Category Archives: Technology

PALM BEACH, Fla., Feb. 24, 2021 /PRNewswire/ -- In the past several years, there has been a steady increase in the global nanoemulsion in food & beverage market, and many reports continue to project a continued growth pattern in the next several years. The factors driving the market growth are projected to be the rising demand for nanoemulsion technology in the food & beverage industry and the growing trend of nanostructured food ingredients. Nanoemulsions are also widely used in pharmaceutical systems. Nanoemulsion formulation offers several advantages such as delivery of drugs, biological or diagnostic agents. They are an advanced mode of drug delivery system has been developed to overcome the major drawbacks associated with conventional drug delivery systems. The most important application of nanoemulsion is for masking the disagreeable taste of oily liquids. Nanoemulsion may also protect the drugs, which are susceptible to hydrolysis and oxidation. Nowadays, nanoemulsions are used for targeted drug delivery of various anticancer drugs, photo sensitizers or therapeutic agents. Nanoemulsion can also provide prolonged action of the medicaments. Overall all nanoemulsion formulation may be considered as effective, safe and with increased bioavailability. It is expected that further research and development will be carried out in the future regarding nanoemulsion. A reportfrom ReserachAndMarkets projected that the nanoemulsion market size was valued at $2.1 billion in 2018, and is projected to reach $4.9 billion by 2026, growing at a CAGR of 11.5% from 2019 to 2026. In 2018, North America accounted for nearly 41.8% share of the nanoemulsion market, while a report from ASD Reports projected that the global nanoemulsion sub-market for food & beverage market is set to witness a CAGR of 11.86% through 2028.Active companies in the markets this week include: Pressure BioSciences, Inc. (OTCQB: PBIO), The Kraft Heinz Company (NASDAQ: KHC), PepsiCo, Inc.(NASDAQ: PEP), Beyond Meat, Inc.(NASDAQ: BYND), The Coca-Cola Company (NYSE: KO).

Yet another report from INKWOOD Research said that the key market drivers in the global nanoemulsion in food & beverage market are:"Growing demand for nanoemulsion technology in the food & beverage industry; Emulsifiers such as amphiphilic polysaccharides, small molecule surfactants, amphiphilic proteins, and phospholipids can be used in the food industry to formulate nanoemulsions; Nanoemulsion, one of the most important applications in the food industry, is the encapsulation of lipophilic components such as flavors, nutraceuticals, and vitamins; Moreover, probiotics are produced with the help of nanoemulsion technology. Probiotics are defined as microorganisms that provide health benefits when consumed in adequate amount; and Rising trend of nanostructured food ingredients."

Pressure BioSciences, Inc. (OTCQB: PBIO) BREAKING NEWS: Pressure BioSciences and The Ohio State University Announce Food Industry Consortium to Advance Commercialization of PBI's Ultra Shear Technology - Pressure BioSciences a leader in the development and sale of broadly enabling, pressure-based instruments, consumables, and platform technology solutions to the worldwide biotechnology, biotherapeutics, nutraceuticals, cosmetics, agriculture, and food & beverage industries, today announced it has entered into a wide-ranging agreement with the College of Food, Agricultural, and Environmental Sciences ("CFAES") at The Ohio State University ("Ohio State").Under the Agreement, bench-top and floor model test systems of PBI's patented Ultra Shear Technology ("UST") platform for the high shear processing of liquids under controlled temperature and pressure conditions will be set up in the acclaimed Ohio State food pilot plant. To help introduce the potential of the UST platform for strategic innovation to global food companies, PBI and Ohio State have announced the formation of a food industry consortium (the "Consortium"), whose members will have access to the UST test systems in the pilot plant, as well as licensing rights to the UST platform. The Consortium is the result of research initially sponsored by the USDA NIFA for which we gratefully acknowledge their support.

The primary goals of the Consortium are to develop and improve new commercial applications of UST; help develop the scientific support needed to address possible regulatory issues; and to experience first-hand UST product development and pre-commercialization efforts. The Consortium will be open to food companies worldwide. Consortium members will help direct the scientific efforts of Ohio State and PBI across a universe of prospective liquid food & beverage projects.Topics of interest will include spore inactivation and other pathogen and spoilage factor control; enhanced taste, smell, and other sensory qualities; and the formation of highly stable products suitable for ambient temperature storage and distribution.

Research studies suggest that under ultra shear conditions, unique microbiological, textural, sensory, and other benefits are possible.These benefits can lead to safer, higher quality, and more nutritious consumer-friendly "clean-label" (free of unwanted chemical additives) liquid foods and beverages.Consortium members receive a first right to non-exclusively license all new applications for commercial utilization in their own products.PBI has the right to license all new IP to non-members of the consortium worldwide.

Dr. Edmund Y. Ting, Senior VP of Engineering at PBI, and a pioneer in the development of high pressure-based, non-thermal methods to make food and beverages safer, commented: "Over the past two decades, high pressure processing ("HPP") has emerged as a highly successful, clean-label approach for food safety and improved shelf-life.Products such as juice, guacamole, and deli meats are routinely processed today using HPP.However, HPP does have limitations and drawbacks, particularly the inability to produce high quality, high stability homogeneous liquid products via the combination of fluid shear, brief shear induced heating, and continuous output compatible with modern aseptic packaging."

Dr. Ting continued: "Our UST platform uniquely combines the benefits of HPP with extreme liquid shearing forces and controlled temperature to accomplish results such as inactivation of food-borne bacteria and modifications leading to improved stability, texture, taste, and nutrition.The ability to modify structure through physical stress will create many new opportunities in the commercialization of liquid foods and beverages, as well as in nutraceuticals and pharmaceuticals."CONTINUED.Read this full release and more news for Pressure BioSciences at: https://www.financialnewsmedia.com/news-pbio/

Other recent developments in the markets include:

The Kraft Heinz Company (NASDAQ: KHC) recently announced that it has entered into a definitive agreement to sell its nuts business to Hormel Foods Corporation in a cash transaction for $3.35 billion. The proposed transaction is expected to close in the first half of 2021, subject to regulatory review and approval.

The transaction includes most products sold under thePlantersbrand, including single variety and mixed nuts, trail mix,Nut-ritionproducts,Cheez Balls, andCheez Curls, as well asCorn Nutsbranded products. The transaction also includes global intellectual property rights to thePlantersbrand, subject to existing third-party licenses in certain international jurisdictions, and to theCorn Nutsbrand.

