Tag Archive | "Billion"

Jeff Bezos: We Need To Have Billion Dollar Scale Failures

“At Amazon, we still take risks all the time,” says Amazon CEO Jeff Bezos. “We encourage it. We talk about failure. We should be failing. Our failures have to grow with the company. We need big failures if we are going to be moving the needle. We need to have billion dollar scale failures. If we are not, we are not swinging hard enough.”

Jeff Bezos, CEO of Amazon, discusses how to be a successful entrepreneur by being customer obsessed in a conversation at the Amazon re:MARS conference in Las Vegas:

The Most Important Thing Is To Be Customer Obsessed

If you want to be an entrepreneur, the most important thing is to be customer obsessed. Don’t satisfy your customers, figure out how to absolutely delight them. That is the number one thing whoever your customers are. Passion. You have got to have some passion for the arena that you are going to develop and work in. Otherwise, you are going to be competing against people who do have compassion for that. They are going to build better products and services.

You can’t be a mercenary. You have to be a missionary. Missionaries build better products and services. They always win. The mercenaries are just trying to make money. Paradoxically, the missionaries always end up making more money.

We Need To Have Billion Dollar Scale Failures

You have to pick something that you actually have a genuine passion for. You have to take risks. You have to be willing to take risks. If you aren’t going to take risks, if you come up with a business idea where there are no risks there, those ideas are probably already being done. There being done well by many many people. So have to have something that might not work. You have to accept that your business is going to be in many ways an experiment. It might fail. That’s okay. That’s what risk is.

At Amazon, we still take risks all the time. We encourage it. We talk about failure. We should be failing. Our failures have to grow with the company. We need big failures if we are going to be moving the needle. We need to have billion dollar scale failures. If we are not, we are not swinging hard enough.

Disagree and Commit

If I have a new idea and I want to see it pursued I do have to build support for it. You need very smart people to embrace the idea and move it forward. We have a framework at Amazon, it’s one of our leadership principals, it’s called disagree and commit. That is extremely useful. After you discussed an idea, you do need to make a decision and move forward. The whole team needs to really commit to that. When I really feel strongly about something and the team disagrees with me I have a helpful phrase that I look to use which is, “I want you to gamble with me on this.”

The truth is when you are in a position like that nobody knows what the right answer is.  You’re not saying I’m right on this. Go do this. You’re saying I want you to gamble with me on this because I don’t know if it is right either. I disagree and commit all the time. I promise the people when I do it, I’m very clear in saying, “I don’t agree with this. I think it is probably not going to work. But I will never say I told you so and I’m going to be on your team. I will do everything I can to make it work.”

Broadband Access Is Going To Be a Fundamental Human Need

A recent big bet (we’ve taken at Amazon) would be Project Kuiper. This is our LEO satellite constellation. The goal here is broadband everywhere. One of the things this does, it’s just the way the systems work, you have equal broadband all over the surfaces of the earth. Not exactly equal, it tends to be a little bit more concentrated toward the poles, unfortunately. You end up servicing the whole world.

It’s really good because by definition you end up accessing people who are under bandwidth including rural and remote areas. I think you can see going forward that access to broadband is going to be very close to being a fundamental human need as we move forward.

Amazon’s Jeff Bezos: We Need To Have Billion Dollar Scale Failures

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Google Q1 revenues $36.3 billion but miss Wall Street expectations

Mobile search and YouTube drove revenue gains, but growth of paid clicks has declined when compared with earlier quarters.



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New Funding Round Values Reddit at an Astounding $3 Billion

Reddit announced a new $ 300 funding round valuing the company at an astounding $ 3 billion. The valuation is amazing considering that Reddit has been around for quite a while and is presumably past its high growth phase. Reddit was founded in 2005, a year after Facebook and a year before Twitter.

Half of that investment is coming from China video game producer Tencent, raising concerns from some about censorship possibilities. Reddit is currently banned in China.

