TOP10 NEWS OF THE WEEK / 06.29.24

VALUE PROPOSITION

AI’S $600B QUESTION

David Cahn , partner at Sequoia Capital : The AI bubble is reaching a tipping point. Navigating what comes next will be essential

Key Takeaways:

? Late 2023 was the peak of the GPU supply shortage. Startups were calling VCs, calling anyone who would talk to them, asking for help getting access to GPUs. Today, that concern has been almost entirely eliminated. For most people I speak with, it’s relatively easy to get GPUs now with reasonable lead times.GPU stockpiles are growing: NVIDIA reported in Q4 that about half of its data center revenue came from the large cloud providers. Microsoft alone likely represented approximately?22% of Nvidia’s Q4 revenue. OpenAI still has the lion’s share of AI revenue:?The Information recently reported that OpenAI’s revenue is now?$3.4B, up from $1.6B in late 2023. While we’ve seen a handful of startups scale revenues into the <$100M range, the gap between OpenAI and everyone else continues to loom large. Outside of ChatGPT, how many AI products are consumers really using today? Consider how much value you get from Netflix for $15.49/month or Spotify for $11.99. Long term, AI companies will need to deliver significant value for consumers to continue opening their wallets. ? Lack of pricing power:?In the case of physical infrastructure build outs, there is some intrinsic value associated with the infrastructure you are building. If you own the tracks between San Francisco and Los Angeles, you likely have some kind of monopolistic pricing power, because there can only be so many tracks laid between place A and place B. In the case of GPU data centers, there is much less pricing power. GPU computing is increasingly turning into a commodity, metered per hour.

↖ Investment incineration:?Even in the case of railroads—and in the case of many new technologies—speculative investment frenzies often lead to high rates of capital incineration. ↙ Depreciation:?We know from the history of technology that semiconductors tend to get better and better. Nvidia is going to keep producing better next-generation chips like the B100.

? Winners vs. losers:?I think we need to look carefully at winners and losers—there are always winners during periods of excess infrastructure building. AI is likely to be the next transformative technology wave, and as I mentioned in the last piece, declining prices for GPU computing is actually good for long-term innovation and good for startups. If my forecast comes to bear, it will cause harm primarily to investors. Founders and company builders will continue to build in AI—and they will be more likely to succeed because they will benefit both from lower costs and from learnings accrued during this period of experimentation. ?? In reality, the road ahead is going to be a long one. It will have ups and downs. But almost certainly it will be worthwhile.

METAPHYSICS

DIGITAL FASHION'S SUPPORT SYSTEM IS GROWING. ARE BRANDS READY?

Bethanie Ryder for Jing Daily

Key Takeaways:

?? Digital fashion house SYKY has established itself as an incubator aimed at amplifying the work of fledgling designers. Alongside its Syky Collective accelerator program, the platform’s new monthly initiative, Syky Presents, brings more budding visionaries into the fashion fold. The series kicked off on June 17 with a 13-piece capsule drop from five artists: fashion collective Sblmtn Studio; Web3 and 3D surreal animation artist Renderfruit; Athens-based artist Craves; 3D surreal art and character designer Oguz Yaron Dogru; and digital artist Tiago Marinho. The collectibles are available for purchase via Syky’s official website. The emerging designers join a growing roster of artists flourishing under Syky’s guidance, including digital accessories label Xtended Identity, British-Chinese designer Stephy Fung , Berlin-based conceptual artist Taskin Goec , and Nigerian phygital fashion house NEXTBERRIES? .

?? Virtual showroom developer Emperia, Inc. is also building on digital fashion’s early-stage infrastructure to equip more creators with the necessary tools for growth in Web3. This week, the company opened up its proprietary creator platform to the Web3 community, allowing artists, designers, and businesses to render and publish their own fully functional virtual environments.

