Sofina Nikat was due to face Melbourne magistrates court on Wednesday charged with murdering 14-month-old Sanaya Sahib Related: Sanaya Sahib murder: mother charged with killing toddler in Melbourne A Melbourne woman who police say confessed to killing her infant daughter has not appeared in court because of her mental state. Continue reading...
I have always been bullish about the spread of entrepreneurship as a global phenomenon. My organization has worked diligently towards propagating the lessons learned from successful entrepreneurs to those coming after, on a global scale. It has been thrilling to watch the world adopt entrepreneurship as a key tool for economic development. One of my worries have always been that the Silicon Valley disease of equating entrepreneurship with venture capital financing will also spread, corrupting and misleading inexperienced entrepreneurs around the world. Well, I am very sorry to report that the disease has, indeed, spread. In fact, it is now an epidemic. Last week, Nick Bilton wrote a comprehensive analysis of the Unicorn bubble in Silicon Valley in Vanity Fair. These companies, valued at over $1 billion, rarely with commensurate revenues or profits, up-to-the-neck in liquidation preferences, have now become commonplace. Over a hundred at recent count, growing every week, flooded with venture capital, these Unicorns make a grand mockery of the fundamentals: Entrepreneurship = (Customers + Revenues + Profits); Financing and Exit are optional. Most will not exit at these valuations, because the public market is NOT in a bubble, and most large tech companies are neither stupid enough, nor desperate enough to pay those valuations. (May be, Marissa Meyer will. The rest - I am not so sure.) At 1M/1M, we have always worked with local organizations in various parts of the world to help with their entrepreneurship development efforts. Outside the United States, India has been our biggest geography. Indian entrepreneurs are hungry. It has been very rewarding to help a large number of them tackle the very steep learning curve over the last 10 years, first through my blog, and subsequently through our 1M/1M global virtual accelerator. I wrote a book called Seed India: How To Navigate The Seed Capital Gap in India in 2003. In it, I had expressed the hope that Indian entrepreneurship would be less speculative, less venture capital oriented, more focused on building real companies, with real customers, real revenues, and real profits. Well, I am sorry to report that in two years, the market has come to just as sorry a state of speculative bubble as Silicon Valley is in, currently. Valuations have no rhyme or reason, and no anchoring in fundamentals. Investors are showering capital on a few companies like Flipkart, Ola, and Snapdeal at a scale that makes no sense. E-Commerce in India is still a rather small market, and these valuations also make no sense. And their losses haven't swayed the investors away. Flipkart has raised $3 billion in funding so far from investors including Tiger Global Management, DST Global, Qatar Investment Authority, T. Rowe Price, Steadview Capital, Greenoaks Capital Management, Baillie Gifford, Sofina, Singapore GIC, Morgan Stanley, Accel Partners, Naspers, Iconiq Capital, Dragoneer Investment Group, and Vulcan Capital. Their last round of funding was held in May this year when they raised $550 million at a valuation of $15.5 billion, increasing significantly over the $1.6 billion that they were valued at back in 2013. Market rumors suggest that now Flipkart is eyeing a Wall Street IPO by next year. They are expected to raise $5 billion through the round, making them India's biggest IPO. And the media fuels stories of fund-raising constantly. In fact, that's the only kind of startup news that gets any coverage, and the more outrageous the raise, the most crazy the valuation, the more absurd the amount, the better. Sensationalizing fund raising is the entrepreneurship media's favorite game. Recently, we have closed a partnership with the Delaware State Government's Economic Development arm, DEDO. Ken Anderson, Director of the program, asked me during the evaluation, a simple question: "What happens if our companies move to Silicon Valley?" My answer to him was that the only reason it would make sense for a Delaware-origin company to move to Silicon Valley is if they seek funding from Silicon Valley investors, and the investors require that they move. The truth is, most of the companies won't be venture fundable, and they would most likely be building fundamentally solid businesses with customers, revenues, and profits right in Delaware without any need to move. The beauty of 1M/1M is that we do not require them to raise financing and move to Silicon Valley. We don't deem funding as our success metric. So we're happy to support these fledgling ventures in becoming sustainable long-term businesses, creating value, creating jobs, all over the world. Nonetheless, the local media in Delaware, reading all the Unicorn hype and the venture capital buzz, focuses on the financing issue as the key one, missing the overarching point of what entrepreneurship is truly all about. I had a very similar experience recently with a delegation from the Tamil Nadu government visiting Silicon Valley from India. They came to see me to explore how 1M/1M can help them enhance the entrepreneurship eco-system in their state. And their first question was about funding. As I explained our observation that over 99% of the businesses who go out to seek venture financing are not fundable, they were stunned. I hope the visit was helpful in thinking their strategies through, because people thinking about economic development through entrepreneurship should not be thinking of venture capital as their core strategy. It is an optional piece of the equation. Customers, revenues, and profits are the fundamentals of entrepreneurship. Unfortunately, as the venture capital obsession spreads like wild fire, and the Unicorn hype escalates, inexperienced members of the eco-system are getting utterly and completely confused. It seems, this unproductive bubble will last for years still, before the market rationalizes, and we get back to the basics. Photo credit: Esparta Palma/Flickr.com. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.
