Innovation Insider - November 19th, 2024

DOGE - Department Of Government Efficiency. Yes, it’s a bit of an oxymoron. And yes, Elon really got away with the name 😂. Big changes could be coming though. It was announced that Elon Musk and Vivek Ramaswamy will head up the new department focussed on slashing government waste, driving efficiency and reducing costs for taxpayers. Currently US debt sits at over 36 trillion. It’s unsustainable and growing exponentially.

Interest payments on the debt now exceed those of defense spending. There are some who are expressing concerns about the radical changes that DOGE could bring along with the loss of many government jobs. The thing is, the US is currently on an unsustainable path that will lead to bankruptcy if not fixed. So perhaps an outsider shake up is the only thing that can save the republic.

It definitely will not be easy and they’ve got a tall task ahead of them. However, entrepreneurs understand skin in the game and the cost of capital better than anyone. And Elon and Vivek have a history of success and driving efficiency. It will be interesting to see how the story unfolds. Will they actually be able to make sweeping changes? Will it lead to flourishing and more productive human capital being unlocked? Or will it cause an implosion with too much fat hacked away?

Only time will tell.

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Let’s jump into this week’s highlights.

News

Slack's Fall 2024 Workforce Index reveals cooling enthusiasm for AI in the workplace as employees prioritize productivity and collaboration tools that show tangible results. The report highlights a shift toward cautious adoption of AI, emphasizing a need for trust and clear benefits.

A recent study of over 83,000 adults challenges the health benefits of standing desks, long touted as an innovative solution for workspace health. The research found that standing for more than two hours daily does not reduce cardiovascular risks and can increase the likelihood of circulatory problems, including varicose veins and blood clots, while burning only nine additional calories per hour. Researchers emphasize that prolonged sitting is also harmful, advocating for regular movement every 30 minutes to promote health, rather than relying solely on standing.

Bluesky, a decentralized social media platform initially developed as a project within Twitter, has surpassed 15 million users as it gains momentum among those seeking alternatives to Elon Musk's X (formerly Twitter). The platform has grown significantly, up from 2 million users a year ago.

Netflix experienced streaming delays during the lead-up to the Logan Paul vs. Tyson Fury boxing match, frustrating viewers. The delays, attributed to high traffic and demand, disrupted access to the event, leaving many fans unable to tune in at the scheduled time.

Dating apps are profiting from a shift in focus from romantic matchmaking to fostering platonic connections. Platforms like Tinder and Bumble are expanding their features to include "friend-finding" tools, targeting a growing demand for social connections.

Chegg, once a leading online education platform, has experienced a dramatic decline in its stock value, plummeting by 99% since early 2021. This downturn is primarily attributed to the rise of AI tools like ChatGPT, which offer students free and instant homework assistance, undermining Chegg's subscription-based model. In response, Chegg has implemented significant layoffs, reducing its workforce by 23% in June and an additional 21% recently, totaling 319 employees.

Developer Profiles of the Week

Patrick is an intermediate-to-senior Canadian based software engineer. He has been working with Ruby on Rails for roughly 8 years now and he has a slight preference for the backend. Patrick has some experience with React and primarily works with Heroku for DevOps.

Carlos is a strong full stack react / node developer. He has a great personality and good communication skills. Carlos also has basic experience with AWS for DevOps. Carlos is located in Venezuela and would be a strong addition to any team looking for some react / node capabilities.

Please email us at hiring@donestreet.com to learn more about these talented developers and how you can bring them onto your team.

Engineering and Security

Quantum computing funding has reached a record high, driven by advancements in artificial intelligence and growing commercial interest. Companies like Quantinuum are securing major investments to accelerate research and practical applications in quantum technologies.

A high-severity vulnerability has been discovered in PostgreSQL, allowing attackers to execute arbitrary code by exploiting the "CREATE TABLE LIKE" feature. This flaw affects all supported PostgreSQL versions and poses significant security risks, especially in multi-user environments. Users are strongly advised to apply the latest patches to mitigate potential threats.

The "Prompt Engineering Overview" by Anthropic offers guidance on optimizing prompts for AI models like Claude. It emphasizes the importance of defining clear success criteria and developing empirical tests before refining prompts. The guide advocates for prompt engineering over fine-tuning due to its resource efficiency, cost-effectiveness, and adaptability to model updates. It outlines a structured approach to prompt engineering.

