Wednesday, July 3, 2019

VC-turned-renowned executive coach Jerry Colonna on the unsorted baggage of CEOs

Jerry Colonna was a good venture capitalist. Still, when he became engulfed in a dangerous depression after the dot.com bubble’s burst — owing to the economic crash, to the terrorist attack in New York, to the approach of middle age — he saved himself by leaving VC, a kind of accidental if lucrative profession, and learning how to coach others.

What he tells them from the outset — as he learned about himself firsthand — is that many executives hobble themselves unwittingly out of fear or some other driving force that they have no idea even exists, a driver that has be to identified to be conquered. Colonna learned later than he might like that he associated money with safety, after growing up in a chaotic environment with an alcoholic father, a mother with mental illness, and six siblings who were at times separated and cared for by other family members. Among these: Colonna’s grandparents who owned a building in New York and provided their grandchildren both love, as well as that missing sense of security.

Of course, not everyone has access to Colonna, or his team of roughly 25 other coaches and facilitators, or to one of his bootcamps for CEOs. It’s for this reason that Colonna recently authored the book “Reboot,” in which he shares many of his own stories while also signaling to readers the importance of recognizing that they aren’t crazy, that much of modern life is a pretense, and that with some introspection, it’s possible to understand the roots of one’s character structure (and, perhaps, stop embracing them unconsciously).

We talked with Colonna today about the book in a conference call attended by dozens of Extra Crunch readers. We’ll be releasing a transcript of that call shortly. In the meantime, we wanted to share part of the exchange that centered on the question: are most executives ultimately trying to impress their parents — either living or dead? After all, Colonna says that the first person to come to him for real advice — when Colonna was still advising startups as a board member — was a young attorney who hated his profession and went to law school to please his father.

In a nutshell, the answer, perhaps unsurprisingly, is yes — at least to some degree. “I think most of us are in an interesting dialogue with the belief systems we developed as children, and that most leaders are shaped, consciously or not, by those early belief systems,” he said earlier today. “If you believe the world is a dog-eat-dog world, where everybody is out to get their own, you’re going to unconsciously build an organization that’s filled with self-optimizers. Then you’re going to call a coach and ask, “Geez, why isn’t anyone trusting each other?”

Indeed, Colonna’s view (and he has seen a lot of executives over the years) is that “one of the most important forces of any child’s life are their parents. They shape positively and negatively our whole world view because they give us the sense of love, safety and belonging; they give us our sense of worthiness as human beings.” It’s why when he’s doing his leadership coaching and development work, he works to “really understand the early structures of a person’s life — not so we can spend the entire time therapeutically going through it, but so we can have a context for what they might be struggling with right now.”

It was a wide-ranging chat, touching on whether people can become great leaders without facing some childhood adversity, the reason that coping skills sometimes become impediments, and why the 30s can be the trickiest decade of all for people leading organizations.

More on our chat soon, and if you don’t subscribe to Extra Crunch, you can learn more here.

Coinsquare, a Canadian crypto exchange, buys a controlling stake in payments software startup Just Cash to bring crypto transactions to non-bank ATMs in the US (Daniel Kuhn/CoinDesk)

Daniel Kuhn / CoinDesk:
Coinsquare, a Canadian crypto exchange, buys a controlling stake in payments software startup Just Cash to bring crypto transactions to non-bank ATMs in the US  —  Coinsquare, a Canadian cryptocurrency trading platform, announced it has bought an eight figure controlling stake in fintech software producer, Just Cash.



RBI may soon release video KYC norms for financial services firms

KYC has been a major hindrance for mobile wallet companies as well, who were relying on Aadhaar to onboard customers initially https://ift.tt/2JaNpbg https://ift.tt/eA8V8J

Rivals Helo, ShareChat offer money for downloads as vernacular social media battle heats up

After short-video application TikTok's runaway success in India, ByteDance wants Helo to be the go-to app for small towns and villages https://ift.tt/2Xm1giA https://ift.tt/eA8V8J

Tuesday, July 2, 2019

Reliance Jio is making an 'international call': 8 things to know

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ETtech Top 5: Rise of UPI merchant payments, Flipkart FDI compliance & more

A closer look at today's biggest tech and startup news and why they matter. https://ift.tt/2J5xx9K https://ift.tt/eA8V8J

TikTok is being investigated in the U.K. for how it handles children’s data and safety

TikTok is being investigated in the U.K. for how it handles the safety and personal data of underage users. According to the Guardian, information commissioner Elizabeth Denham told a parliamentary committee that the probe started in February, after the U.S. Federal Trade Commission levied a $5.7 million fine against TikTok for breaking children’s privacy law.

