Week in Review: Venture-Backed Loneliness - Tech & Startup News
Greetings to all and welcome to this week’s news summary! Natasha reporting for Lucas while he is away. This installment will cover the surprising ways people are addressing feelings of isolation through fundraising, and how the challenges of video conferencing are inspiring new developments.
Wishing a joyful holiday season to those who observe it! Be sure to check back next week for additional seasonal articles, including the release of our yearly TechCrunch Gift Guides.
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The big story
During the past month, my work has taken place within several virtual environments. Numerous entrepreneurs are leveraging spatial technologies and game-like elements to construct online spaces. These environments aim to offer users opportunities to gather and experience a degree of the unplanned interactions common in real-world settings, like the workday or celebrations. These creators are investigating whether the metaverse can achieve widespread adoption. Having personally experimented with the platform – and as someone who doesn’t typically play video games – I found the experience surprisingly user-friendly. It’s a unique sensation to encounter another person in this digital context.
A more detailed account of my experiences, including a demonstration video and illustrative images, can be found here. However, today I want to explore what the emergence of these virtual headquarters suggests to me.
Entrepreneurs are attempting to address feelings of isolation during the current coronavirus pandemic. There's been a change in the fundamental purpose of the technology being developed, and it centers around a phenomenon known as Zoom fatigue.
As an illustration, we observed a surge of startups aiming to facilitate remote work earlier this year, in March. Now, in November, we are witnessing a similar rush of startups focused on resolving the challenges and exhaustion associated with remote work.
My belief is that these founders are striving to develop a solution to the absence of unplanned moments and a sense of connection in our daily lives. By its very nature, spontaneity cannot be manufactured. And the feeling of being together in person is fundamentally different. These inherent limitations lead one to consider the boundaries of what technology can achieve. However, the $2 billion valuation of virtual event platform Hopin certainly gives pause.
As startups continue to pursue solutions to the most pressing issues that resonate with a broad audience, it will be crucial to discern which problems are suitable for venture capital investment and which are more deeply rooted in the human condition.
The round upA Changing White House
The past week has seen considerable activity within the White House and the technology sector. President Trump dismissed Chris Krebs, the U.S. official responsible for cybersecurity, following Krebs’s refutation of unsubstantiated claims regarding the election. Simultaneously, Facebook and Twitter representatives appeared before Congress for further questioning regarding the spread of misinformation on their platforms. The technology industry is anticipated to encounter continued scrutiny as the Biden Administration begins its term, particularly concerning potential antitrust regulations. However, developments aren’t entirely unfavorable for the tech world; President-elect Joe Biden’s proposed infrastructure initiatives and a tech-focused transition team may prove beneficial for emerging companies. Further details are available here.
Progress in the COVID-19 Vaccine Development
Pfizer and BioNTech have this week requested emergency use authorization from the U.S. Food and Drug Administration for their COVID-19 vaccine candidate, which has demonstrated 95% effectiveness. This announcement builds upon Moderna’s earlier report indicating their vaccine is 94.5% effective. While approval could lead to vaccinations for those at highest risk, widespread availability of vaccines is not expected until 2021. Additional information can be found here.
Apple’s Newest Hardware
According to my colleague Brian Heater, “not every hardware update can represent a complete overhaul.” Nevertheless, Apple’s recent release of three new Mac models has garnered positive attention. Reviews are available for the Mac mini, Macbook Air, and MacBook Pro. These machines are powered by Apple’s internally developed microchips, a project that began in 2008. This represents a success for Apple and a shift away from Intel, which previously supplied the processors for Macs. Intel has responded by announcing its own line of white-label laptops.
TC: Sessions Space is Approaching
NASA and SpaceX have jointly launched four astronauts—along with a special passenger—into space for the first operational Dragon Crew Mission. This mission marks a historic achievement, and makes our upcoming event particularly relevant. TechCrunch will host its inaugural space-focused event, TC: Sessions Space, on December 16 and 17. The event agenda is comprehensive, featuring discussions with the head of the US Space Force, NASA leaders, and others. Tickets are available now.
Other stories
- A reorganization across the company led to workforce reductions within Amazon’s drone delivery division. Simultaneously, Amazon introduced Amazon Pharmacy, a convenient service for the home delivery of prescription drugs.
- Verizon Media, the parent organization of TechCrunch, has transferred ownership of HuffPost to BuzzFeed as part of a transaction involving company stock.
- Google has revealed a new doodle generator that utilizes artificial intelligence.
- The challenges facing colleges and universities persist, and the effectiveness of educational technology in preventing institutional closures remains uncertain.
Thank you for your time,
Natasha