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Promotions are awesome. Even beyond compensation, they generally come with more power and prestige and, if you’re really lucky, a “congratulations” cake.
But here’s the thing. Not everyone wants a promotion.
Some people are perfectly content doing what they do best — whether that’s writing, coding, or selling products — and giving them a new and different role wouldn’t be especially helpful to either the person or the organization.
Scott says most great employees can be divided into two categories: rock stars and superstars.
Rock stars are all about stability (hence the “rock” in their name) — so they’re the ones who wouldn’t especially benefit from a promotion. Superstars are all about upward growth, and promotions may be exactly what they’re looking for.
Before we break down these classifications further, there are two important things to remember.
One, Scott says rock star and superstar are “modes,” meaning you can be a rock star one year and a superstar the next, depending on what’s going on in your life at the time.
And two, rock stars and superstars can do equally great work. It’s a question of what kind of growth trajectory they’re on: gradual or steep.
Of course, the only way to know whether your employees are on gradual or steep growth trajectories is to get to know them, and ask questions.
Scott visited the Business Insider office in March and told us that superstars are “in a period in their career where they want to change things very quickly. They want to learn a lot of new things. They’re sort of in a step-function growth mode.”
Rock stars, on the other hand, are “on a more gradual growth trajectory,” she said. “These are the people who are the source of stability on your team. And it’s really important to balance growth and stability.” In other words, rock stars and superstars complement each other. You need both on a team.
The tough part is learning how to manage each type of employee differently.
Scott said that, if someone’s in superstar mode, “what that person needs are new challenges. They need to understand what their path to promotion is. They probably need a mentor because they want to learn new stuff — a mentor beyond you.”
If someone’s in rock star mode, “you don’t want to promote them, either because they’re not ready for promotion or because they don’t want a promotion at that moment in their lives,” Scott said. She continued:
“What they need is to be able to deepen that expertise. They often have spent years accumulating some expertise and they’re often eager to share it with others.
“So you can set them up as a guru who teaches others and give them the time and space to teach others because they often love teaching. And these are the people who are going to help those on your team doing good but not great work become great.”
Years ago, Scott designed a course called “Managing at Apple.” The questions she encouraged managers to ask themselves suggest that bosses need to leave behind conventional notions of “ambition.”
Those questions include: “What growth trajectory does each person on my team want to be on right now?” and “Have I given everybody opportunities that are in line with what they really want?”
If you’re interviewing for a job at a startup, you might be offered stock options. Sometimes, startups offer stock options instead of a higher salary.
It’s not always easy to tell the true value of what you’re being offered. And sometimes, what can sound like a lot of stock in a company can actually amount to very little.
“First, you should realize that when you’re joining a startup, the likely outcome is nothing,” Scott Belsky, a startup investor and entrepreneur, tells Business Insider. “But if you are sacrificing salary, you have a right to upside. And you also have a right to understand what your upside might be.”
Belsky put early money into startups like Uber, Pinterest and Warby Parker. He also founded a company, Behance, that raised a few million dollars and was later acquired for about $150 million.
He says there’s one question everyone should ask, that will give them insight into what stock option grants might be worth, before they accept a startup job.
“What you can do, when it’s in the final stage of accepting an offer, is you can ask a simple question,” he says.
“Based on the equity you’re offering me, what would my stake be worth if the company were acquired for $200 million; for $500 million; for $1 billion?”
The answer might surprise you, and it depends on a number of factors, including how much money the startup has raised, and on what terms the money was raised on.
Belsky recalled a recent conversation with an entrepreneur who was exploring an acquisition offer from a “unicorn” startup — a private company with a valuation of $1 billion or more.
The founder was excited about it, until Belsky encouraged him to ask the simple question. The answer he got was so disappointing, it killed the deal.
“He said it was like an $85 million acquisition offer for a company that had raised basically seed funding,” Belsky recalled in an interview for Business Insider’s podcast, “Success! How I Did It.”
