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Saturday, December 8, 2018

Awards Lists: Media Shows How Valuable They Are


You've likely seen the various awards that go around being quoted by entrepreneurs like "Forbes 30 under 30" or similar and thought "wow, that person must be amazing to have been given such a sought after and presitgious award, they don't just get handed out to anyone...". Well, I'm here to burst your bubble, and let you know that such lists are what are known as "clickbait" and are designed to be a quick and easy to write story, with zero controversy, and multiple page views with the associated ad revenue. Much more $/hr efficient than actual real investigative and careful journalism. Case in point, here's Influence Digest's "21 LA Based Entrepreneurs With Incredible Personal Brands" with, you guessed it, Meredith Perry, former CEO of uBeam, being an honored recipient.



"Meredith Perry is the inventor of Ubeam- a technology that uses ultrasound transmit power over the air to charge devices wirelessly. The tech influencer has been included in Fortunes “30 under 30”, Forbes, “40 under 40”, and has been recognized as one of Fast Company’s, “Most Creative People”. Meredith’s personal branding exploded after graduating from the University of Pennsylvania and serving as an ambassador for NASA.

Perry invests in technologies that drive the future. It is her tech-savvy skills that earned her the respect of many young millennials."

So at least 50% of the credentials for having such a hot brand include being on other similar lists. Famous for being famous, the Kim Kardashian of the LA Tech Startup Scene, but hey that's branding. This article was so well researched that they don't know that it's uBeam not Ubeam, that Perry didn't invest in anything, that "millenials" by definition restricts the age group to younger adults, but most importantly that a few months prior she'd "stepped down" from her role as CEO of the company she founded, which has produced no products or open demos despite near $40m in investment, and thought by some such as myself to have been "asked to leave" her role as CEO following poor performance. Well done Influence Digest, you've shown exactly how much value such an award has.

Now, if you've looked through some of the other awardees, you'll notice there is the likes of Mark Suster, a reasonable awardee given his prominence in the LA startup scene. As the article notes "The influencer manages an amazing Medium-hosted blog. His articles help founders and entrepreneurs understand venture capital and proper financial valuation." Indeed they do, but more than that, his Medium posts support founders of his investment portfolio companies when they come under fire in the press with promises to immediately fund their next company, which remarkably seem to just disappear at about the time the founder might cash in on such support. The one that caught my eye here, though, Brock Pierce:


Brock Pierce, cryptocurrency guru. Wow. Except that name rang a bell. It reminded me of John Oliver and his "Last Week Tonight" show. Take a peak at this segment:

As you can hear, Oliver says "Just Google 'Brock Pierce scandal'" and so I did, and a few hits came up, such as this one:

"Just prior to DEN’s IPO, a young man identified only as Jake W. filed a lawsuit accusing Collins-Rector of sexually molesting him for three years, beginning in 1993, when W. was only 13. The IPO was cancelled; Collins-Rector, Pierce and Collins-Rector’s partner Chad Shackley resigned; and the company filed for bankruptcy.

When the company collapsed, Collins-Rector, Pierce and Shackley fled the United States after the three men had been accused of sexually abusing, drugging and making violent threats against underage DEN employees. The three were extradited to the United States for charges of transporting a minor across state lines for the purpose of engaging in sexual acts, however only Collins-Rector was charged."

So as an Executive Vice President this guy co-leads a company into bankruptcy, flees the country when accused of sexually abusing underage employees, and is extradited back to the country on charges of transporting minors for sex (he was ultimately not charged). Putting aside the nonsense he spouts on that clip, that is some pretty major personal brand development right there. Perhaps that's what they meant by "endured many entrepreneurial adventures"?

So there you go, a glimpse into the quality of research and the people who receive these awards. And yet it works, it actually opens doors and gets access to people with money. The tech press, and media in general, actually do influence who and what gets funded just through nonsense like this. I could point you to a number of founders of companies who are so busy actually doing good work and technology that they don't pursue this kind of thing, and consequently have a harder time raising money. If we want better startups funded and more actual science and business, and less bullshit and exaggeration, these lists just need to die. Until then, even founders who know what they really are have to play along, it's just part of the game.

So, anyway. Congratulations to Meredith Perry for receiving this award, alongside a man previously extradited to the USA for charges of transporting a minor across state lines for the purposes of engaging in sexual acts.

Thanks to "StillTrying" on EEVBlog for spotting the original tweet.

Edit: Coincidentally, I just read an article on a "cryptocurrency cruise" that is entertaining in itself as a glimpse into the insanity that is that world, but also because there's a reasonable amount of the article covering Brock Pierce, and shows a different side to him. I'd encourage you to read "Four Days Trapped at Sea With Crypto’s Nouveau Riche", it's well written and interesting.

1 comment:

  1. All Perry needs now is a Frost & Sullivan award!

    ReplyDelete