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The londonbusinessblog.com Top 3
- Take out the middle ticket seller: Move over Ticketmaster and Eventbrite, Spotify has a new website that sells select live music tickets directly to account holders, Ivan writes.
- Quite a run already: We don’t know exactly how long it takes a company to reach $100 million in annual recurring revenue, but if you’re cloud security company Wiz, and it only takes 18 months to reach that milestone, we’re paying close attention. Ron has more.
- Nikola’s new CEONikola has found his next CEO in current president Michael Lohscheller, who will take office on January 1 following the retirement of Mark Russell, Jaclyn writes. The company has had some issues, so we’ll keep an eye on these for you.
Startups and VC
QED Investors, a US fintech-focused venture capital firm, has made its first African investment. The company has reportedly staked $50 million in TeamApt, a Nigerian fintech that provides business payments and banking platforms, Tage reports.
It seems that LongHash businesses are running smoothly, Jacquelyn reports as it launches its second fund, weighing in at $100 million. The company invests in startups that support web3 infrastructure. The second fund is significantly larger than the first fund, which came in at $15 million.
How to implement a power reduction: Planning, execution and follow-up
It’s hard to argue with “measure twice and cut once,” especially when it comes to firing employees.
Few managers have seen a reduction in strength. That’s why Nigel Morris, co-founder and managing partner of QED Investors, shared a five-page document with the CEOs of his portfolio company to guide them.
“We have divided the process into three parts: planning, execution and follow-up,” he writes in a TC+ post summarizing the advice he gives the founders he works with.
“The inevitable reality is that while you have to run the RIFs in an organized manner based on strong business reasons, there is always an overarching need to get the message across with empathy and respect.”
(londonbusinessblog.com+ is our membership program that helps founders and startup teams move forward. You can register here.)
Big Tech Inc.
Jagmeet Wins “Big Tech headline of the day” for its story, Snapchat+ arrives in India and costs only 62 cents. The social media channel joins others in launching a paid version in India at a fraction of the cost it charges globally. In the meantime, manish brings us more news from India that the country is preparing some guidelines for greater transparency of credit apps and consumer controls.
Brian continues to be our Samsung guru with more from the electronics giant, including the new version of the Galaxy Buds, the latest additions to the Galaxy Watch, and a look at the new foldable products coming later this month.
The next time you enter Whole Foods, hold out your palm. Lauren reports that Amazon is expanding its palm-scanning payment technology to 65 other locations. Grocery tech is a hot topic these days, so check out some londonbusinessblog.com+ love for the industry this week.
Again, we had some stories from yesterday that seem to still be on the minds of readers, so let’s check out some of them: Elon Musk had a “good” good day. SpaceX’s spaceship has reached a milestone, Aria writes, but Rebecca reports that Musk has sold nearly $7 billion worth of Tesla stock, perhaps because that $44 billion check is going to bite Twitter. Meanwhile, there were layoffs for Microsoft, iRobot and Hootsuite. And Coinbase’s earnings were as expected, Jacquelyn, Alexand Anita to write.