Category: 3. Business

A Northeastern grad student in Vancouver used lessons from competitive Pokémon to create a tool that helps entrepreneurs fairly split ownership of a new company.

When Norman Yuan heard about the project for his computer science capstone course, he immediately thought of Pokémon.

Yuan is a graduate student at Northeastern University’s Vancouver campus, where the CoFounders Hub — a startup support center — is also embedded with offices on-site.

When the CoFounders Hub needed a new tool to help business cofounders divide equity, they turned to Northeastern students.

That’s when Yuan had his lightning bolt moment.

“When I first heard the idea, I already knew how I was going to make it,” he says.

A competitive Pokémon video game player, Yuan uses Pokémon calculators to predict the outcome of in-game battles by entering a team’s stats, moves and abilities, and simulating the battles.

“It’s the same idea as assembling a team of cofounders to build a startup,” Yuan says.

Except that, when assigning ownership equity, business developers don’t usually have to consider their cofounders’ species or attack speed.

There are as many as 50 different factors to consider when deciding how to split financial interest in a new business, says Tanis Jorge, founder of the CoFounders Hub. These include core issues like how much money and time the founders are investing, whether either is leaving a steady job, or who is bringing crucial knowledge to the table, Jorge says.

Working with Northeastern associate teaching professor Ildar Akhmetov, Jorge presented the equity calculator concept to five students in Akhmetov’s capstone course last fall. She asked them to design prototypes for the tool and shared insights based on her experience building successful cofounder partnerships. 

Jorge is the author of The Cofounder’s Handbook, a guide for entrepreneurs establishing business partnerships.

“Tanis sent us a Google spreadsheet with all the factors she wanted to be included in the calculator,” Yuan says.

He took those factors and created a web app that lists each with a field for cofounders to assign values to the elements they’re contributing — office space, network connections, technical expertise — as well as sacrifices made, such as relocating or quitting a steady job.

This is where the conversations get down to the nitty-gritty, Jorge says. While it may be tempting to agree on a 50-50 equity arrangement on the back of a napkin, she says, taking a hard look at who’s contributing what will pay off later.

Architecting a Modern Martech Stack for Speed, Scale, and AI Readiness

Webinar Speaker: Donald Farmer, Research Fellow

Date: Tuesday, August 26, 2025

Time: 9:00 a.m. PT / 12:00 p.m. ET

As enterprises face mounting pressure to personalize experiences, identify AI use cases, and reduce customer friction, their legacy martech stacks are falling behind. It’s no longer enough to unify customer data. Teams need real-time data access, extensible architectures, and intelligent workflows that empower both business and technical users.

Join experts from TDWI and Uniphore as they discuss architectural considerations and practical guidance for building an AI-ready customer data foundation. In this session, we’ll also explore how a real-world enterprise is evolving its marketing technology and data infrastructure strategy to quickly optimize data processes and improve governance. Topics include:

• Understanding and collecting customer data requirements
• How to transition from brittle legacy segmentation systems to a flexible, composable customer data platform (CDP)
• Understanding how composable CDPs differ from reverse ETL
• How to accelerate value with forward-looking AI capabilities such as agentic workflows and extensibility

Date: August 26, 2025

Time: 9:00 am PT

Donald Farmer

Oil-focused ETFs came under pressure this week after OPEC+ announced plans to boost production starting in September, raising fresh concerns over an oversupplied market.

USO ETF is in the red today. Check its prices live, here.

The cartel will unwind the last leg of its voluntary production cuts, adding roughly 547,000 barrels per day back into global supply, reported Bloomberg. The move weighed on crude prices and hit popular oil ETFs tied to near-term futures contracts.

Also Read: India Stands Firm on Russian Oil Imports Despite Trump’s Sanction Threats

ETFs like the United States Oil Fund (NYSE:USO) and United States Brent Oil Fund (NYSE:BNO) fell over 5% in the past week when speculations began. Both funds track front-month oil futures and are vulnerable in a contango environment, when futures contracts are priced higher further out, eroding returns on rollovers.

Leveraged products such as the ProShares Ultra Bloomberg Crude Oil (NYSE:UCO) also saw outsized losses, down about 10% in the past week, reflecting amplified exposure to daily moves in crude prices.