PepsiCo, Inc.(NASDAQ: PEP)and Beyond Meat, Inc.(NASDAQ: BYND) recently announced they will form The PLANeT Partnership, LLC (TPP), a joint venture to develop, produce and market innovative snack and beverage products made from plant-based protein. The joint venture will leverage Beyond Meat's leading technology in plant-based protein development and PepsiCo's world-class marketing and commercial capabilities to create and scale new snack and beverage options. Financial terms of the partnership were not disclosed. Joint venture operations will be managed through the newly created entity The PLANeT Partnership, LLC (TPP).

"Plant-based proteins represent an exciting growth opportunity for us, a new frontier in our efforts to build a more sustainable food system and be a positive force for people and the planet, while meeting consumer demand for an expanded portfolio of more nutritious products," said Ram Krishnan, PepsiCo Global Chief Commercial Officer. "Beyond Meat is a cutting-edge innovator in this rapidly growing category, and we look forward to combining their unparalleled expertise with our world-class capabilities in brand-building, consumer insights and distribution to deliver exciting new options."

The Coca-Cola Company (NYSE: KO) recently announcedin the United States the introduction of a new 13.2oz bottle made from 100% recycled plastic material (rPET)*. This new bottle will be available first in the company's biggest and most iconic brand: Coca-Cola. In addition, the company announced today in the U.S. the transition to bottles made from 100% recycled plastic material* across a selection of brands in the portfolio, including DASANI and smartwater, which will be available in various package sizes this year. The moves are a substantial step in addressing plastic waste, among the top environmental concerns globally, reducing the company's use of new plastic by more than 20% across the portfolio in North America compared to 2018.

Starting this month in select states in the Northeast, Florida and California, Coca-Cola Trademark (Coke, Diet Coke, Coke Zero Sugar, Coca-Cola Flavors) will roll out the all-new, 13.2oz bottle made from 100% rPET*. The new bottle is conveniently sized in a more sippable package and reduces the use of new plastic. This summer, the 13.2oz, 100% rPET* bottle will roll out across additional sparkling beverage brands nationwide.

DISCLAIMER:FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels.FNM is NOT affiliated in any manner with any company mentioned herein.FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security.FNM's market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities.The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material.All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks.All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release.FNM is not liable for any investment decisions by its readers or subscribers.Investors are cautioned that they may lose all or a portion of their investment when investing in stocks.For current services performed FNM has been compensated forty six hundred dollars for news coverage of the current press releases issued by Pressure BioSciences, Inc. by the Company.FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

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How Nanoemulsion Technology Is Drastically Affecting the Food & Beverage Industry - PRNewswire

GCHQs director has said artificial intelligence software could have a profound impact on the way it operates, from spotting otherwise missed clues to thwart terror plots to better identifying the sources of fake news and computer viruses.

Jeremy Flemings remarks came as the spy agency prepared to publish a rare paper on Thursday defending its use of machine-learning technology to placate critics concerned about its bulk surveillance activities.

AI, like so many technologies, offers great promise for society, prosperity and security. Its impact on GCHQ is equally profound, he said. While this unprecedented technological evolution comes with great opportunity, it also poses significant ethical challenges for all of society, including GCHQ.

AI is considered controversial because it relies on computer algorithms to make decisions based on patterns found in data. It is used alongside human analysts in investigations.

GCHQ will not formally say exactly how it uses AI software or which data it analyses, but it relies in part on monitoring peoples phone and messaging data and watching social media profiles.

But the agency, which is based in Cheltenham, recognises that it needs to engage better with the public after the Snowden disclosures highlighted the scale of its mass surveillance nearly a decade ago.

Key figures at GCHQ believe AI is able to point MI5 and counter-terrorism police to missed clues in identifying potentially deadly threats as part of what insiders said would amount to a step change in its operation.

The agency also indicated that AI could, in theory, help to better identify sources of fake news or spot deep fake images, which come typically from Russia, and more quickly spot and trace malicious virus software that often emerges from China or North Korea.

It could also support the National Crime Agency analyse billions of child abuse images, searching for hidden evidence of digital image manipulation and so minimising the amount of time human investigators have to spend examining shocking content.

Using algorithms to investigate and monitor individuals has generated controversy in some areas of law enforcement. There are concerns, for example, that tools such as facial recognition software have exhibited a race bias when previously tested. It also emerged earlier this month that German police want to be able to create fake computer-generated images in sting operations against paedophiles.

Daragh Murray, a senior lecturer at the human rights centre and school of law at the University of Essex, said the problem for intelligence agencies such as GCHQ was that it was unclear what was ruled in and ruled out.

The difficulty with ethical frameworks, and we have seen this consistently across the tech sector, is that they are notoriously imprecise. They do not establish concrete obligations, he said.

One expert who has worked closely with GCHQ said AI was better suited to augmenting the analytic process by analysing large datasets and passing on the results to human investigators.

Alexander Babuta, a research fellow with the Royal United Services Institute, said GCHQs problem was making sense of the vast volumes of data that it collects.

The challenge is filtering it and triaging it to a manageable level so human analysts can make sense of it. That is a time-consuming and resource-intensive process, but it could also be less intrusive because the data is being handled by machines, not people, he said.

But there are limitations to the power of the technology. GCHQ does not believe it is yet possible to predict when someone has been radicalised to the point where they might commit a terrorism offence, a technology that carries echoes of the film Minority Report, in which people are arrested pre-crime.

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AI could have profound effect on way GCHQ works, says director - The Guardian

WILMINGTON, Mass.--(BUSINESS WIRE)--Analog Devices, Inc. (Nasdaq: ADI) has collaborated with the University of Limerick (UL) and other prominent companies, including economic infrastructure technology leader Stripe, to launch a world-leading computer science program called Immersive Software Engineering (ISE). Given increased demand for developer talent globally and rapid growth of the internet economy, ISE is designed to revolutionize the way computer science is taught, creating industry experienced software professionals to drive greater business impact. As part of the research start-up aspect of this UL initiative, ADI will fund experimental development and research with the aim of developing new software processes and services.

ADI is committed to increasing the impact of software advancements across industries and we are uniquely positioned to do this as the bridge between the physical and digital worlds, said Vincent Roche, President and CEO of ADI. We understand the vital need for programs such as ISE in training software engineers of the future.

