Port Authority Agrees to Subsidize Rupert Murdoch's Rent
21st Century Fox and News Corp. are considering a move downtown.
The Port Authority of New York and New Jersey voted on Thursday to offer Rupert Murdoch’s companies 21st Century Fox FOX -3.06% and New Corp. NWSA -3.13% subsidized rent in the not-yet-built 2 World Trade Center office building.
With the subsidy, which Port Authority estimates is worth $9 million, the public agency hopes to close the deal that would establish the name-brand companies as anchor tenants of the office building—kicking the building’s construction into high gear.
Port Authority’s executive director Patrick J. Foye told The New York Times that the deal could lead to more than $500 million in revenue for Port Authority, which needs the money for projects like a new Port Authority Bus Terminal in midtown Manhattan and trans-Hudson rail tunnel.
The subsidy raises concerns because Port Authority had previously promised not to spend public money on the World Trade Center project. But with so much revenue hinging on the construction of 2 World Trace Center—and that construction hinging on a big lease agreement—the Port Authority says it’s worth a broken promise.
Port Authority chairman John Degnan defended the subsidy in a press conference, according to Capital New York, saying, “It seems to me not much different than what the state of New Jersey does repeatedly and the state of New York does repeatedly, which is to [provide incentives to] companies to locate facilities within their jurisdiction, with all the benefits that that brings.”
The two Murdoch-owned companies have not yet agreed to the sweetened deal.
Can an Algorithm Break The Glass Ceiling?
Think of it as online dating—but for working women.
Eileen Carey and Lauren Mosenthal are on a mission to “empower women to break the glass ceiling, together.” Their weapon of choice: Glassbreakers, a San Francisco-based online matchmaking service that pairs mentors with mentees.
Why mentorship? According to Catalyst, women who find mentors through formal programs receive more promotions than women who find mentors on their own—by a ratio of almost 3 to 2.
I sat down with Carey, CEO of Glassbreakers, and Mosenthal, the company’s CTO, to talk about the connection between mentorship and online dating, the importance of sharing ideas, and the best advice for entrepreneurs.
The following interview has been edited and condensed for clarity. You can find the entire interview on Inflection Point.
Fortune: Let’s start simple: What is Glassbreakers?
Eileen Carey: Glassbreakers is a peer mentorship platform for women. We’ve built software that uses a machine learning algorithm that connects women in the workforce who can help each other. Glassbreakers is a lot like online dating, but for women in the workforce.
I was surprised to learn from the Association for Talent Development that 75% of Fortune 500 companies already offer mentoring programs. What does Glassbreakers do that’s not already being done?
EC: Traditional mentorship is usually between someone very junior and someone very senior. That doesn’t work for women. There are way more mentees entering the workforce than there are mentors. Instead of putting pressure on the mentors to look after all of these women that are coming up, we think it’s going to be more advantageous to connect women around the same place in their career as they rise to the top.
If you’re inside a large company and you’re trying to inch your way upward in the organization, how can a peer-to-peer mentoring relationship help you do that?
EC: Someone super senior might be able to advocate for you, but it’s up to you to really be that strong candidate. Peer mentorship — where you’re building your skill sets, where you’re becoming more confident, where you’re getting that support that you need the day you say, “I want a raise”—I think that’s going to go really far in a company, too.
How does this work inside a company?
Lauren Mosenthal: Let’s say there’s a woman who just got pregnant, and she wants to learn more about the different policies that her company has. She can connect with women who have already had children in the company and learn more about it that way.
EC: It all comes down to data. Glassbreakers will make connections with women who have a lot of similarities. Like, maybe you studied abroad in New Zealand, maybe you’re a manager and you’re about to become a director. You can sign in to Glassbreakers and connect with other women who have made that transition from management to director of the company.
Talk to me about the algorithm.
LM: We’re taking LinkedIn API data—so any of the information you have put on in your LinkedIn profile. Then we have some user input when you first sign in to the app: What interests you professionally, how many years of experience do you have, plus a quick bio and a few words about why you’re on Glassbreakers. We take all of that information and then begin connecting you with other women. Then it gets smarter over time based on successful matches.
How did you get into coding, Lauren, and what do you love about it?
LM: I went to a graduate school program called BDW, which is part of the University of Colorado in Boulder. I took a Ruby class there and some front-end classes, and just fell in love with it. I felt like I was solving problems every day that were really interesting to me. I actually started just falling in love with the community. Going to Women Who Code, meeting other developers I thought were really intelligent, and smart, and kind.
As you build your team at Glassbreakers, what are you finding in terms of the talent pool for developers?
LM: The talent pool has been awesome. I think we’re lucky that a lot of people feel really passionate about what we’re building and the problem we’re trying to solve, so software engineers are constantly reaching out to us.
What is the mix of men vs. women applying?
