This VC Says Silicon Valley Is Not Focused on the Right Thing
Silicon Valley’s focus has often been going after the next big thing in tech, whether it’s flying cars, robot butlers, or something you haven’t even dreamed of yet.
But one venture capitalist says the real focus should be elsewhere.
“For as much talent as there is in Silicon Valley, a lot of the venture capital money is going towards the latest buzzword or hype cycle, whether that’s the newest ‘Blockchain for X’ or ‘Uber for Y,’” Ankur Jain, co-founder and CEO at VC firm Kairos, told Cheddar.
“What we’re trying to do is show that the biggest market opportunities are actually in helping the middle class with some of the biggest pain points -- things that we all deal with, like the cost of rent, student loans, parenting.”
Jain has pledged to invest $25 million into start-ups that can create products for lower income consumers, those who aren’t eligible for government subsidies and have limited cash flow.
For example Rhino, one of his company’s latest investments, hopes to tackle New York’s exorbitant rental costs by eliminating the security deposit. The one-time payment can be an undue burden for many -- personal finance company GoBankingRates said last September that 57 percent of Americans had less than $1,000 in their savings account.
Rhino subscribers, meanwhile, would pay $10 to $20 a month in lieu of the deposit. New signees can also get back deposits they’ve already paid.
The company says it has 23,000 units using the service in New York City.
For the full interview, [click here](https://cheddar.com/videos/saving-renters-money-with-rhino).
The Trump administration has ordered the Consumer Financial Protection Bureau to stop nearly all its work, effectively shutting down the agency that was created to protect consumers after the 2008 financial crisis and subprime mortgage-lending scandal. Russell Vought is the newly installed director of the Office of Management and Budget. Vought directed the CFPB in a Saturday night email to stop work on proposed rules, to suspend the effective dates on any rules that were finalized but not yet effective, and to stop investigative work and not begin any new investigations. The agency has been a target of conservatives since President Barack Obama created it following the 2007-2008 financial crisis.
Jeff Benedict, author of 'The Dynasty,' weighs in on the Kansas City Chiefs being the next big dynasty, who he thinks will win Super Bowl LIX and more. Watch!
Susan Bourgeois, Louisiana Economic Development Secretary, talks preparations for Super Bowl LIX, plus Meta’s $10B data center coming soon to North Louisiana.
