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This founder raised $1 million before Y Combinator’s Demo Day to make a better database communications tool for distributed teams. Now he needs a team.

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rahil sondhi

  • Rahil Sondhi presented his startup, PopSQL, at Y Combinator's annual Demo Day in San Francisco on Monday.
  • Sondhi pitched his company, pronounced "popsicle," as a modern database communications tool for distributed teams, replacing static SQL queries sent via CSV files.
  • The former Instacart engineer told Business Insider that he had raised $1 million in seed funding ahead of Y Combinator's annual pitch competition in San Francisco.
  • Sondhi said that his biggest focus now is hiring a team, which currently only counts him on the payroll.
  • Click here for more BI Prime stories.

Y Combinator's Demo Day, which actually spans two full days in a massive warehouse in San Francisco, is a see-and-be-seen type of event straight out of an HBO parody show. The men's restroom line surpasses the women's. A flock of electric scooters flanks the entrance. Puffy vests outnumber traditional business attire. And everyone has a backpack with an impressive name stitched on the back.

But for all the amusing clichés of the ambiance, the bi-annual event still delivers an impressive display of fresh ideas and hungry startups. On Monday and Tuesday, an ambitious group of entrepreneurs took to the stage to pitch hundreds of investors on their early-stage companies. 

Rahil Sondhi was among the almost 200 companies that presented over the two-day event. His company PopSQL, pronounced "popsicle," is a database collaboration and communication tool built on the database language SQL. Sondhi has been running the startup completely on his own since founding it two years ago.

Before stepping on to the stage, he told Business Insider he had already raised $1 million in venture funding. PopSQL already has more than 100 customers, Sondhi said. He's eager to bring in employees so he can pursue fundraising for the remainder of his seed round while simultaneously building new products and features.

"I need people to take anything off my plate," Sondhi said. "If a strong engineer comes on board, awesome. A strong designer comes on board, perfect. A marketer, content marketing is really important for us. What else? Sales. Really anything, I need help in all departments."

Born on the fourth of July

Sondhi began building PopSQL while he was working as a software engineer at the grocery delivery startup Instacart in October 2016. He said he would work on his side project for almost 35 hours a week in addition to his full-time role. PopSQL launched on Product Hunt, a popular forum for startups, in May 2017, and Sondhi was off to the races.

"I stayed in the July 4th weekend writing the code for the billing system and shipping it. We got our first customer on July 4th," Sondhi said. "I still have that email and they're still a paying customer and I think it was $32 or something, but it was so meaningful. Imagine waking up on July 4th to that after 10 months of work."

Now, Sondhi says PopSQL has over 100 customers, including his previous employer, Instacart, as well as food delivery startup DoorDash, and security startup Auth0

Read More: Startup founders need to distance themselves from big tech, according to the CEO of famed startup accelerator Y Combinator

"If you take the SQL editors that have existed, they're just very legacy, they're heavy weighed, they're clunky, they have outdated UIs," Sondhi told Business Insider. "And then imagine somebody gives you Chrome for the first time or somebody gives you Google Docs for the first time. It's fast. It's lightweight, it looks good, it just has the right amount of buttons, it's intuitive."

Building a team that can work from anywhere

For the last three months in the Y Combinator program, Sondhi said he's been chipping away at growing the company instead of building new features.

Unlike past Y Combinator alumni companies, Sondhi isn't counting on building the company and hiring a team in San Francisco, although that's home for him. Between skyrocketing costs and an incredibly tight labor market, the Toronto native is "completely open" to building a distributed team from the beginning. 

"The tools exist, it's just the culture and the willingness to do it," Sondhi said of building his team.

It's a philosophy being embraced by a growing number of tech entrepreneurs, including Reddit founder Alexis Ohanian, who recently said that "no one in their right mind" would build a company entirely in San Francisco these days. Ohanian, who now leads VC firm Initialized Capital, has employees based all over the US. 

But even if he assembles a dispersed team, PopSQL's Sondhi isn't planning to move back to his native Toronto anytime soon. "I loved Toronto but San Francisco's become home. Once you get rid of winter, you can't take it back."

SEE ALSO: This CEO didn't want to go with traditional venture capital, so he challenged his employees to use this pitch deck to find individual investors. They raised $13 million from 70 people.

Join the conversation about this story »

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18 books (and 1 speech) Bill Clinton thinks everyone should be reading this year

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bill clinton reading

  • Former president Bill Clinton released a list of books he thinks everyone should read.
  • The list also includes the late Toni Morrison's Nobel Prize acceptance speech. 
  • He recommends both fiction and nonfiction works, though it's clear he especially enjoys mystery novels.
  • Visit Business Insider's homepage for more stories.

Bill Clinton, like other successful individuals, likes reading.

Clinton tweeted out a list of his favorite pieces of writing in 2019 so far. Most of them are books, but the former president also included a speech by the late Toni Morrison. 

Read more:The 10 best books about technology, according to Bill Gates

While Clinton doesn't usually release his reading recommendations like he did on Wednesday, former president Barack Obama has an annual list of the best books and music he consumed that year. Bill Gates — who says he reads 50 books a year— recommends books routinely.

Here's what former president Bill Clinton has been reading this year, along with an Amazon summary and a short comment about the books the former commander-in-chief included within the recommendation.

SEE ALSO: 17 financial perks of being the president of the United States

Toni Morrison's Nobel Prize Speech

This isn't a book, but Clinton said he read it "two or three times." The iconic American writer died on August 5.

Read it here.



"This America: The Case for the Nation" by Jill Lepore

Amazon summary:At a time of much despair over the future of liberal democracy, Jill Lepore makes a stirring case for the nation in "This America," a follow-up to her much-celebrated history of the United States, "These Truths."

Clinton's thoughts: "Short powerful call for inclusive nationalism."

Get it here.



"How Do We Look: The Body, the Divine, and the Question of Civilization" by Mary Beard

Amazon summary:Conceived as a gorgeously illustrated accompaniment to "How Do We Look" and "The Eye of Faith," the famed "Civilisations" shows on PBS, renowned classicist Mary Beard has created this elegant volume on how we have looked at art. 

Clinton's thoughts: "How we see things." 

Get it here.



"The Widow Washington" by Martha Sexton

Amazon summary: "The Widow Washington" is the first life of Mary Ball Washington, George Washington's mother, based on archival sources. 

Clinton's thoughts: "George's mother bore the burdens and strained at the confines of womanhood in 18th century Virginia."

Get it here.



"Fantasyland: How America Went Haywire - A 500-Year History" by Kurt Andersen

Amazon summary:In this sweeping, eloquent history of America, Kurt Andersen shows that what's happening in our country today — this post-factual, "fake news" moment we're all living through — is not something new, but rather the ultimate expression of our national character. 

Clinton's thoughts: "An irreverent look at our long embrace of fantasy for better and worse." 

Get it here.



"Beyond Charlottesville: Taking a Stand Against White Nationalism" by Terry McAuliffe

Amazon summary:In "Beyond Charlottesville," [former Virginia governor Terry McAuliffe] looks at the forces and events that led to the tragedy in Charlottesville, including the vicious murder of Heather Heyer and the death of two state troopers in a helicopter accident.

Clinton's thoughts: "On that fateful day, he spoke for America."

Get it here.



"The Fifth Domain: Defending Our Country, Our Companies, and Ourselves in the Age of Cyber Threats" by Richard A. Clarke and Robert K. Knake

Amazon summary:This is a book about the realm in which nobody should ever want to fight a war: the fifth domain, the Pentagon's term for cyberspace.

Clinton's thoughts: "Read this and you'll see what we're all up against in cyberspace." 

Get it here.



"One Good Deed" by David Baldacci

Amazon summary:When a murder takes place right under Aloysius Archer's nose, police suspicions rise against the ex-convict, and Archer realizes that the crime could send him right back to prison

Clinton's thoughts: "One of his finest books. Great character, great story, great portrait of an era." 

Get it here.



"The New Girl" by Daniel Silva

Amazon summary:At an exclusive private school in Switzerland, mystery surrounds the identity of the beautiful raven-haired girl who arrives each morning in a motorcade fit for a head of state.

Clinton's thoughts: "Gabriel Allon never fails and this one explains Israel's view of the neighborhood."

Get it here.



"The Wolf of Sarajevo" by Matthew Palmer

Amazon summary:Twenty years after the Srebrenica massacre that claimed the life of his friend and colleague, Eric Petrosian is back in Sarajevo at the American embassy, and the specter of war once again hangs over the Balkans. 

Clinton's thoughts: "Compelling tour of Bosnia by a seasoned diplomat and first-class storyteller."

Get it here.



"Unsolved" by James Patterson and David Ellis

Amazon summary:To FBI special agent Harrison "Books" Bookman, everyone in the FBI is a suspect — particularly Emmy Dockery (the fact that she's his ex-fiancee doesn't make it easier). 

Clinton's thoughts: "America's storyteller keeps finding good ones to tell."

Get it here.



"The Inn" by James Patterson and Candice Fox

Amazon summary: The solitary inhabitants of the Inn will have to learn, before time runs out, that their only choice is between standing together — or dying alone.

Get it here.



"A Better Man: A Chief Inspector Gamache Novel" by Louise Penny

Amazon summary: The air is unbearably tense as Armand Gamache returns to the Sûreté du Québec for his first day of work since his demotion from its command to head of homicide. Amid blistering personal social media attacks, Gamache sets out on his first assignment - to find a missing woman.

Clinton's thoughts: "She never gives up on Gamache and he keeps coming through." 

Get it here.



"The Dry" by Jane Harper

Amazon summary: A small town hides big secrets in "The Dry," an atmospheric, page-turning debut mystery by award-winning author Jane Harper.

Clinton's thoughts: "This book makes the Australian Outback come alive and breeds respect for its survivors." 

Get it here.



"The American Agent" by Jacqueline Winspear

Amazon summary:Beloved heroine Maisie Dobbs investigates the mysterious murder of an American war correspondent in London during the Blitz in a page-turning tale of love and war, terror and survival.

Clinton's thoughts: "Maisie Dobbs is aging well." 

Get it here.



"Conviction" by Denise Mina

Amazon summary: The day Anna McDonald's quiet, respectable life exploded started off like all the days before: Packing up the kids for school, making breakfast, listening to yet another true crime podcast. Then her husband comes downstairs with an announcement, and Anna is suddenly, shockingly alone.

Get it here.

 



"Someone Knows" by Lisa Scottoline

Amazon summary: Best-selling and award-winning author Lisa Scottoline reaches new heights with this riveting novel about how a single decision can undo a family, how our past can derail our present, and how not guilty doesn't always mean innocent.

Get it here.



"The Last Widow" by Karin Slaughter

Amazon summary: New York Times best-selling author Karin Slaughter brings back Will Trent and Sara Linton in this superb and timely thriller full of devious twists, disturbing secrets, and shocking surprises you won't see coming.

Get it here.



"The Better Sister" by Alafair Burke

Amazon summary: From Alafair Burke—New York Times bestselling author of the runaway hit, The Wife— comes another twisty tale of domestic noir. When a prominent Manhattan lawyer is murdered, two estranged sisters—one the dead man's widow, the other his ex—must set aside mistrust and old resentments ... but can they escape their past?

Clinton's thoughts (regarding the last four books): "In different ways, all these books deal with both current and age-old challenges women face. The characters and plots are good, and there are some interesting takes on the role of social media in shaping our perceptions of reality."

Get it here.



The seed round pitch decks that helped budding startups raise millions

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Careem CEO, Mudassir Sheikha

  • Seed funding is a vital phase in the life of a startup.
  • The relatively modest amount of funding, usually a few million dollars, provides the capital to turn a brilliant idea on a napkin into a real product.
  • Getting seed funding means pitching to a broad spectrum of potential investors, from "angel" investors to early-stage venture capital firms. 
  • Here are the pitch decks that the latest crop of startups have successfully used to raise seed funding and take their business to the next level. 
  • Business Insider regularly interviews startups about fundraising strategies and collects the pitch decks that helped them raise funding. You can read them all by subscribing to BI Prime.

 

 

SEE ALSO: Here's why companies like Google, Square, and Atlassian are sprinting to use Kotlin, the fastest-growing programming language according to GitHub

Join the conversation about this story »

NOW WATCH: Watch SpaceX's 'most difficult launch ever'

The Series A pitch decks that helped growing startups raise tens of millions

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startup

  • Startups raising money in the Series A stage are usually just a few years old. But the size of Series A funding rounds has mushroomed in recent years and can now sometimes top $50 million. 
  • One thing all Series A startups have in common is the need to take a proven product idea and give it traction in the marketplace. That means starting to generate revenue, developing a marketing strategy and building a team that's bigger than just the founders.
  • Here are the pitch decks that startups have successfully used during the critical Series A funding rounds.
  • Business Insider regularly interviews startups about fundraising strategies and collects the pitch decks that helped them raise funding. You can read them all by subscribing to BI Prime.

 

Join the conversation about this story »

NOW WATCH: All the ways Amazon is taking over your house

6 ways moms can start a thriving business from home in just a couple of hours a day

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Christina Nicholson

  • Christina Nicholson is a former TV reporter and anchor now owns her own business. She's also a mother of two (soon to be three).
  • She says moms can start a lucrative side hustle at home, even with just a couple of hours to spare a day.
  • Below she details six of the most popular choices for mom-preneurs, including freelancer and virtual assistant.
  • Visit Business Insider's homepage for more stories.

With kids in and out of school, many moms find it difficult to have a normal routine or to just get a few hours of work done while playing cab driver to their children and their extracurricular activities.

It's common to think spending time working and making money is out of the question, but it's not. And no, you do not need to join a multi-level marketing company, or MLM, to bring in a few thousand dollars a month from home. 

According to a Pew Research poll released this year, mothers are spending more time in the labor force. In fact, mothers are the breadwinners in 4 out of 10 families in the United States.

So, why not get a piece of that pie? There are countless ways to do this from home while keeping a flexible schedule. Marta Spirk, a female empowerment coach, understands that starting something different after dedicating time for your family and little ones can be a challenge, but focusing on the benefits it will bring helps. 

