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Yashica Vashishtha

Yashica is a Software Engineer turned Content Writer, who loves to write on social causes and expertise in writing technical stuff. She loves to watch movies and explore new places. She believes that you need to live once before you die. So experimenting with her life and career choices, she is trying to live her life to the fullest.

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William Li : The Founder of Chinese Tesla, Nio

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Everyone is aware of the potential of electric motor vehicles, as these can help the world save on fuel as well as money. Tesla has been the biggest inspiration for every other automobile company, and most of them have already built their electric cars, and are steadily moving towards manufacturing autonomous vehicles. One such company is Nio, founded by a celebrity entrepreneur William Li, that is working on something inspired by the same concept of Tesla electric cars, but a bit on the cheaper end.

William Li was born on born 9 August 1974 in Anhui, Eastern China. Li’s family did not have a very good financial condition, so they started saving for his college since he was seven. He had to work part-time while he was still in school to support his family. He attended a local school and later, joined the Peking University in Beijing to pursue a graduate degree in sociology. He also opted for a minor in law.

Despite the humble beginnings, Li managed to start a business at the age of 21 in 1996. The business was an internet-based startup, and the boom in the industry helped him grow as a successful entrepreneur.

William Li Founder Nio
bloomberg.com

In 2000, he started his second company, which later become his first biggest business. The company name was Bitauto, and it was an automobile Internet content and marketing services provider. Bitauto later became public and traded on the American Stock Exchange Copyright in 2010. It saw huge success and valued at $1 billion. It helped Li to gain enough experience as a businessman and established him as one of the most influential entrepreneurs in China. He served as the CEO and chairman of the company for thirteen years and finally sold Bitauto in 2013.

A fine entrepreneur is never out of ideas and cannot stay idle. Only in a year after he sold his second company, he came up with a new luxury electric car manufacturer startup, Nio, in 2014. Since he had always been into the automobile and stuff related to it, he was inspired to start his own automobile business.

But to start a huge vehicle manufacturing business, one needs a lot of money. For that, he started looking for investments. Li has got great convincing skills, which can be estimated from how he changed the mind of Xiaomi from starting its own electric car manufacturing brand to investing money into another such startup.

Li had always been inspired by the founder of Xiaomi, and how its business model worked. He even implemented some of the strategies from the business model of Xiaomi into his own startup. In a year of struggle, Li was able to bag investments from the major tech companies, including Tencent, Temasek, Baidu, Lenovo and TPG.

NIO EP9 is the first sports car model that the company produced and was launched on the same day as the company. In 2016, the company raised over a billion-dollar from its investors. To expand its specializations, the company received the “Autonomous Vehicle Testing Permit” from the California DMV, in October 2016. Since then, the company has been working on the level-three and level-four autonomy to build its own autonomous vehicles. By the end of the year, the company launched a new two-door coupé, named NIO EP9. Li being an experienced businessman is not afraid of taking risks, but he believes in steady growth. That is why Nio is still producing limited-edition vehicles. Though the company has now made some plans on mass production of its vehicles.

In four years of Nio, it produced over 14,000 units of electric vehicles, and by the end of 2019, the company expects to make the number 20,000 units. Till the year 2019, the company also raised over $2.5 billion through four rounds of investments. In September 2018, the company went public on the New York Stock Exchange and raised a US$1.8 billion.

Nio participated in the Formula E in the 2014–2015 season and also the other race championships. It also won the 2015 Long Beach ePrix and the 2015 Moscow ePrix. NIO has even set five records in their track-only EP9 for the fastest lap for an electric-powered car.

Along with his three startups, Li has also made some good investments. In fact, he has invested in 32 companies from the transportation sector. Li was famous before he started Nio, but the success of Nio has made him known globally. He, in fact, is often termed as the “godfather of the transport sector” in China and sometimes the “Elon Musk” of China.

shazam app

Chris Barton : The Founder of Shazam, A Product of Pure Innovation

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The past few decades have been the luckiest for new ideas and startups. There have been many such cases, where the budding entrepreneurs have got overnight success. But this ain’t true for all of them out there. As, for some of the ideas, it took a lot of persistence and patience of the founders, to become a successful one. One of such ideas is Shazam, a music identifying service, that took a decade to be under the limelight and get the success that it deserved. It was the endurance and willingness for the successe of the founder of Shazam, Chris Barton, that brought the service at the place, where it is today.

Early Life

Chris Barton’s parents were the biggest influence on him. His father was a nuclear physics professor, and his mother worked as a computer science professor. His mother introduced him with computers when she brought a Sinclair computer to their home. Chris loved working on the computer and taught himself the basics of programming. He loved experimenting with things, from where BSMSarton also grew an interest in inventions and creating new things.