“And he was really psyched about it. And he had not even asked these questions yet. I said to him, ‘If you got your company acquired right now for $85 million in equity from this unicorn company, and you found out that they ended up exiting at the valuation they raised their last financing at, ask them like how much you would end up getting.’ He ended up learning that it was basically nothing. And he didn’t go through with it.”
Check out the episode below for Belsky’s career advice, and his advice for anyone looking to join a startup.
Here’s a transcript from the portion of the interview where he offers advice for prospective startup employees:
Shontell: So, talk a little bit about what employees can do to realize what kind of a situation they’re in when they join a startup. What questions should they be asking? What do they need to know about stock options? How do you know if — you know it sounds great when your company raises $50 million to $100-plus million, but what does that actually do to you?
Belsky: Sure. The two things that I think are important are one, is to realize that when you’re joining a startup the likely outcome is nothing. And even if the company does OK and has an exit, if you’re a later-stage employee, you should really be making sure that you get an experiential education that is extremely rewarding, first and foremost. But if you are sacrificing salary, you have a right to upside. And you also have a right to understand what your upside might be.
And so rather than suggest to every engineer or designer or anyone else out there to get copies of term sheets and look — I mean it’s really hard to do all that stuff and to ask a million questions. You’re probably not going to get far in the interview process if those are your questions. But what you can do, when it’s in the final stage of accepting an offer, is you can ask a simple question. Based on the equity you’re offering me, what would my stake be worth if the company were acquired for $200 million, for $500 million, for $1 billion? Just ask that question.
Your answer might be that if it’s acquired for $200 million, your stake is worth zero. If it’s acquired for $500 million, your stake is worth zero. And if it’s acquired for $1 billion, your stake is worth $100,000. Or whatever. But at least that answer can give you some sense of really what’s going on. And I think that’s the company’s obligation to at least give you some directional guidance on what the likely value of your equity would be in those circumstances, and those are the questions people should ask.
Shontell: And any negotiating tips if you do hear that what you’re being offered is zero?
Belsky: Well I think that just having that knowledge allows you to say something like, “Well, if the company were to be acquired for $1 billion and my equity is worth zero, maybe my salary should be a little higher,” right? So it’s that kind of calculus. Recently an entrepreneur called me with an acquisition offer from one of these unicorn companies. And he said it was like an $85 million acquisition offer for a company that had raised basically seed funding. And he was really psyched about it.
And he had not even asked these questions yet. And when he did, because I said to him, if you got your company acquired right now for $85 million in equity from this unicorn company, and you found out that they ended up exiting at the valuation they raised their last financing at, ask them like how much you would end up getting. And he ended up learning that it was basically nothing. And he didn’t go through with it. So, I think he could’ve negotiated a much larger acquisition price I think based on that. But he chose not to just proceed at all. I think these are the types of questions and they open up obviously the types of negotiating points you could pursue.
Shontell: Are companies obligated to tell you?
Belsky: I don’t think they’re obligated to. But then as a prospective employee, you can decide whether you want to work for them or not. And that’s just part of the calculus.
With more A-list stars, directors, and producers creating television than ever before, many are calling this the next golden age of TV. But regardless of who’s involved, there are bound to be some shows that don’t shine quite as brightly.
More outlets …
Do you have visions of orchestrating mega-mergers, minting millions on bold stock bets, or managing billions of dollars in assets? Or, perhaps more realistically, playing with spreadsheets for hours on end? Wall Street might be calling your name.
A job in finance can set you up for a lucrative career. And an MBA from a high-powered business school can help you leap a few rungs on the ladder and command a six-figure salary right off the bat. In fact, at the top-10 business schools for finance, the average graduate earns over $140,000 in their first year.
That’s according to the latest list of top business schools by U.S. News & World Report, which ranked 131 MBA programs based on criteria that includes job placement, starting salary, selectivity, and assessments by peers and recruiters. The schools were given a numerical score, with 100 representing the best possible result. Read a full breakdown of the methodology here.