"Not only will you be able to contribute financially, but you will also gain new skills, connect with new people and have a chance to develop your "own thing" outside of motherhood," Spirk says. "I encourage you to look inside yourself and revisit your talents and your uniqueness."

There are a variety of ways to do this. Here are some of the most popular.

1. Freelancer

Laura Pennington Briggs launched her business in 2012 with no formal training and scaled it to six figures in just 18 months. 

Her work from home job? A freelance writer.

 She says the first step to becoming a freelancer is by evaluating past experiences and current interests.  

"For example, interests in research and organization make for great virtual assistants and a passion for words can lead to a freelance business as an editor, proofreader, or writer," Briggs, author of Start your Own Freelance Writing Business said. 

Some of the most in-demand freelancers today include VAs, web developers, designers, branding specialists, copywriters, and social media managers. 

"Research other freelancers who might be your competition to get a sense of how they package their work and promote themselves online," Briggs said.

According to Score, 47% of millennials already freelance, more than any other generation. By 2027, freelancers will account for the majority of the American workforce.

There is no better time to dip your toe in the freelancing water than now.

Read more: I'm 34 and make $200K a year as a freelancer. This is exactly how I spend my money to both scale my business and still enjoy my Miami life

2. Virtual assistant

One of the most popular routes for moms who want to work from home is a virtual assistant, or a VA.

Micala Quinn started her VA business while she working fulltime as a teacher. A few months after launching her business, she was matching her teaching income and quit her job to focus on virtual assisting fulltime.

"Everyone has marketable skills," Quinn said. "For example, if you are a great writer, offer copywriting services. An eye for design? Offer graphic design services. There truly is a market for everyone."

Next, Quinn suggests targeting a specific industry, like working with real estate agents or local restaurants for example.

"Picking a niche will help you focus on your potential clients and really understand their pain points and how you can help them as a virtual assistant," Quinn said.

Plus, this makes it easier to find them, build relationships, and grow your business

3. Executive assistant

Think of an executive assistant as a step up from a virtual assistant.

Instead of doing things like graphic design or email management for a business owner, you'd working more closely with a CEO.

If you have prior office experience, this is a great job to consider because you know how an office operates. 

"Stay at home moms have well-honed skills that translate seamlessly to being an executive assistant - attention to detail, scheduling prowess, and the ability to wear multiple hats on any given day," said executive assistant and trainer Jess Lindgren. "Make sure you've got a basic structure to your business, choose what kind of executive you'd like to support, and then tell your network what you're up to."

Read more:5 time-saving tricks I used to make $106,421 on the side while working a demanding 9-to-5 job

4. Social media influencer

If you're on social media, you might as well monetize it, right? 

"Online creators can monetize through more channels and build a high converting platform when they have a loyal audience," says Meagan Faye, a travel influencer based in Canada. "Building a dedicated audience takes time and consistency, but once you have created a strong community, you can capitalize through things like affiliate marketing, digital display advertising, and sponsored posts."

The only problem? You need to build your brand before you start making money.

According to Faye, the best way to do that is to start with a very specific niche. 

"Start posting quality content on a consistent basis and using niche-specific hashtags on your content to get discovered by your target audience," Faye said. "The more you post with hashtags, the more you'll get seen by people who may resonate with your content."

5. Coach or mentor

Jessica Stansberry teaches people to excel in something she's great at - creating content online.

"Showing your personality and original ideas on video platforms like Facebook live, YouTube, or Instagram stories will open the door to your potential new customers or clients," Stansberry said. "They'll be thinking, 'Wow, she really knows what she's talking about' (even if you have a 2-year-old run through with a diaper on his head as you're doing it)."

Don't think you need to work with businesses only. Many moms make money from home by teaching people how to excel with their hobbies too. 

Cassidy Tuttle started a blog that teaches people how to grow succulents. That morphed into a book and an online course. Today, her husband works with her in the business.

Recently, in a live interview on CNN's Headline News, online marketing expert Amy Porterfield shared a story about one of her students - a working mom who left her full-time job because she was making money teaching other moms vegetable canning.

6. Create a product

Many moms let their creativity go to waste, but some sell their creations online in places like Etsy while other women take it to the next level, like Adriana Botti, founder of Little Words Project.

After being bullied as a high school student, she created the original word bracelet with inspirational words on them to promote self-love and kindness. 

Today, she employees eight women in the multi-million dollar business. 

People will pay for your knowledge, your creations, and your services.

The right word in the right ear at the right time makes all the difference, and you never know who needs help until you offer.

With just an hour or two a day, the possibilities are endless.

Christina Nicholson is a TV host. You can see her in front of the camera as a host onLifetime TV, in national commercials, and read her work online in a variety of outlets, including her lifestyle and family blog,Christina All Day. She lives in South Florida with her husband and young children.

 

SEE ALSO: I'm a full-time freelancer and so is my husband — here's how I spent my money during a recent week

Join the conversation about this story »

NOW WATCH: Taylor Swift is the world's highest-paid celebrity. Here's how she makes and spends her $360 million.

We got an exclusive look at the pitch deck that OpenSpace, a startup using AI cameras for construction, used to raise $14 million from investors including WeWork

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Adam Neumann speaks onstage during WeWork Presents Second Annual Creator Global Finals at Microsoft Theater on January 9, 2019 in Los Angeles, California.

Two years after founding OpenSpace, the three MIT-grad cofounders have secured a sizeable Series A investment for the startup from some of Silicon Valley's finest.

The company's founders Jeevan Kalanithi, Philip DeCamp, and Michael Felischman have created an AI-assisted tool which enables 360 degree imaging for construction projects. The market opportunity appears to be sizeable: The global construction market is set to be worth $12.7 trillion by 2022, according to Construction Intelligence Centre. 

The firm's $14 million Series A round included involvement from firms such as WeWork, which recently filed the paperwork for an IPO, JLL, and Suffolk Construction. Other investors in the round included Lux Capital, Goldcrest Capital, Navitas Capital, and Zigg Capital. 

JLL, WeWork, and Suffolk Construction were all customers of OpenSpace prior to the round, a key point for CEO Kalanithi.

"For the investors who started out as customers of our product, they already understood our value proposition, which is the same message we would share with new investors: documentation is currently manual, time-consuming, and a large pain point in the construction industry," Kalanithi told Business Insider. "Our solution uses AI to solve that challenge, delivering more comprehensive documentation while removing steps from their workflow."

OpenSpace works by attaching cameras to the hard hats of builders, who then continuously film construction projects. OpenSpace tracks the imagery and uploads the data to a cloud server. That data is then mapped together by OpenSpace's AI to allow users to review conditions on a construction site from any period in its build cycle. 

The company previously raised a $3.5 million seed round and told Business Insider that this latest round would be used to boost OpenSpace's sales and marketing capacity and allow it to apply its computer vision tech to bigger construction projects.

Check out the company's 29 slide pitch deck below. OpenSpace has redacted revenue figures: 

SEE ALSO: This is the 17-slide pitch deck a vegan crypto startup used to raise $10 million in funding



























































These are the unusual ways WeWork founder Adam Neumann has made millions, and stands to make more, from his $47 billion company about to go public

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  • WeWork CEO Adam Neumann has led the company since cofounding it in 2010. It is scheduled to go public under the holding company The We Company in September.
  • Since the release of We's S-1 prospectus earlier this month, Neumann's unusual relationship with the company had undergone intense scrutiny.
  • Neumann controls a private company that owns a majority stake in The We Company and has used it to sell the "We" name to The We Company for nearly $6 million. He also previously rented property to his company and borrowed millions in loans from it.
  • Click here for more BI Prime stories.
  • Read all of BI's WeWork coverage here.

The coworking-space giant WeWork, under its parent company, The We Company, is set to go public next month in one of the biggest and most polarizing initial public offerings of the year.

Since releasing its S-1 prospectus earlier this month, analysts have been scrutinizing not only We's financials but also its charismatic founder and CEO, Adam Neumann.

Neumann cofounded WeWork in 2010 and has led it to a valuation of $47 billion, with 466,000 members across 28 countries.

Along the way, Neumann has been a landlord to and a borrower from his company. He's controlled a separate private company, We Holdings LLC, which, the S-1 revealed, sold the copyright to the "We" name to the company about to go public for almost $6 million. The corporate structure is also quite complex, though a key takeaway is that it grants Neumann maximum control.

As the IPO approaches, we've collected some of the highly unusual ways Neumann has made millions, and will continue to make millions if the IPO is successful, from WeWork.

SEE ALSO: These are the drastic leadership challenges CEOs like WeWork's Adam Neumann can expect after taking their companies public

He controls other companies that give him the majority ownership of The We Company.

Neumann and his team decided to go with a relatively unusual Up-C structure (an upstream C-corporation) that makes The We Company a holding company. Neumann and his cofounder Miguel McKelvey have a separate private company called We Holdings LLC that is the largest shareholder in The We Company, and Neumann has 100% ownership of the voting shares.

We Holdings owns more than 2.4 million shares of class A common stock and 111.9 million shares of class B common stock, the latter coming with 20 votes per share.

The S-1 showed Neumann has separate companies called Anincentco1 LLC, Anincentco2 LLC, and Anincentco3 LLC that own shares in The We Company.

And then Neumann and the other eight directors own shares in The We Company Partnership, but Neumann has sole ownership of its 1.06 million class C shares.



He sold the rights to the "We" name to The We Company for $5.9 million.

When it was time for The We Company to incorporate, it had to buy the rights to its name — from Neumann.

Neumann had previously purchased the "We" name for We Holdings LLC, and he sold it for $5.9 million to the company that planned to go public.

When Business Insider's Julie Bort asked The We Company earlier this week about the arrangement, a representative declined to comment.



He cashed out $700 million ahead of the IPO.

Neumann cashed out more than $700 million through stock sales and debt ahead of The We Company's IPO, The Wall Street Journal reported last month.

Unnamed sources close to Neumann told The Journal he did so because he's bullish on the stock, but it's an unusually large move for a founder ahead of an IPO, rather than following it.



Neumann had previously acted as a landlord to his own company.

Neumann came under scrutiny in January when The Wall Street Journal reported that he had made $12 million through renting to WeWork properties he personally owned.

In an interview in May, Neumann told us he had purchased some of these properties in 2013 because landlords did not yet believe in WeWork, and he had to set an example.

He said that he was selling all of those properties to ARK, a nearly $3 billion fund The We Company is using to purchase and manage the properties it rents from. The acronym stands for "Adam, Rebekah, and Kids."

ARK operates under a separate team that does not include Neumann, but it is still under the We umbrella, in its Up-C structure. "ARK is a separate company that reports to another chairman, Steven Langman," Neumann told Business Insider in May. "And they have fiduciary duties toward the people they raise money from. It's their job to buy real estate that is going to make a return for their investors."



And he took a $7 million loan from WeWork.

The S-1 also revealed that Neumann took out a $7 million loan in 2016 and paid it in full the next year.

And WeWork issued loans to We Holdings LLC — again, which Neumann controls — for $10.4 million in 2013 and $15 million in February.

While none of these loans are outstanding, news of their existence raised eyebrows because as Neumann was renting out properties to his company, he was also borrowing money from it.

In addition to all of this, Neumann has a $500 million line of credit with UBS, JPMorgan Chase, and Credit Suisse, secured by his class B common stock.



How grad schools became the hidden culprit behind America's student-debt crisis

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student loan debt

  • Households with at least one advanced degree carried 51% of overall student-loan debt in 2016.
  • More students are attending and completing graduate school, but as master's degrees become more expensive, they're also borrowing more.
  • Graduate students can more easily pay off loans because they tend to get high-paying jobs. Sometimes, though, those high-paying jobs earn less than the debt the borrower accumulated.
  • Visit Business Insider's homepage for more stories.

At $1.5 trillion, the nation's student-loan debt is at an all-time high.

The climbing cost of undergraduate school often bares the brunt of the blame, but graduate school is also a key player in the student-debt crisis.

More students are attending graduate school than they did a decade ago. This has led the amount of government debt shouldered by grad students to increase from 32% in 2002 to 40% today, according to NPR.

What's more, households with at least one advanced degree carried over half (51%) of overall student debt in 2016, according to "Inequality and Opportunity in a Perfect Storm of Graduate Student Debt," a paper by the Wisconsin Center for Education and Research.

Read more:10 mind-blowing facts that show just how dire the student-loan crisis in America is

"We already know that the economic returns to graduate and professional degrees have been rising at a faster rate than returns to undergraduate degrees," wrote Jaymes Pyne, co-author of the paper. "Combine increasing returns and increasing enrollments with a policy environment that views advanced degrees as a private rather than a public good, and you get more debt."

Here's how the nation's ongoing student loan crisis has affected graduate students.

SEE ALSO: 9 ways student debt is one more thing that's worse for women than men

SEE ALSO: 8 startling facts that show just how hard the student-debt crisis is hurting black Americans

More people go to graduate school than they did a decade ago — but the degree has gotten more expensive.

More people enroll to get a master's degree now than they did a decade ago, according to data from the Council of Graduate Schools. Since 2006, total graduate school enrollment increased by about 1.1% each year. 

Some of the growth can be attributed to more underrepresented minority students going to grad school, though international student enrollment flattened. Degrees awarded in earth sciences, engineer, and computer science increased the most over the last five years, CGS found.

As more people get a master's degree, the cost to attend graduate school rose faster than for undergraduates.

The net price students pay for a master's degree — meaning the tuition and fees minus any grants they receive — increased 79% since 1996. The net price for a bachelor's degree increased by just 47% within the same time period, according to the think tank Urban Institute. The average net price of a master's degree was about $16,000 a year in 2016, compared to $8,000 for a bachelor's degree.



Graduate-student borrowers made up more than half of the $1.3 trillion student-loan debt recorded in 2016.

In 1992, 45% of advanced-degree households comprised the national $41.5 billion student-loan-debt total (in real 2016 dollars); in 2016, 51% of advanced-degree households comprised the $1.3 trillion in debt, according to "Inequality and Opportunity in a Perfect Storm of Graduate Student Debt," a working paper by Jaymes Pyne and Eric Grodsky.

More graduate students are enrolling in master's programs, borrowing more when they do, and completing them, according to Pyne and Grodsky.

 

 

 

 

 



Federally subsidized student loans have higher interest rates for graduate students than for undergraduate students.

