## From Ski Shop to Billionaire: The Rise of Fanatics CEO Michael Rubin

Michael Rubin, the CEO of Fanatics, is a self-made billionaire who has become a household name in the sports world. But his entrepreneurial journey began in a surprising place: the ski industry. 

At just 12 years old, Rubin opened **Mike's Ski Tuning**, a shop with the slogan “The Finest Quality Done By Hand.”  At 14, he expanded his business to a ski retail shop. To attract customers, Rubin built a **142-foot ski ramp** in August 1988. He famously said: “I believe there are two types of business people — risky and rational. And since I am the risky type, a ski run in 98 degree weather sounds great to me!” 

Despite a near-bankruptcy after a snowless winter, Rubin bounced back by creating a **$100 million discount business** selling older sneakers and skis. In 1998, he founded **GSI Commerce**, a top e-commerce platform for retailers, and created Fanatics within it. 

Rubin sold GSI Commerce to eBay for $2.4 billion but bought Fanatics back, making it the **biggest e-commerce platform for sports merchandise**.  He shared his journey in a captivating episode of *Shark Tank* last year.  

**Michael Rubin's story is a testament to the power of risk-taking, resilience, and innovation in entrepreneurship.** 

For outdoor enthusiasts, it may come as a surprise that he began his entrepreneurial path in the ski industry.

From Ski Shop to Billionaire: The Rise of Fanatics CEO Michael Rubin

### **Empowering Women Through Entrepreneurship**  
A new study highlights how **promoting female entrepreneurship** can greatly enhance women's **workforce participation**. By creating more opportunities for other women, female-led businesses can drive significant **economic growth**.  
  
Imagine a world where women, though half the population, own less than a fifth of businesses. This is the reality uncovered by the **World Bank** in a survey spanning 138 countries from 2006 to 2018.  
  
### **Women in Business**  
Interestingly, female-owned businesses empower other women. In male-owned firms, only **23% of workers** are women, while female-owned businesses employ far more. Moreover, just **6.5% of male-owned businesses** have a woman as the top manager, compared to over **half of female-owned firms** being led by women.  
  
In India, the situation is more challenging, with female labor participation and entrepreneurship being low. The number of women in the workforce has barely changed over the past 30 years. However, women make up about **14% of entrepreneurs** and significantly contribute to **micro, small, and medium enterprises (MSMEs)**.  
  
Most MSMEs in India are microenterprises, with many women-owned businesses being single-person ventures. Despite this, women's contribution to India’s GDP is just **17%**, less than half the global average.  
  
### **Barriers to Female Entrepreneurship**  
A paper by Gaurav Chiplunkar and Pinelopi Goldberg argues that promoting female entrepreneurship could significantly boost women's workforce participation. They found substantial obstacles to women's employment and higher costs for female entrepreneurs when expanding their businesses.  
  
Simulations showed that removing barriers would boost female-owned businesses, increase women’s workforce participation, and drive economic gains through higher wages and profits.  
  
### **Policy Recommendations**  
Policies that support female entrepreneurship are crucial. They can be more effective than changing long-standing social norms. Current barriers include limited access to **childcare**, **transportation**, and social security benefits.  
  
Despite recent increases in women’s labor force participation, the increase reflects self-employment rather than regular salaried jobs, which are essential for economic empowerment.  
  
Research indicates that India could achieve **8% GDP growth** by ensuring women make up over half of the new workforce by 2030. Boosting female entrepreneurship could pave the way towards this goal.

A study highlights how promoting female entrepreneurship can greatly enhance women's workforce participation.

Unlocking Economic Growth: The Powerful Role of Female Entrepreneurs in Workforce Participation

### The USS Bonhomme Richard Incident
In the summer of 2020, a **devastating fire** broke out on the USS Bonhomme Richard, a naval ship docked in San Diego Bay. For over four days, the ship was engulfed in flames as firefighters and helicopters struggled to control the blaze. **Lidar (Light Detection and Ranging)** scans were quickly taken to assess the damage and investigate the fire's cause.

