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FIDELITY BANK PLC UNDERTAKES A ₦29.6BN RIGHTS ISSUE AND ₦97.5BN PUBLIC OFFER
L – R: Stanley Amuchie, Executive Director, Chief Operations & Information Officer, Fidelity Bank Plc; Oladele Sotubo, MD/CEO Stanbic Capital; Dr Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc; Mustafa Chike-Obi Chairman, Fidelity Bank Plc; Ezinwa Unuigboje, Company Secretary, Fidelity Bank Plc; and Jubril Enakele, Chief Executive, Iron Global Markets Limited at the signing ceremony of the…
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#Afrinvest Capital Limited#Combined Offer#Cowry Asset Management Limited#Dr Nneka Onyeali-Ikpe#Fidelity Bank Plc#FSL Securities Limited#Futureview Financial Services Limited#Iroko Capital Market Advisory Limited#Iron Global Markets Limited#Kairos Capital Limited#Oladele Sotubo#Planet Capital LimitedFIDELITY BANK PLC#Stanbic IBTC
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BBC 0407 15 Oct 2024
12095Khz 0359 15 OCT 2024 - BBC (UNITED KINGDOM) in ENGLISH from TALATA VOLONONDRY. SINPO = 55445. English, dead carrier s/on @0358z then ID@0359z pips and newsday preview. @0401z World News anchored by David Harper. § Google has signed a deal to use small nuclear reactors to generate the vast amounts of energy needed to power its artificial intelligence (AI) data centres. The company says the agreement with Kairos Power will see it start using the first reactor this decade and bring more online by 2035. The companies did not give any details about how much the deal is worth or where the plants will be built. § UN peacekeepers will stay in their positions in southern Lebanon, peacekeeping chief Jean-Pierre Lacroix has said after peacekeepers from UNIFIL were injured in Israeli attacks. § Israeli Prime Minister Benjamin Netanyahu has told the Biden administration he is willing to strike military rather than oil or nuclear facilities in Iran, according to two officials familiar with the matter, suggesting a more limited counterstrike aimed at preventing a full-scale war. § India and Canada have expelled their top envoys along with other diplomats as the row intensifies over last year's assassination of a Sikh separatist on Canadian soil. Trudeau said his government responded after police began pursuing credible allegations that Indian agents were directly involved in the killing of Hardeep Singh Nijjar. Canadian police accused Indian agents of involvement in "homicides, extortion and violent acts" and targeting supporters of the pro-Khalistan movement, which seeks a separate homeland for Sikhs in India. Delhi rejected the allegations as "preposterous", accusing Trudeau of pandering to Canada’s large Sikh community for political gain. § Pakistan's capital was under strict security lockdown as Chinese Premier Li Qiang landed in the city on Monday ahead of a heads-of-government gathering of the Shanghai Cooperation Organisation this week. Li's visit is the first by a Chinese premier to Pakistan in 11 years, Pakistan's Prime Minister's Office said. Pakistan's Prime Minister Shehbaz Sharif received Li at the airport. § Campaigning kicked off Tuesday in Japan for an October 27 election in which new Prime Minister Shigeru Ishiba is seeking to retain his long-ruling party's majority. § Europe's water health is under severe strain, with only 37% of surface waters in good condition, warns the European Environment Agency. Pollution, habitat degradation, climate change, and freshwater overuse are key threats. "Our waters face unprecedented challenges," said EEA Executive Director Leena Yla-Mononen, highlighting risks to Europe's water security. § Sports. @0406z "Newsday" begins. Backyard gutter antenna w/MFJ-1020C active antenna (used as a preamplifier/preselector), JRC NRD-535D, 250kW, beamAz 315°, bearing 63°. Received at Plymouth, MN, United States, 15359KM from transmitter at Talata Volonondry. Local time: 2259.
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New Post has been published on https://judysbusinessblog.com/luxurious-way-of-living/
Luxurious way of living
Style is an expression that lasts over many seasons and is often connected to cultural movements and social markers, symbols, class, and culture (ex. Baroque, Rococo, etc.). Fashion is a popular aesthetic expression at a particular period and place and in a specific context, especially in clothing, footwear, lifestyle, accessories, makeup, hairstyle, and body proportions. Whereas a trend often connotes a peculiar aesthetic expression and often lasting shorter than a season, fashion is a distinctive and industry-supported expression traditionally tied to the fashion season and collections.
Style is an expression that lasts over many seasons and is often connected to cultural movements and social markers, symbols, class, and culture (ex. Baroque, Rococo, etc.). According to sociologist Pierre Bourdieu, fashion connotes “the latest fashion, the latest difference.”
“One is never over-dressed or under-dressed with a Little Black Dress.” —Karl Lagerfeld
Even though they are often used together, the term fashion differs from clothes and costumes, where the first describes the material and technical garment, whereas the second has been relegated to special senses like fancy-dress or masquerade wear. Fashion instead describes the social and temporal system that “activates” dress as a social signifier in a certain time and context. Philosopher Giorgio Agamben connects fashion to the current intensity of the qualitative moment, to the temporal aspect the Greek called kairos, whereas clothes belong to the quantitative, to what the Greek called Chronos.
I don’t design clothes. I design dreams.
Exclusive brands aspire for the label haute couture, but the term is technically limited to members of the Chambre Syndicale de la Haute Couture in Paris. It is more aspirational and inspired by art, culture and movement. It is extremely exclusive in nature.
With increasing mass-production of consumer commodities at lower prices, and with global reach, sustainability has become an urgent issue amongst politicians, brands, and consumers.
“A retailer is a business that presents a selection of goods and offers to trade them to customer for money or other goods.”
Early Western travelers, traveling to India, Persia, Turkey, or China, would frequently remark on the absence of change in fashion in those countries. The Japanese shōgun’s secretary bragged (not completely accurately) to a Spanish visitor in 1609 that Japanese clothing had not changed in over a thousand years. However, there is considerable evidence in Ming China of rapidly changing fashions in Chinese clothing.
Fashion is the armor to survive the reality of everyday life.
I spent summer in Australia’s city.
“Shoppers’ shopping experiences may vary, based on a variety of factors including how the customer is treated.”
Online shopping allows the buyer to save the time and expense.which would have been spent traveling to the store or mall. According to technology and research firm Forrester, mobile purchases or mcommerce will account for 49% of ecommerce, or $252 billion in sales, by 2020.
H1: Fashion is what you’re offered four times a year by designers.
The notion of the global fashion industry is a product of the modern age. Before the mid-19th century, most clothing was custom-made. It was handmade for individuals, either as home production or on order from dressmakers and tailors.
H2: Fashion Book makes me more productive
By the beginning of the 20th century—with the rise of new technologies such as the sewing machine, the rise of global capitalism and the development of the factory system of production, and the proliferation of retail outlets such as department stores—clothing had increasingly come to be mass-produced in standard sizes and sold at fixed prices.
H3: 9–5 is not optimal
This is my average total monthly spending from one year living in Seattle’s Capitol Hill, one year living in San Francisco’s Upper Haight, one year traveling to 20 countries, and one month at a hotel in Bali. It is much cheaper for me to travel. Since the majority of my costs are from trains and flights, it’s significantly cheaper if I stay in one place.
H4: Fashion expands my cultural bubble
By the beginning of the 20th century—with the rise of new technologies such as the sewing machine, the rise of global capitalism and the development of the factory system of production, and the proliferation of retail outlets such as department stores—clothing had increasingly come to be mass-produced in standard sizes and sold at fixed prices.
H5: Fashion week is not the same as vacation
The notion of the global fashion industry is a product of the modern age. Before the mid-19th century, most clothing was custom-made. It was handmade for individuals, either as home production or on order from dressmakers and tailors.
H6: I became a nomad by fashion
By the beginning of the 20th century—with the rise of new technologies such as the sewing machine, the rise of global capitalism and the development of the factory system of production, and the proliferation of retail outlets such as department stores—clothing had increasingly come to be mass-produced in standard sizes and sold at fixed prices.
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I spent summer in Australia’s city.
Although the fashion industry developed first in Europe and America, as of 2017, it is an international and highly globalized industry, with clothing often designed in one country, manufactured in another, and sold worldwide. For example, an American fashion company might source fabric in China and have the clothes manufactured in Vietnam, finished in Italy, and shipped to a warehouse in the United States for distribution to retail outlets internationally. The fashion industry has long been one of the largest employers in the United States, and it remains so in the 21st century. However, U.S. employment declined considerably as production increasingly moved overseas, especially to China. Because data on the fashion industry typically are reported for national economies and expressed in terms of the industry’s many separate sectors, aggregate figures for the world production of textiles and clothing are difficult to obtain. However, by any measure, the clothing industry accounts for a significant share of world economic output. The fashion industry consists of four levels:
The production of raw materials, principally Fiber, and textiles but also leather and fur.
The production of fashion goods by designers, manufacturers, contractors, and others.
Retail sales.
Various forms of advertising and promotion.
These levels consist of many separate but interdependent sectors. These sectors are Textile Design and Production, Fashion Design and Manufacturing, Fashion Retailing, Marketing and Merchandising, Fashion Shows, and Media and Marketing. Each sector is devoted to the goal of satisfying consumer demand for apparel under conditions that enable participants in the industry to operate at a profit.
“Americans spent over $83 billion on back-to-school and back-to-college shopping.”– Maya Angelou
The joy of dressing is an art.
Fashion trends influenced by several factors, including cinema, celebrities, climate, creative explorations, innovations, designs, political, economic, social, and technological. Examining these factors is called a PEST analysis. Fashion forecasters can use this information to help determine the growth or decline of a particular trend. It helps to know more about the Fashion arena and lifestyle in the modern world.
Though there had been distribution of dressed dolls from France since the 16th century and Abraham Bosse had produced engravings of fashion in the 1620s, the pace of change picked up in the 1780s with increased publication of French engravings illustrating the latest Paris styles. By 1800, all Western Europeans were dressing alike (or thought they were); local variation became first a sign of provincial culture and later a badge of the conservative peasant.
Although tailors and dressmakers were no doubt responsible for many innovations, and the textile industry indeed led many trends, the history of fashion design is generally understood to date from 1858 when the English-born Charles Frederick Worth opened the first authentic haute couture house in Paris. The Haute house was the name established by the government for the fashion houses that met the standards of the industry. These fashion houses have to adhere to standards such as keeping at least twenty employees engaged in making the clothes, showing two collections per year at fashion shows, and presenting a certain number of patterns to customers. Since then, the idea of the fashion designer as a celebrity in his or her own right has become increasingly dominant.
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‘As a woman, you can hold down a boardroom and still hold down your home’
Temi Marcella Awogboro is a pioneer and change agent passionate about unlocking the transformational power of capital as a catalyst for profound change globally and transforming lives through her work. She has committed over half a billion dollars in impact capital across emerging markets to tackle some of the world’s most pressing challenges.
Temi is a core part of the investment leadership team responsible for scaling Evercare from inception in 2015 to a global platform comprising 30+ hospitals, 20+ clinics and 80+ diagnostics centers operating across 6 countries. She has been instrumental in leading the investment in building and operating one of the largest and most advanced private hospitals in Nigeria in a bid to transform healthcare in the region. Through her early-stage investment platforms, she is building and cultivating disruptive, transformative institutions that will emerge as today’s regional champions and tomorrow’s global challengers.
Temi was appointed by the President of Nigeria to sit on the Nigerian Health Sector Reform Committee under the Chairmanship of the Vice President of Nigeria. She also sits on the Equality Fund Board of Directors, Evercare Hospital Lekki Board of Directors and the Save the Children International Africa Advisory Board.
A recipient of the Future Awards Africa Prize, Goldman Sachs Global Leaders Award and M&A Advisor’s European Emerging Leaders Award, she shares her inspiring story with ESTHER IJEWERE in this interview.
Childhood Influence
I am proudly Nigerian with German and Scottish heritage. I was born in Nigeria, raised in the United Kingdom, and have lived and worked across four continents. My childhood was one of discovery, adventure, and exploration. While I never felt a stranger where I lived, I also never quite fully belonged. This lived experience forced me to forge a strong personal identity that was not wedded to culture, dogmas, traditions, and ideological concepts.
I was inspired greatly by the entrepreneurial spirit, work ethic and tenacity of my parents. My father was a medical doctor turned entrepreneur, and my mother was a Miss Nigeria beauty queen, technology systems engineer, and subsequently joined my father in building the family business that straddled construction, procurement and technology. These influences are intricately woven into the individual and professional I am today.
From a tender age, my parents and close family nicknamed me “Small But Mighty” because within my pint-sized package, came mighty aspirations. As a child, I always refused to be restricted by the limits imposed by external expectations of me, with a burning desire to push beyond the limits perceived in my mind or externally imposed.
Inspiration behind my career path
I am an investment professional with over 15 years of experience in developed and growth markets. I have always been driven by my belief in the power of private capital to transform lives and my passion to unlock the power of capital as a catalyst for profound, sustainable change globally. On this journey, I have committed over half a billion in private capital to tackle some of the world’s most pressing challenges.
Through my career, I have been uniquely positioned to operate at the intersection of healthcare, finance, technology and impact – often referred to as an Impact investor/healthcare operator by day and venture capitalist by night. As the Executive Director with Evercare Hospital Lekki and previous West Africa Lead of one of the first and largest dedicated impact funds globally, I have been privileged to have been part of the investment leadership responsible for scaling the fund from inception in 2015 to a global platform comprising operating across 6 countries and highlighted as one of the top 50 leaders that will “come to define the world of tomorrow.”
I have been equally driven by my belief in the central role of technology in creating a better world. Through my early-stage investment platforms, Kairos Angels and the Magic Fund, I have invested in some of the best minds and disruptive teams that are emerging as today’s regional champions and tomorrow’s global challengers.
The journey so far
My life’s course has been determined by doing the hard things. My Evercare journey started in 2015, based on my belief in healthcare as a fundamental right. On this journey, we ran into a number of unforeseen headwinds, which nearly stalled the project, not least of which was trying to commence formal operations during the COVID-19 global pandemic.
Against this backdrop, it was extremely humbling and rewarding to celebrate the key milestones and groundbreaking feats achieved within the first 12 months of operations at Evercare’s 1year anniversary on March 10, 2022. Some of these milestones include successfully completing several complex clinical procedures in cardiology (five open heart surgeries, two permanent pacemaker insertions), spinal surgeries, first-of-its kind paediatric surgeries in the country and becoming the first facility in Africa to get Safecare Level 5 certification on the first accreditation exercise.
While the journey continues and there remains much work to be done, I am indeed proud of the considerable progress that Evercare has made in the past year and especially proud to say that we are on our way to transforming healthcare in Nigeria.
Challenges
As I reflect on my journey to date, I have faced a plethora of challenges; navigating my career at the epicentre of the global financial crisis, encountering significant resistance trying to break into the private equity industry, navigating the extremely lonely path rising the ranks in male-dominated industries, witnessing first-hand the destructive impact of toxic leadership and failed institutions and juggling the demands of being a present and invested mother to two toddlers, while managing my professional commitments.
I have remained optimistic and learned to thrive under the pressure of doing the ‘impossible’ fuelled by a deep sense of purpose, an unrelenting tenacity, and an unwavering belief in myself. Failure for me is an unavoidable part of living a limitless life.
Other projects and activities
As we step into the fourth industrial revolution, I believe we are called to shape this technology revolution to empower people and create more equitable outcomes for our communities and the world. I am deeply committed to investing in entrepreneurs tackling some of the world’s greatest challenges. Through my early-stage platforms, Kairos Angels and Magic Fund, I identify aspirational entrepreneurs building impactful solutions, invest in this talent, provide mentorship, access to networks and functional support to power their trajectory. Across these platforms, we have invested in over 180+ entrepreneurs globally, many of who are already emerging as today’s regional champions and tomorrow’s global challengers.
