Search Results for: startup

How to Build a Unicorn From Scratch – and Walk Away with Nothing

Longreads Pick

The truth about venture capital and startup funding, and how founders can make critical mistakes.

Published: May 9, 2015
Length: 14 minutes (3,500 words)

Is Slack Really Worth $2.8 Billion? A Conversation With Stewart Butterfield

Longreads Pick

With his startup Slack raising $160 million on a valuation of nearly $3 billion, CEO Stewart Butterfield offers a brutally honest assessment of VC funding and the state of tech startups.

Published: Apr 16, 2015
Length: 6 minutes (1,600 words)

Slumber Party!

Longreads Pick

The disruptors have found their latest target—the $14 billion mattress industry. Can the new crowd of startups successfully turn the most utilitarian of purchases into a “quirky, shareable adventure”?

Source: BuzzFeed
Published: Mar 31, 2015
Length: 14 minutes (3,590 words)

Playing Wii Tennis with Uber CEO Travis Kalanick

Photo by thinkpublic

A few years ago, Uber was barely started. Travis is at my house up in the mountains over the holidays, hanging out with me and my family. And he’s palling around with my dad. And my dad says, ‘Hey, let’s play a game of Wii Tennis (Nintendo Wii). And my dad had a Wii at home; considered himself a pretty good tennis player; he’s mildly athletic, used to play in little local tennis tournaments. So Travis is, like, ‘Alright.’ Travis is barely awake yet. And they sit there and start playing this Wii tennis game, and my dad is getting just abused. He’s losing handily to Travis. And Travis is barely moving, he’s barely raising his arm, and my dad is taking tennis swings. And so he’s just exhausted by this.

Travis, in full Princess Bride-style, says, ‘I’m sorry, I gotta confess: I play with my opposite hand.’ And so he switches the controller to his other hand. They start the match again and my dad doesn’t score a single point. He’s just absolutely swinging away and he gets no points in, and half of Travis’s serves are just aces. And my dad is just completely dejected. And so this grin comes over Travis’s face, and he’s, like, ‘Hey, Mr. Sacca, I’ve got something to confess.’ And he starts thumbing over on the controller to the settings page on the Wii to where they have the global high score list and he says, ‘I’m actually tied for second in the global rankings in Wii Tennis.’ He was the second best player in the world in Wii Tennis.

I don’t what the day was when Travis decided he wanted to become one of the best Wii Tennis players in the world while founding what’s gone on to become the biggest transportation company in history, etcetera etectera, but it was in that moment that I saw his true obsession with obtaining a goal. Once he sets something out as a goal for himself, he’ll absolutely accomplish it–at probably any cost.”

—Venture investor Chris Sacca, describing Uber CEO Travis Kalanick’s drive, in a conversation with Gimlet Media founder Alex Blumberg on an episode of Gimlet’s podcast series StartUp.

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Why the World Is Betting on a Better Battery: A Reading List

Photo from the Henry Ford Collection, via Ford

Nick Leiber | Longreads | March 2015

 

The first battery, a pile of copper and zinc discs, was invented more than 200 years ago, ushering in the electric age. Subsequent versions led to portable electronics, mobile computing, and our current love affair with smartphones (1,000 of which are shipped every 22 seconds). Now batteries are powering electric cars and storing electricity produced by solar cells and windmills, but they don’t last long enough and are too expensive for either use to really go mainstream. To cut the cost, Tesla plans to double the world’s production capacity of the popular lithium-ion battery with its forthcoming $5 billion battery manufacturing plant in the Nevada desert. Tesla’s idea is to use economies of scale to lower prices. Meanwhile, other companies and many industrialized countries, including China and the U.S., are racing to develop batteries that are more advanced than Tesla’s. They’re betting billions that breakthrough battery technologies will help create new industries, juice existing ones, and wean us off fossil fuels because we’ll be able to use the sun and wind in their place. Here is a book, a documentary, and five stories on our battery-powered future. Read more…

