In news this week@work: Wells Fargo placed advertising in advance of ‘Teen Financial Education Day’ implying the worth of career aspirations in the sciences rank above those in the arts, Silicon Valley start-ups are adapting to anticipate a market downturn, networking has moved from the bar to the bike (that’s a good thing), and the U.S. unemployment rate remained unchanged at 4.9%.
Late Saturday morning I checked my Twitter feed and found this from novelist Caroline Leavitt. Forget post-tropical cyclone Hermine, this was the Labor Day weekend’s perfect storm.
According to Forbes contributing writer, Emily Willingham,“Wells Fargo rolled out an ad campaign this week that it almost immediately withdrew following on Internet outrage from a lot of angry artists and humanities professors. That may not sound that scary, but these folks know how to use words and emote.
The ads, using images depicting teens engaging in sciencey things, urge us to “get them ready for tomorrow” by ensuring that the aspiring ballerinas and actors of today become engineers and botanists of the future…
The message here is, of course, that the future is science. That becoming a ballerina or an actor is a dreamscape fairytale that has no place in a real world of cold hard cash and sciencey-sounding things like botany. Imagine if some parents buy into that ad’s message and try to push their budding ballerina into botany instead. The world loses an artist and gains a mediocre, uninterested botanist who’s given up her life’s dream? Lose–lose.”
This was not just a ‘business section’ story. Olivia Clement reported on Broadway’s reaction on Playbill.com.
“A new advertising campaign from Wells Fargo, an American banking and financial services company, has prompted outrage from the theatre community. The ads imply that it is more valuable for young people to pursue a career in the sciences rather than the arts.
A Wells Fargo brochure depicts a young man in a science lab. “An actor yesterday. A botanist today. Let’s get them ready for tomorrow,” reads the accompanying text. Another, depicting a young woman in a lab, reads: “A ballerina yesterday. An engineer today.”
Among those to express their disappointment and frustration at the campaign on September 3 were Alex Brightman, Ann Harada, Cynthia Erivo, Heather Headley and Benj Pasek—who took to Twitter to call out the company directly. “Apparently @WellsFargo doesn’t think that an actor or ballerina require any work at all. Shame!” read Erivo’s tweet.”
Wells Fargo apologized via Twitter late Saturday.
Anticipating the end of the boom, Katie Benner delivered a tech industry status report, ‘Warned of a Crash, Start-Ups in Silicon Valley Narrow Their Focus’.
“Last year, many tech executives, venture capitalists and entrepreneurs were convinced that a multiyear boom that had propelled young companies to great heights could no longer sustain itself.
The worst fallout may yet come, but many of the start-ups have hung on. Across Silicon Valley, engineers are still commanding annual salaries that average $136,000, according to Hired, a recruiting firm. Demand is brisk for $4 buttered toast, and office space rents remain near record highs. The biggest start-ups, like Uber and Airbnb, continue to land billions of dollars in funding. And investors are shoveling money into venture capital funds, which raised so much cash in the first half of this year that it rivaled the amount raised in all of 2015.
For all of the hand-wringing, “there just hasn’t been much of a downturn,” said Paul Buchheit, a managing partner at Y Combinator, a prominent start-up incubator that nurtured companies including Dropbox and Airbnb. “I don’t even see many companies going out of business.”
Wondering where you might meet one of those tech execs or VCs? This past week Sarah Max covered a story that has been growing globally over the past year, ‘Cycling Matches the Pace and Pitches of Tech’. In other words, cycling is the new networking.
“Thinking he needed to take up a “California sport,” Greg Gretsch started cycling in 1988, when he moved to the Bay Area to work in marketing at Apple after graduating from the University of Georgia. He bought a 10-speed road bike and joined a group of other Apple employees for a standing noon ride.
Today, Mr. Gretsch, 49, is a founding partner with San Francisco-based Jackson Square Ventures, which makes early-stage investments in fledgling companies, including a social network and performance-tracking app for athletes call Strava. He rides an average of five days a week on paved roads in the Bay Area and on trails near his second home near Lake Tahoe. Cycling is primarily for exercise and escape, he said, but it has also been good for his career.
“Connecting with people is important to what I do, and you can learn a lot about a person, and from a person, on the bike,” said Mr. Gretsch, who founded three companies before going into venture capital in 2000 at a firm called Sigma Partners.”
On Friday, the U.S. Labor Department released the August jobs report. Camila Domonoske summarized the data for NPR.
“The U.S. added 151,000 new jobs in August and the unemployment rate held steady at 4.9 percent, according to the monthly jobs report from the Bureau of Labor Statistics.
Both those metrics fell short of expectations: Economists were expecting about 180,000 new jobs, and a slight dip in the unemployment rate, to 4.8 percent…”
Finally, this week@work, we celebrated the last weekend of summer.
Photo credit: Boulder cyclists, Cliff Grassmick, Daily Camera