What I enjoy most about my job
I am passionate about my ability to be a change agent and catalyst to transform lives through my work. This unique positioning has been fascinating and given an invaluable opportunity to work at the forefront of paradigm shifts globally. We are at a unique point in human history where world orders are shifting; new technologies are emerging. I have so many big and audacious dreams and I am excited to continue to bring these dreams to fruition.
Three women who inspire me and why
I live my life trying to take inspiration from everyone I meet. Some women who have made an impression on me include: Ruth Bader Ginsburg, who stood out for me as an unapologetic, unstoppable powerhouse, relentless in her pursuit of social justice and quest for equality.
Dr Ngozi Okonjo-Iweala, for her role as the female to serve as both finance and foreign minister of the Federal Republic of Nigeria and the visibility she has brought to Africa on a global stage.
Finally, Kamala Harris when in her inauguration speech, the Vice President of the USA urged young girls to “Dream with ambition, lead with conviction, and see yourself in a way that others might not see you, simply because they’ve never seen it before.”
This resonated profoundly with me as a woman who has often found herself in male-dominated rooms with few allies. I struggled with the absence of female role models until I embraced the power of my own dreams and started to see myself as the role model I was looking for.
The resilience of women during the pandemic
As an investor in healthcare, I have witnessed first-hand how women have stood at the front lines of the COVID-19 crisis as nurses, doctors, caregivers, innovators and as some of the most exemplary and effective leaders in combating the pandemic. It is no coincidence that women led countries most successful in stemming its tide and impact of COVID-19.
But the pandemic has sadly highlighted the disproportionate burdens women carry and their inadequate representation at the highest levels of decision-making. And new barriers emerged to impede many women’s progress, such as unpaid care duties, unemployment and poverty.
Importance of educating and supporting women
I have been humbled by all the coverage and recognition received in this year’s International Women’s month. In particular, I was deeply honoured to have received the recognition by Lagos State as one of the EKO 100 Women. It is said that you can tell the condition of a nation by looking at the status of its women. ‘Women hold up half the sky’ and I am proud of the fact that His Excellency Governor Sanwo-Olu on behalf of the Lagos State Government took the step to recognise and celebrate the unending commitment of women to a more equal and equitable world.
Most important to me is the pledge to ‘support every effort to achieve a Lagos where all women and girls can live their lives to the fullest and achieve their potential without limits.’ My appeal is to continue to provide women a platform in the mainstream media and outside of 1 month a year. The strides many women are making are world class by any measure and deserve to be recognised, celebrated and amplified.
One thing I wish to change in the health sector
The single biggest issue facing the healthcare industry in Nigeria is the ongoing wave of brain drain, especially of clinical talent. Nigeria with over 40 per cent physician migration remains one of the leading African sources of foreign-born physicians. Evercare with its purpose-built infrastructure, best in class equipment, and focus on achieving quality metrics that meet international standards, is working hard to attract critical medical talent back to Nigeria from the Diaspora, thereby reversing some of the brain drain that plagues the sector.
It maintains a strategic focus of employing, retaining and investing in local resources to ensure a highly experienced, well-rounded, and diverse team, poised to support the advancement of medical care across Nigeria. I sincerely hope that my story and the work the Evercare team is doing, inspires more Nigerians in the diaspora to come back and take up the mantle of leadership to enable the nation to achieve its full potential both in the healthcare sector and beyond.
Being a Woman of Rubies
I love the concept of the Woman of Rubies as a forum for women across various walks of life to share their inspiring stories. As a woman that has risen through male dominated fields, trying to ‘have it all’, I am thankful for the platform to use my story to bring hope, motivate and inspire women all over the globe. I am striving to live life on my terms, fully embracing all aspects of my being and living the highest version of myself each day.
There is nothing that says you can’t be professional, ambitious, audacious, and successful but also be fun loving, free and love fashion. There is nothing that says you can’t hold down a boardroom and hold down your home. Women are powerful beyond measure, when we are liberated to demand and create the life we deserve.
My message to women everywhere is that you are powerful beyond measure, and your voice matters. Do not feel less entitled, expect more, take up more space and demand more, be bold in challenging the status quo. Finally, teach your girls to embrace a world of possibilities, to be proud of their ambition, regardless of their gender. Send them a clear message that they can be whomever they chose to be, and applaud them every step of the way.
I choose to live a life that is purpose driven, passion filled and performance oriented, and continue on my journey not focused on the pursuit of perfection, but led by the voices of those who christened me ‘Small but mighty’. They challenge me to create and compete; to build and nurture; to take risks and to leave my legacy.
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*Isocrates' Criteria on Rhetoric*
In this essay, I will examine the following questions: How does or doesn't the following artifact fit Isocrates' criteria of good rhetoric? Is this example of rhetoric ethical/productive for democracy and/or limiting to society?
On June 09, 2016, then president Obama delivered a speech at the White House at the eighth Pride reception; this speech is the artifact I examined to see if it would be considered “good rhetoric” by Isocrates. Through the narrative Obama creates he portrays such “good rhetoric” due to his timely delivery of such a speech, the appropriateness of the topic of LGBTQ+ Pride at the time, and originality towards such an occasion and the events that lead to it fulfilling Isocrates’ criteria. In doing so, Obama creates a speech that displays a very powerful message about unity and positivity towards LGBTQ+, creating a productive push that was needed even a year after the legalization of gay marriage.
As said above, this speech was delivered towards the beginning of June, on the ninth of 2016. This comes not only during Pride month, but nearly a year after the legalization of gay marriage at the hands of the the Obergefell v. Hodges case on June 26, 2015. During this time of the eighth Pride reception, Obama takes this opportunity to reflect on the transformations that have come during his presidency and how Americans are all “treated more equally.” While reflecting on the past achievements that got America to that point, he takes the chance to reaffirm how such change takes perseverance to keep history from moving backwards. He finishes off his speech by referring to nearly a year before when the White House was lit with the Pride flag’s colors, and says that there’s still more work ahead because discrimination and opportunity need to be continuously fought for.
To examine Obama’s speech, it’s important to understand what exactly the criteria for Isocrates’ definition of good rhetoric is. In response to the Sophists and Aristotle of his time, Isocrates created three specific rules that were required to be fulfilled. In a piece that he was pitting himself against the Sophists, he outlined that “... speeches cannot be good unless they reflect the circumstances (Kairos), propriety (to prepon), and originality...” (65). Such rules are quite simple to understand at a base level: speeches must be timely, be appropriate for its occurrence, and be original. These qualities that fit Isocrates’ criteria are what were examined for in Obama’s speech.
During his speech, Obama’s rhetoric fulfills the criteria of Kairos because he uses the month, the event that’s being held, and the near anniversary of gay marriage being legalized to portray the importance and power of the achievements that have occurred in the last year. In fact, the main point is made across early on when Obama says, “We live in an America that protects all of us with a hate crimes law that bears the name of Matthew Shepard. We live in an America where all of us are treated more equally, because visiting hours in the hospitals no longer depend on who you are and insurance companies can no longer turn somebody away simply because of who you love.” These two sentences encapsulates the entirety of the occasion that it was delivered during because they serve as standing achievements and a reminder of what it took to get to that moment. The Pride reception that this took place during was a culmination of Obama’s work; having started during the first year he took office, the legalizing of gay marriage came as a result of all the effort his administration put in as well as all the activism. As such, this occasion serves as a testament to that effort, the culmination of everything that was accomplished for and by LGBTQ+ members. The power behind Obama’s words mean so much more at an event during Pride month, especially only one year after the supreme court’s ruling in Obergefell v. Hodges. This culmination of events lining up makes this speech fit in a nearly perfect socket of timing, resulting in a speech that encapsulates Isocrates’ criteria of Kairos.
Obama’s rhetoric also nicely fills the criteria of appropriateness due to being given in a very decisive moment while addressing not only the past, but the difficulties that will still be faced going towards the future. His speech takes on many topics but at the very end he acknowledges the facts that many people still didn’t support gay marriage while still paragoning change, saying, “Despite our differences and our divisions, and the many complicated issues that we grapple with, real change is possible. Minds open. Hearts change. America shifts. And if the past few years have taught us anything, it’s that people who love their country can change it.” This line here is what truly puts the entire speech into perspective on it’s appropriateness in it’s time. In honesty, this speech was given during a time were gay marriage was still considered devise even a year after it’s legalization. However, Obama recognizes this and ran in stride towards accepting the reality of a better future. His actions are heralded as a greatly influential from the perspective of the LGBTQ+ community because his administration helped pave the way for making such a community “appropriate” in the eyes of many general Americans. With not even a year of gay marriage being legalized, Obama’s appropriateness during his speech is evident in his support of a movement that took decades of social movements to become a more accepted reality.
The rhetoric of Obama’s speech also shows originality by referencing all the achievements and events that made such an event like the eighth Pride reception possible. Obama takes the opportunity of such a momentous occasion to craft a speech that takes and builds upon all the monumental achievements that it took to get to where America was at the time. He takes many of the stories that it required to get to that moment when he said, “ And that’s always been our story -- not just in Selma or Seneca Falls, but in Compton’s Café and the Stonewall Inn. It’s the story of brave Americans who were willing to risk everything –- not just their own liberty or dignity, but also doing it on behalf of the dignity and liberty of generations to come. “ As said above, this was the crowning moment that made all the pain and suffering people of the LGBTQ+ community had gone through to make their dreams a reality. His speech helped show the challenges that it took, but showed the reason why so many fought for it: hope for the future. By referencing such events like those in Selma or Seneca Falls, he helps create a narrative around community, encapsulating specific situations that occurred, but also nodding to all the events he doesn’t say and all the stories never told. As such, his speech helps create a narrative that firmly plants it in an America that is willing to stand its ground and fight for all it’s people, especially those in the LGBTQ+ community.
Overall, I believe that the entirety of Obama’s speech adheres to a strong understanding of the ethics surrounding a topic that, at the time, was still largely in flux on support from the opposing party. However, he does an excellent job by weaving the achievements and the hardships of those that battled for years to make gay marriage legal into his speech without directly stating many specifics. In doing so, his speech is displayed as a positive and productive work that helps unite people of the LGBTQ+ community, and those outside of it, under one umbrella of America. However, many from the opposing walk of social life may consider this speech to not fulfill the requirement of appropriateness due to a few reasons, such as person or religious beliefs. Yet, as was shown, this group of people was, and still is today, in the minority fir barring supporting to such a community that simply wants to be accepted as human beings. As such, this speech did much to help cement the “appropriateness” of the LGBTQ+ community by making the achievements set in concrete to build a stronger foundation for all Americans.
In summary, Obama’s speech at the Pride reception is a shining example of good rhetoric under Isocrates’ criteria. He capitalizes on the timing of multiple events for Kairos, and creates a narrative that helps show the appropriateness and originality in the feats that it took to get America to such a point. In doing so, it helped provide a strong groundwork for Isocrates’ ideas on what good rhetoric is, and shows that it is achievable even today.
Works Cited
Socrates I: Against the Sophists. Translated by David Mirhady, Yun Lee Too. Texas: University of Texas Press, 2000.
Obama, Barrack. “Remarks by the President at LGBT Pride Reception.” Office of the Press Secretary, 09 June 2016, White House, D.C.
https://obamawhitehouse.archives.gov/the-press-office/2016/06/09/remarks-president-lgbt-pride-reception
https://www.youtube.com/watch?v=wceEYhDvPdk
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Fashion and Death Ethnographic Explorations on Ubiquitous Styles - Juniper Publishers
Abstract
My anthropological glance will focus one a fashion shows in Rio de Janeiro and a “passista” carioca in the carnival 2011; a Karl Lagerfeld’s fetish design (body-corpse); a bizarre mannequin I met in Belem (Brazil). I’ll try to demonstrate the deep connection between living body and death corpse in a meta-fetishist perspective and - by the meta-morphic dialogue written by Giacomo Leopardi - on fashion and death (Figure 1).
Fashion Rio
The model is stationary, as a doll-like, in the sense of “dollifyng” her body: an empty gaze directed towards nothing, both arms inert by her side, her legs in a hopelessly waiting. The trained eroptic (8) eye targets her without hesitation, not so much the bikini, but what is tattooed just above her pubis: a vida não é assim, nunca, para nem para sempre (‘life is not like this, never and even less for ever’). A philosophical statement presented by fashion as a reflective affirmation of itself. A meta-communication of the profound meaning of ‘what’ is actually fashion. Rio’s designer is a philosopher as much as Zaha Hadid. Philosopher in both, the show composition and the public / pubic text tattooed for the observer’s sexualized eyes. From this ‘eroptic’ dimension, I offer two reflections based on dialogues with two poets-essayists, Horace and Leopardi [1].
Horace
The Roman poet known for his proposition on time that, in the unsurpassed simplicity of the Latin language, offers an oblique perspective through which time can be observed. Indeed, a time that is not only Kronos, as the Greek masters taught, but also Kairos: a nonlinear time, less mathematic and relentless time in its orderly flow, but also casual, random, sudden as his god. Indeed, Kairos’ hair is just in front, placed forward whilst his back is bald. When he presents himself, a unique, unrepeatable, irregular opportunity faces the subject and, if missed, taking it back will be impossible as his hair is just in front of his head. Carpe diem ... this famous ‘carpe’ refers to Kairos’ hair, passing quickly, before our undecided eyes. For this uncertain reason, life is not what the “usual” pubis seems to offer: Eros’ pleasure is ephemeral and it does not exist forever in this carnal temporality. So, the carioca designer is a kind of philosopher who addresses every glance from the model body to the bikini style and finally to her tattoo. My emotive reflection about the style is crossing through the three contiguous but not identical panoramas. And the last one, the tattoo, is offered as a novel (or a myth) that threatens the model’s beauty: in every moment, the doll-like body may become a skeleton, a pile of dismembered bones without any connection. In my fantasy, this reflexive fashion designer updates the famous sentence of Horace in an original composition: he reinvents and accentuates the seduction of the unrepeatable and unstoppable caducity [2].
Leopardi
The poet of Recanati was also an essayist. In his “Operette Morali”, Leopardi plays a philosophical dialogue between Fashion and Death, with a capital D because both are living beings. Fashion is what defies Death: she says they are sisters, claiming a deep consanguineous affinity between them; she explains to the hasty Death that they are both daughters of transience.
Fashion: I am Fashion, your sister.
Death: My sister?
Fashion: Yes, don’t you remember that were both born from transience?
Death: What I remember is that memory is my capital enemy.
She, the Fashion herself, cannot tolerate the life of a present dress, that’s why she imagines how to eliminate it with the next trend. The fashion, better saying, Fashion, as a person without the article, cannot stand what is alive and present. She-Fashion looks at the impeccable design of a transience dress that is quiet obsolete when it is worn even for the first time: in the wrinkles of cloth, folds of flesh have already traced what makes it old, oldfashioned not in the sense of antiquate but in the sense of a recent one. Only the revival of vintage retains the buried items (hidden in attics, drawers and warehouses) and makes it rise again with a sense of chic. This Leopardi’s affinity between Fashion and Death sparks reflections and phantasmagoria. Buying new clothes is not just a quirk of the consumption more or less encouraged by news agencies or advertising: it is a challenge to feel alive, to become life, to challenge through the new style the heaviness of the older one. What was just worn, is already assimilated as dead. There is something of theology in Fashion that challenges eternity with its creatures. One talks about Fashion creation, but in effect, they seem more like creatures: a concept, as some may remember, that challenges the only possible creativity, at least according to Christianity - the divine one... A Fashion show has something about agrarian archaic rituals that, at the end of winter, not only celebrated but favoured (‘caused’) spring’s arrival and with it the rebirth of the floral nature, frozen by wintry season.