Through the ISE program, students will be able to take advantage of the resources offered at ADI Catalyst, a hands-on, incubator-like R&D facility in Limerick, Ireland, focused on forming new communities, creating living labs and developing breakthrough technologies such as artificial intelligence, robotics and sustainable applications. ADI Catalyst serves as a collaboration center that uses a true partnership approach to help customers resolve the challenges they face at an accelerated pace. It provides a unique setting for customers and research organizations to interact with ADI and solve problems together in a single collaborative environment. Limerick is also home to Analog Devices European Research and Development Center, which has a long-standing reputation for developing cutting-edge technology.

John Collison, Co-Founder and President of Stripe, said: Software engineers enjoy incredible careers solving some of the worlds most important problems in the fastest growing industries, yet we have nowhere near enough of them. Immersive Software Engineering seeks to provide a great path for more secondary students (especially young women) into technology.

Leveraging an ecosystem of well-respected organizations, such as ADI, UL, Stripe, and other industry leaders, will bring the ISE program to life for students while providing employment opportunities to its graduates. ISE consists of a three-year intensive undergraduate program with an integrated fourth year at the masters level. Industry residencies where students gain in-company experience will account for nearly half of the total program, enabling them to acquire necessary skills in real-world settings alongside instructors. The first students are expected to enroll in the ISE program in September 2022.

University of Limerick President, Professor Kerstin Mey said, Analog Devices is one of our most committed, generous and long-term collaborators, and I am delighted to have the company join us in this exciting new initiative. We welcome the opportunity to work with ADI to reshape how tomorrows software engineers will be educated in such a significant way.

Analog Devices is leveraging its unique domain application expertise in the form of what matters at the end use and providing the biggest impact to the businesses of customers. ADI advancements in software are having a significant influence on how customers adopt and use its solutions.

About Analog Devices, Inc.

Analog Devices (Nasdaq: ADI) is a leading global high-performance analog technology company dedicated to solving the toughest engineering challenges. We enable our customers to interpret the world around us by intelligently bridging the physical and digital with unmatched technologies that sense, measure, power, connect and interpret. Visit http://www.analog.com

About Stripe

Stripe is a technology company that builds economic infrastructure for the internet. Businesses of every sizefrom new start-ups to public companies like Salesforce and Facebookuse the company's software to accept online payments and run technically sophisticated financial operations in more than 100 countries. Stripe helps new companies get started and grow their revenues, and established businesses accelerate into new markets and launch new business models. Over the long term, Stripe aims to increase the GDP of the internet.

About University of Limerick

The University of Limerick is an independent, internationally focused university with 16,500 students and 1,700 staff. It is a young, energetic and enterprising university with a proud record of innovation in education and excellence in research and scholarship. More information is available at http://www.ul.ie.

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Analog Devices, University of Limerick and Stripe Collaborate to Leverage Software Technology for the Transformation of Engineering Education -...

New York, Feb. 24, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Adhesive Tapes Market Research Report by Resin Type, by Technology, by Backing Material, by Category, by End-use Industry - Global Forecast to 2025 - Cumulative Impact of COVID-19" - https://www.reportlinker.com/p06028024/?utm_source=GNW

Market Statistics:The report provides market sizing and forecast across five major currencies - USD, EUR GBP, JPY, and AUD. This helps organization leaders make better decisions when currency exchange data is readily available.

1. The Global Adhesive Tapes Market is expected to grow from USD 53,698.12 Million in 2020 to USD 69,492.43 Million by the end of 2025.2. The Global Adhesive Tapes Market is expected to grow from EUR 47,083.53 Million in 2020 to EUR 60,932.28 Million by the end of 2025.3. The Global Adhesive Tapes Market is expected to grow from GBP 41,857.36 Million in 2020 to GBP 54,168.93 Million by the end of 2025.4. The Global Adhesive Tapes Market is expected to grow from JPY 5,730,950.11 Million in 2020 to JPY 7,416,603.21 Million by the end of 2025.5. The Global Adhesive Tapes Market is expected to grow from AUD 77,976.81 Million in 2020 to AUD 100,912.25 Million by the end of 2025.

Market Segmentation & Coverage:This research report categorizes the Adhesive Tapes to forecast the revenues and analyze the trends in each of the following sub-markets:

Based on Resin Type, the Adhesive Tapes Market studied across Acrylic-based Adhesive Tapes, Rubber-based Adhesive Tapes, and Silicone-based Adhesive Tapes.

Based on Technology , the Adhesive Tapes Market studied across Hot-melt Based, Solvent-based, and Water-based.

Based on Backing Material, the Adhesive Tapes Market studied across Paper, Polypropylene, and Polyvinyl Chloride.

Based on Category, the Adhesive Tapes Market studied across Commodity Adhesive Tapes and Specialty Adhesive Tapes.

Based on End-use Industry, the Adhesive Tapes Market studied across Commodity Adhesive Tapes and Specialty Adhesive Tapes. The Commodity Adhesive Tapes further studied across Consumer & Office, Masking, and Packaging. The Specialty Adhesive Tapes further studied across Automotive, Building & Construction, Electrical & Electronics, Healthcare, Paper & Printing, Retail, and White Goods.

Based on Geography, the Adhesive Tapes Market studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas region surveyed across Argentina, Brazil, Canada, Mexico, and United States. The Asia-Pacific region surveyed across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, South Korea, and Thailand. The Europe, Middle East & Africa region surveyed across France, Germany, Italy, Netherlands, Qatar, Russia, Saudi Arabia, South Africa, Spain, United Arab Emirates, and United Kingdom.

Company Usability Profiles:The report deeply explores the recent significant developments by the leading vendors and innovation profiles in the Global Adhesive Tapes Market including 3M Company, Adhesives Research, Inc., Adirondack Specialty Adhesives, Advance Tapes International, Ajit Industries, American Biltrite Inc., Avery Dennison Corporation, Berry Global Inc., Boston Tapes Commercial Srl, Bregal Unternehmerkapital GmbH, Coating & Converting Technologies, Inc., Compagnie de Saint-Gobain S.A., DermaMed Coatings Company, LLC, ECHOtape, Intertape Polymer Group, Inc., Lintec Corporation, Lohmann GmbH & Co.KG, Nichiban Co. Ltd., ORAFOL Europe GmbH, Ppi Adhesive Products (C.E) S.R.O, Rogers Corporation, Scapa Group PLC, Shurtape Technologies LLC, Teraoka Seisakusho Co., Ltd., Tesa SE, and Yem Chio Co. Ltd.

