Down Round

One of the big crazes of the last few years was consumer genetic testing. Through services like 23andme and AncestryDNA, regular punters could find out their ethnic background, link up with distant cousins, and find out what mysterious blood illnesses they were genetically predisposed to get.

But there is trouble in paradise. 23andme has lost a staggering 98% of its value from its peak, and it has people asking: can you build a real, sustainable business from someone spitting into a tube and mailing to to a lab? We dive in.

Links

• 23andMe’s Fall From $6 Billion to Nearly $0 – The Wall Street Journal

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Let's face it: Google Search sucks now. We've talked about it on many episodes, along with the broader conversation about how AI might disrupt it.

In this episode, we dig a little deeper. What are the factors that made Google Search so successful, and what are the factors making it no longer fit for purpose? We look at new challengers, like Perplexity, and what Google is doing to prepare for the deprecation of its core business – whenever that may be.

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Today we're diving into the world of Australian startups and venture capital. After the end of the post-COVID tech boom, you might find yourself wondering who is investing in what, and where all the money is going now. Well, you're in luck.

To help us unpack what Australian tech investment looks like now – as well as give his hot takes on the tech fads and trends of the past few years – we're joined by Damian Fox, partner at Carthona Capital. 

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This is a preview of a premium episode. We're currently running a sale on Down Round Premium – head here to score an annual membership for $49 instead of $70. Amazing stuff.

Last week, we talked about Apple shaky Vision Pro launch, thanks to a number of key developers saying they wouldn't be making apps for the mixed reality headset. This week, the story continues, with Apple officially unveiling its response to recent EU regulation which would force it to open up access to third-party app stores and payment processors in Europe.

Of course, in true Apple fashion, the response is a poison chalice. And it's pissed off everyone from Spotify to Epic Games and all in-between. We discuss.

Links

• Apple's response
• Thread by Spotify CEO Daniel Ek

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This week we're talking about the much-hyped weight loss drug Ozempic and its producer, Danish pharma giant Novo Nordisk. Thanks to the crazy success of Ozempic, Novo Nordisk is now literally the biggest company in Europe by market cap. Now the vultures are circling, and a whole bunch of drugmakers are rushing competitors to market.

We talk about the drug, the company, it's weirdly 'techy' marketing and where it fits into the incoming universe of biotech and pharma tech.

Links

• Our episode from last year with Tim Doyle, founder of Australian online pharmacy Eucalyptus.
• Weight-loss drug maker Novo Nordisk becomes Europe’s most valuable company – FT
• Ozempic is on the rise. That could be a problem for food companies – CNN

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Twitch, the venerable video game livestreaming platform which has repeatedly attempted to become the livestreaming platform for everyone, recently announced a slew of layoffsf. It also confirmed that the company, owned by Amazon, has never been profitable. 

Today, we're talking about Twitch: what it is, the escalating troubles it has faced, and why it and the livestreaming business in general has never quite managed to hit its stride.

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Apple is releasing its Vision Pro mixed reality headset in the US next month. But some of the biggest platforms in the world – from Netflix to Spotify – have announced they aren't supporting it from the get go.

That's partially because it's a niche device with an uncertain chance of success... but could it also be a rebuke of Apple's notorious developer policies, which have pissed off many people over the past decade and a half? We discuss.

Links

• Apple’s Testy Developer Relationships Threaten to Hamper Vision Pro – Bloomberg
• Vision Pro may have an app problem, with developers possibly unwilling to commit to Apple's 'revolutionary' new platform – TechRadar

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The age of the AI device is upon us. At this year's Consumer Electronics Show, the undisputed star was the Rabbit R1, a standalone AI companion device which uses a 'large action model' to understand the things you like doing on your apps and platforms, and does them for you. 

Will it work? Who knows. But Raph bought one. We discussed the hype about the Rabbit, as well as some of the other currents in AI devices which have emerged since the last time we talked about them.

Links

• Say Hello to Rabbit R1: A Tiny Orange Box That Trades Phone Apps for AI – CNET

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Over the Xmas break, the New York Times announced it would be suing OpenAI for copyright infringement, alleging that its GPT platform is trained on copyrighted NYT content. This has become a problem, according to the NYT, because OpenAI is now a direct competitor.

We dive into the lawsuit, and chat a bit about the media, AI and what the future of content looks like. If you're holding out for the last episode of The Down Round Experience... fear not, it's coming this week.

Links

• The Times Sues OpenAI and Microsoft Over A.I. Use of Copyrighted Work – NY Times
• OpenAI's response
• Sports Illustrated Published Articles by Fake, AI-Generated Writers - Futurism

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Happy New Year! We trust you're all well. Today, we're looking back on the 2023 that was – diving into some of the episodes we recorded and checking in how those things landed at the end of the year. These include:

• Afterpay/BNPL
• Crypto and NFTs
• Tech layoffs
• Instant groceries
• Dating apps

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