Starting a business is not for everyone. You need a strong constitution and the ability to face failure. Because if statistics are any guide, you will likely fail.
But the web makes it easier for first-time entrepreneurs to tap into that spirit of risk. What do these go-getters have in common? They likely started a “business” in childhood (a lemonade stand, a paper route, etc.). They’ve likely used their own money to fund their dreams (and are likely to have maxed-out credit cards, as a result). And they are less averse to risk than the average human.
Check out this video by OnlineMBA.com for insight into the mind of the entrepreneur.
Your next car is going to be something incredible.
1. Built-in 4G LTE Wi-Fi hotspots for always staying connected on the road.
Why It’s Cool: A growing number of manufacturers like Buick, GMC, and Chevrolet are including built-in 4G LTE hotspots in their cars, allowing drivers to use their phones, tablets, and laptops without having to use their expensive data or pull over to the nearest Starbucks. Just don’t try to use your tech while driving, please.
2. Cameras that see everything around your car, not just behind it.
Why It’s Cool: While more cars nowadays are coming with rear-view cameras, companies like Ford and Infiniti are including cameras that allow drivers to see everything else around their car when driving. In fact, these futuristic cameras also come with sensors to actually inform you when you’re about to hit something, saving you the confrontation and guilt.
4. Windows that clean themselves and deflect liquid automatically.
Why It’s Cool: Kia and other car makers are actively featuring “hydrophobic” windows for its 2015 and 2016 car models, which is coated glass that stops stuff like rain, dirt, and other debris from even touching your precious windows. It’s like built-in Rain-X for your ride, without the need to apply it yourself.
5. A built-in vacuum for spontaneous spills and cleaning spells.
Why It’s Cool: Car lovers are definitely familiar with Shop-Vac, which makes efficient vacuums for any vehicle out there. The 2014 and 2015 Honda Odyssey capitalizes on that love and actually includes a built-in vacuum with a long range hose for people who are interested in keeping everything clean all the time.
6. NASA-approved car seats that prevent fatigue on long drives.
Why It’s Cool: Road trip-inflicted sore butts can make the best of us cranky. To counter this tragedy, the surprising duo of Nissan and NASA teamed up to develop “zero gravity” seats that keep you in a natural posture, while comforting your muscles and spines with cushioning. That’s true space-age technology.
8. Lighter cars, thanks to the use of military-grade aluminum.
Why It’s Cool: These days, the concept of a “light car” doesn’t just apply to those cute little smart vehicles you see roaming around the mall. Take a truck like the 2015 Ford F-150, which is 700 pounds lighter, or even Honda’s already light Fit hatchback which is 57 pounds lighter. This is thanks to the use of next-generation aluminum, which make cars more durable, more gas efficient, and easier to control.
9. Brakes and cameras that automatically keep you in the center of the lane.
Why It’s Cool: Everyone sometimes finds themself getting a bit too close to that yellow line. Thankfully, new versions of the Ford Fusion, Toyota Prius, and Lincoln MKZ have a feature called “lane centering,” which uses onboard cameras and the brakes to gently nudge your car into the center of a lane.
10. Cars that recognize traffic light changes and count down until the next green light.
Why It’s Cool: We spend at least 38 hours a year stuck in traffic, and that usually involves a lot of time looking at stoplights. Throughout the next few years, Audi is going to roll out a traffic light information system which will tell drivers how long until the next green light and also tell you fast or slow they should go to get to the next green light, all in one system.
11. Heated wiper blades that melt ice and snow to keep everything clear.
Why It’s Cool: Winter drivers know the pain and agony of having to deal with the snow messing their vision up. It’s not a fun thing, but companies like Everblade and Thermalblade make affordable wiper blades that make quick work of ice and snow to make sure you never have to break out the squeegee yourself.
12. Way more gas-efficient engines and motors.
Why It’s Cool: While the price of gas might be going down recently, most of us agree that the less we have to fill up, the better life is. Cars like the 2015 Chrysler 200 sedan and the 2015 Honda Fit are starting to go beyond 30 miles per gallon, while even more beast-y vehicles like the 2015 Ford F-150 have more efficient cylinders to save drivers from heading to the pump too often.
13. Push button shifting for easy adjustments while on the road.
Why It’s Cool: We’ve all been wowed by the push button ignition that has made its way to a number of cars in the past few years, but the 2015 Acura TLX and 2016 Honda Pilot add to the automatic ingenuity by having different buttons for different gears. This frees up more space in the center console, and even allows for different shifting modes for more efficient driving.
14. GPS that automatically analyzes traffic and finds the best way around it.
Why It’s Cool: We can all agree that traffic sucks. Acura’s futuristic Real-Time Traffic feature on the 2016 MDX works with the built-in GPS system to find the best way to get around traffic, while spotting accidents, weather events, and construction on the road. It’s a lot less of a hassle (and safer) than pulling out your phone.
15. A sunfroof that automatically blocks light and lets you see what you want to.
Why It’s Cool: We’ve evolved past the point where sunroofs are only for looking cool and sticking your head out. Mercedes-Benz’s newer SLK models include a new “Magic Sky” sunroof that can be darkened to block out sunroof and UV rays, or lightened to see more of that big, beautiful clear sky.
16. Sensors that learn your driving style and can detect when you’re too tired to drive.
Why It’s Cool: After a long, tiring night, one of the worst decisions you can make is to drive and risk getting into a serious accident. To solve this, car companies like BMW and Mercedes-Benz have developed sensors and systems that learn how you drive and alert you to pull over and take a rest when you start swaying or being reckless.
17. An alternator that recycles energy for your car and saves gas.
Why It’s Cool: Renewable energy is awesome, especially when it comes to cars. The 2014 Mazada6 has a technology called i-ELOOP, which stores kinetic energy every time it breaks, converts that energy to electricity, and uses that energy to power headlights, AC systems, and even car audio. That’s less fuel used for a happier you.