### The Challenge of Sharing Lidar Data
Unfortunately, the investigation faced delays due to the **difficulty of sharing massive lidar files**. Leading cloud storage services like **Google Drive, DropBox, iCloud, and OneDrive** don't support these large files, which can sometimes reach multiple terabytes. As a result, the naval unit had to send thumb drives and Blu-ray discs with the scans to authorities across the country.

### The Birth of Stitch3D
This challenge inspired **Clark Yuan**, a U.S. Army veteran, to create **Stitch3D**. This innovative **browser-based platform** allows users to view, share, annotate, and manage large 3D files. Each file is stored as a **“point cloud,”** a digital representation of a 3D scene made up of millions of points with x, y, and z coordinates. If Stitch3D had been available during the USS Bonhomme Richard incident, sharing the lidar scans would have been significantly easier.

### A Solid Foundation
Yuan, who has experience working with lidar systems, recognized the inefficiencies in transmitting these files during his service. The U.S. military considers lidar scans crucial for preparing accurate maps and equipment for missions. **Lidar technology** enables the creation of 3D mappings by measuring the time it takes for light beams to bounce back from surfaces, providing detailed information about terrain that 2D images cannot.

![Stitch3D 3D Viewer](https://techcrunch.com/wp-content/uploads/2024/10/Stitch3D-3D-Viewer.jpg?w=680)
*Source: Stitch3D*

### Funding and Future Applications
Stitch3D has secured a **$1.8 million grant from the Air Force** to develop its technology securely, along with a **$750,000 pre-seed round** from friends and family. The Air Force intends to use it for measuring coastal erosion and assessing damage to airfields.

However, Yuan envisions a broader application for Stitch3D beyond military use. In a demonstration with TechCrunch, he showcased how the platform could allow users to navigate detailed 3D maps of college campuses, measure dimensions, and annotate areas with notes and colors.

![Stitch3D Analyze](https://techcrunch.com/wp-content/uploads/2024/10/Stitch3D-Analyze.jpg?w=680)
*Source: Stitch3D*

### Expanding Horizons
Yuan believes Stitch3D could benefit various industries that utilize lidar, including **forestry, mining, architecture, land surveying, and oil drilling.** There’s also potential for integration with **augmented reality (AR)**, allowing users to create interactive scans using the lidar sensor on their phones. While this technology is still developing, Yuan is optimistic about its future possibilities.

In the summer of 2020, a fire broke out onboard a naval ship docked in San Diego Bay. For more than four days, the USS Bonhomme Richard burned as

From Naval Disaster to Startup Success: How a Veteran is Revolutionizing 3D File Sharing

### Germany's Press Start: Games Startup Grant Fund

Germany's **Minister of State for Culture and the Media** is calling on local developers to showcase their **"brilliant game ideas"** and apply for funding through the **Press Start: Games Startup Grant fund**.

This initiative is aimed at both **indie developers** and **newly founded studios**, aiming to support **up to 130 game developers** in establishing their own studios this year.

Successful applicants can secure **€2,750 (almost $3,000)** per month for **18 months**, allowing them to focus on the **founding phase** and advance the development of their games. To qualify, developers must submit a game concept or a project that is in early development. 

Moreover, successful grant recipients will have access to an **education and networking program**, enhancing their capabilities and connections within the industry.

**Claudia Roth**, a representative of the Minister, stated, **"With the grant, we are supporting the further development of the innovative and diverse games development landscape and thus strengthening Germany as a games location."**

Eligible applicants can apply for this program until **November 17, 2024**. For further details, interested developers can find more information on the **official application page**.

![Press Start: Games Startup Grant fund](https://assetsio.gnwcdn.com/Screenshot-2024-10-28-at-21.51.58_4GSidZo.png?width=720&quality=70&format=jpg&auto=webp)
Image credit: Press Start: Games Startup Grant fund

Earlier this month, **Steam** announced it would stop selling games in Germany without an **age rating**.

Germany's Minister of State for Culture and the Media is inviting German developers to pitch "brilliant game ideas" and…

Germany's New Grant: A Game Changer for Aspiring Developers!

