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## The Game-Changing SBA 7(a) Loan Update

The **Small Business Administration (SBA)** has just made a monumental change by removing the **$5 million cap** on its popular **7(a) loan guarantee program**. This shift opens up vast opportunities for entrepreneurs eager to create a diversified portfolio of small businesses, akin to their own **mini Berkshire Hathaways**.

### What is the SBA 7(a) Program?
Established in 1953, the **7(a) program** provides a **75% guarantee** on loans, significantly reducing lender risk and facilitating funding for small businesses. The loans can be utilized for various purposes including **working capital, equipment, real estate**, or even acquiring a business. Business owners appreciate the program for its **forgiving collateral requirements**, often needing just a personal guarantee and little to no down payment. With repayment terms extending up to **25 years**, it’s a far more affordable option compared to standard bank loans, which typically max out at **10 years**. In **fiscal 2024**, the SBA approved **70,242 loans** totaling **$31.1 billion**, with an average loan size of **$443,097**.

### The New Rule Change
In May 2023, the SBA **modified** the old affiliation rule that limited borrowers to **$5 million** in total loan guarantees. Now, entrepreneurs can access **up to $5 million per business**, provided each business operates within a different **subsector** of the **North American Industry Classification System (NAICS)**, which consists of **96 subsectors**. This change allows successful business owners to expand their operations and diversify their ventures.

### Why the Change?
According to an SBA official, this adjustment aligns the agency’s lending criteria with the **Small Business Act's** definition of a small business. Previously, the SBA grouped businesses with common ownership together, which limited access to funding. Now, businesses can be treated independently, allowing for greater financing opportunities.

### Implications and Reactions
While some industry experts are optimistic about the changes, noting a growing trend of buyers interested in acquiring multiple businesses, others, like **Eric Pacifici** from **SMB Law Group**, express concerns about the potential pitfalls of forced diversification. He emphasizes that managing multiple businesses can be complex and may not always be the best strategy.

Nevertheless, to qualify for loans exceeding **$5 million**, borrowers must demonstrate **excellent credit** and a solid **track record of success**. The SBA still retains **25% of the risk** on these loans, ensuring that not everyone will qualify for large amounts of funding.

### Conclusion
The SBA's new rule significantly enhances the funding landscape for small business owners, reflecting a shift in how diverse ownership is viewed. This change is expected to empower aspiring entrepreneurs to take advantage of greater financial resources, driving business growth across various sectors.

The SBA 7(a) loan, long seen as the golden ticket for small business buyers, just got a boost from a little-known rule change, opening up more opportunities for growth.

Unlocking Unlimited Funding: The New SBA 7(a) Loan Changes You Need to Know!

Sam Altman’s **Worldcoin** is undergoing a significant transformation by dropping the “coin” from its name, marking a shift from cryptocurrency to a focus on its innovative **identification technology**. The startup has recently unveiled an upgraded version of its signature gadget, the **Orb**.

### New Identity for Worldcoin
According to a report by **Bloomberg**, the newly rebranded company, simply called **World**, will concentrate on its eye-scanning technology aimed at confirming human identities. This is particularly relevant in today’s landscape, where **deep fake videos** are becoming increasingly prevalent.

### Introducing the Orb
Co-founder and CEO **Alex Blania** introduced the latest iteration of the **Orb**—a biometric eye scanner designed for identity verification through a service known as **Deep Face**. The latest model utilizes **NVIDIA’s Jetson chipset** and will be available to customers on demand, similar to how one would order a pizza.

### Global Reach
During the launch event in San Francisco, Chief Device Officer **Rich Heley** stated that these advancements will enable new methods of providing **World ID’s proof of human verification** across the globe. As of now, nearly **7 million individuals** have been scanned using World Orbs. Attendees at the event were even gifted a free **Orb** for their identity verification needs.

World's The Orb can scan people through their eyes to confirm their identity.

Worldcoin Rebrands: Sam Altman's Startup Shifts Focus from Cryptocurrency to Revolutionary Eye-Scanning Tech

## Bluffton's Entrepreneurial Future is Bright

The **Don Ryan Center for Innovation (DRCI)** is expanding, with a groundbreaking ceremony recently held for its second site in **Bluffton, SC**. This new development will feature **three buildings**, with the first offering **rentable office spaces** specifically designed for local **startups** and **small businesses**.

### What to Expect from 'The Hive'

According to **David Nelems**, the CEO of DRCI, the upper level of the new site will be known as **'The Hive'**. This space is intended to provide not only **event space** but also essential resources to help businesses **settle in** and thrive in Bluffton. Nelems explained, "We'll have other resources for them to attract businesses to Bluffton so they can land in this area and figure out where they want to be in Bluffton long term."

### Community Investment and Future Plans

The Town of Bluffton is committed to this project, investing **$4.1 million** alongside various donations to ensure its success. The facility will also include a **childcare area** for public use on the ground floor, further supporting the community's needs. **Berl Davis**, the Chairman, expressed his enthusiasm: "It's truly great to have an asset like this in our community because entrepreneurial centers are really rare."