18. Access to your Android or iPhone without having to grab them while driving.
Why It’s Cool: Everyone (your dad, your local police officer, Demi Lovato) has told you to never, ever use your phone while driving. However, Google and Apple have recognized that people need to see information on their phones while driving, and created Android Auto and CarPlay for easy, safe access. Both are being built-in by a ton of car makers into a number of dashboards, but you can also buy a hybrid navigation system with both if you so desire.
19. Built-in night vision and radar detection for avoiding objects and wilderness.
Why It’s Cool: We’ve all experienced night drives when even your high beams aren’t enough to make you feel secure. But since we live in the future, car manufacturers like BMW and Audi have taken it upon themselves to develop actual night vision dashboard systems that work with sensors and allow you to see wildlife like deer or objects like trash cans in the complete dark.
20. Interfaces that recognize and automatically respond to your voice.
Why It’s Cool: While we’re not quite there in terms of a fully talkative car like KITT from Knight Rider, the likes of Chrysler, Dodge, Fiat, Jeep, and more have implemented UConnect voice recognition systems in their 2015 models that respond to your voice for a number of tasks. Asking your car things like “Where is the nearest gas station?” or “How do I get home?” are finally possible and very convenient.
21. Car systems that alert you and automatically brake before a potential accident.
Why It’s Cool: Safety has always been the main focus for all car makers with each new technology that comes out. In the present day, some cars like the 2015 Honda Accord automatically vibrate your seat or steering wheel when you’re about to hit something from the front, while others like the 2015 Subaru Outback even take it further and automatically brake to stop a collision.
22. Speakers that provide actual surround sound.
Why It’s Cool: The one thing that drivers can always count on to keep them sane is their music and speakers, but it seems that there’s a never ending chase to have the best sounds and the deepest bass for the sickest drops. More cars are coming with standard speakers that bring the concert to your ride, with an example being the Land Rover’s Meridian sound system with a whopping 13 speakers, 12 channels, and multiple modes to get all your tunes right.
23. Automatic stop and start engines to save gas during those traffic jams.
Why It’s Cool: Your car goes through a lot of fuel when it’s not moving in traffic, and some people even go through the measure of stopping their car when things come to a halt. The 2015 Chevy Malibu gets rid of all the guesswork and automatically stops a car if your foot is on the brake pedal during a jam, and restarts the car when your foot is off, saving your gas and saving the environment.
24. High beams that automatically adjust to not blind everyone else on the road.
Why It’s Cool: Your high beams are necessary when driving in the dark, but you’ve probably made a few people angry by having them on while they drive by in the other lane. BMW and Audi’s laser-powered high beam systems crank the brightness up high when there’s no one in front of you and dim themselves when there’s cars. Now there’s no possible way you can piss someone off with your headlights.
25. Automatic parallel and perpendicular parking systems.
Why It’s Cool: If you live in a big city or an urban area in general, finding parking can get tough and usually leads you to the hassle of having to parallel park. Now, however, every company from Toyota to Lexus and Ford to Volvo includes parking assists which find a space and perform a near perfect parallel park maneuver without screwing up anyone’s bumper. This year, car maker Bosch is even gearing up to allow drivers to get out of a car and have vehicles park themselves with the help of an app.
26. Crash detection sensors that get you the help you need, fast.
Why It’s Cool: A car crash is among the scariest things anyone will go through, and if you’ve ever been in one, trying to signal for help becomes one of the hardest things to do. In the modern age, companies like Ford and GM use cellular connectivity and sensors to dial 911 and send help to where you are. Every second counts.
27. Cars that drive themselves.
Why It’s Cool: The holy grail of futuristic car technology is having cars that drive themselves, and the newest version of Tesla’s Model S is right about there with its Autopilot feature. The system uses a camera, radar, and 360 degree sonar sensors to control speed, change lanes, turns, and park automatically. Self-driving cars are going to be among the hottest things in the automotive industry over the next few years, with GM and even Apple rumored to get in on the action.
Ever since Instagram launched in 2010, the photo-sharing platform has remained a hotbed for “rich kid” accounts.
You know, those Instagram accounts highlighting the wealthiest kids in the world who are handed everything from pavé-set Richard Mille timepieces to brand new Maserati Gran Turismo coupes.
If you’ve ever heard of the Rich Kids of Instagram account, you know exactly what these things typically look like and what purpose they serve (which is usually nothing productive).
The most recent account is called the Rich Kids of Tehran and gives foreigners to the capital of Iran an inside look at how some of the country’s well-off young people are living these days.
However, what it’s failing to show is the real-life, day-to-day activity for kids in Tehran who don’t have anything more than a stuffed animal to play with. For that reason alone, the account has managed to stir up terrible press over the past few days.
As a matter of fact, the account administrator decided to delete every single photo ever uploaded.
In lieu of the account, someone created a Poor Kids of Tehran account, showing a more realistic perception of the average child’s life in Tehran, Iran.
On October 8, an Instagram account called the Rich Kids of Tehran began making quite the buzz on the Internet.
The Instagram account was filled with tons of photos featuring the well-off, rich people in the capital of Iran.
If you know anything about the original “Rich Kids of Instagram” account, you know what these kinds of accounts aim to do: brag, brag and brag.
If there’s one thing these types of accounts are good at doing, it’s glorifying an almost fictitious lifestyle that only a small fraction of people can afford to live.
The Rich Kids of Tehran account is everything but realistic. Not once does the account give people a glimpse of real-life for many people in Tehran.
The administrator has chosen to close the account down due to negative publicity.
Shortly after its disappearance, another Instagram casting a different light on life in Tehran was created. It’s called Poor Kids of Tehran.
The account aims to show a more realistic side of what day-to-day life is like for people who don’t have much.
No flaunting barrels of truffle oils and sizzling filet mignons here. Just real life.
If anything, this account should gain popularity for keeping it real.
It’s important to remember that to some, this is all they have.
The Poor Kids of Tehran account pokes fun at the wealth-obsessed show-offs of Iran. This is a Nissan Zamyad — not a Ferrari or a Maserati!
Not everyone has a warm bed to sleep in at night.
Some children don’t even know what they’re going to eat for breakfast.
