Wednesday, 3 February 2021

Apple urged to root out rating scams as developer highlights ugly cost of enforcement failure

Apple is facing calls to beef up enforcement against fake reviews and rating scams after a developer took to social media to shine a light on unfair practices he’s forced to compete with as a result of fraudulent activity on the App Store not being rooted out by the tech giant.

Kosta Eleftheriou, one of the founders of the Fleksy keyboard app (who was acquihired by Pinterest in 2016), has — since March 2018 — been applying his expertise in autocorrect algorithms to make typing on the Apple Watch’s tiny screen not only possible but “simple, enjoyable and highly effective”, as Forbes’ reviewer put it.

His app, FlickType, has also been described by app reviewers as “astonishingly accurate”, a “fundamentally better keyboard” and “way faster” than the letter-by-letter scribble method Apple supports natively.

User reviews also include a large amount of glowing five-star ratings. The overall rating from users currently is 3.5 because a number of lower scores have pulled down the average. But if you take the time to dig in the developer can be seen responding consistently and constructively to issues being raised by users who leave lower scores.

Sometimes complaints are related to Watch platform issues outside his control (as Apple limits how third party text input can be accessed). Missing features are another common issue — and in many responses Eleftheriou responds by saying he’s added the setting the person was after (such as the ability to disable Auto-Correction) or highlighting a “brand new look & feel to make typing even easier”. Other times he thanks users for raising bugs that he says have now been fixed.

Anyone reading how specifically each complaint is addressed would be confident the developer of FlickType is working hard to make sure the app meets customers expectations. Even though the overall rating means other Watch keyboard apps are ‘rated’ higher overall.

The problem for Eleftheriou is all his genuine hard work is being undercut by copycat app makers who are able to leverage weak App Store enforcement to profit unfairly and at his expense.

The scam goes like this: A bunch of Watch keyboard apps are published that purport to have the same slick features as FlickType but instead lock users into paying eye-wateringly high subscription fees for what is, at best, a pale imitation.

You might expect quality to float to the top of the App Store but the trick is sustained by the clones being accompanied by scores of fake reviews/ratings which crowd out any genuine crowdsourced assessment of what’s being sold.

Fake reviews outnumber the real deal. It’s only if you take the time to read through the comments that alarm bells might start ringing…

“Wish I read the reviews before buying. I can’t even get it to work on my watch,” runs a one-star review of WatchKey, one of the rival apps Eleftheriou has complained about — which nonetheless has a higher overall rating than his app owing to also having a very large proportion of five-star reviews.

“We are so sorry for any inconvenienced caused. Please kindly email us to describe more about your scenario so that we can support you as soon as possible,” is WatchKey’s generic response to the one-star review.

“Terrible,” writes another one-star reviewer. “I bought this app to use T9 on my watch. I haven’t been able to get T9 to work on my watch, I’ve also reached out to the customer service email that’s listed on the app. But I haven’t gotten a response, I would advise to find a different app.”

WatchKey’s response to another abysmal verdict on its software? More platitudes: “Thank you for your feedback. Unfortunately, we haven’t received your email yet. Please kindly email us once more via support@vulcanlabs.co to describe more your scenario so we can support you as soon as possible.”

The pattern repeats across negative reviews. Even one of the ‘five’ star reviews warns: “You need to pay if you want to use the T9. They make you write a review to ‘unlock’ and then they ask for a payment.”

One component of the manipulation involves posting generic platitudes to do the bare minimum required by Apple to manage (genuine) negative reviews. The other is flooding listings with fake five star reviews to ensure the app’s overall rating remains high. Step 3: Profit.

Eleftheriou’s Twitter thread highlights some of what he says are “hundreds” of fake five star reviews which are being used to drive Watch owners toward downloading the malicious clones — using wording that refers to non-existent features or references things you’d be doing on other types of devices (suggesting the text may have been cut and pasted from genuine reviews elsewhere).

A quick Google search for ‘buy ios reviews’ returns a staggering 643M results — including ads for companies touting “app reviews, installs and ratings [as] the best way to improve the rank of your apps at Appstore and Google Play” and selling “high quality iOS app reviews with ratings for $2.5… from 100% Real Users”.

Clearly selling fake reviews is a booming business — which in turn speaks to the woeful lack of effective enforcement.

In an extra fake kicker, Eleftheriou found that one of the scammy competitors had even ripped off his own app promo video — which was demoing the features offered by FlickType — and used it in ads targeting app consumers on Facebook and Instagram.