Основатель DST Global Юрий Мильнер вместе с партнерами инвестировал $90 млн в развитие индийского медицинского стартапа Practo, сообщаетTechCrunch.
Российский бизнесмен Юрий Мильнер инвестировал в индийский сервис, предоставляющий услуги по записи к врачам Practo. Об этом говорится в сообщении компании. Также в числе инвесторов, вложивших в развитие сервиса в общей сложности $90 млн, компания называет Sofina, Sequoia India, Google Capital, Altimeter Capital, Matrix Partners, Sequoia Capital Global Equities. Г-н Мильнер является совладельцев российского интернет-гиганта Mail.ru Group, а также компании DST Global.
Крупнейший в Индии интернет-ритейлер Flipkart получил 1 млрд долларов от консорциума инвесторов, в том числе от сингапурского суверенного фонда GIC, американского банковского холдинга Morgan Stanley Investment Management и инвестиционного фонда Tiger Global Management. Соинвесторами выступили Accel Partners, Iconiq Capital, Naspers, Sofina и фонд DST Global.
By Lawrence Hurley WASHINGTON, June 23 (Reuters) - New Jersey's attempt to introduce licensed sports betting has failed, with the U.S. Supreme Court on Monday leaving intact a lower court ruling that said a federal law did not allow it. The high court declined appeals filed by the state and its supporters over a September 2013 ruling by the Philadelphia-based 3rd U.S. Circuit Court of Appeals, which said the state's efforts were trumped by a federal law that prohibits the practice in most states. Governor Chris Christie had signed a law in 2012 that authorized sports betting at the state's racetracks and at Atlantic City casinos. But sports leagues, including the National Football League and the National Basketball Association, sued, and a federal judge struck down the law in March 2013. New Jersey officials hoped that legalized sports wagering would generate more revenue for Atlantic City's gambling industry, which has lost customers to a spate of new casinos opening in nearby states. The legal challenge focused on a law passed by Congress in 1992, the Professional and Amateur Sports Protection Act, which blocked states from allowing legalized sports wagering. Four states that had already legalized sports betting at the time were grandfathered into the 1992 law and allowed to continue. New Jersey had one year to opt in, but never did. The related cases are Christie v. NCAA, New Jersey Thoroughbred Horsemen's Association v. NCAA and Sweeney v. NCAA, U.S. Supreme Court, No 13-967, No, 13-979 and No. 13-980. (Reporting by Lawrence Hurley; Additional reporting by Hilary Russ; Editing by Howard Goller and Sofina Mirza-Reid)
BOSTON, June 10 (Reuters) - Massachusetts Governor Deval Patrick on Tuesday unveiled a $20 million package of proposals to tackle what he described as a crisis of addiction to opioid drugs in the state, and called for a summit of all six New England governors to address a broader regional response. A commission appointed by the governor, who in March declared addiction to opiate drugs a public health emergency, called for steps including a expanding treatment for drug addicts in state prisons and to create new live-in centers to treat addicts as young as 13 years old. "These actions will help enhance our network for treatment and recovery services to help communities and families struggling with addiction," Patrick said at a Boston high school that provides treatment services for addicted teens. Opioid abuse can start with prescription pain killers and escalate to heroin use. In Massachusetts alone, some 668 people died from opioid drug overdoses in 2012, almost double the level in 2000, according to the state report. The commission also called on state regulators to review how doctors prescribed and pharmacies dispense opioid pain relievers, noting, "safe prescribing and dispensing practices are needed to decrease the risk of misuse and abuse while allowing for the legitimate use of these important medications." Patrick said he planned to meet with his counterparts from Rhode Island, Connecticut, Vermont, New Hampshire and Maine next week to discuss ways they could collaborate to reduce opiate abuse across the New England region. Spokespeople for Rhode Island Governor Lincoln Chafee, Connecticut's Dannel Malloy and New Hampshire's Maggie Hassan confirmed the governors would attend next week's summit. Representatives of Vermont's Peter Shumlin and Maine's Paul LePage were not immediately able to comment. An earlier effort by Patrick to cut opioid drug use in the state by banning the sale of Zogenix Inc's prescription painkiller Zohydro was knocked down by a federal court in April, which ruled that only the U.S. Food and Drug Administration had the authority to regulate such sales. (Reporting by Scott Malone; Editing by Sofina Mirza-Reid)