Cumulative Impact of COVID-19:COVID-19 is an incomparable global public health emergency that has affected almost every industry, so for and, the long-term effects projected to impact the industry growth during the forecast period. Our ongoing research amplifies our research framework to ensure the inclusion of underlaying COVID-19 issues and potential paths forward. The report is delivering insights on COVID-19 considering the changes in consumer behavior and demand, purchasing patterns, re-routing of the supply chain, dynamics of current market forces, and the significant interventions of governments. The updated study provides insights, analysis, estimations, and forecast, considering the COVID-19 impact on the market.

FPNV Positioning Matrix:The FPNV Positioning Matrix evaluates and categorizes the vendors in the Adhesive Tapes Market on the basis of Business Strategy (Business Growth, Industry Coverage, Financial Viability, and Channel Support) and Product Satisfaction (Value for Money, Ease of Use, Product Features, and Customer Support) that aids businesses in better decision making and understanding the competitive landscape.

Competitive Strategic Window:The Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies. The Competitive Strategic Window helps the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. During a forecast period, it defines the optimal or favorable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth.

The report provides insights on the following pointers:1. Market Penetration: Provides comprehensive information on the market offered by the key players2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes the markets3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, and manufacturing capabilities of the leading players5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and new product developments

The report answers questions such as:1. What is the market size and forecast of the Global Adhesive Tapes Market?2. What are the inhibiting factors and impact of COVID-19 shaping the Global Adhesive Tapes Market during the forecast period?3. Which are the products/segments/applications/areas to invest in over the forecast period in the Global Adhesive Tapes Market?4. What is the competitive strategic window for opportunities in the Global Adhesive Tapes Market?5. What are the technology trends and regulatory frameworks in the Global Adhesive Tapes Market?6. What are the modes and strategic moves considered suitable for entering the Global Adhesive Tapes Market?Read the full report: https://www.reportlinker.com/p06028024/?utm_source=GNW

About ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

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Adhesive Tapes Market Research Report by Resin Type, by Technology, by Backing Material, by Category, by End-use Industry - Global Forecast to 2025 -...

CENTENNIAL, Colo.--(BUSINESS WIRE)--NUBURU, a leading Blue Laser company, today announced the formation of its Advisory Board. The founding members will bring global expertise across battery and e-mobility, consumer electronics, 3C and defense to guide NUBURUs business and product development.

The advisory board will lend strategic insight that will enable NUBURU to better understand and support its customers and strengthen its market position. The founding members include:

We are thrilled to welcome this group of esteemed thought leaders to the NUBURU team, said Dr. Guy Gilliland, CEO of NUBURU. The understanding of market trends and customer perspectives will be key in enhancing our market approach and strategic direction moving forward.

To learn more about NUBURU, please visit https://nuburu.net/

About NUBURU

Founded in 2015, NUBURU develops and manufactures high-power, high-brightness industrial blue lasers that have transformed metal machining, ushering in an era of high-speed, quality processing across a wide range of rapidly growing industrial sectors. Leveraging the fundamental physics of blue light and proprietary design features, NUBURU lasers bring new efficiencies to existing applications and open up entirely new applications.

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NUBURU Establishes Advisory Board of Seasoned Technology Experts - Business Wire

SANTA CRUZ, Calif.--(BUSINESS WIRE)--Joby Aviation (Joby or the Company), a transportation company developing an all-electric, vertical take-off and landing aircraft that it intends to operate as a commercial passenger aircraft beginning in 2024, has entered into a definitive business combination agreement with Reinvent Technology Partners (Reinvent or RTP) (NYSE:RTP), a special purpose acquisition company that takes a venture capital at scale approach to partnering with bold leaders and companies. Upon the closing of the transaction, the combined company will be named Joby Aviation, and become publicly traded, with its common stock expected to be listed on the New York Stock Exchange.

With more than 1,000 test flights completed over the last 10 years, Joby Aviation has secured a substantial first-mover advantage in the aerial ridesharing industry. In 2020, the Company became the first to agree to a certification basis for an electric vertical takeoff and landing (eVTOL) aircraft with the Federal Aviation Administration (FAA) and in the same year received the U.S. Air Forces first ever airworthiness approval for an eVTOL aircraft.

The Company intends to revolutionize how people move by unlocking the possibility to leapfrog sustainably over the gridlock below in its piloted, four-passenger, emissions free aircraft, which can travel up to 150 miles at speeds up to 200 miles per hour.

The proceeds from this transaction are expected to fund the business through the start of commercial operations, including certification of the aircraft and development of manufacturing facilities.

Management Comments

JoeBen Bevirt, Founder and CEO of Joby Aviation, said:

For the last decade, we have been laser-focused on one task - developing the best possible technology for this market.

But our long-term vision has always been to build a global passenger service, helping a billion people to save an hour every day, while contributing to the protection of our precious planet.

Todays transaction lets us look ahead to the next decade and provides us with the resources we need to bring our vision to life.

Since our very first meeting it was clear that Reinvent shared our fundamental desire to have a positive, long-term impact on the world and we couldnt be more excited to welcome them onboard.

Paul Sciarra, Executive Chairman of Joby Aviation, said:

While traveling is central to human existence, its often painfully inefficient and is only getting worse.

By rethinking how air travel is delivered, we can open up new ways of moving around congested cities and under-served rural communities, helping to tackle congestion and climate change at the same time.

Aerial ridesharing will drive a generational shift in how we travel this century, just as the railroad and the jet aircraft did in previous centuries.

Reid Hoffman, LinkedIn Co-Founder and Co-Lead Director of Reinvent Technology Partners, who will join the combined company Board of Directors, said:

Reinvent invests in world-class founders and teams who are developing industry-leading products and services that have the potential to impact millions of lives.

In Joby we see a remarkable founder-led team that has quietly delivered the most advanced technology weve seen in this sector.

With valuable strategic partnerships including Toyota and Uber, a compelling business model and an unparalleled track-record of executing against its targets, we believe Joby is well-positioned to create a transformative new human-centered mobility network.

Through our venture capital at scale approach, we are committed to Jobys long-term success as it continues on its journey to revolutionize commutes and drive decades of innovation in human movement.

Delivering the Future of Sustainable Transport

Joby Aviation plans to launch commercial operations in the United States in 2024, before scaling its service globally. Air taxi networks can be scaled rapidly and efficiently using existing heliport or airport infrastructure, with the number of routes in a network growing exponentially as new vertiports are introduced.

