Wij willen met u aan tafel zitten en in een openhartig gesprek uitvinden welke uitdagingen en vragen er bij u spelen om zo, gezamelijk, tot een beste oplossing te komen.
Oftewel, hoe kan de techniek u ondersteunen in plaats van dat u de techniek moet ondersteunen.
Kitty Hawk, the flying car company backed by Google’s Larry Page and led by Udacity co-founder Sebastian Thrun, has struck a deal with aerospace giant Boeing.
The terms of the strategic partnership are vague. But it appears the two companies will collaborate on urban air mobility, particularly around safety and how autonomous and piloted vehicles will co-exist.
Kitty Hawk’s portfolio of vehicles includes Cora, a two-person air taxi, and Flyer, a vehicle for personalized flight. The partnership is focused on the fully electric, self-piloting flying taxi Cora, according to the announcement.
“Working with a company like Kitty Hawk brings us closer to our goal of safely advancing the future of mobility,” said Steve Nordlund, vice president and general manager of Boeing NeXt, an organization within the company focused on next-generation transport.
Thrun, who founded X, Google’s moonshot factory, also co-founded Kitty Hawk. The company is based in Mountain View, Calif., however much of its testing occurs in New Zealand. Last year, Kitty Hawk took the wraps off of Cora, a vertical take-off and landing aircraft that can take off like a helicopter and fly like a plane.
There is so much to write about Libra, and so much which has already been written misses the mark, mostly, I think, because most pundits haven’t spent much time in the developing world, which is very clearly the target market here. Just look at its launch video:
I’ve seen apocalyptic reactions warning of Libra ushering in a new dystopia: the alleged logic appears to be 1) Libra will immediately conquer the world 2) Libra comes from Facebook 3) Facebook is evil 4) it’s the end of the world! I am most baffled by that first postulate. If you’re a rich Westerner, there are already dozens of payment systems out there, most of which offer huge advantages compared to Libra, such as reversible / contestable transactions, frequent-flier miles, and credit lines.
I’ve seen dozens of technical and regulatory and political and high-level analyses of Libra, many of which are worthwhile, but so far, little which has dwelt on its actual intended users, according to the white paper: the unbanked. That isn’t quite the category for whom Libra is something new, interesting, and important. But no one else seems to be talking about this. It’s strange to see this cornucopia of hotly argued reactions which go deep on pretty much everything but its actual users.
The white paper cites 1.7 billion people as “unbanked,” a number which is … questionable. Its source is the 2017 World Bank Global Findex database. “Aha,” you might think, “that sounds pretty definitive and recent,” and it does — but the same source also notes that 515 million people became “banked” between 2014 and 2017. By the time Libra actually launches, the “1.7 billion unbanked” might have dropped by fully half. Not because of banks: because of mobile money providers.
From its birth with M-Pesa in East Africa, mobile money has expanded massively worldwide. Orange Money in West Africa, Ovo in Indonesia, Paytm in India, and of course WeChat and Alipay in China: money on your phone is nothing at all new in most of the developing world.
This might make you think that Libra already has a legion of competitors who speak the local languages, understand the markets, and have pervasive distribution, just as in the rich world — but no. The whole point of Libra, after all, is that it’s not a local currency, but a global currency, which is both its competitive advantage and its Achilles heel. And its true market isn’t the unbanked per se; it’s people who might have a mobile money account, but no straightforward access to any global currency.
Why would that access matter? Because international remittances, transfers to the developing world from (usually) family members in the rich world, total half a trillion dollars a year, much of which is sent by slow, high-fee processors such as Western Union. The Libra whitepaper, accordingly, prominently cites “remittances” in its problem statement …
… but makes only a few handwavey mentions of exchanges. Why does that matter? Because remittances are indeed a huge market but as I’ve argued before, “yes, it’s great if you can send five thousand FaceCoin to your family in Ghana for an 0.1% fee. But then your family in Ghana has to somehow convert them to cedis at an exchange — a task which is, as of this writing, likely to be slower, much clumsier, far more user-hostile, and very possibly even more expensive than the usual medium(s) of remittances.”
“So what,” you might think, “doesn’t matter if the local businesses take Libra.” But a) it’s very hard to get every local business in a developing country to accept a new payment method b) eventually they too will have to pay exchange fees, in order to pay local taxes. (Before any dreamers suggest governments accept taxes in Libra and use it as a national currency, I assure you they won’t be eager to give up all control over their monetary supply.)
