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).
Nestlé has dismissed its CEO Laurent Freixe after an investigation into an undisclosed relationship with a direct subordinate. The company announced on Monday that the dismissal was effective immediately. An investigation found that Freixe violated Nestlé’s code of conduct. He had been CEO for a year. Philipp Navratil, a longtime Nestlé executive, will replace him. Chairman Paul Bulcke stated that the decision was necessary to uphold the company’s values and governance. Navratil began his career with Nestlé in 2001 and has held various roles, including CEO of Nestlé's Nespresso division since 2024.
Kraft Heinz is splitting into two companies a decade after they joined in a massive merger that created one of the biggest food companies on the planet. One of the companies will include brands such as Heinz, Philadelphia cream cheese and Kraft Mac & Cheese. The other will include brands like Oscar Mayer, Kraft Singles and Lunchables. When the company formed in 2015 it wanted to capitalize on its massive scale, but shifting tastes complicated those plans, with households seeking to introduce healthier options at the table. Kraft Heinz's net revenue has fallen every year since 2020.
About 780,000 pressure washers sold at retailers like Home Depot are being recalled across the U.S. and Canada, due to a projectile hazard that has resulted in fractures and other injuries among some consumers.
President Donald Trump has fired one of two Democratic members of the U.S. Surface Transportation Board to break a 2-2 tie ahead of the board considering the largest railroad merger ever proposed.
