Elizabeth Holmes founded her revolutionary blood diagnostics company, Theranos, when she was 19. It’s now worth more than $9 billion, and poised to change health care. ... In the fall of 2003, Elizabeth Holmes, a 19-year-old sophomore at Stanford, plopped herself down in the office of her chemical engineering professor, Channing Robertson, and said, “Let’s start a company.” ... Robertson, who had seen thousands of undergraduates over his 33-year teaching career, had known Holmes just more than a year. “I knew she was different,” Robertson told me in an interview. “The novelty of how she would view a complex technical problem–it was unique in my experience.” ... Holmes had then just spent the summer working in a lab at the Genome Institute in Singapore, a post she had been able to fill thanks to having learned Mandarin in her spare hours as a Houston teenager. Upon returning to Palo Alto, she showed Robertson a patent application she had just written. As a freshman, Holmes had taken Robertson’s seminar on advanced drug-delivery devices–things like patches, pills, and even a contact-lens-like film that secreted glaucoma medication–but now she had invented one the likes of which Robertson had never conceived. It was a wearable patch that, in addition to administering a drug, would monitor variables in the patient’s blood to see if the therapy was having the desired effect, and adjust the dosage accordingly. ... “I remember her saying, ‘And we could put a cellphone chip on it, and it could telemeter out to the doctor or the patient what was going on,’ ” Robertson recounts. “And I kind of kicked myself. I’d consulted in this area for 30 years, but I’d never said, here we make all these gizmos that measure, and all these systems that deliver, but I never brought the two together.” ... Still, he balked at seeing her start a company before finishing her degree. “I said, ‘Why do you want to do this?’ And she said, ‘Because systems like this could completely revolutionize how effective health care is delivered. And this is what I want to do. I don’t want to make an incremental change in some technology in my life. I want to create a whole new technology, and one that is aimed at helping humanity at all levels regardless of geography or ethnicity or age or gender.’ ” ... “Consumerizing this health care experience is a huge element of our mission,” Holmes says at our first meeting in April, “which is access to actionable information at the time it matters.” In our conversations over the next two months, she comes back to that phrase frequently. It is the theme that unifies what had seemed to me, at first, a succession of diverse, disparate aspects of her vision. ... Though she has now raised more than $400 million, she says she has retained control over more than 50% of the stock.
She’ll dip her hands into a tray of water, to determine whether the temperature is just right. She can explain the intricacies of heating glass in a potassium ion bath. When she passes a grinding machine, she is apt to ask technicians to step aside so she can take their place for a while. ... Ms. Zhou knows the drill. For years, she labored in a factory, the best job she could get having grown up in an impoverished village in central China. ... Ms. Zhou has honed her hands-on knowledge into a world-class, multibillion-dollar operation, one at the vanguard of China’s push into high-end manufacturing. Lens Technology is now one of the leading suppliers of the so-called cover glass used in laptops, tablets and mobile devices, including the Apple iPhone and the Samsung Galaxy. This year, her factories are expected to churn out more than a billion glass screens, each refined to a fraction of a millimeter. ... In 2003, she was still making glass for watches when she received an unexpected phone call from executives at Motorola. They asked if she was willing to help them develop a glass screen for their new device, the Razr V3.
Twenty years ago today, Netscape’s shares began trading. To many the initial public offering of Netscape marked the beginning of the Internet age. It was certainly the first event that signified to the world outside of Silicon Valley how big the Internet could be. Much has changed since then but much remains that same. Netscape has largely disappeared. But technology companies, after the boom and bust that followed Netscape’s deal, are hot once again. These days it’s more about apps and smart phones than the Internet that Netscape opened for so many users two decades ago. And, unlike then, many of the hottest companies of the current tech boom are opting to stay private, and put off an IPO for as long as possible, ironically following the advice of Marc Andreessen, one of Netscape’s founders. Ten years ago, Fortune compiled an oral history of Netscape and its IPO. Many of the people involved in the deal are once again key figures in the current tech boom.
