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General Motors has announced plans to be carbon neutral by 2040 — removing emissions from all of its products and global operations or offsetting those emissions through carbon credits or carbon capture within the next two decades.
The company also committed to have a fully electric fleet of vehicles by 2035.
It’s a big step for a company whose products are responsible for a large percentage of the greenhouse gas emissions that contribute to global climate change and comes on the heels of a pledge to launch a massive fleet of new electric vehicles and a $27 billion commitment to electrification late last year.
The auto giant said that it would work with the Environmental Defense Fun on its vision for an all-electric future and will work toward eliminating tailpipe emissions from light-duty vehicles by 2035.
GM’s also getting into the charging business too. The company said it would work with “governments, partners, and suppliers around the world too build out the necessary charging infrastructure and encourage the use of renewable energy n electric vehicle charging.”
To power the company’s operations, GM said it will use only renewable energy power at its U.S. facilities by 2030 and by 2035 all of its operations worldwide will use renewable power.
These commitments are also going to extend to its supply chain over time as the company works with its suppliers to reduce their emissions, increase transparency and source sustainable materials.
“While electric vehicles do not produce tailpipe emissions, it is critical that the impact associated with production and charging is incorporated in our plans. By working with utility companies to provide access to more renewable energy sources, GM hopes to address the entire production cycle of future EVs, with benefits that will extend far beyond our own vehicles and operations,” the company’s chief executive Mary Barra said in a statement.
This commitment is going to require a massive transformation that encompasses more than GM alone, Barra wrote, because “making the transition to an EV is simply not possible right now – either because the appropriate vehicles do not exist or because access to charging is limited where [people] live and work.”
Storetasker is an online marketplace focused on connecting Shopify merchants with developers and other experts who can help grow their business.
The product is now owned by the startup previously known as Lorem. Co-founder and COO Charlie Fogarty explained that while Lorem originally had a broader mission of connecting small businesses and developers, “We realized that Shopify and e-commerce was by far our best customer segment … so we basically acquired our main competitor, Storetasker, and merged the two business” under the Storetasker name.
The acquisition (which included the Storetasker product and expert network, but not the team) actually took place last year, and Fogarty said, “We’ve spent the last 10 months basically rebuilding the product from the ground up. We’ve taken years of learning and combined it into a rebrand, a new product and a new end-to-end customer experience.”
The core proposition is still the same, however. A Shopify merchant should be able to visit Storetasker, describe their project in simple terms and then within a few hours, Storetasker will match them up with one of the experts in the network, who they can work with directly.
Storetasker has already been used by more than 30,000 brands on Shopify, including Boll & Branch, Chubbies, Aisle, Alpha Industries, Truff Hot Sauce and Branch Furniture. Fogarty said the average project size is just $300 and usually involves adding custom designs and unique features to a Shopify store.
Image Credits: Storetasker
You could use a general marketplace like Upwork or Fiverr to find a freelance developer, but where Storetasker has conducted more than 5,000 interviews to vet its talent and picks the right expert for each customer, Fogarty said that on other platforms, “You have to sift through unvetted talent … The hiring burden is placed on the brand.”
Plus, he noted that brands can use Storetasker for more than development help — they also use it to find experts on conversion and “all the different aspects of e-commerce.”
In addition to the new product, Storetasker is also announcing that it raised $3.2 million in Series A funding last year from Flybridge, Founder Collective, and FJ Labs.
Looking ahead, Fogarty said he sees plenty of room to grow while remaining focused on the Shopify ecosystem. After all, there are more than 1 million stores on the platform, with $200 billion in total sales to date.
Source: https://techcrunch.com/2021/01/28/storetasker-relaunch/
A new type of neural network that’s capable of adapting its underlying behavior after the initial training phase could be the key to big improvements in situations where conditions can change quickly – like autonomous driving, controlling robots, or diagnosing medical conditions. These so-called ‘liquid’ neural networks were devised by MIT Computer Science and Artificial Intelligence Lab’s Ramin Hasani and his team at CSAIL, and they have the potential to greatly expand the flexibility of AI technology after the training phase, when they’re engaged in the actual practical inference work done in the field.
Typically, after the training phase, during which neural network algorithms are provided with a large volume of relevant target data to hone their inference capabilities, and rewarded for correct responses in order to optimize performance, they’re essentially fixed. But Hasani’s team developed a means by which his ‘liquid’ neural net can adapt the parameters for ‘success’ over time in response to new information, which means that if a neural net tasked with perception on a self-driving car goes from clear skies into heavy snow, for instance, it’s better able to deal with the shift in circumstances and maintain a high level of performance.