?? Shudu Gram, the world’s first digital supermodel, has been brought to life by Vogue in partnership with digital model lab The Diigitals and tech-meets-art agency XLAB Realtime . Unveiled during the Vogue Live AI Summit last week, the virtual human can interact with and answer questions from audience members. To mark the occasion, the supermodel was featured on the front cover of Vogue Czechoslovakia’s Leaders edition, wearing digital designs created by Katarína Mydliarová .

?? RIMOWA has released a new virtual universe video campaign to celebrate the launch of its renowned luggage’s new forest green colorway. The setting, created by artist Jean-Jacques Balzac, is full of imagination, merging greenery and futuristic architecture to “hide the boundary between reality and virtuality.”Michael Kors has introduced a new AI-powered assistant to its official US website to help shoppers select products. Created by tech provider and Mastercard-owned Dynamic Yield, the “Shopping Muse” aims to enhance the consumer shopping experience by offering recommendations and interacting with customers.

INSIDE THE DIGITAL ART MILES'S DEBUT DURING ART BASEL IN SWITZERLAND

Matt Medved for nft now

Key Takeaways:

?? While digital art’s footprint remains nascent at and around Art Basel ’s namesake fair in Switzerland, this year’s edition saw several encouraging signs with stronger attendance by the web3 community than in any year prior. In a nod to digital art’s growing influence, Art Basel itself held two events aimed at engaging the digital art community: a digital art meetup featuring remarks by CEO Noah Horowitz and Chief Digital Officer Craig Hepburn and a “Digital Dialogues” panel series featuring artists like Refik Anadol , Krista Kim and Sasha Stiles .

?? Anadol also debuted a new immersive work at the fair entitled “Inner Portrait,” in collaboration with Turkish Airlines, complete with uniformed attendants handing out Turkish delights and coffee.

?? Outside the fair, ArtMeta’s?The Digital Art Mile?organized a series of digital art exhibitions and events across several Basel venues between June 10 and 16. Created by art advisor Georg Bak, DIGITAL ART ADVISOR and ArtMeta founder Roger Haas , the Digital Art Mile’s debut edition featured exhibitions by Sotheby’s, Fellowship, Objkt, fx(hash), TAEX, Makersplace, Artxcode, RCM Galerie, Cinello, and Danae, as well as conference programs and events hosted by the likes of CryptoPunks, Sigg Art Foundation, and the Tezos Foundation.

?? - Many members of the digital art community were visiting Basel for the first time. What do you attribute this growing footprint to?

?? - The Digital Art Mile rapidly gained traction, creating a buzz across Twitter and web3 conferences. The anticipation and FOMO surrounding the event convinced many to book last-minute flights to Basel, despite the challenge of fully booked and expensive hotels. The event’s growing footprint is a testament to the community’s enthusiasm and the dynamic conversations about digital art. Additionally, there is a growing interest in the recent evolution of AI in art. Fellowship has especially showcased historical works from 2015, including the first GANs by Gene Kogan, the first Deep Dream artworks by Alexander Mordvintsev, the first DALL-E artworks by Holly Herndon and Mat Dryhurst, and the first-ever text-to-image prompted works by Elman Mansinov. These are undoubtedly grails of digital art that will make their mark in art history books.

?? - What are your plans for ArtMeta and the?event going forward?

?? - We are committed to establishing the Digital Art Mile as an annual highlight in Basel’s art scene, with plans for pop-up events in other cities. Our focus remains on contextualizing digital art and enhancing education around it, making this innovative form of art more accessible and engaging for a broader audience.

FASHION SYSTEM

SHEIN CONFIDENTIALLY FILES FOR IPO IN LONDON WITHOUT SUPPORT OF THE BRITISH FASHION COUNCIL

Zofia Zwieglinska for Glossy

Key Takeaways:

?? SHEIN confidentially filed on the London Stock Exchange on Monday. The company filed papers with Britain’s Financial Conduct Authority (FCA) in early June, initiating the process for a potential London listing later this year, according to Bloomberg .

?? Valued at $63 billion, Shein had initially considered listing in New York but faced opposition from U.S. lawmakers. The company’s decision to list in London comes amid a backdrop of high digital marketing expenditures industry-wide and strategic adjustments for Shein after it was not admitted to the U.S. stock exchange. Shein declined to comment for this story.

