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👩‍💻 Zoom’s biggest purchase yet (~$15B)

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July 21, 2021

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In yesterday’s earnings report, Netflix confirmed it’s working on original games that’ll be included at no extra cost. (Aside from the physical toll a 20% jump in screen time will have on our eyesight.)

Today’s rundown:

Let’s do it.

The big idea

Zoom makes a ~$15B bet on the call center business

In the past year and a half, Zoom officially became a verb.

With people using Zoom for everything from happy hours to church services, it’s no surprise the firm’s stock price has jumped more than 4x since the beginning of 2020.

Zoom is now using that stock to move beyond video chat… by dropping $14.7B (all stock) to acquire Five9, a cloud contact center platform.

Zoom is building and buying its way to a multiproduct future

The firm has expanded its product through a series of recent product launches, including:

  • Zoom Phone: An enterprise cloud phone system
  • Zoom Rooms: Hardware to integrate conference rooms with Zoom
  • Zoom for Home: A personal home-office solution to simplify remote collaboration

Zoom also partners with tons of apps, including Five9, whose AI-powered contact center software complements Zoom Phone.

According to Five9 CEO Rowan Trollope, their existing co-selling relationship has sparked “tremendous” customer interest in a more integrated solution.

Five9 counts Under Armour, Lululemon, and Citrix among its 2k+ customers — which spells out some massive cross-selling opportunities.

Depending on whom you ask, Zoom could be playing offense or defense

On one hand, the deal gives Zoom entry to the ~$24B contact center market, showing they’re willing to move aggressively into new territory.

On the other, the acquisition could be viewed as a hedge, future-proofing the company in case videoconferencing slows as in-person meetings become more popular.

Either way, next time you use the word “Zoom,” it may mean more than just videoconferencing, which seems to be exactly what the firm is hoping for.

SNIPPETS

Try this on. Snapchat is teaming up with Verishop to launch new virtual try-on experiences in a bid to boost its Snap’s ecommerce presence. #ecommerce-retail

EVs Get a Greenlight: A new survey from EY found 41% of global consumers planning to buy are car are considering going electric or hybrid. #clean-energy

Maine gets it done. The state is the latest to pass a bipartisan facial recognition law. #privacy

Search: How do I stop a nomination? President Biden said he’ll nominate Google critic Jonathan Kanter to head the Department of Justice’s Antitrust Division. #big-tech

Add this to your list of ideas: Chrome plug-ins. And here’s Sam and Shaan brainstorming some thoughts for the space. #mfm

Nike’s 10 commandments. Nike once developed 10 maxims to help it live up to its mission of bringing “inspiration and innovation to every athlete in the world.” #hustle-picks

 
 
CareerTok

Is ‘TikTok Resumes’ Gen Z’s LinkedIn?

Bikini-clad Elle Woods used a video essay to get into Harvard Law School in Legally Blonde (2001).

A TikTok parody of that video got a Brigham Young University student an internship at TikTok — and offers from 10 other companies, per The New York Times.

Could video essays be the next thing in hiring?

TikTok announced a pilot program called TikTok Resumes that connects job seekers to hiring companies, including Target, Alo Yoga, PopSugar, NASCAR, Shopify, and Contra. 

Through July 31, candidates can upload videos CVs with the hashtag #tiktokresumes in the caption. In the past week, 800+ applicants have submitted videos.

The program is for all ages, but its top users have been Gen Z. One 21-year-old’s video resulted in 182k+ views and over a dozen job leads.

Candidates can use video to get creative…

… and show off their social media skills, personality, and other talents more easily than on paper or PDFs:

  • Tressie Lieberman, Chipotle’s VP for digital marketing, told the NYT the company is interested in people who display their kitchen skills.
  • WWE wants to find its next superstar. Paul Levesque of WWE — AKA wrestler Triple H — said they’re not looking at someone’s background as much as their “charisma.”

WWE is also looking for 2 SummerSlam announcers with the hashtag #WWEAnnouncerContest. Please enjoy.

I Spy

A spyware breach has Apple feeling the heat

When an expert describes a cybersecurity issue as “a MAJOR blinking red 5-alarm-fire problem,” it probably is.

The issue at hand is a set of vulnerabilities in iOS software brought to light by Amnesty International in a wild new report.

Here’s what it found

At the center of the story is Pegasus, a spyware developed by Israeli cybersecurity firm NSO Group.

Researchers reported that Pegasus was used to infect the phones of individuals who don’t meet the criteria needed for it to be used (i.e., criminals and terrorists).

According to researchers, Pegasus infected the phones of 37 journalists, human rights activists, business executives, and others.

What happens now?

Calls are being made for Apple to start working more collaboratively and transparently on cybersecurity with other tech companies.

As for NSO Group, it’s far from the first time they’ve been caught in the spotlight for targeting journalists, political dissidents, and human rights activists.

This time seems different, though. Amazon Web Services has disabled accounts linked to the group and other Tech leaders have had enough.

Podcast

Baller business ideas after NCAA rule changes

The best bites from ep. 198 of My First Million:

  • College athletes are (finally) getting paid. Thanks to new NCAA regulations, endorsements are brewing as we speak. Sam and Shaan brainstorm big business opportunities.
  • What are “inflections”?  Whether they’re caused by culture or regulations or tech, these are the signals the boys are always hunting for.
  • An analysis of Nero — a business that offers a secure digital archive and search engine for all company documents. Because even small teams make a hot mess in the cloud.

Subscribe to the pod today for endless innovation.

Listen now →
SNIPPETS

Try this on. Snapchat is teaming up with Verishop to launch new virtual try-on experiences in a bid to boost its Snap’s ecommerce presence. #ecommerce-retail

EVs Get a Greenlight: A new survey from EY found 41% of global consumers planning to buy are car are considering going electric or hybrid. #clean-energy

Maine gets it done. The state is the latest to pass a bipartisan facial recognition law. #privacy

Search: How do I stop a nomination? President Biden said he’ll nominate Google critic Jonathan Kanter to head the Department of Justice’s Antitrust Division. #big-tech

Add this to your list of ideas: Chrome plug-ins. And here’s Sam and Shaan brainstorming some thoughts for the space. #mfm

Nike’s 10 commandments. Nike once developed 10 maxims to help it live up to its mission of bringing “inspiration and innovation to every athlete in the world.” #hustle-picks

 
 
TRENDS

Trends events are in full swing this summer…

Have you taken a look at the Trends events calendar?

Some of our favorite hangouts from the last two weeks include:

  • An ecommerce mastermind session
  • Business idea speed dating
  • Virtual poker night with the Trends community
  • Brunch in London

We’re business-building better together.

Try your first week for just $1, and gain immediate access to Trends community events.

Get Access →
Meme of the day

The official WFH uniform (Source: Twitter / Hindustan Times)

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