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👋🏾 Hey From Colorintech - #043

<<First Name>>, we've got some cool things especially one for any budding CTO's this week. Check it out 

Oh and if you missed an edition, you can find it here 😜
🗞️Diversity and inclusion news🗞️
📣Speaking up 📣
 
This week a number of stories hit the news with major tech companies (including the one that brings you this newsletter, Mailchimp) having their employees speak out against discrimination that they have experienced at work🙅🏾‍♀️

Mailchimp wasn't along with this story dropping on Vox regarding Amazon.📦

Whilst we're not in a position to be able to substantiate the claims further, what we have seen as a recurring theme in the last 12 months is a big movement from employees to speak up when they feel or see injustice📣.

Read more here about what they are saying, and we'll do some more digging on our end to provide a platform for those unheard to share their experiences.
😲Tech Talent charter - Ethnicity in tech💁🏿‍♀️
 
We are signatories to the Tech Talent Charter, a government-backed initiative for UK tech companies to do good things and report on what they are doing, and has over 400 signatories to date✅

Well the team has put together a number of great resources here and hereand a great directory here.
The data is becoming more and more relevant in time and given that we thought we'd pull out some reading so you don't have to (although if you want to the link is below)
  • Over one in five organizations (22%) are not using self-identification surveys to gather data about the diversity of their employees.😲
  • 82% responded that gender was one of their top priorities; followed by ethnicity, which was cited as a priority among 58% of respondents. 🤔
  • There is an over-representation of workers of Indian ethnicity in the sector (7% versus a 2% baseline in the rest of the workforce) highlighting whilst terms like BAME can be obfuscating👀
Do take some of this with a pinch of salt. Clearly, the most progressive organizations will be the signatories of the charter, so we wonder what those who aren't, think or aren't doing🤔

You can read the whole report here
🧠Things that make you go hmmm🧠
📲New twitter features 📲

Twitter announced a swathe of new features as it seeks to make good on ints investments in platforms such as Revue, and diversify its revenue flows from pure ads.💰

Most notable was the concept of Paid tweets👀. Yep, if you're a creator who wants to provide a bit of gated wall and think people will pay for it, then Twitter might be able to bake it all into its own platform rather than encouraging you to go to pateron, substack, only fans or other platforms.👀

Also announced was the introduction of groups in addition to its previously announced (spaces /clubhouse competitor) to help users get involved in topics related to issues or things they care about (taking a leaf out of the successful Facebook feature)😅.

Interestingly there isn't an announcement yet about what cut Twitter will take or when these things will come live, (likely something it will experiment with starting cheap and moving up)📈

A broad question though, is will this ruin Twitter?
After all, if your favorite journalists, commentators, or accounts require you to subscribe to see, will people just do it, or just turn off from them totally. The news industry has grappled with paywall concepts for years. Ultimately high-value content will probably work out an equilibrium price (it always has). 
For example, fans of your favorite artist may pay a pound or so for something more exclusive or first (and if you have thousands of followers/subscribers, it could be a very welcome healthy revenue stream)🙋🏽‍♂️

But what about the cheaper stuff?
Perhaps the most dangerous example is misinformation. If high-quality stuff is paid for, low-quality stuff could spread more easily and with damaging consequences. Exclusivity can create less of a commons or town hall, but more echo chambers and gated communities🤨

Will Facebook copy?😅
With every innovation, there is a question now about "will Facebook copy?"😂. Perhaps Instagram will follow, enabling a charged, close friends/fans option to help its mission for creators to monetize, and we've seen it work for only fans with X rated content too😜

So what?: We're excited to see business model innovation from big tech, so let's see how the experimentation works and if it does, Facebook will probably imitate 😂


🤖When AI goes wrong 🤖

So we saw a report a few weeks ago saying that despite scanning 23 Million of Faces, Police Caught Zero Imposters at US Airports Last Year. If that's the success rate of the tech, there are some questions to be asked about the benefits of it🤨