LM: We’ve had an equal amount of men and women reaching out to us to be a part of the team. We’re looking to build a diverse software engineering team. It doesn’t need to just be women. Our team definitely works in pair programming, which means we’ll sit next to each other and work on the same problem together, which actually leads to more efficient and clean code, in my opinion.
Your technical process is actually reflective of what you’re doing with the company.
LM: Yeah. That’s how I basically got into coding, too.
Eileen, what advice would you give a budding entrepreneur?
EC: If you have an idea, tell everyone; get feedback. If it’s a good idea, people get excited. If it’s a bad idea, they’ll tell you. A lot of times I meet young entrepreneurs and they wanted me to sign an NDA before they tell me about their idea. That’s when I know they’re going to fail.
Why is that?
EC: No one is going to steal your idea, and if you’re the one to build it, you’re going to be the one to build it. If you have a good idea for a technology product and you are a non-technical person, you need a business partner who knows how to build. Lauren and I work really well together because she’s a very good builder and I’m very good doer. I’m like a hustler and she’s a hacker. That combination, it works.
Lauren Schiller is the host of Inflection Point, a radio show featuring conversations with women changing the status quo. Inflection Point is broadcast on public radio stations from KALW in San Francisco, podcast on iTunes, and online at inflectionpointradio.org. The above article is an edited and condensed version of the broadcast interview. Click hereto listen to the full audio.
Study Reports 327 'Close Encounters' Between Planes and Drones
Twenty-eight incidents required the airplane pilot to change course to avoid a collision.
There haven’t yet been any reported collisions between manned aircrafts and drones in the United States. But a new study suggests that it might just be a matter of time.
The report, released today by the Center for the Study of the Drone at Bard College, finds that there have been 327 “close encounters” between airplanes and recreational drones. The first examination of the subject by researchers outside of the aviation industry—the Federal Aviation Administration (FAA) has previously released data—the report looked at 921 incidents involving drones and manned aircrafts between December 17, 2013 and September 12, 2015.
Over those 21 months, there were 594 sightings of drones near manned aircraft, and 327 instances where the drones were close enough to present “some level of hazard to manned aircraft.” Even more frightening, in 28 situations, the pilot of the aircraft had to change course to prevent a crash.
“With sufficient speed, bird strikes have been known to penetrate the cockpit,” said the report, indicating how dangerous a collision could be. “It’s entirely possible, then, that a drone could also break through into a cockpit, potentially causing serious harm to the pilots or other occupants.”
A number of ski resorts declaring themselves “drone-free” and there’s a temporary ban on the devices in National Parks, but no one in travel is more affected by the rise of recreational drones than the aviation industry, and concern is only growing.
Between end-of-year sales and Christmas gifts, the Federal Aviation Administration (FAA) is estimating that close to one million new recreational drones will be entering U.S. airspace this year.
“With more and more drones entering our airspace, ‘Drone Sightings and Close Encounters’ will serve as a reliable resource for policymakers and the industry as they work to develop strategies and solutions to address the growing number of potentially dangerous incidents between manned and unmanned aircraft,” said the study’s co-author, Dan Gettinger. “Our hope is that this study can help engender a collaborative dialogue among stakeholders working on this issue.”
So before you take your shiny new drone out for a test run this Christmas, read up on theFAA’s safety guidelines, which request that drone enthusiasts keep their devices below 400 feet, in their line of vision, and at least five miles from an airport.
For the full report from the Center for the Study of the Drone, click here.
This article was previously published on Travel + Leisure.
Proof there’s no shame in re-gifting this holiday
Put a bow on it.
It’s more blessed to give than to receive. So said Jesus, the man whose birth we celebrate on Christmas by partaking in the ritual of gift exchange. It’s a custom that was even enacted at Jesus’ birth, when three wise men presented him and his parents gifts of gold, frankincense, and myrrh. So in the coming weeks, when you receive gifts, remember the words of Jesus – and then re-gift what you receive. That’s right: receive a gift, say thank you, and then pass it on. Unless, someone gives you gold – you should probably hold onto that.
There’s a likelihood that you won’t like one of your holiday gifts – and will consider returning it. According to logistics company Optoro, 20% of returns occur during the holidays, to the tune of $60 billion in goods. That is not typically a good thing for retailers, as Best Buy BBY -1.75% reported that returns cost the firm at least $400 million or 10% of revenue in 2014. But retailers know that consumers consider return policies when deciding whether to buy. In a study commissioned by UPS UPS -2.98% , 82% of online shoppers said that a free return policy would increase the likelihood of buying, and 66% said they examine the return policy before buying. Instead of letting the gift languish in your closet, you could return it. But I say save a trip to the store (or the post office) and re-gift it.
You may have reservations: re-gifting is a social taboo, and it’s potentially offensive to the giver. But in a study published in Psychological Science, researchers found that when it comes to re-gifting, those who receive the gift (and re-gift it) known as “receivers” overestimate the reactions of those who give the gifts known as “givers.” The researchers conclude: “Although receivers felt that givers were entitled to have a say in what happened to their gifts, givers felt that receivers were entitled to do whatever they liked with a gift. In short, the taboo against regifting was felt more strongly by receivers than by givers.”