Facebook does have policies against third-party infringement (under section 4 of its prohibited content policy) — but you might as well whistle for pro-active enforcement from the adtech giant. It only acts when it gets a complaint of infringement so preventing abuse of his marketing materials would require Eleftheriou to spend even more of his time hunting for and reporting the malicious ads ripping off his stuff. (“I did report and Facebook did eventually take it down. But… I knew this was not going to be any sort of lasting relief,” he confirms.)

Of course the really big kicker here is that Apple’s rules for developers clearly stipulate that submitting fraudulent reviews is a violation of the developer program licence agreement.

Its App Store review guidelines also warn that developers who attempt to cheat the system (such as by manipulating ratings) may only have their apps removed from the App Store — and could be expelled from Apple’s developer program entirely.

So — to put it politely — it’s not a good look for Apple that an indie developer with proven expertise and reputation is having to spend so much resource fighting App Store scams because its own enforcement has failed to stamp them out. To the point where he feels the only path forward is to resort to a public call out on social media to highlight systematic enforcement failures.

Eleftheriou tells TechCrunch he decided to raise the complaint on social media after what he describes as “simply depressing results” from engaging with Apple’s official ‘app dispute’ channel.

“They put you in contact with the other developer in question, and oversee the thread while they hope you will resolve the issue with the other party directly,” he explains. “The scammers I complained about in that dispute weren’t even the bigger scammers I mention in my Twitter thread. Yet, the complaint I had with them barely got addressed, and there was no response from Apple whatsoever on the issue of the fake ratings and reviews. Simply a ‘if we don’t hear back from you very soon we consider the matter resolved’. We even reached out to Apple privately after that but got no response.”

“What was most impressive to me, was that in the presence of the Apple legal team, the scammers did not feel threatened one bit — almost as if they know Apple is unlikely to do anything,” he adds. “In my view, Apple simply does not devote enough resources on this area.”

Since raising the issue on Twitter, Eleftheriou has reported a partial win — in that some of the apps he had complained about have been taken down from the App Store. (At the time of writing Apple has not made any public statement confirming any action.)

However the developer accounts do not appear to have been banned at this time. “It’s astounding that even pulling a scam like that, doesn’t get your developer account revoked!” Eleftheriou told us. “I mean if that didn’t do it, what would??”

We reached out to Apple about this issue and it provided some background information related to its developer policies — which forbid attempts to cheat the system (such as by trying to trick the review process, steal user data, copy another developer’s work, or manipulate ratings or App Store discovery), among other relevant provisions.

We also asked Apple if it’s considering any policy changes in light of the issues raised by Eleftheriou — and will update this post with any response.

“The main issue in my view is not the cloning here. I didn’t even care that they were using my name, or made their screenshots similar to mine etc. If only there was a system to better prevent fake ratings and reviews, none if this would matter,” Eleftheriou also told us. “People would be able to collectively protect themselves through their 1-star ‘votes’ but when that system is allowed to get rigged, everything else goes out the window.

“The promise of ratings and reviews you can trust does not exist any more which erodes consumer trust at an ever accelerating pace,” he adds. “I did a Google search to see what those ‘companies’ look like, if you want to buy ratings and reviews. These are proper, full blown companies, with support systems, and claims that their ratings won’t get deleted by Apple, unlike their competitors. It was shocking to see that this is an industry that is thriving.”

The issue of fake reviews certainly goes far beyond Apple’s App Store. And is a very insidious one.

Fake reviews are pretty much a universal experience across the Internet — whether you’re trying to buy stuff on Amazon, looking at places to visit on Tripadvisor or trying to find a local dentist with the help of reviews on Google Maps (in short; don’t) — given how many platforms now incorporate user reviews.

But the issue does look especially toxic for Apple.

A core part of the USP for its App Store is the claim that Apple’s review process sums to a higher quality, more trustworthy experience than alternative marketplaces that aren’t so carefully overseen.

So a failure to do more to enforce against review scams and rating manipulations risks taking a lot more shine off Apple’s brand than Cupertino should be comfortable with.

Simply put: Consumers expect a higher standard from Apple. That’s why they’re willing to pay a premium for its products. Under-resourcing App Store review and enforcement thus looks like a false economy — not least because it risks driving quality developers like Eleftheriou away.

If a developer with so much pedigree can’t reliably sell his wares on the App Store what does that say about Apple’s ‘premium’ marketplace?

