OpenAI shifts from nonprofit to ‘capped-profit’ to attract capital

OpenAI may not be quite so open going forward. The former nonprofit announced today that it is restructuring as a “capped-profit” company that cuts returns from investments past a certain point. But some worry that this move — or rather the way they made it — may result in making the innovative company no different from the other AI startups out there.
From now on, profits from any investment in the OpenAI LP (limited partnership, not limited profit) will be passed on to an overarching nonprofit company, which will disperse them as it sees fit. Profits in excess of a 100x return, that is.
In simplified terms, if you invested $10 million today, the profit cap will come into play only after that $10 million has generated $1 billion in returns. You can see why some people are concerned that this structure is “limited” in name only.
In a blog post, OpenAI explained


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DocuSign pops 30% and Smartsheet 23% in their debuts on Nasdaq and NYSE

Enterprise tech IPOs continue to roar in 2018. Today, not one but two enterprise tech companies, DocuSign and Smartsheet, saw their share prices pop as they made their debuts on to the public markets.
As of 1:33 New York time, DocuSign is trading at $40.22, up 39 percent from its IPO price and giving the company a market cap of over $6 billion. Smartsheet is at $19.35, up 29 percent and giving it a market cap of $1.8 billion. We’ll continue to update these numbers during the day.
Smartsheet was first out of the gates. Trading on NYSE under the ticker SMAR, the company clocked an opening price of $18.40. This represented a pop of 22.7 percent on its IPO pricing of $15 yesterday evening — itself a higher figure than the expected range of $12-$14. The company, whose primary product is a workplace collaboration and project management platform (it competes with


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Udacity buys CloudLabs in its first-ever acquisition to enable collaborative programming

 In the market for online education, Udacity remains focused on teaching its students about software development, data science and machine learning. To this avail, Udacity brought out its M&A team for the first time to strategically acquire CloudLabs, a small shop building interactive coding environments that let groups collaboratively code from within their browsers. Read More


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Unpicking the Gordian knot around blockchain patents

 As of June 22, 2016, there were 492 published patent families directed to the theme of blockchain and 192 relating to bitcoin. Patent applications filed over the last 18 months are not in these statistics, and it is expected that significant numbers of new applications connected to these themes have been filed in that period. The numbers we are seeing likely represent the tip of the iceberg. Read More


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Verizon buys Yahoo for $4.83 billion

 After a months-long bidding process and many layoffs, Yahoo has finally found a buyer. Verizon (which owns AOL, which owns TechCrunch) is officially acquiring Yahoo’s core business for $4.8 billion, which includes Yahoo’s advertising, content, search and mobile activities. Read More


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Coinbase is adding support for Ethereum

 Since Coinbase was founded in 2012, hundreds if not thousands of Bitcoin competitors (typically referred to as alt-coins) were created. But Coinbase ignored the noise and remained focused on supporting just one currency – Bitcoin. But today that changes, as Coinbase is announcing that they are adding site-wide support for Ethereum, a digital currency with a built in programming… Read More


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