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In the loop: Kylie Jenner to be youngest billionaire, Facebook's fine for data breach, Index Ventures raises $1.65bn fund and businesses lose money to lying employees

Written by Varsha Saraogi on Friday, 13 July 2018. Posted in Insight, Analysis

We might not have won the trophy but startups can definitely learn a few business tricks from Kylie Jenner, pitch to Index Ventures for investment while Facebook might be getting a huge fine due to its data disaster

In the loop: Kylie Jenner to be youngest billionaire, Facebook's fine for data breach, Index Ventures raises $1.65bn fund and businesses lose money to lying employees

Photo credit: Sky Cinema / Shutterstock.com

Kylie Jenner’s make-up business set to make her the youngest billionaire

Entrepreneurship is a skill many foster over time but it also runs in the family. This is true for Kylie Jenner, who spawned Kylie Cosmetics three years ago. The 20-year-old might be the youngest in the Kardashian-Jenner clan and known as Kim Kardashian West’s younger half-sister but her net worth is twice as much.

With a following of more than 110 million on Instagram, the social media queen is on the cover of the August issue of Forbes, which reported she has a $900m fortune and is soon to be the youngest self-made American billionaire. She would be winning the title even before Facebook mogul Mark Zuckerberg and Snapchat founder Even Spiegel, both of whom earned it in their early twenties.

Fans, who we assume ran out of social causes to get behind, have now made a GoFundMe page to make her goal reach sooner. While some may call it nepotism, Jenner definitely knows how to "leverage her assets" to her advantage – not unlike her big sister.

Facebook may be fined for half a million pounds

Mark Zuckerberg has continuously grabbed headlines after the Cambridge Analytica scandal. Since then the Zuck has tried to salvage his reputation by appearing in the European Parliament., following a showdown at US Congress.

But the case got more complicated after GDPR came into force.The UK Information Commissioner’s Office, the data watchdog in the UK, concluded that since Facebook failed to safeguard its users’ information and was unable to be transparent about how that data was used by third party companies, it could face a £500,000 fine. Information commissioner Elizabeth Denham also raised concerns about political parties buying data for their benefit.

After seeing the price Facebook had to pay for breaching the law, it seems fair to say that the social media giant has a great deal of work to regain people’s trust and earn back its reputation.

Index Ventures raised $1.65bn for boosting startups

It’s of no secret that even with Brexit uncertainties, venture capitalism has been firing up startups in the UK. And one such VC firm is Index Ventures which closed funds worth $1.65bn after it announced the decision to raise new funds in April.

The money is split across two pots — $650m for the firm’s ninth venture fund aimed at earlier stage startups and $1bn for its fourth growth fund geared toward scaleups.

Index has raised $7.25bn over the years and used it to grow hundreds of startups including names such as Skype, Deliveroo and iZettle. Earlier this year, its firms Adyen and Dropbox went public.
It’s sure to say that the London-headquartered firm is set to seed more startups so more entrepreneurs can taste success.

Employers lose money to employees’ false claims

An entrepreneur doesn’t just have to run his business but rather has to keep the team motivated and happy. But sometimes employees stretch their benefits a bit too wide and claim personal expenses as work ones. This in turn was costing UK businesses £1.9bn every year, said research by Soldo, an expenses reviewing site.

It’s not uncommon to see employees buying stationery but keeping it for themselves or buying a round of drinks at the pub claiming it was for an important client. However, the research said that of 2,500 people surveyed, one in ten employees have bought presents for their partners and said it was a colleague’s leaving present. 27% exaggerated mileage used and 11% bought laptops and tablets for their kids and got the company to pay for it.

While the financial constraints are already quite high for startup owners, perhaps controlling the spending limit and open banking methods may force your employees to be more prudent.

UK unicorns racing past European tech market

According to research by GP Bullhound, UK businesses have achieved much more success than their European neighbours such as Germany and France.

Brexit and cabinet reshuffle cause SMEs major headache

After the recent political changes with David Davis and Boris Johnson resigning, SMEs react to how it will shape the economy.

Lessons for startups from IKEA during the World Cup

IKEA saw rowdy, over-enthusiastic fans storm into one of the retailer’s stores and cause mayhem but its response was highly applauded.

Starship Technologies founder Ahti Heinla reveals his success story

The cover star for Elite Business this month talks about his journey to revolutionise delivery by introducing robots.

Risks that companies might have taken due to the World Cup

The enthusiasm during the football tournament saw many companies trying to use the event as a marketing strategy but did they over-promise by offering too much?

Woes of cashflow continue for startups

Research by American Express said that the dearth of enough cashflow with late payments and overdrafts keeps entrepreneurs stressed all the time.

About the Author

Varsha Saraogi

Varsha Saraogi

As feature writer and a recent MA Journalism graduate, Varsha has joined the Elite team to fuel her passion. Along with being immersed in the money making sector and ranting about women’s rights, she will be hunting for news about everything business related. And burying her head in economic magazines. Follow her on twitter at @msvarshasaraogi for her mundane musings.

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