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The Briefing

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

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Recent Editions

Art by Sam Lessin.
Modest Proposals

Why It’s Hard to Fix Failing Tech Cos.

By Sam Lessin · Oct 12, 2015 7:06am PDT · 3 comments
From time to time, I have a conversation with someone—usually from New York—about how to “fix” a Web-based company that seems to have lost its way. For years these conversations were about Yahoo, or more recently Twitter. I suspect the same conversation will soon be about some faltering private “unicorns.”My... From time to time, I have a conversation with someone—usually from New York—about how...
The Weekly Digest

The Information You Missed

By The Information Staff · Oct 10, 2015 8:06am PDT
Good Morning!We’re unclear how so many tech events were squeezed into this past week, from Vanity Fair’s New Establishment Summit to Re/Code Mobile to AWS re:Invent. It’s been a busy few days.We hope you had a chance to check out our Future List, a ranking of more than 70 VC firms accompanied by a characteristically fiery op-ed... Good Morning!We’re unclear how so many tech events were squeezed into this past week, from...
The Information's 411

The Information’s 411 — Fleet Week

By Tom Dotan · Oct 9, 2015 8:42pm PDT · 1 comment
This was a busy week for the tech industry in San Francisco.It started with the official announcement that Jack Dorsey will be the permanent CEO of Twitter. Soon after was the Vanity Fair party—the annual, if slightly uncomfortable, social mixing of tech titans and Hollywood moguls. And it ended with Fleet Week and the majestic sonic booms... This was a busy week for the tech industry in San Francisco.It started with the official...
TPG's Jim Coulter at the Summit. Photo by Erin Beach.
Summaries from the Summit
By Jessica E. Lessin · Oct 9, 2015 8:22am PDT
TPG's Jim Coulter at the Summit. Photo by Erin Beach.
The Takeaway

Summaries from the Summit

By Jessica E. Lessin · Oct 9, 2015 8:22am PDT
Towards the beginning of Thursday’s Subscriber Summit in San Francisco, TPG’s founding partner Jim Coulter asserted that Silicon Valley has a naming issue.“We have a real branding problem,” he said. “For starters, there’s not much actual silicon any more..and companies are increasingly migrating about 40 miles... Towards the beginning of Thursday’s Subscriber Summit in San Francisco, TPG’s...
At the "What's a Media Company" roundtable. Photo by Tom Dotan.
Subscriber Summit

Lessons From Failed On-Demand Startups

By Amir Efrati · Oct 8, 2015 7:19pm PDT
On-demand-service apps like Instacart and Sprig are among the most divisive startups in the venture industry, in terms of whether their economic models will work.To figure out the right framework for analyzing such private companies, The Information’s first annual subscriber summit included a roundtable discussion with Ryan Sarver of... On-demand-service apps like Instacart and Sprig are among the most divisive startups in the...
Nate Blecharczyk, left, Parker Conrad, center and Amir Efrati, right. Photo by Erin Beach.
Subscriber Summit

Unicorn CEOs on Board Diversity and Cash

By Tom Dotan · Oct 8, 2015 7:07pm PDT · 1 comment
At a time when money is plentiful, the question for the well-bred unicorn is whether it’s prudent to raise money when you don’t really need it.The co-founders of Airbnb and Zenefits—two companies with multibillion valuations—differ on their approaches. As Airbnb’s Nathan Blecharczyk explained, there’s nothing... At a time when money is plentiful, the question for the well-bred unicorn is whether it’s...
Mattermark's Danielle Morrill. Photo by Erin Beach.
Subscriber Summit