In addition to its overall ranking, U.S. News ranked the best schools for various business professions, from accounting to supply chain logistics. And, of course, finance. For these career-specific rankings, U.S. News surveyed the deans and MBA program directors at various schools, who were asked to nominate up to 10 programs that excelled at the given career specializations.
Read on to check out the 10 top business schools for a career on Wall Street.
Note: Tuition figures reflect annual costs for out-of-state students.
SEE ALSO: The 20 best business schools in America
Location: Los Angeles, California
Average starting salary: $140,457
Annual tuition and fees: $59,290
UCLA’s Anderson School of Management prides itself on “looking to the future to discover and chart what will be.” To that end, the school recently established an academic marketing partnership with Google to provide students with insight into Google’s pioneering approach to marketing measurement and storytelling. Notable alumni include YouTube CEO Susan Wojcicki and a number of Google executives.
Location: Ann Arbor, Michigan
Average starting salary: $145,926
Annual tuition and fees: $64,678
The Ross School of Business strives to provide each student with opportunities to advance their career, and it facilitates a team of over 50 peer coaches to help them along the way. Hundreds of well-known companies visit the school to interview MBA candidates, and top recruiters for the class of 2016 included Amazon, Deloitte, Google, McKinsey & Co., and Microsoft.
Location: Cambridge, Massachusetts
Average starting salary: $153,830
Annual tuition and fees: $75,353
Overall score: 100
The world’s oldest — and most expensive — MBA program, Harvard Business School is also often considered the best for overall excellence. For a career in finance though, it currently lags behind a handful of other top-notch schools.
The high average-starting salary its graduates command, the school’s reputation with employers, and the HBS network of more than 46,000 living alumni make it one of the most coveted business schools for students. HBS’s cadre of successful alumni — littered with politicians, CEOs, and billionaires — is unrivaled: Former New York City Mayor Michael Bloomberg, former President George W. Bush, JPMorgan Chase CEO Jamie Dimon, former Massachusetts Gov. Mitt Romney, Facebook COO Sheryl Sandberg, Blackstone CEO Steve Schwarzman, and HP Chairman Meg Whitman all graduated from the institution.
In the spring of 2016, Dr. Jianxiong Xiao — affectionately known among students and staff as “Professor X” — said goodbye to his plum professorship at Princeton and his post as the founding director of the school’s Computer Vision and Robotics Labs.
By the fall of that same year, Xiao, known as something of a risk-taker, had moved himself and his family from New Jersey to Silicon Valley, and raised some modest seed funding for his new startup focused on self-driving cars.
The filing officially put the professor’s mysterious startup in the company of giants, such as Tesla, Waymo (formerly the Google self-driving car project), Uber, and numerous other big auto companies testing self-driving cars.
But Xiao isn’t worried about getting run over by the giants, saying that his small team of academics possesses the kind of expertise in computer vision that big corporations just can’t match. Exhibit A: after only six months on the job, Xiao says he’s already developed a prototype vehicle that can do the same things as the cars made by his deep-pocketed rivals, at a fraction of the cost.
AutoX gave a first peek at its creation on Friday, with a debut video showing its prototype system in action. The car itself isn’t anything special in terms of style (it’s basically just a regular 2017 Lincoln MKZ that’s been rigged with AutoX technology), but it deftly navigates residential streets near San Jose, seeming to handle driving situations such as cloudy days and night-time, historically a challenge for self-driving cars, with ease.
As noted in the video, AutoX’s system doesn’t rely on the LIDAR laser arrays or other expensive sensors that most self-driving cars, including Waymo’s and Uber’s, require to function. Instead, AutoX uses advanced artificial intelligence to “see” through cameras mounted on the car and steer the car accordingly.
Better yet, Xiao tells Business Insider that the cameras that power this AutoX prototype were purchased at Best Buy for $50 a pop. “It could not be cheaper than that,” he says.