Denham told the Guardian that the commission is examining how TikTok collects private data and concerns about the open messaging system, which may allow adult users to contact children. “We are looking at the transparency tools for children. We’re looking at the messaging system, which is completely open, we’re looking at the kind of videos that are collected and shared by children online. We do have an active investigation into TikTok right now, so watch this space,” she said.

The investigation will also examine if the popular app, owned by ByteDance, violates the General Data Protection Regulation (GDPR), which requires companies to put special protections in place for underage users and provide them with different services than adults.

The FTC’s investigation, which began when TikTok was still known as Musical.ly, ruled that the app broke the Children’s Online Privacy Protection Act by failing to seek parental consent before collecting names, email addresses and other personal information from users under 13. The ruling resulted in an age gate being added to an app that prevents users under 13 from filming and posting videos on it.

ByteDance, the Chinese media startup now valued at $75 billion, told the Guardian in a statement that “We cooperate with organizations such as the ICO to provide relevant information about our product to support their work. Ensuring data protection principles are upheld as a top priority for TikTok.”

200+ companies, including Amazon, Apple, Facebook, Google, and Microsoft, have called on SCOTUS to allow existing sex discrimination laws to cover LGBTQ workers (Ina Fried/Axios)

Ina Fried / Axios:
200+ companies, including Amazon, Apple, Facebook, Google, and Microsoft, have called on SCOTUS to allow existing sex discrimination laws to cover LGBTQ workers  —  More than 200 large businesses, including most of the big technology companies, are calling on the Supreme Court to find …



Kyash, a would-be challenger bank in Japan, raises $14M

The new era of tech-enabled banks is coming, even in regulation-heavy Japan. Kyash, a fintech company with visions on becoming Japan’s first challenger bank, said today it has raised $14 million to continue its expansion.

To be clear, Kyash isn’t a bank. Yet. But it is currently applying for a host of licenses in Japan that could allow it to offer banking-style features including checking accounts, ATM withdrawals and money remittance. Right now, it is a payment app that offers a connected Visa card in the style of Monzo, N26, Revolut (which has a Japan license) and others of that ilk.

The startup was founded in 2015 in Shinichi Takatori, a former banker and management consultant who saw the potential to merge tech and finance.

“I really noticed that information and communication has become ubiquitous but money itself hasn’t changed for a long time,” Takatori told TechCrunch in an interview.

The company took some time — two years — before it released a consumer product, but it quickly tied up with Visa to offer a prepaid debit card that connects to the Kyash app. That provides benefits like instant payment notifications, clear balance and lower fees for overseas spending, while costs are born by merchants rather than users. They might seem elementary today, but they are still not standard among Japan’s traditional banks, Takatori explained.

The company declined to share its user numbers, but Takatori said that this new round of funding — Kyash’s Series B — is a validation of the progress it has made.

The $14 million investment is co-led by Goodwater Capital, a U.S. investor that has backed fintech startups like Monzo, Stash and Toss in Korea, and Mitsubishi UFJ Capital, the investment arm of Japan’s largest bank.

Mitsubishi’s involvement means that Kyash counts Japan’s three largest banks as investors, with SMBC, Mizuho having previous put money into the company. Others that took part in this Series B include Toppan Printing, JAFCO and Shinsei Corporate Investment Limited.

So many banks on the cap table might seem like a strange thing for a disruptor — let alone the banks, which tend to behave territorially — but Takatori believes that there’s the potential for cooperation, not to mention that it will help the startup with its licensing efforts. Already, he revealed, Mitsubishi plans to integrate its card with the Kyash app to provide its customers with the best of both worlds.

“We’re not here to win over existing banks, but instead inform [them of] how money should work in next decade,” explained Takatori. “So why not collaborate in some way.”

appcard

Kyash has a tie-up with Visa that allows it to offer its customers a connected debit card and also provide issuing services to other fintech startups

There’s also the fact that, even with a license, Kyash and others are unlikely to be able to offer full banking services. That means they will have to serve as complementary offerings to the industry, which would likely mean that cooperation is good — essential — for both sides.