Steve Huffman, CEO of Reddit, discusses the new funding round in an interview on CNBC:

We are reinventing the ads business both on the technology side and our ability to sell it and to create a friendly home for users and brands alike. We’ve made steady progress on all of these fronts over the last year. We feel pretty proud of where we are. As a result, we’re seeing a lot of attention from both brands and investors.

When we’re talking about competing for ad dollars, of course, we’re talking about Facebook and Google who take up the vast majority of ad spend. But when we think about our competitors, I half-jokingly but truthfully say, we’re competing with anywhere people spend their free time.

They (Tencent) are investing in lots of videogame companies and video games are one of many categories that are really popular on Reddit. But the fact of the matter is we are the only company at our scale that’s still a private company. We’ve had a lot of investor intention in the last year. So we find ourselves in a good position to kind of get something done right now.

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Instagram Now has 1 Billion Monthly Users, Launches IGTV for Content Creators

Instagram has just hit one of its most crucial milestone – one billion users. The news came on the heels of the company’s launch of IGTV or Instagram Television, a long-form video format that takes aim at rival YouTube.

It seemed inevitable that Instagram would hit the 1 billion monthly users mark. But what probably surprised people was how quickly the company achieved this. After all, it was just in September of last year that the photo-sharing app reached 800 million users.

Instagram now joins WhatsApp and Messenger in the 1 billion club. The two Facebook-owned apps have 1.5 billion and 1.3 billion monthly users respectively. And despite recent controversies, Facebook is still holding strong with 2.2 billion users.

IGTV Goes Up Against YouTube

Instagram announced its latest achievement at its San Francisco event launching IGTV, the company’s latest app for long-form video. While IGTV is designed as a standalone app, it will also be found as a tab in Instagram

Instagram videos are usually limited to 60 seconds but with IGTV, videos can run as long as 10 minutes. Meanwhile, creators with a huge following can post videos that are up to an hour long. At the moment, IGTV videos will have to be pre-recorded, although live videos might be something Instagram will offer in the future.

IGTV videos will show up as thumbnails at the lower half of the creator’s page. Tapping on a thumbnail will cause the video to go full screen. Each video will show the same icons that users also see on Instagram – a heart, share tool, and the comment bubble.

It would appear that IGTV is going up against YouTube in terms of content creation and consumption. However, IGTV still has a long way to go before it can match YouTube’s number of monthly logged-in users and content creators.

Zuckerberg’s Big Instagram Win

Instagram’s latest milestone can be considered a big win for the embattled Mark Zuckerberg. The rollout of IGTV had Facebook’s stock rising by 2.3%, making Zuckerberg richer by $ 1.7 billion. The boost could be due to the fact that the new feature can provide Facebook with a new avenue to run advertisements. Even though Instagram isn’t selling ads on IGTV yet, there’s a big possibility it will in the near future.

Facebook has faced its fair share of controversies recently, with the latest one being the Cambridge Analytica scandal. Despite that, the company still enjoys robust ad sales and continues to grow its user base.

[Featured image via Pixabay]

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What Is A Many-To-Many Business And How Can This Model Produce Billion Dollar Outcomes

During the dot-com boom around the year 2000, and the years that followed (before I started this blog in 2005), I was a guy in his early twenties looking for a business idea to make my riches. At that stage, I had built a handful of websites. They were hobby…

The post What Is A Many-To-Many Business And How Can This Model Produce Billion Dollar Outcomes appeared first on Yaro.blog.

Entrepreneurs-Journey.com by Yaro Starak

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Walmart Competes Against Amazon for Flipkart Buy-In, $12 Billion Offered for Controlling Stake

US companies Walmart and Amazon are competing to acquire a controlling stake in Flipkart, India’s leading eCommerce company. Walmart has completed an in-depth due diligence on its proposed majority ownership in the Indian firm. However, rival Amazon also wants to put in a bid and offers a ‘breakup fee’ of $ 1 billion to $ 2 billion, a penalty to be paid in case the deal fails to proceed.

Unnamed sources revealed that Walmart is willing to pay $ 10 billion to $ 12 billion for a controlling stake of 51 percent or more, valuing Flipkart at roughly $ 20 billion. But the deal isn’t sealed yet because Amazon is reportedly interested as well.