From Xiao’s standpoint, that’s a crucial point: While future iterations of AutoX technology will support ultrasonic sensors and LIDAR and all that stuff for the sake of enhancing driver safety, the startup is currently focused on building the cheapest and most accessible system for self-driving cars that it possibly can.
To Xiao, self-driving cars have the potential to benefit society, from cutting down on traffic, to providing more autonomy for the disabled, to making long-distance trucking safer and more efficient. The next step for AutoX is building out a fleet of test cars, so it can test the technology with a variety of different vehicles types.
“Self-driving [cars] shouldn’t just be a luxury, but be available to every citizen,” Xiao says.
A thoughtful speaker, Xiao says he got the nickname Professor X because some of his peers at Princeton found his actual name “very complicated” (his personal web page includes a link to hear a sound of how his name is pronounced).
The term for Xiao’s specific field of study is “computer vision,” a branch of artificial intelligence that’s just as applicable to self-driving cars as it is to Snapchat puppy filter selfies.
For Xiao, it’s been a long-time area of interest. Over the years, he’s won recognition from the likes of Google and Amazon for his and his team’s advancements in the field of computer vision. In 2013, Xiao received his PhD from MIT, right before he went to Princeton.
The impetus for going from academia to Silicon Valley was simple, he says: He had long seen self-driving cars as a huge potential market for computer vision. After consulting with his network of computer vision and autonomous driving experts in academia, he decided the time was right to take a big leap and go into business.
It’s that academic pedigree that gives AutoX an advantage, Xiao says, as it “enables us to to tap into the academic research network.” With artificial intelligence experts in such high demand in Silicon Valley, it helps with recruiting that Xiao and his team already have personal relationships with many of the best and brightest in the field.
“We’ve known these people in person for many years,” Xiao says.
Nowadays, Xiao says, AutoX is about 20 people strong, almost all engineers, with PhD-level computer vision talent that had previously worked at companies like Apple, Magic Leap, and Microsoft.
And with all that brainpower on board, Xiao says that they were able to build their prototype from scratch in only six months, without using anyone’s technology. With the Waymo/Uber self-driving car IP lawsuit rocking Silicon Valley, that’s a huge plus.
Xiao says the shift from academia to startup has required a subtle change in how he approaches problems. In academia, you tend to flit from one project to the next. At a private company like AutoX, you “actually make things work, actually get things done” in service of one big idea. In this case, self-driving cars.
While Xiao stresses this system is still a prototype, he does say it indicates the way he wants to see AutoX go, with a focus on building real self-driving technology that can handle every situation, versus more limited driver-assist features like Tesla’s autopilot, which can only be engaged on freeways.
AutoX isn’t much interested in manufacturing cars and going head-to-head with Tesla, Xiao says. He’s equally uninterested in following the controversial Comma.ai into helping people give their existing cars limited self-driving features.
Instead, Xiao says, he’s looking to partner up with auto manufacturers for their future vehicles. AutoX provides the core technology, almost like an operating system, that car companies can then take, customize to their exact needs, and use as the basis for their own autonomous systems.
Additionally, Xiao says that AutoX is similarly looking to license out its software to trucking companies, factory operators, and the like.
Xiao also wants to distinguish between AutoX and the technology from companies like Mobileye, which Intel bought for $15 billion this week — Mobileye helps self-driving car “see,” sure, but other software has to take its perceptions and translate it into action for the car. AutoX is the whole package, says Xiao.
“We’re building the brains for self-driving vehicles,” Xiao says.
NOW WATCH: This race car drives itself
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President Trump has egged on a new arms race. Russia violated weapons treaties to upgrade its nuclear arsenal. North Korea is developing long-range missiles and practicing for nuclear war — and the US military is considering preemptive attacks on the isolated nation’s military facilities.
Though these events are unlikely to trigger the last-ditch option of nuclear war, let alone a blast in your neighborhood, they are very concerning.
So you might be wondering, “If I survive a nuclear-bomb attack, what should I do?”