Jobys aircraft has been specifically designed to achieve cost-effective manufacturing and operations, allowing the Company to offer affordable flights at scale, democratizing air travel and transforming human networks. The market opportunity for aerial mobility has been estimated at $500+ billion for the United States, while the total addressable global market is expected to exceed $1 trillion.1

In 2020, Toyota Motor Corporation led Jobys $620 million Series C round, forming a strategic partnership that sees Toyota engineers working shoulder-to-shoulder with Joby on projects such as factory layout and manufacturing process development.

Joby Aviation also recently finalized the terms of an enhanced relationship with Uber Technologies, Inc. that sets Joby apart in terms of commercial readiness. Under the agreement, the companies will integrate their respective services into each others apps, enabling future customers to enjoy seamless multi-modal travel. Joby also acquired Uber Elevate, a division of Uber focused on the aerial ridesharing market. The acquisition included key personnel and a suite of software tools focused on multi-modal operations management and demand simulation, fed by Ubers data.

In December 2020, the U.S. Air Force granted Joby Aviation its first ever airworthiness approval for an eVTOL aircraft as part of its Agility Prime program, designed to accelerate the commercial adoption of electric aviation.

Earlier this month, Joby announced that it had agreed to a G-1 certification basis for its aircraft with the Federal Aviation Administration. Formalized in 2020, the agreement specifies the requirements that need to be met by Jobys aircraft for it to be certified for commercial operations. Joby is the first eVTOL aircraft to have achieved this milestone, marking a watershed moment for the industry and providing a clearly defined path for the certification of its aircraft.

Construction is expected to begin on a 450,000 square foot manufacturing facility, designed in conjunction with Toyota, later this year.

The film shows the aircraft taking off vertically before transitioning to forward flight and then landing vertically. Click here to view the footage and here to download the footage.

Transaction Overview

The pro forma implied market capitalization of the combined company is $6.6 billion, at the $10.00 per share PIPE subscription price and assuming no public shareholders of Reinvent exercise their redemption rights. The Company will receive at the time of transaction close up to $690 million in proceeds from Reinvents cash in trust and an $835 million private placement of common stock at a $10.00 per share value and will also convert a $75 million convertible note into common stock at a $10.00 per share value. The private placement is led by strategic and institutional investors including The Baupost Group, funds and accounts managed by BlackRock, Fidelity Management & Research LLC and Baillie Gifford. Existing Joby shareholders have agreed to roll 100% of their equity into the new company and will remain majority owners of the combined company at closing. All references to cash on the balance sheet, available cash from the trust account and retained transaction proceeds are subject to any redemptions by the public shareholders of RTP and payment of transaction expenses.

Joby and Reinvent have developed an unprecedented structure providing for significant long-term alignment. Both parties have agreed to a long-term lock-up on founder shares for up to five years, and a robust earnout structure with full vesting not realized until the share price reaches $50 per share (implying over a $30 billion market capitalization). Major stockholders and key executives of Joby have agreed to enter into separate lockup agreements as well.

The boards of directors of both Reinvent and Joby have unanimously approved the transaction, which is expected to close by the end of the second quarter of 2021. The transaction remains subject to Reinvent shareholder approval and other customary closing conditions.

Additional information about the proposed transaction will be provided in a Current Report on Form 8-K to be filed by Reinvent today with the Securities and Exchange Commission and available at http://www.sec.gov.

A more detailed description of the transaction terms and copies of the key transaction agreements will be included in a current report on Form 8-K to be filed by Reinvent with the SEC.

Advisors

Skadden, Arps, Slate, Meagher & Flom LLP, served as legal advisor to Reinvent. Morgan Stanley & Co. LLC and Allen & Company LLC served as placement agents on the PIPE transaction. Latham & Watkins LLP served as legal advisor and Morgan Stanley & Co. LLC and Allen & Company LLC served as financial advisors to Joby.

Conference Call, Webcast and Presentation Information

Management of Joby and RTP will host an investor call on February 24, 2021 at 8:00 A.M. ET to discuss the proposed transaction. The conference call will be accompanied by a detailed investor presentation.

A live webcast of the call will be available here, and can also be accessed on the Joby website here and RTPs website here. For those who wish to participate by telephone, please dial 1-877-407-3982 (U.S.) or 1-201-493-6780 (International) and reference the Conference ID 13716595. A replay of the call will also be available via webcast here and on the Joby website here.

In addition, RTP will file an investor presentation with the SEC as an exhibit to a Current Report on Form 8-K prior to the call, which will be available on the SECs website at http://www.sec.gov.

All materials can also be found on the Joby website at jobyaviation.com/investor-relations/ and at https://a.reinventtechnologypartners.com/investor-relations.

About Joby Aviation

Joby Aviation is a California headquartered transportation company developing an all-electric vertical takeoff and landing aircraft which it intends to operate as a fast, quiet, and affordable air taxi service beginning in 2024. The zero emissions aircraft, which is quiet at takeoff and near silent when flying overhead, can transport four passengers and a pilot up to 150 miles on a single charge and can cruise at 200 mph. It is designed to help reduce urban congestion and accelerate the shift to sustainable modes of transit. Founded in 2009, Joby employs more than 700 people, with offices in Santa Cruz, San Carlos, and Marina, California, as well as Washington D.C. and Munich, Germany. To learn more, visit http://www.jobyaviation.com

About Reinvent Technology Partners

Reinvent Technology Partners is a newly formed special purpose acquisition company led by Reid Hoffman, Mark Pincus and Michael Thompson, that takes a venture capital at scale approach to partnering with bold leaders and companies. RTP will support a technology business to innovate and achieve entrepreneurship at scale by leveraging its teams operating expertise as founders of iconic technology companies, their experience building companies as advisors and board members, and the capital raised in its initial public offering.

Important Information for Investors and Stockholders

This Press Release relates to a proposed transaction between RTP and Joby Aviation. This Press Release does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. RTP intends to file a registration statement on Form S-4 with the SEC, which will include a document that serves as a prospectus and proxy statement of RTP, referred to as a proxy statement/prospectus. A proxy statement/prospectus will be sent to all RTP shareholders. RTP also will file other documents regarding the proposed transaction with the SEC. Before making any voting decision, investors and security holders of RTP are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction.

Investors and security holders will be able to obtain free copies of the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by RTP through the website maintained by the SEC at http://www.sec.gov.

The documents filed by RTP with the SEC also may be obtained free of charge at RTPs website at https://www.reinventtechnologypartners.com or upon written request to 215 Park Avenue, Floor 11 New York, NY.