The issue is also likely to be increasingly on the radar of consumer watchdogs and regulators in the coming years. The European Union, for example, is planning to bake binding transparency and reporting requirements into incoming platform regulations — as it seeks to promote fairness and accountability in digital businesses.

While an EU Omnibus Directive that came into force at the start of last year — with a two year deadline for Member States to transpose it — aims to beef up consumer rights through enhanced enforcement and transparency requirements — including directly addressing the issue of fake reviews by placing an obligation on traders to take ‘reasonable and proportionate’ steps to ensure reviews are genuine, among other measures.

In the EU platforms will soon start being required to ‘justify’ their enforcement failures vis-a-vis fake reviews. And if they can’t, well, the regime includes tough ‘GDPR-level’ fines for breaches of consumer protection law. So the costs won’t only be reputational, as currently.

The UK’s Competition and Markets Authority, meanwhile, has also been cracking down on the trade in fake reviews — specifically targeting Facebook, Instagram and eBay in recent years. Further attention to the issue from UK oversight bodies, which are now operating independently of the EU, also seems likely.



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Monday, 1 February 2021

Mask-wearers will be able to unlock their iPhone with the Apple Watch

In addition to AirPlay support for Fitness+, today’s iOS 14.5 developer beta is bringing some key new features to mobile operating system. At the top of the list is undoubtedly Apple Watch unlock for users wearing face coverings.

The long-awaited feature arrives a year or so into a pandemic that has made face masks a reality in parts of the world that previously had not seen wide scale adoption. The Apple Watch has, of course, long had the ability to unlock Macs, so this integration seems like a pretty sensible addition.

Starting with iOS 14.5, Apple Watch wearers will be able to opt-in to iPhone unlock under the phone’s Face ID & Passcode settings. Once enabled, the Watch will give a haptic buzz to notify the wearer that the handset has been unlocked. The Watch needs to be unlocked, on a wrist and in close proximity to the iPhone in order to work.

It beats having to pull your mask down in public (even if some folks are still feeling nostalgic for Touch ID).

The addition should be included in the consumer version of the software when it launches. Also included are the ability to ask Siri to call emergency contacts and app tracking controls that require permissions from developers. Support for new Xbox and PlayStation game controllers has been added, as well.



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Apple Fitness+ is adding AirPlay casting

A week after introducing Time to Walk, Apple has released another software update aimed at expanding its Fitness+ footprint. With today’s arrival the developer seed of watchOS 7.4 and iOS 14.5, the company is adding a new feature that will make it possible to stream workouts to an AirPlay enabled TV – with some caveats.

Users can stream audio and video the company’s subscription-based fitness app to AirPlay 2-enabled sets. That’s a nice addition for those without an Apple TV and users looking to bring the service on the road with them via compatible hotel TVs (when people start staying in hotels again).

The biggest difference here is that metrics won’t be displayed on screen. That means you lose things like your rings, calories burned, etc. They’ll have to rely on the connected Apple Watch and iPhone or iPad for that information. Not the end of the world, but they’re an important part of the Fitness+ experience. Apple no doubt wants to continue to incentivize its own hardware ecosystem, while working to grow the exercise app.

Fitness+ arrived at the right time for the company, as Covid-19 has caused many of us to let our gym memberships lapse, in favor of at home workouts. There’s a question of sustainability of home workouts in general, with the roll out of numerous vaccines.

Maintaining and continuing to grow these applications will require flexibility. When I spoke to Apple about Fitness+ last week, the company noted that it envisions people bringing the app with them on the go. That could mean doing a Fitness+ workout on the iPad at their gym or finding a way to back the experience in a bag and use it during their travels.

The feature is currently available as part of the developer seeds of the new watchOS and iOS versions, and should be available to consumers when the final versions go live.



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Google now gives you more information about the sites in your search results

Google regularly tweaks its search results pages and tries out new designs. It’s not that often, though, that it adds new features to those results, so when it does, it’s worth paying attention to.

Today, Google is adding a new menu item to virtually all search results in English in the U.S. on mobile, desktop and its Android Google app. This new link will provide searchers with more information about the site they are about to visit — and before they click on the actual link.

Clicking the new hamburger-style menu icon will pop up a new info panel with additional information about the site. These include a short description of what the site is about — taken from Wikipedia when available– and some data about whether the connection to the site is secure.

Image Credits: Google

For sites without a Wikipedia entry, Google will show when it first indexed the site and other data if it’s available.