So for truly mass adoption, especially for business and institutional transactions, the exchange experience will be absolutely key. There’s a lot of competition in the remittance space, and they usually handle the actual currency exchange for you. It seems like Facebook is implicitly relying on the marketplace to provide highly competitive, liquid, effective, efficient, well-publicized Libra-to-local exchanges in every nation where it is used. Maybe. But that’s asking for a lot.
On the smaller scale, though — individuals and families — Libra makes a lot more sense. It won’t replace M-Pesa, but I don’t think it’s trying to. Instead Libra wants to be to mobile money what the US dollar is to the Kenyan shilling. Libra could become the global mobile reserve currency, maybe not for institutions, but for individuals. And on that level, exchanges are less important.
The US dollar is acceptable, and transferable, in small amounts almost everywhere around the world; there’s hardly a poor country where it doesn’t act as a de facto shadow currency. (I’ve been to places where taxi drivers are experts on the various different issuances of the US $ 20 because some are easier to counterfeit than others.) Furthermore, it’s often hoarded purely because it’s hard currency, unlike the local currency — consider Venezuela, or Zimbabwe, even Argentina.
I expect the same will be true of Libra. Individuals won’t need to open an account at any exchange; instead they’ll follow the Local Bitcoins model, and just transfer Libra to a local moneychanger, who will receive their Libra and send back local currency in exchange for — hopefully — a very competitive fee.
If that happens, if Facebook’s sheer size and reach makes that option near-universally available, then even if Libra doesn’t catch on in the rich world, or with businesses and institutions, then for the first time ever, individuals and families around the world will be able to receive, save, spend, and exchange a global hard currency, immediately, across borders, using only their phones, for fees (hopefully) drastically less than e.g. Western Union — without having to deal with the volatility, limited utility, and user-hostility of decentralized cryptocurrencies. That would be a huge deal, and a great good thing.
It’s by no means guaranteed. Much about Libra remains uncertain. It will somehow have to crack the extremely tough nut of the identity problem. And while not technically part of Facebook, it still comes from Facebook, a company increasingly despised by politicians and regulators (and journalists), which is at least one strike against it from the beginning, and makes many people question the true motives behind Libra.
But let’s not throw the proverbial baby out with the bathwater. If Libra manages to succeed, at scale, it will be massively important and highly important to an enormous number of people around the world. Be skeptical, by all means. Be concerned about privacy. Ask pointed questions. Remain well aware that it is not a decentralized solution and may never be. I’m with you: I’m a well-documented harshcritic of Facebook myself.
But in your rush to outrage and condemnation — as righteous as those might feel — please don’t ignore Libra’s potential to do a whole lot of good for many millions of the world’s poorest and most vulnerable. Do you think a decentralized, permissionless, censorship-resistance version would be better? I agree! Call me when one is anywhere near as usable as Libra is likely to be.
After London and Johannesburg, startup accelerator and incubator Founders Factory is launching a third city — Paris. Once again, the company is partnering with a corporate backer. And this time, insurance company Aviva France is backing Founders Factory Paris.
Albin Serviant is heading the team in Paris and the plan is to hire 50 people. There will be more corporate backers coming soon, which should give enough runway for the next five years.
For now, given Aviva’s industry, Founders Factory Paris is going to focus on fintech startups. The company plans to develop a hybrid model between a traditional startup accelerator and a startup studio. Founders Factory has already applied this model in London and Johannesburg to launch and accelerate 100 startups.
For existing startups, you can take part in a six-month program that often leads to implementing pilots with corporate partners. In other words, if your startup targets big companies, Founders Factory wants to help you talk with corporate clients and sign deals.
Founders Factory also promises to support startups in multiple ways thanks to the accelerator’s network. It could be helpful when it comes to launching in new countries, attracting foreign talent and raising money.
But a good chunk of the team is going to work on the startup studio. Founders Factory plans to recruit a traditional startup-like team with engineers, designers, sales people and more. They’ll start new projects from scratch.
This isn’t the first time Aviva and Founders Factory work together. In the U.K., Aviva has already worked with 20 startups as part of the startup studio or accelerator. The company has conducted 16 pilot programs with them and signed 7 enterprise contracts. And Aviva has also invested in two startups directly, Acre and Shepper.
Other Founders Factory backers include L'Oréal, easyJet, Guardian Media Group, CSC, Holtzbrinck, Marks & Spencer and Standard Bank.