Co-living is the logical next step in the race to monetize the wantrepreneur lifestyle. ... Over the past seven months or so, several sleek new real estate developments have been announced, a couple of them even venture-backed, that want to offer residents a customized version of this brand of co-living. They share some basic similarities with their Bay Area predecessors, from experimental Northern California communes to hacker hostels crammed with young software engineers who headed West because it looked exciting on HBO. All ask residents to trade personal space for the perks of group living, but the newer entrants have a different attitude toward the “communal” part of the proposition — here, the “co-” prefix is more a signifier of close quarters and plug-and-play co-habitation, rather than co-op–style shared duties, chore wheels, and elbow grease. Month-to-month rental agreements require little more than a signature and a credit card. Your chores are done for you, seamlessly, in the background. Rooms are cleaned weekly. Coordinated events make even the socializing aspect easier. ... It’s a simple and intoxicating proposition — one born of the same Silicon Valley belief system that has plowed billions of dollars into on-demand apps that do your laundry, cook your meals, chauffeur you around, and clean your house, and that has so thoroughly shifted personal fulfillment to work that it’s all but indistinguishable from life. The do-it-for-me rental agreement reflects an unwavering faith in better living through entrepreneurship that constantly coos: When acting in service of a Big Idea, your time is too valuable to waste.
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“I’ve bought a lot of pot in my life,” Willie Nelson tells me, “and now I’m selling it back.” ... Willie Nelson has this kind of answer—stock, pithy—for all kinds of questions, and he’s been using them for decades. Bring up his brief abortive stint at college studying business administration? Invariably he’ll soon say, “I majored in dominoes.” Mention the massive sum he owed the IRS in the early ’90s—somewhere between $17 million and $32 million—and you’ll get the one about how it isn’t so much “if you say it real fast.” ... As time passes, the world offers up new questions, and so sometimes new answers are required. Once he reached the age when people began asking about retirement, Nelson would reply that he doesn’t do anything but play music and golf: “I wouldn’t know what to quit.” And now that one of America’s stoner icons is going into the pot business and planning to launch his own proprietary brand called Willie’s Reserve, this bought-a-lot-of-pot-in-my-life line is already on instant replay and you can confidently expect to hear Nelson use it for the next few years, anytime the subject is raised in his vicinity. In fact when we first meet, on the tour bus where he likes to do interviews and live much of his life, less than ninety seconds pass before he deploys it.
This apple had been carefully grown somewhere in Washington state, the result of millions of dollars and two decades of labor. Break apart its unremarkable surface to reveal its flesh, wait long enough, and you’ll see what’s different: It remains pure white. It doesn’t start to brown right after you take a bite and leave it on the kitchen counter. In fact, it doesn’t start to brown until it molds or rots. It doesn’t bruise, either. Through a feat of genetic engineering, Carter’s apples hold on indefinitely to the pearly-white insides that inspired their name — the Arctic. ... The Arctic was conceived by Carter’s company, Okanagan Specialty Fruits, which he runs with his wife, Louisa, and four other full-time employees, newly under the umbrella of a large biotech company that bought it this year. It’s an intended solution to what Carter sees as two interrelated problems: First, millions of pounds of perfectly good apples get dumped every year because they look a little too bruised or brown, the victims of an instinctive human aversion to fruits and vegetables that aren’t smooth, shiny, and symmetrical. And at the same time, North American consumers, accustomed to 100-calorie packs and grab-and-go everything, have developed an impatience for food that can’t be quickly eaten. ... Taken together, these two trends mean that while apple consumption has flatlined in the United States for decades, a staggering amount of apples go wasted. ... Apples in particular have been transformed dramatically by commercial cultivation and serendipitous acts of nature over the last two millennia. The apples grocery store shoppers pluck off shelves in 2015 are vastly different from the ones first discovered in Kazakhstan, or even the ones grown by Johnny Appleseed in the 19th century. ... A study in the Journal of Consumer Affairs estimated that $15 billion in fresh and processed fruit was lost from the U.S. food supply in 2008 — about $9 billion at the consumer level and the rest at the retail level.