After completing his school education, Chris went to the University of California, Berkeley, where he first opted for a double major in computer science. But eventually, he went to graduate in business studies, economics being the major subject of his course.

Chris Barton
Image Source: haas.berkeley.edu

Chris met Philip Inghelbrecht, the future co-founder of Shazam, at the university, where both were in the same class and later became project-teammate. On the other hand, he was already friends with Dhiraj Mukherjee, the other co-founder of the company, when he lived in San Francisco.

Beginning of Entrepreneurship

It was just in 1998 when Chris got his first mobile phone. The time was about the internet and the new mobile devices coming into the market. Though most of the people were looking forward to developing internet-related things, Chris was brainstorming about what he can build based on the tiny handset, that people carried with them 24/7.

When Chris Barton was interning at Microsoft’s internet search portal group MSN, in London, he again met with Mukherjee there, who was working on establishing the first international office of his startup company, Viant, in London. Chris introduced Mukherjee with Inghelbrecht, and all three coincided on a similar topic, starting up a new business.

All the three started looking for an idea that would transform their lives and the world. In the summer of 1999, during the height of the dot-com bubble, Chris saw an opportunity in identifying and providing people with the song they want to know about. Though at that time, many people had tried the same concept for their business, all of them were relying upon the radio for music identification.

Origin of the Idea

Chris Barton came up with the idea of a software that will help people identify a song playing on the radio using the sound of the music itself, and that too, using a mobile phone. But as simple the idea was, its implementation was equally difficult. There was no such technology existed at that time, that would make this very idea possible.

To implement the idea, they developed an algorithm with the help of a PhD scholar Avery Wang (the fourth co-founder of Shazam), that was based on the recorded sound identification technology. So in the year 2000, they launched the demo of Shazam, a mobile service, through which the users could record the piece of music (from radio, club, or any other place) and send it to Shazam, and in return, Shazam would reply the name of the artist and album of the song.

This innovative idea was way ahead of its time. Even before Apple launched its iPod and iPhones. In the beginning, Chris established its office in London and focussed on the European countries, as these countries were more drawn to music.

Founding Shazam

To bring the product out in the market, the co-founders took the help of their family members and friends. After three months of pitching the idea in front of the investors, they raised a one million dollar investment from HSBC. To make the service work properly, in the beginning, the co-founders decided to partner with the people who are related to the key technology that will be used in the service. They partnered with the IVR provider, the SMS aggregator for premium SMS integration, and with the four leading mobile operators in the United Kingdom, i.e. Vodafone, Orange, T-Mobile, and O2.

After getting everything in place, Chris Barton along with the other co-founders launched Shazam on 19 August 2002. Now, people could use the service by dialling a four-digit number, i.e. 2580, on their mobile phone, record the music, and receive the details about it, through an SMS, for just 50 pence.

A few years later, with the emergence of better Symbian mobile phones, the company offered the option to buy ringtones of the identified songs. The users could also get access to an unlimited use subscription pack for around $3 per month. And after the iPhone got launched in 2007, in 2008 the new Shazam app reached the heights of success. It had 11 million downloads in the year of 2010. According to a report from CNET, Shazam was the 4th most downloaded app of 2011. By 2012, Shazam had over 225 million users in more than 200 countries.

Today, all four co-founders sit on the board of the company, and Chris now works for Google. Shazam is one of the most popular apps today that allow the users to buy the music, watch music videos, as well as see the lyrics of a particular song.

IN 2016, Snapchat included the Shazam feature to its app, and in 2018, Apple acquired the company for $400 million.

Apple Card

The US Citizens Can Now Finally Use the Apple Card

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Apple finally launched its most anticipated Apple card on Tuesday. For now, it will only be available for the users in the U.S. The users can apply for the card directly from their Apple Wallet app on their iPhone. They do not have to wait for the physical card to arrive as they can use it virtually through the Apple Pay as soon they request for the card.

The new card is the digital-first card that the iPhone users will get, and it will even make the credits private for the users. According to Apple, no system will keep the record of from where and when a user has shopped and what amount did he pay, like, in the cash system, it will keep the credits anonymous. So the users don’t have to worry about their data being sold by the company. But the users can see their spendings and balance in the card through the Apple Card app. They can also keep the record of the cash backs they got and see where they spent their money in Apple Maps.

Apple has partnered with Goldman Sachs and Mastercard to design and process the card. There is no annual fee, cash advances fees, over the limit fees or late fees, that the user needs to pay to use the card. And moreover, according to the claims made by the company, it has got even lesser interest on the purchases. In fact, the company will be providing incentives and cash rewards to users for using the new card. The card is acceptable at every merchant accepting Mastercard.