The Changing Numbers Behind Private Tech Finance

By Alfred Lee · Oct 8, 2015 6:57pm PDT
The opaque and scattered nature of private tech financing means anecdotal evidence becomes conventional wisdom. Danielle Morrill, CEO and co-founder of business intelligence company Mattermark, used data to refute some commonly held perceptions and confirm others.Mattermark estimates that a total of $199 billion in venture capital money is... The opaque and scattered nature of private tech financing means anecdotal evidence becomes...
TPG's Jim Coulter. Photo by Erin Beach.
Market Meter Shifts to Fear: TPG’s Coulter
By Steve Nellis · Oct 8, 2015 6:56pm PDT
TPG's Jim Coulter. Photo by Erin Beach.
Subscriber Summit

Market Meter Shifts to Fear: TPG’s Coulter

By Steve Nellis · Oct 8, 2015 6:56pm PDT
Capital markets are jittery, but there are real differences between the current tech boom and the last one, including the introduction of highly structured private financings and a mass exodus from the suburbs of Silicon Valley to the “Digital City” of San Francisco, said Jim Coulter, the founding partner and CEO of private equity... Capital markets are jittery, but there are real differences between the current tech boom and the...
Chamath Palihapitiya, left, Ali Rowghani, center, and Lauren Gross, right. Photo by Erin Beach.
Subscriber Summit

Startups Need More Fiscal Discipline, VCs say

By Reed Albergotti · Oct 8, 2015 6:55pm PDT
Food delivery apps don’t interest the new leaders in venture capital. What does? Selling pot and solving the refugee crisis.The panelists—Founders Fund partner and Chief Operating Officer Lauren Gross, Social Capital founder Chamath Palihapitiya and Y Combinator’s Ali Rowghani—said they aimed to upend traditional thinking... Food delivery apps don’t interest the new leaders in venture capital. What does? Selling...

Our Inaugural Subscriber Summit Attendees

By The Information Staff · Oct 8, 2015 12:36pm PDT
Thank you to the 250+ of you who joined us in San Francisco today. We'll be publishing summaries and full video of the talks in the coming week. Marten Abrahamsen Principal, Coatue ManagementMarcus Adolfsson CEO, Mobile NationsJohn Aiken Managing Partner and CIO, Resonate CapitalKeira Anderson Vice President, Voce... Thank you to the 250+ of you who joined us in San Francisco today. We'll be publishing...

A Primer on the Private Tech Markets

By Jessica E. Lessin · Oct 8, 2015 8:06am PDT · 1 comment
Private tech companies are often the most-discussed, but least understood, businesses in tech. They are worth billions and employ thousands. But their structure and performance is very opaque—even to their investors. And today, these startups are in uncharted territory. The first unicorn since Box went public Wednesday, and it wasn’t... Private tech companies are often the most-discussed, but least understood, businesses in tech....
Photo by Bloomberg.
EU Ruling Means More Paperwork for Tech Firms
By Reed Albergotti and Steve Nellis · Oct 8, 2015 7:06am PDT · 1 comment
Photo by Bloomberg.

EU Ruling Means More Paperwork for Tech Firms

By Reed Albergotti and Steve Nellis · Oct 8, 2015 7:06am PDT · 1 comment
Startups: Find a good lawyer in Europe. Tech companies doing business there will have to deal with a lot more paperwork to comply with European data privacy rules thanks to a European court ruling on Tuesday. That ruling invalidated the international “Safe Harbor” pact that allowed U.S. tech companies to transfer customer data across... Startups: Find a good lawyer in Europe. Tech companies doing business there will have to deal...
Sam Altman. Photo by Jessica E. Lessin.
Exclusive

Y Combinator Launches Research Non-Profit

By Jessica E. Lessin · Oct 7, 2015 11:15am PDT
Sam Altman’s plan for Y Combinator is entering a new phase. Since taking over in 2014, Mr. Altman has expanded the number and breadth of companies that YC funds. Now he’s launching a non-profit YC research arm that he’s financing with $10 million of his own money. Waiting in the wings: a still unannounced venture fund for... Sam Altman’s plan for Y Combinator is entering a new phase. Since taking over in 2014, Mr....
Oscar co-founder Joshua Kushner. Photo by AP.