How a $1B E-Commerce Site Found Its Market on a Trip to Babies “R” Us

They had a small inkling of what they wanted to do. At the time, flash-sale startups like Gilt were just beginning to make some noise, and Cavens and Vadon seriously considered aping the model for the home and beauty space (a la One Kings Lane) before scrapping the idea. “What we came to realize in the health and beauty space, there’s a lot of vendor concentration,” Cavens says. “Many of the top 50 brands are owned by three large companies. If you don’t have the supply there, it’s hard to go after.” They ruled out fashion as well because they deemed it too unwieldy. “What we felt like there is you couldn’t control the supplier dynamics if you’re going after high fashion,” he says, especially “if you were trying to get new freshness every day.”

As they tell it, they decided to focus on boutique products for young moms shortly after Vadon and his wife, who at the time was five months pregnant, made their first trip to Babies “R” Us. Overwhelmed by the mountain of crap that young parents never knew they needed, they made one loop through the store and headed for the exit to get lunch.

The experience would prove to not so much be a moment of clarity as a conversation starter. Vadon brought the ovum of his mom-driven business to Cavens, and they soon realized that the total addressable market for new mothers was both underserved and enormous: Some 4.5 million kids are born in the U.S. every year, and the only discount retailers in the space were, like, T.J. Maxx. If they could subvert a legacy diamond seller like Tiffany & Co., they could do something here. In mid-2009 they chose the name “Zulily” with the help of a branding agency because it was easy to say and just as important, it wouldn’t limit what they could sell. (Some of the too-cute runner’s-up included: ItsyBtsy, Tumble Up, Tip Toe, Katroo, Toodle, and Pitter-Patter.)

And so, two new dads began building an online retail store for new mothers.

Chris Gayomali writing about the e-commerce company Zulily for Fast Company.

 

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The Top 5 Longreads of the Week

Below, our favorite stories of the week. Kindle users, you can also get them as a Readlist.

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Longreads Best of 2014: Business Writing

We asked a few writers and editors to choose some of their favorite stories of the year in specific categories. Here, the best in business writing.

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Max Chafkin
Writer focusing on business and technology.

Schooled (Dale Russakoff, New Yorker)

This piece explores the failed attempt by Mark Zuckerberg and Corey Booker, among others, to fix Newark’s schools—and in doing so makes clear just how hard education reform is. Most shockingly, it exposes the huge sums of money spent by the city and its supporters on education consultants who managed to extract huge fees without, apparently, doing a whole lot. It’s pretty hard to make a dense story about education reform read well, but Russakoff amazingly manages it, while managing to be fair and incisive. Read more…

Longreads Best of 2014: Here Are All of Our No. 1 Story Picks from This Year

All through December, we’ll be featuring Longreads’ Best of 2014. To get you ready, here’s a list of every story that was chosen as No. 1 in our weekly Top 5 email.

If you like these, you can sign up to receive our free weekly email every Friday. Read more…

For the Public Good: The Shameful History of Forced Sterilization in the U.S.

Belle Boggs | The New New South | August 2013 | 62 minutes (15,377 words)

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We’re proud to present, for the first time online, “For the Public Good,” Belle Boggs‘s story for The New New South about the shocking history of forced sterilizations that occurred in the United States, and the story of victims in North Carolina, with original video by Olympia Stone.

As Boggs explained to us last year: 

“Last summer I met Willis Lynch, a man who was sterilized by the state of North Carolina more than 65 years earlier, when he was only 14 years old and living in an institution for delinquent children. Willis was one of 7,600 victims of North Carolina’s eugenics program, and one of the more outspoken and persistent advocates for compensation.

“At the time I was struggling with my own inability to conceive, and the debate within my state—how much is the ability to have children worth?—was something I thought about a lot. It’s hard to quantify, the value of people who don’t exist. It gets even more complicated when you factor in public discomfort over a shameful past, and a present-day political climate that marginalizes the poor.”

Thanks to Boggs and The New New South for sharing this story with the Longreads Community, and thanks to Longreads Members for your helping us bring these stories to you. Join us.

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