Apple Card
Image Source: interestingengineering.com

The new card also renders some interesting features, like it changes colour for different types of spendings. For example, if a user is using the card for a restaurant bill, the card will turn orange. And if the spending is on entertainment, the card colour will be a mix of orange and pink. Apple has already started 3% cashback on purchase through the virtual card at selected merchants, including Uber and Uber Eats. With the physical card, the cashback will be 1%.

The new app to use the card is available for the users, who own an Apple 6 or a newer model running iOS 12.4. To use the app, you need to go to the Apple Wallet and tap on the (+) icon on the upper right corner on the screen. Then, a Continue button will appear along with a small description of the Apple Card. Upon tapping on the Continue button, a list of Card Type will appear, where you need to select Apple Card. Then you must verify and confirm your details by filling in the information and accept the Apple Card terms and conditions on the next screen.

After that, Apple will send you a description of the credit limit and interest rates based on your information, where you need to tap on Accept Apple Card. This way, the card will be ready for use.

reddit live stream

Reddit is Testing a New Live Stream Feature

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The popular American social news aggregation and discussion website, Reddit, has just announced that it is going to start a new live streaming service. Last Friday, the Reddit feed was filled with posts that were talking about a new r/pan subreddit, which made everyone curious about the new feature. Finally, Redditers started getting notifications about this new subreddit on their accounts, including the announcement about a new live broadcasting service from Reddit, and also, the rules that one need to follow in order to live stream.

The company revealed through the notification that the new broadcasting service will be called the “Reddit Public Access Network”, and only the eligible people will be able to live stream over it. The r/pan subreddit will be dedicated to the very service.

Reddit will be displaying the best live streams on its first page. There will be a voting system, like the upvote Reddit already have on it. The other users can vote for their favourite creators, and those votes will be the parameters for the lives streams to feature on the Reddit front page.

reddit live stream
Image Source: marketingland.com

But, there are some rules that the users need to follow in order to live stream on the platform. One of the rules states that the creators need to be careful about posting any adult content, anything that can offend the common users of Reddit, graphic violence, hoax promotion, as well as illegal or dangerous behaviour.

Since it will be a public network, there is no choice for the users to post anonymously or keep the live stream private. Currently, the new feature is out for testing. But even during the test, it will display the top voted posts on its first page. There has been put a limitation on the timings for the stream as well. It will be a five days test, that will end on 23rd August, and the users will be able to post between 9 am to 5 pm.

The main purpose for setting the time limit for the post is to carry out an accurate moderation for the content that will be posted through live broadcast.

“We are 100 per cent committed to making sure that content on RPAN stays safe and Safe for Work. We will be watching RPAN broadcasts very closely.” said the company in the blog post.

Though Reddit is already one of the most loved contents posting platforms, if all worked fine, the new feature can lead it to join YouTube and Twitch as one of the leading streaming platforms as well.

Huawei mapping kit

Huawei to Launch its own Mapping Kit as the Result of the China-U.S. Trade War

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The ban that the U.S. government had put on Huawei has made its experiment with its own products, and after it announced HarmonyOS (HongmengOS), the company has revealed that it is going to launch its own home-grown mapping kit similar to the Google Maps. Though the company has still not admitted that the HarmonyOS will be empowering its smartphones, it definitely is going to feature its mapping app into them.

The company has been facing some serious issues, and it got almost banned in the U.S. Though the company got a relaxation for the trade in the U.S., and it is expected to get 90 more days to operate in the country, it still is banned from embedding Google Maps into its smartphones.

This has led the company to take another step towards independence, such that it is already up to developing on its own mapping app, named Map Kit. The company will be incorporating over 150 countries into the very mapping kit, and for that, it will be operating with the local mapping apps.

Huawei mapping kit

The mapping app is not for the public use, instead, the developers would be able to create their map apps based on the kit. The kit will combine features, like street views and navigation, that will also show real-time traffic condition. The kit can also be used to add a location tracking feature in other apps, and for that, the kit will render support for the augmented reality.

“Huawei Map Kit will be available in 40 languages. It will offer real-time traffic conditions and a highly sophisticated navigation system which can recognize a car changing lanes. It will also support augmented-reality mapping,” Zhang Pingan, the president of cloud services of the consumer business group at Huawei, said in a statement.

But the company still has got into ties with an American company named Booking Holdings to work on the new mapping service. The U.S. government has though given the company the permit to work in the U.S. market, still the company is now aware that it is not permanent, and the company has to bring its own products if it wants to continue to rule the smartphone market.