Graduate student loans work differently than for undergrads.

For one, graduate students receive less financial aid, particularly from federal, need-based Pell Grants. Many low-income students who relied on this type of funding to pay for undergrad will have to take out debt for grad school, according to US News & World Report.

Plus, graduate-student loans have higher interest rates, as well as a higher borrowing limit than undergrad aid. Loan limits can even reach over $200,000 for students in certain health fields, US News found. 

Since graduate students attend school later in life, many have higher rent to pay and families to provide for — factors that make paying for school more difficult, according to NPR.

"If graduate students aren't paying off all their interest on time, then their debt can really add up," NPR's Cardiff Garcia said.



Still, graduate students can pay off their loans more easily because they get high-paying jobs after their programs.

While graduate students may shoulder more of the loan burden, they tend to pay off their loans after getting jobs.

People with graduate degrees are less likely to default on their loans than those who never graduated undergrad. Drop-outs with low debt levels tend to default due to their inability to find a high-paying job without a degree, writes MarketWatch's Jillian Berman.



But those high-paying jobs aren't always the path to wealth they once were.

As of 2018, 37-year-old orthodontist Mike Meru owed $1,060,945 in student loans, the Wall Street Journal reported — a small sum compared with the $2 million loan balance he's expected to face in two decades.

Meru pays about $1,590 a month — 10% of his monthly income, but not enough to cover the interest. At this rate, his debt grows by $130 a day, according to the Journal.

As the graph above shows, dental school is the most expensive professional-degree program in the US. During the 2015-16 school year, private nonprofit dental schools charged on average more than $71,000, while public in-state dental schools charged about $38,000, according to the Urban Institute.

Average tuition for private medical schools charged $53,240, and public in-state medical schools charged $28,720. Law-school tuition isn't far behind. Private law school cost $47,450 on average in 2016, and public in-state tuition was nearly $19,000 less.

While dentists, doctors, and lawyers make six-figure salaries, many have student debt that outweighs their income. Though dental school has the highest price tag on average for a professional degree, dentists aren't the highest-paid professionals. The median-earning dentist in the US makes $151,440 a year, and the median-earning physician makes at least $208,000, according to the Bureau of Labor Statistics.




There's a term for people born in the early '80s who don't feel like a millennial or a Gen Xer. Here's everything we know about it.

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  • Xennials are a "micro-generation" born between 1977 and 1985.
  • This group has also been called the "Oregon Trail Generation."
  • Xennials may have been hit hardest by the recession, because of a combination of student-loan debt, job losses, and other factors.
  • Visit Business Insider's homepage for more stories.

It's hard not fitting in.

If you feel sort-of-but-not-quite like a millennial, and sort-of-but-not-quite like a Gen Xer, take heart: You might just be a Xennial. That's a term for the "micro-generation" born between 1977 and 1985.

The term was coined in 2014, by Sarah Stankorb in Good Magazine. People have started talking about Xennials again, with self-proclaimed members of this demographic waxing (read: tweeting) nostalgic about Oregon Trail and flip phones. Merriam-Webster even labeled "xennial" one of its "words we're watching."

Below, Business Insider has outlined the defining characteristics of Xennials, and how they're different from the generations that came before and after them.

SEE ALSO: 80% of Gen Z college students say they're voting in 2020 — and they've singled out student debt as their biggest concern

Xennials are a 'micro-generation,' born between 1977 and 1985.

Source: Business Insider



This group has also been called the 'Oregon Trail Generation,' in reference to a popular computer game when they were growing up.

Source: Social Media Week



Xennials were the first generation to grow up with household computers and have internet access. ('You've got mail!')

Source: Social Media Week



Xennials are naturals at social media, though they grew up without Facebook, Twitter, or even MySpace.

Source: GOOD Magazine



Many Xennials didn't get their first cell phone until they were in their 20s. Instead, they had to call their friends' homes and talk to their parents first.

Source: GOOD Magazine



By the time Xennials were 20 years old, the music industry had changed completely. Instead of buying cassette tapes, you could download songs on Napster.

Source: Social Media Week



Many Xennials remember watching, and sometimes getting personally invested, in the OJ Simpson trial.

Source: GOOD



While Xennials recall a time before the internet, they spent their formative years on AOL chatting and emailing.

Source: Mashable



Xennials aren't quite as cynical as the stereotypical Gen Xer, but also aren't quite as optimistic as the stereotypical millennial.

Source: Vogue



Xennials may have been hit hardest by the recession, because of a combination of student-loan debt, job losses, and other factors.

Sources: GOOD Magazine and CityLab



You can take a quiz from the Guardian to see whether you qualify as a Xennial. There are questions about owning 'New Kids on the Block' merchandise, making mix tapes, and remembering the advent of car phones.

Here's the quiz.

Source: The Guardian



I was a millennial finance analyst at a huge investment bank in NYC. This is how I launched my own multi-million-dollar business in under 18 months.

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  • While he stood out at an early age for his talent in investment banking, Nelson Lee didn't feel satisfied to continue his climb up the traditional finance industry path.
  • After a stint at a well-known investment bank in New York, Nelson Lee cofounded a fintech firm, Pacific Wealth Solutions, in 2017, and created a multi-million-dollar revenue stream in less than 18 months. 
  • Below, he shares exactly how he did it, including a three-step approach for how others can attempt the same level of success.
  • Click here for more BI Prime stories.

There are many levels of success. One level is working for a top multinational investment bank and financial services company. But quite another is co-founding your own fintech firm and creating a multi-million-dollar revenue stream in less than 18 months. 

Nelson Lee — who started his career in a large investment bank in New York City and today is CEO and co-founder of Pacific Wealth Solutions (PWS) — can claim both of these achievements. How did he accomplish this dual feat? 

A great educational base

The story starts back in 2010. After studying business economics at UC Irvine, Lee was tapped for an analyst internship at a global financial services firm in New York, which he describes as a "great base of education" that would later help him launch his own company in the finance industry. During the dedicated learning program, Lee learned the basics about everything from wealth management and Bloomberg operations to market analysis and client interactions. He quickly caught on to the nuance of investment banking, and while in his late teens, achieved the top sharpe ratio in a virtual portfolio management contest at the company.

Nelson Lee

But while he stood out at an early age for his talent in investment banking, Lee didn't feel satisfied to continue his career climb up the traditional path in the finance industry. "I was thrilled to receive this opportunity from such a reputable organization, but I didn't feel that there was a great deal of innovation at the time, or that career development in this big corporate environment was very enticing," explained Lee. "I wanted to seek the freedom to imagine the future and change the world."

So after completing his analyst internship, Lee continued building his skill set, taking on another internship the following summer at Chinese Internet giant Tencent. The combination of these experiences led Lee to discover a deep passion for financial mathematics and data science — in particular, for finding innovative ways to look for what he describes as "holes and mismatches in the world."

Lee identified the insurance industry as the right place to test-drive some of his insights, and spent the next 3.5 years in business development at the life-insurance and wealth management company Northwestern Mutual. After developing a new execution method for premium financing in the insurance industry, Lee's work began to gain more attention within financial services circles. He was subsequently recruited to Pacific Advisors, where his methodology continued to make a splash and began to attract enough investor interest for Lee to fund his first startup, leading to the birth of PWS in 2017.

Read more: I helped launch an 'Uber for lawn care' startup that failed miserably. This is exactly how I knew when to give up — and how we were able to pivot to launching a multimillion-dollar company within the same year.

A leap of faith

While Lee jumped at the chance to launch his own company, he had some reservations about his readiness to leave the corporate world and go out on his own. "To be completely honest, when I got funding as a first-time entrepreneur for PWS, I wasn't sure if I had all the skill sets needed for success yet," he said. "I was confident that I knew what I was doing, but I didn't know what I didn't know." His belief in his purpose kept him going, however, and he committed himself to learning about entrepreneurship "on the fly" as a founder. "Sometimes it just really takes that irrationally strong leap of faith," said Lee, "because entrepreneurship is monumentally harder than working in a big corporate."

And now for the multi-million-dollar question: How did Lee manage to build a $2M+ revenue stream in less than two years? What strategies did he follow to make his startup successful so quickly? Lee's answer is a simple one, yet succeeding in each of the three steps that he recommends isn't easy.

"First, unearth the truth in a market filled with lies and salesmanship," he said. "Second, prove what you found can be validated with numbers in repeatable testing. And third, present customers with applicable technology that brings convenience and enhances the overall experience."

The "lies and salesmanship" that Lee refers to in step one is based on his experience of researching deeper into the insurance market and discovering a business opportunity: "My team and I realized that the insurance industry was not only sorely lacking in transparency and standardized quantification of quality — of products and of salespeople — but also of technology and convenience, all of which led to a traditionally poor experience," explained Lee. "With quantifiable and standardized metrics, along with a compatible technology platform, insurance transactions can deliver highly consistent performance and experience." As a result of these discoveries, PWS was formed to research and identify innovations that led to quantifiable advantages in investment strategies and risk underwriting, instead of relying on old-school salesmanship and networking.

Read more: There are 11 types of emails you'll send when you launch a business. Here's a template for each that will help you gain new clients and keep your old ones loyal.

Nelson Lee

Cultivating the long-term vision

For step two — the proof and validation required for rapid financial growth — the co-founder points to the importance of patience. "Innovation often comes at the conflicting intersection between making revenue the old way right now, or making revenue later in a better way," said Lee. "To be an entrepreneur, you need a long-term vision, perseverance, persistence, and the willingness to say no to things that may be good at the moment but you know don't bring value long-term."

He added that the right investors should be aligned with the time horizon of your vision, enabling you and your team to execute without unnecessary baggage. During the first 12 months, Lee's startup did basically zero marketing and approached no clients. Instead, they conducted research, developed products, validated, tested, and validated some more. This positioned them well for year two. "Once we did have our approach and product ready, we had very good revenue growth in an eight-month span," said Lee. "Probably a lot more than if we focused just on selling from day 1, which would have led to not nearly as many innovations that would drive long-term revenue."

Read more: 90% of startups fail. Here's exactly how you should vet a company before deciding to join.

A winning strategy that can work for others 

With steps one and two successfully executed, Lee and his team were free to focus all of their attention on step three: enhancing the customer experience (CX) through a convenient platform. And the rest, as they say, is history. "Once we secured all the technology, tools, resources, and contracts we needed, clients started coming to us in surprising volumes," recalled Lee. "The traction began to build, and before my second year with this company, we were hitting 2M+ in annualized revenue."

Lee's strategy of refusing to put the cart before the horse — spending the first year focusing on the fundamentals of mining data sets of product performance, mathematics modeling, underwriting analysis, and building technology applications — paid off. "Even with no dedicated salespeople, clients managed to hear about us and come to us with money to invest for them," said Lee. What's more, Lee's belief that technology will be the key ingredient in creating large-scale change in the insurance industry led him to recently launch a second startup, iLife Technologies, dedicated solely to technology innovations in the world of insurance.

It's an inspiring story, but is it one that other entrepreneurs could make happen too? Lee believes that they can: "If you have the funding and the patience to do lots of R&D in the beginning, and not succumb to the seduction of just hiring a sales team to sell whatever brings revenue, then it definitely is a model that could be replicated."

SEE ALSO: I'm 34 and make $200,000 a year as a freelancer. This is exactly how I spend my money to both scale my business and still enjoy my Miami life.

Join the conversation about this story »

NOW WATCH: Stewart Butterfield, co-founder of Slack and Flickr, says 2 beliefs have brought him the greatest success in life

The best and worst times of year to sell a house

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Selling a home and netting the largest profit possible can oftentimes be a game of luck.

Reports, however, have shown that certain times of the year can yield higher premiums for sellers and more money in their pockets. When it comes to selling your home, it's important to plan things in advance so your home can hit the market at the perfect moment, and secure you the perfect price. 

Read more:7 things I wish I knew before buying a house

According to research done by ATTOM Data Solutions, here are the best (and worst) times to sell a house.

SEE ALSO: 7 things I wish I knew before selling my house

The best time of year to sell a home is during the summer, while kids are out of school

ATTOM Data Solutions analyzed more than 28 million single-family home and condo sales over the past eight years and determined that those who sold homes in the summer had more success selling their home quickly and for their desired price. 

"Since summer is a time for vacations and outings, it's no surprise that it's also a time when people are most likely to move," said Todd Teta, chief product officer with ATTOM Data Solutions.

According to the study, June and August reported the highest numbers of home sales, 2,881,400 and 2,802,268, respectively. 

"Families start their home search when they know their kids will be out of school and when the weather is ideal for home viewing and moving, giving home sellers an upper hand in price negotiations."



Homes sold in June and May turned the highest profits for sellers

The analysis found that seller premiums were highest in June (9.2%), May (7.4%), and July (7.3%). The median sales price for homes sold in June was $200,000 with an AVM of $183,124 and homes sold in May had a median sales price of $190,000 and an AVM of $176.875 — meaning that, on average, homes sold for more than what they were valued at. 

Bankrate also explains that kids going back to school at the end of the summer may encourage homebuyers to act quickly. Those looking to buy a house during the summer may want to be moved in before the school year starts. Therefore, homebuyers shopping around during the warmer months could be more inclined to close a deal faster than buyers during other times of the year. 

 



Homeowners who sold their houses during October and December reported the lowest seller premiums

Those who sold their homes during colder months — namely, October and December — reported much lower seller premiums than those who sold their homes in the summer. Homes sold in October and December sold for a median price of $188,000 with an AVM of $182,000, only making a 3.3% premium for the seller. 

 



Holidays, cold weather, and the start of a new school year can reportedly have a negative effect on home buying

Shorter days, higher travel rates, and the commencement of a new school year leads to fewer people venturing outside to look for a home, and those who do buy homes tend to pay less for them.

The median sales price of homes sold in January and February was $170,000, and the lowest numbers of home sales also occurred during those months. In January, about 1.76 million homes were sold, compared to about 2.8 million in June. In February, only 1.69 million homes sold. 

If you're trying to sell your home, try to strike while the iron — and the weather — is hot. 



