The Briefing by Martin Peers, Jessica Lessin and the team at The Information

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The Briefing

By Martin Peers, Jessica Lessin and the team at The Information

Get smarter about the day’s news in tech, media and finance by following Silicon Valley’s most-read executive newsletter.

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Recent Editions

Handy CEO Oisin Hanrahan. Photo by Diarmuid Greene/Web Summit via Sportsfile

Handy’s Lesson for Gig Economy Startups: Profit vs. Growth

By Tom Dotan · Feb 27, 2018 12:48pm PST

When home cleaning startup Homejoy went out of business in mid-2015, it kicked off a culling for a generation of startups trying to get rich from the “gig economy”—connecting delivery people, drivers and cleaners with customers. But a handful of firms survived, including Homejoy’s main rival, Handy Technologies.Around... When home cleaning startup Homejoy went out of business in mid-2015, it kicked off a culling for...

Stitch Fix CEO Katrina Lake. Photo by Bloomberg.

What Could Hamper Stitch Fix’s Growth

By Priya Anand · Feb 27, 2018 7:01am PST

For clothing shoppers looking for some fresh ideas, Stitch Fix’s personalized e-commerce service is a great option. But for investors looking for fresh ideas in e-commerce, Stitch Fix may be one to avoid. New data on credit card transactions suggest the novelty of its service wears off quickly. Customers who stay for two years spend half... For clothing shoppers looking for some fresh ideas, Stitch Fix’s personalized e-commerce...

Bytedance's live video streaming app Xigua Video. Photo: Associated Press

Reporter's Notebook

Three Hot Startups to Watch in China

By Yunan Zhang · Feb 26, 2018 10:01am PST · 1 comment

I recently spent time meeting with startup founders, employees and investors in Beijing and Shanghai to get a better sense of what the tech community has been talking about. It’s a great time of year to take the pulse. Friends and co-workers gather for lavish parties for the Chinese New Year, which was celebrated Feb. 16 and marks the... I recently spent time meeting with startup founders, employees and investors in Beijing and...

Art: Matt Vascellaro

Draper Says VCs Are ‘Missing Out’ on Crypto Opportunities

By Serena Saitto · Feb 26, 2018 7:01am PST · 1 comment

Art: Matt Vascellaro

Q&A

Draper Says VCs Are ‘Missing Out’ on Crypto Opportunities

By Serena Saitto · Feb 26, 2018 7:01am PST · 1 comment

Prominent Silicon Valley venture capitalist Tim Draper says initial coin offerings are both a “challenge and an opportunity” for venture capitalists, noting that more than one-third of the companies he looks at nowadays are “tied to bitcoin or crypto in some way.”In an interview with The Information, Mr. Draper said that... Prominent Silicon Valley venture capitalist Tim Draper says initial coin offerings are both a...

The Weekly Digest

The Information You Missed This Week

By The Information Staff · Feb 24, 2018 8:00am PST

Good Morning!Apple is making its AirPods waterproof. It should get advice from Blue Apron, which knows a thing or two about operating underwater. Good Morning!Apple is making its AirPods waterproof. It should get advice from Blue Apron, which...

The Information’s 411 — Berkeley Unblockchained

By Tom Dotan · Feb 23, 2018 3:08pm PST

Sarah talks about UC Berkeley's student blockchain group. Priya and Aaron talk about Amazon's Alexa fund and why some startups are wary of taking money from the company. Sarah talks about UC Berkeley's student blockchain group. Priya and Aaron talk about...

Source: The Information

Subscriber Survey

Amazon Likely to Pick Washington, D.C., Area for HQ2, Subscribers Say

By Wendy Pollack · Feb 23, 2018 10:01am PST · 2 comments

The Washington, D.C., metropolitan area is the most likely location of Amazon.com’s next headquarters, according to a survey of The Information subscribers. One-quarter of respondents to our latest poll predicted the second headquarters would be located in the District of Columbia or in the Maryland or Virginia suburbs, three locations... The Washington, D.C., metropolitan area is the most likely location of Amazon.com’s next...

Art by Mike Sullivan. Photo by Bloomberg.

Microsoft’s Cloud Chief Wields Blockchain in Battle With AWS

By Kevin McLaughlin and Jessica E. Lessin · Feb 23, 2018 7:01am PST · 2 comments

Art by Mike Sullivan. Photo by Bloomberg.

Q&A

Microsoft’s Cloud Chief Wields Blockchain in Battle With AWS

By Kevin McLaughlin and Jessica E. Lessin · Feb 23, 2018 7:01am PST · 2 comments

Microsoft is having early success selling a blockchain service to companies, Microsoft’s cloud chief Scott Guthrie says, giving the company an edge over its public cloud rival Amazon Web Services, which doesn’t have its own blockchain offering.Microsoft introduced a blockchain service on its public cloud in 2015 and has been adding... Microsoft is having early success selling a blockchain service to companies, Microsoft’s...

A Pathao motorbike. Photo by Pathao.

Ex-Uber Manager Takes on Uber in Bangladesh

By Amir Efrati · Feb 22, 2018 10:11am PST

Six months ago, Pardeep Grewal, a Canadian working for Uber in Toronto and New York, was hired away by a small ride-hailing startup in Bangladesh, half a world away. When he was first recruited, he knew so little about the country he had to look up the Bangladeshi capital of Dhaka on Google. Today, he is COO of the company, called Pathao, and... Six months ago, Pardeep Grewal, a Canadian working for Uber in Toronto and New York, was hired...

Art by Mike Sullivan

A New Headache for VCs: Getting Squeezed Out by Token Sales

By Alfred Lee · Feb 22, 2018 7:02am PST · 4 comments

Venture capitalist David Pakman is facing a new problem lately. Many promising startups he sees as a partner at Venrock have expressed interest in raising money through cryptocurrency token sales. But if the firms do create cryptocurrencies, any investment he makes now might be undercut. “There is an argument that the equity becomes... Venture capitalist David Pakman is facing a new problem lately. Many promising startups he sees...