The Honest Company’s origins are now tech-world legend. When Alba was pregnant with her first daughter, Honor, now seven—husband and father is Cash Warren, a Yale graduate and a producer and tech investor—her friends threw a baby shower and she received a closetful of new baby clothes. When she washed her unborn baby’s onesies with a detergent her mother had recommended and broke out in hives, she was hysterical. “I was thinking, what if my baby has a reaction and I don’t know? What if her throat is closing? I had all this fear and anxiety because I was always so sick as a child.” That night she Googled every ingredient and discovered that some toxins can be labeled as “fragrance.” Her mission was clear: “I wanted safe and effective consumer products that were beautifully designed, accessibly priced, and easy to get.” Great idea, but how to implement it? ... In 2012, the company’s first year, sales reached $10 million. It launched with only 17 products, in the diapers-and-wipes category, all of which were delivered to subscribers’ homes on a monthly basis, or à la carte.
It’s a story that has become a part of business folklore in China. In 1985, Zhang Ruimin, the young general manager of the loss-making Qingdao Refrigerator Plant, decided it was time to turn things around. He got his factory workers to smash 76 defective refrigerators with sledgehammers. To drive the point home—that there would be no tolerance for low quality—he delivered the first blow himself. ... This moment marked a significant turning point in the history of Qingdao Refrigerator Plant (now known as Haier), so much so that the sledgehammer is now housed in the company’s in-house corporate museum. Three decades later, Haier is the world’s largest white goods manufacturer and boasts cutting edge innovation. ... None of this would have been possible without CEO Zhang Ruimin at the helm. He led the company through several path-breaking business model changes, which helped the company build a strong brand, grow both organically and through acquisitions, globalize and evolve a business model where the company “gets close to the customer”. The beauty of it is that he forced the company to change even before competition or technology made it imperative that it did so. ... Zhang is now leading the company through yet another transformation. He is, in essence, ‘breaking up’ the company and throwing rigid organizational structures and processes out of the window. The enterprise will, in effect, become an investment platform and the departments and divisions will be like entrepreneurial teams, which he calls “micro-enterprises”.
Part I: I would like to examine two areas where the U.S. really does have documentable advantages. They are both incredibly important, one especially for good times with thriving capitalism and the other as a protection against possible bad times in the future that I for one fear ... In a world in which most things continue to work well, or at least well enough, the U.S. has the advantage of simply being more entrepreneurial. More of us risk starting new enterprises than do others in developed countries. ... You can even be associated with several bankruptcies and still be a strong-running candidate for President! How unlikely that would be anywhere else. And if three times more of us charge at the Internet, medical research, or social enterprises than in other countries, then we do not have to be better. ... The list of our advantages in Canamerica, as we could call it, is a very long one. First, we are uniquely defensible and difficult to attack. We are well-armed and well-organized. Less obviously, perhaps, we are more than self-sufficient in food production, energy, and mineable resources.
Part II: The positive effects of low resource prices are underestimated. The U.S. and global economies are likely to do significantly better this year than recent opinions predict. The U.S. has plenty of spare capacity to grow above its longer-term limits. The biggest risk would be China’s GDP becoming much more disappointing. ... The U.S. and global markets do not look like they are in bubble territory. They can always suffer a regular bear market (and are almost in one now). But I still believe we will have to wait longer for the BIG ONE and that global equity markets will regroup once more. ... Currently ultra-low resource prices are not sustainable, particularly those of grains and oil. Oil producers need $65/barrel and rising to finance new oil exploration. Resource prices will inevitably rise and as they do they will reduce once again the growth rates of the global economy.