Hopefully, this will help put an end to the obnoxious Instagram accounts geared toward showing people how much money other people have.
H/T: Aljazeera, Photos Courtesy: Instagram
While flipping through the pages of your favorite book or maybe listening to the chorus of a favorite song, you might begin to wonder what was going through the mind of that artist. That’s almost impossible to know for sure, but we are able to know the next best thing: what the rooms of these creative geniuses looked like when they worked on their legendary projects. Check it out!
John Lennon and Yoko Ono, musician and artists.
Jane Austen, writer.
Mark Twain, writer.
Virginia Woolf, writer.
Al Gore, former United States vice president.
Susan Sontag, writer and filmmaker.
Charlotte Brontë, writer.
Tina Fey, writer and actress.
Anne Sexton, poet.
George Bernard Shaw, playwright.
Pablo Picasso, artist.
Rudyard Kipling, writer.
Roald Dahl, children’s author.
Albert Einstein, theoretical physicist.
Georgia O’Keefe, painter.
Yves Sain Laurent, fashion designer.
Adrian Tomine, graphic novelist.
Jackson Pollock, painter.
John Updike, writer.
Nigella Lawson, food writer.
Francis Bacon, painter.
E.B. White, writer.
Alexander Calder, sculpter.
Chip Kidd, book cover designer.
David Hockney, painter.
Joan Miró, artist.
Colm Tóibín, writer.
Marc Chagall, painter.
Woody Allen, filmmaker.
Lisa Congdon, illustrator.
Marc Johns, illustrator.
Amanda Hesser, food writer.
Ray Eames, designer and artist.
Mark Rothko, painter.
William Buckley, writer and commentator.
Martin Amis, writer.
Milton Glaser, graphic designer.
Nikki McClure, illustrator.
Paul Cézanne, painter.
Yoshitomo Nara, artist.
Orla Keily, fashion designer.
Susan Orlean, journalist.
Willem de Kooning, artist.
Ruth Reichl, food writer.
Will Self, writer.
Read more: http://viralnova.com/famous-workspaces/
A look at the man the NBA has banned for life and what’s next for him and his team.
NBA Commissioner Adam Silver
Chris Pedota/The Record / MCT
Los Angeles Clippers Owner Donald Sterling
Kirby Lee / Reuters
Just three months into his tenure as NBA commissioner, Adam Silver brought the full weight of his office down on Los Angeles Clippers owner Donald Sterling, banning him from the league for life and fining him the maximum penalty, $2.5 million.
Next, Silver will move to have Sterling excommunicated from the NBA completely by forcing the sale of his team. To achieve this, Silver will need at least three-quarters of league’s owners to agree on a nuanced interpretation of the NBA bylaws and vote Sterling out.
Silver said he has the necessary support to do so, but the lawsuit that could follow that vote would prove to be quite messy.
A date for the owners’ vote is yet to be determined, but while we wait, here’s everything we know about Donald Sterling, the man the NBA banned for life, and how the league will try to get rid of him.
Lucy Nicholson / Reuters
1. Who is Donald Sterling?
Donald Sterling was born Donald Tokowitz sometime around 1933. His actual age is a mystery (he’s believed to be 80 or 81). The only son of an immigrant produce peddler in Chicago, Sterling moved to the Boyle Heights section of Los Angeles, then a poor area of the city, at age 2.
After graduating Roosevelt High School, Sterling attended college at Cal State Los Angeles and Southwestern University School of Law, graduating from the latter cum laude in 1961, at age 23. To pay his way through law school, Sterling worked as a salesman at a furniture store. While selling furniture he changed his name from Tokowitz to Sterling. (In 1999, he told LA Magazine he changed his name because Sterling “sounded like success.”) In 1955, Sterling married the boss’s daughter, Rochelle.
Sterling and Shelly had three children together: Scott, Chris, and Joanna. In 2013, Scott Sterling died of an apparent drug overdose in a Malibu, Calif., apartment.
According to multiple media reports, Donald and Shelly Sterling are separated but not divorced.
Jose Carlos Fajardo/Bay Area News Group / MCT
Rochelle Sterling (center), wife of Donald Sterling.
2. How did Sterling make his money?
After law school, Sterling opened his own small firm and mostly represented clients from his Boyle Heights neighborhood. By age 27, Sterling was representing more prominent Beverly Hills clients, and eventually he started to get into the real estate game.
Sterling developed a reputation for buying properties in disrepair, fixing them, and upping the rents. In 1986, some of his Beverly Hills tenants marched on City Hall to protest the rent increases in Sterling’s buildings.
3. How did he become an NBA owner?
In 1979, Sterling bought 11 Santa Monica apartments from another Los Angeles real estate magnate, Jerry Buss. Buss used the money to buy the Los Angeles Lakers. Buss pitched pro basketball to Sterling as a great investment and encouraged him to go after the professional team in San Diego, the Clippers.
In 1981, Sterling purchased the San Diego Clippers. The asking price was $12.5 million. Sterling got the team on a layaway plan, assuming almost $10 million in debt and deferred compensation.
“It’s the start of a new era!” Sterling promised in an open letter to fans, Dave Zirin wrote in his book Bad Sports: How Owners Are Ruining the Games We Love.
“I’m in San Diego to stay and committed to making the city proud of the Clippers. I’ll build the Clippers through the draft, free agency, trades, spending whatever it takes to make a winner,” Sterling said at the time.
After Sterling took over, the San Diego Clippers had a record of 72–174 and averaged fewer than 4,500 fans per game for three consecutive seasons. By 1984 the Clippers were gone; Sterling moved the team to Los Angeles.
In Los Angeles, the team posted just one winning record (‘91–92 season; 45–37) and three playoff appearances (‘91–92, ‘92–93, ‘96–97) between 1985 and 2005.
Since 2010 — superstar Blake Griffin’s rookie season — things have started to turn around for the Clippers. The team had its first-round playoff win in the 2011–12 season, and its back-to-back first place regular season division finishes in 2012–13 and 2013–14.
