Sat.Oct 10, 2020 - Fri.Oct 16, 2020

Should you include your sweat equity in a business plan?

Berkonomics

Investors love it when entrepreneurs draw little or no money from their startups. It extends the cash available for research and other necessary fixed costs and gives the fragile, young company more “runway” to get to breakeven. What are you worth to the business?

Equity 156

Water Tech Companies Are Springing Up in LA

L.A. Business Journal

In many areas of the world, there may be no more precious commodity than water — and that’s especially true in Los Angeles

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How To Find Support Resources For Your Startup Stage

Startup Professionals Musings

Some entrepreneurs start polling venture capitalists for that multi-million dollar investment before they even have a business plan. That’s like trying to sell part of something to a stranger for big money when you haven’t fully defined it yet.

IDrive Targets Businesses With New Video Conferencing Tool

socalTECH

Los Angeles-based online backup and storage provider IDrive Online Backup says it has released a new service, which provides secure video conferencing. According to IDrive, its new tool, EPYC, offers both secure video conferencing and "AR" capability for remote workforces. The company said it launched the new tool as a result of COVID-19 and the current remote work climate.

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Can You Ask for Office Rent Relief? How to Manage Your Lease During COVID-19

Office leases are one of companies’ largest expenses, and if your whole team is working from home with no clear end in sight, you may be wondering what to do about your lease.

Virtual Tech Happy Hour

SoCal Tech Calendar

Thursday, October 15, 2020 --.

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Local Tech Companies Work to Get Out the Vote

L.A. Business Journal

Social platforms and media content creators in Los Angeles are leveraging their influence to encourage voting by Gen Z and millennial audiences as registration deadlines approach

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ZIPHOMECHEF Aims Efforts At Expanding Local Microkitchens

socalTECH

Riverside-based ZIPHOMECHEF , a startup which helps enable licensed, microenterprise home kitchen operations (MEHKO), says it is looking to help create jobs and deliver meals to local communities in Riverside County, California. The company--led by CEO Alexia Parks--says it helps people get licensed and to set up their own home kitchens, and hopes to expand from one kitchen in Riverside to 100 kitchens.

Virtual Tech Happy Hour

SoCal Tech Calendar

Thursday, October 15, 2020 -- Virtual Tech Happy Hour. Startup Coil. The State of the L.A. Tech Ecosystem Updates on startup fundings and major news; Expert Discussion and QandA Hiring and Getting Hired During a Global Pandemic. In conversation with Career and Culture Whisperers: Kurt Daradics, GM @ Hunt Club, Steve Taylor, National SaaS Practice Lead @ Trinet See [link] (more

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CodeSpark Wants to Teach Kids to Code

L.A. Business Journal

Pasadena-based CodeSpark Inc. wants to teach kids to code even before they can read

9 Principles Especially Critical For A Micro-Business

Startup Professionals Musings

Too many of you business owners think success only means being the next Amazon, or you stress yourself out trying to be everything to every customer.

Balboa Water Group Acquired For $218.5M

socalTECH

Costa Mesa-based Balboa Water Group Helios Technologies , in a deal worth $218.5M. According to Helios, it acquired Balboa Water Group from investment funds affiliated with AE Investors LP. Balboa's electronic controls are used for therapy baths and spas. Helios said it will use Balboa to enhance and accelerate its moe into new end markets. The company also said it expects the acquisition to be accretive from day one, with the $218.5M

Pepperdine Most Fundable Companies Showcase 2020.

SoCal Tech Calendar

Thursday, October 15, 2020 -- Pepperdine Most Fundable Companies Showcase 2020. Now in its third year, the Most Fundable Companies competition has grown to over 4,500 companies, and for the first time attracted startups from all 50 U.S. states.

Virgin Orbit Seeks Funds Ahead of Launch

L.A. Business Journal

Long Beach-based satellite launch company Virgin Orbit, looking to rebound from a failed test flight in May, is seeking to raise funds ahead of a second launch

10 Key Principles For Managing Your Time In Business

Startup Professionals Musings

Every startup founder feels the pressure of the thousands of things that need to get done, all seemingly at the same time. There is just not enough time! The real solution is better time management to put you back in control of your life.