CargoMetrics, a start-up investment firm, is not your typical money manager or hedge fund. It was originally set up to supply information on cargo shipping to commodities traders, among others. Now it links satellite signals, historical shipping data and proprietary analytics for its own trading in commodities, currencies and equity index futures. ... There was an air of excitement in the office that day because the signals were continuing to show a slowdown in shipping that had earlier triggered the firm's automated trading system to short West Texas Intermediate (WTI) oil futures. Two days later the U.S. Department of Energy's official report came out, confirming the firm's hunch, and the oil futures market reacted accordingly. ... in this era of globalization 50,000 ships carry 90 percent of the $18.5 trillion in annual world trade. ... "My vision is to map historically and in real time what's really going on in economic supply and demand across the planet" ... building a "learning machine" that will be able to automatically profit from spotting and publicly traded security that is mispriced, using what he refers to as systematic fundamental macro strategies. ... CargoMetrics was one of the first maritime data analytics companies to seize the potential of the global Automatic Identification System. Ships transmit AIS signals via very high frequency (VHF) radio to receiver devices on other ships or land.
New Dave is doing everything he can to keep himself under control. Because these days, Chang is reaching for something bigger: He wants to turn his boundary-pushing restaurants into a global culinary brand. As Momofuku continues to move beyond its New York origins, it will further spread a distinctive aesthetic that has already seeped into the American food scene in ways that diners might not even realize. That tiny, undecorated, no-reservation spot that just opened near you, serving fancy versions of lowbrow dishes made with top-quality ingredients and high-end technique? You can probably thank Chang. Over the past decade, he has helped transform food culture—and especially a certain kind of gritty, back-of-the-house chef sensibility—into a genuine social phenomenon. ... Chang’s empire had started modestly. Built with a $100,000 loan from his father and a family friend, along with $27,000 of his own savings, Momofuku Noodle Bar, which opened in 2004, was a tiny East Village space that eventually earned a big reputation for its umami-rich takes on Asian cuisine. Chang—then a 26-year-old graduate of New York’s French Culinary Institute who’d worked at Tom Colicchio’s Craft and spent a year studying Japanese food in Tokyo—was an irresistible character, mixing serious food skills with a screw-you irreverent charm, blending the elite culinary ambition of such chefs as Wylie Dufresne with the sodium-soaked pleasures of high-American junk food.
Howard Air Force Base was once an imposing military installation alongside the Panama Canal, from which the United States fought guerillas and hunted down dictators. Sixteen years after the Americans left, there is a new man in charge: Colombian businessman Jaime Gilinski, who is turning the base into a brand-new city. ... Livingstone and his brother Richard became billionaires developing real estate in Europe but had never before invested in Latin America. When Ian was on a vacation in the Bahamas in 2004 Gilinski persuaded him to stop by Panama and take a look. They rented a helicopter and from the sky surveyed the land, framed by the Panama Canal, the Pacific Ocean and the Pan-American Highway, which stretches from Canada to Argentina. Together they concocted a grandiose plan: to buy the wasteland of bunkers and barracks, rename it Panama Pacifico and build an entirely new city from scratch. ... The entire property is now worth an estimated $3.6 billion, with land selling at more than 25 times its original price.
Five years ago, after growing Fossil into a $2 billion accessories behemoth, Kartsotis hatched Shinola, a high-end watch brand famous, mostly, for being manufactured in Detroit. ... This is just the latest postmodern layer Kartsotis has baked into Shinola, which is no longer an experiment in manufacturing authenticity, but a fast-growing business. "The coolest brand in America"--as recently ordained by Adweek--can now be found in boutiques from Paris to Singapore. Shinola retail stores have surfaced in more than a dozen cities; plans are to almost triple that by late 2017. The brand isn't slowing down for anyone--not even the Federal Trade Commission. In November, the government agency went after Shinola's "Built in Detroit" tagline, accusing the company of embellishing its made-in-America claims. ... Kartsotis has spent his career finding creative ways to boost the value of ordinary products. Born to a Greek American family, he dropped out of Texas A&M, discovering his entrepreneurial flair as a ticket scalper. In his early 20s, he ventured to Asia with a plan to import cheap toys, until he was tipped off that the market for moderately priced Asian-made watches was growing. With $200,000 that he'd earned scalping, Kartsotis opened Overseas Products International, an importer of watches from Hong Kong. But it wasn't until Kartsotis came across Life and Look magazines from the 1950s that Overseas morphed into the brand called Fossil.
