Eric Grunau

Eric Grunau

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Fitness startup ClassPass has raised a total of $549 million since it was founded in 2013 to launch its subscription fitness service across the world, and was valued at $1 billion in January. In the past two years, the company has launched into 26 new markets. Using a tried and tested formula it now launches into new countries in a matter of weeks.  Two of its leading execs shared their five lessons for scaling a startup in foreign markets.  Visit Business Insider's homepage for more stories. ClassPass was launched in 2013 as a platform aggregating fitness classes for a monthly subscription fee.  Users can choose plans from around $19 to $79 a month, which gives them credits to use on classes from the more than 30,000 exercise studios ClassPass partners with. Subscribers pay less for classes than they would if they bought them directly, while studios can raise their profile and fill some of the empty slots.  Excess capacity in the fitness industry is the problem ClassPass is trying to solve — 60% of the mats, bikes, and slots in exercise classes are empty, according to Chloe Ross, VP International at ClassPass. By matching users with empty slots ClassPass looks to recoup this lost revenue for fitness studios. The tech unicorn has raised $549 million in total, most recently in a $285 million Series E led by private equity firm L Catterton and growth fund Apax Digital, and plans to IPO in the foreseeable future. It was valued at more than $1 billion at its last financing in January. After a number of years ironing out its business model in the US, the company has successfully launched into dozens of new markets over the past two years.  "In 2018 we were live in four countries, and we're now live in 30," says Ross. "The vast majority of that growth is fueled by us developing a playbook for how we launch in a new city in a new country and just repeating that in a very efficient way." Using this playbook, the ClassPass team are able to launch into new markets in a matter of weeks.  Chloe Ross and Rachel Moncton, ClassPass' managing director for Europe, share their five top tips for other startups looking to scale internationally: 1. Focus on suppliers Securing the best fitness studios guarantees a high-quality product for users, making it easier to sell subscriptions.  "The user base comes quite quickly if we get the supply right," says Moncton. "So we spend a lot of our time in the pre-launch focusing on the studio partners." "It would only take us a couple of weeks to scout out what we thought to be the top studios and gyms in a city," she adds. "Signing them up actually wasn't so difficult. We'd have teams of six or seven on the ground and would get 100 or 200 studios ready for launch." 2. Use competition to your advantage If people already have experience with your competitors, leverage this to explain how your product is different. Around the world ClassPass competes with a number of other subscription fitness class platforms, including Gympass and Equinox in Europe. "The great news was actually, in Europe, something about the competitors helped, where the studios understood what a third-party aggregator could do for them," says Moncton. "When we talked about how our our our model was different it really resonated." By explaining how ClassPass addressed the pain point that fitness studios had experienced with other providers, adds Moncton, they were able to get them on board.  3. Use marketing to get the first customers through the door Once you have the right suppliers, use that as a hook to get customers interested.  A good way to enhance your marketing campaign is to offer a free trial, adds Moncton.  "We have a really slick app, it's super intuitive to use," she says. "So our thought was if we can just get people in the door trying it, it's great and then we grow a lot from referrals from that first cohort of users." 4. Tackle the easiest markets first ClassPass has now scaled across 30 countries covering most continents. But, it chose to launch first in the countries with the least complexity in terms of language and cultural barriers. "We started with the English speaking world, the UK, Australia, and then we went to some major international cities in Asia, then we went to continental Europe," says Ross.  "Now we're growing our business in China, in Shanghai and Beijing, and what we do there is really very different. We have a different app there." In China, ClassPass is integrated into the company's widely used communications platform WeChat, enabling users to pay for plans with WeChat Pay. 5. Think about the local culture "Localization is definitely important," says Moncton. "Language is a key one. There are also things with payment types. Credit cards aren't always popular everywhere, so we've added new ways to pay that might make more sense." For ClassPass, this has meant establishing local marketing teams that tailor the look and feel of the app to the market, as well as consider the best channels to promote it to new users.  But, beyond those things, the core offering of ClassPass works globally: "The concept of people who want an app to go to all these classes, that resonates everywhere." She adds: "That's how we were able to launch at such a speed."Join the conversation about this story » NOW WATCH: Pathologists debunk 13 coronavirus myths
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(sphingotec GmbH) Endothelial dysfunction is driving pathophysiological processes such as congestion in heart failure, shock in sepsis, and lung dysfunction in COVID-19
It includes a $400 Millennium Falcon Smuggler's Run edition.
The OnePlus Nord shares a lot of the DNA of the OnePlus 8. OnePlus has officially announced the Nord, its first serious attempt at a midrange handset since 2015’s ill-fated OnePlus X. Yet, despite the fact that it starts at just £379 (around $480), the phone shares a lot of the DNA of the $699 OnePlus 8 released just a few short months ago, which, along with the OnePlus 8 Pro, was the company’s flagship handset for this year. It’s still got a 1080p OLED display with a 90Hz refresh rate, Sub-6GHz 5G, Warp Charge 30T fast charging, and the same 48-megapixel main camera sensor as the OnePlus 8. That’s not to say there haven’t been concessions made to reach this lower price point, the most important of which is that the Nord is powered by a slower Snapdragon 765G processor, but in a lot of other... Continue reading…
Ramen, katsu curry and a side of finest BSOD Bork!Bork!Bork!  Amid the table football, beanbags and overpriced coffee, London's silicon roundabout also plays host to that most modern of afflictions: the BSOD bork.…
(Centre for Quantum Computation & Communication Technology) A team led by UNSW scientists have significantly increased the coherence time of a spin-orbit qubit in silicon, allowing them to preserve quantum information for longer. These results open up a new pathway to scale silicon quantum computers.