?? Shein is now trying to?sell?its production system as a B2B solution. Jewell said doing so could provide the company with a competitive edge in the fashion IPO market.

?? Caroline Rush , the BFC’s chief executive, conveyed her apprehension surrounding the IPO in a?statement?in June. “At a time when global fashion leaders are rightly focused on making our sector more socially, environmentally and economically sustainable, the Government’s courting of Shein to list on the London Stock Exchange , and Shein’s decision to do so, is of significant concern to U.K. fashion designers and retailers,” it read. Today , in a Glossy-exclusive interview, she said, “Fashion businesses, including Shein, must embrace corporate due diligence in their supply chains. The BFC would encourage the U.K. government, the Financial Conduct Authority and the London Stock Exchange to ensure that any business listing in London is an active, responsible leader in this regard and is able to evidence addressing compliance and sustainability concerns in all areas, from worker treatment to material sourcing to citizen engagement in disposable fashion.”

?? However, the U.K. financial market has been sluggish, with fewer IPOs and a need for significant listings to revive interest. Shein’s potential IPO could provide a much-needed boost. From here, Shein’s IPO process will involve a detailed review of its financials by the FCA and approval from the China Securities Regulatory Commission (CSRC). Once cleared, Shein will publicly file an intention to float on the London Stock Exchange, initiating a four-week process of book building and price guidance before trading begins. Overall, this step by Shein represents a pivotal moment for the fast fashion industry. As Jewell said, “This IPO is not just about raising capital; it’s about positioning Shein for future growth and addressing the significant challenges in the fast fashion sector.”

NIKE FACES A REVENUE DECLINE AND A PLUNGE IN ITS STOCKS BY AS MUCH AS 19%.

Alexis Beck for METAVERSE FASHION COUNCIL

In a recent financial disclosure,?Nike, the global leader in sportswear, reported an unexpected downturn in fourth-quarter revenue, highlighting significant challenges in its core apparel and footwear markets. The company attributed this decline to subdued consumer demand, exacerbated by intensifying competition from emerging brands such as On and Hoka.

Despite unveiling a strategic initiative aimed at streamlining its product portfolio, industry analysts remain cautious about Nike's ability to swiftly rejuvenate market interest. The process of innovation and the launch of new product lines are anticipated to be protracted, further delaying potential recovery efforts.

Nike 's direct-to-consumer sales strategy, once touted as pivotal for growth, has encountered setbacks amid shifting consumer spending habits. Increasingly discerning consumers are favoring more fashionable and innovative alternatives like On and Deckers’ Hoka, presenting a formidable challenge to Nike's market position.

Furthermore, Nike faces formidable competition from Adidas, whose revival in demand, driven notably by the resurgence of retro-style sneakers such as Gazelle and Samba, underscores the depth of the competitive pressures in the sportswear sector. In response, Nike is intensifying its focus on wholesale partnerships, reversing previous strategies that deemphasized traditional distribution channels.

Despite efforts to mitigate costs through workforce reductions and operational efficiencies, Nike’s fourth-quarter financial performance saw a marginal increase in gross margin, yet fell short of analysts’ revenue projections. Net revenue for the quarter totaled $12.61 billion, slightly lower than the anticipated $12.84 billion, while net income demonstrated a notable rise to $1.50 billion, up 45% from the previous year.

In summary, Nike confronts a complex landscape as it navigates through these challenges. The company’s strategic adjustments reflect its resilience, yet the road to recovery appears fraught with obstacles. Analysts and stakeholders alike are closely monitoring Nike’s trajectory amidst the evolving dynamics of the global sportswear market.

LUXURY'S NEW ERA OF UNCERTAINTY

The Business of Fashion : Permira pulled Golden Goose ’s IPO citing uncertain market conditions, while menswear collections in Milan and Paris continued to play it safe in a softening market.