RebateKey Reports Increase In Growth

socalTECH

San Diego-based RebateKey , which operates an online website which provides cash back rebates and coupons, reports strong growth for the company as a result of the pandemic. According to the company, it nearly doubled the amount it has paid out in rebates in the last nine months, increasing rebates from $20 million in the first two years to over $43 million paid out to customers by the end of September.

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Jared Leto, Scooter Braun and Troy Carter are backing Moment House, a startup recreating live events… digitally

TechCrunch

A pitch to offer artists a way to give geo-fenced, live events to fans around the world has brought the new Los Angeles startup Moment House $1.5 million in seed funding. The money came from heavy hitters in the Los Angeles entertainment and investment scene including Scooter Braun, Troy Carter, Kygo’s Palm Tree Crew and Jared Leto. Patreon chief executive Jack Conte and Sequoia Capital partner Jess Lee also participated in the round.

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SpaceX Lands $149 Million Defense Contract

L.A. Business Journal

Space Exploration Technologies Corp., the Hawthorne-based aerospace company, last week secured a substantial new government contract and made progress on multiple fronts with its Starlink satellite project

5 Indications That A New Venture May Not Be For You

Startup Professionals Musings

People with a victim mentality should never be entrepreneurs. We all know the role of starting and running a business is unpredictable, and has a high risk of failure. For people with a victim mentality, this fear of failure alone will almost certainly make it a self-fulfilling prophecy.

Headspace Shuffles CEO As Founders Step Back

socalTECH

Santa Monica-based mindfulness and meditation service Headspace has shuffled its executive team, saying on Monday that it has named CeCe Morken as the CEO of the company. Morken was previously President and COO of the company, having been appointed to that role in April of 2020. The co-founders of Headspace, Rich Pierson and Andy Puddicombe, are transitioning to become co-executive Chairman of the company.

Top virtual tech events to end 2020 on a high note

StartUp Beat

Tech enthusiasts from around the globe can make the last three months of the year count by tuning in to a great variety of inspiring events that take place on online platforms. The post Top virtual tech events to end 2020 on a high note appeared first on StartUp Beat. Events events

Ida Brings AI to Schools, Governments

L.A. Business Journal

Silicon Beach newcomer Ida Artificial Intelligence Inc. is bringing fresh ideas to enterprise management systems

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Despite Phase 2 Failure, Gossamer Bio Sees a Path for Drug in Asthma

Xconomy

Gossamer Bio’s lead drug, an experimental treatment for asthma and allergies, has failed in two mid-stage clinical trials but the biotech sees enough in the data to pursue further development in a severe form of asthma and it wants to talk with regulators about advancing the compound to a larger Phase 3 study.

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CoreLogic: Mortgage Delinquencies Spike, Despite Strong Housing Demand

socalTECH

Irvine-based property information provider CoreLogic reports that it is seeing a spike in U.S. serious delinquiencies on mortgages--the highest level since April of 2014--despite strong housing demand. According to the firm, 6.6 percent of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure), a 2.8 percent increase over July of 2019, when it was 3.8%.

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Water Tech Companies Are Springing Up in LA

L.A. Business Journal

In many areas of the world, there may be no more precious commodity than water — and that’s especially true in Los Angeles

Walmart's Shoes.com Acquired By Manhattan Beach Investor

socalTECH

Online footwear and apparel retailer Shoes.com --which was owned by Walmart--has been acquired by Manhattan Beach-based investment firm CriticalPoint Capital, LLC , CriticalPoint announced this morning. Financial terms of the acquisition were not announced. CriticalPoint Capital, led by President and CEO John Foristall, says it already has transactions it has made in the footwear industry, including JackRabbit, Clever Training and Olympia Sports.

Newlight Technologies Finds $45M

socalTECH

Huntington beach-based Newlight Technologies , a developer of an ocean-degradable biopolymer, which can be used like plastic but decays with exposure to seawater, has raised $45M in the company's Series F funding round. The funding came from private equity firm Valedor Partners, as well as GrayArch Partners.