I say that our nature and common custom is to continually renew the world”, Fashion explains. This generative cult is what makes Fashion and Death sisters: both make life reborn because both cut off what is alive; Leopardi clearly expressed the reason for this decisive act: “As if I were not immortal”, Fashion proudly replies when Death threats to fetch her; and then Death, intrigued by this bold statement, questions more information to her unexpected sister. And Fashion’s answer is brilliant [3].
Well, although it is not good manners to speak plainly, and though in France nobody speaks so as to be heard, yet, since we are sisters and need not stand on ceremony with each other, I’ll speak as you wish. I say, then, that the tendency and operation common to us both is to be continually renewing the world. But whereas you have from the beginning aimed your efforts directly against the bodily constitutions and the lives of men, I am content to limit my operations to such things as their beards, their hair, their clothing, their furniture, their dwellings, and the like. Nevertheless, it is a fact that I have not failed at times to play men certain tricks not altogether unworthy to be compared to your own work; as, for example, boring men’s ears, or lips, or noses, and lacerating them with the trinkets which I place therein; or scorching their bodies with hot irons, which I persuade them to apply to their persons by way of improving their beauty. Then again, I sometimes squeeze the heads of their children with ligatures and other appliances, rendering it obligatory that all the inhabitants of a country should have heads of the same shape, as I have ere now accomplished in America and Asia. I also cripple mankind with shoes too small for their feet, and stifle their respiration, and make their eyes nearly start out of their heads with tightly laced corsets, and many more follies of this kind. In short, I contrive to persuade the more ambitious of mortals daily to endure countless inconveniences, sometimes torture and mutilation, aye, and even death itself, for the love they bear toward me. I say nothing of the headaches, and colds, and catarrhs, and fevers of all sorts, quotidian, tertian, and quartan, which men contract through their worship of me, inasmuch as they are willing to shiver with cold or stifle with heat at my command, adopting the most preposterous kinds of clothing to please me, and perpetrating a thousand follies in my name, regardless of the consequences to themselves.
In short, all the previous practices and also the current ones (from tattooing to piercing, from the brand of fire and cranial or bone deformation) are anticipated and offered to Death’s listening, and to all of us, who - still alive - are listening this Leopardi’s lesson. At the beginning of XIX century (1824), for the poet fashionquestion is much more complex than contemporary common sense or simplistic sociology have been imagined: fashion as as conspicuous consumption, manipulated homologation or a caprice to be ‘up-to-date’. Fashion emerging in the Western culture is not a simply dressing up, she first affirms herself globally, then is reworked locally and finally she presents glocal fragments, in which styles of different cultures are coexisting in a body assemblage made of fabrics, stitching, accessories, makeup, folds that the designer draws and each subject adapts or reworks to his/her own figure. Fashion incorporates the anxiety of changing an identity as one, a fixed and packaged identity, an ambivalent anxiety that characterizes a currently cultural dynamics toward continuous inventions under the sign of extreme diversities. Presenting Fashion as a whole is almost impossible: she has a multiverse that does not coincide with cool designers, pret-a-porter productions, discounts department stores, fake imitations, outlets with delayed brands, immortal vintage, individual recycling and etc. Fashion is immortal and metamorphic. Her destiny is to delete or to melt all that is solid because its immanent fate is mutation - where life pulses. She is immortal and polytheistic: there is no fashion god, but a brotherhood and competitive different deities who, each in their specificities, marks the future as philosophers were used to imagine few decades ago. If now philosophers are silent and rethinking only about their past history, with no desire or ability to interpret nor to change the present, it is because philosophy migrated to visual artists or street artists, fashion or sound designers. Zaha Hadid, Pan Sonic, Gaetano Pesce or Cindy Sherman emanate philosophy with their liberationist speeches, dissonant architectures, compulsive music, eccentric design, and mutant photos. They use a different alphabet from the one based on words: sensorial concepts that can conquer each person and anticipate what will be an innovative way of thinking about public/private body’s aesthetics. This dichotomy is perhaps even questioned by a few daring designers. Some of these, Armani, Prada, Yves Saint Laurent, Dior, Vivienne Westwood and Alexander McQueen are to be placed on the same level of Zaha Hadid. They have their own philosophy [4].
So, in addition to the words written above the pubis, what does the model, or Fashion, says? The words are ambiguous and can be read in a traditional, almost obvious sense, and then in a more complex one. “Life based on the desire for sex, insolently shown in this catwalk, not only will never be forever like this, ever, but even now it is not so. In fact, what I show is the bright object of desire, a mix of bikini and vagina, but none will ever be yours, not now or never. So, please surrender, you male and female spectators to a vision at a distance that represses you to the same extent that excites. This object of desire is not to be given to you, not in the past, much less in your future. And then I, my own self, will never be like this to you nor to anybody else, even if I wear or show it. Never. That’s why I assimilated myself to an amorphous doll, a half-living thing and a half death body. My seductive bodycorpse is dedicated to Madame Death, my inspiring aunt, because I know that, even incorporating at least for now a carnal Fashion, soon I will be rotting flesh and my caducity will be the triumph of my relentless sister. I am only a temporary appearance. I am here to affirm The Triumph of Fashion and Death. Buying a piece of fashion is booking death in advance. I said ...”.
And that is what whispers the model, a caducous still life, a sublime beauty that is undoing the triumphant exposition of her body and writing in front of immobile spectators. Following my synchretic and fetish perspective, I find a “caducity” affinity with a Samuel Cirnansck’s fashion show in Rio de Janeiro. Some models parade with their body covered with very traditional veils and fabrics. One of these stops with her hands on her hips as if challenging the viewers, showing bizarre fingers ringed with black cylinders that anticipate her menacing nails just as black. Has long been that accessories are no longer marginal, but they became as essential as the rest of the performance. At large, everything is an essential accessory in a catwalk. But here, a special accessory emerges: the mordaça de ferro (scold’s bride). What impressed me most is to see that this parade takes place in Rio, probably near the church Nossa Senhora do Rosario dedicated to the Escrava Anastasia‘s (‘Slave Anastasia’) cult: every models wear a mordaça as an accessory, without expressing a single tribute nor even mentioning the tragic and symbolic story concerning the whole Afro-Brazilian movement or the Anastasia’s liberationist role against slavery. Perhaps such a bizarre staging needs an interpretation. Of course, the key is the culture of fetishism that relentlessly expands in the different genres of contemporary sexualized communication. What was once a torture instrument, the gag, became now an accessory. This instrument owes its invention to the need of taming animals making them thus docile. Domesticated, in fact. The Western culture transferred this instrument from animals to human beings, especially heretics, a few centuries or perhaps a millennium later. These heretics were considered by the Catholic Inquisition not worth using the ultimate expression of humanity: the language (Figure 2).
Language is what differs animals from humans; hence, an heretic is not a human, being diminished to an animal state, having to be tamed and subordinated to a dominant ‘specific’ power that removes the right of the word whilst waiting for the final punishment. Giordano Bruno, philosopher and humanist, was burned alive in Campo de’ Fiori in Rome with a muzzle on. In the same period – around XVI century - another phenomenon changes Western political and cultural geography: the conquest (or the so called “descobrimento”) of America with its consequent imperative of imported slaves, whilst the native populations preferred to die than to work in such conditions. In this way, the rebel slaves coming from Africa have their mouth gagged, to show publicly that any slave was an animal, that s/he had to work in a domesticated way, eventually copulate and eat to survive. Toni Morrison - the great African-American writer - recreates in her novel Beloved what a person with a piece of iron in his teeth for 12-15 hours a day would feel. A madness withheld and violated by the capillaries of one’s reddened eyes, from the slow drool clotted on one’s lips, the heavy breathing and an explosive and diverted anger.
He wants me to ask him about what it is like for him – about how offended the tongue is, held down by iron, how the need to spit is so deep you cry for it. She already knew about it, had seen it time after time in the place before Sweet Home. Men, boys, little girls, women. The wildness that shot up into the eye the moment the lips were yanked back. Days after it was taken out, goose fat was rubbed on the corners of the mouth but nothing to soothe the tongue or take the wildness out of the eye” (Morrison, 2004). And then, what does it means a fashion parade with this accessory inside the model mouth, in a country that last abolished slavery and in a city where Anastasia is venerated as a saint? (Figure 3).
The symbolic power of the slaver or heretic iron bit is decaying, it evaporates into a simple code through a de-symbolized process, an exciting sign is ambiguously parading between political amnesia and liberationist pleasure. A kind of s/m performance offers an apparent feminine submission playing with symbols and signs as gadget to be offered as a dark desire to the audience that may imagine some quiet private games. So, this model, as a Fashion’s amnestic body, fractures the historical link with the slavery past, cancels the force of the oppressive symbols, displays a seductive excess that dominates by showing herself as submissive ruling woman. And it is precisely this apparent submission that proclaims, in contrast, the triumph of fetishism. I’m sure that the visual proliferation of fetish current meanings expresses the subtle connection between Fashion and Death (Canevacci, 2015). In Leopardi determinant dialogue, visual fetishism is the missing link that manifests the deep sisterhood between these two restless Ladies through the impudent mordaça de ferro. Perhaps, Anastasia will not be scandalized by this tampering, maybe she perceives that - through the symbolic emptying of what was her instrument of torture - justice is finally served. Perhaps now Anastasia can finally smile and show those magnificent white teeth and her carnal lips that made very jealous the wife of the slave master, a wife in turn slave of a jealousy based on her classist privilege (Figure 4).
Karl Lagerfeld is a famous fashion designer. The obvious decision to add him to a research project on syncretism comes from this photo and a more general hypothesis: new visual fetishisms have in cultural syncretisms one of the potential applications in the field between the unstable and mutant zone of fashion and art. Visual fetishisms and cultural syncretisms develop the potentialiality of wandering arts. These are the ones oscillating among different genres and with the tendency to suppress boundaries. Lagerfeld designs clothes for humans; designers dress things, objects and goods. Coca-Cola has in its body, that is, in the body of the bottle and in its written vintage, its brand and style, perhaps even its taste. Coca-Cola’s feminine design form has been long discussed. Why is a sophisticated and dandy stylist as Lagerfeld entrusted to create the new look of the brand?
The first reflexion is simple: the body of the bottle is a bodycorpse, meaning that it transits between a living body and a dead corpse. This tendency of visual fetishisms distorts and amplifies the traditional analysis on the “nature” of fetish objects. Accordingly, this ambiguous drinkable body is always in need for new clothing and has to find temporary solutions between tradition and innovation. Examples are indeed endless on this subject. The interesting point here is that most classic products of mass culture do intersect an equally classic elite’s designer. The super fetish Karl. The mentioned dissolution of boundaries between genres is a gray area (or a brilliant one) where oscillating syncretism flows. To achieve a fit-for-purpose result, syncretisms hybridizes with fetishisms [5].
Whilst observing the picture with some sort of careful obsession, a few obvious points came up: the bottles are actually two, perhaps a male and a female version. Both are Coca Cola Light written with the traditional font but with different colour, so conscious and faithful consumers can even compute the calories swallowed from a glass of a coke. Above the drinkable brand, there is the designer brand: KARL in bold letters and LAGERFELD in thin ones. Below, the year of production is shown, like a vintage wine: 2011 - 1/3; 2/3. Looking with more attention, it is possible to discover on one side a black silhouette observing the result. Widening the perspective on methodological fetishism, my glance understands that the bottles are three: he, Lagerfeld, is the third bottle, a good between the goods, his value added is the fetish art he manages in order to incorporate himself into the two bottles. His dark identity transits between the polka dot and the sinusoidal striped dress on the bottles. It is well-known that Lagerfeld always dresses in the same way. Paradoxically, his diversified styles occurs whilst he wears always the same dress. A man in black with an eternal dandy collar, sacred accessories, impenetrable glasses as much as his face-mask is. Clearly, Karl Lagerfeld is also the hyphen ‘-‘ where syncretic fetishisms flows. He is the body-corpse creator. He objectifies himself as the third bottle, as much as he enlivens the other two with their glamorous clothes. The Coca-Cola bottles come to life and can be dressed like any human being, only because he assimilates himself to a living commodities. Observing a little bit closer, and even better, being a little bit naughty, one may notice that his body rests on one foot, in this way his silhouette creates a slight curve that accompanies both bottles’ sensual curve (the sexiest coke hips). Finally, Lagerfeld’s crossed arms assimilate even more him to the two ‘persons’ on his side. Everybody lack of arms.
These three beings are perhaps trans-gender. The final result of this fetishism/syncretism crossing reaches the sex-game: visual goods, with their hyper-sexed design that spreads and mixes organic and inorganic, nature and culture, mass consumption and elite’s art, are alive because they transit between identities, styles and beings (Figure 5). Belém is a city on the source of the Amazon River. As all of Brazil, Belém is changing fast, the co-presence of different codes is even more enlarged than the ‘normal’. The city’s markets are an excess of colours and flavours, as its craftsmanship and, off the coast, the large island of Marajó where traces of pottery and other products of great beauty were left by a refined ancient culture. Whilst casually visiting a popular market on a large, beautiful and messy square, I was drawn to a mannequin. Clearly, this was a mannequin of Chinese origin, as nearly all popular ones everywhere, not only in Brazil. I believe the production of these beings have really invaded the world. Yet, here I am, blocked by astonishment looking at her. I reckon it is a spontaneous work of art in which, once again, the ‘objective’ fetishism built into each mannequin is crossed and augmented by some sort of Sino-Brazilian syncretism. Colour is the first thing: a well-defined orange I have never ever seen on any another mannequin or person for the matter, Chinese or Brazilian. A mutant being for sure, I reckon. Then, a missing arm, the left one, leaving an emptiness that looks like a round eye-mouth hollow yawning its surroundings [6].
The most disturbing ‘thing’ is her head: clearly detached, perhaps lacking internal support, like the cervical one, properly connecting it to the torso. Right there in the usual spot, slightly tilted though, looking like a guillotined head that has been put back into place simply to enhance the show. A baldhead with such a smooth skull looking like no wig would remain seated there. Finally, the eyes: the mannequin’s eyes and even the eyebrows expressed infinite sadness, something I have never seen in other mannequins, usually displaying a dull face, rather expressionless. Here, however, the pain is obvious, something terrible must have happened to this mannequin; of course, the arm is missing; the head, detached; all hair is long gone; but it is not only that. Mannequins are used to such misfortunes. This one, however, must have suffered a recent experience that printed in her physiognomy a sense of anguish, anxiety, perhaps even horror due an encounter or even a terrible fate. Eyebrows and lips are bent down, its eyes troubled and plain sad.
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Dismembered Body
Maybe this mannequin feels it might be a work of art, living art, jetting globally around galleries and museums; perhaps it feels its destiny, created by an artist or artisan, is unique. Maybe it is not like the other mannequins, always a bit vulgar and yet, ever so identical. This one is unique. It is the only one expressing these unusual colours and a dismembered body. Certainly, the mannequin cannot exactly recall how it happens to land there, in that beautiful square, but surely, not worthy of her status. Her memory is confused. Clearly, a princess she is. Her extreme nobility is expressed by her behaviour, which continues to be dignifying even in such disastrous and inadequate situation.