Insiders privy to the matter disclosed that Flipkart’s board recently discussed the competing proposals. They seem to agree that Walmart’s offer is better since the US retailer will face fewer regulatory hurdles. On the other hand, Amazon is considered as Flipkart’s primary competitor. It will face tighter scrutiny for possible monopoly since both companies control the majority of India’s online retail market.

Founded by two former Amazon employees, Flipkart is taking on the eCommerce giant to have a piece of India’s expanding online retail market. According to Morgan Stanley estimates, eCommerce in the country is predicted to grow annually by 30 percent and will be worth $ 200 billion by 2026.

Because of its vast potential, Amazon is investing heavily in the emerging market. The eCommerce giant has spent $ 5 billion for its India operations but is losing to homegrown startups like Flipkart that know the market well.

Flipkart announced recent plans to construct a 4.5 million sq. ft. logistics facility in Southern India. This is significantly bigger than Amazon’s largest warehouse measuring 400,000-sq. ft. in the country. But the US online retailer also has 62 fulfillment centers and delivery stations located all over India.

Walmart’s entry will give the startup its much-needed funds to compete head-on with Amazon. Flipkart will also benefit from the retailer’s unparalleled experience in logistics and supply chain management.

The largest US retailer’s stake in Flipkart will depend on which of its shareholders are willing to sell. SoftBank, Tiger Global, and Naspers are just some of its largest investors. Insiders said that SoftBank prefers a deal with Amazon because of its success in online commerce. Tiger and Naspers will likely sell their holdings to Walmart for the right price, according to sources.

As of writing, Walmart, Amazon, and Flipkart have declined to comment on the matter.

[Featured image via Flipkart website]

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Dropbox’s Initial Public Offering is Priced at $21, Company Market Cap Reaches $9.1 Billion

Investors, especially those who specialize in picking tech stocks, will now have one additional company to consider as an investment option. A decade after its founding, Dropbox is now a publicly traded company starting Friday, March 23, 2018.

The San Francisco-based firm successfully hosted its IPO on Thursday where investors bought Dropbox share at $ 21. Popular for its cloud-based files storage and syncing service, the company was able to raise a whopping $ 750 million from the event.

The IPO price of $ 21 per share is already way above the $ 16 to $ 18 price range previously proposed by the company earlier this month. The final price was even higher than the latest estimate when Dropbox raised it to between $ 18 and $ 20 in its regulatory document filed on Wednesday.

At its current share price, Dropbox is now a publicly traded behemoth with a market capitalization of $ 9.1 billion. However, this amount still falls short compared to the $ 10 billion valuation it received during its last round of private funding in 2014.

Of course, many are fearful that the tech company’s valuation trend will go downhill after its IPO, which seem to hound some tech listings. For instance, investors had to wait for almost a year before Snapchat’s shares rebounded and started trading above its June 2017 IPO price of $ 17 per share. This is a turn off for short-term investors who do not wish to hold on to a share for too long.

But most investors remain upbeat on Dropbox’s future earning potential. The company is already cash flow positive and performed well last year. Its sales are on the rise, garnering a massive $ 1.11 billion in revenues for 2017 alone. The figure represents a 30 percent increase compared to 2016’s performance.

[Featured image via Dropbox]

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Salesforce Wants to Buy MuleSoft, $6.5 Billion Offered for Acquisition

In today’s ultra-competitive business environment where customer satisfaction is key to success, every company needs to have a proper Customer Relationship Management (CRM) strategy in place to stay ahead of the competition. This explains why the services of CRM-focused cloud computing companies such as the San Francisco-based Salesforce is in demand as they help other businesses polish their brand’s image while tapping into the full potential of their existing clientele.

But even CRM experts must evolve with the changing times to stay on top of the game, and this sometimes includes the plain old mergers and acquisitions route. Recently, Salesforce announced that it is willing to shell out some serious cash to buy API expert MuleSoft.