Also Read: Halliburton Has Rug Pulled From Under It, Analyst Blames Tariffs And OPEC

Not all oil-linked ETFs suffered. Funds using optimized roll strategies or offering equity exposure to energy companies held up better.

Equity-based funds like the Energy Select Sector SPDR Fund (NYSE:XLE) and VanEck Oil Services ETF (NYSE:OIH) were more insulated, losing around 1.7% during the same period, with underlying holdings such as ExxonMobil Corp (NYSE:XOM) and Halliburton Co (NYSE:HAL) expected to benefit from increased drilling activity.

The OPEC+ move comes amid rising geopolitical tensions, with reports suggesting the U.S. may consider secondary sanctions on China for importing Russian crude, like it just did for India. Investors seeking to reduce exposure to such risks may look to globally diversified resource ETFs.

The SPDR S&P Global Natural Resources ETF (NYSE:GNR) and FlexShares Global Upstream Natural Resources ETF (NYSE:GUNR) offer broader exposure to energy and commodities worldwide.

As oil markets digest the upcoming supply increase, ETF investors may consider shifting strategies. Futures-heavy funds could continue to face headwinds, while equity-based or globally diversified funds may offer more stability in the months ahead.

Read Next:

Photo: Shutterstock

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Threat actors have targeted insurance companies in a recent string of cyber-attacks, exposing patients’ personal information, including Social Security numbers, claims information, and health reports.

For example, Allianz Life Insurance Company of North America (“Allianz Life”) reported a mid-July breach to the Maine Attorney General’s Office that compromised Allianz Life’s data. According to public reports and the regulatory filing, the threat actor gained unauthorized access to Allianz Life’s systems through an external system, suggesting vulnerabilities in a third-party vendor. Since these reports, impacted individuals have filed a class action complaint in the U.S. District Court for the District of Minnesota, contending that Allianz Life failed to protect personal information due to negligence.

This incident comes shortly after Aflac Inc. (“Aflac”), another insurance company, disclosed a cybersecurity incident on July 7. The number of people impacted has not yet been reported. Erie Insurance (“Erie”) also announced a cyber-attack earlier this summer, causing widespread disruptions that interrupted business operations, which included closing customer portals used to pay bills, for nearly a month.

Threat Actor Attribution: Scattered Spider

It is unclear who is behind the Allianz Life, Aflac, or Erie attacks. However, cybersecurity intelligence organizations such as Crowdstrike and Mandiant, as well as various news sources, have warned that the threat actor group “Scattered Spider” is focusing efforts on large U.S. enterprises in the insurance industry. Scattered Spider employs sophisticated social engineering and identity theft tactics to bypass multi-factor authentication and internal security protocols. It has been linked to previous large-scale breaches, and its tactics are part of a broader trend of cybercriminal organizations exploiting supply chain vulnerabilities and third-party relationships.

Regulatory and Legal Implications

Given the nature and scope of the data compromised, targeted insurers may face significant regulatory scrutiny from multiple authorities, including:

• State Attorneys General,
• The Federal Trade Commission (FTC), and
• The Department of Health and Human Services (HHS), if protected health information (PHI) is involved.

Additionally, companies may face:

• Class-action litigation from impacted individuals,
• Securities-related claims if disclosures related to the breach are deemed inadequate or misleading, or
• Contractual liability with third parties whose data or systems were affected.

Key Takeaways for Clients

• Third-Party Cybersecurity Risk: These recent attacks highlight the growing risks posed by third-party vendors. Organizations should evaluate their vendor management programs, particularly focusing on data sharing, access controls, and security certifications.
• Incident Response Planning: Incident response planning should be proactive. The speed and effectiveness of incident response, including timely notification, containment, and forensic analysis, plays a critical role in mitigating risk.
• Regulatory Compliance: Companies should ensure compliance with evolving state and federal breach notification and data privacy laws, including timely reporting and documentation practices.
• Threat Actor Tactics Are Evolving: Scattered Spider and similar groups are employing increasingly sophisticated techniques to circumvent traditional controls, requiring organizations to stay vigilant.

Even though they themselves are victims of a crime, companies subject to a cybersecurity incident may face significant legal and regulatory exposure. Government investigators will expect a thorough and timely response, as will internal leadership, Board Members, customers, and stakeholders.