I understand very well what disturbs her more than anything: it is the bra she wears. Really ugly, she knows, the mannequin feels it. How is that possible that her person is forced to expose herself with such an … awful object. Yes, the bra is handmade, but is not gracious, it is too wide, with three strings attaching behind. Who would buy a similar object? And how long was she forced to wear that cover, thankfully other garments cover her bottoms, also not appropriate but eventually bearable. No, not the bra, though. If the mannequin had both arms and a less stiff neck, she might have been able to take it off and proudly show her beautiful orange breasts. But she cannot. And her dismay increases, becoming rather uncontrollable, reaching out and making even me worried. would have loved to buy that orange woman-mannequin. I thought about it for a long time whilst going around her in circles. Truth is, this was an encounter with a well-lived work of art, one that has travelled and suffered, that resists despite or because of her semiabandoned condition. She should really be displayed again, as in her recent past, in a wandering art gallery.
Her beauty is vague. Vague is the only appropriate adjective to her bodily condition. The madam of that outdoor stall, seen in the background, was an elegant woman, mastering her movements, organizer of her goods. What kept me from asking her about the price of the orange mannequin, was the idea of travelling by plane with her. I was embarrassed with the idea of having she sat next to me, whilst departing to São Paulo and the other travellers giggling. I was an incompetent or a coward. I abandoned setting she free from her current fate, saddened as the expression on her face, only because of my timid hypocrisy. And the mannequin, so shiny and sweaty, dismembered and erected, so sad and resolute, royal, would lie abandoned who knows where. She is a spontaneous work of art, mixing and exposing all the syncretic fetishism of its body-corpse. A mannequin, travelled from different continents and cultures, incorporating the ambiguous desire of a being that is still alive even in most disastrous situations. For me, it / she is more attractive and desirable than the other three hyper-fetish human bottles previously observed. She is alive and vague.
My final cut on fashion: Madame Fashion is and even more will be ubiquitous, syncretic, plyphonic, meta-fetishit and metamorphic
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Hairstyles that are easier
Style is an expression that lasts over many seasons and is often connected to cultural movements and social markers, symbols, class, and culture (ex. Baroque, Rococo, etc.). Fashion is a popular aesthetic expression at a particular period and place and in a specific context, especially in clothing, footwear, lifestyle, accessories, makeup, hairstyle, and body proportions. Whereas a trend often connotes a peculiar aesthetic expression and often lasting shorter than a season, fashion is a distinctive and industry-supported expression traditionally tied to the fashion season and collections.
Style is an expression that lasts over many seasons and is often connected to cultural movements and social markers, symbols, class, and culture (ex. Baroque, Rococo, etc.). According to sociologist Pierre Bourdieu, fashion connotes “the latest fashion, the latest difference.”
“One is never over-dressed or under-dressed with a Little Black Dress.” —Karl Lagerfeld
Even though they are often used together, the term fashion differs from clothes and costumes, where the first describes the material and technical garment, whereas the second has been relegated to special senses like fancy-dress or masquerade wear. Fashion instead describes the social and temporal system that “activates” dress as a social signifier in a certain time and context. Philosopher Giorgio Agamben connects fashion to the current intensity of the qualitative moment, to the temporal aspect the Greek called kairos, whereas clothes belong to the quantitative, to what the Greek called Chronos.
I don’t design clothes. I design dreams.
Exclusive brands aspire for the label haute couture, but the term is technically limited to members of the Chambre Syndicale de la Haute Couture in Paris. It is more aspirational and inspired by art, culture and movement. It is extremely exclusive in nature.
With increasing mass-production of consumer commodities at lower prices, and with global reach, sustainability has become an urgent issue amongst politicians, brands, and consumers.
“A retailer is a business that presents a selection of goods and offers to trade them to customer for money or other goods.”
Early Western travelers, traveling to India, Persia, Turkey, or China, would frequently remark on the absence of change in fashion in those countries. The Japanese shōgun’s secretary bragged (not completely accurately) to a Spanish visitor in 1609 that Japanese clothing had not changed in over a thousand years. However, there is considerable evidence in Ming China of rapidly changing fashions in Chinese clothing.
Fashion is the armor to survive the reality of everyday life.
I spent summer in Australia’s city.
“Shoppers’ shopping experiences may vary, based on a variety of factors including how the customer is treated.”
Online shopping allows the buyer to save the time and expense.which would have been spent traveling to the store or mall. According to technology and research firm Forrester, mobile purchases or mcommerce will account for 49% of ecommerce, or $252 billion in sales, by 2020.
H1: Fashion is what you’re offered four times a year by designers.
The notion of the global fashion industry is a product of the modern age. Before the mid-19th century, most clothing was custom-made. It was handmade for individuals, either as home production or on order from dressmakers and tailors.
H2: Fashion Book makes me more productive
By the beginning of the 20th century—with the rise of new technologies such as the sewing machine, the rise of global capitalism and the development of the factory system of production, and the proliferation of retail outlets such as department stores—clothing had increasingly come to be mass-produced in standard sizes and sold at fixed prices.
H3: 9–5 is not optimal
This is my average total monthly spending from one year living in Seattle’s Capitol Hill, one year living in San Francisco’s Upper Haight, one year traveling to 20 countries, and one month at a hotel in Bali. It is much cheaper for me to travel. Since the majority of my costs are from trains and flights, it’s significantly cheaper if I stay in one place.
H4: Fashion expands my cultural bubble
By the beginning of the 20th century—with the rise of new technologies such as the sewing machine, the rise of global capitalism and the development of the factory system of production, and the proliferation of retail outlets such as department stores—clothing had increasingly come to be mass-produced in standard sizes and sold at fixed prices.
H5: Fashion week is not the same as vacation
The notion of the global fashion industry is a product of the modern age. Before the mid-19th century, most clothing was custom-made. It was handmade for individuals, either as home production or on order from dressmakers and tailors.
H6: I became a nomad by fashion
By the beginning of the 20th century—with the rise of new technologies such as the sewing machine, the rise of global capitalism and the development of the factory system of production, and the proliferation of retail outlets such as department stores—clothing had increasingly come to be mass-produced in standard sizes and sold at fixed prices.
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I spent summer in Australia’s city.
Although the fashion industry developed first in Europe and America, as of 2017, it is an international and highly globalized industry, with clothing often designed in one country, manufactured in another, and sold worldwide. For example, an American fashion company might source fabric in China and have the clothes manufactured in Vietnam, finished in Italy, and shipped to a warehouse in the United States for distribution to retail outlets internationally. The fashion industry has long been one of the largest employers in the United States, and it remains so in the 21st century. However, U.S. employment declined considerably as production increasingly moved overseas, especially to China. Because data on the fashion industry typically are reported for national economies and expressed in terms of the industry’s many separate sectors, aggregate figures for the world production of textiles and clothing are difficult to obtain. However, by any measure, the clothing industry accounts for a significant share of world economic output. The fashion industry consists of four levels:
The production of raw materials, principally Fiber, and textiles but also leather and fur.
The production of fashion goods by designers, manufacturers, contractors, and others.
Retail sales.
Various forms of advertising and promotion.
These levels consist of many separate but interdependent sectors. These sectors are Textile Design and Production, Fashion Design and Manufacturing, Fashion Retailing, Marketing and Merchandising, Fashion Shows, and Media and Marketing. Each sector is devoted to the goal of satisfying consumer demand for apparel under conditions that enable participants in the industry to operate at a profit.
“Americans spent over $83 billion on back-to-school and back-to-college shopping.”– Maya Angelou
The joy of dressing is an art.
Fashion trends influenced by several factors, including cinema, celebrities, climate, creative explorations, innovations, designs, political, economic, social, and technological. Examining these factors is called a PEST analysis. Fashion forecasters can use this information to help determine the growth or decline of a particular trend. It helps to know more about the Fashion arena and lifestyle in the modern world.
Though there had been distribution of dressed dolls from France since the 16th century and Abraham Bosse had produced engravings of fashion in the 1620s, the pace of change picked up in the 1780s with increased publication of French engravings illustrating the latest Paris styles. By 1800, all Western Europeans were dressing alike (or thought they were); local variation became first a sign of provincial culture and later a badge of the conservative peasant.
Although tailors and dressmakers were no doubt responsible for many innovations, and the textile industry indeed led many trends, the history of fashion design is generally understood to date from 1858 when the English-born Charles Frederick Worth opened the first authentic haute couture house in Paris. The Haute house was the name established by the government for the fashion houses that met the standards of the industry. These fashion houses have to adhere to standards such as keeping at least twenty employees engaged in making the clothes, showing two collections per year at fashion shows, and presenting a certain number of patterns to customers. Since then, the idea of the fashion designer as a celebrity in his or her own right has become increasingly dominant.
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*What is Rhetoric to me?*
In Communication 320, Rhetorical Traditions, I learned about many theories of rhetoric. This essay highlights how my definition of rhetoric shifted from the beginning to the end of the course.
In my initial artifact, I stated rhetoric is the language that is used to create and deliver a message from one party to the next. It is the word choice, the use of metaphors and figurative language, the use of tone, attitude, satire, and other linguistic components that are employed by the speaker. After learning about rhetoric and studying rhetorical artifacts, it is clear to me now that it is much more than crafting a message simply using language. Rhetoric is an object that changes reality through the creation of narratives and/or truths. Rhetoric is ethical, dynamic, and influential ultimately inspiring an action or reaction.
Rhetoric is more than language. First and foremost, I understand rhetoric to be anything supporting a message. This is the most significant discovery I made over the length of the term: the realization that rhetoric can take many different forms going beyond mere language. Rhetoric is a style. Rhetoric is a study. Rhetoric is a tool. Rhetoric is a picture, a speech, a video, an advertisement, a movie, an article of clothing, and so on. The most common form and the most easily conceptualized form of rhetoric is the written or verbal form, but to believe that rhetoric is only found in the form of language is naive and limiting.
Rhetoric changes reality through the creation of narratives and or truths. Palczewski, Ice, Fritch describe the potential of narratives to depict events, messages, values, and identities. Narratives shape a reality based on what the author has chosen to say just as much as the reality that is shaped based on what that author has chosen not to say. The creation of narratives change the reality of the audience if the audiences uses the rhetoric and the narrative to form an identity, set standards, understand publics, etc. The creation of truth also shapes and changes reality. Realities are created with truths. Take for example, I were to proclaim in my narrative that, “the sky is purple.” If that narrative and truth were to be adopted by the society around me, I have altered the reality that used to believe that the sky is blue. Change initiated by rhetoric is seen throughout history as we have accepted narratives and adopted truths.
Rhetoric is ethical. With the discussion of truths, comes the discussion of ethics and what is productive for society. Rhetoric has evolved and the voice of the people has a lot to do with is. Athens’ democracy invited the polis to deliberate as part of its political regime. This is an example of a forum in which rhetoric would have been used to persuade or to advocate for a cause, narratives were told, and truths were dispersed thereafter. On one hand, this rhetoric would have been ethical as the ‘people’ were represented in the society more so than other nation-states. Yet there are limitations to even this democratic government because the rhetoric created by the ‘people’ was devised of the citizens of athens which was limited to educated men. This qualifier prompts questions regarding the productivity of the conversations for the larger society, that is, the society besides the educated, white men that were born in Athens.
Rhetoric is dynamic. The creator of the reality built upon narratives and truths influences the community and the culture. The creator aids in the society’s decision to adopt a belief or not, which is pretty phenomenal. Because of the fragility of the influence, it is a dynamic element of rhetoric that is being created and recreated over and over again. Truths are slightly more complicated as there are ultimate ‘capital T’ truths that society tends to follow, but there are others that will change from culture to culture, generation to generation, making truths just as dynamic as the narratives.
Rhetoric is influential. The pieces of rhetoric that have been studied throughout the term have all demonstrated the influence rhetoric has. I would like to reference a few specifically due to the influence each had on my learning experience. First, Pericles’ Funeral Oration is an example of rhetoric that builds a narrative for the people of Athens as they are leaving a state of war. At this time, leaders were expected to be prominent speakers to be deserving of their title. Pericles is speaking about a public concern, but he is following a clear set of guidelines set by expectations of the public. Pericles satisfies the people, but without challenging them how does his rhetoric serve any good? Studying Pericles was influential in that is taught me about drafting a narrative and the ethicality of a speaker and his or her rhetoric. Next, Gorgias’ Encomium of Helen is an attempt to demonstrate the power of rhetoric. Gorgias is unbelievably confident in his skills as a rhetor and he writes the piece for his own “amusement” and simply to prove to the others that he is ‘that good.’ He speaks on the use of persuasion and the effect that a rhetor can have. This piece of rhetoric is emblematic of the dynamism of rhetoric and how a narrative can redefine something as big as who was to blame for the war and the fall of Troy. Finally, Isocrates’ Against the Sophists describes the imperativity of the speaker to understand different audiences and situations in order to inspire action to be taken. Isocrates’ goal was to teach in order to inspire the people to be leaders and take action themselves. Isocrates discusses kairos, appropriateness, and originality when speaking with good rhetoric. The emphasis that Isocrates puts on understanding the context and allowing the truth to emerge when the people reflect and react, was paramount to my understanding of rhetoric.
Each new rhetor and piece lead to the deepening of my understanding of rhetoric and resulted in the progression of my definition. So much so that, I could accurately define the self-created artifact pictured above as rhetoric. The image is a compilation of three images representing of Augustana College and Christian Lutheran University (CLU). The third image is a bible verse that speaks of strength. I created the image as a gift to be framed from Augustana College’s campus ministries team to the campus ministries team at CLU. It is our hope that this image (rhetoric) was able to change the reality of hardship that CLU was facing by creating a narrative reminding them of the truth that God may be a source of strength. It is ethical and productive based on the intentions of the creator. The entire team had a voice in the decision process as far as what gift to give and the team was communicated with throughout the design of the gift. It is dynamic as there were many drafts and designs. Lastly it is our hope that it will be influential on the campus ministries at CLU and inspire a renewed spirit and a renewed sense of hope.
Gorgias. (1995). Encomium of Helen. In M. Garagin and P. Woodruff (Eds.), Early Greek political thought from Homer to the Sophists (pp. 190-195). Cambridge, Cambridge University Press. (Original publication date unknown)
Graziano, E. A. (n.d.). Augie and CLU [Photo].
Isocrates. (2000). Against the sophists. (D.C. Mirhady and Y. Lee Too, Trans.) (pp.61-66). Austin: University of Texas Press. (Original work published in c. 390 B.C.E)
Palczewski, C. H., Ice, R., Fritch, J. (2012). Narratives. In Rhetoric in civic life (pp. 117-146). State College, PA: Strata Publishing, Inc.
Pericles. (1994). The funeral oration. In J. J. Murphy and R. A. Katula (Eds.), A Synoptic history of classical rhetoric (2nd ed.) (p. 217-221). Mahwah, NJ: Hermagoras Press. (Orginial work published in 430 B. C. E.)
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*Tumblr Essay 2*
In this entry I will examine the critical question: How does or doesn’t this artifact fit Isocrates’ criteria of good rhetoric (Kairos, appropriateness, originality)? Is this example of rhetoric ethical/productive for democracy and/or limiting to society?
To investigate these questions, I am exploring President Obama’s public update regarding the H1N1 flu: Remain Vigilant Against H1N1 Flu. President Obama’s speech fulfills Isocrates criteria for good rhetoric of Kairos by responding to this pandemic in an appropriate timeline, appropriateness, by speaking to the American people in a way that respects our values, and originality, by facing this issue in a way previous presidents have not, and is productive for democracy.