The deal is valued at a whopping $ 6.5 billion, which is expected to be finalized by July this year. At $ 44.89 per MuleSoft share, Salesforce is even willing to pay 36 percent on top of the current market price to sweeten the deal. However, it won’t be a pure cash transaction; Salesforce will pay $ 36 in cash as well as 0.0711 of its shares for every MuleSoft share.

Given the multitude of applications available to businesses, MuleSoft makes it easier for companies to connect, utilize and make sense of the jumble of data generated by their horde of apps and devices. The company is an industry leader in terms of integrating different APIs, making them work seamlessly in any cloud-based platform. Obviously, the company’s technical expertise is invaluable for Salesforce’s CRM and marketing services.

Aside from tech, the deal will also bring MuleSoft’s clientele within Salesforce’s reach. As an industry leader in cloud integration, Mulesoft runs a globe-spanning operation with around 1,200 clients across 60 countries, which includes Fortune 500 firms such as Coca-Cola, VMware, GE, Accenture, Airbus, AT&T, and Cisco.

The deal is ultimately geared toward improving Salesforce’s bottom line and, hopefully, help the CRM giant meet its rather ambitious revenue target. The company aims to increase its annual revenue to $ 60 billion by 2034. While MuleSoft only posted $ 300 million for its 2017 sales, Salesforce could tap into its tech expertise to improve its service and further boost its future revenue.

[Featured image via Salesforce]

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What Is A Many-To-Many Business And How Can This Model Produce Billion Dollar Outcomes

During the dot-com boom around the year 2000, and the years that followed (before I started this blog in 2005), I was a guy in his early twenties looking for a business idea to make my riches. At that stage, I had built a handful of websites. They were hobby…

The post What Is A Many-To-Many Business And How Can This Model Produce Billion Dollar Outcomes appeared first on Entrepreneurs-Journey.com.

Entrepreneurs-Journey.com by Yaro Starak

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Cisco Ventures Into the Cloud, Acquires Broadsoft for $1.9 Billion

Cisco has just signed a check worth $ 1.9 billion for Broadsoft, a clear sign that the company is set on moving away from switches and routers and expanding its product portfolio.

Cisco, the world’s biggest producer of networking gear, announced on Monday that it offered Broadsoft $ 55 per share, a 28% premium over its closing price on Aug. 29. The market day ended with the two companies enjoying a rise in their shares, with Broadsoft enjoying a 1.5% boost before the bell.

News that Cisco was planning on acquiring the American telecom software company surfaced on Sunday, with the deal estimated to be valued at $ 1.71 billion based on its outstanding 31 million shares.

The arrangement between the two companies would also give Cisco a firmer stronghold in selling consolidated communications software to major telecommunication companies. It also heralds the company’s move from being a purely networking company to one that focuses on software and services delivered via the cloud.

The deal is expected to be wrapped up by the first quarter to 2018, after which Broadsoft employees will be joining Cisco’s communications technology division.

Broadsoft is known for supplying software and services that allow fixed-line, cable and mobile service providers to offer integrated communications over their IP networks. It has historically been offering its products to big telecom companies like AT&T and Verizon, which then resells the software to their clients. Meanwhile, Cisco has been placing all its attention on high-growth sectors like cloud computing, the Internet of Things and security.

While the move might have been surprising for some, Cisco’s management strongly believes the two companies complement each other. CEO Chuck Robbins said that the deal with Broadsoft will give their clients a way to better connect with their customers. According to Robbins, businesses have to think about how they interact with their customers when dealing with digital strategies. He also added that the “acquisition of Broadsoft actually gives us the most comprehensive set of collaboration solutions for our customers.”

Cisco’s Broadsoft acquisition is the company’s second large-scale purchase this year after scooping up AppDynamics for $ 3.7 billion in March. The company is also gearing up to acquire more companies. In May, Cisco agreed to purchase Viptela Inc., a software-based networking start-up, for $ 610 million. It also has plans to acquire Perspica, an analytics company focused on machine learning-driven operations. Cisco reportedly has plans to integrate Perspica’s engineering team with the AppDynamics group.

[Featured image via YouTube]

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