?? This week, Italian sneaker brand?Golden Goose?postponed its?Milan IPO, citing volatile market conditions in the wake of European elections that registered a hard swing to far-right anti-EU parties and French President Emmanuel Macron’s move to call snap legislative elections.

?? Shares in the Stoxx 600 index of Europe’s leading companies dipped 5 percent as Macron’s decision plunged France, the EU’s second-biggest economy, into uncharted territory. Markets have since recovered slightly, but polls for the nation’s June 30 election continue to show Marine Le Pen’s National Rally neck-and-neck with a new coalition of France’s left and centre-left parties. Macron’s technocratic, centre-right Renaissance party is expected to be soundly beaten: the president will almost surely have to share power with one of two divergent rivals, risking political dysfunction and stagnation.

?? Caution and uncertainty reign elsewhere in the fashion market. Over a year after the lifting of COVID-19 restrictions in?China, which, it was hoped, would restore a more stable dynamic in the key market, slower growth and high youth unemployment continue to depress demand, as well as an emerging sense of “luxury shame” among the wealthiest customers, Bain’s Claudia D’Arpizio said. In the US, economists see signs of slowing inflation and faster economic growth in recent months, but election-year uncertainty continues to dampen consumer confidence.

?? The state of affairs could be felt at menswear weeks in Florence, Milan and Paris, where most brands played it safe with heritage-focused, ultra-classic collections.“Brands are playing defense in response to what’s happening in China and the Far East. They’re understanding it’s not just a cycle, a tough semester before new millionaires come from China to save the business again,” Emmanuele Farneti, editor-in-chief of the Italian fashion magazines?d?and?U La Repubblica?said. Even as cautiousness and uncertainty abound, there are signs that luxury’s underlying business remains stable. This week, consultancy Bain said its 2024 forecasts for the luxury market’s growth were broadly unchanged versus its last report in November. Bain predicts the industry will grow between 0 and 4 percent at constant exchange rates, while sales could dip slightly at current exchange rates due to the deterioration of the Japanese yen.?? Meanwhile in the US, “there’s a lot of cautiousness in the market, but there’s some hope to improve later in the year, when the political situation stabilises after the election,” D’Arpizio added.

HOUSE?OF?ARNAULT

His company, LVMH, bought up many of the world’s major luxury brands. And he’s not finished shopping

.Brad Stone , Angelina Rascou?t for Bloomberg

KEY TAKEAWAYS:

?? Over the past 40 years, Arnault has assembled the world’s largest luxury conglomerate and globalized a sector once constrained by the limited ambitions of family-owned European companies encrusted in tradition. He didn’t invent conspicuous consumption, of course.

?? For that, he’s the wealthiest person in the world. Or very close to it, depending on the day. His fortune, built on the most analog of industries, is only comparable to the digital riches of a few titans who built their affluence on expanding access to things like software, cloud computing and electric vehicles.?Jeff Bezos,?Elon Musk?and?Bill Gates, often criticized for their social and sartorial tastes, have invented our future. Arnault, the embodiment of taste, yoked together the nouveau-riche brands that symbolized Europe’s postwar influence and exported them all around the world.

?? China, according to an estimate by HSBC, was LVMH’s second-largest country by sales last year, behind the US. There are 54 Louis Vuitton stores alone on the mainland, and 23 different LVMH brands opened 58 stores in 2023—a staggering rate of expansion.

?? Now LVMH dwarfs its peers. It had 213,000 employees at the end of last year (for contrast:?Apple Inc.?had about 160,000), and its market value touched €368 billion—more than seven times the size of Kering, which owns Gucci, Yves Saint Laurent and other labels, and five times the size of Richemont. Only Hermès International SCA, the French maker of the wildly popular?Birkin bag, comes close to LVMH’s size.

?? A more serious danger to Arnault’s empire would be a widespread rejection of luxury—a moral shift away from ostentatious handbags, designer dresses and hundred-thousand-dollar watches.