Still, during Sterling’s tenure — the longest in the league at 32 years — the Clippers have the worst winning percentage in the NBA, as well as the worst winning percentage in the four major American professional sports.
Alex Gallardo/Los Angeles Times / MCT
4. Has Sterling had legal problems in the past?
In 1984, when Sterling moved the Clippers from San Diego to Los Angeles, he failed to seek the NBA’s approval for the relocation, and the league fined him $25 million.
Sterling sued the league for $100 million and withdrew the suit when the league agreed to reduce his fine to $6 million.
Apart from team business, most notably, Sterling was sued by the U.S. Department of Justice for racially discriminatory practices involving his Los Angeles rental properties. According to the lawsuit, Sterling wouldn’t rent to non-Koreans in Koreatown and wouldn’t allow any African-Americans to rent his Beverly Hills properties. According to the suit, Sterling said he did not like to rent to “Hispanics” because “Hispanics smoke, drink, and just hang around the building.” He also stated that “black tenants smell and attract vermin.”
Sterling settled with the Justice Department in 2005 for a record $2.73 million, the largest ever obtained by the government in a discrimination case involving apartment rentals.
5. What about the Elgin Baylor incident?
In February 2009, Sterling was sued by former Clippers General Manager Elgin Baylor for employment discrimination on the basis of age and race. Baylor accused Sterling of having a team vision “of a Southern plantation–type structure” in the lawsuit.
Baylor claimed the team had “egregious salary disparities” based on race. He also claimed he was told to “induce African-American players to join the Clippers, despite the Clippers’ reputation of being unwilling to fairly treat and compensate African-American players.”
Baylor said Sterling had a “pervasive and ongoing racist attitude.”
6. Anything else?
Another notable incident occurred in 2003 when Sterling sued his mistress Alexandra Castro, whom Sterling said under oath he was paying for sex. “Every time she provided sex she got $500,” Sterling said, according to the deposition. “At the end of every week or at the end of two weeks, we would figure it out, and I would, perhaps, pay her then.”
During the case Sterling reportedly took back a $1 million dollar property Castro said he gave her as a gift. They would later reach a confidential settlement.
AP Photo/Mark J. Terrill
Donald Sterling (right), and V. Stiviano (left), his former mistress, sit courtside at an NBA game in this photo taken Oct. 25, 2013.
7. What is the latest controversy involving Sterling?
The most recent headlines involve a recording of Donald Sterling telling his former mistress, V. Stiviano, that he disapproved of her being seen publicly with black people, and reprimanded her for posting of pictures of herself on Instagram with Magic Johnson.
The recording, first obtained by TMZ Sports, was made public Saturday.
Among the things Sterling told Stiviano, who is black and Latina, during the argument:“It bothers me a lot that you want to broadcast that you’re associating with black people. Do you have to?”
“You can sleep with [black people]. You can bring them in, you can do whatever you want. The little I ask you is not to promote it on that … and not to bring them to my games.”
“I’m just saying, in your lousy f******* Instagrams, you don’t have to have yourself with, walking with black people.”
“…Don’t put him [Magic Johnson] on an Instagram for the world to have to see so they have to call me. And don’t bring him to my games.”
After the recording surfaced, the NBA conducted a forensic investigation and interviewed Sterling. NBA Commissioner Adam Silver said a forensic expert confirmed the audio recording was of Sterling and had not been altered in any way.
8. How did the Clippers players react?
During warm-ups before the team’s first game following the allegations, Clippers players threw their team gear down at midcourt and warmed up in logo-less red shirts and pants. The Golden State Warriors went on to defeat the Clippers, 118–97.
In a post-game press conference, Coach Doc Rivers said he got 45 minutes of sleep the night before the game.
The next day, Rivers issued a lengthy statement to reiterate how “disappointed I am in the comments attributed to [Donald Sterling] and I can’t even begin to tell you how upset I am and our players are.”
Two days later, on the morning before Game 5 of the series, Rivers reportedly said that if Sterling remained the team’s owner he would not be back to coach the 2014–15 season.
After the decision by Silver was announced Tuesday, a report was released that said Golden State players were prepared to boycott Game 5 against the Clippers if the NBA did not mete out a harsh enough punishment to Sterling.
Jose Carlos Fajardo/Bay Area News Group / MCT
Jose Carlos Fajardo/Bay Area News Group / MCT
9. And what did the NBA do to punish Sterling?
NBA Commissioner Adam Silver announced Tuesday that he is banning Sterling for life and fining him $2.5 million.
During his press conference, Silver called the comments by Sterling “deeply offensive” and “hateful.”
Silver also said he will urge the league’s Board of Governors to force a sale of the Clippers. The Board of Governors consists of the team owners or the majority owner if a team has multiple owners.
For a forced sale to happen, Silver will need three-fourths of the league’s owners to support him and vote Sterling out. He said Tuesday he fully expects to get the support needed.
A date for the vote has not been set yet, but the NBA owners’ advisory and finance committee will meet Thursday to discuss next steps in the final removal of Donald Sterling.
10. What about Sterling’s First Amendment rights?
The First Amendment might be a defense from government action but not from a private entity, such as the NBA taking action.
Also, according to Article 24(i) of the NBA’s constitution, Silver as commissioner has broad authority to suspend and fine an owner for conduct detrimental to the league.
Practically speaking, “banning” Sterling is more of an indefinite suspension. He is forbidden from attending games, practices, and other league events. He also can’t have contact with players, coaches, and staff.
The $2.5 million fine might seem a paltry sum to Sterling, who is reportedly worth $1.9 billion, but it is the maximum allowed under the league.
Chris Pedota/The Record / MCT
NBA Commissioner Adam Silver addresses the media on April 29.
11. Will Sterling have to sell the team?
Judging from the early response from other NBA organizations, it appears that Silver will likely have more than enough support to force the sale of the team.
Owners siding with Silver will decide that Sterling is guilty of “conduct prejudicial or detrimental to the Association” under Article 35A(d) of the league constitution and should be removed.
They will also argue Sterling has damaged labor relations between the players and league.