For these reasons, targeted insurers, as well as those across industries, should consider proactive steps to address these concerns, such as:

• Conducting cybersecurity risk assessments focused on third-party vendors,
• Reviewing and updating breach notification, response, and communication protocols,
• Evaluating cyber insurance policies for adequacy and coverage, and
• Monitoring regulatory developments and litigation related to a breach for precedent-setting implications.

Crowell & Moring LLP has unparalleled experience working with companies, particularly in the insurance, health care, and technology sectors, to address these risks and continues to monitor developments.

For additional information, please contact our team.

A Zoox robotaxi testing in San Francisco

Zoox

Zoox, the autonomous vehicle company owned by Amazon, has received approval from U.S. regulators to operate its purpose-built electric robotaxis that lack steering wheels, mirrors and conventional vehicle controls on public roads, a necessary step as it prepares to take on Alphabet’s Waymo.

The National Highway Traffic Safety Administration said it granted Zoox the first-ever exemption from U.S. rules requiring the use of certain features as part of its expanded Automated Vehicle Exemption Program, which applies to all the company’s vehicles now on the road. As part of the waiver, Zoox must “remove or cover” statements claiming its robotaxi meets Federal Motor Vehicle Safety Standards, NHTSA said. The agency also said it’s closing an investigation of Zoox’s self-certification of its robotaxis.

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The decision is “a win-win for safety and innovation,” Transportation Secretary Sean Duffy said in a statement. “America – not China – can and will drive the future of self-driving cars forward.”

The waiver clears the way for Zoox, founded 11 years ago, to launch its robotaxi service later this year, first in Las Vegas, with San Francisco, other Bay Area cities, Austin, Miami, Los Angeles and Atlanta to follow. Like Waymo–and unlike Tesla–the Foster City, California-based company has secured permission to operate paid rides in self-driving vehicles in the Golden State. Also like Waymo, Zoox is using far more robust sensors for its autonomous system, including laser lidar, radar, thermal cameras and microphones (to hear emergency vehicles), in addition to digital cameras.

With its decision, “NHTSA has proposed a way to enable Zoox to move forward with confidence,” the company said in an email. “Through this new exemption process, we are excited to embark on this new path, put these discussions behind us, and move forward, so Zoox can continue to lead the way in autonomous innovation.”

A Zoox robotaxi testing in Las Vegas.

Zoox

Rather than loading up existing vehicles with sensors and computers like Waymo has, Zoox’s plan from the outset has revolved around creating a robotaxi service with an electric model built from the ground up. Along with the absence of conventional physical controls, it features sliding doors reminiscent of transit trains and is a bidirectional vehicle, with identical front and rear ends. The toaster-shaped robotaxi has a top speed of 75 miles per hour, though it won’t typically exceed 45 mph on urban and suburban runs. It’s also intended to operate for up to 16 hours per charge per day, rack up 100,000 miles a year and remain in service for at least five years.

“We’re offering a unique experience for riders that we think they’ll prefer,” cofounder and CTO Jesse Levinson told Forbes during a tour of Zoox’s robotaxi factory in Hayward, California, in June. “The ride quality, the carriage-style seating, the roomy interior–we think all of this is going to be what sets us apart.”

More From Forbes

ForbesForget Tesla. Amazon’s Zoox Is On Track To Be Waymo’s Biggest Robotaxi RivalBy Alan OhnsmanForbesElon Musk’s Tesla Robotaxi Rollout Looks Like A Disaster Waiting To HappenBy Alan OhnsmanForbesInside The Waymo Factory Building A Robotaxi FutureBy Alan Ohnsman

Sidley is advising BDT & MSD Partners in connection with their AU$1.6 billion investment in DBG Health, a leading Australian beauty and pharmaceutical company. This strategic investment values DBG Health at approximately AU$7 billion and includes up to AU$1 billion of additional funding for future acquisitions, making this one of the largest private founder-led transactions in Australian corporate history.

The Sidley team is led by David Perkins and Rob Garritano (M&A and Private Equity), and includes Louis Jennings and Adi Milstein (M&A and Private Equity); Noam Waltuch, Rachel Kleinberg, and Andy Lau (Tax); Diane McEnroe, Deeona Gaskin, Susan Stolzer, and Kelly Cho (Food, Drug and Medical Device); Chad Ehrenkranz, George Maliha M.D., and Jenna Hoskison (Healthcare); and Vadim Brusser and Mary Marks (Antitrust and Competition).