The main difference in the method introduced by Hasani and his collaborators is that it focuses on time-series adaptability, meaning that rather than being built on training data that is essentially made up of a number of snapshots, or static moments fixed in time, the liquid networks inherently considers time series data – or sequences of images rather than isolated slices.
Because of the way the system is designed, it’s actually also more open to observation and study by researchers, when compared to traditional neural networks. This kind of AI is typically referred to as a ‘black box,’ because while those developing the algorithms know the inputs and the the criteria for determining and encouraging successful behavior, they can’t typically determine what exactly is going on within the neural networks that leads to success. This ‘liquid’ model offers more transparency there, and it’s less costly when it comes to computing because it relies on fewer, but more sophisticated computing nodes.
Meanwhile, performance results indicate that it’s better than other alternatives for accuracy in predicting the future values of known data sets. Th next step for Hasani and his team are to determine how best to make the system even better, and ready it for use in actual practical applications.
Indian startup Shopalyst has officially launched a new platform that it calls the Discovery Commerce Cloud, which it says can help retailers take full advantage of digital advertising.
Co-founder and CEO Girish Ramachandra told me that Shopalyst was created to allow for “one seamless journey for the shopper” across advertising and e-commerce — something he said current systems are not currently designed to support.
The startup’s first product was a “universal buy button,” and Ramanchandra said that has “naturally progressed” into a broader set of tools for cross-platform advertising, which Shopalyst has been beta testing for the past year.
The Discovery Commerce Cloud consists of five modules, which Ramanchandra said work best together but can also be purchased separately. That includes:
- a market intelligence product with information about what consumers are searching for and what’s popular on media and e-commerce platforms
- an audience intelligence product to target ads based on audience interest, behavior and purchase intent
- a Universal Ads Manager to deliver ads across Google Ads, DV360, Facebook, Instagram, Amazon Ads, Twitter and TikTok
- a landing page builder that can support instant checkout on a brand’s own direct-to-consumer site, comparison shopping across e-commerce marketplaces, instant delivery or a physical store locator
- real-time metrics that measure the full customer funnel
Image Credits: Shopalyst
Ramachandra also noted that the ads created in the Universal Ads Builder optimized to each platform, with dynamically generated creative based on audience data. And by using the landing page builder, brands are also able to gather new data about the audience’s “shopping actions.”
“In the past, [brands] didn’t have shopping actions, because retailers don’t share that data back with them,” he said. “That is all changed. Now they’re able to acquire first-party data [from Shoplalyst], which will help them use the right advertising in future campaigns.”
Shopalyst customers include Unilever, Nestle, Diageo, Nivea, L’Oreal and Estee Lauder. And while the startup was initially focused on its home market of India, the platform is now available across 30 countries.
Shopalyst also says that in beta testing, campaigns run through the Discovery Commerce Cloud have seen up to a 3X improvement in targeting relevance, a 5X increase in audience attention and an 8X increase in ad-activated shopping trips.
Source: https://techcrunch.com/2021/01/28/shopalyst-discovery-commerce-cloud/
The venture potential of a startup that caters to individual students — instead of a slow-moving, small-pocketed institution — has a bullish aura that attracts investors.
Add in a pandemic that forced many to embrace remote learning overnight, and it makes sense that we have seen companies like Outschool and ClassDojo turn first profits while startups like Quizlet and ApplyBoard reached $1 billion valuations.
Last year brought a flurry of record-breaking venture capital to the sector. PitchBook data shows that edtech startups around the world raised $10.76 billion last year, compared to $4.7 billion in 2019. While reporting delays could change this total, VC dollars have more than doubled since the pandemic began. In the United States, edtech startups raised $1.78 billion in venture capital across 265 deals during 2020, compared to $1.32 billion the prior year.
In today’s survey, thirteen top edtech investors shared their thoughts on how growth of lifelong learning is reshaping the industry. Given the sudden extinction of snow days and yeast shortages brought on by student bakers in the early days of the pandemic, it’s easy to see how remote education extends beyond traditional school hours. As learners become more multi-layered and nuanced, so have the edtech companies that back them.