Furthermore, owners can say that while the Clippers are not currently in financial trouble, Sterling’s behavior has been detrimental to the Clippers organization. More than 10 sponsors, including Red Bull, CarMax, State Farm, and Kia, suspended or ended their relationship with the team when the news of Sterling’s comments broke.
The team Sterling bought in 1981 for $13.5 million is now estimated to to be worth between $550 and $700 million. According to several estimates, the price could go as high as $1 billion.
12. What if Sterling doesn’t want to sell?
Sterling’s best argument is an antitrust case.
“The owners gathering together and taking a collective action to oust Donald Sterling and force him to sell his position in the Clippers could be deemed a ‘group boycott’ and a restraint of trade,” attorney Darren Heitner told BuzzFeed. “Courts do not react favorably to group boycotts.”
The league’s best bet to avoid this is to carefully ensure that the sale process is as open as possible — possibly even opening it up to an auction.
It’s a good bet to assume that Silver, a lawyer himself, has thought of this argument.
13. So that’s it, Donald Sterling is going to sell the team and make a giant profit?
If the market dictates that’s what the team is worth, Sterling is going to make a lot of money.
Sports Illustrated sports law writer Michael McCann breaks down what Sterling will have to give back in capital gains when the team sells for big money:
Sterling reportedly purchased the Clippers for $12.5 million in 1981. If he sold the team today, it would be worth at least $600 million, perhaps closer to $1 billion. Between federal and state capital gains taxes, Sterling would pay an approximately 33 percent tax rate on the difference between what he paid for the team and what he sold it for. For instance, if he sold the Clippers today for $1 billion, Sterling would pay capital gain taxes of 33 percent on a gain of $987.5 million. As a result, Sterling would owe Federal & state capital gain taxes of approximately $329 million.
14. What does this mean for the NBA?
Some have argued that banning Sterling sets poor precedent for the NBA that would allow the league to kick out other owners and gives too much power to the commissioner in the process.
According to attorney Heitner, Silver and the league need to be careful that two things don’t happen:
“It is so important that Commissioner Adam Silver provides sufficient justification to cause the owners to vote for Sterling’s termination. If the vote is vacated by a court of law, it could seriously dismantle the commissioner’s powers that are believed to exist. Alternatively, if a court deems that Antitrust Law does not apply, it could lead to penultimate commissioner power and allow for more subjective decisions to be made in the future without fear of recourse.”
Ultimately, it seems important to the NBA that Sterling’s banning is not transformed into just a suspension with him back sitting courtside at some point in the future.
Wally Skalij/Los Angeles Times / MCT
The seats of Los Angeles Clippers owner Donald Sterling sit empty before the start of play against the Golden State Warriors on April 29.
Correction: A previous version of this post misstated the year Donald and Shelly Sterling were married. It was 1955. (4/30)
Proof that the media's favorite teen Jen Psaki is priming to take over Carney's podium: She's working on her lying! http://t.co/ELUZZMkI56
— Joseph Curl (@josephcurl) July 6, 2013
— ✞♕In God I Trust♕✞ (@InGodIDoTrust) July 6, 2013
An upside for Drudge editor Joseph Curl: If State Department mouthpiece Jen Psaki finds herself behind the Clown Carney podium someday, Curl won’t even have to invent a new drinking game. Clearly she’s studied up on Jay Carney’s 9,486 evasions and she seems to have a thing for flaming pants. Now all she has to do is put together a photo montage of herself!
Chad Dickerson spoke at length with BuzzFeed about Etsy allowing vendors to use outside production, why New York’s tech industry is alive and well, and why he loves HBO’s Silicon Valley.
Etsy has built a massive business in the trafficking of whimsy — growing into a $1 billion-plus business since 2005. The online marketplace is now home to a million sellers peddling a staggering array of items, from superhero capes for small children to Carolina Pine office tables to oversized Scrabble tiles for decorating your place with words like “HOME” (nine points).
The company’s headquarters in the Dumbo section of Brooklyn — at least until they move to a bigger spot nearby — is as charming as the website’s locally made merchandise. Dark green foliage lines the entryway, making the path to reception feel somewhat magical. The name tags include two spaces: one for your name, and another for something you love. Corgis roam free. And the conference rooms are labeled with food puns on musician names: A Tribe Called Queso, Modest Mousse, Jay Ziti, and Brieoncé, to name a few.
Etsy CEO Chad Dickerson has overseen radical changes in the company since he took the job in mid-2011. The company generated $1.35 billion in transactions last year, up from $895 million the prior year. Its website now has 40 million members, from just shy of 10 million three years ago. It has raised $91 million in funding from investors including Accel Partners, Index Ventures, and Union Square Ventures.
Most importantly, Dickerson, 42, has been charged with maintaining Etsy’s integrity as a marketplace for handmade goods while working to grow the company and keep its most successful sellers on the site. Etsy’s decision to allow vendors to use outside manufacturers last fall was met with some confusion and anger in the DIY community, as was the introduction of Etsy Wholesale, which will be out of beta in August. Dickerson, who started his career at the Raleigh News & Observer and other media outlets before heading to Yahoo, discussed those changes and how they were represented in the media and shared his thoughts on e-commerce, New York City’s tech scene, and the show Silicon Valley.
There have been some not-so-flattering stories about the addition of factory-made production. What are your thoughts on those?Chad Dickerson: People who really looked deep into it and have done the homework see the vision that we have for it. The kind of sensational view is, “Oh my god, Etsy has opened up to factories, this is not what Etsy is supposed to be,” but I think journalism is really about looking a level deeper. And when you look a level deeper, the story we were telling was there are many different ways people make things, and since the beginning of Etsy, we had something called partial production, where you could use outside production to partially produce something. That’s a very confusing concept if only because the way things are made in the world is very complicated. So most of the knitters on Etsy don’t make their own yarn, most of the woodworkers don’t mill their own wood — we really respect the ones that do — but having something be 100% handmade in the strictest definition of the word is really complicated.