In the past, many big companies have tried to build their own products, and not all have succeeded in that. The independence from the use of the third-party product will help Huawei to focus on the smartphone markets other than the U.S., and the company can also gain the customer base for its products, that the other companies would use into their products, such as is new HarmonyOS and the mapping kit. Huawei will be bringing the mapping kit in coming October.

venmo

Venmo : The Experience of Money Transfer Made Easy

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You do not get success in the first few attempts, but you sure get the experience. Trying and trying again always gets you with some good exposure and enhanced skill, such that the end product you create is always ‘the product’ that changes your life. One such similar story is of the founders of Venmo, a mobile payment service, who from being clueless about their future were able to build a multimillion startup.

The Founders

Venmo, an online payment app, was founded by two friends, Andrew Kortina and Iqram Magdon-Ismail. The two had joined the University of Pennsylvania in 2001, where they got to share their room as freshmen. Iqram and Kortina both opted for Computer Science as their major, but later, Kortina switched to philosophy and creative writing. The reason being that he was already able to study computers and programming through homework exercises, so to utilize the university fee, he changed his subjects.

With time, the two became good friends and together, started working on different projects. The first project, on which they worked together, was a college advertisement website. They named the website My Campus Post. Along with the website, they spent most of their time on various other projects, but all they were doing as a hobby.

Venmo founders
Image Source: fastcompany.com

But Kortina realised that the graduation time is near, and they had no plans for their career only when his mother asked him about his career plans. This hit his mind, as he and Iqram, both of them need to make a career plan for them.

Beginning the Career

The two decided to move to West Philly, as the rents were way cheaper there. Here they started advertising about website development services from door to door and started getting some work. They also started their own online music selling project named Philafunk, at the same time. The platform provided the musicians with the facility to sell their music, and the website would charge them a minimal fee on every sale.

The two had skills, but they did not have real-world experience. So they decided to take a job. For the next two-three years, they worked for different technology firms, including iminlikewithyou.com.

They kept their part-time work of developing websites running alongside and continued to look for the life-changing idea. They even developed software for shops that could be used as a ledger or register on a laptop.

They came up with the idea of Philafunk while enjoying a Jazz show in the city. Philafunk enabled the musicians to accept money for the subscription, music or the merchandise people bought from them.

Founding Venmo

While the two were working on Philafunk in NYC, Iqram forgot to bring his wallet and borrowed some money from Kortina and wrote a cheque to him. This hit his mind, as he was using the traditional method of paying the money when he was using their mobile for every other thing. The two knew PayPal was already there for online money-related transactions, but even though people were not using it.

This led them to think of a new idea of developing a method to send and receive money through their mobile. They started working on the project and made use of the text message, i.e. SMS, for sending and receiving the status of money transferred. The working of the new payment method was quite derived from the Philafunk model, where now everyone (not only musicians) could receive the money for anything (not just for selling music).

The two also included the option to add a small description about for what the payment was made, such that people could keep the record of when and who they paid money for. They put the name of the service as Venmo. ‘Ven’ in Venmo has been derived from the Latin word vendere, which means ‘to sell’ and ‘mo’ is short for mobile.

The two were ready with the prototype of Venmo and started meeting people for its seed investment. But unfortunately, they could not convince any major investors. But they had to launch the service, and they took the help of Magon-Ismail’s old boss at Ticketleap and his father with the investments. They launched Venmo in August 2009. But in the next few months, the popularity of the app led the two co-founders to raise a $100,000 in debt financing.

The Rise of the Company

By the end of the year, the company shifted the model from website and SMS to mobile application and launched an iOS app in December. In January 2010, they got the opportunity to represent their product at the Mobile Monday Mid Atlantic Demo Night. Here they asked the audience to send some donation money to the relief fund for people suffering from an earthquake in Haiti. The relief fund raised a $600 in just a few minutes of announcement and in a week, there was a total donation of worth $15,000 through Venmo. This was one of the best marketing moves for the company.

The company raised another $1.2 million in May 2010, in a funding round led by RRE Ventures, followed by another $400,000 in debt financing in June 2010. The next month, Venmo launched its Android app. The coming year, the company partnered with most of the banks running in the U.S, for the payments.

By 2012, the growth rate for the company reached 30 per cent per month, and it was carrying out $10 million in payments every month.

On August 16, 2012, Braintree, another technology and mobile payment company, acquired Venmo for $26.2 million. But in September 2013, eBay acquired Braintree and all its subsidiaries, such that Venmo became the part of PayPal.

Venmo still is one of the famous payment apps in the U.S. and only serve in the U.S. As of 2017, a million users were using Venmo for mobile payments, and it carried out nearly $50 billion worth of transactions in 2018.