There’s also a full link and a short line about whether it’s a native search result or an ad (which seems like a tacit admission that it’s too hard to distinguish ads from regular search results on Google). At the bottom of the pane, there are also links to your privacy settings and to an explainer about ‘how search works.’

Image Credits: Google

“When you search for information on Google, you probably often come across results from sources that you’re familiar with: major retailer websites, national news sites and more,” Google product manager JK Kearns writes in today’s announcement. “But there’s also a ton of great information on and services available from sites that you may not have come across before. And while you can always use Google to do some additional research about those sites, we’re working on a new way for you to find helpful info without having to do another search.”

This new feature will start rolling out today and as usual, it may take a while before you see it in your own search results.

Image Credits: Google

 

 



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Ford bets on Google Cloud for its digital transformation

Google and Ford today announced a new partnership around bringing Android Automotive to Ford’s Ford- and Lincoln-branded cars, starting in 2023. But at the same time, the two companies also announced that Ford has chosen Google Cloud as its preferred cloud provider.

“With Google Cloud, Ford will digitally transform from the front office to the car to the manufacturing plant floor,” Google Cloud CEO Thomas Kurian said in a press conference today. “And there are a number of different applications, including modernizing product development, improving manufacturing and supply chain management, using computer vision AI for employee training, inspection of equipment on the assembly line and other applications.”

Kurian also noted that Google and Ford are working to find new ways to monetize Ford’s data through features like maintenance requests and trade-in alerts.

“At Ford, we’ve got world-class in-house data insights and analytics teams,”  David McClelland, Ford’s VP for strategy and partnerships, said. “We’ve recruited significant software expertise and we’re making great progress in this area. And we’re moving rapidly towards commercializing our new self-driving business. And with this news that Thomas [Kurian] and I are announcing today, we’re turbocharging all of that.”

McClelland stressed that Google “brought the entire company to the table for us across cloud, Android, Maps and much more.” It’s maybe also no surprise, given Google’s expertise in this area, that for is looking to leverage Google Cloud’s AI tools as well. This work will go beyond the actual driving experience, too, and include work on modernizing Ford’s product development, manufacturing and supply chain, as well as predictive maintenance in Ford’s plants.

Like other car manufacturers, Ford is also looking to find ways to use the data it collects to create a connection to its drivers that goes beyond the buying experience and (maybe) the occasional maintenance visit to a dealership. For this to work, it needs to be able to understand its customers and offer personalized experiences.

Today’s announcement marks a bit of a turnaround for Ford, which had previously banded together with a group of other car manufacturers with the explicit goal of keeping Google’s role in the automotive industry to a minimum. Now, only a few years later, the two are coming together in one of the deeper partnerships in the industry.

It’s also worth mentioning, that not too long ago, Ford had a deep partnership with Microsoft, which provided the basis of Ford’s Sync technology.

“From the first moving assembly line to the latest driver-assist technology, Ford has set the pace of innovation for the automotive industry for nearly 120 years,” said Sundar Pichai, CEO of Google and Alphabet. “We’re proud to partner to apply the best of Google’s AI, data analytics, compute and cloud
platforms to help transform Ford’s business and build automotive technologies that keep people safe and connected on the road.”



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Apple launches an iCloud Passwords extension for Chrome users on Windows

Apple has introduced an iCloud Passwords Chrome extension that will make life easier for those who use both Windows computers and other Apple devices, like a Macbook or an iPhone. The new browser extension lets you access the passwords you saved in Safari on your other Apple devices, then use them within Chrome when you’re on a Windows PC.

You can also save any new passwords you create in Chrome to your iCloud keychain, so it’s synced across your Apple devices.

Image Credits: Apple

Apple didn’t formally announce the new feature, but reports of an iCloud Passwords extension had already been referenced in the release notes of the new iCloud for Windows 10 (ver 12), which arrived at the end of January. After the update, a “Passwords” section appeared in the app designated by the iCloud Keychain logo. This directed users to download the new extension, but the link was broken, as the extension was not yet live.

That changed on Sunday, according a report from 9to5Google, which found the new Chrome add-on had been published to the Chrome Web Store late on Sunday evening. Now, when Windows users access the new Passwords section, the dialog box that prompts the download will properly function.

Once installed, Chrome users on Windows will be able to access any passwords they saved or allowed iCloud Keychain to securely generate for them within Safari for macOS or iOS. Meanwhile, as Windows users create new credentials, these, too, will be synced to their iCloud Keychain so they can later be pulled up on Mac, iPhone, and iPad devices, when needed.