The expected completion date for this project is set for **next Fall**, promising a bright future for Bluffton's entrepreneurial landscape.

How the Don Ryan Center for Innovation is expanding

Exciting New Business Hub: Bluffton's Don Ryan Center for Innovation to Open Soon!

### A Turbulent Journey at 23andMe

Anne Wojcicki, the co-founder of **23andMe**, faced significant challenges in her leadership journey. In **2009**, she took full control of the startup, leading to the departure of co-founder **Linda Avey**. Fast forward to **September 2024**, and all seven board members resigned, citing disagreements with Wojcicki's **strategic direction**. They expressed their unwavering belief in the company's mission but felt her leadership was leading them astray.

### The Board's Resignation

The board members, including notable figures like **Neal Mohan** (CEO of YouTube) and **Roelof Botha** (Sequoia Capital), publicly rebuked Wojcicki. The resignation was unexpected and marked a significant turning point for the company, which saw its valuation plummet from **$6 billion in 2021** to under **$150 million**. The board's departure came after months of conflict over Wojcicki's proposal to take the company private amidst declining sales and growing privacy concerns following a **data breach**.

### Leadership Style Under Scrutiny

Wojcicki's **leadership style** has drawn criticism for its **centralization**. Former executives described her approach as **"founder mode,"** where decision-making was overly focused on her preferences, causing operational delays. Despite her insistence on empowering capable executives, many felt that her control stifled innovation and responsiveness within the company.

### Challenges and Setbacks

The company struggled financially, failing to turn a profit and facing regulatory challenges from the **FDA**. In **2013**, the FDA halted 23andMe's health reports, which led to a two-year hiatus in offering these services. The company eventually regained approval but continued to face hurdles in its **drug discovery** efforts, which drained resources without yielding significant results.

### Wojcicki's Vision and Future

Despite the turmoil, Wojcicki remains optimistic about **23andMe's** future. She believes in the company's potential to navigate its difficulties, stating, **"I think we can navigate and land this plane, but it is absolutely complicated."** The recent challenges have forced her to reflect on her leadership and the company's direction, as she grapples with personal losses and the fallout from the board's resignation.

### Conclusion

As Wojcicki looks to the future, she faces the daunting task of rebuilding her leadership team and regaining investor confidence. The road ahead is fraught with challenges, but her determination to succeed remains a driving force for the company.

Former executives say Wojcicki's "founder mode" mentality created problems for years at the once hot DNA testing startup.

The Fall of 23andMe: Can Anne Wojcicki Save Her Startup After a Mass Resignation?

### Riding Shotgun with Purpose
Earlier this year, **Abel** founder **Daniel Francis** found himself speeding down a highway in Oakland, California, at 135 miles per hour. The driver? A police officer with a gun resting on his lap. This adrenaline-fueled ride, part of Francis's research for his AI startup, took a thrilling turn when they chased down a fleeing suspect. "I was so excited," Francis recalled, finally experiencing the action he had been waiting for.

### The Challenge of Reporting Chases
After a tense pursuit, Francis pondered a pressing question: **How would AI handle the complex task of writing a police report for a high-speed chase?** Traditional reports require meticulous detail, documenting every turn and side street, making them notoriously time-consuming.

### Abel's Mission
Through **20 police ride-alongs**, Francis has been exploring how AI can significantly reduce the paperwork burden on police officers. Abel leverages **body cam footage** and dispatch call data to automate the report-writing process, allowing officers to focus more on their duties rather than documentation. Recently, Abel secured **$5 million** in seed funding, led by **Day One Ventures**, to enhance its AI capabilities and expand its team.

### A Unique Journey to Police Tech
You may recognize Francis from his humorous stint as a faux disgruntled Twitter employee during the layoffs in 2023, which ironically led to a real job at Twitter. However, his journey into **police technology** was deeply personal. After helping a friend escape an abusive partner, he was struck by the delays in police response and the extensive time spent on report writing, which can consume about **one-third of an officer's time**.

### Real-World Impact
With Abel, police departments, including Richmond, California, have already begun to see improvements. Officers can now utilize AI-generated drafts of reports, allowing them to complete their documentation more efficiently by editing rather than starting from scratch. This innovation not only saves time but also helps combat officer burnout.

### The Competitive Landscape
Abel is not alone in this space; competitors like **Axon** and **Policereports.ai** are also developing AI solutions for police reports. However, Francis’s vision remains clear: to alleviate the paperwork burden on officers so they can focus on what truly matters—serving their communities.

Abel creates AI that uses body cam footage and other data to fill out consuming police reports. For research, founder Daniel Francis shadowed the police.

