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🎬 PayPal gets the Hollywood treatment

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We’re closing in on 100k Twitter followers and need your help to cross the century mark. Follow for news, memes, and wild biz stories — like how a Texan with a turkey fryer took the vodka world by storm.

In today’s email:

  • Coffee: The startup taking on Starbucks.
  • Chart: PayPal’s Corleones.
  • Fast food: A new bill could raise pay.
  • Around the Web: An astronaut’s dessert, cringey LinkedIn, saving gas with Maps, and more cool internet finds.

🎧 On the go? Listen to today’s 10-minute podcast to hear Zack and Rob debate whether Blank Street Coffee can take on Starbucks and Dunkin’, Twitter’s abandoned OnlyFans plans, Snap’s layoffs, and more.

The Hustle Daily Show

🎧 On the go? Listen to today’s 10-minute podcast to hear Zack and Rob debate whether Blank Street Coffee can take on Starbucks and Dunkin’, Twitter’s abandoned OnlyFans plans, Snap’s layoffs, and more.

The big idea
smelling coffee

Starbucks and Dunkin’ have a new challenger

In the US, coffee is dominated by a familiar duopoly.

Starbucks and Dunkin’ control ~66% of the retail market, and their ubiquity makes it difficult for upstarts to break through.

But Williamsburg-based Blank Street Coffee has a plan: to sell cheaper coffee than Starbucks that tastes better than Dunkin’, per The New York Times.

Blank Street…

… started as a small, electric coffee cart in 2020, and has since expanded to 40 locations across NYC, Boston, and London.

The chain is betting big on automation, using a pair of tools to minimize the wait for customers:

  • A mobile app that offers reward points for each order
  • Eversys espresso makers that churn out 700 drinks per hour

This combination allows Blank Street to keep its retail operation small. Most stores are under 350 square feet, making it easy to add new locations.

Another reason for its rapid growth…

… is the $67m the chain has raised from investors like Tiger Global and General Catalyst, which has also created skeptics out of some New Yorkers.

  • Critics condemn Blank Street’s VC associations, accusing the chain of using its initial location to “check the Williamsburg box.”

Unsurprisingly, Blank Street has ambitious goals. Founder Issam Freiha says, “We want to be the really good cup of coffee that you drink twice a day, every day.”

If they accomplish that, we may soon be talking about coffee’s triopoly.

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SNIPPETS

Snap is laying off 20% of its ~6.4k-person staff, with some teams reportedly impacted more than others — like one that builds minigame capabilities for Snapchat developers.

Royal Caribbean announced it will use Starlink’s high-speed satellite internet to power its cruise fleet.

In France, officials have used AI to find 20.3k undeclared swimming pools, which can raise property values and, thus, taxes.

Gopuff is looking to secure a $300m credit line amid slowing growth and after burning through $400m in the first quarter of 2022.

Indian billionaire Gautam Adani replaced Bernard Arnault as the world’s third-richest person, with ~$137B. He’s the first Asian man to rank that high.

Twitter Circle, a feature that lets you tweet to a preselected group of up to 150 people, is now available to everyone.

The National Labor Relations Board ruled it’s unlawful for Tesla to prevent workers from wearing union buttons and T-shirts.

Germany and Denmark are investing $9B in offshore wind parks expected to power up to 4.5m homes and curb reliance on Russia.

$170k in 20 days? Check out how Trendsters Lori and Kelsey executed a ridiculous affiliate program and product launch for a cannabis company.

Chart
PayPal Mafia's ventures

Singdhi Sokpo

The next mafia TV show is about… PayPal?

Bad news for the Sopranos and Corleones: PayPal’s former kingpins, known as the “PayPal Mafia,” could soon get a series of their own.

A show about PayPal’s early days, where many of tech’s biggest names springboarded their careers, is being tinkered with, per Protocol.

  • The project is based on Jimmy Soni’s book The Founders, the rights to which were acquired by production companies owned by PayPal old-timers David Sacks and Jack Selby.
  • This past weekend, at PayPal’s 20th IPO anniversary party, a crew reportedly recorded interviews for a pitch.

The development comes as streamers make the tech rounds. In 2022 alone, we’ve seen Apple TV+’s “WeCrashed” (about WeWork), Showtime’s “Super Pumped” (Uber), and Hulu’s “The Dropout” (Theranos).

A show we’d really like to see made, however, is one about Dan Chan, the early PayPal employee who got laid off, then became Silicon Valley’s favorite magician.

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Free Resource

15 hard-hitting value prop templates

Value props = clear, concise pitches for buyers and stakeholders.

AKA the key branding language no business can afford to flub.

If you’ve got mumbo-jumbo to remove, here are 15 copy and design templates to provide structure and spark.

Create and brainstorm with these templates:

  • Value Proposition Writing (10)
  • Value Proposition Canvas
  • Brand Hierarchy
  • Competitive Analysis
  • Mission Statement Brainstorming
  • Vision Statement Brainstorming

Keep those pitches pristine. Packaged by HubSpot. 🧡

Proper value propping →
The Fast-Food Council
fast-food worker

California fast-food workers could get $22/hr.

California’s minimum wage is $15.50/hr., but a new bill could score some fast-food employees up to $22/hr.

The Fast Food Accountability and Standards (FAST) Recovery Act has passed both the state Assembly and Senate, but Gov. Gavin Newsom has until Sept. 30 to sign it, per The New York Times.

What would it do?

  • Create a 10-person fast-food council with employee and restaurant reps, plus state officials.
  • The council would set industry-wide standards, including wages, working hours, and conditions.
  • Only fast-food chains with at least 100 US locations would be affected.

Proponents hope the council would give fast-food employees — who often deal with wage theft, harassment, and safety issues — a voice.

But it’s controversial

Several business groups and restaurant owners, including the California Chamber of Commerce and both the National and California Restaurant Association, are against it. They argue:

  • It’d raise food prices as much as 20%.
  • It might deter franchisees from operating in California.

Groups representing Black, Asian, and LGBTQ+ businesses also worry it could harm minority groups who rely on franchises as a path to entrepreneurship.

Interestingly, if approved, the council would be similar to sectoral bargaining, where workers and employers negotiate across an industry. It’s common in Europe, but not the US.

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AROUND THE WEB

🎥 On this day: In 1897, Thomas Edison received a patent for the Kinetograph, a movie camera that used celluloid film.

🍨 That’s interesting: The dessert Clair de Lune was invented for a White House state dinner honoring the astronauts of Apollo 11. Here’s how to make it.

🙄 Haha: A LinkedIn viral post generator. You get to choose your own “cringe” level.

How to: How to use Google Maps to save on gas.

😍 Aww: And now, a stoat on a trampoline.

Meme
Pumpkin Spice meme

Brace for impact. (Source: imgflip.com)

How did you like today’s email?
Today’s email was brought to you by Jacob Cohen, Juliet Bennett Rylah, Samir Javer, and Rob Litterst.
Editing by: Jennifer “Jenny Corleone” Wang.

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