**Kyte**, a car rental startup based in **San Francisco**, has recently made headlines with the **layoff of half** its workforce. This dramatic move raises questions about the future of the company and the challenges faced by startups in a competitive market. As the demand for car rentals fluctuates, startups like Kyte must navigate through economic uncertainties and shifting consumer preferences. The layoffs reflect the broader trends in the **startup ecosystem**, where many companies are re-evaluating their operational strategies to survive and thrive. This situation serves as a cautionary tale for entrepreneurs looking to enter the market. Understanding the dynamics of the industry is crucial for success. Stay tuned for more updates on Kyte and the evolving landscape of car rentals.

Kyte: The Shocking Layoffs at S.F.'s Car Rental Startup You Need to Know About!

### Sierra's Impressive Growth

**Sierra**, the innovative AI startup co-founded by former Salesforce co-CEO **Bret Taylor**, has recently achieved a remarkable **$4.5 billion valuation** following a new funding round, significantly up from its previous **$1 billion valuation** in January. The startup successfully raised **$175 million**, led by **Greenoaks Capital**.

![Bret Taylor at Viva Technology Conference](https://image.cnbcfm.com/api/v1/image/108045968-17285664491728566444-36608438686-1080pnbcnews.jpg?v=1728566447&w=750&h=422&vtcrop=y)

### Background of the Founders

Bret Taylor, who also serves as the **chairman of OpenAI's board**, has a notable history in the tech industry, having co-led Salesforce alongside **Marc Benioff**. Taylor's entrepreneurial journey includes significant contributions to **Google Maps**. His co-founder, **Clay Bavor**, brings nearly two decades of experience from **Google**, where he led efforts in **virtual reality** and **Google Labs**.

### Sierra's Mission and Innovations

Sierra focuses on empowering enterprises, including notable clients like **ADT**, **Sonos**, **Weight Watchers**, and **Casper**, by personalizing and integrating **AI agents** for customer service. In a recent interview, Taylor emphasized their vision: **"We think every company in the world can benefit from AI, and the technology is ready right now."**

### Unique Approach to AI

Describing Sierra as **"conversational AI,"** Taylor differentiates it from traditional chatbots, aiming for a more **empathetic and engaging** interaction. The company allows clients to customize their AI agents' personalities to align with their **corporate branding**. For instance, **Chubbies** chose a sarcastic tone for their agent, while luxury brands prefer a more serious British accent.

### Technology Behind Sierra

Sierra employs a **constellation of AI models** to enhance interaction quality. This system uses a primary model for core tasks, complemented by additional models to ensure **accuracy** and reliability. Currently, they leverage large language models from **OpenAI**, **Anthropic**, and **Meta**.

### Competitive Landscape

The AI agent market is becoming increasingly competitive, with major players like **Salesforce** and **Microsoft** exploring similar avenues. Taylor likens Sierra's journey to companies that capitalized on **cloud software** developments, believing Sierra is well-positioned as a leader in AI-driven customer service solutions.

### AI Investment Trends

Sierra's recent funding aligns with a broader trend in Silicon Valley, where **one in three venture dollars** this year has been allocated to AI startups. Taylor remarked on the significance of this technology wave, stating, **“Clearly customer experience and customer service is a huge opportunity.”**

Sierra, the startup founded by ex-Salesforce co-CEO Bret Taylor, has raised a fresh round of capital that values the company at $4.5 billion. 

Bret Taylor’s Sierra Startup Soars to $4.5 Billion Valuation with New Funding Round

In **2020**, Babba C. Rivera, founder of **Ceremonia**, launched a clean hair-care brand inspired by her **Latinx heritage** while expecting her first child. Since then, she has expanded her brand from a single product to over **15 products**, making Ceremonia the first Latinx-owned hair-care brand available at **Sephora**. Balancing motherhood and entrepreneurship, Rivera shares her experiences and insights:

### Morning Routine
When her husband is home, Babba wakes up around **7 a.m.** to a prepared breakfast for her and the girls. While breastfeeding, she manages to eat breakfast and pump milk simultaneously, often styling her daughters' hair. A nanny assists with the morning rush, allowing Babba to drop off her children at school and start her workday by **9:30 a.m**.

### Transparency in Child Care
Babba emphasizes the importance of being open about the support she receives, acknowledging her humble beginnings and the struggles of single mothers. She aims to inspire rather than discourage women who feel overwhelmed by the balancing act of motherhood and career.

