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How Upstream Is Evolving Professional Networking And The Future Of Work – ReadWrite

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Brad Anderson


The importance of networking in business cannot be overstated — some studies have estimated that upwards of 85% of job openings are eventually filled through networking — but the systems that facilitate these processes today simply are not working in the way many people would like them too.

COVID-19 has meant that just about everyone in the business world has spent the last year stumbling. It seemed they were stumbling in and out of Zoom conferences, or trying to connect with people on LinkedIn. No matter the case, it’s been a struggle for connection. These media will work just fine for some people. However, the fact of the matter is that it’s next to impossible to form a meaningful relationship with someone through the sanitized, haphazard platforms of modern business communication. 

This is the problem that Michael Schonfeld and Alex Taub were seeing when they decided to found Upstream, an app they hoped could cut through the noise of modern networking and allow people to connect with one another in real, tangible ways. Here’s how they’re making that happen:

Bringing Engagement to Virtual Conferencing

The fundamental problem at the heart of virtual communication is the apparent opposition between connecting and time. It’s difficult to really get to know someone in just a short period of time. But, anyone who has ever spent hours on a Zoom call knows that too much time in a certain medium just promotes further disengagement. There are platforms that are disrupting the system. However, their exclusivity and lack of effective curation has made them slow to transform the business world at large.

Upstream gets around this by encouraging people to network and form meaningful connections in relatively succinct periods of time. The core of Upstream is the Upstream event. This event can be best described as a miniature virtual conference headlined by a keynote speaker at the forefront of her field. Speakers have included such faces as ESPN’s Pablo Torre, Senator Cory Booker, Forerunner’s Kirsten Green, and just about everyone in between. This lineup is so diverse. Consequently, the only common thread linking all Upstream event speakers is dynamism. In other words, no event ever kicked off without an insightful bang.

Making Digital Connections Possible

It’s in that invigorating kickoff that the power of the Upstream connectivity model starts to rear its head. Following the event’s presentation, attendees break up into one-on-one video breakout rooms for 5 minutes. Taub and Schonfeld believe this is the ideal amount of time to lay the groundwork for a great business relationship. It’s too short to contain any forced filler talk or unnecessary pleasantries. However, it’s just long enough for each participant to really show their true selves to the other. Of course, 5 minutes will indeed not be long enough for some connections to fully blossom. In that case, the opportunity to schedule a longer meeting after the event is always available. 

Each event attendee will be in 2 or 3 of these one-on-one meetings. This ensures that no one mixes up names or blurs details because of too many forced encounters. Just a handful of 5-minute meetups may not sound like a solid foundation for a relationship, but the idea of Upstream is that it serves as the ideal starting-off point for something bigger. By bringing together a group of people interested in what a certain speaker has to say, the event has already created possibilities for connection — it’s up to the participants to make them happen.

Upstream and The Future of Work

Daylong Zoom conferences and an endless stream of LinkedIn notifications are no way to manage your personal network. 2020 forced the future of work upon just about everyone, and while digital infrastructure has kept up fairly well, it’s been far from perfect. You may have more tools than ever you can use to communicate with other people, but how many of those tools help you genuinely connect with them?

The Upstream model isn’t just something that conceptually checks out: it’s already performing in big ways. Hot off a $3.25 million dollar seed round led by Ibex investors, Upstream is ready to expand its usership in such a way that can no longer be ignored. Some 75% of first-time Upstream event attendees come back for more — with engagement figures that large, it’s just a matter of time before Upstream starts to become a crucial node in the connectivity network. 

Brad Anderson

Editor In Chief at ReadWrite

Brad is the editor overseeing contributed content at ReadWrite.com. He previously worked as an editor at PayPal and Crunchbase. You can reach him at brad at readwrite.com.

Politics

Fintech Kennek raises $12.5M seed round to digitize lending

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Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Politics

Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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Politics

UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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