This is the first Chrome extension to support iCloud Keychain on Windows, as before Apple had only offered an iCloud Bookmarks tool for older Windows 7 and 8 PCs, which reached over 7 million users.

Image Credits: Apple

Some users who have tried the extension are reporting problems, but it seems that’s related to their PCs not having been first updated to iCloud for Windows 12.0, which is a prerequisite for the new extension to work.

Though Apple typically locks users into its own platforms, it has slowly expanded some of its services to Windows and even Android, where it makes sense. Today, Apple offers its entertainment apps like Apple Music and Apple TV on other platforms, including Android, and has launched Apple TV on its media player rival, Amazon Fire TV, among others. And 9to5Mac notes that Apple appears to be working to bring Music and Podcasts to the Microsoft Store in the future, as well.



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Sunday, 31 January 2021

Institutional trust is the real meme

Hello friends, this is Week in Review.

Last week, I dove into the AR maneuverings of Apple and Facebook and what that means for the future of the web. This week, I’m aiming to touch the meme stock phenomenon that dominated American news cycles this week and see if there’s anything worth learning from it, with an eye towards the future web.

If you’re reading this on the TechCrunch site, you can get this in your inbox every Saturday morning from the newsletter page, and follow my tweets @lucasmtny.


Robin Hood statue in Nottingham

(Photo by Mike Egerton/PA Images via Getty Images)

The big thing

This week was whatever you wanted it to be. A rising up of the proletariat. A case of weaponized disinformation. A rally for regulation… or perhaps deregulation of financial markets. Choose your own adventure with the starting point being one flavor of chaos leading into a slightly more populist blend of chaos.

At the end of it, a lot of long-time financiers are confused, a lot of internet users are using rent money to buy stock in Tootsie Roll, a lot of billionaires are finding how intoxicating adopting a “for-the-little-guy!” persona on Twitter can be, and here I am staring at the ceiling wondering if there’s any institution in the world trustworthy enough that the internet can’t turn it into a lie.

This week, my little diddy is about meme stocks, but more about the idea that once you peel away the need to question why you actually trust something, it can become easier to just blindly place that faith in more untrustworthy places. All the better if those places are adjacent to areas where others place trust.

The Dow Jones had its worst week since October because retail investors, organized in part on Reddit, turned America’s financial markets into the real front page of the internet. Boring, serious stocks like Facebook and Apple reported their earnings and the markets adjusted accordingly, but in addition to the serious bits of news, the Wall Street page was splashed with break neck gains from “meme stocks.” While junk stocks surging is nothing new, the idea that a stock can make outrageous gains based on nothing and then possibly hold that value based on a newly formed shared trust is newer and much more alarming.

The most infamous of these stocks was GameStop. (If you’re curious about GameStop’s week, there are at least 5 million stories across the web to grab your attention, here’s one. Side note: collectively we seem to have longer attention spans post-Trump.)

So, Americans already don’t have too much institutional faith. Looking through some long-standing Gallup research, compared to the turn of the century, faith in organized religion, the media, most wings of government, big business and banks has decreased quite a bit. The outliers in what Americans do seem to trust more than they did 20 or so years ago are small businesses and the military.

This is all to say that it’s probably not stellar that people don’t trust anything, and me thinking that the internet could probably disrupt every trusted institution except the military probably only shows my lack of creative thinking when it comes to how the web could democratize the Defense Department. As you might guess from that statement, I think democratizing access to certain institutions can be bad. I say that with about a thousand asterisks leading to footnotes that you’ll never find. I also don’t think the web is done disrupting institutional trust by a long shot, for better or worse.

Democratizing financial systems sounds a lot better from a populist lift, until you realize that the guys users are competing against are playing a different game with other people’s money. This saga will change plenty of lives but it won’t end particularly well for a most people exposed to “infinite upside” day trading.

Until this week, in my mind Robinhood was only reckless because it was exposing (or “democratizing access to” — their words) consumers to risk in a way that most of them probably weren’t equipped to handle. Now, I think that they’re reckless because they didn’t anticipate that OR how democratized access could lead to so many potential doomsday scenarios and bankrupt Robinhood. They quietly raised a $1 billion liquidity lifeline this week after they had to temporarily shut down meme stock trading, a move that essentially torched their brand and left them the web’s most hated institution. (Facebook had a quiet week)

This kind of all feeds back into this idea I’ve been feeding that scale can be very dangerous. Platforms seem to need a certain amount of head count to handle global audiences, and almost all of them are insufficiently staffed. Facebook announced this week in its earnings call that it has nearly 60,000 employees. This is a company that now has its own Supreme Court; that’s too big. If your institution is going to be massive and centralized, chances are you need a ton of people to moderate it. That’s something at odds with most existing internet platforms. Realistically, the internet would probably be happier with fewer of these sweeping institutions and more intimate bubbles that are loosely connected. That’s something that the network effects of the past couple decades have made harder but regulation around data portability could assist with.