Since the beginning of Etsy, you come to Etsy, you want to build a business, you want it to be successful, and then you get featured on Martha Stewart or you get featured on a blog and you get this — we heard this experience over and over again — the seller gets kind of a crushing amount of orders. … We had a wedding seller that said she started to dread wedding season because she was just really reaching her capacity. So the policies were really based on not supporting giant mega-businesses, but helping the types of people who come to Etsy, and become successful on Etsy, continue on the path of success. And wholesale’s the same way.
CD: Wholesale is something that’s been happening on Etsy since the beginning. … Our seller education team wrote their first blog post about how to be successful in wholesale, I believe, in 2006, 2007. … We really wanted to support that but also create a common context around that, so that’s when we updated our policies. They really centered around authorship, responsibility, transparency.
So in a non-nuanced way, it’s like Etsy is allowing factories, but the deeper story is you still have authorship, you still have to create what you’re selling, responsibility, you have to understand how it’s made from end to end, you can’t just sort of send it off and not know how it’s made, and the transparency is you have to actually say on your about page for sellers that “I’m using outside help, I’m using a manufacturer.”
So we really saw it as a step forward in a big way, and we’re starting to see the vision there, we’re starting to see this vision of more community-based small-scale manufacturing really take hold — and 80% of sellers on Etsy, if you look at the U.S., who are using outside production, are using outside production in their own state.
How does it actually work?CD: [Gesturing to his messenger bag] The person who made this bag, Tielor McBride, his shop is named TM1985, he’s based in Brooklyn. He was actually the first person we approved for outside manufacturing. He works with a small family-owned shop in New Jersey to make these.
He obviously designed the bag and conceived the bag, but when he works with this outside firm over in New Jersey, he goes over there, works with them, they talk about how it’s made, they look at the zippers. … It’s very far from the idea of sending it off somewhere where you totally lose touch. If you look at his shop page, he says, “I work with a manufacturer in New Jersey.”
Another one, and this really reinforces the idea of remaking the economy, is a woman, Allison Faunce, from Little Hero Capes. She makes superhero capes for kids that are really, really cute. … She started hitting the limits of her production so she went to a local factory in Fall River, Mass. It was a factory run by a gentleman who had a really thriving business in the ’80s, and gradually, his business really deflated as more and more work went offshore. So she went and talked to him and they’ve been working together to increase production on these capes. … He was surprised to have someone like Allison come to him and say, I’m making these capes, so he started hiring people again.
That was kind of the world we were envisioning. This is where I’m dissatisfied with some of the coverage — there was no smoky-room plotting of me pounding my fists on the table saying, “We must increase production!” It wasn’t like that at all. It was like, “Hey, it doesn’t make sense to us that these good people who started on Etsy are kind of hitting a wall on Etsy and we’re not allowing them to work with people in their own communities to continue it.” So the way we’re seeing it play out is it really plays into the whole idea that’s fundamental to Etsy about these human relationships. It’s just that the human relationship is between Allison and the factory owner, between Tielor and the manufacturer.
Are there incentives then to work with people in the U.S.?CD: We don’t have particular incentives to work with someone in a particular place, but we do use the word “faceless,” and I think that’s really important, the responsibility and transparency piece of the authorship.
First of all, you have to apply to work with a manufacturer, and in that application, you have to demonstrate that you understand the process. If you say, “I work with a factory, and I don’t know anything about the factory at all, I don’t even know who owns the factory,” then that doesn’t pass the responsibility test and the transparency test. It’s all about disclosing. If you pass the responsibility test, you have to disclose that you’re working with someone and you have to disclose the location.
Can you sort by “Made in America”?CD: You can’t. We’re a global platform. If you’re a buyer, you can look or you can make that decision yourself.
You can search by sellers based in London or anywhere, but we think it’s really important that Etsy’s a global marketplace, and also this idea that you can start a business on Etsy doing something that you love to do, very creative work. … We want that to be universal. Whether you’re in the U.S, or the U.K., or Australia, China, India, we want anyone to be able to participate.
Have you hired more people to police outside manufacturing as you’ve opened up the platform?CD: We don’t really break it out publicly, but in all areas of the company, we’ve grown staffing as the needs have grown. So we’ve hired more engineers to work on the platform, we’ve hired more people on our Marketplace Integrity and Trust & Safety Team to work on that, so that group continues to grow and grow and grow. And we’ve hired people on those teams who focus purely on the manufacturing applications and that sort of thing.
That’s one area where there has been, I think, some unfair journalism. We’ve always acknowledged that we have our own version of spam in the marketplace because it is open, but it’s always a fraction of 1%, so we’re always sweeping it away. People don’t come to Etsy for that kind of stuff. It’s something we don’t want in the marketplace, it’s not something that’s good for our business, either.
I visualize a lot of knitting going on in an Etsy tribunal.
CD: The outfits would be all unique, without a doubt.
Is Pinterest a big driver of traffic for you?CD: Pinterest is one of our top sources of traffic. … But part of the reason that Pinterest drives traffic to Etsy is because Pinterest users love Etsy so much that they’re pinning things from Etsy all the time. … I think it’s in many ways a symbiotic relationship.
There was a study a year or so ago [that showed] Etsy was the most pinned domain other than Google Images — which, arguably, Google Images doesn’t count because they’re aggregating everyone else’s images. So Pinterest and Etsy are tightly linked in that way. I think the customers of both enjoy both of those.
Are there ways you can leverage that relationship with them and do more?CD: I think so. I mean, I talk to Ben [Silbermann] occasionally and so we’re always having conversations about that kind of thing but nothing specific. … One of their engineers over there used to work for me at Yahoo, so there’s lots of connections. We’re very friendly.
In a lot of the articles about Etsy in the past year, there’s always talk of an IPO. Is that the only way for the people who have funded you so far to cash out? What about a sale?CD: I’m going to talk academically, but I want to make sure this isn’t me suggesting what Etsy will do. An IPO’s obviously one way, as you noted. … Another way is you can sell, as you pointed out. I think the way we look at Etsy, selling the company to another company isn’t something we’re looking to do at all because I think the community is so special, and what Etsy is is so unique and special. It’s really important that Etsy remain a stand-alone company, so that’s kind of how we feel about that.