Participants in the Solicitation

RTP and Joby Aviation and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from RTPs shareholders in connection with the proposed transaction. A list of the names of the directors and executive officers of RTP and information regarding their interests in the business combination will be contained in the proxy statement/prospectus when available. You may obtain free copies of these documents as described in the preceding paragraph.

Forward Looking Statements

This Press Release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction between RTP and Joby Aviation. These forward-looking statements generally are identified by the words believe, project, expect, anticipate, estimate, intend, strategy, future, opportunity, plan, may, should, will, would, will be, will continue, will likely result, and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this Press Release, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of RTPs securities, (ii) the risk that the transaction may not be completed by RTPs business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by RTP, (iii) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the Agreement and Plan of Merger, dated as of February 23, 2021 (the Merger Agreement), by and among RTP, Joby Aero, Inc. and RTP Merger Sub Inc., a Delaware corporation and a direct wholly owned subsidiary of RTP, by the shareholders of RTP, the satisfaction of the minimum trust account amount following redemptions by RTPs public shareholders and the receipt of certain governmental and regulatory approvals, (iv) the lack of a third party valuation in determining whether or not to pursue the transaction, (v) the inability to complete the PIPE investment in connection with the transaction, (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, (vii) the effect of the announcement or pendency of the transaction on Joby Aviations business relationships, operating results and business generally, (viii) risks that the proposed transaction disrupts current plans and operations of Joby Aviation and potential difficulties in Joby Aviation employee retention as a result of the transaction, (ix) the outcome of any legal proceedings that may be instituted against Joby Aviation or against RTP related to the Merger Agreement or the transaction, (x) the ability to maintain the listing of RTPs securities on a national securities exchange, (xi) the price of RTPs securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which RTP plans to operate or Joby Aviation operates, variations in operating performance across competitors, changes in laws and regulations affecting RTPs or Joby Aviations business and changes in the combined capital structure, (xii) the ability to implement business plans, forecasts, and other expectations after the completion of the transaction, and identify and realize additional opportunities, and (xiii) the risk of downturns and a changing regulatory landscape in the highly competitive aviation industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Risk Factors section of RTPs registration on Form S-1 (File No. 333-248497), the registration statement on Form S-4 discussed above and other documents filed by RTP from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and RTP and Joby Aviation assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither RTP nor Joby Aviation gives any assurance that either RTP or Joby Aviation or the combined company will achieve its expectations.

1ps://www.nasa.gov/sites/default/files/atoms/files/bah-uam-executive-briefing-to-post.pdf

Excerpt from:

Joby Aviation to List on NYSE Through Merger With Reinvent Technology Partners - Business Wire

The failure of the CDC to produce reliable COVID testing kits in a timely fashion, the slow and ineffective rollout of the COVID vaccine, and the Russian cyberattack on government agencies (in spite of multiple GAO reports warning of the risks of just such an attack). All of these seemingly unrelated events reflect the central failure of federal, science-focused agencies to meet the challenges of the 21st century. Just as the attacks of 9/11 revealed the organizational weakness of scattering multiple intelligence agencies across the federal government (and resulted in the creation of the Department of Homeland Security), so too must recent events, indicative of lagging U.S. scientific policy implementation capabilities, generate a discussion about better organization for U.S. scientific policy efforts.

The federal government is structured in various organizational tiers. These include large cabinet-level departments with broad scope such as the Department of Health and Human Services (DHHS) and the Department of Commerce (DOC). Within these departments are bureaus and agencies, which have more specialized roles, such as the FAA within the Department of Transportation and the FDA within DHHS. Agencies have their authority outlined in law, while bureaus are parts of departments and derive their mandates from the statutory authority of the larger department. Some agencies, such as NASA and the EPA are independent agencies, meaning they are not part of larger Cabinet-level departments.

This complex (and arguably bewildering) structure leads to a fundamental organizational contradiction in the implementation of science policy in the federal government. The broad dispersion of science-focused bureaus and agencies across the government demonstrates their essential contribution to a wide variety of government functions and initiatives. But their distribution across multiple organizational tiers often makes their functions peripheral to the core interests of the larger organizations in which they exist, and therefore less effective.

President Biden has taken the first steps in elevating the White House Office of Science and Technology Policy (OSTP) to Cabinet level and creating the position of chief science officer in many federal agencies. The next step should be elevating OSTP into a new Department of Science and Technology (DST) that would bring together bureaus and agencies with a scientific mission from across the government into a single Cabinet-level department, laser-focused on making U.S. scientific efforts more effective. Just as existing dedicated Cabinet departments reflect the focus and priorities of the federal government, with new departments reflecting new priorities (e.g., Department of Homeland Security, Department of Energy, Department of Education), so too would the creation of a DST reflect the federal governments awareness of the fundamental importance of science and technology to the physical and economic security of our nation.

The new DST would foster a department-wide culture of respect for scientific inquiry and honest, unfettered discussion. A new Life Sciences Bureau within DST would include highly respected bureaus and agencies such as the NIH, CDC and FDA, but also smaller agencies such as the Agricultural Research (Department of Agriculture) and Fish and Wildlife Services (Department of Interior, or DOI), adding to its broad life sciences mission. A Climate and Environmental Sciences bureau within DST would incorporate the EPA, the U.S. Geological Survey (DOI) and NOAA (DOC). An engineering and physical sciences bureau would include NASA (independent agency), DARPA (Department of Defense), National Institute of Standards and Technology (NIST) (DOC), National Transportation Safety Board (independent agency), FAA and the multiple national laboratories (Department of Energy). The U.S. Patent and Trademark Office (DOC), with its broad scientific and engineering mission would, perhaps, sit in the Office of the DST Secretary, collaborating across all of the bureaus as its work required. Space limitations do not allow an extensive listing but, to cite just one example, the advantages of putting NASA in closer organizational proximity to the NIH as it seeks to develop crewed moon bases and a human mission to Mars seems readily apparent.

Form must follow function is a truism in architecture. Homes and workplaces must be designed to improve the ability of their occupants to efficiently complete their tasks at the highest levels. Human organizations such as governments adhere to similar rules. Although nothing currently prevents science-focused bureaus and agencies in different departments from communicating and collaborating, the placement of a government organization in the larger structure affects its mission and vision, resources and effectiveness. Just as the placement of agencies such as NOAA and NIST in the DOC reflected the 19th-century priorities of weather and measurement on trade and commerce, so too the priorities of the 21st century must reflect the overarching role of science and technology in our daily lives, the speed at which this new knowledge is driving change (and risk) and its importance to our health, wealth and national security.