Writing this newsletter, something I’m often reminded is that while it feels like everything is always changing, few things are wholly new. This great NYT profile from 2001 written by Michael Lewis is a great reminder of that, chronicling a 15-year-old who scammed the markets by using a web of dummy accounts and got hounded by the SEC but still walked away with $500k. Great read.

In the end, things will likely quiet down at Robinhood. There’s also the distinct chance that they don’t and that those meme traders just ignited a revolution that’s going to bankrupt the company and torch the globals markets, but you know things will probably go back to normal.

 

Until next week,
Lucas Matney


Facebook CEO Mark Zuckerberg testifies before the House Judiciary Subcommittee on Antitrust, Commercial and Administrative Law

(Photo by MANDEL NGAN/POOL/AFP via Getty Images)

Other things

SEC is pissed
I’ll try to keep these updates GameStop free, but one quick note from the peanut gallery. The SEC isn’t all that happy about the goings ons in the market this week and they’re mad, probably mostly at Robinhood. They got pretty terse with their statement. More

Facebook Oversight Board wants YOU
Zuckerberg’s Supreme Court wants public comment as it decides whether Facebook should give Trump his Instagram and Facebook accounts back. I’m sure any of Facebook’s executives would’ve stopped building the platform dead in its tracks in the years after its founding if they knew just how freaking complicated moderation was going to end up being for them, but you could probably have changed their mind back by showing them the market cap. More

Apple adtech-killing update drops in spring
After delaying its launch, Apple committed this week to the spring rollout of its “App Tracking Transparency” feature that has so much of the adtech world pissed. The update will force apps to essentially ask users whether they’d like to be tracked across apps. More

Robert Downey Jr. bets on startups
Celebrity investing has been popular forever, but it’s gotten way more common in the venture world in recent years. Reputation transfer teamed with the fact that money is so easy to come by for top founders, means that if you are choosing from some second-tier fund or The Chainsmokers, you might pick The Chainsmokers. On that note, actor Robert Downey Jr. raised a rolling fund to back climate tech startups, we’ve got all the deets. More

WeWork SPAC
Ah poor Adam Neumann, poor SoftBank. If only they’d kept their little “tech company” under wraps for another couple years and left that S-1 for a kinder market with less distaste for creative framing. It seems that WeWork is the next target to get SPAC’d and be brought onto public markets via acquisition. I’m sure everything will go fine. More

Tim Cook and Zuckerberg spar
Big tech is a gentlemen’s game, generally big tech CEOs play nice with each other in public and save their insults for the political party that just fell out of power. This week, Tim Cook and Mark Zuckerberg were a little less friendly. Zuckerberg called out Apple by name in their earnings investor call and floated some potential unfair advantages that Apple might have. Them’s fighting words. Cook was more circumspect as usual and delivered a speech that was at times hilariously direct in the most indirect way possible about how much he hates Facebook. More


Extra things

Tidbits from our paywalled Extra Crunch content:
The 5 biggest mistakes I made as a first-time startup founder
“I and the rest of the leadership team would work 12-hour days, seven days a week. And that trickled down into many other employees doing the same. I didn’t think twice about sending emails, texts or slacks at night and on weekends. As with many startups, monster hours were simply part of the deal.”

Fintechs could see $100 billion of liquidity in 2021
“For the fourth straight year, the publicly traded fintechs massively outperformed the incumbent financial services providers as well as every mainstream stock index. While the underlying performance of these companies was strong, the pandemic further bolstered results as consumers avoided appearing in-person for both shopping and banking. Instead, they sought — and found — digital alternatives.”

Rising African venture investment powers fintech, clean tech bets in 2020
“What is driving generally positive venture capital results for Africa in recent quarters? Giuliani told TechCrunch in a follow-up email that ‘investment in Africa is being driven on the one hand by a broadening base for early-stage ecosystem support organizations, including accelerators, seed funds, syndicates and angel investing,” and “consolidation,” which is aiding both “growth-stage deals and a burgeoning M&A market.'”

 



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