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).
Nestle is reportedly investing $100 million in food delivery startup Wonder Group.
Arturo Béjar testified before a Senate subcommittee on Tuesday about social media and the teen mental health crisis, hoping to shed light on how Meta executives, including Zuckerberg, knew about the harms Instagram was causing but chose not to make meaningful changes to address them.
Nike is suing two of its competitors for alleged patent infringement.
Uber missed analysts' projections for earnings per share and revenue this past quarter. Cheddar News takes a closer look at the numbers and explains what to expect for the rest of the fiscal year.
Cheddar News breaks down some of the top business stories to look out for, including WeWork's bankruptcy filing and fast-fashion retailer Shein reportedly expecting a $90 million valuation upon its market debut. Plus, a new EV truck will have a backup gas generator.
WeWork has filed for Chapter 11 bankruptcy protection.
Bumble, the female-focused dating app, announced that Whitney Wolf Hurd, the company's founder and CEO, will step down in January.
WeWork officially has filed for bankruptcy.
With interest rates high, housing inventory low and Veterans Day just around the corner, Cheddar News took a look at how the current market is impacting those who served and continue to serve our country. Patton Gade, national director of military lending with UMortgage, explains how a VA loan works, its benefits and what's involved in the process of purchasing a home.
Stocks were mixed in Tuesday's early session as Wall Street came off a strong rally last week.