Beyond the organizational synergies involved, scientific research and policy must be free of the political interference that has plagued them for years. We have witnessedduring the COVID pandemic, the denial of climate change and multiple previous examplesthe deleterious effect of politics on science. Although our elected representatives must have a strong voice in setting the broad priorities and boundaries of federal departments and agencies, for science-focused government organizations to be trusted and effective requires that they continually seek the truth wherever it leads, with downstream policy makers tasked with the political and policy implications of their conclusions. A respected DST, bringing multiple science-focused government organizations under its protective wing, and funded with multiyear appropriations to limit political interference, may be the solution that our country needs to once again achieve scientific preeminence in both research and policy implementation.

There would be both organizational challenges and political and bureaucratic considerations involved in creating the new DST. On the organizational side, large bureaus and agencies with broad missions such as the FDA may not all neatly fit into the DST box because of their broad mandates in research, policy and regulation. For these agencies, there would be three options: (1) leave them in their current department; (2) move them to the new DST, acknowledging the important science regulatory and policy role that the new department will have; or (3) divide the agencies into policy, regulatory and research roles, leaving the policy and regulatory components in the legacy departments. These decisions would have to be made on a case-by-case basis. And surely, in addition to the long-term benefits, any governmental reorganization of this scope would bring short-term confusion, as do all reorganizations.

On the political and bureaucratic fronts, powerful departments like DHHS would undoubtedly seek to keep prestigious organizations like the NIH, CDC and FDA within their domain, and Senate and House committees of jurisdiction would be expected to battle to preserve their turf. Congress as a whole might push back against any infringement on its ability to micromanage science through its annual departmental and agency-level budgeting process. But the fight would be well worth having to create a powerful Cabinet department that brings focus and resources to the pursuit of scientific excellence. Such a science-focused department would also be a more powerful voice in advocating for the importance of science funding in the government budgeting process.

In government, such major changes begin with small steps, and it would be wise to commission the National Academies of Science, Engineering, and Medicine to carry out a study of the merits and mechanics of creating the DST. Rearranging the existing science-focused bureaus and agencies into a DST would not bring immediate results, but would produce lasting benefits over time. It would constitute the federal governments acknowledgement of the fundamental role of scientific excellence in both research and policy implementation, unfettered by political interference and threats of politically motivated budget cuts. A new DST is a goal worthy of an American 21st century.

This is an opinion and analysis article.

Read more:

The U.S. Needs a Federal Department of Science and Technology - Scientific American

LANCASTER, Pa. (WHTM) Many have turned to the outdoors for safe activity during COVID-19. With spring around the corner, individuals may want to add geocaching to their repertoire of outdoor diversions.

Geocaching is treasure hunting with technology, says Lancaster County Department of Parks and Recreation park naturalist Mary Ann Schlegel.

There are millions of geocaches objects placed outdoors and identified with GPS coordinates located around the world. Geocaching is the activity of finding those geocaches, which can be done with a special GPS device or with just a smartphone.

Some geocaches are small or hidden, while others can be large and easy to spot. Sometimes they contain trinkets to take or a logbook to fill out showing who has found them.

Geocaching.com explains that the activity began in 2000 when GPS technology became significantly more accurate for all people. Schlegel says that before this point, GPS was used pretty much exclusively by the military.

After this technology improved for civilians, a GPS enthusiast in Oregon wanted to test its accuracy. He hid a bucket, a logbook, and some prizes in the woods and shared their coordinates online so others could find them. The activity caught on, and what would become a worldwide enterprise was born.

There are hundreds of geocaches around Lancaster, as the Geocaching website shows. Some simply require putting coordinates into a GPS and taking a walk to the geocache, while others entail special instructions or challenges to find.

The Lancaster County Department of Parks and Recreation puts its own spin on geocaching with GPS Tic-tac-toe.

GPS Tic-tac-toe participants receive a tic-tac-toe grid filled out with different coordinates. They must locate three out of nine geocaches around the Lancaster County Environmental Center to check off three spaces in a row on their boards.

Schlegel has been leading this activity for about five years now, and she says she usually offers it a couple times a year. Other members of the Lancaster County Department of Parks and Recreation also offer GPS events. For example, there is a GPS Scavenger Hunt scheduled for March.

For those interested in geocaching on their own, Schlegel offers some advice:

When to go: Geocaching works best in spring or fall when there is less foliage on the trees to interfere with GPS signalsWhat you need: A GPS device or smartphone with GPS capabilitiesOptional items to bring: A writing utensil to fill out geocache logbooks; objects to leave behind if you take something from a geocacheHelpful resource: The Geocaching website and app show geocache locations and other information

In addition, proper geocaching etiquette should be maintained while engaging in the activity. Geocaching ethics include:

More information about geocaching is available at geocaching.com/guide. To see upcoming events from the Lancaster County Department of Parks and Recreation, visit this website.

See the original post here:

Treasure hunting with technology add geocaching to your outdoor activities during COVID-19 - ABC27

AIM Institute, an innovative nonprofit committed to growing a strong and diverse tech community through education, career development and outreach, is offering an assortment of free virtual courses to demystify IT and link people interested in careers in technology with an opportunity to learn fundamental skills in its Introduction to Technology course.

The removal of the cost barrier for the 20-hour program offered through AIM Code School is intended to create access to tech education for younger and more diverse participants, a critical component to addressing the shortage of tech workers throughout the state. Community leaders involved with the Nebraska Tech Collaborative identified the need to add 10,000 tech workers in Nebraska by 2025.

We believe everyone can learn about coding and technology. In the world we live in, it would be beneficial for everyone to have some basic tech skills and knowledge, whether they decide they want to pursue a tech-focused career or integrate new skills into their current employment, said Emily Matis, director of AIM Code School.

The entry-level class is designed to provide participants with basic knowledge and definitions of IT terms and concepts in five different areas of technology, Matis said. Classes will take place over the course of five Saturdays from 9 a.m. to 1 p.m., with the next offering beginning Feb. 27 and continuing through March 27.

An accelerated virtual course also will be held March 1-5 from 5:30 to 9:30 p.m. The remote format for all of its scheduled courses allows participants throughout Nebraska to participate, making tech education not only more accessible from a cost standpoint, but also by removing geographic barriers to participation. A full schedule of available courses is being offered through July.

