Friday, May 13, 2022

What happens when an entire airport is plastered in Under 30 logos

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Never in my life have I deplaned to an airport covered in my team's banner, stickers and wallpaper. I suppose this is commonplace if you work in advertising or for a big brand that spends on splashy ads, but when you're a journalist, it's novel. This is what happened to me after I exited the plane from Addis Ababa, Ethiopia to Gaborone, Botswana to help lead our first-ever Forbes Under 30 Africa Summit; the capital's airport was covered in Forbes Under 30 signage. 

Aside from stroking my ego, the prevalence of Under 30 paraphernalia seems to symbolize the country's reception of young entrepreneurs shaping the world. Of course, I'm generalizing as a Western reporter and outsider–and we were among a self-selecting group of Batswana entrepreneurs and leaders–but it was unlike the local reception of any other Under 30 Summit I've led (and that number is now close to 10). 

In the days that followed, we ran speaker programming that centered on global collaboration and local celebration. This ranged from a chat between Botswana's President Mokgweetsi Masisi and Forbes' Chief Content Officer Randall Lane to a panel with leading Batswana women, including former Miss Botswana Emma Wareus, who is now a U.S.-based tech leader. "I started realizing I wanted to be in a space where I can create, innovate, learn fast and fail–and create things that will be better for future generations," Wareus said of leaving Botswana and pursuing entrepreneurship.

And of the four talks I moderated, my favorite was the
fireside between myself and Brandon Moak, who, at 26, became the youngest CTO of a publicly traded company when his autonomous trucking company Embark went public in 2021. But what's crazier than running a public company when most are still working their first full-time jobs is that Embark plans to have its first product on the market by 2024–years from the IPO. "Building self-driving technology is really hard, and it takes a lot of time to build the product," said Moak. "Capitalizing the business was really important."

You can see all of this and more from the Summit, right here.

Alexandra Sternlicht

Alexandra Sternlicht

Reporter, Under 30

 
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The AI 50 2022

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Money Moves

This week, the New York Times published an explosive piece on Forbes 400 cover subject Ryan Breslow. The publication reports that the founder of online checkout company Bolt inflated his company's metrics and stretched the truth to give the business its impressive valuation and reputation. Here's that story, and ours, too. In response to the Times report, Breslow wrote an extremely long Twitter thread calling the story a "hit piece"–you can read that here, if you have an hour to kill.

Speaking of African startups, these young Democratic Republic of Congo sibling cofounders raised $30 million to build WeChat for Web3. They started Jambo just six months ago. 

More evidence of African Web3 mania: Seychelles-based crypto exchange KuCoin announced that it had raised $150 million to expand its decentralized offerings. 

These San Francisco-based founders, however, are interested in a different type of NFT: N-trans-feruloyltyramine (NFT) and N-trans-caffeoyltyramine (NCT), compounds found in cannabis seed shells and black pepper that have shown promise in two preclinical studies to manage non-alcoholic fatty liver disease, a chronic condition that afflicts about a quarter of the world's population

Material Security employs less than 40 people, but has nabbed a $1.1 billion valuation by taking the sting out of email hacks.

Atlassian co-CEO Mike Cannon-Brookes, who we estimate is worth $11.6 billion, is putting his money behind an effort to make Australia's biggest power company stop spewing carbon.

This mental health startup is trying to use voice "biomarkers" to detect signs of depression and anxiety, and it's got a $85 million valuation. 

Just because someone has raised $2.5 million in a crowdfunding campaign doesn't mean the product will ever exist. This is evidenced by the failure of dashcam company Arvizon, which has yet to deliver its funders a product.

Grindr, the dating app that focuses on the LGBTQ+ community, has agreed to go public by merging with a SPAC at a valuation of $2.1 billion, including debt.

Just
8% of people employed in corporate Manhattan are back in the office five days a week, according to the Partnership for New York City. And while this is great for anxious puppies, infants and niche coffee brewing, it's apparently really great for Airbnb. The vacation rental company booked a record-breaking 102 million nights in its first quarter–a 70% jump from the same time in 2021.

 
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The Global 2,000

Here's our list of the 2,000 largest companies in the world. At the top of the list: Berkshire Hathaway. 

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