Novo Nordisk’s outgoing CEO, Lars Fruergaard Jorgensen, has warned that layoffs at the Danish pharmaceutical giant could be unavoidable as competition heats up against its blockbuster obesity drug Wegovy amid rising pressure from rival Eli Lilly.

Novo Nordisk – which became Europe’s most valuable company, worth $650bn, last year on booming sales of Wegovy – is facing a pivotal moment as the medicine loses market share and sees sales growth slow, especially in the United States.

It has warned of far slower growth this year, in part due to compounders who have been allowed to make copycat drugs based on the same ingredients as Wegovy due to shortages. Novo Nordisk, which according to its website has 77,000 employees, cut its full-year sales and profit forecasts last week, wiping $95bn off its market value since.

The slide is a vast and abrupt turnaround for the firm that has been one of the world’s hottest investment stories, which led to a rapid expansion of manufacturing and sales capacity. Now the company is eyeing potential cost-cutting measures.

Layoffs loom

“We probably won’t be able to avoid layoffs,” Jorgensen told Danish broadcaster DR. “When you have to adjust a company, there are some areas where you have to have fewer people, some [areas] where you have to be smaller.”

He added, though, that any decision on layoffs would be in the hands of the incoming CEO, company veteran Maziar Mike Doustdar, who takes over on Thursday.

On a media call, Jorgensen said the market for copycat versions of Wegovy’s class of drugs – known as GLP-1 receptor agonists – was of “equal size to our business” and compounded versions of Wegovy were sold at a “much lower price point”.

In May, Novo Nordisk said it expected many of the roughly one million US patients using compounded GLP-1 drugs to switch to branded treatments after a US Food and Drug Administration ban on compounded copies of Wegovy took effect on May 22, and it expected compounding to wind down in the third quarter.

However, finance chief Karsten Munk Knudsen said on Wednesday that more than one million US patients were still using compounded GLP-1s and that the company’s lowered outlook has “not assumed a reduction in compounding” this year.

“The obesity market is volatile,” Knudsen told analysts when asked under what circumstances the company could see negative growth in the last six months of the year. The low end of the firm’s new full-year guidance range would be for “unforeseen events”, such as stronger pricing pressure in the US than forecast, he said.

The lower end of the range would imply sales around 150 billion Danish krone ($23bn) in the second half of 2025, compared with 157 billion krone ($24.5bn) in the same period last year.

Knudsen reiterated that the company was pursuing multiple strategies, including lawsuits against compounding pharmacies, to halt unlawful mass compounding.

Jorgensen said the company was encouraged by the latest US prescription data for Wegovy. While the drug was overtaken earlier this year by rival Eli Lilly’s Zepbound in terms of US prescriptions, that lead has narrowed in the past month.

Second-quarter sales of Wegovy rose by 36 percent in the US and more than quadrupled in markets outside the US compared to a year ago, Novo Nordisk said.

While Wegovy’s US pricing held steady in the quarter, the company expected deeper erosion in the key US market in the second half, due to a greater portion of sales expected from the direct-to-consumer or cash-pay channel, as well as higher rebates and discounts to insurers, Knudsen said.

He said Novo Nordisk was expanding its US direct-to-consumer platform, NovoCare, launched in March, and may need to pursue similar “cash sales” directly to patients, outside of insurance channels, in some markets outside the US.

Cost cuts

Novo Nordisk reiterated its full-year earnings expectations on Wednesday after last week’s profit warning.

Jorgensen said the company was acting to “ensure efficiencies in our cost base” as it announced it would terminate eight research and development projects.

“There seems to be a larger R&D clean-out than usual, but we do not know if this reflects a strategic re-assessment or just a coincidence,” Jefferies analysts said in a note.

Investors have questioned whether the company can stay competitive in the booming weight-loss drug market. Several equity analysts have cut their price targets and recommendations on the stock since last week.

Shares in Novo Nordisk plunged 30 percent last week – their worst weekly performance in over two decades. The stock has continued to tumble since the market opened in New York. As of 12pm local time (16:00 GMT), the pharmaceutical giant was down by more than 3.3 percent.