But, beyond the consumer play, a notable piece of Kyash’s business that has investors excited is its B2B payment business.

The company developed its own payment processing system to reduce costs, which is one reason why it took time to launch. Thanks to a tie-up with Visa, it offers both issuing and processing of prepaid Visa cards to fintech companies in Japan that want to go down the payment route.

That’s increasingly popular given the government push to make the country a “cashless society” ahead of the 2020 Olympic Games next year. It could also appeal to crypto companies in Japan, which offers the world’s most robust licensing, who want to follow the example of the Coinbase card in Europe or startups like Crypto.com and TenX which offer similar prepaid cards.

Takatori said Kyash is “in discussions” with crypto companies, but that it has not made a decision on how to proceed yet. The company is also eying potential overseas expansions, although that is some way down the line.

“We have open eyes for globalization, it’s just a matter of when,” he told TechCrunch. “We still have a far way to go [in Japan, but] maybe after the Olympics.”

More pressingly, he sees the company looking to raise a “pretty quick” Series C round to give it acceleration into next year. That’s likely to go to more expansion and user acquisition since the licenses the startup has applied for are unlikely to be granted this year.

Intel and Baidu partner on Nirvana Neural Network AI training processor

At Baidu’s Create conference for AI developers in Beijing today, the company and Intel announced a new partnership to work together on Intel’s new Nervana Neural Network Processor for training. As its name very clearly states, this forthcoming chip (NNP-T for short) is a processor built specifically for the task of training neural networks for the purposes of performing deep learning at scale.

Baidu and Intel’s collaboration on the NNP-T involves working together on both the hardware and software side of this custom accelerator to ensure that its optimized for use with Baidu’s PaddlePaddle deep learning framework, which will complement existing work that Intel has already done to ensure that PaddlePaddle is set up to perform best on its existing Intel Xeon Scalable processors. The NNP-T optimization will specifically focus on applications of PaddlePaddle that focus on distributed training of neural networks, to complete other types of AI applications.

Intel’s Nervana Neural Network Processor lineup, named after ‘Nervana,’ the company it acquired in 2016, is developed by the Intel AI group led by former Nervana CEO Naveen Rao. The NNP-T is tailor-made for training AI (ingesting data sets and learning how to do the job its supposed to do), while the NNP-I (announced at CES this year) is designed specifically for inference (taking the results of the learning process and putting into actions, or actually doing the job it’s supposed to do).

The NNP made its debut in 2017, and the first-generation chip is currently being used as a software development prototype and demo hardware for partners, while the new so-called ‘Spring Crest’ generation are targeting production availability this year.

What's worrying Indians about smart tech

Data privacy and losing private data is the biggest concern for Indians, followed by cyber terrorism which was raised by 53% of users surveyed by data analytics firm YouGov. https://ift.tt/2xp8RSX https://ift.tt/eA8V8J

US chipmakers lobbied hard to ease Huawei trading curbs

The companies argued for targeted action against Huawei instead of the blanket ban the Trump administration imposed in May. https://ift.tt/2JjPnER https://ift.tt/eA8V8J

Telcos may have to spend extra Rs 3000 crore in capex for 5G play: Analysts

Telcos may be forced to sharply expand their tower base and incur extra capex if they don’t get access to millimeter wave spectrum in the 26 or 28 GHz bands https://ift.tt/2XpiAZ2 https://ift.tt/eA8V8J

Limit import duty on phones above Rs 20,000 to Rs 4000: Handset makers

Apple will be the key beneficiary if the government accepts their request as the company imports most iPhones sold in India. https://ift.tt/2JdO36k https://ift.tt/eA8V8J

Flipkart in full compliance with FDI Norms, ready for audit: CEO

The assertion follows last month’s high-profile meeting where the minister Piyush Goyal is said to have asked Flipkart if it was compliant with the latest FDI norms. https://ift.tt/2RVB9y4 https://ift.tt/eA8V8J

Analysis: mentions of deepfakes or AI-made content in X's Community Notes were more correlated with new image generation model releases than elections in 2024 (Clara Murray/Financial Times)

Clara Murray / Financial Times : Analysis: mentions of deepfakes or AI-made content in X's Community Notes were more correlated with ...