The academic part is — so you have an IPO and a sale. You can also continue to raise money. I think we’re in a really interesting time because people are raising money, like the Uber round and some of the Pinterest rounds and Dropbox. The amount of money that people are willing to invest in the venture world is way beyond what we’ve seen before.
There’s so much money kind of floating around, it’s hard to know what the future will look like, but theoretically, you could raise another round of funding and those people could buy out your existing investors. To me, I like our investors.
Union Square Ventures, Accel are invested in Etsy right now — if some other investor came in and bought their stakes, that would be really distracting, and so that’s not something that we’re really interested in either.
Some companies are raising money because they need the operational capital, but in that way, we’re a little unusual because we’re profitable. … Profit means you’re running the business responsibly, you’re making money to reinvest and that sort of thing. It’s a little unusual in this day and age.
What do you think of the New York tech scene right now, given what happened with Tumblr, FourSquare’s transition, and Fab, of course. What does it look like from when you started as CEO? Is it less hot?CD: It’s different. September will be six years here. When I came in 2008, I think Tumblr was just getting going and FourSquare was just getting going, there was no Facebook office, no Amazon or Twitter. I can’t think of a lot of the West Coast companies, other than Google, who was already out here — there was a tiny Yahoo office. A lot has happened in six years. Tumblr had their exit, which I think was really good for Tumblr and good for New York.
How was it good for New York?CD: It was a $1 billion deal, and this isn’t necessarily how I score things, but I think people look at how much value you’re creating. They look at sort of how much your company is worth, and there’s a lot of talk when you read in the media about the “billion-dollar club.” A $1 billion valuation doesn’t actually mean anything — it’s almost like saying, “My house is worth whatever,” but until you sell it, you don’t actually know what it’s worth. Tumblr had a legitimate $1 billion exit.
There are some really interesting companies out there that maybe aren’t getting as much press as some of the companies that had been getting press, so, like, 10gen is one example with MongoDB. … That’s a software infrastructure company based in New York. If you didn’t know it was in New York, it sounds like a Silicon Valley company. So I think that the scene is just different.
The way I would measure the intensity of the scene, I wouldn’t measure it in headlines, I would measure it in competition for engineers, which is as hot as ever.
And how is the competition for engineers?CD: As hot as ever. There are a lot of comparisons obviously between New York and Silicon Valley — there used to be a lot of comparisons between New York and Boston and I don’t really hear those anymore.
It’s not that the New York scene is degrading in any way. Because I came in 2008, I’m a little influenced by that, but I felt things really started taking off locally around that time, and I feel like these things take a long time.
Silicon Valley didn’t produce Facebook in 1968. It took Fairchild Semiconductor and Intel and that kind of ecosystem to develop, and Stanford and Berkeley to build engineering programs, and now it’s tech everywhere. In New York, it’s almost like we’re building the Fairchild Semiconductors and the Intels and that kind of stuff and the universities, the Cornell-Technion program on Roosevelt Island, right now.
To me, it’s almost like tracking the stock market. You could look at various things and say, maybe New York’s stock price isn’t as high as people want it to be right at this moment, but just like you invest in companies for the long-term, you invest in regions for the long-term. I think New York is putting everything in place to continue to be a key player. To say that we’re “trying” to be a key player, I think would be underrating New York. Again, looking at the New York–Boston comparison — I don’t hear anyone talking about that anymore. Sorry to the Boston people, there’s a lot of good stuff happening there. But people compare New York and Silicon Valley.
Why do you like being in New York?CD: New York is a great place to build tech companies because it’s so international, it’s so diverse. Not just racially, ethnically, but the jobs that people have.
My social experience in New York is so much different than it was when I lived in California, where if I went to a party, everyone was a product manager, an engineer, or a designer. Now I go to a party and there are actors, writers. I think building a tech company now that the internet and everything is mobile and everything is more mainstream in a place like this is a really good long-term bet.
Do you watch the show Silicon Valley?CD: I absolutely love it. It is terrifyingly good. I think it’s really right on. My wife is not really into tech and everything, so I think she doesn’t know why I’m laughing so hard and thank goodness for that. But I mean, such attention to detail. They recreated TechCrunch Disrupt, and had Kara Swisher in there and had Mike Arrington in there and the sort of weird computer science guys with the Vibram shoes, and the founder guy, Bachman — there are so many people like that. They really nailed it.
Hopefully that doesn’t exist so much in New York.CD: I was talking to a friend of mine, a late-night conversation sitting on the roof one night, and we were talking about how we were so glad to be in New York because you know, the way I think about it is that Silicon Valley has almost this Hollywood sort of thing going on, where the local CEOs and entrepreneurs are the stars.
I mean I live in Brooklyn. Jay Z is from Brooklyn. How cool can you be if you live where Jay Z is? Spike Lee works in our building. … The point being, New York is so diverse, and everyone here is really excited about tech and what we’re doing, but also in a weird way, it’s kind of grounding because you’re just one of many industries here. I think that’s actually a strength, not a weakness, because if there is anything you could really say the show Silicon Valley is about, it’s about hubris and it’s hard. It’s hard to sort of have hubris when you’re working in an environment of people who are so successful in so many different ways — like some of the top musicians, ballet, you’re just one of many. I think it’s more diverse and it keeps you grounded.
I’m curious about your thoughts on the e-commerce landscape now, looking at some once-hot companies like Fab and Gilt.CD: Etsy is very different from those traditional e-commerce outfits since we’re a network of a million sellers around the world. … We don’t have a really large merchandising team that’s deciding what to order and trying to predict what the trends are, because in many ways the marketplace kind of self-regulates with supply and demand.
Fundamentally, when I look at the larger e-commerce landscape, outside of fashion and the ones you mentioned, at some point, you’re competing with Amazon. In a world where you’re holding inventory, you’re trying to meet customer expectations of fast shipping, discounting and low prices, and all that kind of stuff, I think that it gets really, really tough because Amazon has kind of created an expectation with things like Prime and really fast shipping that you’re going to get things really quickly.