?? He offers no more clues. But people familiar with LVMH’s strategy say the conglomerate would definitely take a look if these companies came up for sale: Richemont,?Armani?or Prada, as well as watchmakers?Patek Philippe?and?Audemars Piguet. Not that there’s any indication their owners are willing sellers now. A spokesperson for LVMH declined to comment. But Arnault has said he admires the South African billionaire?Johann Rupert, who controls Richemont; and people close to Arnault say he’s built a small personal stake in Richemont. In January, Arnault also?publicly said?that if Rupert “needs support to maintain his independence, I will be there.” In other words: Let the games begin.

GAMING, AI NFTs: WILL BALENCIAGA'S BIG WEB3 PLAYOFF?

Bethanie Ryder for Jing Daily :

Key Takeaways:

?? After a brief hiatus, Balenciaga is gearing up to reenter the non-fungible token (NFT) market.The Kering -owned maison announced the release of an exclusive hardware NFT wallet in collaboration with Web3 spearheader Ledger last month. The case, powered by near-field communication (NFC) technology, is designed to hold Ledger’s new Stax device – a gadget that enables owners to trade, swap, and manage their digital tokens and cryptocurrency.

?? The news arrived just days after Balenciaga dropped its latest NFC-connected merch under its Balenciaga Music subsidiary.The capsule line, featuring physical goods embedded with NFC chips, can be scanned using a smartphone to access exclusive content including playlists compiled by musician BFRND (the composer behind all of Balenciaga’s shows since 2017) and a new mini-game concept that takes players through the brand’s iconic show sets over the years.

? Regaining momentum Balenciaga has been slowly chipping away at its Web3 portfolio since 2020; a time when many luxury brands pivoted to digital-first strategies to combat plunging physical sales

.?? Engaging China’s metaverseThe maison has also expanded its ambitions towards tackling China’s complex Web3 landscape to overtake competitors.Last week, the brand announced a new collaboration alongside?Need for Speed?mobile China. Available only in the mainland from July 11, gamers can equip both their car and avatars in Balenciaga-branded skins. It took the same approach for the 520 season in 2023; this time introducing augmented reality into the mix.

?? Competition heats upWeb3 has witnessed a notable shift in perception globally, with luxury consumers becoming more receptive to emerging tech and its use-cases. While wider adoption offers more scope to experiment for brands, it also means expectations are higher.LVMH competitor Louis Vuitton and fellow Kering-owned Gucci, for example, have earned gold status in the digital realm with their elite Web3 communities. Rival OTB Group’s Diesel and Maison Margiela have similarly introduced their own NFT projects tailored to consumer interests.In 2022, Fendi also released its own selection of tech wearables alongside Ledger, targeting crypto enthusiasts with high spending power.

?? As Balenciaga continues to build a brand based on capturing, creating, and challenging the zeitgeist, cracking Web3 is the next logical step. Can a disruptor that has successfully merged luxury with innovation in the physical world pull off the same feat in the digital one, too?

COMMONWEALTH

THE EU DIGITAL IDENTITY WALLET: EVERYTHING YOU NEED TO KNOW ABOUT THE EU'S PLANS FOR UNIVERSAL DIGITAL IDENTITY SYSTEM

Natasha Lomas for TechCrunch : The EU Digital Identity Wallet is an ambitious project by the European Union that’s still a bit under the radar but worth paying attention to, as it could deliver big things in the next few years.

Key Takeaways:

?? The goal is to set up a universal digital identity system for citizens. If all goes to plan, Europeans will be able to download and use a free EU Digital Identity Wallet to access a wide range of public and private services, relying on identity verification and authentication of other credentials stored in an app on their smartphone. Following recent adoption of a key legal framework, EU countries are expected to issue the first of EU Digital Identity Wallets by the end of 2026. Unlike current national e-ID schemes, the future Pan-EU wallets will be recognized by all member states.While national e-ID systems have been available in some European countries for many years —?Estonia?is a particular pioneer in digital identity — regional lawmakers have, since 2021,?set themselves the goal?of creating conditions for a digital identity system that works across the bloc’s single market. So while there won’t be a single, universal EU wallet app for everyone to use, the goal is to establish a system where different wallet apps will work anywhere in the EU, aligning with the bloc’s Digital Single Market mission.