The 3 Barriers Holding Back Your APIs - Three key barriers in API management: lack of collaboration tools, limited developer portals showing only deployed APIs, and reliance on single API gateways, which hinders scalability. He advocates for modern API management tools that promote teamwork and provide visibility across all APIs, fostering innovation and efficiency in development.

A new malware named RustyAttr has been identified targeting macOS systems by exploiting extended file attributes. Attributed to the North Korea-linked Lazarus Group, RustyAttr utilizes the Tauri framework and a revoked Apple certificate to execute malicious scripts, displaying decoy messages to users.

Seven key tools for building multimodal AI applications that integrate text, images, and videos. The article discusses the growing interest in multimodal large language models (MLLMs), which process various data types like text, images, and videos. It highlights seven tools facilitating the development of such applications.

HR Notices

Forward, a San Francisco-based health tech startup once valued at over $1 billion, has abruptly ceased operations. The closure affects nearly 200 employees, all of whom are expected to lose their jobs. Despite raising over $650 million in funding and planning to launch 3,200 AI-powered CarePod kiosks, the company struggled to expand beyond two locations.

MONA AI, a German startup specializing in AI-driven recruitment automation, has raised €2 million in seed funding led by Earlybird-X. The company plans to use the funds to enhance product development, expand its team, and strengthen its presence in the European staffing industry

Genetic testing company 23andMe has announced a 40% reduction in its workforce, affecting approximately 200 employees, and the discontinuation of all its therapeutic development programs. CEO Anne Wojcicki stated that these measures are essential for the company's long-term success.

Funding

Generative AI startup Writer has secured $200 million in a Series C funding round, elevating its valuation to $1.9 billion. CEO May Habib stated that the funds will be used for product development and to solidify the company's leadership in enterprise generative AI.

Radiant, an advanced nuclear technology company, has raised $100 million in a Series C funding round. The company plans to use the funds to complete its Kaleidos Development Unit, a 1MW microreactor designed to provide reliable, low-carbon energy to remote, off-grid locations. The Kaleidos microreactor aims to replace diesel generators and can be deployed quickly by land, sea, or air, serving applications such as military installations, remote industries, data centers, and electric vehicle charging stations.

Elicit Plant, an agri-biotech company specializing in biosolutions for broadacre crops, has raised €45 million to accelerate its global expansion amid increasing climate challenges faced by farmers.

Mithrl, a company dedicated to accelerating scientific breakthroughs, has secured $4 million in funding to enhance its development and discovery initiatives. This investment will support the advancement of their innovative projects, aiming to drive significant progress in various scientific fields

Acquisitions / Mergers

Just Eat Takeaway.com has agreed to sell its U.S. subsidiary, Grubhub, to Wonder Group for $650 million. It’s a significant decrease from the $7.3 billion it paid in 2021. The deal includes $150 million in cash and $500 million in senior notes, with completion expected in early 2025, pending regulatory approval.

Anysphere, the developer of the AI-powered code editor Cursor, has acquired Supermaven, an AI coding assistant, for an undisclosed amount. This acquisition aims to enhance Cursor's capabilities by integrating Supermaven's advanced AI model, Babble, known for its extensive code comprehension and low-latency performance.

Resource of the week

RestorePrivacy is a digital privacy advocacy group dedicated to helping individuals stay safe, secure, and private online. The website offers a comprehensive range of resources, including news, research, and in-depth tutorials on various privacy and security topics. Key areas covered include secure browsers, private search engines, VPN services, encrypted messaging apps, password managers, and data removal services. Additionally, RestorePrivacy provides how-to guides on encrypting files, configuring operating systems for privacy, and protecting against identity theft. The platform aims to equip users with the necessary tools and information to restore their privacy and maintain security in the digital realm.

Book Recommendation of the Week

Hooked: How to Build Habit-Forming Products by Nir Eyal explores the psychological mechanisms behind why certain products and services become habit-forming, and how businesses can design products that encourage repeated use. The book presents a framework for creating products that people can't help but use, drawing on principles from psychology, behavioral science, and marketing.

This Day in History

President Lincoln delivers Gettysburg Address. On November 19, 1863, at the dedication of a military cemetery at Gettysburg, Pennsylvania, during the American Civil War, President Abraham Lincoln delivers one of the most memorable speeches in American history. In fewer than 275 words, Lincoln brilliantly and movingly reminded a war-weary public why the Union had to fight, and win, the Civil War.

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