This was a recurring theme in today’s survey, signaling a shift in how investors approach hybrid learning. The evolution of post-pandemic education will be complex, if not aggressively competitive among the growing cohort of well-capitalized edtech companies. While we asked investors about their post-pandemic tastebuds back in July, much has changed since. Higher education didn’t combust like some expected today, and today, many predict that K-12 students will return to pre-COVID formats after vaccinations are widespread.
It puts startups in a difficult spot: if 2020 was about enabling video-based teaching, what might emerge from 2021? Integration between different edtech apps? New student collaboration tools? Are employer-led up-skilling and a renewed interest in self-improvement enlarging edtech’s TAM?
Here are the investors we spoke to, along with their areas of interest and expertise:
- Deborah Quazzo, managing partner, GSV Ventures (an education fund backing ClassDojo, Degreed, Clever)
- Ashley Bittner, founding partner of Firework Ventures (a future of work fund with portfolio companies LearnIn and TransfrVR)
- Jomayra Herrera, principal, Cowboy Ventures (a generalist fund with portfolio companies Hone and Guild Education)
- John Danner, managing partner, Dunce Capital (an edtech and future of work fund with portfolio companies Lambda School and Outschool)
- Mercedes Bent and Bradley Twohig, partners, Lightspeed Venture Partners (a multi-stage generalist fund with investments including Forage, Clever, and Outschool)
- Ian Chiu, managing director, Owl Ventures (a large edtech-focused fund backing highly-valued companies including Byju’s, Newsela, and Masterclass)
- Jan Lynn-Matern, founder and partner, Emerge Education (a leading edtech seed fund in Europe with portfolio companies like Aula, Unibuddy, and BibliU)
- Benoit Wirz, partner, Brighteye Ventures (an active edtech-focused venture capital fund in Europe that backs YouSchool, Lightneer, and Aula)
- Charles Birnbaum, partner, Bessemer Venture Partners (a generalist fund with portfolio companies including Guild Education and Brightwheel)
- Daniel Pianko, co-founder and managing director, University Ventures (a higher ed and future of work fund that is backing Imbellus and Admithub)
- Rebecca Kaden, managing partner, Union Square Ventures (a generalist fund with portfolio companies including TopHat, Quizlet, Duolingo)
- Andreata Muforo, partner, TLCom Capital (a generalist fund backing uLesson)
Deborah Quazzo, managing partner, GSV Ventures
What will edtech look like when students finally go back to school in person? Now that remote has become familiar, what are other concepts that you could see becoming popular?
For k12, use of digital products and platforms will now be very “normal” – companies like Lexia and Dreambox and Nearpod. Maybe this drives home usage of some products traditionally used only in schools like Lexia. Students of all ages are now very facile with zoom, this can pave the way for more zoom based synchronous learning offerings including extracurricular learning like music, dance etc. schools are now fully wired – maybe we will see schools implement home based learning programs – it’s where students spend half their time.
What are the biggest hurdles ahead for early-stage edtech startups looking to scale? What opportunities are fading as the space matures?
Edtech cos need to stay away from the me too solutions. We have seen 20 creator led learning platforms across “preK to Gray” learning in addition to incumbents like Teachable and very few have an ability to build a moat in my view. Unless someone has a very fresh take, I think that ship has sailed. Hopefully as white spaces fill with competitors, new white spaces will emerge. Emerging tech – AI/NLP/ML/VR – will continue to push the envelope. We are still not driving enough people to competency whether in prek12, higher ed or workforce so the opportunity remains vast.
How has edtech’s boom impacted your dealmaking? Has the new interest from generalist investors made valuations too bubbly, or is the market growth helping everyone?
We met on zoom with over 800 founding teams in covid all over the world. We invested in 14 new companies and are just finishing rounds in 2 more. Valuation pressures are across tech sectors. Id argue that education still lags average tech. the question for edtech is whether there is potential for a $100B company in the sector – will TAMs support it.
Ashley Bittner, founding partner, Firework Ventures
What will edtech look like when students finally go back to school in person? Now that remote has become familiar, what are other concepts that you could see becoming popular?