Here's what Elon Musk, Richard Branson, and 53 other successful people ask job candidates during interviews

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elon musk

  • Some interview questions are designed to trick you, while others are fairly straightforward.
  • Powerful CEOs such as Elon Musk and Larry Ellison have interviewed countless people by this point in their careers, and therefore have their questions down to a science.
  • From "What was the last costume you wore?" to "Do you have any questions for me?" here are some of the most successful executives' favorite interview questions.
  • Visit BusinessInsider.com for more stories.

Many of the most successful people have gotten job interviews down to a science — and they're not in the habit of wasting time with dumb or irrelevant queries.

In fact, they often have one favorite go-to question they like to ask. This typically reveals everything they need to know about a job candidate. Some prefer brainteasers to see how candidates think logically, while others look for creative answers to storytelling prompts.

Read more: Here are the answers to job interview questions from 20 of America's top companies, from candidates who know

Previous reporting from Business Insider's Rachel Premack and Jacquelyn Smith shows that some questions are designed to trick you, while others remain fairly straightforward. Several key CEOs' favorite question is "Do you have any questions for me?"; this proves that the questions you should ask at the end of every job interview are extremely important.

Here are 53 of questions asked by successful executives.

 

Jacquelyn Smith, Alison Griswold, and Vivian Giang contributed to previous versions of this article.

SEE ALSO: This ex-Ford and GM executive asks job candidates how they traveled to the interview. Here's why.

NOW READ: A top C-suite headhunter who's placed more than 100 execs in major companies shares his favorite job interview questions — and the answers he's looking for

On a scale of one to 10, how weird are you?

One of Zappos' core values is to "create fun and a little weirdness," Tony Hsieh, CEO of the company, tells Business Insider.

To make sure he hires candidates with the right fit, Hsieh typically asks the question: "On a scale of one to 10, how weird are you?" He says the number isn't too important, but it's more about how people answer the question. Nonetheless, if "you're a one, you probably are a little bit too straight-laced for the Zappos culture," he says. "If you're a 10, you might be too psychotic for us."

Another question Zappos usually asks candidates is: "On a scale of one to 10, how lucky are you in life?" Again, the number doesn't matter too much, but if you're a one, you don't know why bad things happen to you (and probably blame others a lot). And if you're a 10, you don't understand why good things always seem to happen to you (and probably lack confidence).



What didn't you get a chance to include on your résumé?

Virgin Group founder Richard Branson explains in his new book "The Virgin Way: Everything I Know About Leadership," that he isn't a fan of the traditional job interview, reports Business Insider's Richard Feloni.

"Obviously a good CV is important, but if you were going to hire by what they say about themselves on paper, you wouldn't need to waste time on an interview," Branson writes. That's why he likes to ask: "What didn't you get a chance to include on your résumé?"



How would you describe yourself in one word?

The best candidates are the ones who know exactly who they are. That's why Dara Richardson-Heron — former CEO of women's organization YWCA and current Chief Engagement Officer for the National Institutes of Health "All of Us" Research Program — always asks her candidates this question.

Richardson-Heron says she doesn't judge people on the word they choose, but it does give her insight into how people package themselves. She tells Adam Bryant at The New York Times that she likes when people take time to ponder the question and answer thoughtfully.



If I were to say to a bunch of people who know you, 'Give me three adjectives that best describe you,' what would I hear?

Michelle Peluso, current SVP Digital Sales & Chief Marketing Officer at IBM and former CEO of Gilt, tells Adam Bryant of the New York Times that this question is far more telling than, "What are you good at?" — a question she despises.

Here's what she tells each candidate: "OK, I've interviewed an eclectic crowd about you: the guy who delivers your food, the last people you worked with, the person who can't stand you the most, your best friend from high school, your mother's neighbor, your kindergarten teacher, your high school math teacher who loved you, and your last boss." Then she asks: "If I were to say to them, 'Give me three adjectives that best describe you,' what would I hear?"

Peluso says if the candidate gives her three glowing adjectives, she'll remind them that the hypothetical group includes a few people who aren't particularly fond of them.

Similarly, Quartz reported the Wharton People Analytics Conference, where Mary Barra — the CEO of General Motors — revealed the three related questions she asks during job interviews:

1. How would your peers describe you in three adjectives?
2. How would your supervisor describe you in three adjectives?
3. How would people who've worked for you describe you in three adjectives?

"Ideally, you don't want the adjectives to change much at all," Barra said. "Because if you're hiring for integrity, you don't want people to manage up differently than they manage down. And you want people to work just as well with their peers and superiors as they do with their subordinates. This consistency is the key to empowering teams."



Give me an example of a time when you solved an analytically difficult problem.

Laszlo Bock — formerly Google's HR boss and currently CEO and cofounder of Humu— says Google ditched its famous brainteaser interview questions in recent years for behavioral ones.

"The interesting thing about the behavioral interview is that when you ask somebody to speak to their own experience, and you drill into that, you get two kinds of information," Bock tells The New York Times's Bryant. "One is you get to see how they actually interacted in a real-world situation, and the valuable 'meta' information you get about the candidate is a sense of what they consider to be difficult."



How old were you when you had your first paying job?

Hannah Paramore, founder of Paramore, a Nashville-based interactive advertising agency, told the New York Times' Adam Bryant that this is one of her favorite questions. 

"I'm looking for how deeply instilled their work ethic and independence are versus entitlement," she tells Business Insider. "If they worked part-time in high school and college because they needed to, especially in jobs that were just hard work, that shows a huge level of personal responsibility. I love people who have to patch success together from a number of different angles."

 

 



What would you do in the event of a zombie apocalypse?

This seems like a ridiculous question to ask, but it's posed to every prospective employee at Capriotti's Sandwich Shop, a national restaurant franchise. Ashley Morris, the company's CEO, says it's the best way to learn how candidates react under pressure.

"There really is no right answer, so it's interesting to get someone's opinion and understand how they think on their feet," Morris explains. "The hope is that for us, we're going to find out who this person is on the inside and what's really important to him, what his morals really are, and if he'll fit on the cultural level."



What motivates you to get out of bed in the morning?

In a New York Times interview with Adam Bryant, Brad Jefferson, cofounder and CEO of Animoto, a video slide show service, shared his three favorite interview questions.

He especially loves this one about what motivates people because it helps him understand a candidate's passions and what makes them tick. "I really try to get in their head about what's going to keep them going."

Jefferson tells Business Insider that it's important to understand what motivates a person at their core because "there will always be ups and downs in any business, and you want to make sure the person will be equally motivated during difficult times, if not more so."

He says if you "pursue something that you're passionate about with people who motivate you, then work is really fun, even during the difficult times."



If we're sitting here a year from now celebrating what a great 12 months it's been for you in this role, what did we achieve together?

Randy Garutti, the CEO of Shake Shack, tells writer Jeff Haden that he needs to know candidates have "done their homework, truly understand our company and the role... and really want it."

Garutti continues: "The candidate should have enough strategic vision to not only talk about how good the year has been but to answer with an eye towards that bigger-picture understanding of the company — and why they want to be here."



A hammer and a nail cost $1.10, and the hammer costs one dollar more than the nail. How much does the nail cost?

Jeff Zwelling, COO of job search engine ZipRecruiter, says he often turns to tricky questions during job interviews to get a better sense of who the candidate is.

For example, in the middle of the conversation, he often throws in this curveball math question.

"Some candidates will instantly blurt out 10 cents, which is obviously wrong," he tells Business Insider. "They don't have to get the exact right answer, which is a nickel, but I want to see them at least have a thought process behind it."

Zwelling says he understands that math isn't everyone's forte, but he wants them to realize that "10 cents is too easy of an answer, and that if it was that easy, I wouldn't be asking it."



What would the closest person in your life say if I asked them, 'What is the one characteristic that they totally dig about you, and the one that drives them insane?'

Kat Cole, group president of FOCUS Brands, tells Adam Bryant in a New York Times interview that before asking questions, she likes to see how job candidates interact with people in the waiting area.

"I'll ask people to offer the candidate a drink to see if there's a general gratefulness there, and they'll send me notes," she tells Bryant. "Then, when someone walks into my office, I'll have a big wad of paper on my floor between the door and the table. I want to see if the person picks it up. I don't make huge judgments around it, but it does give me a sense of how detail-oriented they are."

After some conversation, she finally says: "Tell me about the closest person in your life who you're comfortable talking about. What would they say if I asked them, 'What is the one characteristic that they totally dig about you?'"

Then she'll say: "What is the one characteristic that drives them insane, and that they would love for you to do just a little bit less?"

"People are pretty comfortable talking about that because I've pinpointed a person and a point of view," she tells the Times. 

Galyn Bernard — cofounder and co-CEO of the children's apparel startup Primary — added that asking what your best friend likes the least about you usually reveals pet peeves that could negatively affect working with the candidate every day.



Tell me something that's true, that almost nobody agrees with you on.

PayPal cofounder, managing partner of the Founders Fund, and president of Clarium Capital Peter Thiel always looks to hire people who aren't afraid to speak their minds, reports Business Insider's Aaron Taube.

To do this, he always gives job candidates and the founders of companies seeking an investment this interview prompt: "Tell me something that's true, that almost nobody agrees with you on."'

In a 2012 interview with Forbes, Thiel said the reason he loves this question is: "It sort of tests for originality of thinking, and to some extent, it tests for your courage in speaking up in a difficult interview context."



Can you tell me about a time when you almost gave up, how you felt about that, and what you did instead of giving up?

Wayne Jackson, chief executive of the software security firm Sonatype, tells The New York Times' Adam Bryant that in asking this question, he can learn about what people do outside of work — what drives them, what they think about, what's important — to determine whether they have "the competitiveness and the drive to get through tough problems and tough times."

Another reason he loves this question: It helps him figure out if the candidate's values and mindset are in line with his. "I tend to drift toward things where the stakes are relatively high, the dynamics are really complex, and teamwork matters," he tells Bryant. And it's important that his employees do the same. 



Are you the smartest person you know?

As Dartmouth business professor Sydney Finkelstein describes in his new book, "Superbosses,"  Oracle executive chairman and CTO Larry Ellison makes a point of only hiring exceptionally talented and extremely intelligent employees, and consequently coached his coached his recruiters to ask new college graduates this question.

If the candidate answered "yes," they'd get hired. If they answered "no," the recruiter would ask, "Who is?" Then they'd try to hire that other person instead, Business Insider previously reported.

According to Finkelstein, superbosses like Ellison are confident enough in their own abilities that they aren't worried about employees outshining them, and they aim to hire people who are more intelligent than they are because those employees will challenge them to come up with better ideas and solutions to problems.



On your very best day at work — the day you come home and think you have the best job in the world — what did you do that day?

Business Insider's Richard Feloni spoke with Miranda Kalinowski, Facebook's global head of recruiting, about how the social media giant recruits top talent. She said that she and Lori Goler, the vice president of People Operations, ask this question to help them find employees who are a perfect fit.

Feloni reports that "they're looking to see what the candidate is truly passionate about, and if that innate interest fits into what Facebook is looking for."

They're also hoping to see if that candidate's drive and values align with Facebook's mission "to give people the power to share and make the world more open and connected."



What do you want to be when you grow up?

Stewart Butterfield, the cofounder of Flickr and chief executive of Slack, likes to ask job candidates this question we've been answering for our teachers and parents since we were kids.

"Good answers are usually about areas in which they want to grow, things they want to learn, things that they feel like they haven't had a chance to accomplish yet but want to accomplish," he tells Adam Bryant of The New York Times. "A very short answer to that question would be automatically bad."



What's your dream job?

Last year, LinkedIn CEO Jeff Weiner told CNBC's Adam Bryant how valuable he finds the question, "What is your dream job?"

"Once you know what it is that you ultimately want, you are that much more capable of manifesting it," he told CNBC.

Additionally, some candidates respond to this question by saying their dream job is the one they are currently interviewing for. Weiner noted that this answer often seems ingenuine, and raises red flags.

CNBC also reported that Weiner has been known to ask candidates the related question, "Looking back on your career, what do you want to say you accomplished?"



What would someone who doesn't like you say about you?

General Stanley McChrystal, founder of management consulting firm the McChrystal Group, tells "The 4-Hour Workweek" author Tim Ferriss on his podcast that this question "puts a person in the position of having to try to articulate what they think the perception of them by others is."

The response is less important than how it's delivered, as the question "forces candidates to consider their least attractive qualities and also muster enough courage to share them with someone who holds power over their careers," reports Business Insider's Richard Feloni

Luis Von Ahn — CEO of Duolingo since 2014— also asks his interviewees this question.

Reader's Digest reported that Von Ahn thinks one of the worst answers to this question is telling the interviewer that everyone likes you because — with that response — "you're either lying or you're clueless."



Tell me about your failures.

A good answer to this question is important because it means that the candidate isn't afraid of taking risks and will admit when things don't work out, says Jenny Ming, president and CEO of clothing store Charlotte Russe and former chief executive of Old Navy.

"It doesn't even have to be business; it could be life lessons. I think it's pretty telling. What did they do afterward?" she says. "How did they overcome that? I always look for somebody who's very comfortable admitting when something didn't work out."

People always like to tell you about their successes, she explains, but they don't always want to tell you what didn't work out so well for them.

Carly Stein — the founder and CEO of wellness brand Beekeeper's Naturals — also asks her candidates a similar question: "What have you failed at?"

"Being able to share your shortcomings is critical," she told Fast Company in July. "This question highlights the ability to rebound and learn."



Can you tell me about a time you ran with a project from start to finish?

Jess Levin Conroy, the founder and chief executive of Carats & Cake, an online wedding resource that features curated content and information about vendors, says she asks each and every job candidate this question.

"We are in the service of small businesses and are a true startup ourselves so we look for people who get what it means to do big things without a lot of hands," Levin Conroy tells Business Insider.

She says there is no "one size fits all" answer — but she always looks for an example that "communicates independent drive, proactive problem solving, and humility."  

"For small, nimble teams, like Carats & Cake, it's so important that everyone shares a desire to be thoughtful and committed to our business and the businesses we work with," she continues. "A sense of humility signals an ability to truly work together and to be open to learning from mistakes and each other."



What's your favorite part of your current job?

Becca Brown, cofounder of Solemates, a brand of women's shoe care products, says if the candidate is not currently employed, she'll tweak the question and instead ask about the best part of a previous job.