Michael Dillon, a Lawrence Livermore National Laboratory researcher, crunched the numbers and helped figure out just that in a 2014 study published in the journal Proceedings of the Royal Society A: Mathematical and Physical Sciences.
Likewise, government agencies and other organizations have also explored the harrowing question and came up with detailed recommendations and response plans.
You are in a large city that has just been subjected to a single, low-yield nuclear detonation, between 0.1 and 10 kilotons.
This is much less powerful than the bomb dropped on Hiroshima — about 15 kilotons. However, it’s not unlikely when looking at weapons like the new B61-12 gravity bomb, which is built by the US, maxes out at 50 kilotons, and can be dialed down to 0.3 kilotons. (Russia and Pakistan are working on similar so-called “tactical” nuclear weapons.)
One of your biggest and most immediate goals is to avoid nuclear fallout.
Fallout is a mess of bomb material, soil, and debris that is vaporized, made radioactive, and sprinkled as dust and ash across the landscape by prevailing winds. (In New York City, for example, a fallout zone would spread eastward.)
The best thing to do is to find a good place to hide — the more dense material between you and the outside world, the better — then wait until the rescuers can make their way to help you.
The US government recommends hiding in a nearby building, but not all of them provide much shelter from nuclear fallout.
Poor shelters, which include about 20% of houses, are constructed of lightweight materials and lack basements. The best shelters are thick brick or concrete and lack windows. Like a bomb shelter.
This infographic from a government guide to the aftermath of nuclear attacks gives a rough idea on what makes a building a good or bad place to hide from fallout:
Hiding in the sub-basement of a brick five-story apartment building, for example, should expose you to just 1/200 of the amount of fallout radiation outside.
Meanwhile, hanging out in the living room of your one-story, wood-frame house will only cut down the radiation by half, which — if you are next to a nuclear explosion — will not do much to help you.
So, what do you do if there isn’t a good shelter right near you? Should you stay in a “poor” shelter, or risk exposure to find a better one? And how long should you wait?
In his 2014 study, Dillon developed models to determine your best options. While the answer depends on how far away you are from the blast, since that will determine when the fallout arrives, there are some general rules to follow.
If you are immediately next to or in a solid shelter when the bomb goes off, stay there until the rescuers come to evacuate you to less radioactive vistas.
If you aren’t already in a bomb shelter, but know a good shelter is about five minutes away — maybe a large apartment building with a basement that you can see a few blocks away — his calculations suggest hoofing it over there quickly and staying in place.
But if the nice, thick-walled building would take about 15 minutes travel time, it’s better to hole up in the flimsy shelter for awhile — but you should probably leave for a better shelter after roughly an hour (and maybe pick up some beers and sodas on the way: A study in the ’50s found they taste fine after a blast).
This is because some of the most intense fallout radiation has subsided by then, though you still want to reduce your exposure.
Below are some other guidelines that Dillon compiled from other studies and are based on how decent your first and second shelters are:
One of the big advantages of the approach that this paper uses is that, to decide on a strategy, evacuation officials need to consider only the radiation levels near shelters and along evacuation routes — the overall pattern of the radioactive death-cloud does not factor into the models. This means decisions can be made quickly and without much communication or central organization (which may be spare in the minutes and hours after a blast).
Other researchers have analyzed other similar scenarios in papers, whose findings are summarized in the chart below:
Jennifer Welsh wrote a previous version of this post with Andy Kiersz.
If the proprieters of a new West Coast restaurant chain get their way, the next iteration of the farm-to-table revolution might be what they call “sandwich environmentalism.”
Homegrown Sustainable Sandwiches uses ingredients that come from the company’s certified organic farms in Washington and California and other local farms.
“Our idea is that if we thoughtfully curate every little thing about the sandwich — where the grains for the bread come from, how the animals behind our meats and cheeses are raised, what chemicals we’re keeping off our fruits and vegetables — each sandwich will be a little bit healthier for the planet and for the people who enjoy eating them,” the website reads.