J2 Global Expands Board With Healthcare Exec

socalTECH

Los Angeles-based J2 Global --which owns a very large number of online publishing and services companies--said today that it has added Pamela M. Sutton-Wallace, MPH, to its board of directors. According to J2 Global, Sutton-Wallace currently serves as Senior Vice President and Regional Chief Operating Officer of New York Presbyterian, and has more than 25 years of healthcare experience.

Triller Seeking To Go Public Via SPAC, Says Report

socalTECH

Los Angeles-based social application developer Triller , which competes head to head against TikTok , is seeking to reach the public markets through a SPAC (special purpose acquisition company), according to a report. According to Reuters , Triller has hired an investment banking firm, Farvahar Partners, to assist it in the effort, and also appears to be seeking additional funding in parallel. Reuters cited "people familiar with the matter" for the report.

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Matt Knox and Joey Lane, Bingie

socalTECH

For today's interview, we have Matt Knox and Joey Lane , the co-founders of Bingie , a new app which lets users share recommendations on streaming TV and movies. We chatted with Matt and Joey on what they're up to. Image: Joey Lane on the left, Matt Knox on the right. Describe the app and what it does? Matt Knox: Bingie is a social app that makes recommendations for TV and movies, and lets you share them and watch them with friends.

YouMail Signs Up Republic Wireless

socalTECH

Irvine-based YouMail , which develops alternative voicemail and robocall blocking software, says it is providing its services to Republic Wireless , with a new, opt-in call blocking service. Financial details on the deal with Republic Wireless were not announced. YouMail's software--which works in conjunction with a user's phone carrier and both Android and iOS applications--has recently focused in on blocking robotcalls, in addition to offering up an enhanced voicemail service. READ MORE>>.

Boring Company's Vegas Loop Won't Meet Passenger Goals, Says Report

socalTECH

A report, published Friday, says that the Las Vegas hyperloop system being built under the Las Vegas Convention Center by Los Angeles-based The Boring Company will will not meet passenger throughput requirements of the contract. According to documents obtained by TechCrunch, the system built by Elon Musk will only be able to move around 1,200 people an hour--only a quarter of what was specified in the contract for the system.

EDF Renewables North America Acquires 4.5 Gigawatt Solar Portfolio

socalTECH

San Diego-based solar power developer EDF Renewables North America said on Friday that it is acquiring a 4.5 gigawatt solar portfolio, being developed by Geenex Solar, LLC. Financial details of the acquisition were not announced. According to the companies, Geenex was founded in 2012, and will help bring regional development expertise to EDF Renewables. EDF Renewables transaction will accelerate its growth in the PJM wholesale electricity market.

Cornerstone OnDemand Links Into ServiceNow

socalTECH

Santa Monica-based Cornerstone OnDemand , which develops cloud-based employee development software, says it has integrated its products with ServiceNow. According to the two, the integration allows organizations that use Cornerstone to train their employees to directly integrate with ServiceNow's HR delivery products.

CoreLogic To Divest Reseller Business

socalTECH

Irvine-based property information provider CoreLogic said this morning that it will discontinue its reseller business, as part of a previously announced "strategic plan". The company said by divesting the business--which offers up tenant screening, credit, and borrower verification services--it will "signnificantly enhance" its revenue profile and increase its margins. The firm also said the move will reduce its exposure to mortgage volatility. READ MORE>>.

AECOM Sells Power Construction Business To Private Equity Investor

socalTECH

Los Angeles-based construction giant AECOM announced this morning that it is selling off its Power construction business, to affiliates of CriticalPoint Capital, LLC. Financial details of the deal were not announced. The company said the sale is part of an effort to transform itself into a "higher-margin, lower-risk" professional services business. AECOM said it was advised by Wachtell, Lipton, Rosen & Katz along with DBO Partners LLC in the transaction. READ MORE>>.

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Fisker In Manufacturing Deal With Magna

socalTECH

Los Angeles-based electric vehicle designer Fisker Inc. said on Thursday that it has reached a deal with auto supplier Magna International , where Magna will provide the vehicle platform and build Fisker's upcoming Ocean SUV. According to Fisker, it expects Magna to manufacture the Ocean SUV at its European vehicle assembly facility, starting in Q4 of 2022.

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