"I want to know what a candidate enjoys doing because not only does it give me insight into who the person is and their personality, but it shows me where I think they can thrive," Brown tells Business Insider. "In general, we all excel when we enjoy what we're doing.  If we can harness what a candidate genuinely enjoys doing in their job, it becomes a win-win situation."

What Brown looks for in a candidate's answer is honesty.



If you were a consultant what would the sign on your door say?

George E. Michel — former CEO of Boston Market and interim CEO of Friendly's — tells Business Insider he asks this to "see what their muscle is, what they excel at, and what value they'll add, or what experience they'll share."

He says what he ultimately looks for in every job candidate is passion for the brand and an ability to articulate why. "I also look for candidates who have relevant experience and stability — and they have to be a culture fit."



What is your favorite quote?

Karen Davis — former senior vice president of Global Philanthropy and Social Impact at Hasbro, the toy and game giant — tells Business Insider her work is focused on giving back, so she's looking for candidates with "a true sense of passion and purpose." The quote question, she says, helps her figure out who applicants really are and what they truly care about.

While there's no right answer, Davis is looking specifically for candidates with an answer, reports Business Insider.

"You think about the great leaders in this world, and the ones that we remember most are the ones who have really put themselves out there, trying to invoke change," she says. She wants her would-be hires to be following in those footsteps. "I want to see that somebody has been looking for sources of inspiration." 

Davis is currently the CEO of North Star Impact Group.

 



Who is on your team? Tell me about them.

When Jim Ayres, the managing director of Amway North America, wants to measure a potential leader's emotional intelligence, he tells Business Insider's Shana Lebowitz that he aks the candidate about his colleagues' family, how they work best, and what typically gets in their way.

"It may seem odd," Ayres says, "but if you're a leader and you know [the answers], it's a good indicator that you have emotional intelligence."



Who is the best in the world at what you do?

Drew Houston, the 33-year-old billionaire founder of Dropbox, tells Adam Bryant of The New York Times that he has five questions he always likes to ask job candidates:

1. Who is the best in the world at what you do?
2. Who are your influences?
3. What have you learned in the last year?
4. If you were able to sit yourself down 10 years ago, what advice would you give your younger self?
5. What are the most important lessons you've taken away?

As Business Insider previously reported, Houston explains that these questions help him discern if a candidate is passionate about constantly improving. "I'm drawn to people who really love their craft, and treat it like a craft, and are always trying to be better and are obsessed with what separates great from good," he tells Bryant.  



How would you make money from an ice-cream stand in Central Park?

Yasmin Green, head of research and development at Jigsaw, Alphabet's tech incubator formerly known as Google Ideas, wants to hire creative, independent thinkers, so she gets candidates to think on their feet by asking them how they'd manage an imaginary ice-cream stand.

"I'm curious to see how people deal with ambiguity and whether they can have fun while thinking on their feet," she says.

Green says that to land a job at Google, you also need to "be prepared to challenge the premise of the question."



Can you tell me about four people whose careers you have fundamentally improved?

Jay Parikh, Facebook's global head of engineering and infrastructure, writes for Harvard Business Review that Facebook screens its candidates for "the ability to calibrate to a team environment," Business Insider's Shana Lebowitz reports.

Parikh says asking candidates to talk about people they've helped weeds out "empire builders, self-servers, and whiners."

"Successful candidates should clearly demonstrate that their priorities are company, team, and self — in that order," he explains.



What's the biggest impact you had at your past organization?

As Business Insider previously reported, luxury beauty retailer Bluemercury CEO Marla Malcolm Beck's interviews tend to only take seven to 10 minutes.

She has on query she likes to ask in particular, she previously told Adam Bryant of The New York Times.

Her question for potential hires is: "What's the biggest impact you had at your past organization?"

"It's important that someone takes ownership of a project that they did, and you can tell based on how they talk about it whether they did it or whether it was just something that was going on at the organization," she told Bryant.



What was the last costume you wore?

It doesn't matter so much what they wore, but why they wore it. If the candidate's reasoning matches Warby Parker's core value of injecting "fun and quirkiness into work, life, and everything they do," they might have a real shot at getting a job there.

"We find that people who are able to make the job environment fun build followership more easily," the company's cofounder and co-CEO David Gilboa tells Iris Mansour at Quartz. "If we hire the most technically skilled person in the world whose work style doesn't fit here, they won't be successful."

Additionally, The Ladders reported that Gilboa's co-CEO Neil Blumenthal told The New York Times that he often asks, "What do you like to do for fun?"

Blumenthal explained, "The answer always speaks volumes of who that person is."



You are standing on the surface of the Earth. You walk one mile south, one mile west, and one mile north. You end up exactly where you started. Where are you?

According to the biography "Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future," the Tesla and SpaceX CEO likes to ask candidates this riddle to test their intelligence.

There are multiple correct answers, and one is the North Pole.

Additionally, The Ladders reported that Musk also asks the question, "Tell me the story of your life and the decisions that you made along the way and why you made them and also tell me about some of the most difficult problems you worked on and how you solved them."



If you were an animal, which animal would you be?

"The animal kingdom is broad, and everyone can identify with a specific animal they think embodies their own personalities and characteristics," Stormy Simon, former president of Overstock, tells Business Insider.

"There are so many different human traits, where in the animal kingdom they put themselves, and why, really gives insight to the person answering the question. For example, just because you love dogs doesn't mean you would identify yourself as a dog," she explains.

Good answers, she says, are where the candidate picks an animal that they think truly personifies the traits that set them apart. "People have often chosen the same animal as other candidates, but the traits they describe have never been the same," says Simon. But they're not all good answers.

"One time an interviewee said they identified with a red panda because everyone thinks they are so cute and approachable, but it turns out they're just really lazy. We hired the candidate anyway despite that answer, but we parted ways within three weeks. It just goes to show how important the question is."

HootSuite CEO Ryan Holmes also likes to ask candidates, "What's your spirit animal?"

As he tells writer Jeff Haden"During her interview, I asked my current executive assistant what was her favorite animal. She told me it was a duck, because ducks are calm on the surface and hustling like crazy getting things done under the surface," he says. 

"I think this was an amazing response and a perfect description for the role of an EA. For the record, she's been working with us for over a year now and is amazing at her job," Holmes tells Haden.

Holmes has also been known to ask candidates, "What's your superpower?"



How did you get to this interview?

Business Insider's Graham Rapier interviewed Dan Grossman, a "mobility veteran" who previously worked at Zipcar, Ford, and General Motors. Grossman was named Zagster's CEO in April.

"I ask them how they got to work, or to the interview," Grossman told Business Insider. "I'm always curious, in a shared mobility kind of world, how people move."

"It's a question that makes sense, given Grossman's deep background in all things mobility and transit," reported Rapier.



How do you make [product] better?

Business Insider's Nathan McAlone previously reported a New York Times talk with YouTube CEO Susan Wojcicki, where she revealed her go-to interview question.

"She said she would usually ask about a specific product YouTube had released, or a neutral product — something she knows the interviewee uses — and then ask the person, 'How do you make it better?' " reported McAlone.

"Wojcicki said she had also previously asked, 'How do you manage your email?' " added McAlone. "She said it gave her insight into people's organizational skill sets and how they schedule their days — it even produced some useful tips."



What was your best trip?

The Economic Times reported that Uber CEO Dara Khosrowshahi asks his interviewees a series of travel-related questions:

1. What was your best trip?
2. What's the craziest thing that's happened to you on a vacation, and how did you handle it
3. What is an essential travel packing item or strategy for you

"Khosrowshahi says it gives him the key to their personal stories," reported The Economic Times.



What questions would you ask yourself, if you were us?

Cofounders Larry Page and Sergey Brin famously used an interesting tactic when interviewing potential employees for Google. 

"I don't think I've ever told this story," former Google exec Tim Armstrong told Business Insider's Alyson Shontell. "But when I had my first discussion with them, they basically said at the beginning of the meeting, after a few questions, 'We're not really sure what to ask you. Ask yourself the questions.' "

CNBC added that Armstrong was not alone — Page and Brin used this tactic on a number of interviewees. Additionally, infamous brainteaser questions were sometimes asked, including "How many times a day does a clock's hands overlap?" and "Estimate how many gas stations there are in Manhattan."



Why should I decide against hiring you?

Inc. reported, "Yashi's Jay Gould wants you to play devil's advocate against yourself."

"If they think too long, or can't answer the question at all, they may be hiding something," Gould told Fast Company in a 2015 interview. "If their answer is genuine then you have a contender."

Roger Duguay — a managing partner at Boyden — also asks this question in interviews. Business Insider's Richard Feloni previously reported, "Duguay saves this one for the end, and he said it often stops a candidate cold."

Duguay also told Feloni he is looking for someone who "can open themselves for a moment of vulnerability."



What are we doing well, and where is there opportunity to grow?

Gabe Kennedy is a chef and the cofounder of a cannabis wellness startup called Plant People. He asks his interviewees what they think the company is doing well, but also wants to know if they think there is room for improvement (and if so, where).

"I want complete honesty, even if it is uncomfortable," Kennedy told Fast Company. "What is their perception, who are we as a business? What are we doing well, and where is there opportunity to grow? The more diversity of perspectives, opinions, and inputs we get, the better we become."



How many degrees separate the minute and the hour hands of a clock at 3:15?

"I want to understand how somebody thinks about a very new problem in a difficult situation, and how they respond to that under pressure," Scott Cutler, the CEO of StockX, told Fast Company in July.



Can you tell me about a tough day you had at work and how you pushed through it?

Mark Lawrence, the founder and CEO of parking startup SpotHero, asks job candidates to describe a tough day.

Lawrence told Fast Company, "I'm always interested in what people have done to improve themselves or how they've expressed vulnerability in a way that helped them grow professionally or personally."

Evan Maridou, the CEO of pet healthcare startup Milo, asks a similar question about difficult experiences: "Could you tell me about a time you got tough feedback?"

Fast Company reported, "In asking those type of questions, [Maridou] usually shares an example from his own life—when he was almost fired earlier in his career."



Why are you here?

Business Insider's Portia Crowe previously reported on Twitter CEO Jack Dorsey speaking to a small audience at a Goldman Sachs event in 2016.

Dorsey explained, "If you have a sense of passion and a sense of purpose ... then we can work together, then we can build amazing things together."



How did you spend the first 90 days of your previous job?

According to CNBC, CEO of defense company Lockheed Martin Marillyn Hewson has a "go-to question."

By asking candidates how they spent the first hour and a half of their last job, Hewson gets a better idea "of how you will hit the ground running if you were to join my team."


How were you treated?

According to The Ladders, the former CEO of Tupperware Rick Goings throws interviewees a curveball by asking how they were treated.

"Goings explains that the best way to understand a job candidate is to ask people how they behaved when it didn't occur to them that anyone was paying attention," reported The Ladders.

Goings stepped down from Tupperware last year. He joined the company in 1992.



If you find yourself in situations where they're not going the way you want them to, what do you do?

According to The Ladders, CEO Lori Dickerson Fouché asks about workplace situations to "tell how a candidate conducts herself under pressure." Fouché became the CEO of TIAA Financial Solutions last year.

Additional questions Fouché reportedly asks include "What kind of cultures do you like to work in?" followed by "Where do you excel?" and "How do you excel?" Fouché also asks candidates to "describe some difficult leadership situations and how you managed people through them."



“Why have you had (X) number of jobs in (Y) years?”

Writer Jeff Haden reported that Shama Hyder — founder of The Marketing Zen Group — does not necessarily care about the number of jobs you've had, but why you've changed positions or companies.

"It may sound snarky at first, but the question helps Hyder get a feel for a candidate's career path," reported Haden for the Gusto blog. "The answers give her a better picture of each candidate's work history, like what keeps them motivated, why they moved from job to job, why they decided to leave, and what they looked for in the next company."



"Tell me about a recent project or problem that you made better, faster, smarter, more efficient, or less expensive."

Jeff Waden also reported that CEO of RoadID Edward Wimmer gets excited by explanations.

"According to Wimmer, good candidates can share plenty of answers. But great candidates get excited as they share plenty of answers."

In the full LinkedIn post, Wimmer revealed that the costs of his company RoadID have remained the same. To do this, the team has had to solve many problems, so hearing candidates' answers gives him an idea of whether or not they'd be a good fit for the company.



If you got hired, loved everything about this job, and are paid the salary you asked for, what kind of offer from another company would you consider?

Ciplex founder Ilya Pozin revealed that he asks this question to see if people can be bought. In a LinkedIn roundup, Pozin said, "You'd be surprised by some of the answers."



Would you rather be rich or would you rather be king?

Harold Hughes — CEO of blockchain-based analytics company Bandwagon — told Fast Company there is no wrong answer to this question.

"What's more important is the reasoning," Hughes told Fast Company. "If the response is to be rich but they use their new wealth in ways to help others, that speaks to their empathy and compassion."

"If they choose to be king, I'm interested in their views on impacting power structures," he added.



Who is your role model, and why?

While this is a seemingly basic question, Clara Shih — the cofounder and current CEO of Hersay Social — said that the question "reveal[s] how introspective the candidate is about their own personal and professional development."

Additionally, Cuyana founder Karla Gallardo asks her candidates a similar question: "Who or what has shaped who you are?"

"A core value at Cuyana is hiring 'good people,' which we define in part as people with integrity, a sense of gratitude, and confidence in showing their vulnerability without ego," Gallardo told Fast Company. "So I love questions that help reveal those qualities, as opposed to those solely focused on job qualifications."



What things do you not like to do?

In the same LinkedIn roundup, Bullhorn founder and CEO Art Papas admitted that, "Getting an honest answer to the question requires persistence, though."

Like other questions, the answer to this can be telling. Papas said he once interviewed a sales candidate who hated meeting new people and a finance candidate who hated checking work.



Tell me about a project or accomplishment that you consider to be the most significant in your career.

MyCorporation CEO Deborah Sweeney said, "I find that this question opens the door to further questions and enables someone to highlight themselves in a specific, non-generic way."

Additionally, Sweeney said followup questions are easily arranged:

1. What position did you hold when you achieved this accomplishment?
2. How did it impact your growth at the company?
3. Who else was involved and how did the accomplishment impact your team?



So, what's your story?

Several successful execs swear by this question, always opting to ask their interviewees about their life story.

"The question, as obtuse as it might sound to the interviewee, is the beginning of a story and in today's world of selling oneself, or one's company, it's the ability to tell a story and create a feeling that sells the brand — whether it's a product or a person," said managing partner Richard Funess in a LinkedIn post.

Overall, Funess looks for creative responses that show him the candidate is a broad thinker to apply their skills to his business.

Likewise, during a conversation with Adam Bryant of the New York Times, Melanie Whelan, CEO of the New York-based fitness company SoulCycle, says she always starts interviews with: "Tell me about your background."

"It's a great way to warm up any conversation, and it really helps me understand how you communicate. Are you linear, concise, and direct? Or are you a storyteller? Are you entertaining? Do you go off on tangents?"

Finally, Airbnb CEO Brain Chesky puts a time limit on this question.

According to Inc., Chesky told The New York Times in 2014 that he usually asks interviewees to summarize their lives in three minutes or less. The Muse referred to this as the ultimate "Elevator Pitch."

"I'm trying to figure out the formative decisions and experiences that influenced who you are as a person," Chesky explained in The Times interview.



Can you tell me the story of you prior successes, challenges, and major responsibilities?

Lonne Jaffe, senior advisor to the Board of Directors and former CEO at software company Syncsort, says in a New York Times interview with Adam Bryant that he always wants to see how well a job candidate can tell a story. 

He tells Business Insider that as long as we've had language, storytelling has been a powerful communication tool. "In business, creating a compelling narrative is invaluable for motivating a team, explaining strategic priorities in a way that's easy for others to understand, or communicating complex ideas to customers and prospects. Successful senior-level leaders are good storytellers, and it's also a very useful skill early on in your career."

Jaffe says he recognized the importance of storytelling early in his career while working at IBM. "Storytelling is especially important in the tech industry because technology can be "very complex, and sometimes people find technical details to be somewhat boring," he says.

Similarly, Dave Lavinsky, founder of Guiding Metrics asks his candidates, "Discuss a specific accomplishment you've achieved in a previous position that indicates you will thrive in this position."

In a LinkedIn roundup, Lavinsky said, "Past performance is usually the best indicator of future success."



Do you have any questions for me?

"Do you have any questions for me?" is a common last question in an interview, but few interviewers may consider it the most important one.

However, according to Inc., Lori Goler — Facebook's Vice President of People — asking this question helped solidify her decision to hire Sheryl Sandberg. When asked, Sandberg responded with the question, "What is your biggest problem and can I help solve it?"

Scott Dorsey, the cofounder and CEO of ExactTarget, also asks candidates this question.

"I love asking this question really early in the interview," Dorsey said. "It shows me whether the candidate can think quickly on their feet, and also reveals their level of preparation and strategic thinking."

"I often find you can learn more about a person based on the questions they ask versus the answers they give," he added.



Black women in the US have to work an extra 233 days to earn what a white man earns in a year. This calendar shows the visceral way the gender pay gap affects all races.

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Fight for 15 international women's day rally

  • By one measure, August 22, 2019, is "equal pay day" for black women in the US.
  • That is, Thursday marks the day when the typical black female worker would have earned as much in 2018 and 2019 as the typical white male worker would have earned in 2018 alone.
  • The gender gap in the US persists for all women, but it varies widely among different racial and ethnic groups.
  • Visit Business Insider's homepage for more stories.

The gender pay gap between men and women in the US is still a big problem, and it affects some women more than others.

By one measure, August 22, 2019, is "equal pay day" for black women in the US, as highlighted by the New York Times on Instagram. That is, Thursday marks the day when the typical black female worker would have earned as much in 2018 and 2019 to date as the typical white male worker would have earned in 2018 alone.

That estimate is based on an analysis of wage data from the US Census Bureau done by the American Association of University Women. According to that report, median annual wages for full-time, year-round employed black women were 61% of median wages for similarly situated non-Hispanic white men in 2017, the most recent year for which data is available.

Read more: 6 charts that show the glaring gap between men and women's salaries

A little bit of arithmetic shows that this means it takes the median black female worker about 598 days to earn what the median white male worker makes in 365 days. So, a black woman starting on January 1, 2018, would have finally earned today what a white man would have made over the course of 2018.

The gender wage gap varies widely across different racial and ethnic groups in the US, reflecting the interplay of ongoing gender and racial inequalities. According to the AAUW analysis, non-Hispanic white women's median earnings were 77% of non-Hispanic white men's earnings; Asian women made 85% of what white men made; and Hispanic or Latina women earned just 53%.

Across all racial and ethnic groups, full-time, year-round women's median earnings were 80% of men's median earnings.

Here's when an "equal pay day" would fall for each of those groups in 2019, according to our calculations with results from the AAUW's report:

Days women have to work

Join the conversation about this story »

NOW WATCH: Sharks aren't the deadliest creatures on Earth. Here are the top 10.

From walking dogs to bartending, these 8 founders share the business lessons they learned from the side hustles that helped them survive while bootstrapping their startups

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  • While some entrepreneurs take on investors to get their companies started, others bootstrap it — like these eight women.
  • All of them are now successful business owners, but they looked for creative sources of income to stay afloat while growing their companies.
  • Below, they offer a behind-the-scenes look at how they did it — from doing voice-overs in commercials to selling jewelry from old boyfriends on eBay.
  • Visit Business Insider's homepage for more stories.

As anyone who's started a business — or wanted to — knows, those early days are tough financially. Aside from the cost of getting a company off the ground, you've got to pay your own bills while you wait for your first clients to come in.

While some entrepreneurs take on investors, others bootstrap it — like these eight women. All of them are now successful business owners, but what not many people know is that they looked for creative sources of income to stay afloat while growing their companies.

As it turns out, those side gigs not only brought in extra cash but also gave them surprising benefits they carry with them today. Here, they give a behind-the-scenes look of those early days — and some serious inspiration for other aspiring entrepreneurs.  

SEE ALSO: 'Everyone thought I had a dream job. Here’s what they didn’t know.'

The social entrepreneur with (many) side hustles

Tiffany Yu

CEO and Founder, Diversability

When Tiffany Yu started Diversability, an enterprise that aims to rebrand disability through the power of community, she knew she didn't want to raise outside funding. But given the organization's social mission, she also didn't want it to be her sole source of income. 

"A few of my friends joke that I created the side hustle," shares Tiffany. "Even before I was a full-time entrepreneur, I was trying to think of ways to make a little extra income" — including selling jewelry through a direct sales company, listing items on Craigslist and eBay, and Airbnbing extra space in her house. One really fun job? Being cast as an extra in commercials.

All of those gigs gave her experience wearing lots of different hats — a crucial skill for an entrepreneur. "They made me a bit of a Swiss Army knife and taught me that I could figure out things on my own if I needed to," she says.



The networking expert using her skills in all kinds of ways

Stephanie Thoma

Networking Strategy Coach and Founder, Networking for Introverts

When Stephanie Thoma launched her coaching business to help introverted people build confidence, unlock their in-person networking potential, and establish authentic relationships, she knew she wanted to help the right people, rather than be desperate for clients. So, she got creative with multiple income streams.

"I've been a market research recruiter and moderator with an emphasis on finding hard-to-find niche participants in their natural habitats (think Catholic priests or moms with newborns) and having them take part in market research focus groups," Stephanie recalls. "I've also been a ghostwriter for an entrepreneur podcast and event producer in the real estate space."

As it turns out, each of those gigs has helped her in her coaching practice. "All of these projects have woven into one another with shared values, and I've built skill in rapport-building, human connection, and overall grit needed to run a business," she says.



The employee whose boss gave her a push

Shubham Issar

Co-founder, SoaPen

When Shubham Issar and her cofounder came up with the idea for SoaPen, a colorful product that makes hand-washing fun for kids, they knew they were onto something. Others did, too, and they won a UNICEF challenge for the concept. Their prize money went entirely to R&D, so they needed income to support themselves and get the product to market. "As an immigrant founder, moving back to my parents' basement wasn't an option," Shubham adds.

In college, she studied industrial design and furniture fabrication, so she looked for jobs in that field. "I worked with an amazing design and build firm and got to work on awesome projects for companies like Macy's, Chanel, and some interiors in the West Village," she says. "Fabrication requires a lot of attention to detail, deep focus, and endurance — qualities that have definitely helped me on my entrepreneurial journey."

Plus, the job had an unexpected result: She gave her boss a SoaPen prototype to try with his daughter, who loved it so much that he told Shubham to quit her job to pursue SoaPen full-time.



The bookkeeper by day, bartender by night

Kelly Gonsalves

Founder, Totally Booked

Kelly Gonsalves describes her decision to start her company, a virtual bookkeeping firm for small businesses, as a bit last-minute. "I had just left a hostile work environment at a newly funded startup," she explains. "I didn't have a lot saved and needed to make money fast."

She deferred her student loan to have some wiggle room in her budget, then started looking for ways to make cash that didn't interfere with taking on clients — like waiting tables and bartending at night. Plus, "I signed up for every paying survey and focus group I could, I cashed in my literal piggy bank full of coins, and I sold off jewelry from past boyfriends that had no meaning," she says. "I was determined to make it work."

That determination paid off, but those scrappy times remind her to stay lean today. "Those days shape the way that I now spend my business' money," she says. "They taught me to operate on less."



The busy baker with a sweet voice

Katherine Sprung

Owner, Squish Marshmallows

Katherine Sprung's company makes small-batch, handcrafted marshmallows, focusing on unique flavors and confections. While she loves the business, she admits that being a bootstrapped company without investors means not bringing in much those first few years.

To supplement her income, Katherine works as a commercial voice-over artist. She even set up a home studio so that she could do her side gig any time she wants. "Even if I work 12-to-15 hour days, I'm able to record commercials here and there," she says.

Some may think it's a totally unrelated field, but Katherine disagrees: "It actually helps a lot when it comes to press opportunities on TV and video, being comfortable speaking clearly, candidly, and concisely!"



The dog walker who wore Prada

Rhonda Moret

Founder, Elevate For Her and Elevated Diversity

Rhonda Moret was a successful marketing executive, working on high-profile brands such as Nike Golf, the PGA, and Universal. When she left to found her business, she realized she needed to have some money coming in quickly, but wanted to make sure it was flexible and low-stress. "I needed to find a way to earn money which didn't distract from my goal of building a purpose-driven brand dedicated to empowering women and elevating diversity," she explains.

The gig that fit the bill? Becoming a dog-walker. She loved it, though it was a far cry from the glamour of her marketing days. "I was humbled by the experience, but it only reinforced my commitment to make my new business a success." As she puts it: "I like to think of that phase of my life as 'the dog walker wore Prada' chapter!" 



The scrappy travel blogger who had a lightbulb moment

Shabrina Koeswologito

Content Creator/Founder, Slow Travel Story 

Shabrina Koeswologito was trying to build her travel blog while pursuing a master's degree — no small feat. She also needed to pay for business expenses like website maintenance, but as an international student, there weren't many ways she could earn a regular income.

So she turned to a handful of flexible odd jobs: "I've done babysitting, participated in study lab research programs by universities, participated in an online survey, and worked as a part-time office cleaner and a clothing store receptionist," she notes.

Of course, while doing all these gigs, she couldn't travel and create new content. And that's when an idea struck: highlighting real women who work in the travel industry. "It turns out, this new #Powerwomenintravel content receives the most traffic on social media and helps me get more clients," she says.



The maker who built her business on the job

Lauren Egge

Founder and CEO, Noka Supply

When Lauren Egge decided to quit her corporate job and launch her company — a line of everyday accessories that help you take better care of your health — she not only needed income but also a way to build prototypes for her products.

Fortuitously, she found a gig that let her do both: working at a local maker space doing machine maintenance and member support. The downsides? "The job paid a fraction of my previous salary, and the only shifts available were Friday to Sunday, 4 p.m. to 1 a.m., so my social life took a serious nosedive," she recalls.

But she also had access to the space's equipment and could spend her free hours working on her own projects. "I was able to 3D print and test dozens of designs … a process that would have been prohibitively expensive otherwise," she says. "That job ended up being critical to the success of my company."

Dreamers // Doers mission is to increase the number of successful ventures launched by women. It consists of Collective, a high-impact community reaching over 25,000 women globally, and Onyx, a highly curated private members' collective for value-driven female founders, trailblazers, and change-makers.



Taylor Swift is dropping a new album. Here's how the world's highest-paid celebrity makes and spends her $360 million.

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Following is a transcript of the video.

With Taylor Swift teasing her much-anticipated seventh album, the "Delicate" singer is poised to break multiple records — again.

Swift's previous album, "Reputation," sold more than 2 million copies in the US, and the coinciding tour broke records as the highest-grossing US stadium tour of all time. The singer-songwriter currently has a net worth of $320 million, 10 Grammys, and is arguably one of the most influential figures in pop culture today.

Over the years, Taylor Swift's influence has only grown. In 2018, she was even named the most influential person on Twitter, despite only tweeting 13 times. Whether it's pulling her music from Spotify, negotiating fairer royalties with Apple Music, or signing a reportedly $200 million contract with Universal, Swift has been strategic in building her empire.

Since 2006, Swift has released six albums, all of which went platinum. Her 2014 album, "1989" sold over 3.7 million units, making it the best-selling album of the year. Taylor Swift is one of the few artists to still use a long-lead album release cycle, one that typically takes three months. Since Beyoncé's surprise album drop in 2013, many artists have been releasing their albums on a quicker cycle to varying degrees of success.

That unprecedented move worked for Beyoncé because she's ... Beyoncé. Likewise, Swift's long-lead cycle only works for her. It's an outdated system, one designed to promote albums over time through radio, print, and other media. The fact that it works for Swift is a testament to her star power, as well as how devoted her fans are. By extending her album release, Swift is able to spend months dominating the charts as new songs are released a few weeks apart, giving each single its own time to shine on the charts.

