Silicon Valley’s focus has often been going after the next big thing in tech, whether it’s flying cars, robot butlers, or something you haven’t even dreamed of yet.
But one venture capitalist says the real focus should be elsewhere.
“For as much talent as there is in Silicon Valley, a lot of the venture capital money is going towards the latest buzzword or hype cycle, whether that’s the newest ‘Blockchain for X’ or ‘Uber for Y,’” Ankur Jain, co-founder and CEO at VC firm Kairos, told Cheddar.
“What we’re trying to do is show that the biggest market opportunities are actually in helping the middle class with some of the biggest pain points -- things that we all deal with, like the cost of rent, student loans, parenting.”
Jain has pledged to invest $25 million into start-ups that can create products for lower income consumers, those who aren’t eligible for government subsidies and have limited cash flow.
For example Rhino, one of his company’s latest investments, hopes to tackle New York’s exorbitant rental costs by eliminating the security deposit. The one-time payment can be an undue burden for many -- personal finance company GoBankingRates said last September that 57 percent of Americans had less than $1,000 in their savings account.
Rhino subscribers, meanwhile, would pay $10 to $20 a month in lieu of the deposit. New signees can also get back deposits they’ve already paid.
The company says it has 23,000 units using the service in New York City.
For the full interview, [click here](https://cheddar.com/videos/saving-renters-money-with-rhino).
With interest rates high, housing inventory low and Veterans Day just around the corner, Cheddar News took a look at how the current market is impacting those who served and continue to serve our country. Patton Gade, national director of military lending with UMortgage, explains how a VA loan works, its benefits and what's involved in the process of purchasing a home.
Stocks were mixed in Tuesday's early session as Wall Street came off a strong rally last week.
Google on Monday confronted the second major U.S. antitrust trial in two months to cast the internet powerhouse as a brazen bully that uses its immense wealth and people's dependence on one of its main products to stifle competition at consumers' expense.
Hilton Grand said it's in the process of purchasing Bluegreen Vacations in a $1.5 billion deal.
Walt Disney Co. named former PepsiCo veteran Hugh Johnston as its new chief financial officer.
The PlayStation 5 Slim will be reportedly released on Friday.
With the holiday season approaching, many are in the market for a new TV. Cheddar News breaks it all down.
Credit card usage is sure to tick up ahead of the holiday season. With cashback, airline miles and points to be earned, reward credit cards could give you a bonus. Grant Gallagher, associate vice president and head of financial well-being with Affinity Federal Credit Union, spoke with Cheddar News about why it's important to take advance of those rewards.
Tesla is increasing wages for factory workers in Germany.
People are making travel plans and booking tickets as the holiday season nears. Johannes Thomas, CEO of Trivago, joined Cheddar News to provide tips on saving when booking lodging ahead of Thanksgiving and Christmas.
