May
14
2019
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Beyond costs, what else can we do to make housing affordable?

This week on Extra Crunch, I am exploring innovations in inclusive housing, looking at how 200+ companies are creating more access and affordability. Yesterday, I focused on startups trying to lower the costs of housing, from property acquisition to management and operations.

Today, I want to focus on innovations that improve housing inclusion more generally, such as efforts to pair housing with transit, small business creation, and mental rehabilitation. These include social impact-focused interventions, interventions that increase income and mobility, and ecosystem-builders in housing innovation.

Nonprofits and social enterprises lead many of these innovations. Yet because these areas are perceived to be not as lucrative, fewer technologists and other professionals have entered them. New business models and technologies have the opportunity to scale many of these alternative institutions — and create tremendous social value. Social impact is increasingly important to millennials, with brands like Patagonia having created loyal fan bases through purpose-driven leadership.

While each of these sections could be their own market map, this overall market map serves as an initial guide to each of these spaces.

Social impact innovations

These innovations address:

May
14
2019
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LinkedIn integrates and updates jobs and hiring platforms, hits 20M job postings

LinkedIn, the social networking platform for the working world that’s now owned by Microsoft, has leveraged its role as a repository for people’s work profiles into making itself a job hunting and recruitment powerhouse.

The company today has amassed more than 20 million job listings — up from a mere 300,000  five years ago — and sees its 600 million users collectively apply to jobs 25 million times per week. That activity also translates to big business: paid subscriptions specifically aimed at recruiters, paid tiers for average users who want to have more access to contacting people for jobs, job ads and more all contribute to LinkedIn’s bottom line, a business that is projected to hit $6.4 billion in revenues for 2019, growing 27 percent in the last quarter.

Now, LinkedIn is stepping up a gear in the operation. After a two-year effort, LinkedIn is today announcing that it has finally integrated its jobs and hiring efforts and announcing a raft of new features for both.

On the jobs front, they include instant job alerts, a redesign of the Jobs home page, and more salary insights available to all users (including free users), with skills assessments coming soon.

On the recruitment front, LinkedIn Jobs, Recruiter, and Pipeline Builder are all coming together to create a more seamless way to manage how you post ads, source candidates and other leads and ultimately  interact with them in the process of hiring them.

“This will mean higher quality candiates, better jobs and a better fit,” VP of product John Jersin said in an interview. When asked why it took so long to integrate these tools — and why the process didn’t happen five years ago, for example, he answered that it was more of a consequence of how expectations have evolved as tech has evolved to question some of the silos that are incumbent to how we do business.

“We designed these systems in a way that worked well, but no one foresaw what we needed,” he said. “Advancements in AI have driven the strategy, and integrating all this means we can all learn better from each other.”

The new features that LinkedIn is bringing to jobseekers are responses to how our communications have evolved with the rise of the smartphone. It notes that jobseekers who respond to ads faster are more likely  to get the job, so now when a job gets posted that meet your search criteria, you can get a ping within minutes of the posting. Meanwhile, the redesign of the Jobs homepage is more mobile friendly, with added search features that take into account how you navigate on handheld devices.

The skill assessments, meanwhile, seems to me to be a direct response to the many new innovations we’ve seen among e-learning and recruitment startups, where companies like Coursera and Triplebyte are offering more tools to people to figure out where the best fit might be for their skills in the working world. LinkedIn notes that these can both be used by individuals to verify their skills — tackling a perennial problem with people putting empty claims on their resumes — and also recruiters to source people for jobs.

Important steps for the company, but there remain a lot of opportunities for smaller and newer upstarts to take bites out of LinkedIn’s business in areas where it is still being slow to develop.

For example, we’ve seen the emergence of interesting, more targeted recruitment startups that focus on, say, recruiting with racial diversity in mind (as in the case of Handshake) or focusing on, say, women returning to work after having children (as in the case of the Mom Project). While LinkedIn has made some baby steps (no pun intended) in this area, there is still a ways to go, opening the door to others to come in.

“This is a challenging and multifaceted problem,” admitted Jersin, “but LinkedIn is committed to trying to solve it.” He said the company has quietly started to work on ways of picking up more information that “could be more useful” in addressing questions like these. “One thing that is important is a sense of trust,” he noted as one of the challenges that needs to be tackled online. “I think we are very lucky to be one of the few companies out there that can say that we would use this information responsibly, in the interests of jobseeker.”

May
13
2019
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Market map: the 200+ innovative startups transforming affordable housing

In this section of my exploration into innovation in inclusive housing, I am digging into the 200+ companies impacting the key phases of developing and managing housing.

Innovations have reduced costs in the most expensive phases of the housing development and management process. I explore innovations in each of these phases, including construction, land, regulatory, financing, and operational costs.

Reducing Construction Costs

This is one of the top three challenges developers face, exacerbated by rising building material costs and labor shortages.

May
13
2019
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Innovations in inclusive housing

Housing is big money. The industry has trillions under management and hundreds of billions under development.

And investors have noticed the potential. Opendoor raised nearly $1.3 billion to help homeowners buy and sell houses more quickly. Katerra raised $1.2 billion to optimize building development and construction, and Compass raised the same amount to help brokers sell real estate better. Even Amazon and Airbnb have entered the fray with high-profile investments.

Amidst this frenetic growth is the seed of the next wave of innovation in the sector. The housing industry — and its affordability problem — is only likely to balloon. By 2030, 84% of the population of developed countries will live in cities.

Yet innovation in housing lags compared to other industries. In construction, a major aspect of housing development, players spend less than 1% of their revenues on research and development. Technology companies, like the Amazons of the world, spend nearly 10% on average.

Innovations in older, highly regulated industries, like housing and real estate, are part of what Steve Case calls the “third wave” of technology. VCs like Case’s Revolution Fund and the SoftBank Vision Fund are investing billions into what they believe is the future.

These innovations are far from silver bullets, especially if they lack involvement from underrepresented communities, avoid policy and ignore distributive questions about who gets to benefit from more housing.

Yet there are hundreds of interventions reworking housing that cannot be ignored. To help entrepreneurs, investors and job seekers interested in creating better housing, I mapped these innovations in this package of articles.

To make sense of this broad field, I categorize innovations into two main groups, which I detail in two separate pieces on Extra Crunch. The first (Part 1) identifies the key phases of developing and managing housing. The second (Part 2) section identifies interventions that contribute to housing inclusion more generally, such as efforts to pair housing with transit, small business creation and mental rehabilitation.

Unfortunately, many of these tools don’t guarantee more affordability. Lowering acquisition costs, for instance, doesn’t mean that renters or homeowners will necessarily benefit from those savings. As a result, some tools likely need to be paired with others to ensure cost savings that benefit end users — and promote long-term affordability. I detail efforts here so that mission-driven advocates as well as startup founders can adopt them for their own efforts.


Topics We Explore

Today:

Coming Tomorrow:

  • Part 2. Other contributions to housing affordability
    • Social Impact Innovations
    • Landlord-Tenant Tools
    • Innovations that Increase Income
    • Innovations that Increase Transit Accessibility and Reduce Parking
    • Innovations that Improve the Ability to Regulate Housing
    • Organizations that Support the Housing Innovation Ecosystem
    • This Is Just the Beginning
    • I’m Personally Closely Watching the Following Initiatives
    • The Limitations of Technology
    • Move Fast and Protect People


Please feel free to let me know what else is exciting by adding a note to your LinkedIn invite here.

If you’re excited about this topic, feel free to subscribe to my future of inclusive housing newsletter by viewing a past issue here.

Mar
26
2019
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Adobe announces deeper data sharing partnership with Microsoft around accounts

Microsoft and Adobe have been building a relationship for some time, and today at Adobe Summit in Las Vegas the two companies announced a deeper integration between the two platforms.

It involves sharing Marketo data, the company that Adobe acquired last September for $4.75 billion. Because it’s marketers, they were duty-bound to give it a new name. This data-sharing approach is being dubbed Account Based Experience, or ABX for short. The two companies are sharing data account data between a number of sources, including Marketo Engage in Adobe Experience Cloud and Microsoft Dynamics 365 for Sales, as well as the LinkedIn, the business social platform Microsoft bought in 2016 for a whopping $26.2 billion.

Microsoft has been trying to find ways to put that LinkedIn data to work, and tools like Marketo can use the data in LinkedIn to understand their account contacts better. Steve Lucas, former CEO at Marketo, who is now senior vice president and head of the Marketo team at Adobe, says accounts tend to be much more complex sales than selling to individuals, involving multiple decision makers. It’s a sales cycle that can stretch on for months, and having access to additional data about the account contacts can have a big impact.

“With these new account-based capabilities, marketing and sales teams will have increased alignment around the people and accounts they are engaging, and new ways to measure that business impact,” Lucas explained in a statement.

Brent Leary, principal at CRM Essentials, who has been working in CRM, customer service and marketing for years, sees this as a useful partnership for customers from both vendors. “Integrating Microsoft Dynamics and LinkedIn more closely with Marketo gives Adobe’s Experience Cloud some great data to leverage in order to have a more complete picture of B2B customers,” Leary told TechCrunch.

The goal is to close complex sales, and having access to more complete data across the two product sets can help achieve that.

Feb
20
2019
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Mixmax brings LinkedIn integration and better task automation to its Gmail tool

Mixmax today introduced version 2.0 of its Gmail-based tool and plugin for Chrome that promises to make your daily communications chores a bit easier to handle.

With version 2.0, Mixmax gets an updated editor that better integrates with the current Gmail interface and that gets out of the way of popular extensions like Grammarly. That’s table stakes, of course, but I’ve tested it for a bit and the new version does indeed do a better job of integrating itself into the current Gmail interface and feels a bit faster, too.

What’s more interesting is that the service now features a better integration with LinkedIn . There’s both an integration with the LinkedIn Sales Navigator, LinkedIn’s tool for generating sales leads and contacting them, and LinkedIn’s messaging tools for sending InMail and connection requests — and sees info about a recipient’s LinkedIn profile, including the LinkedIn Icebreakers section — right from the Mixmax interface.

Together with its existing Salesforce integration, this should make the service even more interesting to sales people. And the Salesforce integration, too, is getting a bit of a new feature that can now automatically create a new contact in the CRM tool when a prospect’s email address — maybe from LinkedIn — isn’t in your database yet.

Also new in Mixmax 2.0 is something the company calls “Beast Mode.” Not my favorite name, I have to admit, but it’s an interesting task automation tool that focuses on helping customer-facing users prioritize and complete batches of tasks quickly and that extends the service’s current automation tools.

Finally, Mixmax now also features a Salesforce-linked dialer widget for making calls right from the Chrome extension.

“We’ve always been focused on helping business people communicate better, and everything we’re rolling out for Mixmax 2.0 only underscores that focus,” said Mixmax CEO and co-founder Olof Mathé. “Many of our users live in Gmail and our integration with LinkedIn’s Sales Navigator ensures users can conveniently make richer connections and seamlessly expand their networks as part of their email workflow.”

Whether you get these new features depends on how much you pay, though. Everybody, including free users, gets access to the refreshed interface. Beast Mode and the dialer are available with the enterprise plan, the company’s highest-level plan which doesn’t have a published price. The dialer is also available for an extra $20/user/month on the $49/month/user Growth plan. LinkedIn Sales Navigator support is available with the growth and enterprise plans.

Sadly, that means that if you are on the cheaper Starter and Small Business plans ($9/user/month and $24/user/month respectively), you won’t see any of these new features anytime soon.

Jan
23
2019
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Open-source leader Confluent raises $125M on $2.5B valuation

Confluent, the commercial company built on top of the open-source Apache Kafka project, announced a $125 million Series D round this morning on an enormous $2.5 billion valuation.

The round was led by existing investor Sequoia Capital, with participation from Index Ventures and Benchmark, which also participated in previous rounds. Today’s investment brings the total raised to $206 million, according to the company.

The valuation soared from the previous round when the company was valued at $500 million. What’s more, the company’s bookings have scaled along with the valuation.