This year, Amazon became the fastest company ever to reach $100 billion in annual sales. Also this year, Amazon Web Services is reaching $10 billion in annual sales … doing so at a pace even faster than Amazon achieved that milestone. ... What’s going on here? Both were planted as tiny seeds and both have grown organically without significant acquisitions into meaningful and large businesses, quickly. Superficially, the two could hardly be more different. One serves consumers and the other serves enterprises. One is famous for brown boxes and the other for APIs. Is it only a coincidence that two such dissimilar offerings grew so quickly under one roof? Luck plays an outsized role in every endeavor, and I can assure you we’ve had a bountiful supply. But beyond that, there is a connection between these two businesses. Under the surface, the two are not so different after all. They share a distinctive organizational culture that cares deeply about and acts with conviction on a small number of principles. I’m talking about customer obsession rather than competitor obsession, eagerness to invent and pioneer, willingness to fail, the patience to think long-term, and the taking of professional pride in operational excellence. Through that lens, AWS and Amazon retail are very similar indeed. ... A word about corporate cultures: for better or for worse, they are enduring, stable, hard to change. They can be a source of advantage or disadvantage. You can write down your corporate culture, but when you do so, you’re discovering it, uncovering it – not creating it. It is created slowly over time by the people and by events – by the stories of past success and failure that become a deep part of the company lore. If it’s a distinctive culture, it will fit certain people like a custom-made glove. The reason cultures are so stable in time is because people self-select. Someone energized by competitive zeal may select and be happy in one culture, while someone who loves to pioneer and invent may choose another. The world, thankfully, is full of many high-performing, highly distinctive corporate cultures. We never claim that our approach is the right one – just that it’s ours – and over the last two decades, we’ve collected a large group of like-minded people. Folks who find our approach energizing and meaningful. ... We want to be a large company that’s also an invention machine.
Much has been made of Israel’s status as “Startup Nation.” Not even the size of New Jersey, with a population smaller than New York City’s, Israel is home to more Nasdaq-listed companies than any country except the U.S. and China. On a per capita basis Israel boasts more venture capital, more startups and more scientists and tech professionals than any other country in the world. ... To understand these dizzying numbers, you need to understand the mysterious Unit 8200. While no one has ever disclosed how large it is, FORBES estimates the unit has, at any given time, 5,000 people assigned to it, all mandated to deploy the latest technology, often in life-or-death situations, with surprisingly little guidance. ... what’s in 8200′s special sauce? After speaking with more than two dozen 8200 veterans, we narrowed it down to five things that, taken together, provide a pretty good blueprint for Startup Nation–and a pretty powerful cheat sheet on how to launch a successful tech startup. ... Unit 8200 predates Israel’s war of independence in 1948. Starting in the British Mandate period of the 1930s, what was then known as Shin Mem 2 (an acronym of the Hebrew phrase for information service) bugged phone lines of Arab tribes to learn about planned riots. In 1948 it was renamed 515–a random number so that it could be discussed without using words. In 1956, the year of the second war between Israel and its Arab neighbors, the name was changed again, to 848. ... Unit 8200′s turning point came when Israel’s did, in 1973, after the Yom Kippur War ... That moment, which led to national soul-searching, resulted in a reboot. The unit would then be known as another random number, 8200. And it would become completely departmentalized, so that various teams in the unit wouldn’t know what other teams were doing. Each squad, like a startup, was pretty much on its own.