We then saw this report noting some Uber Eats drivers and couriers were fired because the company’s “racist” facial identification software was incapable of recognizing their faces when they're prompted to take a photograph of themselves and compare it to a photograph in the company’s database for verification.😱

If this is the downside of when, things go wrong, and there isn't efficacy of this tech is (putting this politely) debatable then we do need to have broader public conversations on this🤔. This is what google are doing on it

So what?: Who is asking the questions in the room? Are there folks from underrepresented backgrounds? We think not, but the consequences can be huge if not


🤑What could bring bitcoin down? 🤑
 
Unless you've been living under a virtual rock it would have been quite hard to escape from seeing stories about Bitcoin over the last few months. Afterall it is up over 500% in a year (Crazy for an asset class)🤯

Nonetheless Coinbase (one of the biggest cryptocurrency exchanges (over 1/5 transactions happens on it) is filing to go public north of $100bn.💰 In public filings, it's normal for companies to write out things that may be a thread of their business and one notable one was the return of the mysterious Satoshi Nakamoto🕵🏼‍♀️

Satoshi Nakamoto, for those who don't know, is the name used by the presumed pseudonymous person or persons who developed bitcoin, authored the bitcoin white paper, and created and deployed bitcoin's original reference implementation. The Bitcoin creator’s holdings represent more than 5% of the total supply of the flagship crypto asset or around 1.1 million (worth around $55 billion at current prices) of the 21 million bitcoin that could exist in the world😲

The only thing is there is almost no evidence of Satoshi doing anything for about a decade. If he/they're dead, the coins can pretty much be presumed gone forever, but there was an account, which generated Bitcoin on 9 February 2009 when they were worth zero US dollars, that moved them on 20 May 2020, leading people to believe that it could have been Nakamoto moving them👀

So it's no surprise to hear, if Satoshi was to return with a big reveal, it would be as one of the world's richest people, and also massively destabilize the notoriously volatile currency🧐

Another risk to Bitcoin could be its green credentials. Mining the coins is known to be incredibly energy-intensive and that's not in vogue. Read more here🌳

So what?: Do you think Satoshi will return? If he does, you might want to HODL 😅

📈Europes biggest fintech 📈
 
Love them or loathe them, the Klarna train just keeps going one with their latest funding round leading them to a valuation of $31bn (making it Europe move valuable private fintech).💸

The ethics of the business have come under significant security over the last few months with Buy now Pay later, being seen as a way to indebt vulnerable unwitting consumers💁🏿‍♀️

Nonetheless, that hasn't been enough to put the likes of Silverlake, Sequoia, Northzone, and others from getting a piece of the pie ahead of a large IPO📈

Given there are moves from the UK gov to make the UK home to more attractive IPO's there is some politics to where that may happen🗺

So what?: Innovation doesn't have to be groundbreaking. Old concepts applied digitally can be highly successful?

👩🏿‍💻For the creators👩🏿‍💻
📈 The tools behind the tech📉
 
📦Product📦
📏Design📏
🌐Events and opportunities 🌐
💻 Up to $220k Equity free from Google 💻
 
Google's Black Founders fund, has arrived in Europe and they have committed to providing a pot of over $2m to Black Founders.

They're giving away up to $100,000 in non-dilutive cash awards to selected European startups paired with up to $220,000 per startup in Google Ads and Cloud credits.

Check out how to apply here Link here
📣Partner corner 📣
 
💻 Google my business 💻
 
Don't forget to update your business details online so people can find you. Google are helping folks do it so check it out here
 
🙌🏾The latest from the Colorintech team🙌🏾


😎And that's the bottom line😎
 

👊🏾Let us know what you think if you have any feedback on the newsletter here👊🏾

📩If you think someone else would enjoy it, they can sign up here📩, you can forward it or you can share 
    


🤗In these challenging times, we hope you and your loved ones stay safe.🤗

❤️Love, peace and happiness from the Colorintech Team!❤️

03/03/21 
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