The taboo of re-gifting is eroding. In a 2014, American Express AXP -1.78% survey, 76% of respondents deemed re-gifting as an acceptable practice, 42% divulged that they had re-gifted in the previous year (up from 32% in the previous year). The items that are most commonly re-gifted include kitchenware, sweater, and electronics. Not surprisingly, the same study found that friends and co-workers are usually the beneficiaries of the re-gifts.
Not only is the taboo eroding. Re-gifting is becoming a venerated practice, with National Re-gifting Day being held each year on the Thursday before Christmas. In the Netherlands, there is an annual “vrijmarkt” market where re-gifting occurs. In several Native American communities, re-gifting is expected, as a gift is seen as having a spirit. And if you keep the gift, you kill its essence. By passing the gift on, you continue the cycle of gift-giving, and weave a web of mutual indebtedness and social cohesion.
Besides, you may not even want a physical gift. Consumers, especially millennials, are choosing the spend more of their money on memorable experiences versus material goods, according to an Eventbrite study. The same study found that 72% of respondents said they will be allocating more of their income towards real life experiences in the future. “From now on, leading-edge companies-whether they sell to consumers or businesses-will find that the next competitive battleground lies in staging experiences,” writes researchers in the Harvard Business Review. You can’t re-gift an experience.
Re-gifting is itself a gift. By passing on your presents, you will realize the eternal wisdom of a wise man: it’s more blessed to give than to receive.
Kabir Sehgal is the author of five books including New York Times bestseller Coined: The Rich Life of Money And How It’s History Has Shaped Us.He is a former vice president at J.P. Morgan and Grammy-winning producer.
Why Nike Used Twitch to Market Kyrie Irving’s New Sneaker
Nike has partnered with 2K and Twitch to debut Kyrie Irving’s new sneakers through an NBA 2K16 in-game event.
When it came time to debut Kyrie Irving’s latest Nike sneaker, Kyrie 2, the athletic apparel company turned to video game publisher 2K, a division of Take-Two Interactive, and Amazon-owned livestreaming service Twitch, to connect directly with gamers. The Kyrie 2 debuts digitally in NBA 2K16 via a global Twitch livecast and play session featuring the Cleveland Cavaliers All-Star.
Irving will spend an hour on Saturday answering questions and playing gamers in a special NBA 2K16 MyPark live event, rewarding anyone who beats his team with a free pair of autographed Kyrie 2 shoes.
Alfie Brody, vice president of marketing for NBA 2K, says the new MyPark mode was perfect for this first-ever event because it lets fans be both spectators and participate in a live challenge. Plus, the Nike shoes were featured on the virtual players and on signage around the digital court.
“What Twitch enables us to do is not only highlight NBA 2K16, but create more impactful live events with special guests like Kyrie who can engage directly with fans while they’re playing,” Brody says. “It is really a tremendous platform to better connect our fans with the stars and our community, which makes our game so special.”
Nike selected the most popular NBA video game in the world, as well as a game Irving spends a lot of his free time playing. 2K shipped over 4 million copies of NBA 2K16 to retail stores in October and sold through over 1.1 million copies in North America alone in its first seven days.
In a world that’s dramatically shifted in recent years, marketers targeting millennials are exploring Twitch, which attracts 100 million visitors monthly, more than traditional outlets like broadcast television or Web sites. That’s one reason Amazon purchased Twitch last year for $1 billion.
John Imah, senior manager of partnerships at Twitch, says the livestreaming community is filled with cord-cutting 15 to 35 year-olds that brands are trying hard to reach.
“By broadcasting this on Twitch, the NBA, 2K, and Nike can simultaneously reach multiple audiences, including media, gamers, kick collectors, and basketball fans,” Imah says.
Imah says that most Twitch content is consumed live as it occurs, driven by real time social interaction. This bodes well for events where celebrities are spending time interacting with gamers on a virtual court.
“There is always value to having a VOD (video on demand) available for those who missed the broadcast, which can then be socialized, but like the Super Bowl, people will want to see it when it happens,” Imah says.
People are watching a lot of live Twitch content, with an average of 106 minutes watched per person.
2K is no stranger to Twitch. 2K uses the platform to connect with its gaming audience via weekly livestreams, and uses Twitch as a marketing and community tool for many of their announcements.
While this marks the first time Nike entered the livestreaming arena, Imah believes others could follow.
“Because reaching the millennial audience is difficult these days through traditional marketing and advertising, a lot of non-endemic brands have been embracing our platform,” Imah says. “Since Nike is leading the charge on the footwear front, their campaign should attract others given the pioneering role Nike has played in its industry.”
The Kyrie 2 sneakers retail for $165.
For more about Nike, watch this Fortune video:
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