It’s OK if you haven’t heard of it. The very concept of a blowout isn’t familiar to all women, and it’s largely foreign to men. ... Since opening its first salon in 2010, Drybar has become to blowouts what Starbucks is to coffee. It didn’t invent the blowout but has played a singular role in making them a thing. Like America’s biggest coffee chain, it has obsessed over everything from music to its shelf displays and maintained the kind of fine-grained control over its outlets that is only possible by owning most of them — only about 20% of Drybars are run by franchisees. The result is a carefully honed experience for customers, one that more and more women are willing to pay generously for. ... Drybar has grown fast: The company said it will make more than $100 million in sales in 2016 and will end the year with 75 salons in tony metropolitan markets, up from 61 today. About a quarter of its revenue will come from selling branded hair-care tools and products ... While the company envisions 300 to 400 Drybars in the U.S. in the long run, an escalating number of competitors believe they can do exactly what it is doing — perhaps even better. Canada’s Blo operates 50 salons and plans to end the year with 70 using an all-franchise model. ... Others pepper the nation, from small chains like Rachel Zoe’s DreamDry and Halo in the San Francisco Bay Area, to stand-alones with cutesy names like Haute Air, Pouf, and Hairports.
Cooking, as a physical activity, doesn’t come naturally to me. It never has. To compensate for my lack of dexterity, speed, and technique, I think about food constantly. In fact, I’m much stronger at thinking about food than I am at cooking it. And recently I started seeing patterns in our most successful dishes that suggested our hits weren’t entirely random; there’s a set of underlying laws that links them together. I’ve struggled to put this into words, and I haven’t talked to my fellow chefs about it, because I worry they’ll think I’m crazy. But I think there’s something to it, and so I’m sharing it now for the first time. I call it the Unified Theory of Deliciousness. ... A chef can go crazy figuring out how much salt to add to a dish. But I believe there is an objectively correct amount of salt, and it is rooted in a counterintuitive idea. Normally we think of a balanced dish as being neither too salty nor undersalted. I think that’s wrong. When a dish is perfectly seasoned, it will taste simultaneously like it has too much salt and too little salt. It is fully committed to being both at the same time.
Once you leave the giant department stores of New York City and head to the malls of suburbia, Ralph Lauren becomes a few racks of Oxfords, polos, and pleated pants. Reliably found in your local Dillard's, and just as reliably found on sale. ... She likens the brand to Michael Kors — oversaturated and devalued. "I would never buy Polo at full price." ... Most shoppers haven't encountered the totality of Ralph Lauren's world. How could they? Since the early 2000s, Ralph Lauren Corporation has owned and operated at least 25 different brands. ... Lauren has stepped aside to make way for a new CEO, Stefan Larsson — the first person besides Lauren to ever hold that title in the company's 50-year history. The company has been in the process of whittling down the brand list and there are plans to refocus on just three main lines: Ralph Lauren (the new umbrella label for Women's Collection and Purple Label), Polo Ralph Lauren, and Lauren Ralph Lauren. ... At the same time that Ralph Lauren is reevaluating its structure and bringing in fresh leadership, it also has to contend with the fact that the specific style of Americana that's so deeply embedded in every inch of the brand isn't something shoppers are clamoring to align themselves with now. If the privileged, preppy aesthetic that Lauren built his company around is no longer the height of aspiration, what will the future of Ralph Lauren look like? ... Lauren got his first shot at professional tie design at Rivetz & Co., a high-end neckwear company. It didn't go over well. "Rivetz was a traditional firm," David Price, whose father used to own the Rivetz & Co. business, explains. "They were doing all sorts of crazy pinks and oranges and all the Ralph colors, and the industry and the customer base at Rivetz thought it was just atrocious."
