Textual Healing ✨💬

👀 TLDR:

In this week’s What’s Appening, we have a little looksie at Automattic’s acquisition of universal messaging app Texts. Often, a $50 million deal would fly under the radar, but we think this one is kind of important. Why? Texts solves a problem that many of us face - receiving too many messages from too many disparate platforms. Also this week, we are looking at proposed legislation on open banking, AI tools from YouTube, and a forthcoming product announcement from Apple. Our Stat of the Week looks at the cost of ‘not’ working from home. And What’s dAppening covers a surprising name backing web3 startups - Walmart.

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Takes 🎬️

📱🤯 Automattic Bets on Universal Text Messaging with “Texts”

Many of us can feel overwhelmed by the volume of messages we receive from a multitude of sources. WhatsApp, iMessage, Slack, LinkedIn, good ol’ SMS…the list goes on. But some are betting on a cure to “messaging overload” being a money-spinner, and that includes Automattic (owner of Tumblr and Wordpress.com), which has shelled out $50 million to buy “Texts”, a universal messaging inbox app. Texts does what you might expect, allowing you to receive and respond to all your messages from a single app. It covers most of the big hitters mentioned above, as well as several others. Texts isn’t the only company with a hat in the ring, as Beeper offers a similar service, and you can also find providers like Matrix, an open-sourced and decentralized universal messaging service. We think the concept has a lot of legs. We bet we aren’t alone. #TextSOS Read more here.

🏦⚖️ Data – Proposed Open Banking Legislation Could Be a Win for Customers

Open banking took a step further toward legislation with the CFPB’s proposal of “Rule 1033”. The proposal is complex, but the important thing to know is that it allows for cross-sharing of your data between banks and other third parties like mortgage lenders. They must have your permission, of course. But the upshot of that is it will increase competition among banks, ultimately leading to better deals and choices for the customer. The logic is that banks don’t want third parties to see your data. Why? Because they don’t want someone swooping in and offering you a better deal. Open banking has long been a hot-button topic in US financial services (it’s already present in the EU), and it has largely been resisted by some big banks. But Rule 1033 is a step toward legislation, and it might change the industry. #DataBanks Read more here.

🗞️ News – The Other Stories Catching Our Eye this Week

🍏 Apple teases product launch with “Scary Fast”. Today, Apple has sent out an invite to “Scary Fast”, an online streaming event on October 30th. Tongues are wagging as to what the announcement might be, with the consensus that “Scary Fast” is referencing the processors in a new range of Macs. Find out more here.

🎨 YouTube allows users to create AI-generated “playlist art”. We were today years old when we learned that playlist art is a thing, but hey, apparently, it is. YouTube is letting users have a bit of fun with their playlists by giving them AI tools to make images inspired by their tracks. Find out how it all works here.

🧐 Stat of the Week: $51 Daily

🏢🤑 WFH – Survey Shows Commuters’ Spend Versus Remote Workers

The debate surrounding working from home and being in the office continues, with many split on the benefits of each. But a survey has shown just how much the cost differentials are between the two. The survey by Owl Labs found that 66% of those going to work spent an average of $51 per day more than they did when working from home. Of course, while you can argue this is unfair to employees, there’s going to be a benefit for the wider economy if folks are traveling into work each day and buying those tasty lattes and frappuccinos. #ExpensiveCommute Read more here.

🕸️ What’s dAppening?

🪴🛒 Web3 – Walmart Chooses 5 Startups for Accelerator Program

Walmart isn’t the first candidate you’d picture backing web3 startups, but the behemoth retailer has really been a big supporter of the sector. Beyond putting Pudgy Penguins NFT merch in its stores, Walmart has also set up a significant accelerator program, backing 5 web3 startups to provide decentralized solutions to the world of commerce. This, and similar programs, are a big deal in our view. Web3 feels like it is at something of an inflection point, and we all want to see projects with real use cases coming to the mainstream. It will take capital, ambition, and belief from companies like Walmart to make it happen. #Web3Walmart Read more here.

Meanwhile at 3Advance…

Last week, our team convened in Washington, D.C. for Startup Week, and it was a blast. Despite a few minor hiccups, it turned out to be a fantastic experience - big thanks to Rachel, Seema, Steph and the entire DC Startup Week team for making it happen. The highlight for many was on Wednesday, when Kate and Paul showcased Chat GPT and how founders can unlock their full potential by creating personalized AI playbooks. Then, on Friday, even though Paul had to step back, Hewitt from Teambuildr stepped in as the panel moderator, guiding us through the path to success by emphasizing the role of proactivity in shaping our own destinies. All in all, the week exceeded all expectations, and if you haven't already, we strongly encourage you to apply for a free product workshop with the 3Advance team!

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