Graph: Confluent

 

While CEO Jay Kreps wouldn’t comment directly on a future IPO, he hinted that it is something the company is looking to do at some point. “With our growth and momentum so far, and with the latest funding, we are in a very good position to and have a desire to build a strong, independent company,” Kreps told TechCrunch.

Confluent and Kafka have developed a streaming data technology that processes massive amounts of information in real time, something that comes in handy in today’s data-intensive environment. The base streaming database technology was developed at LinkedIn as a means of moving massive amounts of messages. The company decided to open-source that technology in 2011, and Confluent launched as the commercial arm in 2014.

Kreps, writing in a company blog post announcing the funding, said that the events concept encompasses the basic building blocks of businesses. “These events are the orders, sales and customer experiences, that constitute the operation of the business. Databases have long helped to store the current state of the world, but we think this is only half of the story. What is missing are the continually flowing stream of events that represents everything happening in a company, and that can act as the lifeblood of its operation,” he wrote.

Kreps pointed out that as an open-source project, Confluent depends on the community. “This is not something we’re doing alone. Apache Kafka has a massive community of contributors of which we’re just one part,” he wrote.

While the base open-source component remains available for free download, it doesn’t include the additional tooling the company has built to make it easier for enterprises to use Kafka. Recent additions include a managed cloud version of the product and a marketplace, Confluent Hub, for sharing extensions to the platform.

As we watch the company’s valuation soar, it does so against a backdrop of other companies based on open source selling for big bucks in 2018, including IBM buying Red Hat for $34 billion in October and Salesforce acquiring MuleSoft in June for $6.5 billion.

The company’s most recent round was $50 million in March, 2017.

Nov
21
2018
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LinkedIn cuts off email address exports with new privacy setting

A win for privacy on LinkedIn could be a big loss for businesses, recruiters and anyone else expecting to be able to export the email addresses of their connections. LinkedIn just quietly introduced a new privacy setting that defaults to blocking other users from exporting your email address. That could prevent some spam, and protect users who didn’t realize anyone who they’re connected to could download their email address into a giant spreadsheet. But the launch of this new setting without warning or even a formal announcement could piss off users who’d invested tons of time into the professional networking site in hopes of contacting their connections outside of it.

TechCrunch was tipped off by a reader that emails were no longer coming through as part of LinkedIn’s Archive tool for exporting your data. Now LinkedIn confirms to TechCrunch that “This is a new setting that gives our members even more control of their email address on LinkedIn. If you take a look at the setting titled ‘Who can download your email’, you’ll see we’ve added a more detailed setting that defaults to the strongest privacy option. Members can choose to change that setting based on their preference. This gives our members control over who can download their email address via a data export.”

That new option can be found under Settings & Privacy -> Privacy -> Who Can See My Email Address? This “Allow your connections to download your email [address of user] in their data export?” toggle defaults to “No.” Most users don’t know it exists because LinkedIn didn’t announce it; there’s merely been a folded up section added to the Help center on email visibility, and few might voluntarily change it to “Yes” as there’s no explanation of why you’d want to. That means nearly no one’s email addresses will appear in LinkedIn Archive exports any more. Your connections will still be able to see your email address if they navigate to your profile, but they can’t grab those from their whole graph.

Facebook came to the same conclusion about restricting email exports back when it was in a data portability fight with Google in 2010. Facebook had been encouraging users to import their Gmail contacts, but refused to let users export their Friends’ email addresses. It argued that users own their own email addresses, but not those of their Friends, so they couldn’t be downloaded — though that stance conveniently prevented any other app from bootstrapping a competing social graph by importing your Facebook friend list in any usable way. I’ve argued that Facebook needs to make friend lists interoperable to give users choice about what apps they use, both because it’s the right thing to do but also because it could deter regulation.

On a social network like Facebook, barring email exports makes more sense. But on LinkedIn’s professional network, where people are purposefully connecting with those they don’t know, and where exporting has always been allowed, making the change silently seems surreptitious. Perhaps LinkedIn didn’t want to bring attention to the fact it was allowing your email address to be slurped up by anyone you’re connected with, given the current media climate of intense scrutiny regarding privacy in social tech. But trying to hide a change that’s massively impactful to businesses that rely on LinkedIn could erode the trust of its core users.