We need games with slower, smoother, graphics.
Elon Musk wants to give you free bitcoin — at least, that's what his Twitter account said on Wednesday. Don't trust him. The Tesla founder's account was one of numerous high-profile accounts on the social network that were compromised as part of a remarkable, far-reaching hack that attempted to scam people into sending payments in the bitcoin digital currency. The hack underscored the vulnerability of social media services like Twitter, which are used by world leaders and government agencies to communicate with the public. The breach was so serious that Twitter was forced to briefly disable all tweeting from verified accounts on Wednesday. The FBI has launched an investigation into the incident and Congress wants answers from Twitter's management. As of writing on Friday afternoon, here what we do and don't know about what happened. Who's been hacked? Lots of famous people. And some companies. Joe Biden, Jeff Bezos, Apple's official account, Bill Gates, Warren Buffett, Kanye West, Kim Kardashian, Uber, Wiz Khalifa, Floyd Mayweather, Cash App, MrBeast, XXXTentacion, parody account TheTweetOfGod ... the list goes on and on. The hackers targeted high-profile accounts that had the potential to spread the scam as far as possible.  130 accounts were targeted, Twitter said in a statement on Thursday, though not all of them were compromised. How did they get hacked? The hackers got access to Twitter's internal tools, then used them to wreak havoc.  Late Wednesday evening, Twitter said it had uncovered "what we believe to be a coordinated social engineering attack by people who successfully targeted some of our employees with access to internal systems and tools." Those with access to those tools, "ostensibly Twitter employees," have the ability to reset email addresses associated with accounts, as TechCrunch reported. What do the hacked messages look like? Like this: What steps has Twitter taken in response? As the hack escalated, Twitter took the unprecedented step on Wednesday of blocking all verified accounts from tweeting temporarily, as it worked to secure its services. It has also locked the affected accounts until their owners can satisfactorily identify themselves and take back control. Its data download feature has also been temporarily disabled. "We have also been taking aggressive steps to secure our systems while our investigations are ongoing," Twitter said on Thursday. "We're still in the process of assessing longer-term steps that we may take and will share more details as soon as we can." CEO Jack Dorsey also chimed in on the incident in a tweet on Wednesday evening, calling it a "tough day for us at Twitter." He wrote: "We all feel terrible this happened. We're diagnosing and will share everything we can when we have a more complete understanding of exactly what happened." What's the scam? Generally, the compromised accounts posted a tweet saying they're feeling generous (or some other similar motivation), and falsely claiming that if people send them bitcoin to their address, they'll resend them double back.  Should I send them bitcoin? No. Who's behind the hack? The identity of the hacker(s) are still unknown, but more details are slowly coming to light.  In a New York Times report on Friday, individuals who claimed to be involved alleged that a figure going by the name "Kirk" first gained access to the internal Twitter tools and then told others about it. He is purported to have obtained login details to the tools from an internal Twitter Slack channel he gained access to. "Kirk" began by selling access to coveted "OG" usernames, before things escalated to the bitcoin scam that attracted international attention. Were any countries involved?  People are not currently suggesting that the hack was the work of a nation state, as some previous attacks on tech companies and digital infrastructure have been. Well-respected cybersecurity reporter Brian Krebs reported that at least one of the figures involved may have been a 21-year-old man from Liverpool, England — though there has yet to be any official confirmation, arrests, or attribution from Twitter or other authorities.  What was the fallout? A lot of people are demanding answers.  The FBI is investigating, as is New York state, and Congress wants a briefing from Twitter about what went down. Meanwhile, the company is still trying to understand the full extent of the damage, and repair user trust that was damaged by the most extensive (known) hack in its history. Got a tip? Contact Business Insider reporter Rob Price via encrypted messaging app Signal (+1 650-636-6268), encrypted email ([email protected]), standard email ([email protected]), Telegram/Wickr/WeChat (robaeprice), or Twitter DM (@robaeprice). We can keep sources anonymous. Use a non-work device to reach out. PR pitches by standard email only, please.SEE ALSO: Meet the 25 power players at Instagram who are deciding the future of the wildly popular Facebook-owned app Join the conversation about this story » NOW WATCH: What makes 'Parasite' so shocking is the twist that happens in a 10-minute sequence
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BMW has announced its first-ever Sports Activity Vehicle that has an all-electric drive system under the hood. The vehicle is called the BMW iX3 and is the first fully electric vehicle to slot into the BMW X range. The electric vehicle has a highly integrated drive system. The electric motor, power electronics, and transmission are arranged in a central housing … Continue reading
Information comes as electronic scooter trials take place in the north of England.
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