## Want to Be a Successful Entrepreneur? This Is What It Takes, According to Scott Galloway

NYU Stern professor and serial entrepreneur Scott Galloway, who sold his second company, L2, for $158 million in 2017, says that entrepreneurship isn't for everyone and that certain traits define successful founders.

**Risk Aggressiveness Is Key**

In a recent podcast episode, Galloway emphasized that successful entrepreneurs need to be **risk-aggressive**, willing to **take huge risks** and **accept failure**. He advises MBA students with offers from big companies like Google or JPMorgan to **take those jobs**, as the American corporation offers an **unbelievable platform for generating wealth and opportunity**.  He emphasizes that most entrepreneurs **didn't get a choice** - they likely **didn't have access** to the same career opportunities.

**Storytelling Is the Greatest Skill**

While risk aggressiveness is important, Galloway believes that **storytelling is the greatest skill** for entrepreneurs. **Convincing investors, users, and employees of your vision** is critical for success. He highlights **Nvidia's Jensen Huang and Amazon's Jeff Bezos** as examples of entrepreneurs who excel in storytelling. 

Galloway concludes that **the core competence for real influence and economic security is storytelling**. It's the skill that gets others on board and drives your success.


NYU Stern professor and serial entrepreneur Scott Galloway sold his second company, L2, for $158 million in 2017. He says these are the traits needed to start your own business. 

Want to Be a Successful Entrepreneur? This Is What It Takes, According to Scott Galloway

Cybersecurity agencies from the **Five Eyes** nations—**Australia, Canada, New Zealand, the UK, and the US**—have reiterated the importance of security for tech startups. Following a summit in October 2023, they introduced **five key principles** aimed at helping innovators navigate security threats, particularly concerning **Chinese IP theft**.

### Key Principles for Startups:
1. **Know the threats** – Understand potential vulnerabilities that could jeopardize your innovations.
2. **Secure your business environment** – Establish clear ownership for managing security risks and appoint a **security lead** at the board level.
3. **Secure your products** – Integrate security into the design of your products to protect your **IP** and avoid supply chain vulnerabilities.
4. **Secure your partnerships** – Verify that collaborators are trustworthy and can safeguard your **intellectual property**.
5. **Secure your growth** – Stay vigilant about security risks as you expand, especially when hiring or entering new markets.

Over a year later, the Five Eyes nations have launched a joint campaign to provide actionable advice based on these principles. In the UK, startups can access a **three-page infographic**, while Canada offers a **guide for tech investors**. New Zealand has released a comprehensive **33-page advisory** for emerging tech companies, focusing on best practices for enhancing security and incident response. The US has published **five documents** highlighting prevalent risks, especially during international travel, including recommendations for data protection and device security.

Each nation has tailored its guidance, reflecting the **globalized tech startup ecosystem** and the interconnected nature of security threats. Despite this coordinated effort, the effectiveness of such advice in changing the fast-paced culture of startups remains uncertain. Previous incidents involving companies like **Uber**, **Lyft**, and **GitLab** highlight ongoing security challenges in the tech industry. It may require more than just checklists to foster a culture of security and resilience in startups.

Only took 'em a year to dish up some scary travel advice, and a Secure Innovation … Placemat?

Five Eyes Nations Urge Startups to Prioritize Cybersecurity: Key Principles Revealed!

### Genetic Screening for Intelligence

A startup company, **Heliospect Genomics**, is at the center of a heated debate over the ethics of **genetic enhancement**. This company offers wealthy couples the opportunity to **screen embryos for IQ**, raising significant ethical questions.

### Investigative Insights

In a joint investigation by the **Guardian** and the campaign group **Hope Not Hate**, science correspondent **Hannah Devlin** discusses the implications of this technology. The technology promises to identify embryos that may lead to children with higher IQs, but it also opens the door to potential **social inequality** and ethical dilemmas regarding the commodification of human life.

![Embryo and Brain](https://i.guim.co.uk/img/media/11d1ce259072a18c2711a55dcb1a327bd4233194/0_0_5000_3000/master/5000.jpg?width=700&quality=85&auto=format&fit=max&s=e0b97a7563f566889e45f58313ead825)

### Ethical Dilemmas

The core of the issue lies in the **ethical implications** of selecting embryos based on intelligence. Critics argue that this could lead to a new form of **eugenics**, where only the wealthy can afford to ensure their children are 'smarter'. Devlin highlights the necessity for a public dialogue on these issues as technology advances faster than our ethical frameworks can keep up.

For more insights, listen to the full podcast episode where these topics are explored in depth.

A startup company, Heliospect Genomics, is offering to help wealthy couples screen their embryos for IQ using controversial technology that raises questions about the ethics of genetic enhancement. Science correspondent Hannah Devlin tells Madeleine Finlay about the joint investigation into the company by the Guardian and the campaign group Hope Not Hate

The Controversial Startup Helping Wealthy Couples Create 'Smarter' Babies

### **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. 

Want to Be a Successful Entrepreneur? This Is What It Takes, According to Scott Galloway

Summary: