👀Happy Black History Month👀

🤔Are Gen Z the problem?🤔

We got the heads up on this report by Intelligent.com which surveyed 966 business leaders to explore attitudes toward hiring recent Gen Z college graduates. The following stats came out🤔

• 75% of companies report that some or all of the recent college graduates they hired this year were unsatisfactory😫
• 6 in 10 companies fired a recent college graduate they hired this year🙁
• 1 in 6 hiring managers say they are hesitant to hire from this cohort😕
• Hiring managers say recent college grads are unprepared for the workforce, can’t handle the workload, and are unprofessional😩
• 1 in 7 companies may refrain from hiring recent college graduates next year🧐
• 9 in 10 hiring managers say recent college graduates should undergo etiquette training👀

Are you surprised🤔? Does it resonate with you?

So what?

We saw these sats and wondered who is the problem here. It could be quite simple to say the next generation need to get with it, but perhaps we need a nuance around why expectations, skills and development are different and what is being done about that.

🤖No to AI regulation👋🏾

Gavin Newsom California's governor (home to 32 or the 50 most prominent AI companies), has blocked a major AI safety bill from being enacted after strong push back from major technology companies😮

Why? Well the bill contained three things we think are of note

1. The bill would have required the most advanced AI models to undergo safety testing (Presumably by some government agency)🧑🏻‍🏫

2. It would have forced developers build in a "kill switch". enabling organisations to isolate effectively switch off an AI system if it became a threat. (The Terminator clause)🎚

3. It would also have made official oversight compulsory for the development of so-called "Frontier Models" which of course the big companies didn't like🧑🏾‍⚖️

Newsom said The bill "does not take into account whether an Al system is deployed in high-risk environments, involves critical decision-making or the use of sensitive data,"🤔

Newsom isn't exactly regulation shy though having signed 17 bills, cracking down on misinformation and AI generated deep fakes🤖

As things stand the tech companies are free to go on as they wish without any legislation of note enacted at a federal or state level in California on AI⚖️

So what?

The wild wild west is well on the West coast of the USA as far as AI regulation goes 

💰Open AI's Numbers💰

Open Ai's cash woes have come to the fore over the last few weeks. 

OpenAI’s monthly revenue hit $300 million in August which was up an amazing 1,700% since the start of 2023 with estimates that it will hit revenues of $11.6 billion next year.

Nonetheless OpenAI expects to lose roughly $5 billion this year after paying for costs related to running its services largely to Microsoft💸

We've all got wind of this information as OpenAI in search of some folks with deep pockets to help ride out the losses has been circulating documents with these numbers with potential investors for an investment round that could bring in between $5 - $7 B and making it one of the highest valued startups ever at $150 billion💰

This comes as news that somewhat unsurprisingly OpenAI’s plans to convert to a for-profit company. Of course investors would want a financial returns and the constraints of being a company under a not for profit umbrella was likely to put off investors💸

Two issues remain, 1 to work out how to award equity in the for-profit company, and 2. how to split assets with the nonprofit entity, which will continue to exist with founder Sam Altman getting potentially up to 7% of the equity as investors are worried that without any skin in the game, should he have a change of mind, he could easily walk away👋🏾

Team changes are afore which may also cause problems with the fundraise with Chief Technology Officer Mira Murati, VP Research Barret Zoph and Chief Research Officer Bob McGrew all departing pretty much in the last week. Such turnover would make anyone's eyes bulge and Founding member of Open AI Elon Musk did sa Elon Musk posted, “You can’t just convert a non-profit into a for-profit. That is illegal.” < He was quickly fact checked on his own platform for being incorrect as it is legal😅

So what?

Money Money money. Whilst it may have been started for more nobel reasons, we know those running in ship have one area of focus; Money

🇬🇧London is Europe's tech hub🇬🇧

London is the place to be attracting $6.8 billion in venture capital tech investment in the first half of 2024📈

This meant it surpassed its European rivals, with Paris securing $4.2 billion in second place and Munich, $1.6 billion in third. London's investment was up 31% from the same period in 2023 with the key sectors attracting investment included fintech, transportation, and AI🧠

On the Global scale, London ranks fifth for unicorn startups and remains Europe’s top tech hub, falling behind major U.S. cities like the Bay Area ($38.8 billion) other US cities dwarfing anything London sees with of New York on $14.2billion and Boston with $8.8billion so far this year💰

Why?

London edges ahead of Europe's top tech hub due to its strong fintech and AI sectors, a deep talent pool, and easy access to venture capital. Legacy tax incentives and favourable visa schemes have helped  along with its status as a global financial center, further bolster its attractiveness. No doubt Brexit, hasn't helped and The USA and tech hubs like the Bay Area, area  ahead due to larger pools of venture capital (Money attracts money), a more mature startup ecosystem, and stronger networks for scaling globally💸

U.S. cities benefit from massive investments in cutting-edge sectors like AI and biotech, more favorable regulatory environments for innovation, and access to top-tier talent from leading universities. Additionally, the sheer size of the U.S. market and its dominance in tech infrastructure gives these regions a competitive edge over European counterparts like London, Paris or Munich🇺🇸

So what?

If you're not going to go to the USA, the UK is the next best bet (In Europe)

📈 The tools behind the tech📉

📦Product📦

• Open Free map

📏Design📏 

• Simple icons

👩🏿‍💻Code👩🏿‍💻

• SQL tips and tricks

🏢The business behind the tech🏢

• Ilya Sutskevers AI Reading List
• Be Genuine about DEI

💸ARM jobs💸

Senior Manager - TA Systems & Data
"The individual will be responsible for maintaining data integrity and providing informative reporting for our team and partners. You will be part of the Talent Acquisition Engagement and Experience team who act as the Centre of Excellence, uplifting capability and performance across the Talent Acquisition landscape at Arm."https://link.colorintech.org/armta0924 

Director of External Workforce Solutions"This role will lead all aspects of the end-to-end recruitment process for temporary, contract and freelance positions, ensuring Arm attracts top talent across all regions. The successful candidate will possess a deep understanding of the contingent labor market, strong leadership skills, and will drive operational excellence in a multifaceted and fast paced environment!"https://link.colorintech.org/armdirector0924 

💸Discounts to Sifted summit💸

Use the code CPCIT20 on the first page of the registration process when it asks for a promo code.

This code is redeemable against any of the different ticket types. 

Dates:  2 -3 October
Venue: Magazine London
Tagline: Where startups make headlines
Theme: Startup revival
European tech has taken a beating — but startups are bouncing back. This year, Sifted Summit will explore how Europe’s leading founders, startup operators and investors are recalibrating.
Website: Link here

🙌🏾1:1 with an investment partner🙌🏾

@Ada Ventures' are partners with us at @BTF! 

This year, the team has a whole stage and multiple opportunities for underrepresented startup founders. And one of those opportunities includes... a 1:1 sit-down with investment partner Check Warner!

Ada is getting involved to meet more founders working across our thesis areas, being built by black and underrepresented founders. In other words, we want to meet you!
So, if your business is founded/co-founded by an underrepresented founder and building a startup across our Fund II thesis industries in pre-seed or seed, apply using the link below to meet Check on the 10th October in London!

1. Climate equity — climate technologies and urbanisation/mobility
2. Healthy ageing — biotech and personalised (mental and physical) health
3. Economic empowerment — equitable work and financial infrastructure

Link: https://www.joinbtf.com/2024/1-to-1-with-investors

😃What we are consuming😃 

1. 👋🏾 5 signs its time to quit your job

2. 📉 Fidelity has written down its investment in X

3. 🎙 A recap of Tyla's VMA's Speech

4. 🏳️‍🌈 Thai signs same sex marriage

5. 💸 Mr Beast's funding scandal

6. 🏢 Dell's sales teams are instructed to return to the office 5 days a week