As it relates to our thesis, I believe that the role of employers is changing. Pre-COVID, it was estimated that as much as 1/3 of the US workforce would need to change jobs by 2030. Employers cite skills gaps as a top 3 business concern to stay competitive. Our thesis is that employers will take on more responsibility for reskilling their current workforce, and that training will become job-embeded (rather than only trying to hire to address the challenge.) Degreed was the first wave of this… Learn In is an example of the next step in this evolution. As employers look to provide more skills training (rather than compliance training), we believe that more will come from external sources (CEOs say they are unprepared to meet the reskilling challenge with existing internal resources) and that much of this training will be provided online and during work hours (to address the time barrier that is an equity issue.) I also see an opportunity for modalities like VR to become more popular as we shift to more digital and remote solutions (e.g TRANSFR.) Stats from McKinsey research.
What are the biggest hurdles ahead for early-stage edtech startups looking to scale? What opportunities are fading as the space matures? In US pre-K and K-12, high customer fragmentation (16,000 school districts, 100K+ schools…pre-K even more fragmented with little public investment), long sales cycles, budget, pedagogy, and regulation. TAM. Relatively low consumer spend on education relative to other markets. Opportunities – increasing access to broadband, increase in device penetration. In FOW, increased recognition that reskilling and upskilling is a business imperative, company culture matters for competitiveness, increased focus on DEI.
Jomayra Herrera, principal, Cowboy Ventures
What will edtech look like when students finally go back to school in person? Now that remote has become familiar, what are other concepts that you could see becoming popular?
I think activities that are fundamentally better in person will go back to [being] in person (e.g., sports, music and other enrichment activities). I think that new technology educators may have adopted during the pandemic that they have found to be helpful to their instruction will remain but all the “nice to haves” will likely fall to the wayside. We have a thesis at Cowboy that supplemental education (e.g., Juni Learning, Reconstruction or Outschool) will likely stay online, because parents will not have to worry about driving their kids to learning centers and these companies have the opportunity to make the learning fun.
What are the biggest hurdles ahead for early-stage edtech startups looking to scale? What opportunities are fading as the space matures?
For companies focused on K-12 students, it’s still really challenging to sell into schools and school districts because of the long sales cycle. This will likely become even harder, as local and state budgets tighten. In regard to what is fading, I think that tools that don’t solve a real need for educators, students and/or parents or don’t have demonstrated efficacy when it comes to student outcomes will start to fade. Consumers, especially after the pandemic, seem to be more aware of what technology has to offer and have lower tolerance for tools not having a demonstrable impact.For companies that are targeting adult learners, the biggest hurdle continues to be customer acquisition and building a brand that learners can actually trust. As the space starts to mature, consumers are getting more aware of the questions they should be asking (e.g., graduation and placement outcomes) and are less [fooled] by clever marketing.
What do you expect education to look like in five-plus years from now, when the pandemic is more of a memory?
I hope that in this pandemic we’ve realized how critical our educators are to our children’s success and we pay them more :) Incentivizing our best talent to get into and stay in teaching is a critical lever we can pull to improve education.
For K-12, I expect that there will be more comfort with technology in the classroom and that tech can be partnered with in-person instruction in a way that supercharges the educator with the data needed to personalize their instruction.
For higher ed, I expect that there will be an acceleration in online learning for adults as they continue to look to reskill or upskill. There will be more opportunities to do self-paced online learning that is effective and affordable.
John Danner, managing partner, Dunce Capital
What will edtech look like when students finally go back to school in person? Now that remote has become familiar, what are other concepts that you could see becoming popular?
In K-12, education will probably continue to look much like it did, because the majority of parents are clear that child care is the principal value for their kids being at school. That said, a minority of parents are certainly rethinking education after witnessing what their children were actually learning every day for a year. My opinion is that we will continue to see a disaggregation of this care function from academics. Here’s a piece I wrote about that, which has accelerated significantly this year.
What are the biggest hurdles ahead for early-stage edtech startups looking to scale? What opportunities are fading as the space matures?
For vocational schools with a “free until you get a job” model like Lambda or SV Academy, it’s all about job placement. Lambda has had a lot of success with their new fellowship model, which has allowed them to scale significantly. For a lot of early childhood and K-12 companies working online, it’s about new parent behaviors and whether you can develop a habit like Outschool has done. For senior learning like what GetSetUp does, finding the reimbursement models through healthcare is probably the key.
What do you expect education to look like in five-plus years from now, when the pandemic is more of a memory?
I think we are in a transition to more and more academics happening in the cloud. Right now, that’s all about live experiences and human in the loop. In five years, I think we will begin seeing a significant impact of AI replacing many human functions.
Source: https://techcrunch.com/2021/01/28/12-investors-say-lifelong-learning-is-taking-edtech-mainstream/