What Oscar Is Up Against

By Alfred Lee · Oct 7, 2015 7:06am PDT · 1 comment
Of all the industries for a startup to tackle, health insurance may be one of the toughest. Cumbersome state and federal regulations, powerful suppliers such as hospitals and a market dominated by big corporate customers combine to favor big incumbents. Oscar Health Insurance, a venture-backed East Coast startup launching in California next... Of all the industries for a startup to tackle, health insurance may be one of the toughest....
Art by Myk Klemme

Introducing The Information’s Future List

By Peter Schulz · Oct 6, 2015 6:51am PDT · 2 comments
Less than one percent of senior VCs involved in investment decisions are Black—four of 552 people. And only 1.3% are Hispanic. These were among the findings of a three-month study The Information conducted with Social Capital, a VC firm. We had two missions. First, we wanted to contribute to the discussion around the poor state of... Less than one percent of senior VCs involved in investment decisions are Black—four of 552...
Bros Funding Bros: What’s Wrong with Venture Capital
By Chamath Palihapitiya · Oct 6, 2015 6:51am PDT · 12 comments
Subscriber Op-Ed

Bros Funding Bros: What’s Wrong with Venture Capital

By Chamath Palihapitiya · Oct 6, 2015 6:51am PDT · 12 comments
There is a laggard in our backyard that is slowing down progress. Fortunately, Silicon Valley trades on entrepreneurs disrupting this old guard.The venture capital industry is stuck in yesteryear—the same people, living the same lives and having the same experiences making largely the same decisions. This sameness may have been a strength,... There is a laggard in our backyard that is slowing down progress. Fortunately, Silicon Valley...
Microsoft's VP for Windows and Devices Group, Terry Myerson. Photo by Bloomberg.

In the Business Tablet War, It’s Not the Specs that Count

By Steve Nellis · Oct 5, 2015 3:33pm PDT
Microsoft is expected to unveil its new flagship tablet, the Surface Pro 4, on Tuesday in New York. It will compete directly against Apple’s recently announced iPad Pro. Both devices are firmly targeted at business users with the idea being that enterprises will ditch laptops in favor of tablets for their employees.Plenty will be written... Microsoft is expected to unveil its new flagship tablet, the Surface Pro 4, on Tuesday in New...
Art by Matt Vascellaro.
The Big Interview

How Motorola Plans to Survive

By Amir Efrati · Oct 5, 2015 7:06am PDT
The Great Android Smartphone War is taking its toll on everyone. Rick Osterloh, the chief of Motorola Mobility, now part of Lenovo, hopes to carve out a niche in part by focusing on hardware advancements that he says the market badly needs.“The form factor hasn’t changed in a while so that has got to change,” he says. Phones,... The Great Android Smartphone War is taking its toll on everyone. Rick Osterloh, the chief of...
Weekly Digest

The Information You Missed

By The Information Staff · Oct 3, 2015 8:06am PDT
Good morning!For those of you on the East Coast, we hope you’re staying dry. If you’re in San Francisco, see you at our Subscriber Summit Thursday! This week’s most popular stories were about people: Snapchat’s Imran Khan and Twitter’s Jack Dorsey. Good morning!For those of you on the East Coast, we hope you’re staying dry. If...
The Information’s 411 — The Coronation
By Tom Dotan · Oct 2, 2015 11:59am PDT
The Information's 411

The Information’s 411 — The Coronation

By Tom Dotan · Oct 2, 2015 11:59am PDT
On the eve of Jack Dorsey’s official coronation as permanent CEO of Twitter, we have two questions: how did we get here, and what does it mean now?That’s what Jessica and Tom mull over in this week’s podcast. But at least there’s no more question about who’s in charge. Jack is going to be anointed permanent CEO just... On the eve of Jack Dorsey’s official coronation as permanent CEO of Twitter, we have two...