In a searing investigation into the once lauded biotech start-up Theranos, Nick Bilton discovers that its precocious founder defied medical experts—even her own chief scientist—about the veracity of its now discredited blood-testing technology. She built a corporation based on secrecy in the hope that she could still pull it off. Then, it all fell apart. ... At Theranos, Holmes preferred that the temperature be maintained in the mid-60s, which facilitated her preferred daily uniform of a black turtleneck with a puffy black vest—a homogeneity that she had borrowed from her idol, the late Steve Jobs. ... Holmes had learned a lot from Jobs. Like Apple, Theranos was secretive, even internally. Just as Jobs had famously insisted at 1 Infinite Loop, 10 minutes away, that departments were generally siloed, Holmes largely forbade her employees from communicating with one another about what they were working on—a culture that resulted in a rare form of executive omniscience. At Theranos, Holmes was founder, C.E.O., and chairwoman. There wasn’t a decision—from the number of American flags framed in the company’s hallway (they are ubiquitous) to the compensation of each new hire—that didn’t cross her desk. ... And like Jobs, crucially, Holmes also paid indefatigable attention to her company’s story, its “narrative.” ... In a technology sector populated by innumerable food-delivery apps, her quixotic ambition was applauded. ... she is often surrounded by her security detail, which sometimes numbers as many as four men, who (for safety reasons) refer to the young C.E.O. as “Eagle 1”—and headed to the airport. (She has been known to fly alone on a $6.5 million Gulfstream G150.) ... it is impossible to get a precise result from the tip of a finger for most of the tests that Theranos would claim to conduct accurately. When a finger is pricked, the probe breaks up cells, allowing debris, among other things, to escape into the interstitial fluid. While it is feasible to test for pathogens this way, a pinprick is too unreliable for obtaining more nuanced readings. Furthermore, there isn’t that much reliable data that you can reap from such a small amount of blood.
Next year it will be 60 years since people first witnessed the majesty of a satellite being launched into orbit: Sputnik 1, hurled into the night sky in Kazakhstan early on October 5th 1957. ... Just 15 years separated the launch of the first satellite and the return of the last man from the moon, years in which anything seemed possible. But having won the space race, America saw no benefit in carrying on. Instead it developed a space shuttle meant to make getting to orbit cheap, reliable and routine. More than 100 shuttle flights between 1981 to 2011 went some way to realising the last of those goals, despite two terrible accidents. The first two were never met. Getting into space remained a risky and hideously expensive proposition, taken up only by governments and communications companies, each for their own reasons. ... New rockets, though, are not the only exciting development. The expense of getting into space during the 1980s and 1990s led some manufacturers to start shrinking the satellites used for some sorts of mission, creating “smallsats”. Since then the amount a given size of satellite can do has been boosted by developments in computing and electronics. This has opened up both new ways of doing old jobs and completely novel opportunities. ... No single technology ties together this splendid gaggle of ambitions. But there is a common technological approach that goes a long way to explaining it; that of Silicon Valley. Even if for now most of the money being spent in space remains with old government programmes and incumbent telecom providers, space travel is moving from the world of government procurement and aerospace engineering giants to the world of venture-capital-funded startups and business plans that rely on ever cheaper services provided to ever more customers.
Becoming a rapper today might seem as easy as signing up for SoundCloud and visiting your neighborhood face-tattoo parlor, but only a few artists get to travel the country playing to sold-out arenas. Whichever end of this vast spectrum you find yourself on, it helps to be young and unattached, and able to tour constantly. E-40 is none of those things: he is 49, happily married with two sons. His rap career began when cassette tapes still seemed pretty novel, and now that many of us don’t even have a way of listening to CDs, he’s returned to making music the way he did back in the late ’80s: completely independently, selling his raps more or less directly to his fans.
Then, last June, the renovation team discovered Ketra, an LED lighting startup from Austin that promised some pretty big things. ... The first was what Ketra calls “natural light”: white light sources that imperceptibly change their color and intensity throughout the day to mimic the lighting conditions outside. The second was an extreme degree of control. Ketra lights could be wirelessly grouped into zones of any number of lights that could all be separately adjusted via custom software on a wall panel, computer, or phone. The third was precision. Each Ketra bulb contained a patented sensor that measured its own color 360 times a minute to make sure the light being produced was the light being requested. Ketra was selling precisely measured, nature-approximating light, accessible throughout the massive office at the press of a button. ... who really needs them? Being all things to all people doesn’t come cheap. A single Ketra bulb costs about $100. ... before you can sell millions of dollars of high-tech lighting to some of the world’s biggest companies, you have to convince them that there is a very big problem with their light. ... At the heart of Ketra’s tech is an LED chip capable of temperature-optical feedback, which senses heat and color output in real time and adjusts itself according to that data.