How a High-Speed Police Chase Inspired an AI Startup Revolutionizing Police Reports

### The Rise of Self-Powered Suppliers
In recent years, **self-powered suppliers** have emerged as a significant trend within the **Asian tech landscape**. This shift is largely attributed to the evolving needs of businesses seeking more **sustainable and efficient solutions**. As companies prioritize innovation and adaptability, self-powered suppliers are stepping up to meet these demands.

### China’s Startup Slowdown
Despite the growth of self-powered suppliers, **China's startup ecosystem** is experiencing a notable **slowdown**. Various factors contribute to this phenomenon, including **regulatory challenges**, market saturation, and the ongoing impacts of the global pandemic. Entrepreneurs are finding it increasingly difficult to secure funding and navigate the competitive landscape.

### Key Trends Shaping the Future
The combination of these dynamics is reshaping how startups operate in China. Key trends include:
- **Increased focus on sustainability**: More startups are integrating sustainable practices into their business models.
- **Shift towards self-sufficiency**: Companies are looking to develop in-house solutions to reduce reliance on external suppliers.
- **Adoption of advanced technologies**: Startups are leveraging technologies such as AI and data analytics to enhance their offerings.

### Conclusion
The interplay between the rise of self-powered suppliers and the challenges faced by startups in China paints a complex picture of the region's entrepreneurial landscape. As businesses adapt to these changes, the future of **Asian startups** will likely hinge on their ability to innovate and respond to market shifts.

The inside story on the Asia tech trends that matter, from Nikkei Asia and the Financial Times

Unveiling China’s Startup Landscape: The Rise of Self-Powered Suppliers Amidst a Slowdown

## Pony.ai's Ambitious IPO Plans

**Pony.ai**, the autonomous driving startup, is set to **file for an initial public offering (IPO)** in the US as early as this week, according to insider sources. The company aims to raise **up to $300 million** from this listing.

### Key Details of the IPO
- **Investment Interest**: **Guangzhou Automobile Group (GAC)**, a significant backer of another self-driving firm, WeRide Inc., is considering investing in Pony.ai's IPO.
- **Timeline**: Although the filing is imminent, the **timeline and size** of the IPO could still undergo changes.
- **Previous Plans**: Pony.ai had initially planned to sell shares in the US back in **2021**, but those plans were postponed.

### Company Background
Founded in **2016 in Silicon Valley**, Pony.ai focuses on developing and operating **self-driving fleets** in both the US and China, including trucks and **robotaxis**. Recently, they received a permit for **fully driverless taxi services** in Guangzhou.

### Financial Backing
Pony.ai is supported by major investors like **Toyota Motor Corp.** and **Saudi Arabia’s Neom Co**. In a recent move to strengthen its position, GAC approved a **$27 million investment** in Pony.ai to enhance collaboration and foster its autonomous driving technology.

### Regulatory Approval
In April, China’s securities regulator gave the green light for Pony.ai’s **New York IPO**, coinciding with a relaxation of restrictions on domestic tech companies looking to list overseas. 

**Representatives from Pony.ai and GAC declined to comment** on the IPO plans.

(Bloomberg) -- Autonomous driving startup Pony.ai plans to file publicly for an initial public offering in the US as soon as this week, according to people familiar with the situation.Most Read from BloombergInside the ‘Utopias’ of Mexico CityOne City’s Plan to Re-Link a Neighborhood That Robert Moses DividedHow Mexico City Averted All-Out DroughtChicago Should Consider Furloughs, Higher Booze Tax, Watchdog SaysMexico Seeks to Halve Permitting Time to Attract More FactoriesThe company is looking

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Save on EVERYTHING with a Sam's Club Membership for Entrepreneurs

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Other Latest News

Unlocking Unlimited Funding: The New SBA 7(a) Loan Changes You Need to Know!

Worldcoin Rebrands: Sam Altman's Startup Shifts Focus from Cryptocurrency to Revolutionary Eye-Scanning Tech

Exciting New Business Hub: Bluffton's Don Ryan Center for Innovation to Open Soon!

The Fall of 23andMe: Can Anne Wojcicki Save Her Startup After a Mass Resignation?

How a High-Speed Police Chase Inspired an AI Startup Revolutionizing Police Reports

Unveiling China’s Startup Landscape: The Rise of Self-Powered Suppliers Amidst a Slowdown

Pony.ai Prepares for a Major IPO: What You Need to Know

Other Latest News

Unlocking Unlimited Funding: The New SBA 7(a) Loan Changes You Need to Know!

Worldcoin Rebrands: Sam Altman's Startup Shifts Focus from Cryptocurrency to Revolutionary Eye-Scanning Tech

Exciting New Business Hub: Bluffton's Don Ryan Center for Innovation to Open Soon!

The Fall of 23andMe: Can Anne Wojcicki Save Her Startup After a Mass Resignation?

How a High-Speed Police Chase Inspired an AI Startup Revolutionizing Police Reports

Unveiling China’s Startup Landscape: The Rise of Self-Powered Suppliers Amidst a Slowdown

Pony.ai Prepares for a Major IPO: What You Need to Know