unsplash
Teamshares: A Novel Approach to Business
First on our list is an intriguing venture by Teamshares. This startup has been attracting a substantial amount of capital and has embarked on an ambitious mission of acquiring numerous small and medium-sized businesses (SMBs). However, this is merely the tip of the iceberg. Teamshares also plans to offer its employees the opportunity to earn stock through prolonged service, while simultaneously providing centralized fintech services to all its subsidiary companies. This novel business model has ignited much discussion in the startup community.
MoonPay: Stepping into the Venture Game
Next, we turn our attention to MoonPay, a crypto payment infrastructure company that is venturing into the world of investments. MoonPay is setting its sights particularly on crypto, gaming, and fintech. The confluence of these three sectors invariably leads to crypto games. We are keenly observing MoonPay’s investment decisions, as new funds that are crypto-themed or crypto-adjacent are becoming increasingly scarce. Therefore, MoonPay’s entry into the market is indeed exciting news.
Rent Butter and Kiki: Revitalizing Renting
With the zero interest rate era drawing to a close and the experimental phase of building new iBuying and mortgage service startups partially concluded, renting is back in vogue. Consequently, startups that focus on rentals are also gaining traction. Two such startups are Rent Butter and Kiki, both of which are making waves in the rental market.
The Elusive Tech IPOs
The long-awaited tech IPOs have been more elusive than anticipated. Using data from Crunchbase, we have noted the extended wait for authentic tech IPOs. The good news, however, is that they are gradually making a comeback.
Lean Startup Ideology Meets AI
Lastly, we explore what happens when the lean startup ideology infiltrates the realm of Artificial Intelligence (AI). As it turns out, this combination leads to an abundance of experiments.
And with that, our roundup of this week’s most significant startup and tech news concludes. Please note that due to an American holiday, our next episode of Equity will be broadcasted on Tuesday instead of Monday. Until then, keep innovating and stay tuned!
Black Entrepreneurs are Generating Wealth in Technology
How Black Entrepreneurs are Generating Wealth in Technology for Generations to Come
Modern-day black entrepreneurs are disrupting major industries across the world, from Silicon Valley to Hollywood. In this article created for our Entrepreneur Spotlight Series, we aim to find out more about how these influencers have been able to generate so much business for themselves and others in the technology industry.
How technology has impacted the black community in the past
While there’s been a surge in the number of black-owned tech companies, technology hasn’t always been good for the black community. In fact, it was at one point destroying it–perhaps not on purpose, but still. There was a time when black Americans were very dependent on information and data from newspaper and media outlets to inform them and make decisions about everything from healthcare to how they spent their money. Today we have the platforms we need to access this content ourselves and learn more about what we want and how to achieve it.
Technology isn’t just a means of spreading information. It’s become a brand and a tool that has enabled many to be innovative in ways never seen before, including those working on the sidelines of media.
The black community is more conscious about representation in media, entrepreneurship in the content creation space, and information about black culture than ever before.
Black entrepreneurs are generating wealth in technology for generations to come
Black entrepreneurs are fighting to redirect the negative stigmas that surround them. These recent graduates are no longer content with being on welfare or cutting on means; they are forging new opportunities to develop security for themselves and their communities on their own terms.
Technology is one of many tools these entrepreneurs are utilizing to create this change, developing innovative products and solutions via mobile phone apps, cloud computing, drones, sensors, 3D printers are just some of the topics discussed during the 21st Century African-American Entrepreneur Awards event hosted by Heineken on June 13th.
Entrepreneurship plays a significant role in economic prosperity
Black entrepreneurship is a significant and essential vehicle for economic prosperity, both now and into the future. Black-owned businesses generate approximately $34 billion in sales but hold only one percent of general contracting jobs. That statistic demonstrates the necessity of following up on roots, opposed to placing all one’s business eggs in baskets outside of oneself.
For many African Americans, entrepreneurship is the best way to obtain economic prosperity. It gives you complete control of your resources and what you are producing, but it also allows you to set your own goals. This can make a big difference in achieving goals mainly because it will be defined by the entrepreneur’s true desires. For African American entrepreneurs who choose business ownership, food service or retail are two of the most popular industries.
It’s a little-known fact that well over half of tech start-ups today are founded by women, despite the statistics that tech is no longer a field mostly dominated by men. Operating out of Silicon Valley to tech meccas like Detroit and New York City, tech sector entrepreneurship has been rising as an area of interest for many disparities. Tech entrepreneurs now make up the third-largest economic sector in Detroit alone.
This article was penned by Jonathan P. Wright. Jonathan is a freelance writer for multiple mainstream publications and CVO of RADIOPUSHERS. You can read more of his work by clicking here.
Freddie Figgers defies incalculable odds at birth and becomes a giant in technology
FORMERLY THROWN AWAY AT A DUMPSTER, FREDDIE FIGGERS BECAME A MILLIONAIRE TECH ENTREPRENEUR DESPITE ALL ODDS
It doesn’t have to be your circumstances that define you.
Freddie Figgers found out when he was eight that his biological mother abandoned him near a dumpster shortly after he was born, according to BBC News.
“Listen, Fred, I’m going to tell you the truth. I adopted you out of foster care because I didn’t wish to send you through foster care.” Freddie recalls his father telling him, “You are my son.” Your biological mother threw you away, and you and Betty Mae adopted you out of foster care.