?? An EU digital ID wallet for everything?One obvious motivation for setting up the EU Digital Identity Wallet is convenience.Europeans will be able to download a wallet app to their smartphone or device and use it to store and selectively share key credentials when they need to do things like verify their identity or prove their age. The wallet will work both for ID checks online and in the real world. It’s also intended as a digital repository for official documents, such as a driver’s license, medical prescriptions, educational qualifications, passports, etc. E-signing functionality will also be supported.

?? The EU has an extensive and growing body of digital regulation. A Pan-EU e-ID would clearly come in very handy here. For example, aspects of the online?governance regime established by the Digital Services Act?(DSA) could be easier to implement once the EU can point to having a “universal, secure and trustworthy” digital ID system in place, as the EU Digital Identity Wallet is being billed. Think privacy-preserving access to adult content websites for people who could use the digital ID to verify they’re over 18, for example. Having a privacy-preserving approach could help the EU unlock finer-grained digital regulation opportunities, too, though.

SINGULARITY

AI CAN RADICALLY LENGHTEN YOUR LIFESPAN, SAYS RAY KURZWEIL. HERE IS HOW

Ray Kurzweil for Fortune

Key Takeaways:

?? We are beginning to use AI for discovery and design of both drugs and interventions, and by the end of the 2020s biological simulators will be sufficiently advanced to generate some key safety and efficacy data in hours rather than the years that clinical trials typically require. The transition from human trials to simulated?in silico?trials will be governed by two forces working in opposite directions.On the one hand there will be a legitimate concern over safety: we don’t want the simulations to miss relevant medical facts and erroneously declare a dangerous medication to be safe.

?? Knowledge that radical life extension is close at hand is spreading, but most people—both doctors and patients—are still unaware of this grand transformation in our ability to reprogram our outdated biology.The 2030s will bring another health revolution, which my book on health (coauthored with Terry Grossman, MD) calls the third bridge to radical life extension: medical nanorobots.

?? Nanorobots not only will be programmed to destroy all types of pathogens but will be able to treat metabolic diseases. Except for the?heart and the brain, our major internal organs put substances into the bloodstream or remove them, and many diseases result from their malfunction.

?? The fourth bridge to radical life extension will be the ability to essentially back up who we are, just as we do routinely with all of our digital information. As we augment our biological neocortex with realistic (albeit much faster) models of the neocortex in the cloud, our thinking will become a hybrid of the biological thinking we are accustomed to today and its digital extension. The digital portion will expand exponentially and ultimately predominate. It will become powerful enough to fully understand, model, and simulate the biological portion, enabling us to back up all of our thinking. This scenario will become realistic as we approach the Singularity in the mid-2040s.

?? The ultimate goal is to put our destiny in our own hands, not in the metaphorical hands of fate—to live as long as we wish. But why would anyone ever choose to die? Research shows that those?who take their own lives?are typically in unbearable pain, whether physical or emotional.

?? Once we have backed ourselves up, how could we die, anyway? The cloud already has many backups of all of the information it contains, a feature that will be greatly enhanced by the 2040s. Destroying all copies of oneself may be close to impossible. If you restored your mind file after biological death, would you really be restoring?yourself? That is not a scientific question but a philosophical one, which we’ll have to grapple with during the lifetimes of most people already alive today.

AI BATTLEFIELD: GOOGLE INTRODUCES GEMINI FEATURE IN GMAIL

Alexis Beck for Metaverse Fashion MAGAZINE

Google has made a significant leap forward with the introduction of?Gemini?across its suite of productivity tools. Initially launched in Docs, Sheets, Slides, and Drive, Gemini’s integration in the side panel brings powerful AI capabilities directly to your fingertips. Now, users can seamlessly summarize, analyze, and generate content within their preferred Workspace applications without the hassle of switching tabs or applications.