* Man in Texas being questioned about letters to Obama, Bloomberg * Five threatening letters sent earlier from Washington state * Ricin letter to CIA detected but not found, says FBI (Adds Shreveport postmark, additional detail on CIA letter) By Mark Hosenball WASHINGTON, May 31 (Reuters) - U.S. authorities are investigating a Texas man over threatening letters containing a deadly poison mailed to U.S. President Barack Obama and New York Mayor Michael Bloomberg, a law enforcement official said on Friday. The probe comes as FBI officials continue investigating a separate batch of ricin-laced letters sent earlier this month from Washington state to the president and four other targets, including the CIA and a military facility. At this point, investigators do not think the two cases are connected, the source said. FBI investigators in Texas are questioning a man in New Boston, Texas after his wife called the police to report suspicious activity, the law enforcement source said. The agency is proceeding cautiously, and the man has not been charged, the source added. Those letters were postmarked May 20 from Shreveport, Louisiana, according to an official briefed on the investigation. They referred to the debate over the nation's gun laws and also were sent to Bloomberg's gun control group in Washington, D.C. Initial tests showed they contained ricin. ID:nL2N0EA26I] In the Washington state case, the FBI said on Thursday that three of the five letters, including the letter to Obama, have been intercepted and contained ricin. A fourth letter to Fairchild Air Force Base near Spokane has been located, and a fifth letter to the CIA was detected but not found, the FBI's Seattle office said in a statement. "The CIA letter was detected during the mail process but it was sent to a facility that does not receive mail deliveries," said Ayn Dietrich, a spokeswoman for FBI Seattle. "We can't offer more granularity into detection methods," she said when asked what it meant for the letter to be "detected." Authorities have already charged a Washington state man, Matthew Ryan Buquet, for allegedly mailing one of the five letters to a U.S. district judge in Spokane. On Thursday, the FBI said that letter is similar to the other four letters from Washington under investigation. "We are aware of similarities between the five letters listed in the press release. The Shreveport letters are separate from this Spokane investigation," Dietrich said. Mail to top public officials is not delivered directly, but instead goes through off-site screening facilities first. The letter sent to Bloomberg's group Mayors Against Illegal Guns was opened by its director. Authorities have intercepted several ricin-laced letters in recent weeks. The poisonous substance is found naturally in castor beans but can be converted into a lethal form that can cause death within days. There is no known antidote. The FBI is moving cautiously after wrongly arresting a suspect in another recent ricin case, the source said. James Everett Dutschke, a Tupelo, Mississippi martial arts instructor, was arrested in April with allegedly sending poison-laced letters to Obama and two other public officials after authorities first arrested another man who worked as an Elvis impersonator. (Additional reporting Susan Heavey in Washington, Edith Honan and Chris Francescani in New York and Eric Johnson in Seattle; Editing by Ellen Wulfhorst, Sofina Mirza-Reid and Tim Dobbyn)
(Adds officials pleading not guilty in sixth paragraph) By Jared Taylor MCALLEN, Texas, April 10 (Reuters) - Two agents with the U.S. Department of Homeland Security assigned to root out corruption in other law enforcement agencies have been charged in Texas with faking records, federal prosecutors said on Wednesday. Eugenio Pedraza served as special agent in charge of Homeland Security's Office of Inspector General in McAllen, Texas, where he was responsible for rooting out corruption in other federal agencies that work along the U.S.-Mexico border. Pedraza and an agent who reported to him falsified records from seven investigations into Customs and Border Protection officers and Border Patrol agents accused of accepting bribes to allow drug shipments and illegal immigrants through international ports of entry between 2009 and 2011, the indictment states. The indictment alleges Pedraza, 49, covered up "severe lapses" in investigative standards ahead of an internal review of the McAllen office, the Justice Department said in its statement. Also charged in the case is Special Agent Marco Rodriguez, 40, accused of following Pedraza's orders to falsify records in ongoing investigations. The indictment shows Rodriguez worked on two of seven cases identified in the indictment as containing false information. Both Rodriguez and Pedraza appeared in federal court in Brownsville, Texas, on Wednesday and pleaded not guilty, according to court documents. Bond was set at $50,000 each. No defense attorneys were listed in court documents for either defendant. Five other agents under Pedraza were assigned to other cases under scrutiny, but were not named in the indictment. Pedraza was accused of directing his subordinates to draft and place backdated memos into investigative files showing progress in cases that never occurred, as well as records involving case reviews that were never performed. Pedraza also is accused of failing to promptly notify the FBI that one of its agents was under investigation. The Justice Department said Pedraza concocted the alleged scheme to make it appear to investigators reviewing his office that cases were being worked properly. A third former special agent, Wayne Ball, has already pleaded guilty to one count of conspiracy to falsify records in federal investigations. His sentencing is set for July 31. The most severe charges carry maximum sentences of 20 years in prison, as well as a maximum fine of $250,000 on each count. (Reporting by Jared Taylor; Editing by Mary Wisniewski, Sofina Mirza-Reid, Greg McCune and Lisa Shumaker)