Marc Lore is the president and CEO of Walmart eCommerce in the US. He founded Quidsi and sold it to Amazon in 2011 for over $500 million. Then he founded Jet.com and sold that to Walmart in 2016 for $3 billion and stock. His first startup was acquired for $6 million. Lore says radical transparency, choosing the right cofounders, knowing finance, and selling to the right company are key to his success as a business person. Marc Lore’s first big startup sold diapers before it was bought by Amazon for more than $500 million. But after it was acquired, Lore says he felt let down. “It was this really depressing sort of moment where we didn’t even want to go out for a [celebratory] drink,” Lore said on Business Insider’s podcast, “Success! How I Did It.” “It wasn’t a celebration. It was sort of like mourning.” After Amazon he went on to found a competitor, called … [Read more...] about A Walmart executive who sold his 1st startup for $6 million, 2nd startup for $550 million and 3rd startup for $3+ billion reveals how to become wildly successful
Startup
In the United States, legal marijuana startups take aim at social drinkers
LOS ANGELES—Alcohol companies beware: Cannabis is coming for your customers.Now that recreational marijuana is legal in California and seven other U.S. states, startups are vying with traditional beverage companies for the attention of consumers planning to ingest a social intoxicant. Instead of meeting after work for a drink, for example, they suggest other ways to catch a buzz with friends or co-workers. Perhaps some cannabis wine will do, or maybe pot-infused seltzer or even an old-fashioned joint — prerolled, of course.Toast, an Aspen, Colo.-based startup co-founded by the former chief marketing officer of Budweiser, is one of the companies taking its cues from Big Alcohol. It offers two types of cannabis cigarettes: its namesake product, which the company says is akin to a cocktail, and Toast Gold, which it compares to glass of champagne. Another line extension called Toast Reserve, due in the first quarter of this year, is billed as the marijuana … [Read more...] about In the United States, legal marijuana startups take aim at social drinkers
A robotics startup called ‘Robomart’ wants to replace Postmates and Instacart with self-driving grocery stores
Robomart is a self-driving, nearly full autonomous grocery store on wheels. The vehicle will drive fresh produce from the supermarket aisle to customers. Grocery chains can license the platform and the vehicles, which allows them to pocket the delivery fee instead of some on-demand delivery startup. A robot grocery called Robotmart is coming for the humble delivery worker in California. This week at the Consumer Electronics Show, a startup (of the same name) debuted a self-driving, nearly fully autonomous grocery store on wheels. The robot will bring fruits, vegetables, and other perishable items from the supermarket aisle to customers’ doors.According to Robotmart founder Ali Ahmed, the company could compete with the on-demand giants taking on grocery delivery services, like Amazon, Instacart, and Postmates. Supermarket chains would license the platform and robots for a two-year lease, which Ahmed said will still … [Read more...] about A robotics startup called ‘Robomart’ wants to replace Postmates and Instacart with self-driving grocery stores
Koon banks on startups and tourism
Property developer Koon Estate Co will spend nearly 5 billion baht to develop a luxury hotel on Koh Samui to capitalise on growing tourism, as well as a condominium project worth 1.3 billion baht near National Stadium to tap startups. Thanet Aroonvanichporn, the executive director, said the tourism sector has been growing robustly, which has driven revenue per available room, occupancy rates and room rates in many tourist destinations nationwide."Hotels are attractive for investment because of tourism sector growth," he said. "After our environmental impact assessment is approved, we will start construction of the hotel by the end of the year."The Samui hotel will be located on a 20-rai site with a 200-metre beachfront, comprising 100 villas and rooms operated by a six-star hotel brand. It is slated to open by the end of next year.In Bangkok, Koon will launch Cooper Siam, a 24-storey condo project with 188 units worth 1.3 billion baht next month. The condo will be located on a 1.5-rai … [Read more...] about Koon banks on startups and tourism
TD Bank buys Layer 6, a Toronto-based artificial intelligence startup
Toronto-Dominion Bank is acquiring artificial intelligence startup Layer 6 AI for an undisclosed amount as financial-services companies increasingly look to tap the technology’s potential.Canada’s largest bank by assets has been looking to build up its capabilities in AI for some time, said Michael Rhodes, group head of innovation, technology and shared services.“The mass amounts of data with increases in computing power really give rise to the ability for machine learning, or artificial intelligence, to really play a much more prominent role,” he said.Toronto-based Layer 6, which launched in late 2016, uses AI in its platform to analyze various forms of data to learn and anticipate an individual customer’s needs.Layer 6 will retain its brand name and separate office in Toronto’s Yorkville area, but TD will become its sole client and customer, Rhodes said. … [Read more...] about TD Bank buys Layer 6, a Toronto-based artificial intelligence startup