We recently tried the food at Homegrown’s first San Francisco location. Take a look.
Once again, Amazon Prime Video wants to know what you think of its new pilots.
On Friday, the company kicked off its newest pilot season with two one-hour drama pilots and three half-hour comedy pilots.
Instead of a bunch of suits debating what to…
Testing out a new makeup technique can be messy, time-consuming, and expensive.
But beauty brand Sephora is trying to alleviate the struggle with a new feature on its app called Virtual Artist, which uses artificial intelligence to virtually apply makeup, teach you new makeup techniques, and show you how various looks would appear on your face.
It wouldn’t be Sephora without some shopping involved, however. If you find a look you like, the app lets you know which products were used — at that point, you can then add them to your shopping basket and buy through the app.
I tested out the Virtual Artist to see how clever its artificial intelligence actually is. Several selfies later, here’s what I found.
A high-level member of Italy’s Camorra mafia group was apprehended in northeast Mexico on Saturday after authorities tracked him down on Facebook.
Giulio Perrone was first charged in 1993 when he and his wife were arrested attempting to bring 35 pounds of cocaine into Italy from Germany.
He disappeared the next year and has been a fugitive since 1998, when his lawyers failed in their final appeal against a nearly 22-year prison sentence for ties to Camorra, which is based in Naples.
His whereabouts were unknown for much of the past 20 years. An Interpol red notice was eventually issued against him on suspicion of involvement in international cocaine trafficking and for his presumed status as a “first-level” member of the Naples mafia.
Perrone was one of Italy’s most wanted fugitives for the past 10 years, until the Italian police tracked him down through Facebook. He was living under the name Saverio Garcia Galiero in Tampico, a port city at the southeastern tip of Tamaulipas, a state in Mexico’s northeastern corner.
Galiero is Perrone’s mother’s maiden name, which may have aided authorities in the search for him.
“The excess of confidence was his ruin,” Mexican security analyst Alejandro Hope wrote of Perrone’s social-media activity.
At the time of his arrest in Ciudad Madero in Tamaulipas, he was carrying two false identifications, both with “photographs with the physical characteristics of this individual,” Mexican authorities said.
The police did not disclose how exactly they tracked Perrone down through the social-media site. But Italian authorities do have broad powers in organized-crime cases, meaning they could have been monitoring the online activity of Perrone’s associates in Italy, AFP notes. Image-recognition software may have played a role as well.
“This arrest is part of a larger strategy being coordinated by the anti-crime division of the Italian police to capture mafia fugitives who have been taking refuge abroad for many years,” authorities said in a statement.
Perrone remarried and had Mexican children, and it remains unclear whether he was pursuing criminal activities under his new, Mexican identity.
The northeast corner of Mexico has been a hotbed of cartel and drug-related activity during the time Perrone has been on the run. At present, there are thought to be three cells of the Zetas cartels and five cells of the Gulf cartel operating in Tamaulipas, according to intelligence documents seen by Univision.
“There are various antecedents for cooperation between Mexican and Italian mafias,” Hope writes.
Numerous members of the ‘Ndrangheta, a crime group based in southern Italy with extensive operations in Latin America, were arrested in 2008 on suspicion of carrying narco-trafficking operations with the Gulf and Zetas cartels.
In 2012, two Italian businessmen in Monterrey, Mexico, were accused by Italian authorities of organizing large drug shipments for the Cosa Nostra, a Sicily-based criminal group. And in May, Julio Cesar Olivas Felix, an alleged Mexican drug trafficking thought be linked to the Sinaloa cartel, was arrested in Milan’s Malpensa airport.
“There were some joint operations between Mexican traffickers and Italian mafia groups some years ago,” Antonio Mazzitelli, a regional representative for the UN Office on Drugs and Crime, told Reuters. “It’s frequent that in the criminal world, criminal organizations collaborate on trafficking matters.”