Nov
20
2018
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LinkedIn launches its own Snapchat Stories: ‘Student Voices’

The social media singularity continues with the arrival of Snapchat Stories-style slideshows on LinkedIn as the app grasps for relevance with a younger audience. LinkedIn confirms to TechCrunch that it plans to build Stories for more sets of users, but first it’s launching “Student Voices” just for university students in the U.S. The feature appears atop the LinkedIn home screen and lets students post short videos to their Campus Playlist. The videos (no photos allowed) disappear from the playlist after a week while staying permanently visible on a user’s own profile in the Recent Activity section. Students can tap through their school’s own slideshow and watch the Campus Playlists of nearby universities.

LinkedIn now confirms the feature is in testing, with product manager Isha Patel telling TechCrunch “Campus playlists are a new video feature that we’re currently rolling out to college students in the US. As we know, students love to use video to capture moments so we’ve created this new product to help them connect with one another around shared experiences on campus to help create a sense of community.” Student Voices was first spotted by social consultant Carlos Gil, and tipped by Socially Contented’s Cathy Wassell to Matt Navarra.

A LinkedIn spokesperson tells us the motive behind the feature is to get students sharing their academic experiences like internships, career fairs and class projects that they’d want to show off to recruiters as part of their personal brand. “It’s a great way for students to build out their profile and have this authentic content that shows who they are and what their academic and professional experiences have been. Having these videos live on their profile can help students grow their network, prepare for life after graduation, and help potential employers learn more about them,” Patel says.

But unfortunately that ignores the fact that Stories were originally invented for broadcasting off-the-cuff moments that disappear so you DON’T have to worry about their impact on your reputation. That dissonance might confuse users, discourage them from posting to Student Voices or lead them to assume their clips will disappear from their profile too — which could leave embarrassing content exposed to hirers. “Authenticity” might not necessarily paint users in the best light to recruiters, so it seems more likely that students would post polished clips promoting their achievements… if they use it at all.

LinkedIn seems to be desperate to appeal to the next generation. Social app investigator and TechCrunch’s favorite tipster Jane Manchun Wong today spotted 10 minor new features LinkedIn is prototyping that include youth-centric options like GIF comments, location sharing in messages and Facebook Reactions-style buttons beyond “Like” such as “Clap,” “Insightful,” “Hmm,” and “Support.”

When users post to Student Stories, they’ll have their university’s logo overlaid as a sticker they can move around. LinkedIn will generate this plus a set of suggested hashtags like #OnCampus based on a user’s profile, including which school they say they attend, though users can also overlay their own text captions. Typically, users in the test phase were sharing videos of around 30 to 45 seconds. “Students are taking us to their school hackathons, showing us their group projects, sharing their student group activities and teaching us about causes they care about,” Patel explains. You can see an example video here, and watch a sizzle reel about the feature below.

For now, LinkedIn tells me it has no plans to insert ads between clips in Student Voices. But if the Stories content assists with discovering and vetting job candidates, it could make LinkedIn more unique and indispensable to recruiters who do pay for premium access. And if these Stories get a ton of views simply by being emblazoned atop the LinkedIn feed, users might return to the app more frequently to share them. As we’ve seen with the steady increase in popularity of Facebook Stories, if you give people a stage for narcissism, they will fill it.

LinkedIn’s start as a dry web tool for seeking jobs has made for a rocky transition as it tries to become a daily habit for users. Some tactical advice in its feed can be helpful, but much of LinkedIn’s content feels blatantly self-promotional, boring or transactional. Meanwhile, it’s encountering new competition as Facebook integrates career listings and job applications for blue-collar work into its social network that already sees over a billion people visit each day. It’s understandable why LinkedIn would try to latch on to the visual communication trend, as Facebook estimates Stories sharing will surpass feed sharing across all apps in 2019. But Student Voices nonetheless feels unabashedly “how do you do, fellow kids?”