This speech from April 29th, 2009, was a brief update from President Obama, posted by the Associated Press, regarding the H1N1 flu virus that was spreading throughout the country. He updates us on what the government is doing for the virus including his requested immediate $1.5B in emergency funding to support the tracking and monitoring of this virus, as well as for supplies for it. He also includes warning schools and businesses impacted by this to “strongly consider” temporarily closing, and to think of contingency plans in case of closures. He also provides advice for everyone, such as hand washing, covering of the mouth, and to stay home if you are sick. He ends by saying “this government is prepared to do whatever it takes to control the impact of this virus.”
According to Isocrates, speeches cannot be good unless they reflect the circumstances of kairoi, propriety, and originality. While propriety (appropriateness) and originality will be addressed later, kairoi, or Kairos, means the correct, critical, or opportune moment. In the context of modern political speeches such as Obama’s regarding the H1N1 flu virus, it basically means to speak in a timely fashion in regards to the situation. President Obama’s short speech regarding the H1N1 flu virus fulfills Isocrates criteria of Kairos by responding to the issue in a timely fashion. According to the CDC’s timeline article regarding the H1N1 flu, the first cases of the virus were detected on April 17th, 2009 and publicly reported it the 21st. President Obama and the United States government declared it a public health emergency on the 26th, and this short update from President Obama was given on April 29th, 2009, only 12 days after the first cases were detected. In less than the span of two full weeks, President Obama had declared the public health emergency to release the necessary antiviral drugs to help assist with the crisis and was giving updates by the 29th. That is a short time span in the sense of a pandemic situation, considering the pandemic wasn’t officially declared until nearly 6 weeks after the original public health emergency declaration. With these early words, it could be argued that President Obama wasn’t timely, because some saw him going public too early, which can cause unnecessary public panic. However, when the pandemic scenario was declared 4 weeks after this update, it is hard to see that claim through.
The next criteria in Isocrates Against the Sophist work, is the criteria of propriety, or, appropriateness. This criteria explores whether or not the speaker takes into account propriety/decorum, community traditions, and community values. This short public announcement was given to the entire United States public, therefore should align with its citizens values. He does this by saying “I’ve asked every American to take the same steps you would to prevent any other flu.” With these quotes, President Obama is gathering a sense of community with citizens, using words like “every American” to let us all know that this is a collective effort and we are all in this together. Being collective is undoubtedly an American value, considering we are the United States of America, being together as one, is in our name. Also, considering that this was a virus, who has no prejudices against anyone, it could possibly affect everyone. Another quote from President Obama is “everyone should be rest assured that this government is prepared to do whatever it takes to control the impact of this virus.” This quote is significant to our values because it resembles the American people and our hardworking and deterministic nature. Being prepared to “do whatever it takes” is often heard in America, we have a drive to accomplish what we want to, by any means necessary. This is often prevalent in military functions, but this can also be seen as a sort of battle against an invisible enemy.
Isocrates final criteria is the criteria of originality. Originality is basically looking at whether or not the rhetorician gives their speech in a creative or innovative way. Not only can this apply to the presentation, but also the content of what the speaker is presenting on. For President Obama’s update, the style itself fails to fit the criteria of originality. Him, pasted against a nice background, with a suit and tie at a pedestal, speaking directly into the camera, is far from original in the sense of American Presidents addressing the public in modern times. However, a modern President addressing a potential pandemic situation is something that is new in modern times. Yes, there have been previous pandemics that have threatened and attacked the United States and the world, but that was before modern medicine had made the leaps and bounds it has in the last 50 years, and before the healthcare system in the United States was capitalized on as much as it is now. According to an article done by the Daily Beast, titled “How President Handle Pandemics”, some of these pandemics happened before it was a widely accepted idea by political elites that Presidents should do anything about them, such as the Spanish Flu and Woodrow Wilson. When Polio ravaged the country, president Eisenhower was able to escape blame because he was elected more or less to navigate us through the cold war, not a pandemic, which he was seen as successful. However, when the AIDS crisis was happening, President Reagan was criticized as being late to the issue and was able to escape blame when his surgeon general spoke up regarding how to fight it with sex education. So, in other words, President Obama’s reaction to the H1N1 virus completely fits Isocrates criteria of originality, because this was unprecedented in how presidents reacted to pandemics. Not only did President Obama address it in a timely manner, he addressed the American people with helpful information, and used his power to be able start helping the American people with the release of funds and medical supplies to combat the issue.
Isocrates’ three criteria of Kairos, appropriateness, and originality, together, are useful in determining whether what was said was ethical, unethical, or productive to society or not. When analyzing President Obama’s short update to the public, it was ethical and productive in all three criteria. For Kairos, with this statement being made less than two weeks after the initial cases, which answers this in a timely fashion, with a time critical situation such as pandemic. President Obama reacted in good timing to the issue and made everyone aware to be able to combat this. His appropriateness towards the subject was also ethical, he talked to the American people in a stern but down to earth tone, letting us know that he is doing everything that he can to help control the issue, which is important as a leader. It is also appropriate because this is an issue that could potentially impact the American people, and that is the sign of a good leader to be transparent in such an event. His originality also is important because this is something not many other presidents have had to face head on, but he reacted in a proper fashion, even though it was not something that was modeled for him by his predecessors. Doing all of this is productive for democracy as well, because pandemics can have major impacts on people's lives, people's ways of life, and the economy.
To summarize, President Obama’s short public update titled “Remain Vigilant Against H1N1 Flu” fulfills Isocrates’ three criteria of Kairos because he was able to address this issue in a timely manner, appropriateness, by respecting our views as Americans and originality because this is something other presidents have not had to face. He also does this in an ethical manner that was productive for democracy.
Work Cited
“2009 H1N1 Pandemic Timeline.” Centers for Disease Control and Prevention, Centers for Disease Control and Prevention, 8 May 2019, www.cdc.gov/flu/pandemic-resources/2009-pandemic-timeline.html.
Associated Press, director. Obama: Remain Vigilant Against H1N1 Flu. YouTube, 29 Apr. 2009, www.youtube.com/watch?v=Imi5M38n4pc.
Clift, Eleanor. “How Presidents Handle Pandemics.” The Daily Beast, The Daily Beast Company, 16 Oct. 2014, www.thedailybeast.com/how-presidents-handle-pandemics?ref=scroll.
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Announcing the latest set of judges for Startup Battlefield Africa 2018
Startup Battlefield Africa is right around the corner. This year it’s in Lagos, Nigeria on December 11. As usual, we have a stellar lineup of panels that will include investors and founders discussing issues such as blockchain, raising venture capital on the continent and beyond and much more.
And of course companies will compete in Startup Battlefield, our premier startup competition. Startup Battlefield consists of 15 teams competing in three preliminary rounds — five startups per round — which have only six minutes to pitch and present a live demo to a panel of expert technologists and VC investors. Five of the original 15 startups will be chosen to pitch a second time to a fresh set of judges. One startup will emerge the winner and receive a US$25,000 no-equity cash prize and win a trip for two to compete in the Startup Battlefield at TechCrunch Disrupt in 2019 (assuming the company still qualifies to compete at the time). You can apply for a limited supply of free spectator tickets here.
And now to announce our next batch of judges who will be grilling the startups after their pitches. See you in Lagos!
Titi Odunfa Adeoye, Sankore Investments
Titi Odunfa Adeoye is the founder and managing director of Sankore Investments, an investment platform that deploys capital across a range of asset classes on behalf of individuals and institutions. Sankore also runs an innovation arm that focuses on building new ventures and enabling early-stage enterprises in areas that are strategically important to the firm.
Prior to founding Sankore Investments, Titi was head of Investment Strategy at Zenith Capital, the investment banking subsidiary of Zenith Bank Nigeria. In her role, she led teams responsible for investment management, research and new product development within the asset management business. At Goldman Sachs in New York, Titi worked as a member of a team responsible for investment strategy, tactical asset allocation and portfolio advisory services for private funds. In this capacity, she developed research and investment expertise across a range of geographies and asset classes.
Her experience also covers restructuring, consulting, accounting and auditing with KPMG Consulting and PricewaterhouseCoopers in Washington, DC.
Temi Marcella Awogboro, Kairos Angels
Temi Marcella Awogboro is a co-founder of Kairos Angels, an investment club aiming to transform Africa by partnering with visionary entrepreneurs to build scalable and sustainable businesses on the Continent. Temi has more than a decade of experience in finance across developed and growth markets. As an investment professional, Temi has committed nearly US$500 million in private capital across strategic sectors in a bid to tackle some of the world’s most pressing challenges.
Temi started her career at Goldman Sachs International, where she was a recipient of the Goldman Sachs and Institute of International Education’s Global Leaders Award. She is a Kauffman Venture Capital Fellow, an African Leadership Institute Tutu Fellow, a World Economic Forum Global Shaper (Lagos Hub) and Alumni Ambassador (London Hub).
Tahira Dosani, Accion Venture Lab
Tahira Dosani is the managing director of Accion Venture Lab, a seed-stage impact investing initiative focused on fintech for inclusion. Venture Lab provides capital and support to early-stage startups that leverage innovation to increase access to and quality of financial services for underserved consumers globally. Tahira works with the fund’s portfolio companies to provide strategic and operational expertise that accelerates their growth trajectories and enables stronger performance. Additionally, she supports investment decisions, manages portfolio relationships and drives the strategy and growth of Venture Lab.
Tahira previously led strategic projects at LeapFrog Investments, a specialist emerging market private equity impact fund focused on financial services. Prior to that, she worked as director of Strategy at the Aga Khan Fund for Economic Development. Based in Dubai, she drove strategic initiatives for portfolio companies and led new investments in telecoms, technology and infrastructure in South and Central Asia. She also worked at Roshan, Afghanistan’s leading telecommunications operator, where she was head of Corporate Strategy and helped launch the country’s first mobile money platform. Tahira began her career as a management consultant with Bain & Company in Boston.
Gaurav Dosi, Facebook
Gaurav leads product management for Jobs on Facebook. Most recently, he was listed as one of the top 10 most important people in HRTech in 2017 by ERE Media. Prior to Facebook, Gaurav co-founded a ridesharing company in New Delhi, which was acquired by Carzonrent. He started his career as a consultant at Boston Consulting Group.
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What if You Could Rent an Apartment Without a Security Deposit?
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Nothing is certain in the grueling hunt for a New York City apartment, except perhaps the inevitability of shelling out thousands of dollars upfront in broker fees, one month’s rent and a security deposit.
In 2016, New York City renters paid more than $500 million in security deposits, money that largely sat untouched in low-interest bank accounts, according to the city comptroller. Security deposits remain a steep financial barrier for low-income tenants and young renters with minimal savings, even though state lawmakers recently limited the deposits to the equivalent of one month’s rent.
Now a spate of start-ups is offering cheaper alternatives, envisioning a rental market without security deposits as a way to lower housing costs, curb inequality and put money back in people’s pockets.
Rhino, which started in late 2017, has helped pioneer an insurance option: Tenants pay a nonrefundable monthly fee (about $13 for a $3,000-a-month apartment) instead of a deposit, and Rhino insures the apartment, paying the landlord for any damages.
The model seeks to simultaneously protect landlords and benefit renters by lowering upfront costs and freeing up money renters can save or invest.
“The idea was pretty simple,” said Ankur Jain, 29, the chairman and co-founder of the company, which is based in Manhattan. “Security deposits have been vastly overlooked for the past few decades and as rents have gone up, security deposits have become a much bigger barrier than they used to be for renters.”
But the idea has drawn some skeptics who are troubled by the prospects of unleashing a new type of insurance industry within an already-ruthless real estate market notorious for unscrupulous landlords who prey on vulnerable tenants.
The start-up is now focused on building political support for local policies nationwide that would require landlords to accept alternatives to security deposits and give renters more flexibility. The push comes amid a worsening housing crisis and a surge of tenant-friendly laws from California, which recently enacted statewide rent control, to New York, where lawmakers passed landmark tenant protections last summer.
Rhino was partly funded by Kairos, a venture-capital fund Mr. Jain said he started to address social issues. The company has partnered with some of the city’s major landlords, including L+M Development Partners, Brodsky, Stonehenge and Moinian Group, to build a portfolio of 110,000 apartments whose tenants have the option of enrolling.
Mr. Jain, an entrepreneur who founded a technology company that was acquired by Tinder in 2016, would not say how many renters have signed up. But he said Rhino has saved New York City tenants more than $60 million in security deposits since it started and $60 million nationally in 2019.
“We felt that there wasn’t enough being done in the political or private sector to tackle some of the big financial barriers facing our millennial generation, like student debt, housing and health care,” Mr. Jain said.
As rents have climbed, so has the number of companies offering alternatives to security deposits: Jetty, Obligo, SureDeposit and TheGuarantors offer similar services with varying coverage and price plans.
David R. Jones, the president of the Community Service Society, an anti-poverty group, said that security deposits were an extraordinary burden for low-income people, but that he was concerned private companies could exploit susceptible tenants.
“I am pretty wary when private institutions get involved in these types of things,” Mr. Jones said. “There has to be a profit motive here. I’m a little concerned that you’re dealing with extraordinarily vulnerable populations who don’t always read the fine print.”
Some elected officials were cautious about fully embracing the approach.
Julien Bonneville said he founded TheGuarantors in 2016 to guarantee leases for low-credit tenants and international students. But last year, the company unveiled a service to replace security deposits whereby tenants pay a fraction of the deposit upfront (from 7 to 18 percent) and the company insures damages up to the amount of the deposit.
He said the key to protecting renters was to make sure they know their obligations when using alternative products.
“This is growing fast,” he said. “In the future, hopefully, this will become the new standard, so landlords don’t use outdated ways of collecting security deposits such as cash.”
Mr. Jain said the policies his company advocates, including allowing renters to transfer security deposits between landlords when they move, could help free up billions of dollars tied up in security deposit accounts nationwide.
The City Council recently introduced a few bills aimed at lowering upfront costs for renters, including one to cap broker fees at one month’s rent and another that would allow renters to pay security deposits in six monthly installments. In addition, the tenant protections passed in June included a $20 maximum for application fees.
Councilman Keith Powers, a Democrat who represents parts of Manhattan, said an insurance plan like Rhino’s offered renters more options, but “it’s a new idea and I haven’t studied it enough.”
“I think there is a huge opportunity right now, based both on technology and on good policy, to revisit all these upfront costs to offer flexibility and choice,” said Mr. Powers, a co-sponsor of the recently introduced bills.
In a statement, Ben Carson, the secretary of the Department of Housing and Urban Development, expressed support for deposit insurance.
Rhino covers damages up to a certain amount and pays landlords for the typical wear-and-tear of a unit. A tenant is still liable for nonpayment of rent and any reckless, negligent or intentional damage to an apartment, Mr. Jain said. The monthly premium decreases when a renter renews a lease and proves to be a reliable tenant.
For property owners, offering no security deposits can be an effective marketing tool to attract potential renters.
“It works with no detriment to us and it’s obviously better for the renter,” said Barry Sternlicht, the chief executive of Starwood Capital Group, one of the largest property owners in the country and an early investor in Rhino.
“I remember when I was in that situation, when I was 22 and having to come up with that security deposit. It’s a lot of money,” said Mr. Sternlicht, who is rolling out Rhino across his properties. “It’s just a bad thing because the money sits around doing nothing.”
This alternative model could help fix another problem: Tenant lawyers say landlords sometimes do not return security deposits or withhold arbitrarily large amounts of money for minor damages to an apartment, a power dynamic that is skewed against tenants.
To get that money back, tenants can either file a complaint with the New York State attorney general or take their landlord to court, an expensive and time-consuming deterrent.
“Anecdotally, we hear about it all the time,” said Judith Goldiner, head of the Legal Aid Society’s civil law reform unit. “Security deposits are also one of the reasons it’s so hard for low-income people to move.”
