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Happy April 20, 2022, that has no special meaning and we are not joking. It’s been an odd news day, but fear not, we’ve got some great stories for you to peruse. Today’s Equity podcast is a good one, featuring Alex and Natasha discussing startup myths and assumptions.
Don’t forget, Found, the MovieUpdates podcast where founders tell the stories behind their startups, has been nominated for a Webby for Best Technology Podcast. We need your help with some votes, so cast yours today — voting closes tomorrow!
Car enthusiasts and those who love to talk about all things movement, it’s time to get your tickets to next month’s TC Sessions: Mobility 2022. Waymo co-CEO Dmitri Dolgov will join us for a chat by the fire. There is something for everyone here, even university students who have good mobility ideas. And while you’re buying tickets, get one for October’s MovieUpdates Disrupt.
The MovieUpdates Top 3
- NFT Shoppers Unite!: Coinbase’s highly anticipated NFT marketplace launched in beta for those who enjoy trading digital collectibles. The company wants to make this a “web3 social marketplace”. Do all the buying and selling you can before Coinbase charges transaction fees. And watch out for the future collection of drops.
- If you thought the Flutterwave drama was over, you’d be wrong: Earlier this month, Tage brought you the story of a former Flutterwave employee who accused CEO Olugbenga “GB” Agboola of harassment and intimidation. Well, in the early morning hours, Tage laid out more of the story based on an employee email obtained by MovieUpdates. In it, Agboola discusses the sexual harassment allegations and how he initially founded the company. However, we note that a few things are still not being addressed, such as allegations of fraudulent activity. Grab the broom; It is a mess!
- Beauty salons into the digital age: The beauty industry isn’t often one of the venture capital businesses that companies flock to, so that’s why it’s great to see a company like Colombia-based Morado, a digital beauty marketplace that supplies salons with all the gadgets and gizmos they need. to function, which is getting attention from some big names like Tiger Global, a16z and H2O Capital.
Startups and VC
Love them or loathe them, NFTs are all the rage, and a small group of people are raking in the cash. In a TC+ analysis Jacquelyn wonders how the market will survive the volatility and outlier-driven market dynamics. Fascinating and well worth a read (and a TC+ subscription, if you haven’t already given our subs team the $50 in annual subscription tokens).
In yesterday’s Daily Crunch, we listed a series of new funds. A day late (how dare they not jump on our completely random train), AWS announced a $30 million fund specifically geared toward minority founders.
Meanwhile, in the most real-life art story (looking at you, “Silicon Valley”) I’ve written for MovieUpdates yet, the Social Local Mobile Commerce (SoLoMoCo) app Tulu has raised a chunk of money to bring the sharing economy to your apartment building.
More? Do you want more? I have:
Study the basics of customer churn to establish customer and revenue benchmarks
Whether it’s a neighborhood gym or a SaaS decacorn, any business that depends on recurring revenue keeps a close eye on its churn rate.
Churn “is complex and confusing,” said Sid Jain, senior analyst at ChartMogul, but for start-ups, it’s one of the few real-time metrics that can help founders run experiments and collect feedback quickly.
Jain explains the differences between customer and revenue churn, shares formulas for calculating benchmarks, and answers the question, “What’s good monthly customer churn?”
If you’re starting to think about recurring income, or know someone who is, read and share.
(MovieUpdates+ is our membership program that helps founders and startup teams move forward. You can sign up here.)
Big Tech Inc.
- Netflix had everyone buzzing today, and not because it’s April 20. No, the company is taking a hard line on account sharing and is also considering an ad-supported plan. The whole reason to subscribe to Netflix is because it has no ads. Yes, yes for the content, otherwise we wouldn’t know why “Shake” should have read the fine print “Love is Blind”, but it was refreshing to watch an entire season of “Emily in Paris” without interruption.
- On the other hand, the UK announced a reform package for how it will manage consumer protection and competition, essentially targeting fake reviews and cut-throat acquisitions. It will make it illegal to pay people to write a fake review, and platforms that don’t address it could be fined up to 10% of their global annual revenue. The European Union is also working to standardize the way in which mobile gadgets are charged.
- Apple had a few things going on today, including welcoming Ace Hardware as its new cashback partner. Apple launches DJ mixing in spatial audio with Dolby Atmos on Apple Music.
- IBM’s first quarter results look good.
- Google searches in cities will now include air quality information.