Cisco CEO Chuck Robbins. Photo by Bloomberg.

Cisco Close to Picking New Global Sales Chief

By Kevin McLaughlin and Sarah Kuranda · Feb 21, 2018 11:28am PST

Two longtime Cisco sales executives are among the finalists to become the tech firm’s global sales chief, widely viewed internally as the number two position in the company, say people with knowledge of the matter. The executives are Alison Gleeson, who oversees sales to customers in the Americas, and Wendy Bahr, who manages Cisco’s... Two longtime Cisco sales executives are among the finalists to become the tech firm’s...

Naspers Ventures CEO Larry Illg. Photo by Naspers.

The Biggest Tech Investor Silicon Valley Ignores

By Serena Saitto · Feb 21, 2018 7:01am PST · 4 comments

Naspers Ventures CEO Larry Illg. Photo by Naspers.

The Biggest Tech Investor Silicon Valley Ignores

By Serena Saitto · Feb 21, 2018 7:01am PST · 4 comments

You might think the biggest shareholder in China’s largest tech company Tencent was the Chinese government or a local venture capitalist. Instead, it’s a South Africa-based newspaper publisher called Naspers, which parlayed a $32 million investment in Tencent 17 years ago into a stake now worth about $180 billion.Since hitting gold... You might think the biggest shareholder in China’s largest tech company Tencent was the...

Blockchain at Berkeley's Andrew Tu, Anthony DiPrinzio and Cliff Ahn. Photo by Anne Wernikoff

Meet the Hottest Blockchain Consultancy: a Berkeley Student Group

By Sarah Kuranda · Feb 20, 2018 11:31am PST · 1 comment

In the spring of last year, a consulting group emailed Airbus out of the blue to see if the aircraft maker wanted help with blockchain technology. The consultants talked up their experience doing blockchain projects and explained how Airbus could use the technology. Airbus ended up working with the consultants to develop a way to track jet plane... In the spring of last year, a consulting group emailed Airbus out of the blue to see if the...

Photo: Bloomberg

Risks for Startups Taking Money From Amazon’s Alexa Fund

By Aaron Tilley and Priya Anand · Feb 20, 2018 7:02am PST

In mid-2016, Amazon.com made a $100 million offer to buy August Home, which makes locks that can be opened with an app, according to people familiar with the previously unreported offer. August had earlier released an app that worked with Amazon’s Alexa virtual assistant. More importantly, its technology allowed delivery people to easily... In mid-2016, Amazon.com made a $100 million offer to buy August Home, which makes locks that can...

Wang Bowen (l.), Ruan Yubo

Crackdown Fails to Stop China’s Crypto Gold Rush

By Yunan Zhang · Feb 19, 2018 7:01am PST · 3 comments

Over a meal of steamed buns at a Shanghainese restaurant in downtown Hong Kong, five friends plotted how to build a cryptocurrency empire. All were born in China and spent time studying abroad. The oldest is 29. Two left college early and raised $30 million for their blockchain fund. Three others quit high-power banking jobs to launch a $10... Over a meal of steamed buns at a Shanghainese restaurant in downtown Hong Kong, five friends...

The Information You Missed This Week

By The Information Staff · Feb 17, 2018 8:00am PST

The Weekly Digest

The Information You Missed This Week

By The Information Staff · Feb 17, 2018 8:00am PST

Happy President’s Day!So Apple employees in the company’s new campus have been walking into glass walls. Looks like they were using Apple Maps to get around. Happy President’s Day!So Apple employees in the company’s new campus have been...

The Information’s 411 — Snap Decisions

By Tom Dotan · Feb 16, 2018 2:45pm PST

Aaron explains about why Amazon is developing its own AI chips. Author Billy Gallagher talks about his new book on Snap's messy origins and whether Evan has grown as a CEO. Aaron explains about why Amazon is developing its own AI chips. Author Billy Gallagher talks...

A MoviePass card. Photo by AP

How MoviePass Hopes to Survive

By Matt Pressberg · Feb 16, 2018 10:00am PST

This long weekend, millions of Americans will go to the movies. Most will pay $9 or more for a ticket. A select few will use a movie theater ticket subscription that costs less than that a month, allowing them to see as many movies as they want. If that seems too good to be true, many in Hollywood agree.These services, led by MoviePass, are... This long weekend, millions of Americans will go to the movies. Most will pay $9 or more for a...

Photo by AP.

What to Read in 2018: Our Recommendations

By Jessica E. Lessin · Feb 16, 2018 7:00am PST

Dear Subscribers, Our annual list of books recommended by our team and subscribers is a month late this year, but that’s a good thing. It gave us the chance to highlight some gems, like Emily Chang’s Brotopia, released this month, and many others. As always, we’ve assembled our list from talking to subscribers and our team and... Dear Subscribers, Our annual list of books recommended by our team and subscribers is a month...

Illustration by Scotty Reifsnyder

Latest Amenity for Startups: No Office

By Reed Albergotti · Feb 15, 2018 10:30am PST · 10 comments

Illustration by Scotty Reifsnyder

Latest Amenity for Startups: No Office

By Reed Albergotti · Feb 15, 2018 10:30am PST · 10 comments

Software startup InVision held an all hands meeting in Los Angeles with roughly 500 employees two weeks ago. They had a hackathon. Coworkers mingled. A band made up of company employees performed a concert at the music venue El Rey.The meeting was standard fare in the tech world, except for one major difference: InVision has no physical office... Software startup InVision held an all hands meeting in Los Angeles with roughly 500 employees two...