A 2018 report from the city comptroller found that the typical family of four would have to pay 6 percent of its annual income to cover the security deposit of a typical New York City apartment; that number can go up to 25 percent for residents of the city’s poorest neighborhoods.
Security deposits also disproportionally affect minorities and low-income families, who are less likely to have substantial savings, the report said.
“I’m not endorsing a particular model,” Scott M. Stringer, the city’s comptroller, said. “What I’m saying is that private sector housing has to meet the needs of the middle class, and rent security deposits are another form of gouging working families and basically removing money from middle-class people.”
He added, “We should have this discussion in the private sector and the public sector, and maybe there is a way to meet in the middle.”
Sahred From Source link Real Estate
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AYA Analytica financial health memo June 2019
As of June 2019, this regular podcast is available on our Andy Yeh Alpha fintech network platform.
Nobel Laureate Joseph Stiglitz proposes the key economic priorities in lieu of neoliberalism. Neoliberalism encompasses lower taxation, deregulation, social welfare minimalism, and less government intervention. This ideology has become the root cause of socioeconomic problems such as wage stagnation, wealth inequality, market power concentration, and environmental degradation. In response, Stiglitz recommends 3 major economic policy prescriptions. First, the benevolent social planner should better balance free markets, civil communities, and state mechanisms. The government better shapes and facilitates markets and communities by investing in basic research, technology, education, health care, and infrastructure. This public investment pays well in terms of more connective communities and market mechanisms. Second, wealth creation arises from scientific inquiry and social organization that collectively allow people to work together for the common good. Free markets still facilitate most social cooperation, but they serve this purpose only if market participants are subject to democratic checks and balances and the rule of law. Third, the government can curb corporate rent protection that may arise from information advantages, hostile takeovers, or other entry barriers. The government has to sever the nexus between market power and political influence. A public investment reform should thus focus on higher education, research, technology, affordable health care, and infrastructure.
Berkeley tax economists Gabriel Zucman and Emmanuel Saez find fresh insights into wealth inequality in America. Their latest estimates show that the top 0.1% of U.S. taxpayers control 20% of American wealth. This result represents the highest share since 1929. The top 1% of U.S. taxpayers control 39% of American wealth, whereas, the bottom 90% of U.S. taxpayers control 26% of American wealth. In contrast, the bottom half of Americans collectively have a negative net worth (i.e. total liabilities exceed total assets). Zucman further finds that multinational corporations move 40% of their $600 billion offshore profits out of high-tax countries into lower-tax jurisdictions. With their empirical results, Saez and Zucman champion bold and aggressive tax policy recommendations. For instance, Senator Elizabeth Warren proposes a wealth tax that would bring in $2.8 trillion over the next decade. Warren confers with Saez and Zucman again before she floats a corporate tax on net profits above $100 million. This tax may raise $1 trillion over 10 years. Also, New York congressional rep Alexandria Ocasio-Cortez proposes to hike the top marginal tax rate for Americans who earn annual income above $10 million. The Saez-Zucman empirical results lend credence to these bold tax policy proposals.
Investing in stocks is the best way for most people to become self-made millionaires. A recent Gallup poll indicates that only 37% of young Americans below the age of 36 own stocks, whereas, 61% of Americans over the age of 35 own stocks in the same time window from 2017 to 2019. This evidence suggests that most Americans fail to leverage the stock market as a worthy investment vehicle. The magical power of compound interest exponentially contributes to personal wealth accumulation. For instance, if a young investor saves $100 per week to earn an 11% stock market average return each year, he or she can receive more than $1.2 million after 30 years. This financial discipline requires automatic money transfers on a periodic basis. In other words, most people can consistently invest a small amount of money with great discipline to reap exponential cash rewards at retirement age. Moreover, these wise investors can smooth out most extreme stock price gyrations by waiting patiently to accrue compound interest on regular stock investments. As compound interest snowballs into greater dollar amounts of stock bets, both principal and interest payments roll over and become substantial lump sums after a sufficiently long time span.
The financial crisis of 2008-2009 affects many millennials as they now face the major costs of college tuition, residential demand, health care, and childcare. Ages 22 to 39, millennials have less purchasing power than previous generations did at the same age. Although millennials have benefited from a 67% increase in real wages since the 1970s, this wage boost is insufficient for millennials to keep up with price inflation over the past 4 decades. More than half of millennials cannot afford to own residential properties, have less than $5,000 in their bank deposit accounts, and maintain no retirement accounts. Nowadays millennial affordability attracts both public and private solutions. For instance, Senator Elizabeth Warren proposes that the government forgives $50,000 in student loan debt for every American whose family makes up to $100,000. Also, Former Vice President Joe Biden supports the new proposal that it should be free for students to complete 4-year bachelor degrees at public universities. Moreover, the venture fund Kairos invests in more than 5 companies with $20 million to design solutions that tackle the inflationary costs of student loan debt, residential demand, childcare, and health insurance. Overall, millennial affordability has hence become a major socioeconomic issue in America.
Amazon and Google face comprehensive antitrust scrutiny. In recent times, Justice Department and Federal Trade Commission have reached an agreement to conduct independent investigations into these tech titans. Justice Department takes responsibility for Google antitrust matters, whereas, Federal Trade Commission handles Amazon in light of potential consumer harm. This internal agreement presages intense antitrust scrutiny. Google already faces antitrust fines in Europe due to the E.U. charges that the online search algorithms favor Google-driven software products. U.S. antitrust law focuses on the broader notion of consumer protection; however, smart algorithms help constrain Amazon retail price hikes. Federal Trade Commission conveys concern and suspicion that the sheer size and market power of Amazon may induce anti-competitive effects. Limiting the market power of tech titans may be one of the few policy domains where both Republicans and Democrats can find common cause. Democratic presidential candidates such as Joe Biden, Bernie Sanders, and Elizabeth Warren call for greater antitrust scrutiny on the campaign trail. Also, President Trump and other Republicans accuse Amazon and Google of political bias. Justice Department and Federal Trade Commission either stimulate greater competition in e-commerce and Internet search, or the regulatory agencies may consider breaking up Amazon and Google.
San Francisco Fed CEO Mary Daly suggests that trade escalation is not the only risk in the global economy. Due to the current Sino-U.S. trade tension, the global economy seems to slow down quite a bit. Several other global economic issues need resolution too. For instance, Halloween Brexit may result in negative consequences for Eurozone trade and financial capital exodus. Daly indicates that the U.S. economy may experience unforeseen challenges if business sentiment and economic data get out of sync. If business sentiment turns out to be negative, this pervasive negativity may become a self-fulfilling prophecy that can lead to significant fluctuations in real economic output. Nevertheless, Daly reiterates that the U.S. economy operates near the long-term efficient level with 3.6%-3.7% unemployment as inflation rises toward the 2% target. In the current macroeconomic scenario, the federal funds rate remains neutral. This outcome accords with the Federal Reserve dual mandate of price stability and maximum sustainable employment. The recent interest rate hikes help dampen extreme asset price gyrations and so contribute to financial market stabilization. At any rate, Daly emphasizes that it is important for the Federal Reserve to remain patient before the FOMC members consider the next interest rate adjustments.
To secure better trade arrangements with the European Union, Jeremy Corbyn encourages Labour legislators to back a second referendum on Brexit. In recent times, Theresa May has indicated her intention to resign as British Prime Minister, and the European election results shine fresh light on a second referendum on Brexit. Nigel Farage, his Brexit Party, and Conservative Brexit supporters are likely to fight hard against Corbyn-led Labour legislators. Labour Party now has a strategic advantage if Corbyn and his fellow MPs pivot in favor of a second referendum on Brexit. As the European Union remains the largest trade bloc to Britain, Britons must reconsider the economic pros and cons of closer trade ties with the Eurozone. The Brexit withdrawal agreement may involve a gross amount of €100 billion. Net of some U.K. assets, the final bill would involve about €65 billion. The withdrawal transfer funds can contribute to better British health care, social welfare, infrastructure, taxation, and other aspects of public finance. However, Britons use the British pound but not the Euro, so the U.K. has never been part of the E.U. monetary union. British millennials prefer to remain in the E.U. for closer trade ties and better economic arrangements.
The Sino-American trade war may slash global GDP by $600 billion. If the Trump administration imposes tariffs on all Chinese imports and China retaliates with countermeasures, the global stock market may decline by 10%. In this worst-case scenario, Bloomberg expects global GDP to fall 0.6% or $600 billion by mid-2021. The same simulation suggests that both U.S. and Chinese economic output may decline by 0.7% to 1%. Several countries such as Canada and Europe rely heavily on Sino-American trade and so may suffer as a result. In terms of better balancing the bilateral trade deficit, this deficit has indeed declined from $91 billion to $80 billion from 2018Q1 to 2019Q1 (as the Trump tariffs come into effect). Also, the current U.S. CPI inflation hovers in the range of 1.6% to 1.9% (still below the 2% target level). This fact defies the Chinese allegation that the Trump tariffs may substantially raise the Chinese import prices with substantial inflationary pressure. U.S. retail sales growth continues to slow down although American consumer confidence rebounds in early-2019 due to higher wages and tight labor market conditions. The recent 8% renminbi devaluation coincides with the 25% Chinese stock market plunge and less foreign direct investment.
The Chinese Xi administration may leverage its state dominance of rare-earth elements to better balance the current Sino-American trade war. In recent times, President Xi visits a Jiangxi hardware factory that spins rare earth elements into permanent magnets in iPhones, electric cars, wind turbines, and military missiles. China monopolizes 80% of the strenuous extraction of 17 vital rare-earth elements for ubiquitous applications from consumer electronic technology to national defense. Although the ores are as common as copper and lead, rare-earth ores oxidize quickly and their extraction can cause severe pollution. With its low labor costs and lax environmental regulations, China has become the dominant force in the rare-earth market since the 1980s. With almost half of global rare-earth deposits, China produces 120,000 metric tons of rare-earth per annum, or about 80% of the global supply. Australia is the second largest supplier of only 20,000 metric tons of rare-earth per year. The Chinese Xi administration has a strategic incentive to reduce the quota of rare-earth elements from 60,000 tons for better environmental protection. The next quota reset is due in June 2019, and this reset can indicate whether China intends to leverage its rare-earth quasi-monopoly to counteract the Trump tariff tactic.
Dallas Federal Reserve President Robert Kaplan expects the U.S. economy to grow at 2.25%-2.5% in 2019-2020 as inflation rises a bit. In an interview with Fox Business Network, Kaplan indicates that it might be too soon to gauge the ripple effects of U.S. tariffs on Chinese and European imports, greenback fluctuations, and inflationary concerns. As the Federal Reserve remains patient on the next monetary policy adjustments, independent and credible central bank communication can help circumvent financial imbalances in the U.S. real economy. Meanwhile, the China-U.S. trade tension intensifies, so many stock market analysts now consider low inflation to be transitory. Federal Reserve balance sheet shrinkage continues, but some stock market analysts expect this balance sheet strategy to halt in light of higher Treasury yields. These higher Treasury yields may inadvertently tighten credit conditions for most mortgage borrowers and corporate debtors. In this negative light, this rationale leads to financial imbalances in the form of exorbitant mortgage and business debt. In turn, these financial imbalances exacerbate the current real estate and business debt dilemma. When push comes to shove, monetary policymakers need to consider the potential ramifications of credit supply shortage before the Federal Reserve steers the next interest rate adjustments.
St Louis Federal Reserve President James Bullard indicates that his ideal baseline scenario remains a mutually beneficial China-U.S. trade deal. Bullard indicates that the Chinese Xi administration should accept U.S. demands on trade deficit curtailment and intellectual property protection and enforcement in order to attract more foreign capital investments as the oriental country can reap enormous benefits. In the baseline scenario of a major Sino-U.S. trade deal, the Trump tariffs may linger such that the Federal Reserve has to address the likely U.S. economic growth concerns. Since the U.S. and China cannot conclude their yearlong trade conflict, this economic policy uncertainty stokes fresh worries about the global economy. U.S. FOMC members agree that their current patient monetary policy approach can remain in place for some time. In this positive light, the Federal Reserve halts the next interest rate hikes as Fed governors jawbone their implicit expectations of anchoring both U.S. economic growth and interest rates at 2.25%-2.5%. To the extent that inflation risk remains low or slightly below the 2% target level, the Federal Reserve keeps intact the 2.5% federal funds rate as the U.S. economy operates near full employment (with the 3.6%-3.7% unemployment rate). Patience pays well in time.
The world seeks to reduce medicine prices and other health care costs to better regulate big pharma. The Trump administration now requires pharmaceutical companies to disclose medicine prices in U.S. television ads. Proponents support more transparent disclosures of medicine prices and other health care costs. However, some other industry groups argue that astronomical medicine prices may discourage patients because many specialty medications are not so affordable. In recent times, the World Health Organization (WHO) discusses universal health care, antimicrobial resistance, and the impact of climate change on global health etc. A major topic pertains to the high prices of new specialty medicines. For instance, the immuno-oncology medicine Keytruda costs $13,600 per month for continual cancer treatment. Also, the specialty medicine for cystic fibrosis, Orkambi, costs $23,000 per month. In America, many diabetics die primarily due to the high costs of insulin. The Trump administration encourages multinational big pharma firms to reduce medicine prices in the U.S. with healthy price hikes elsewhere, whereas, high health care costs in general, and astronomical specialty medicine prices in particular, remain a widespread problem worldwide. On balance, the government should enforce medicine price reductions to help enrich the economic lives of patients around the world.
Fed Chair Jerome Powell suggests that the recent surge in U.S. business debt poses moderate risks to the economy. Many corporate treasuries now carry about 40% debt as part of equity market valuation. St Louis Federal Reserve Bank recent data indicate that the corporate-debt-to-EBITDA ratio has risen to the upper range of 2.3x to 3.1x. Powell warns that the current level of business debt can cause financial stress to borrowers if the U.S. economy weakens. However, Powell adds the cautionary caveat that business debt may not present imminent risks to U.S. financial system stability, household consumption, and business growth. As the Federal Reserve continues to assess the potential amplification of business debt deterioration, short-term liquidity risk remains moderate in the U.S. financial system. Meanwhile, the Trump administration seeks to raise fiscal deficits to support ambitious public programs on infrastructure, education, residential estate, health care, and social security. This public debt accumulation may crowd out intertemporal business debt capacity at the margin. If the U.S. total debt capacity remains invariant over time, the government either has to tolerate higher inflation in the form of seigniorage taxes, or needs to consider the ripple effects of incremental corporate debt on the real economy.
The Sino-U.S. trade war may be the Thucydides trap or a clash of Caucasian and non-Caucasian civilizations. The proverbial Thucydides trap refers to the historical fact that the dominant superpowers may experience inevitable economic sanctions or even military confrontations as these countries become more powerful in the world. The current Sino-U.S. trade conflict may lead to the self-fulfilling prophecy that the incumbent superpower fights fears of losing global dominance by precipitating a tit-for-tat trade war against its most plausible challenger. In accordance with what Harvard political scientist Samuel Huntington suggests, these dominant superpowers may inadvertently go through the clash of civilizations. In the current Sino-U.S. trade war, China and the U.S. may have fallen into the Thucydides trap or an aggressive clash of Chinese and Caucasian civilizations. The Trump administration advocates *America First* trade protectionism with ubiquitous domestic populist support, whereas, the Chinese Xi administration calls for free markets and open trade flows. U.S. trade regulators should help curtail the imminent Chinese threat to global institutions such as WTO rules and other fair trade practices. The Trump administration must demonstrate that a higher moral purpose motivates U.S. protectionist trade policies if the Trump team intends to garner wider international support.