He describes the thoughts that went through his mind after finding out that his adopted parents found him near a dumpster.
He told me that and I felt unwanted and that made me feel trash.” said Freddie. I remember he grabbed my shoulder and said, “Listen, don’t ever let that bother you.'”
Although Freddie continued to be plagued by the circumstances surrounding his adoption throughout his youth, he persevered.
I was called a lot of names when I was younger, including ‘dumpster baby,’ ‘trash can boy,’ ‘who wants you,’ and ‘you’re dirty.'” said Freddie.
In 1989, Nathan and Betty Mae were living in Quincy, a rural community in North Florida, when Freddie was born.
After fostering many children, they chose to adopt Freddie when he was just two days old.
It was always my father’s intention to help others, stopping by the roadside to help strangers and feeding the homeless, he said. The reason I wanted to be like him was because he adopted and raised me.”
In the meantime, Freddie and Nathan would do “dumpster diving” on the weekends, looking for old things that could still be useful.
Freddie wanted a computer.
“I was always fascinated by computers, and there is an old saying that ‘one man’s trash is another man’s treasure. During that time, gateway computers weren’t in our budget.”
At the age of nine, Freddie found a broken Mac while browsing in a Goodwill store with his father. The rest is history.
“When I got home and the computer wouldn’t turn on, I took it apart,” said Freddie.
His determination would not let up until he was able to get the computer up again.
“When I inspected it, I found some damaged capacitors. Using parts I had from my father’s radio alarm clock, I built a circuit board.” I used my father’s soldering gun and I also had radios and alarm clocks.
A few attempts later, the computer powered on, and Freddie was convinced that technology was what he wanted to do the rest of his life.
In today’s world, Freddie Figgers is a millionaire inventor of inventions that include a GPS tracker, designed as a result of the Alzheimer’s disease his father, Natham, suffered from.
Within a month of selling the tracker rights, he lost his father.
Freddie continues to break into the tech industry, and he is married to attorney Natlie Figgers. Instilling this advice into their daughter is something he says he will do together as a couple.
The world may seem cold, but you must never give up.
The trajectory of Freddie Figgers’ life could’ve been very different if he’d given up.
He also offers this piece of advice for others: “Don’t allow your circumstances to define you.”
This article was penned by Jonathan P. Wright. Jonathan is a freelance writer for multiple mainstream publications and CVO of RADIOPUSHERS. You can read more of his work by clicking here.
Tornado Cash Founders Face Major Legal Issues
In the dynamic world of cryptocurrency, Tornado Cash has emerged as a prominent player. However, recent developments have put the company and its founders, Roman Storm and Roman Semenov, under scrutiny, leading to significant ramifications in the tech and legal spheres.
Founders Charged by U.S. Attorney’s Office
On a recent Wednesday, a statement from the U.S. Attorney’s Office for the Southern District of New York brought to light that the founders of Tornado Cash, Roman Storm, and Roman Semenov were officially charged1. They are accused of engaging in a conspiracy to commit money laundering, sanctions violations, and operating an unlicensed money transmitting business.
The Indictment
An indictment unveiled recently has brought these charges against the founders. Roman Storm has already been arrested in Washington, but Semenov is still at large according to the Southern District of New York (SDNY).
“Roman Storm and Roman Semenov in fact knew that they were helping hackers and fraudsters conceal the fruits of their crimes.” – U.S. Attorney Damian Williams
The Role of Tornado Cash
Tornado Cash, a platform established in 2019, is a cryptocurrency mixing service that provides users with the ability to conceal the origin of their crypto funds during transactions. This service, although beneficial to individuals seeking privacy, has also been utilized to render potentially tainted crypto funds less identifiable.
Decentralized Nature
During an interview with CoinDesk in January 2022, Semenov emphasized the decentralized nature of Tornado Cash. He mentioned that the protocol was specifically designed to be “unstoppable”. He also added that the team had little control over the protocol, thereby making it difficult for them to assist in investigations.
Legal Repercussions
The third co-founder of Tornado Cash, Alexey Pertsev, although not named in the recent indictment, is also facing legal consequences. Pertsev, who is based in Amsterdam, is being investigated for his role in the operations of Tornado Cash.
Money Laundering Allegations
Tornado Cash’s platform has allegedly been involved in transactions amounting to over $1 billion related to money laundering according to the SDNY. This includes over $455 million stolen by the Lazarus Group, a North Korean cybercrime organization, as per a statement from the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) last year.
Sanctions by OFAC
In August 2022, Tornado Cash was sanctioned by OFAC for reportedly enabling over $7 billion in crypto to be laundered through its platform. From that point forward, U.S. citizens and businesses were prohibited from using its service.
Involvement of Other Agencies
Alongside the SDNY, the Federal Bureau of Investigation, the Justice Department, and the Internal Revenue Service’s Criminal Investigation unit have also been involved in the charges brought against the founders of Tornado Cash on Wednesday.
Conclusion
In conclusion, the charges brought against the founders of Tornado Cash underscore the ongoing scrutiny and regulatory challenges faced by businesses in the cryptocurrency sector. As this case unfolds, it will undoubtedly influence the legal and regulatory landscape for cryptocurrency businesses worldwide.
As we continue to monitor this situation, we remain committed to providing the latest tech news and updates regarding Tornado Cash and other significant developments in the cryptocurrency world. Stay tuned for more updates
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