### Breastfeeding Challenges
She candidly discusses the challenges of maintaining her milk supply while managing her career, pumping in various locations, including airports and restaurants. Babba highlights the mixed reactions she receives from women regarding her choices, emphasizing that one cannot please everyone.

### Work-Life Balance
Babba jokes about wanting to excel in everything but recognizes that her focus is currently on family and work, admitting that she may not be her best self in other areas like fitness or social commitments.

### Advice for Young Entrepreneurs
Reflecting on her journey, she wishes she had known that motherhood could be a source of **empowerment** rather than a hindrance to her ambitions. She encourages women to design their lives according to their own terms, rather than conforming to societal expectations.

### Latinx Representation in Beauty
Babba advocates for better representation of the **Hispanic community** in the beauty industry, noting that they constitute a significant portion of the consumer base yet lack visibility on store shelves. She is determined to pave the way for future entrepreneurs and hopes Ceremonia will serve as a benchmark for success.

### Challenges of Being a Minority Founder
Babba discusses the difficulties faced when seeking venture capital, as traditional metrics of success often exclude minority founders. She challenges the stereotype that her brand only appeals to the Latinx community, emphasizing its universal appeal due to its effective clean formulas.

### Evening Rituals
At the end of the day, Babba enjoys a **steam shower** and a self-care routine with Ceremonia products, allowing her to unwind and recharge.

*This interview has been edited and condensed for length and clarity.*

For Ceremonia founder Babba C. Rivera, motherhood and entrepreneurship are deeply intertwined. Here’s how she gets it done.

Unlocking the Secrets of Success: Babba C. Rivera's Journey as a Mother and Entrepreneur

Universal Music Group (UMG) has formed a **strategic partnership** with the AI company **KLAY Vision Inc.** to create an innovative ethical model for **AI-generated music** that aligns with the music industry and its creators. The collaboration was announced on **October 28**, just days after UMG’s **Sir Lucian Grainge** was recognized as one of the most powerful figures in AI by Business Insider.

### What is KLAY Developing?
While specific details about KLAY's projects remain under wraps, the company has hinted at developing a **Large Music Model (KLayMM)** aimed at enhancing music AI capabilities. They are also working on a **global ecosystem** for AI-driven experiences that will respect artists’ catalogs, ensuring they do not compete with traditional music services.

### Exciting Future Ahead
KLAY is currently in **stealth mode** but plans to unveil a product soon that promises to **revolutionize music experiences**. Michael Nash, UMG's Executive Vice President, expressed excitement about this partnership, emphasizing the need for **ethical solutions** for artists while advancing **generative AI technology**.

### Insights from KLAY's Leadership
KLAY’s founder, **Ary Attie**, highlighted the importance of engaging with culture to ensure that AI music becomes a vital part of daily life rather than a fleeting trend. He believes the next generation of great artists will emerge from their collaboration with KLAY.

### Notable Team Members
KLAY's leadership includes:
- **Thomas Hesse**, former President of Sony Music, known for pioneering tech-driven innovations.
- **Matt Avent**, ex-Tech Lead of the SAMI initiative at TikTok's parent company, ByteDance.
- **Björn Winckler**, who will soon join as Head of Research from Google’s AI lab, DeepMind.

### UMG's Broader AI Strategy
This partnership is part of UMG’s broader strategy involving various collaborations with **AI developers** to enhance both backend functions and music creation. Recent partnerships include:
- An **AI incubator** with YouTube.
- A collaboration with **ProRata.ai** to ensure accurate revenue sharing for AI platforms.
- A strategic relationship with **BandLab** and a deal with **Endel** for creating artist-driven functional music.

Earlier this year, UMG also partnered with **SoundLabs** to provide artists with access to an AI vocal plugin, leading to the first AI-driven release of a Spanish version of Brenda Lee’s classic holiday hit.

### Recognition in the Industry
Sir Lucian Grainge’s recognition as a leading figure in AI underscores UMG's commitment to innovation and the protection of artists’ rights amid the evolving landscape of generative AI.

The announcement comes a week after Business Insider named UMG’s Sir Lucian Grainge one of the most powerful people in AI.

From Ski Shop to Billionaire: The Rise of Fanatics CEO Michael Rubin

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