Top tech firms such as Google, Intel, and Qualcomm suspend their Android hardware and software services to HuaWei as the Trump administration blacklists the Chinese company. HuaWei can no longer license the complete Android operating system with tech services from Google, Intel, and Qualcomm. Stock market analysts suggest that this hurdle hits half of HuaWei smartphone shipments worldwide. Soon after President Trump issues an executive order on blacklisting HuaWei in America, Google suspends Android updates for the second biggest handset manufacturer. U.S. microchip makers Intel and Qualcomm also cut off HuaWei. These strategic moves can cause serious ramifications for the Chinese tech titan because the new ban blocks HuaWei from Android software updates and apps that normally preload on HuaWei mobile devices sold around the world. As the Trump administration blacklists HuaWei, this ban speeds up digital isolation for China amid Sino-U.S. trade war and economic policy uncertainty. If China and the U.S. have begun a technological cold war in recent times, the HuaWei ban can best be viewed as the dawn of a digital iron curtain. The current 90-day reprieve may be a tactical solution for Trump to urge the Chinese Xi administration to affirm a fair trade agreement.
AYA finbuzz podcast June 2019
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Startup Battlefield Africa is right around the corner. This year it’s in Lagos, Nigeria on December 11. As usual, we have a stellar lineup of panels that will include investors and founders discussing issues such as blockchain, raising venture capital on the continent and beyond and much more.
And of course companies will compete in Startup Battlefield, our premier startup competition. Startup Battlefield consists of 15 teams competing in three preliminary rounds — five startups per round — which have only six minutes to pitch and present a live demo to a panel of expert technologists and VC investors. Five of the original 15 startups will be chosen to pitch a second time to a fresh set of judges. One startup will emerge the winner and receive a US$25,000 no-equity cash prize and win a trip for two to compete in the Startup Battlefield at TechCrunch Disrupt in 2019 (assuming the company still qualifies to compete at the time). You can apply for a limited supply of free spectator tickets here.
And now to announce our next batch of judges who will be grilling the startups after their pitches. See you in Lagos!
Titi Odunfa Adeoye, Sankore Investments
Titi Odunfa Adeoye is the founder and managing director of Sankore Investments, an investment platform that deploys capital across a range of asset classes on behalf of individuals and institutions. Sankore also runs an innovation arm that focuses on building new ventures and enabling early-stage enterprises in areas that are strategically important to the firm.
Prior to founding Sankore Investments, Titi was head of Investment Strategy at Zenith Capital, the investment banking subsidiary of Zenith Bank Nigeria. In her role, she led teams responsible for investment management, research and new product development within the asset management business. At Goldman Sachs in New York, Titi worked as a member of a team responsible for investment strategy, tactical asset allocation and portfolio advisory services for private funds. In this capacity, she developed research and investment expertise across a range of geographies and asset classes.
Her experience also covers restructuring, consulting, accounting and auditing with KPMG Consulting and PricewaterhouseCoopers in Washington, DC.
Temi Marcella Awogboro, Kairos Angels
Temi Marcella Awogboro is a co-founder of Kairos Angels, an investment club aiming to transform Africa by partnering with visionary entrepreneurs to build scalable and sustainable businesses on the Continent. Temi has more than a decade of experience in finance across developed and growth markets. As an investment professional, Temi has committed nearly US$500 million in private capital across strategic sectors in a bid to tackle some of the world’s most pressing challenges.
Temi started her career at Goldman Sachs International, where she was a recipient of the Goldman Sachs and Institute of International Education’s Global Leaders Award. She is a Kauffman Venture Capital Fellow, an African Leadership Institute Tutu Fellow, a World Economic Forum Global Shaper (Lagos Hub) and Alumni Ambassador (London Hub).
Tahira Dosani, Accion Venture Lab
Tahira Dosani is the managing director of Accion Venture Lab, a seed-stage impact investing initiative focused on fintech for inclusion. Venture Lab provides capital and support to early-stage startups that leverage innovation to increase access to and quality of financial services for underserved consumers globally. Tahira works with the fund’s portfolio companies to provide strategic and operational expertise that accelerates their growth trajectories and enables stronger performance. Additionally, she supports investment decisions, manages portfolio relationships and drives the strategy and growth of Venture Lab.
Tahira previously led strategic projects at LeapFrog Investments, a specialist emerging market private equity impact fund focused on financial services. Prior to that, she worked as director of Strategy at the Aga Khan Fund for Economic Development. Based in Dubai, she drove strategic initiatives for portfolio companies and led new investments in telecoms, technology and infrastructure in South and Central Asia. She also worked at Roshan, Afghanistan’s leading telecommunications operator, where she was head of Corporate Strategy and helped launch the country’s first mobile money platform. Tahira began her career as a management consultant with Bain & Company in Boston.
Gaurav Dosi, Facebook
Gaurav leads product management for Jobs on Facebook. Most recently, he was listed as one of the top 10 most important people in HRTech in 2017 by ERE Media. Prior to Facebook, Gaurav co-founded a ridesharing company in New Delhi, which was acquired by Carzonrent. He started his career as a consultant at Boston Consulting Group.
via TechCrunch
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10 Best Cities in the United States for Startups and Entrepreneurs (2018)
Silicon Valley has dominated the U.S. startup ecosystem for many decades.
Despite repeated efforts, only a few cities outside the Valley (New York and Boston) have historically had the critical mix of VC funding, network, and talent to fuel vibrant startup centers. Best startup city rankings have reflected this truth for a long time.
But this is becoming less true today, as more and more entrepreneurs find their way across the U.S.
There are now many metro areas with growing infrastructure and increasingly skilled workforces that can support tech startups.
Increasingly, these metro areas are regularly appearing in rankings of the best cities in the United States for startups and entrepreneurs.
The good news is that these new metro centers are significantly less expensive than Silicon Valley or the East Coast.
Let’s take a look at some of the best U.S. cities (outside of Silicon Valley and the East Coast), to build your startup.
Austin, TX
The Texas capital recently was named the #1 place in America to start a business by CNBC.
According to the 2016 Kauffman Growth Entrepreneurship Index, Austin grew its startups faster than every city except Washington, D.C., with their startups growing by 81.2 percent. That’s exceptional startup growth that other cities will find tough to match.
In large part due to the University of Texas at Austin and other universities’ influence, Austin is known for having an educated workforce.
Austin has become quite a hotspot. Employers and people interested in growth industries are drawn to the youthful, smart energy that flourishes there.
William Hurley, the co-founder of Honest Dollar, an Austin-based provider of retirement plans to small businesses, says creative talent is abundant:
It’s got the music, the university scene, the hippies and the rule-breakers…. It’s very easy to hire people who want to push the limits. It’s an incredibly innovative city.
Austin also stands out for its affordability. Many small-business owners, who often pay taxes at the individual level, appreciate the fact the state has no personal income tax. The state also has a corporate tax rate of zero. Combined, these factors point to available money for business owners to invest in their ventures.
The overall culture in Austin is renowned for its supportiveness of the small business community. The celebration for its unique culture and flourishing business community is very appealing, and many new startups are flocking to the city to embrace it as their own.
Boulder, CO
Boulder may be known for its eccentric, diverse population, but that reputation belies its true nature as an entrepreneurial powerhouse.
In 2015 Nerdwallet.com chose it as one of the best places to start a business, as well as the #1 city for female entrepreneurs, and for good reason: It’s an affluent urban center and was ranked as one of the top 20 most productive metro areas in terms of GDP. It’s no wonder so many entrepreneurs launch their startup in Boulder.
A number of high profile companies call Boulder home, including herbal tea leader Celestial Seasoning, Ball Aerospace, and respected startup accelerator TechStars.
Boulder’s entrepreneurial system is bolstered by a number of local venture capital firms, including Foundry Group.
With its concentrated mix of start-ups, established businesses, and venture capital, Boulder has all of the elements to fuel sustainable economic growth. Foundry Group’s founder Brad Feld noted:
Entrepreneurs here use a ‘give before you get’ mentality. We are willing to help anyone without an expectation of what we are going to get back in the short term. This creates a powerful long-term dynamic.
Boulder is an entrepreneurial force of nature. In 2010, the city had six times more high-tech startups per capita than the nation’s average. Its dynamic culture encourages Boulder’s prosperous economy, draws people in (especially millennials), and provides them with excellent motivation to stay.
Miami, FL
Don’t let the sand, sun, and tourism of the South Beach distract you from Miami’s reputation as a great place for new businesses. The Kauffman Index recently named Miami the second most entrepreneurial city in the U.S., with the country’s highest startup density, 247.6 startups per 100,000 people.
The city isn’t just the home of new businesses. Large companies like Google, Twitter, Facebook, and Apple have offices there, as well as 139 companies on the Inc. 5000 list of fastest-growing private companies.
Miami’s close ties with Latin America has bolstered its appeal. Laura González-Estéfani, Director of Partnerships & Mobile LatAm for Facebook, says:
There is talent, there is support from the institutions and private initiatives that are focused on boosting innovation, and there is an incremental interest from VCs and business angels for innovative projects.
Brian Brackeen, CEO of Miami-based Kairos also found Miami hard to resist:
We were searching things like AngelList, GitHub, different state web sites, then we took all that data and Miami was at the very top of the list in every important category…Cheapest for our employees, and the best tax situation for the company and our workers.
A diverse, skilled population, robust entrepreneurial environment, and an invaluable bridge to Latin America: The “Magic City” may be just that for entrepreneurs seeking a thriving, business-friendly place to set up shop.
Los Angeles, CA
Los Angeles is known for sun, stars, and surf, and now you can add startups to the list.
The city is renowned as a center for tech entrepreneurship. In addition to being the third largest startup hub in the U.S. (behind Silicon Valley and New York), the city of flowers and sunshine boasts one of the largest concentrations of engineering graduates in the country.
LA has also increasingly attracted more and more venture capital investment and investors.
All of these things aside, one of its biggest attractions may be what is not: Silicon Valley.
This was one of the reasons entrepreneur Justin Yoshimura (founder of the start-up 500friends) found his way there:
Compared to San Francisco in particular, it’s very cheap. Santa Monica is one of the most desirable neighborhoods in L.A. and I have a yard with a pool and a beautiful home for less than what I would pay for an equivalent-sized condo in San Francisco.
The city isn’t lacking for high-profile companies, either, with Snapchat, SpaceX, VR trailblazer Oculus, and League of Legends creator Riot Games calling Los Angeles home. Whether they’re here because of the diversity, the mild weather, and the relaxed atmosphere, the city’s energy fuels and sustains a community of entrepreneurs.
Entrepreneur Adam Pokornicky found the city’s community inspiring:
I’m seeing a consistent pattern of optimism, curiosity, and community, That kind of energy and like-mindedness is a breath of fresh air and super motivating.
Psyop founder Todd Mueller agreed, drawing attention to the city’s mix and diversity of talent:
Venice itself represents this sort of oddball collection of people representing different backgrounds and worldviews, but they share an openness and a curiosity that, when you harness it for a common cause like building a startup, is very powerful.
San Francisco, CA
The days of San Francisco being famous for trolley cars, Rice-A-Roni, and serving as a refuge for artists and bohemians are long over.
For better or worse, the city and the Bay Area are now synonymous with entrepreneurship and innovative high-tech thought leadership.
The concentration of startups, especially tech startups in the city by the bay is dizzying. You can find Twitter next to Square and Uber, and Dropbox, Pinterest, and Zynga within blocks of each other.
The whole city feels like a self-perpetuating machine, where venture capital draws in startups, which pulls in more venture capital, and so on. If the tourist tours of start-ups are any indication, the area’s nickname as the “Hollywood of Technology” is wholly appropriate.
It makes a lot of sense for companies and entrepreneurs to want to be here. In addition to the availability of funding and startup resources, the huge numbers of skilled workers and prestigious schools that help to educate them are unparalleled.
Musician Paul Kantner once said that San Francisco was “49 square miles surrounded by reality.” That may be true when it comes to the opportunities for startups and entrepreneurs, but the reality of big money and big business’ strain on the city itself is everywhere. Housing and rent prices are at unbelievable levels, and the difficulties of such a high cost of living are real and growing, issues.
All of these things said, the benefits to entrepreneurs found in the city and Silicon Valley are many, and for some, the intensity of energy and innovation found here may be irresistible.
Provo, UT
Utah’s entrepreneur-friendly culture is well known, but even with that considered there is still something noteworthy going on in the Beehive State, especially in Provo. The amount raised in 2014 by companies based out of the Provo-Orem metropolitan area was staggering: around an average of 51.3 million dollars.
This, along with over 800 million dollars raised by Utah-based companies that year ranked Utah as the seventh highest in the country, an impressive achievement for a state with just three million people.
There are a lot of big companies based in Provo, too, which helps attract and retain people with desirable skills and experience. Novell has its corporate headquarters in the city, as do Qualtrics, BlueHost, and Jive Communications. Brigham Young University has renowned entrepreneurship programs and produces many graduates who start businesses of their own.
Provo also stands out as a great city for entrepreneurs and startups because it’s affordable. The cost of living in the city is a big attraction, with the median price of homes hovering around $220,000. Compared to the median price of homes in San Francisco (which as of June 2017 was over 1.5 million), the cost of living combined with the access to venture capital, and a skilled, motivated workforce makes Provo a compelling option.
Las Vegas, NV
Startup activity in Las Vegas is booming.
A recent study by the Kauffman Foundation found Las Vegas bounding onto the startup scene, countering the public perception that Vegas is entirely centered around gambling and resorts.
After the economy crashed in 2008, Las Vegas was pushed to reinvent itself in order to survive. With businesses clearing out of California because of its oppressive taxation, Las Vegas welcomed many of those entrepreneurs with open arms and appealing tax relief.
The city is now the host to many of the largest industry trade shows for tech and other industries. It also boasts plenty of investors with co-working spaces, as well as funding and mentoring programs to stimulate a business environment.
Tony Hsieh of Zappos appreciates the “endless possibilities” he has discovered in Nevada. Hsieh put $350 million into revitalizing Las Vegas to contribute toward it becoming “the co-learning and co-working capital of the world.” He began a venture fund in 2012, VTF Capital, which invests in other businesses interested in joining the Nevada scene.
Living in Nevada is significantly more cost-effective than most other places in the country. Las Vegas sets itself apart from startup cities like Boston and San Francisco by offering a much lower cost of living in a major city. This is extremely attractive for younger professionals interested in city living – and lets them afford to experience more than a closet-sized apartment filled with Cup-O-Noodles.
Denver, CO
Maybe there’s something about the majestic mountains in Denver, a symbolic challenge perpetually imagined in its rising peaks. According to the Kauffman report on entrepreneurship, Denver is ranked fifth for a US city with the most start-up activity.
As Denver continues to explode with startups and small business ventures, an increasing number of millennials are heading to the beautiful city. Denver is also one of the most educated cities in the US. 53 percent of the population holds a bachelor’s degree, and Colorado is ranked first as a relocation city for skilled workers ages 25 to 44.
Investment in transportation is another major player in Denver’s appeal. It has a new, multi-billion dollar rail system called FastTracks, which is continuing to expand. There is of course also the Denver International Airport, which is now the largest American airport by landmass – and it’s only half completed.
Gusto, the San Francisco based payroll startup, just opened its second office in Denver this month. Rachel Kim, a communications employee with the company, cites Denver’s close proximity and easy transport to the Bay Area as major reasons for Gusto branching out there. She also cites the spirited small business community is being a significant part of the city’s appeal.
Eric Remer, the founder of Denver-based startup PaySimple, said:
We have a really supportive startup environment, partially because we’re a relatively smaller community. The companies out here, they’re rooting for each other.