Gemini utilizes Google's most advanced models, including the Gemini 1.5 Pro with enhanced reasoning and a longer context window. This means you can leverage Gemini’s AI prowess to streamline tasks such as content creation, data organization, and insightful analysis right from your favorite Google Workspace tools:

Docs: Enhance your writing, summarize documents, brainstorm ideas, and create content seamlessly using Gemini in the side panel.

Slides: Generate new slides, create custom visuals, and summarize presentations effortlessly with Gemini’s assistance.

Sheets: Streamline data tracking, formula generation, and task management directly within Sheets using Gemini in the side panel.

Drive : Quickly summarize multiple documents, extract key information, and delve deep into topics without navigating away from your Drive interface.

But that’s not all—Google is extending Gemini’s reach to Gmail’s side panel, revolutionizing how you manage email communications. From summarizing email threads to drafting responses and suggesting replies, Gemini in Gmail ensures you stay productive and focused, whether on desktop or mobile.

Getting started is straightforward for end users: simply click on the “Ask Gemini” (spark button) in the top right corner of Docs, Sheets, Slides, Drive, or Gmail on the web to activate Gemini in the side panel. For administrators, there's no need for additional setup, making deployment seamless for rapid integration.

The rollout for Gemini across Google Workspace is set to commence with rapid releases starting June 24, 2024, followed by gradual releases from July 8, 2024, ensuring widespread availability and accessibility across all Workspace domains.This comprehensive integration of Gemini marks a pivotal moment in enhancing productivity and efficiency within Google Workspace, empowering users with cutting-edge AI tools designed to simplify workflows and elevate collaboration.

COMMONWEALTH

SERIAL ENTREPRENEUR Sharmadean Reid MANIFESTO FOR WOMEN IN BUSINESS

By Bella Webb for Vogue Business

Key Takeaways:

?? Reid has mentored and invested in multiple Black female founders. Last year, she posted on LinkedIn about helping one group of founders — including?Sojo?founder Josephine Philips —?set up their own peer group, to support each other through entrepreneurship, a method she has benefited from herself (one of the essays in the book, “Choose Your Front Row”, is all about surrounding yourself with the right kind of support).

?? In her debut book,?New Methods for Women, the founder of WAH Nails, Beautystack and The Stack World outlines an alternative approach to leadership. Here, Reid shares some of the takeaways from the book:

?? New Methods for Women?is intentionally unconventional as a business book. Why did you approach it this way?

?? When I started my first business, I just thought it would be fun to open a nail salon. I never considered the systemic challenges in my way, and I think it’s a good job I didn’t. Naivety is what enabled me to take the risk. I have a son, who is of mixed ethnicity, and something I’ve been grappling with is: do you tell someone they are disadvantaged, in order to make them aware and prepared, or do you not say anything, because then they are free to dream?

??In recent years, there has been a lot of conversation around “giving people a seat at the table” or “passing the microphone”. You write about “playing games you can win” —?can you explain what that means and why it’s important?

?? I used to try and influence existing structures, now I don’t care as much. At some point, all of the oppressors will die, and the next generation will have a chance to make a change. ‘Play games you can win’ is about focusing on different modes of being, not trying to force yourself into historical seats of power that will eventually change and phase out. I’m a big believer in self-preservation, and creating environments where I can thrive.

??Equity is a big feature in the book, and you encourage readers to “ask for 50/50” but “take as much as you can get”. Why is equity such an important lever for change?

??Equity will be critical for the next few generations of women, and will determine their hustle, their burnout and their energy — everything in their working lives. It can be financial, but it’s also really important to consider equity in domestic labour and childcare, which is the biggest factor in gender inequality. Having equity frees you up to make choices. That might be the choice to take a sabbatical or maternity leave, or just to work less.

??How do you define success?

?? I aspire to fulfill my creative vision and make the right products at the right level for me at the time, rather than doing something young, getting loads of money for it, and burning out or burning away.