Residential real estate construction is a massive sector, generating about $466 billion annually, according to the Census Bureau's most recent figures. What's more telling than outright size, though, is that the publicly traded builders, such as D.H. Horton and Lennar Corporation, have gained market share since the recession but built fewer homes. RCS, on the other hand, is ramping up. Arsenault and Wells, with projects stretching from the Pacific to the Mediterranean, are using their operational know-how and geeky instincts to survive in an industry that is increasingly dominated by giants. ... The 90-employee RCS acts solo or teams with other investors and builders to construct its apartments, standalone homes, and vacation properties. The company has some $1.6 billion in assets under management. Though Arsenault will not disclose total revenue, he says it grew 50 percent last year and is growing at 20 to 30 percent on a compound basis. "We could double from here, no problem," he says. How? "I borrow outrageous amounts of money." ... they've counted on two diverging trends: a coming surge in demand for new homes, and a plummet in the number of entrepreneurs who can build them.
Wiens, 33, is co-founder and CEO of iFixit, a company whose mission, he says, is to "teach everybody how to fix everything." On iFixit's website is a vast library of step-by-step instruction sets covering, well, let's see: how to adjust your brakes, patch a leaky fuel tank on a motorcycle, situate the bumper sensor on a Roomba vacuum cleaner, unjam a paper shredder, reattach a sole on a shoe, start a fire without a match, fill a scratch in an eyeglass lens, install a new bread-lift shelf in a pop-up toaster, replace a heating coil in an electric kettle, and--iFixit's specialty--perform all manner of delicate repairs on busted Apple laptops and cell phones. More than 25,000 manuals in all, covering more than 7,000 objects and devices. Last year, according to Wiens, 94 million people all over the world learned how to restore something to tiptop working condition with iFixit's help, which frankly was a little disappointing. Wiens's goal was 100 million. ... IFixit makes about 90 percent of its revenue from selling parts and tools to people who wouldn't know what to do with them if iFixit weren't also giving away so much valuable information. The rest comes from licensing the software iFixit developed to write its online manuals, and from training independent repair technicians, some 15,000 so far, who rely on iFixit to run their own businesses. ... Apple doesn't report just how huge that repair revenue is, but trade journal Warranty Week estimates that one proxy for that--sales of Apple's extended-warranty repair program, AppleCare--delivered the company a staggering $5.9 billion worldwide in 2016. ... "I'm really concerned about the transition in society to a world where we don't understand what's in our things," he says. "Where we are afraid of engineering, afraid of fact, afraid of tinkering. When you take something like a phone or voice recorder and you take it apart and you understand it enough to be able to fix it, a switch flips in your brain. You go from being just a consumer to being someone who is actually a participant."
The rate of productivity growth – the major determinant of long run economic growth – has slowed sharply since the start of the century. The so called ‘productivity puzzle’ is one of the most pertinent macroeconomic questions of our time. Are fast rates of economic growth, the hallmark of the 20th century, a thing of the past? Or is it just another ‘bad attack of economic pessimism’ as economist John Maynard Keynes wrote nearly a century ago? ... Our chart below shows two distinct ‘super-cycles’ in UK productivity growth since the First Industrial Revolution. The first cycle brought about an acceleration in productivity growth over an approximate 70-year period that peaked in around 1870 before a 30-year deceleration thereafter. It ended at the turn of the 20th century during the middle of the Second Industrial Revolution. The cycle of the 20th century followed a similar pattern to the 19th, but with much, much bigger gains in productivity and well being. ... Comparing the western world’s current struggle for productivity gains against the ongoing fast rates of discovery in energy, artificial intelligence and robotics, to name but a few, suggests that we may be back at stage one and could be heading for stage two with rapid productivity advances in a while. ... Once we fully exploit the potential of the current wave of new technologies, the risks to the future seem skewed to the upside.