Formation 8 has quickly become one of the most successful and fastest-growing VC firms in Silicon Valley since its launch in 2011. But following rumors of internal tension, the firm announced last week that it will break up, with the three cofounders – Palantir cofounder Joe Lonsdale, LG Electronics scion Brian Koo, and ex-Khosla Ventures general partner Jim Kim – parting ways to launch their own individual funds. Although the cofounders are saying there’s no personal animosity, it’s an unusual development, and certainly a bizarre ending, to a firm that was once hailed as the “hottest VC since Andreessen Horowitz.” It’s also a sobering reality check about business partnerships that shows how differing ambitions and personalities can trip up even the most promising initiatives. What makes the breakup so strange is the timing. By any means, Formation 8 was doing exceptionally well, and it’s hard to remember any VC firm … [Read more...] about A partner at top Silicon Valley firm Formation 8 explains why the VC dream team just broke up
Anti-poverty activists hope the provincial Liberal leadership race and a likely spring election will put a new plan overhaul Ontario’s $8.3 billion welfare system on the political agenda. The long-awaited report by Ontario’s social assistance review commission, released Wednesday, calls for a simpler, more effective and accountable program that helps more people, including the disabled, move into jobs and out of poverty. The commission, established in November 2010 to remove barriers and increase opportunities for people to work, was part of the McGuinty government’s 2008 poverty reduction strategy. “The Liberal leadership is a perfect opportunity to see where the candidates stand,” said Gail Nyberg of the Daily Bread Food Bank, who chaired a council of anti-poverty advocates that advised the government on the scope of the review. “I think it’s time to see where all four of the provincial parties stand. And I think it will help people decide … [Read more...] about Ontario commission calls for integrated welfare program to include the disabled and remove barriers to work.
LONDON—Delivering the latest jolt in Britain’s year of political shocks, Prime Minister Theresa May called Tuesday for a snap June 8 general election, seeking to strengthen her hand in European Union exit talks and tighten her grip on a fractious Conservative Party. With the Labour opposition weakened, May’s gamble will probably pay off with an enhanced Conservative majority in Parliament — but it’s unlikely to unite a country deeply split over the decision to quit the EU. May returned from an Easter break in the Welsh mountains to announce that she would make a televised statement on an undisclosed subject early Tuesday outside 10 Downing St. Speculation swirled and the pound plunged against the dollar amid uncertainty about whether she planned to resign, call an election or even declare war. Since taking office after her predecessor David Cameron resigned in the wake of Britain’s June 23 vote to leave the EU, May had repeatedly ruled out going to … [Read more...] about British Prime Minister Theresa May calls early election for June 8
The pressing demand for transit relief in the city has mayoral candidates warring over how much, how far and how long it will be before Torontonians are no longer just sardines wasting precious time riding the Yonge subway line. As those questions take hold in both the city and provincial election campaigns, mayoral candidate John Tory threw in a new wrinkle Tuesday, proposing the most comprehensive — and expensive — plan to date. Tory promised an above-ground rapid transit relief line stretching from Mississauga through Etobicoke and up to Markham, using mostly existing GO Transit rail, at a cost of $8 billion. Tory’s top opponents quickly retaliated, accusing him of flipping on an earlier push for a downtown relief subway and calling his plans for funding “unsupported” and not “feasible.” “John Tory is not going to electrify the GO service and add 22 stops in seven years. That’s simply not realistic,” Karen Stintz told … [Read more...] about John Tory pledges to create $8 billion rail relief line in seven years
OXON HILL, MD.—When Ronald Reagan spoke to the Conservative Political Action Conference two months into his presidency, he invoked conservative philosophers of yore, hailed Barry Goldwater, and spoke in lofty tones of American idealism and “goodness.” President Donald Trump, appearing at CPAC a month into his presidency, did — not that, at all. The crowd loved it. Donald Trump said 8 false things in his speech at CPAC on Friday Trump, continuing to be Trump, gave a Friday speech almost indistinguishable from one of his campaign rally addresses — jabs at Hillary Clinton and all. Alternating between scripted nationalism and improvised monologuing about himself, the Republican president bashed the news media, insulted U.S. allies, mocked pollsters and pundits, complained that America never wins at anything, disavowed responsibility for solving global problems, and vowed to stand up for workers, gun owners and people he said have been harmed by Obamacare. … [Read more...] about In front of a roaring crowd, Trump again calls the media the ‘enemy of the people’