Between the striking beauty of the landscape, the easy access to major transportation, and the vibrant and educated community, Denver would make a great choice for anyone ready to set out on their startup journey.
Seattle, WA
Seattle is home to Microsoft, Amazon, Starbucks, and other well-known companies, but it has recently grown into a welcoming place for startups, entrepreneurs, and small business owners, too.
Seattle has been among the fastest-growing cities in the United States since 2010, and its population is expected to increase by an additional 200,000 over the next 20 years. A young, vibrant population, a booming tech industry and a run of interesting restaurants, unique shops and coffeehouses are among the reasons for the increase in start-up traffic in Seattle.
“Seattle historically is a place that attracts pioneers to come and do their own thing,” says Maud Daudon, CEO of the Seattle Metro Chamber of Commerce. Those pioneers are attracted to the eclectic, entrepreneurial spirit that the city breathes.
Seattle doesn’t offer major tax incentives for entrepreneurs, but it does have plenty of venture capital firms and economic development ventures to help foster the development of small businesses and start-up companies. Just as enticing as these are the incubators and business programs at the University of Washington and community colleges, where aspiring entrepreneurs can get their start.
Chicago, IL
As always, we’re excited about listing Chicago on our list of top cities for startups and entrepreneurs. And this status is well deserved. Chicago stands alone, not just in the Midwest but in the United States, among the “biggest and baddest of startup cities” when it comes to profitability, according to PitchBook. That’s only one reason venture capitalists love Chicago.
Chicago’s tech proficiency is becoming increasingly more recognized in the start-up scene. KPMG’s survey of more than 800 tech leaders found Chicago in the top 10 of tech innovation hubs worldwide. KPMG Chicago’s Mike Gervasio further cited the capital market and “an innovative culture” as partially responsible in Chicago’s impressive climb up the global ladder. That culture helped garner upwards of $1.7 billion in funding last year, and Chicago is host to a multitude of promising start-ups.
Startups in Chicago make good bets for those who invest in them. In Chicago, 45 percent of investments produced 10 times a return on investment. Chicago’s numbers are routinely superior, with 81 percent of its startups producing between three and 10 percent a yield on an initial investment. Now wonder VC’s love Chicago.
And as we have previously noted:
While startup resources in Chicago were scarce a decade ago, things have changed quite a bit. Chicago’s 1871, created in 2012 to support Chicago’s startup community, ranks 1st in the U.S. among North American Business Incubators and 4th in the world. 1871 is home to hundreds of early stage, high growth digital startups and offers tremendous resources and programming to entrepreneurs at all stages of their startup journey.
Sound good? We think so. Crowdspring couldn’t imagine home being anywhere else.
Here are some additional U.S. cities that you should keep in mind as some of the best cities for startups and entrepreneurs:
St. Louis, MO
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There’s some turmoil brewing over at Miami-based facial recognition startup Kairos. Late last month, New World Angels President and Kairos board chairperson Steve O’Hara sent a letter to Kairos founder Brian Brackeen notifying him of his termination from the role of chief executive officer. The termination letter cited willful misconduct as the cause for Brackeen’s termination. Specifically, O’Hara said Brackeen misled shareholders and potential investors, misappropriated corporate funds, did not report to the board of directors and created a divisive atmosphere.
Kairos is trying to tackle the society-wide problem of discrimination in artificial intelligence. While that’s not the company’s explicit mission — it’s to provide authentication tools to businesses — algorithmic bias has long been a topic the company, especially Brackeen, has addressed.
Brackeen’s purported termination was followed by a lawsuit, on behalf of Kairos, against Brackeen, alleging theft, a breach of fiduciary duties — among other things. Brackeen, in an open letter sent a couple of days ago to shareholders — and one he shared with TechCrunch — about the “poorly constructed coup,” denies the allegations and details his side of the story. He hopes that the lawsuit will be dismissed and that he will officially be reinstated as CEO, he told TechCrunch. As it stands today, Melissa Doval who became CFO of Kairos in July, is acting as interim CEO.
“The Kairos team is amazing and resilient and has blown me away with their commitment to the brand,” Doval told TechCrunch. “I’m humbled by how everybody has just kind of stuck around in light of everything that has transpired.”
The lawsuit, filed on October 10 in Miami-Dade and spearheaded by Kairos COO Mary Wolff, alleges Brackeen “used his position as CEO and founder to further his own agenda of gaining personal notoriety, press, and a reputation in the global technology community” to the detriment of Kairos. The lawsuit describes how Brackeen spent less than 30 percent of his time in the company’s headquarters, “even though the Company was struggling financially.”
Other allegations detail how Brackeen used the company credit card to pay for personal expenses and had the company pay for a car he bought for his then-girlfriend. Kairos alleges Brackeen owes the company at least $60,000.
In his open letter, Brackeen says, “Steve, Melissa and Mary, as cause for my termination and their lawsuit against me, have accused me of stealing 60k from Kairos, comprised of non-work related travel, non-work related expenses, a laptop, and a beach club membership,” Brackeen wrote in a letter to shareholders. “Let’s talk about this. While I immediately found these accusations absurd, I had to consider that, to people on the outside of ‘startup founder’ life— their claims could appear to be salacious, if not illegal.”
Brackeen goes on to say that none of the listed expenses — ranging from trips, meals, rides to iTunes purchases — were not “directly correlated to the business of selling Kairos to customers and investors, and growing Kairos to exit,” he wrote in the open letter. Though, he does note that there may be between $3,500 to $4,500 worth of charges that falls into a “grey area.”
“Conversely, I’ve personally invested, donated, or simply didn’t pay myself in order to make payroll for the rest of the team, to the tune of over $325,000 dollars,” he wrote. “That’s real money from my accounts.”
Regarding forcing Kairos to pay for his then-girlfriend’s car payments, Brackeen explains:
On my making Kairos ‘liable to make my girlfriend’s car payment’— in order to offset the cost of Uber rides to and from work, to meetings, the airport, etc, I determined it would be more cost effective to lease a car. Unfortunately, after having completely extended my personal credit to start and keep Kairos operating, it was necessary that the bank note on the car be obtained through her credit. The board approved the $700 per month per diem arrangement, which ended when I stopped driving the vehicle. Like their entire case— its not very sensational, when truthfully explained.
The company also claims Brackeen has interfered with the company and its affairs since his termination. Throughout his open letter, Brackeen refers to this as an “attempted termination” because, as advised by his lawyers, he has not been legally terminated. He also explains how, in the days leading up to his ouster, Brackeen was seeking to raise additional funding because in August, “we found ourselves in the position of running low on capital.” While he was presenting to potential investors in Singapore, Brackeen said that’s “when access to my email and documents was cut.”
He added, “I traveled to the other side of the world to work with my team on IP development and meet with the people who would commit to millions in investment— and was fired via voicemail the day after I returned.”
Despite the “termination” and lawsuit, O’Hara told TechCrunch via email that “in the interest of peaceful coexistence, we are open to reaching an agreement to allow Brian to remain part of the family as Founder, but not as CEO and with very limited responsibilities and no line authority.”
O’Hara also noted the company’s financials showed there was $44,000 in cash remaining at the end of September. He added, “Then reconcile it with the fact that Brian raised $6MM in 2018 and ask yourself, how does a company go through that kind of money in under 9 months.”
Within the next twelve days, there will be a shareholder vote to remove the board, as well as a vote to reinstate Brackeen as CEO, he told me. After that, Brackeen said he intends to countersue Doval, O’Hara and Wolff.
In addition to New World Angels, Kairos counts Kapor Capital, Backstage Capital and others as investors. At least one investor, Arlan Hamilton of Backstage Capital, has publicly come out in support of Brackeen.
I’m proud of @BrianBrackeen. I’m honored to be his friend. He has handled recent events with his company with grace and patience, and has every right to be screaming inside. I’ve got his back. And he & I only want the best for @LoveKairos.
Certain distractions will be fleeting.
— Arlan
(@ArlanWasHere) October 25, 2018
As previously mentioned, Brackeen has been pretty outspoken about the ethical concerns of facial recognition technologies. In the case of law enforcement, no matter how accurate and unbiased these algorithms are, facial recognition software has no business in law enforcement, Brackeen said at TechCrunch Disrupt in early September. That’s because of the potential for unlawful, excessive surveillance of citizens.
Given the government already has our passport photos and identification photos, “they could put a camera on Main Street and know every single person driving by,” Brackeen said.
And that’s a real possibility. In the last couple of months, Brackeen said Kairos turned down a government request from Homeland Security, seeking facial recognition software for people behind moving cars.
“For us, that’s completely unacceptable,” Brackeen said.
Whether that’s entirely unacceptable for Doval, the interim CEO of Kairos, is not clear. In an interview with TechCrunch, Doval said, “we’re committed to being a responsible and ethical vendor” and that “we’re going to continue to champion the elimination of algorithmic bias in artificial intelligence.” While that’s not a horrific thing to say, it’s much vaguer than saying, “No, we will not ever sell to law enforcement.”
Selling to law enforcement could be lucrative, but that comes with ethical risks and concerns. But if the company is struggling financially, maybe the pros could outweigh the cons.
from TechCrunch https://ift.tt/2qfILhM
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Facial recognition startup Kairos founder continues to fight attempted takeover
There’s some turmoil brewing over at Miami-based facial recognition startup Kairos . Late last month, New World Angels President and Kairos board chairperson Steve O’Hara sent a letter to Kairos founder Brian Brackeen notifying him of his termination from the role of chief executive officer. The termination letter cited willful misconduct as the cause for Brackeen’s termination. Specifically, O’Hara said Brackeen misled shareholders and potential investors, misappropriated corporate funds, did not report to the board of directors and created a divisive atmosphere.
Kairos is trying to tackle the society-wide problem of discrimination in artificial intelligence. While that’s not the company’s explicit mission — it’s to provide authentication tools to businesses — algorithmic bias has long been a topic the company, especially Brackeen, has addressed.
Brackeen’s purported termination was followed by a lawsuit, on behalf of Kairos, against Brackeen, alleging theft, a breach of fiduciary duties — among other things. Brackeen, in an open letter sent a couple of days ago to shareholders — and one he shared with TechCrunch — about the “poorly constructed coup,” denies the allegations and details his side of the story. He hopes that the lawsuit will be dismissed and that he will officially be reinstated as CEO, he told TechCrunch. As it stands today, Melissa Doval who became CFO of Kairos in July, is acting as interim CEO.
“The Kairos team is amazing and resilient and has blown me away with their commitment to the brand,” Doval told TechCrunch. “I’m humbled by how everybody has just kind of stuck around in light of everything that has transpired.”
The lawsuit, filed on October 10 in Miami-Dade and spearheaded by Kairos COO Mary Wolff, alleges Brackeen “used his position as CEO and founder to further his own agenda of gaining personal notoriety, press, and a reputation in the global technology community” to the detriment of Kairos. The lawsuit describes how Brackeen spent less than 30 percent of his time in the company’s headquarters, “even though the Company was struggling financially.”
Other allegations detail how Brackeen used the company credit card to pay for personal expenses and had the company pay for a car he bought for his then-girlfriend. Kairos alleges Brackeen owes the company at least $60,000.
In his open letter, Brackeen says, “Steve, Melissa and Mary, as cause for my termination and their lawsuit against me, have accused me of stealing 60k from Kairos, comprised of non-work related travel, non-work related expenses, a laptop, and a beach club membership,” Brackeen wrote in a letter to shareholders. “Let’s talk about this. While I immediately found these accusations absurd, I had to consider that, to people on the outside of ‘startup founder’ life— their claims could appear to be salacious, if not illegal.”
Brackeen goes on to say that none of the listed expenses — ranging from trips, meals, rides to iTunes purchases — were not “directly correlated to the business of selling Kairos to customers and investors, and growing Kairos to exit,” he wrote in the open letter. Though, he does note that there may be between $3,500 to $4,500 worth of charges that falls into a “grey area.”
“Conversely, I’ve personally invested, donated, or simply didn’t pay myself in order to make payroll for the rest of the team, to the tune of over $325,000 dollars,” he wrote. “That’s real money from my accounts.”
Regarding forcing Kairos to pay for his then-girlfriend’s car payments, Brackeen explains:
On my making Kairos ‘liable to make my girlfriend’s car payment’— in order to offset the cost of Uber rides to and from work, to meetings, the airport, etc, I determined it would be more cost effective to lease a car. Unfortunately, after having completely extended my personal credit to start and keep Kairos operating, it was necessary that the bank note on the car be obtained through her credit. The board approved the $700 per month per diem arrangement, which ended when I stopped driving the vehicle. Like their entire case— its not very sensational, when truthfully explained.
The company also claims Brackeen has interfered with the company and its affairs since his termination. Throughout his open letter, Brackeen refers to this as an “attempted termination” because, as advised by his lawyers, he has not been legally terminated. He also explains how, in the days leading up to his ouster, Brackeen was seeking to raise additional funding because in August, “we found ourselves in the position of running low on capital.” While he was presenting to potential investors in Singapore, Brackeen said that’s “when access to my email and documents was cut.”
He added, “I traveled to the other side of the world to work with my team on IP development and meet with the people who would commit to millions in investment— and was fired via voicemail the day after I returned.”
Despite the “termination” and lawsuit, O’Hara told TechCrunch via email that “in the interest of peaceful coexistence, we are open to reaching an agreement to allow Brian to remain part of the family as Founder, but not as CEO and with very limited responsibilities and no line authority.”
O’Hara also noted the company’s financials showed there was $44,000 in cash remaining at the end of September. He added, “Then reconcile it with the fact that Brian raised $6MM in 2018 and ask yourself, how does a company go through that kind of money in under 9 months.”
Within the next twelve days, there will be a shareholder vote to remove the board, as well as a vote to reinstate Brackeen as CEO, he told me. After that, Brackeen said he intends to countersue Doval, O’Hara and Wolff.
In addition to New World Angels, Kairos counts Kapor Capital, Backstage Capital and others as investors. At least one investor, Arlan Hamilton of Backstage Capital, has publicly come out in support of Brackeen.
I’m proud of @BrianBrackeen. I’m honored to be his friend. He has handled recent events with his company with grace and patience, and has every right to be screaming inside. I’ve got his back. And he & I only want the best for @LoveKairos.
Certain distractions will be fleeting.
— Arlan (@ArlanWasHere) October 25, 2018
As previously mentioned, Brackeen has been pretty outspoken about the ethical concerns of facial recognition technologies. In the case of law enforcement, no matter how accurate and unbiased these algorithms are, facial recognition software has no business in law enforcement, Brackeen said at TechCrunch Disrupt in early September. That’s because of the potential for unlawful, excessive surveillance of citizens.
Given the government already has our passport photos and identification photos, “they could put a camera on Main Street and know every single person driving by,” Brackeen said.
And that’s a real possibility. In the last couple of months, Brackeen said Kairos turned down a government request from Homeland Security, seeking facial recognition software for people behind moving cars.
“For us, that’s completely unacceptable,” Brackeen said.
Whether that’s entirely unacceptable for Doval, the interim CEO of Kairos, is not clear. In an interview with TechCrunch, Doval said, “we’re committed to being a responsible and ethical vendor” and that “we’re going to continue to champion the elimination of algorithmic bias in artificial intelligence.” While that’s not a horrific thing to say, it’s much vaguer than saying, “No, we will not ever sell to law enforcement.”
Selling to law enforcement could be lucrative, but that comes with ethical risks and concerns. But if the company is struggling financially, maybe the pros could outweigh the cons.
Via Megan Rose Dickey https://techcrunch.com
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