However, Swift's most lucrative gig comes after the album release. Her tours bring in the bulk of her income. Swift's first "Fearless" tour brought in roughly $75 million. As Swift's popularity has increased, so has the cost of her concert tickets. The "1989 World Tour" in 2015 was the highest-grossing tour of the year.  And in 2018, Taylor Swift's "Reputation" tour broke records as the highest-grossing US stadium tour of all time. The record was previously held by The Rolling Stones, whose "A Bigger Bang Tour" from 2005 to 2007 grossed $245 million across 70 shows. Swift shattered their record with $345 million from just 38 shows. That's a $9-million-per-show average.

Swift's tour documentary with Netflix brought in an additional undisclosed paycheck rumored to be worth millions. Additionally, it's been estimated that Swift makes $17 per ticket on merchandise sales. Swift's fans, called Swifties, are definitely devoted to the singer. In preparation for Swift's seventh album, fan accounts have even been posting strategies for maximizing sales numbers and stream counts. 

As one of the most popular musicians of the era, Swift has had a complicated relationship with streaming. In 2014, Taylor Swift pulled her music from Spotify, citing unfair royalty payments. Similarly, Swift published an open letter to Apple Music in 2015 and stated that she would not be streaming her then upcoming album "1989" on the service because of royalty rates. Apple Music quickly modified its streaming revenue policy to be more fair to artists, and Swift allowed the service to stream "1989."

As for Spotify, Taylor Swift rereleased her catalog on the service in June 2017. The exact conditions for Swift's return to Spotify have never been released, but it may have to do with Spotify modifying its streaming policies a bit. Regardless, Swift's new contract with Republic Records and Universal Music Group included a specific condition that requires the label to distribute any money made from selling its investments in Spotify with its artist roster.

That same contract will reportedly earn Swift anywhere from $100 to $200 million in guarantees. Taylor will also own all of her future master recordings. It's rumored that Swift's new contract stipulated that the Kardashians could no longer speak badly about her. Universal owns E!, which produces "Keeping Up With The Kardashians," so such a condition could be possible. Either way, Swift's new contract will earn her quite the windfall.

As for how the star spends her millions ... Swift's famous for interacting with fans online and even hosting secret listening parties at her home. Over the years, Swift has donated to a number of her fans to cover everything from student loans to hospital fees. She's also raised funds for various causes, including victims of Louisiana and Nashville floods, as well as victims of tornadoes in the southern United States. During Kesha's legal battles, Swift donated $250,000 to help the fellow singer with legal fees. Most recently, she donated $113,000 to a pro-LGBTQ advocacy group, the Tennessee Equality Project.

Swift's $84 million real-estate portfolio spans across four states. Her eight properties include a $29 million estate in Beverly Hills and a $20 million duplex penthouse in New York City. Swift's NYC penthouse is located in Tribeca, Manhattan's richest neighborhood. She reportedly renovated the apartment for $535,000. Swift also owns a four-story townhouse and a condo on the same street.

The singer made headlines when she purchased her Rhode Island mansion for $17 million in cash. The seaside estate was where Swift hosted her famous Fourth of July parties. Considering all the traveling the international performer must do, it's no surprise that she owns a private jet. Swift's customized jet reportedly cost $40 million and has the singer's lucky number "13" painted on its nose. She's also rumored to own a second jet that costs up to $58 million.

Taylor Swift also owns two Scottish Fold cats, which are one of the most expensive cat breeds in the world. Named Olivia Benson and Meredith Grey after the singer's favorite TV show characters from "Law and Order" and "Grey's Anatomy," Taylor's cats could have cost anywhere from $1,000 to $3,000 each. Swift often shares photos and videos of her beloved pets online and even gave them a shout-out in her song "Gorgeous." 

Guess I'll just stumble on home to my cats.

Swift recently posted a picture of her cats as part of what fans believed to be clues about her upcoming album. This next chapter of Swift's career could very easily see new records set and old ones shattered.

EDITOR'S NOTE: This video was originally published on April 26, 2019.

Join the conversation about this story »


A 29-year-old exec who worked on 2019's biggest biotech IPO told us the 2 key lessons that made it a success (EIDX)

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Cameron Turtle, CBO of Eidos Therapeutics.

  • Cameron Turtle is the 29-year-old chief business officer of the rare-disease biotech Eidos Therapeutics.
  • Turtle helped lead Eidos' initial public offering last year, which was his first-ever IPO. 
  • The lessons he learned from the process helped pave the way for the success of another public offering: that of the biotech BridgeBio this summer, which was 2019's biggest biotech IPO
  • Read on for more about what Turtle learned. 
  • Click here for more BI Prime stories.

Last year, Cameron Turtle helped lead his first initial public offering.

At the time, he was just 28 and the stakes were high. Turtle was working for the rare-disease biotech Eidos Therapeutics, a subsidiary of the genetic-disease-focused biotech BridgeBio, and the IPO was seen as crucial for BridgeBio too. 

Eidos would raise $106 million in its June IPO, according to Crunchbase, and shares have surged about 100% in the year since. Turtle would go on to work on BridgeBio's IPO this summer, which raised $348.5 million, making it the biggest biotech IPO of the year.

"The fact that Eidos has been successful over the last year has kind of paved the way for the BridgeBio IPO in terms of investors either having made money on Eidos, or having wished they did," he said. "And so, we really needed this IPO to go well to validate the model."

After studying bioengineering as an undergraduate and earning a doctorate in cardiovascular medicine at Oxford, Turtle's longtime interest in diseases of the heart took him from McKinsey to BridgeBio and Eidos roughly three years ago. Today, he's 29 years old and the chief business officer of Eidos, a promotion he got after the Eidos IPO in 2018. He's also the senior vice president of portfolio management and corporate development at BridgeBio. 

The Eidos IPO was a crucial learning experience, he said, and it wasn't always mistake-free. Those lessons helped pave the path for BridgeBio's successful IPO this year, Turtle said. BridgeBio priced its shares at $17 in the IPO, and they've since climbed about 75%.

Read more: The CEO of 2019's biggest biotech IPO told us how he's upending the 'same old corporate approach' in healthcare with a stripped down and cost-conscious model

Here's what he learned. 

IPO 101

bridgebio biotech lab

Turtle started working on the Eidos IPO in 2017, when he realized how "hugely important" it would be for BridgeBio.

As part of that, Turtle wrote "big chunks" of the company's S-1 filing with the US Securities and Exchange Commission and worked with banks, lawyers, and research analysts.

"IPOs are kind of incredible that, as long as there's the investor support there, you say the word and the bankers, the lawyers, everyone kind of jumps out to help you do it. For a fee, obviously. But it really is a just a big process to manage," he said. "If you have something of value that investors appreciate, you can absolutely get it done."

'Deciding who the real supporters were'

Privately held companies go public in an IPO to raise fresh capital from investors, and investment banks play a huge role in shepherding companies through the process. Banks also employ sell-side analysts, who follow certain industries or companies closely and make recommendations about those stocks to investors, like mutual funds. 

But with Eidos, it was an uphill battle drumming up interest on Wall Street and among investors broadly. Eventually, three banks signed on to the IPO.

But after the company went public, an analyst from one of those banks started covering Eidos and gave it a "neutral rating," meaning the analyst didn't expect the stock to either outperform or underperform the market. 

That "sounds [like] not that big a deal, but it's surprising to have a research analyst who's on your IPO to initiate neutral on the stock. And that was really almost a mistake on our part, or just that we didn't have the broad set of 15 banks calling us to try and participate in the IPO like we did for [BridgeBio]," Turtle said. "It was a very different dynamic, where we had to go out and sell it."

So with the BridgeBio IPO, "we made sure to kind of be out in front and make sure we were selecting the banks where people who we knew were really supporters," he said, adding that seven research analysts who started covering BridgeBio were "strongly supportive" of the stock. 

Investment banks have long had to separate their research analysts and banking businesses, as part of a firewall intended to avoid conflicts of interest that was set up after the dot-com bubble burst in the 1990s.

Allocating shares to deep-pocketed funds

With the Eidos IPO, the team wanted to get broad support from deep-pocketed mutual funds at places like Fidelity, T. Rowe Price, and Wellington Management.

But initially, they didn't get it, Turtle said.

"And those are the folks that we love to include in an IPO just to make sure that they're there to support us in the long-term," he said. With BridgeBio's IPO, that changed, "in that more folks knew us, that we weren't walking into the room and introducing ourselves in most of the meetings, which made it a lot better."

Having Eidos, and its success on the public market, helped with that, he said. 

Turtle and his teams may have successfully navigated two IPOs, but they're now busy learning something new: how to lead a public company, he said.

Join the conversation about this story »

NOW WATCH: A spectacular meteor shower is coming — here's what you're actually seeing

A Russian entrepreneur shares 7 practical tips that immigrant startup founders should follow to make it in America

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katya dorozhkina

Starting your own business from scratch can be daunting, but doing it in a brand-new country can seem all but impossible. 

Luckily, countless immigrants have founded startups and small businesses in the US already, like Katya Dorozhkina, a Moscow-born entrepreneur. In 2015, Dorozhkina founded Starta Accelerator, an expansion of New York-based VC firm Starta Ventures. The accelerator focuses on helping Eastern European startups that are navigating the US business world for the first time.

With a decade of experience in entrepreneurship and venture capital, Dorozhkina knows what it takes for a startup to succeed.

Many of today's most valuable companies were founded by immigrants in the US. According to a new report by research organization New American Economy, 45% of Fortune 500 companies were founded by immigrants or their children, including tech giants like Amazon, Apple, Tesla, and Google. And while the administration of president Donald Trump has taken a hardline approach to immigration, potential founders from all over the world continue to enter the country in search of the American dream.

Whether or not you're new to the US, Dorozhkina's seven tips for entrepreneurs may help you make the right decisions, secure funding, or even become the next Google.

SEE ALSO: There's a record number of immigrant-founded companies on the Fortune 500, despite Trump-era policies

1. Think big.

According to Dorozhkina, Russia's startup climate isn't as open as America's. That's why so many entrepreneurs come to the US to build their startups. One of the first mistakes they make is to understate their idea or abilities.

"Be ambitious, or your investors and potential clients won't take you seriously," Dorozhkina told Business Insider. "In America, everything is BIG — buildings, cars, and dreams, so you have to THINK BIG too; embrace this type of mindset."



2. Constantly promote yourself.

Business culture in other countries — especially in Eastern Europe — doesn't allow for entrepreneurs to talk about their skills and talents openly. In Russia, says Dorozhkina, talking about yourself too much is seen as showing off. In the American business world, though, it's the norm.

To get your business off the ground in America, learn how to talk about yourself.

"Take communication lessons, develop your voice, and learn to speak about yourself if this doesn't come to you naturally," says Dorozhkina. "In the US, being loud is a part of business culture: You have to be confident about yourself and your business, actively engage with people, and constantly promote yourself."



3. Find a local advisor.

One of Starta Accelerator's features for international entrepreneurs is its guidance. For those who have a great idea but don't have a grasp of US business culture or how to talk to investors, an American advisor can serve as a bridge. 

Dorozhkina stresses the importance of learning "how to play the 'game,' otherwise most people make silly mistakes." Those silly mistakes include making connections that lead nowhere and ultimately don't further your startup.

"Be careful when choosing your local US partner: unlike you, they are probably exaggerating their abilities or connections," says Dorozhkina.



4. Don't be afraid to ask for help.

According to Dorozhkina, business in the US is more than transactional: it's about helping others succeed. Hopefully, they'll help you succeed as well. 

"Be persistent, fair, and understand that reputation and relationships in the US matter most," Dorozhkina says. "Don't be afraid to ask, but make sure to offer something in return — give back."



5. Do your research.

Placing too much trust in a single business coach, accountant, or assistant can lead to missed opportunities. If you do your own research, you might find, say, a new marketing strategy that a competitor already thought of.

Dorozhkina has seen entrepreneurs make this mistake. "Some immigrants also come with an 'I know it all' attitude and then burn out when they underestimate the country that has (almost) seen it all," she says.

Dorozhkina said that some Russians she knew had that "I know it all" mindset, including herself. When she first came to the US to work in marketing on Wall Street, she realized she quickly needed to let go of her ego in order to learn new skills.



6. Focus on your advantages.

Along with thinking big and promoting yourself, another thing that separates the American business world is focusing on the positive, says Dorozhkina. When talking about your next big idea, there's no need to undersell it by mentioning what it's lacking or what competitors have already thought of. 

"Focus on your advantages: what you can offer and what you can control versus what you don't have," she says. "America is open to those who bring in the best."



7. Be courageous, bold, and persistent.

Dorozhkina's most important tip has to do with attitude. According to her, success comes to those with character who persist more than anyone else, but remain open to new ideas.

"Courage, boldness, and persistence are also at the top of this list," she says. "The biggest challenge is in the mindset. It's difficult to change that overnight, but being open and humble will help."



Here's the amount of student debt owed by every US state and DC, in billions

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Student studying in class

  • Student debt is one of the biggest and fastest-growing financial burdens on Americans.
  • Using data from the Department of Education, we found the overall debt burden and average balance per borrower in each state and DC.
  • Residents of California owe as much as $131 billion in student debt altogether, while DC residents had the highest average balance per borrower at over $50,000. 
  • Visit Business Insider's homepage for more stories.

Student debt is one of the fastest-growing financial burdens on Americans, with over $1.5 trillion in outstanding balances.

With tuition skyrocketing and a college education continuing to be necessary to join or stay in the middle class, that debt burden is set to keep climbing.

We took a look at how that debt is geographically distributed across the US. The Department of Education's Office for Federal Student Aid publishes quarterly student debt totals and the number of borrowers for each state and DC.

Using that data, we found the total student-debt total in each state, along with the average balance per borrower, as of the first quarter of 2019:

SEE ALSO: How grad schools became the hidden culprit behind America's student-debt crisis

Alabama residents owe $20.7 billion in student loan debt.

On average, Alabama borrowers owe $35,097 each.



Alaska residents owe $2.1 billion in student loan debt.

On average, Alaska borrowers owe $31,866 each.



Arizona residents owe $27.5 billion in student loan debt.

On average, Arizona borrowers owe $33,492 each.



Arkansas residents owe $11.5 billion in student loan debt.

On average, Arkansas borrowers owe $31,628 each.



California residents owe $131.2 billion in student loan debt.

On average, California borrowers owe $34,681 each.



