You work hard for that six-figure salary. Heads down and standing desk up, evening coding sessions bleed into all-nighters with the ease of a mouse click. So when it comes time to hand over some of that hard-earned cash to the government for taxes, it’s understandable that you’d be a little ruffled. “Why can’t I find tax loopholes like that guy Mitt Romney?” you might wonder angrily as you zip down the 101 in your company-leased BMW. “Life is just not fair.”
Silicon Wall Street
“That’s not Jamie Dimon,” joked Adam Sodowick, founder and CEO of True Office, as an avatar in his game walked onto the screen. However, Mr. Dimon’s employer, J.P. Morgan, was one of the 12 banks that mentored the FinTech Innovation Lab participants who demoed their products to potential investors and senior executives in the financial industry Wednesday morning at Credit Suisse. (Duh, “FinTech” stands for Financial Tech–get in the game!)
True Office was one of six companies who participated in the three-month long mentoring process, during which these FinTech entrepreneurs presented their products to and received guidance from key executives in the banking industry. True Office is a mobile game that allows companies to conduct more interesting and engaging compliance training.
“This is a very large and deeply unsexy market,” Mr. Sodowick said about compliance training. “It is akin to getting a flu shot.” But TrueOffice makes the training a game, arguably incentivizing users to pay attention and learn from the process. People may even end up reading the company’s policies, where they would inevitably learn that it is, in fact, unethical to lie about your Computer Science degree.
It’s a sad fact about modern American society that a vast amount of our brightest minds are plucked straight from college graduation every year and thrown into finance–which, you might be surprised to hear, is not the most noble of industries. Enter Venture for America, which wants to yank all those promising, freshly-graduated young people from the clutches of investment firms and land them at startups.
Financial reform has some in the venture investment community feeling uneasy–namely Silicon Valley Bank, which has launched a publicity campaign against a potential interpretation that could threaten investments made by “banking entities.”
So, you want to get in on some of that Facebook and Groupon action before they hit the public markets, on the secondary market? And oh, what’s that? You’re not an accredited investor, so you can’t get in on the secondary markets? Well, do we have the people for you.
Taking a Tumble
Tumblr is reportedly close to raising a $75 to $100 million round for infrastructure and scaling, prompting many jokes about bubbles and the valuation-to-revenue gap. Tumblr CEO David Karp has said he is adamantly opposed to putting ads on the site, and the company’s revenue streams–custom themes that cost users a one-time fee of Read More