So I see a lot of these companies trying to out-Amazon Amazon, and I think that’s a tough road for those kinds of companies with the thin margins and logistics challenges and all that kind of stuff. I wouldn’t want to be in that business. … We’re competing in a different way than price and convenience.
So your volume of sales, that’s not so far from something like Lululemon, but obviously the money you’re making is nothing like what they’re making on expensive yoga pants.CD: We have multiple revenue streams. One mistake people make is they see the 3.5% take when something sells and they say, oh, Etsy’s revenue is $1.35 billion times 3.5%. But that’s only one part of it.
There’s the listing fees … of 20 cents per item listed, we have a payments processing platform as well, so when you use our payments platform, there’s a small fee associated with that. We provide shipping services, so if you’re a U.S. seller and you’re selling to someone in the U.S., you can print a U.S. postal service shipping label.
We also provide promotional services, sort of search ads, which is basically [like Google] AdWords for Etsy.com. You can buy paid placement in search and that’s a really good revenue stream for us, as well. The wholesale program is really nascent, we’re not charging fees right now, but we announced pricing, and will be starting to charge fees starting in August. So that number we can release: We have zero revenue on that right now.
Going into 2011, we only had two revenue streams, really, which were listing fees and the 3.5%. So all the ones that are not those, we’ve had since mid-2011.
Do you guys take bitcoin?CD: We do not.
Are you going to?CD: We don’t have any plans to do bitcoin. But the interesting thing is that there are some bitcoin sales because buyer and sellers can still negotiate between themselves. A very small percentage of people do this, but you can pay by check and money order and all that kind of stuff, so there are a small number of instances where buyers and sellers agree to transact via bitcoin. But it’s not going through Etsy.
But bitcoin is very fascinating.
Do you think it’s the way of the future?CD: I’m still learning. I actually own bitcoin.
How much?CD: One. Just out of curiosity. I was not a speculator, I just wanted to go through the process of buying.
I bought it I think at the absolute peak price of around $700. I haven’t looked at it recently — it might be $600, $500. I bought it before the whole Mt. Gox thing happened. I want to spend it to see what the spending experience is like but I just keep not doing it.
Etsy’s first TV commercial just aired in the U.K.
Video available at: http://youtube.com/watch?v=p61dzgTFrMA.
At GuysAmericanKitchenandBar.com, they’re serving up “two jumbo Big Gulp Slurpee cups filled with nacho cheese and tied to each other with 25 bacon strips fashioned into a giant bow.” If you’re among the fans of this and other generously portioned culinary delights, tough luck — the website is a parody.
Guy Fieri, the famed Food Network personality best known for bringing down-home American food to the television masses with his show Diners, Drive-ins and Dives, owns a restaurant called Guy’s American Kitchen and Bar in New York City. Unfortunately for him, however, he doesn’t own the domain name.
Instead, GuysAmericanKitchenAndBar.com was snapped up by Bryan Mytko, an NYC-based programmer who decided to have a little fun with the eatery’s new (albeit, imaginary) menu.
Guy Fieri didn’t register his restaurant’s domain name, so I picked it up. I think this new menu look greatguysamericankitchenandbar.com
— Bryan Mytko (@BryanMytko) February 19, 2013
But rather than serving up the restaurant’s tamer sounding appetizers and entrées — including “Sashimi Tacos” and “BBQ Buffalo Meatloaf” — Mytko’s menu features outlandish meals, some of which we’ve listed below for your reading pleasure:
- Honky-Tonky Double Barrel Meat Loaded Blast: “A Sammy Hagar lookalike pushes your face into a leather bag filled with oil and if you eat the whole thing, you get to eat a 13 pound burger.”
- The “Hobo Lobo Bordello Slam Jam” Appetizer: “We take a 38 oz of super-saddened, Cheez-gutted wolf meat, lambast it with honey pickle wasabi and pile drive it into an Ed Hardy-designed bucket. Sprayed with Axe and finished with a demiglaze of thick & funky Mushroom Dribblins.”
- Panamania!: “Deep fried snake with a printed out picture of David Lee Roth stapled on it and a sparkler sticking out of each eye. Served with a side of Bud Light you have to wring out of a Hawaiian shirt.”
Mytko’s parody site recalls the awesomely bad review of American Kitchen and Bar from New York Times food critic Pete Wells. In the viral review, Wells writes almost entirely in rhetorical questions, lambasting everything about the restaurant.
Do you think Guy Fieri should try to acquire the GuysAmericanKitchenandBar.com domain name, and end the parody? Give us your take, below.
Peep.me is an app where you just share how much money you spend. Welcome to the apocalypse.
Here is Peep.me. The premise of the app is to take a photo of something you own or just bought, and say how much it cost.
The app keeps a running tally of how much you’ve spent on your profile:
Essentially, it’s like a tone-deaf, mobile-friendlyLifestyles of the Rich and Famous.
People, this is not the society we want. We have a choice of how we want to make the internet and use social media, and this is not what we want…right? A platform for wealthy people to brag about their purchases? Surely we can do better.
So far there’s very little information available about Peep.Me. Its website doesn’t give much more than a modest description and it appears the teaser video on the site doesn’t actually play when you click on it. That said, the social network seems to have at least some tenuous association with the Kardashian clan, which, while a bit unsettling, seems to make a lot of sense. I discovered the app when Scott Disick (Kourtney’s boyfriend) posted about it to his Instagram. Whether Scott is just a fan of the app, an investor, or is being paid to promote it on his Instagram is unclear (Disick has his hands in a lot of odd promotions and product investments).
Kim Kardashian is also an early adopter of the app. She has only one photo of a $45 t-shirt from her husband Kanye West’s recent tour.
So far — even with the Kardashian endorsement — Peep.Me hasn’t broken into the mainstream, which means there might still be hope for humanity. Maybe, just maybe, the company will #pivot away from celebrating shallow consumerism. Here’s to hoping.