Colorado residents owe $25.9 billion in student loan debt.

On average, Colorado borrowers owe $35,152 each.



Connecticut residents owe $15.4 billion in student loan debt.

On average, Connecticut borrowers owe $33,362 each.



Delaware residents owe $4.1 billion in student loan debt.

On average, Delaware borrowers owe $35,406 each.



Washington, DC, residents owe $6.1 billion in student loan debt.

On average, Washington, DC, borrowers owe $52,860 each.



Florida residents owe $87.2 billion in student loan debt.

On average, Florida borrowers owe $36,163 each.



Georgia residents owe $60.0 billion in student loan debt.

On average, Georgia borrowers owe $39,443 each.



Hawaii residents owe $4.1 billion in student loan debt.

On average, Hawaii borrowers owe $34,687 each.



Idaho residents owe $6.4 billion in student loan debt.

On average, Idaho borrowers owe $30,799 each.



Illinois residents owe $56.5 billion in student loan debt.

On average, Illinois borrowers owe $35,821 each.



Indiana residents owe $27.5 billion in student loan debt.

On average, Indiana borrowers owe $31,375 each.



Iowa residents owe $12.4 billion in student loan debt.

On average, Iowa borrowers owe $28,979 each.



Kansas residents owe $11.5 billion in student loan debt.

On average, Kansas borrowers owe $31,006 each.



Kentucky residents owe $17.8 billion in student loan debt.

On average, Kentucky borrowers owe $31,113 each.



Louisiana residents owe $19.6 billion in student loan debt.

On average, Louisiana borrowers owe $32,650 each.



Maine residents owe $5.6 billion in student loan debt.

On average, Maine borrowers owe $31,621 each.



Maryland residents owe $32.1 billion in student loan debt.

On average, Maryland borrowers owe $40,418 each.



Massachusetts residents owe $28.2 billion in student loan debt.

On average, Massachusetts borrowers owe $32,730 each.



Michigan residents owe $47.2 billion in student loan debt.

On average, Michigan borrowers owe $34,028 each.



Minnesota residents owe $24.7 billion in student loan debt.

On average, Minnesota borrowers owe $31,995 each.



Mississippi residents owe $14.4 billion in student loan debt.

On average, Mississippi borrowers owe $34,590 each.



Missouri residents owe $27.1 billion in student loan debt.

On average, Missouri borrowers owe $33,736 each.



Montana residents owe $3.8 billion in student loan debt.

On average, Montana borrowers owe $31,799 each.



Nebraska residents owe $7.3 billion in student loan debt.

On average, Nebraska borrowers owe $30,595 each.



Nevada residents owe $10.1 billion in student loan debt.

On average, Nevada borrowers owe $31,851 each.



New Hampshire residents owe $5.9 billion in student loan debt.

On average, New Hampshire borrowers owe $32,258 each.



New Jersey residents owe $37.6 billion in student loan debt.

On average, New Jersey borrowers owe $33,497 each.



New Mexico residents owe $7.0 billion in student loan debt.

On average, New Mexico borrowers owe $32,037 each.



New York residents owe $85.3 billion in student loan debt.

On average, New York borrowers owe $36,060 each.



North Carolina residents owe $42.7 billion in student loan debt.

On average, North Carolina borrowers owe $35,687 each.



North Dakota residents owe $2.3 billion in student loan debt.

On average, North Dakota borrowers owe $28,049 each.



Ohio residents owe $57.4 billion in student loan debt.

On average, Ohio borrowers owe $32,992 each.



Oklahoma residents owe $13.8 billion in student loan debt.

On average, Oklahoma borrowers owe $30,131 each.



Oregon residents owe $18.5 billion in student loan debt.

On average, Oregon borrowers owe $35,071 each.



Pennsylvania residents owe $58.7 billion in student loan debt.

On average, Pennsylvania borrowers owe $33,935 each.



Rhode Island residents owe $4.1 billion in student loan debt.

On average, Rhode Island borrowers owe $30,506 each.



South Carolina residents owe $24.4 billion in student loan debt.

On average, South Carolina borrowers owe $36,456 each.



South Dakota residents owe $3.3 billion in student loan debt.

On average, South Dakota borrowers owe $30,082 each.



Tennessee residents owe $27.8 billion in student loan debt.

On average, Tennessee borrowers owe $34,526 each.



Texas residents owe $103.0 billion in student loan debt.

On average, Texas borrowers owe $31,311 each.



Utah residents owe $8.9 billion in student loan debt.

On average, Utah borrowers owe $30,775 each.



Vermont residents owe $2.6 billion in student loan debt.

On average, Vermont borrowers owe $35,135 each.



Virginia residents owe $38.0 billion in student loan debt.

On average, Virginia borrowers owe $37,244 each.



Washington residents owe $25.3 billion in student loan debt.

On average, Washington borrowers owe $33,311 each.



West Virginia residents owe $6.6 billion in student loan debt.

On average, West Virginia borrowers owe $30,303 each.



Wisconsin residents owe $21.5 billion in student loan debt.

On average, Wisconsin borrowers owe $30,440 each.



Wyoming residents owe $1.5 billion in student loan debt.

On average, Wyoming borrowers owe $29,183 each.



11 snacks you used to see in every movie theater but hardly find in concession stands today

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movie theater candy concessions

  • Movie theaters are changing, and that means once-popular concession candies like Red Vines, Sugar Babies, and Goobers are becoming harder to find.
  • In an effort to modernize, cinemas are offering more expansive menus like gourmet pizzas and specialty cocktails.
  • Luckily, many of these nostalgic confections are still available at specialty stores and online. Some independent theaters might still carry them.
  • Visit Business Insider's homepage for more stories.

If you're old enough, you may remember that old cartoon where anthropomorphic concession-stand products ushered moviegoers to the lobby for snacks, singing "Let's all go to the lobby."

That cartoon, like many aspects of movie theaters, is a thing of the past. Cinemas have been forced to modernize to compete with more entertainment options, especially streaming services like Netflix. More theater chains are now offering payment subscriptions for loyal fans and changing up their menu with specialty cocktails and high-end meals like gourmet pizzas.

But don't worry, popcorn isn't going anywhere (in fact, it's been a movie-theater staple since the Great Depression). While theaters will likely never run out of popcorn, some candies that used to be concession-stand staples are now harder to find.

Classics like Sno-Caps, Milk Duds, and Junior Mints might still be around, but others are slowly being displaced by these expansive menus. Many of the candies on this list are still found in specialty shops and independent movie theaters, though, so your local cinema might still stock enough Red Vines to sustain itself for years.

Here are 11 once-popular candies that are harder to find at the movies these days.

SEE ALSO: Coca-Cola is sold in all but 2 countries on Earth. Here's what their ads look like around the world.

Red Vines

These proto-Twizzlers date back to 1914, when the American Licorice Company was founded in Chicago. That year, Black Licorice Vines were first to be sold, until Classic Raspberry Vines debuted in 1920. 

Red Vines as we know them today are essentially the same as Classic Raspberry Vines — they were rebranded in 1952.



Jujyfruits

Jujyfruits, the original gummy fruit-flavored candies, were first made in 1920 by Ferrara Candy Company. These were once so ubiquitous in movie theaters, they were used as a joke in an episode of "Seinfeld."

If you were ever curious, its shapes are Asparagus Bundle, Banana, Grape Bundle, Pea Pod, Pineapple, Raspberry, and Tomato. Luckily, the shapes don't correspond to its flavors at all. That red one isn't tomato-flavored, for example — it's raspberry.



Jujubes

Jujubes, the sister candy of Jujyfruits, also began production in 1920 by Ferrara Candy Company. The main difference with Jujubes is their harder texture and uniform shape.



Chuckles

These jelly candies with a sugary coating date back to 1921. They were only made in one factory in Danville, Illinois, until Nabisco bought them in 1970, when they were mass-produced.

They can still be found on some newsstands, but they're much harder to find in movie theaters.



Charleston Chew

Charleston Chew, contrary to popular belief, is not named after the city in South Carolina. It debuted in 1925, a time when the most popular dance was the Charleston, the chocolatey toffee candy bar's namesake.

Unfortunately, the Charleston isn't seen on dance floors much anymore, and Charleston Chews are hardly seen in movie theaters either.



Boston Baked Beans

With perhaps the most unappetizing name for a candy on this list, Boston Baked Beans aren't beans at all — they're candy-coated peanuts.

Developed in the early 1930s by the Ferrara Candy company, these confections aren't as popular today as a remarkably similar candy: peanut M&M's.



Red Hots

Along with Boston Baked Beans, Ferrara Candy Company debuted Red Hots, a kind of cinnamon hard candy, in the 1930s. They were also known as "cinnamon imperials," a common name for similar candies of the era.



Crows

If you've ever had Dots (which are still commonly found in theaters), then you may recognize their licorice-flavored counterparts. Crows, originally known as "Mason Black Crows," were first sold in the 1910s, but are much harder to come by now.



Sugar Babies

Sugar Babies are candy-coated caramels. First made in 1935, their name refers to young women who were spoiled by their older boyfriends, or sugar daddies.

Sugar Daddies — caramel lollipops — were already a popular candy made by the James O. Welch company, but their follow-up, Sugar Babies, proved an even bigger hit.



Goobers

Goobers were once just another name for the peanut, but ever since this candy became popular in 1925, Goobers became synonymous with the chocolate-covered candy.



Sixlets

These candy-coated chocolate balls have been around since at least the 1960s. According to Old Time Candy, the name derives from how many candies originally came in a pack.



Drug trials are too white and too male. Here's how Swiss pharma giant Roche is trying to change that. (RHHBY)

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Researcher working with a blood test machine.

  • Drug research is too white and too male. That matters because not every patient responds to medications in the same way, so it's important for clinical trials to include diverse groups of patients. 
  • Gerren Wilson, 38, is working to change that at Swiss drug giant Roche's Genentech unit. 
  • One important thing that employers can do to help is lay out a policy for their employees around clinical trial research, he says. 
  • Genentech just came up with its own and plans to roll it out at the end of this year, he said. 
  • We named Wilson to our list of the 30 people under 40 who are transforming healthcare. Click here to see the full list.
  • Click here for more BI Prime stories.

Drug research has a diversity problem.

Roughly 86% of participants in clinical trials are white, according to a recent analysis published in the journal Nature last year. And that's in spite of the fact that clinical trial data used to approve US drugs increasingly comes from countries all around the world. 

While working to get a more diverse group of patients to participate in clinical trials, one key place to start is in the workplace, said Gerren Wilson, the head of patient partnerships at Swiss drug giant Roche's Genentech unit.

Gerren Wilson Headshot_July 2019Companies lay out their health benefits for employees, but may not explicitly state that participating in clinical trial research is an option for them, or that resources, like taking off the requisite time, are available. By having a designated policy outlining those benefits, companies can also work to address the barriers that keep people from getting involved in clinical trials, like the need for transportation to and from research sites. 

Wilson and team came up with this idea last year, when planning to discuss inclusion in clinical trials with elected officials in Washington, DC. But they also realized that change had to start within Genentech's own walls — because the company had no such formal policy of its own.

"And that's what we do — we are a research and medicine company," Wilson, who works out of Genentech's campus in South San Francisco, California, told Business Insider. 

The path that they took to get Genentech there speaks to both the problems companies can encounter in this space and what it takes to overcome them. 

More representative patient participation is needed in research for drugs because patients respond to medications in different ways. Such research, though, can be difficult for patients to access, something the FDA pointed to in new draft recommendations on diversity in research. 

That's a focus for Wilson at Genentech as well, across both the company's own efforts to develop new drugs and collaborations with outside partners like elected officials, doctors, and healthcare groups. Keeping in mind the many ways that the healthcare system has historically wronged people of color is also crucial to that mission, he said.

In recognition of Wilson's work, Business Insider just named him one of the 30 young leaders transforming the healthcare industry.

Read more:Top young leaders at 23andMe, One Medical, and Oscar Health reveal their best advice for transforming the $3.5 trillion healthcare industry

Coming up with 'something tangible' for companies to do led to Genentech creating its own policy

If there's one thing that Wilson has learned from his career, which includes time as a pharmacist, in sales, and now at Genentech for more than eight years, it's that simplicity and actionability are key. 

"People will collaborate with you if you can simplify what their contributions are, both the ask and resources available to address the ask," he said. 

That consideration guided his team as they considered how to talk to members of Congress about moving forward with more inclusive research. Wanting to give elected officials "something tangible they can do," the team came up with the idea of a clinical trial policy, Wilson said.

The idea is to both spell out that clinical trials are one treatment avenue for employees, and that health benefits and other resources can be used to support an employee while pursuing clinical trial research. 

The whole thing came to a head late last year, though, when Wilson was presenting about that work internally to a room of about 70 people in Genentech's human resources group. The group was enthusiastic, and even talked about sharing the project with other large employers. That's also where they started to realize Genentech should have its own formalized policy. 

How to create a clinical trials policy at a large company, and weighing potential costs

In an overarching guidance document spelling out benefits and resources available to employees diagnosed with illnesses, Genentech plans to add explicit reference to clinical trials. 

Because the company already had comprehensive health benefits, creating a new policy was, in many ways, about "organizing information in a different way," Wilson said. 

Most of the benefits compiled as part of this new focus on clinical trial participation, or about 80%, were already available to employees, like the ability to take time off work when needed, Wilson said. The remaining about 20% in the works should be completely new, including access to cutting-edge tests for cancer tumors through the company Foundation Medicine  — which is for all employees, including those participating in trials and not — and coverage for transportation costs to and from appointments, according to Wilson. 

The plan is to roll the new policy out to employees at the end of the year, and have it included in open enrollment for health benefits for 2020, he said. 

"We've done this to signal to managers of employees, 'here's a new clinical trial policy. If a person communicates that they're in a trial, it may require them to take off work or go to appointments with doctors. Know that we are supportive of that,'" Wilson said. "The net effect is now, people will be more aware of what their options are." 

And yes, the potential costs to the company did come up. But the team determined that less than 5% of Genentech employees would even be eligible, making the additional cost "pretty nominal," Wilson said. 

Reached for comment, a Genentech spokeswoman said the company could not comment on these figures. She said that the policy is not yet finalized.

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