Nov
09
2018
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LinkedIn Learning now includes 3rd party content and Q&A interactive features

LinkedIn, the Microsoft-owned social network for the working world with some 580 million users, took a big step into professional development and education when it acquired Lynda.com for $1.5 billion and used it as the anchor for LinkedIn Learning. Now, with 13,000 courses on the platform, LinkedIn is announcing two new developments to get more people using the service. It will now offer videos, tutorials and courses from third-parties such as Treehouse and the publishing division of Harvard Business School. And in a social twist, people who use LinkedIn Learning — the students and teachers — will now be able to ask and answer questions around LinkedIn Learning sessions, as well as follow instructors on LinkedIn, and see others’ feedback on courses.

Unlimited access to LinkedIn Learning comes when a person pays for LinkedIn’s Premium Career tier, which costs around $30/month, or when a company takes an enterprise team subscription for the Learning service. Today, LinkedIn tells me that it has around 11,000 enterprise customers; it doesn’t break out how much traffic it has overall on LinkedIn, but says that there has been a 64 percent growth in paid learners since the start of 2017 — a number that it’s clearly looking to boost with these new features.

James Raybould, the director of product for LinkedIn Learning, said that the third-party expansion will come slowly at first, with a handful of partners getting access to integrate with LinkedIn Learning. Over time, this could expand to be a public API for anyone to integrate content, he added, but for now, LinkedIn is doing the curating.

Notably, he also said that LinkedIn itself is not planning on curtailing the amount of content it will continue to produce for Learning: it’s currently adding more than 70 new courses each week on average, he said.

The content in this first wave of third-party providers feels like a natural extension of the influencer-based content that LinkedIn has been running in its main newsfeed: it runs the gamut from actual courses to learn new skills in specific disciplines, to the more nebulous area of professional development.

The first group includes Harvard Business Publishing (e.g. leadership development courses from Harvard Business School’s publishing arm); getAbstract (a Blinkist-style service that provides 10,000+ non-fiction book summaries plus TED talks); Big Think: 500 short-form videos on topics of the day (these are not so much “courses” as they are “life lessons” — subjects include organizing activism and an explainer on how to end bi-partisan politics); Treehouse, with courses on coding and product design skills; and Creative Live, with courses and tutorials for professionals in the creative industries to improve their skills and business acumen.

The fact that LinkedIn is adding more learning material that’s a natural extension of the kind of content it already offers to users in their timelines is not the only parallel between main LinkedIn and LinkedIn Learning. Raybould said that to help users discover content that might be most interesting to them, it uses data about what users browse and click on in the regular site.

“We have rich information about the network, including on engagement,” he said, and that helps LinkedIn’s algorithms suggest what to populate in individual learning libraries.

This is also, presumably, one of the reasons why third-parties will want to integrate: to get new audiences that are more targeted to the kind of content they are producing.

“At Harvard Business Publishing, we work to create the world’s best learning experiences to help organizations discover new ways to solve their most pressing leadership development challenges,” said Rich Gravelin, director of Partnerships and Alliances at Harvard Business Publishing, in a statement. “As an inaugural partner in the LinkedIn Learning Content Partner Program, we are bringing rich leadership development content to professionals across the globe, helping them navigate today’s complex business landscape. Thanks to the robust platform that LinkedIn Learning has built, we’re able to meet learners where they are and provide them with the unique and personalized learning experiences they need to succeed in their organizations.”

The social features also follow this model. Last year, LinkedIn rolled out a mentorship product across selected markets to pair users with people who steer them on their career development. That product set a precedent for how LinkedIn might use its wider social network and communication features to engage users in different ways, in the name of professional development.

The addition of Q&A features follows on from that, giving those taking courses or watching videos a way of interacting and following up with those who are doing the teaching. Adding that it could see more engagement across the whole of the Learning product.

It’s a surprise, in a way, that it’s taken this long for LinkedIn to add an interactive Q&A feature, considering that direct messaging and users interacting with each other has been a cornerstone of the product. On the other hand, it will be interesting to see if it proves to be a compelling enough feature to bring in more users to LinkedIn, luring them away from the Udemys and Skillsofts of the world.

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