The series of classes will help people new to tech discover where their interests lie and learn about possible career opportunities that involve these highly sought-after skills, from building a website to coding, data management and more.

Prior tech experience is not required to participate. Anyone who has an interest in technology, wants to upskill their current abilities or is curious about how technology works is qualified, Matis said.

You dont have to be tech-savvy or know a lot about technology to register, Matis said. Our instructors have designed the program to build a foundation of knowledge. Our only expectation from students is that they come ready to learn and are excited to grow their skill set.

For more information about AIM or its programs, please visit aiminstitute.org or email info@aiminstitute.org.

View post:

AIM Institute Offers Free Introduction to Technology Course to Demystify IT - kneb.com

UPDATED with more quotes: The promises and threats that new technologies pose for workers in the entertainment industry were explored today at the third annual Labor Innovation & Technology Summit, hosted by SAG-AFTRA and the AFL-CIO.

You can follow the daylong event above.

Within the entertainment industry, the technology-versus-humanity tension is right in your face, SAG-AFTRA president Gabrielle Carteris said in her opening remarks. I dont know where I would be without Netflix, Hulu and other streaming services. Yet, the sudden and extreme pivot to streaming during the pandemic poses an existential threat to a performers ability to make a living.

The large media corporations, she said, are exploiting technology to either change, or blatantly ignore, the fundamental pillars that have been built over decades of collective bargaining to ensure that workers shared in the financial bounty that they create.

Related StorySAG-AFTRA & AFL-CIO To Host Third Annual Labor Innovation & Technology Summit

The role of unions, Carteris said, is not to fight technology but to be part of the conversation at the onset so that we can help lead and shape the future of our work. As technology evolves, we have to make sure that humans are treated fairly, and that they can make a decent living and can do their jobs with both dignity and respect.

SAG-AFTRA national executive director David White said that changes in the way entertainment content is being distributed on streaming platforms such as Netflix, Disney Plus, Amazon Prime, Peacock, Apple Plus, Paramount TV and all the others, threatens to undermine the wage structures and residuals formulas that thousands of actors and performers have depended on for decades.

Making a case for what could be a very tough round of bargaining when the unions current film and TV contract expires in 2023, he said that the ever-increasing changes in new delivery systems threaten to hollow out the unions middle-class unless the union does something about it. The contract the union reached last year with managements AMPTP included significant gains in residuals for original shows made for high-budget streaming platforms, but White indicated that more sweeping contractual change will be needed to protect working actors and their residuals.

Said White today:

On the consumer entertainment side, the storytelling were we get our stories has changed. For our industry and our workers, it has meant a swiftly changing work environment. The pace and demands of work have increased; budgets for productions have gotten smaller. People are asked to go in to work earlier and stay longer. Our stunt performers are asked to do bigger, faster, stronger stunts in more compressed time periods. It means that people are doing more when they work. And it also means that compensation is changing, and in many ways, without the countervailing forces of the union, people are being paid less.

We experience in this industry what people experience elsewhere, which is that the bargaining leverage that people have for their wages is getting less and less. And this begins to hollow out the middle class. And this is happening with our members as well, and will continue to happen if we are not careful.

We have a unique payment structure in this industry something called residuals, which are payments people receive whenever their work is exploited. In the past, there was a window-structure, which meant that a movie would come out (in theaters) and then move to DVD and then to pay-television, like HBO, or basic able or primetime TV. Every time that happened, people received a little bit of payment, and that is how people have made a living.

But now, when you watch Netflix, all of the shows sit up on their platform, and that is where they sit. Increasingly, windows are going away. That means the original bargain that people had for compensation is potentially going away, and it will make it harder for people to make a living. That becomes our role, and we have put in place structures to ensure that while that product sits up there on a platform, people continue to be paid. But without countervailing structures, people would not.

Jeffrey Cole, director of the Center for the Digital Future at USCs Annenberg School for Communication and Journalism, told White that he is more concerned about the return of behind-the-scenes jobs during the pandemic and after its over.

I am more concerned, actually, about the immediate effects of people behind the camera being hollowed out, he said. We learned, for example, within the first days of the pandemic, the late-night shows Stephen Colbert, Jimmy Fallon, Jimmy Kimmel they went into their homes; it looked like public access television the first two weeks, and then they found their groove. They got their orchestras together, their writers, and all of a sudden, they were able to produce really quality-looking shows with crews of 20 people.

I worry about whether those other 180 [crew members] who put it together before the pandemic will ever have long-term jobs, and I think that is where the hollowing out could be, he added.

Cole also told White: You still need your members. Nothing replaces that. The question is what they are going to be paid. Well see; there may be some adjustments I hope not. But I dont think its going to be a calamity for SAG-AFTRA members. It could be a calamity for below-the-line people.

Carteris and White also discussed the serious threats to actors and all public figures posed by deepfake technologies, face-swapping computer systems that have been used to digitally superimpose the faces of its members onto the bodies of porn stars.

If youre tempted to write this off as a problem with limited reach, Carteris said, consider the potential implications of a technology that can take, store and manipulate an actors data, or a politicians, for that matter. For actors, that means putting their image, movements and personality into scenes they had nothing to do with, and then making that data a reusable commodity even without an actors consent.

But, deepfakes are not only a challenge to performers, they are a real threat to our democracy. As we look at the current political terrain, its not hard to see how the manipulation of information and the falsification of truth can ignite hate and division, endanger lives, and tear apart communities and even split families. Lawmakers across the country are slowly coming to see the seriousness of this issue, and to be fair, some have been quicker to take action than others. So the work were doing as a union is vitally, vitally important.

During a Q&A with Carteris, Tristan Harris, the free-thinking co-founder and president of the Center for Humane Technology who was featuredprominently in the Netflix documentary The Social Dilemma observed that platforms like Facebook and Google thrive on business models whose algorithms are designed to fracture any sense of a shared reality by reinforcing viewers preconceived notions and prejudices. While extolling the virtues of justice equity and climate change equity, he said that reality equity is just as important.

Were all seeing different realities, he said. Facebooks business model is selling your attention to advertisers. And whats the best way to get your attention? Is it by giving everyone a shared reality, or by giving you your own Truman Show, where every time you flick your finger, it gives you affirmation, not information?

Three billion people use Facebook, he added, but instead of seeing a shared understanding of reality, we are each put in a narrower, crazier view of reality. You have people actually being shown conspiracy theories that would be perfect for their minds.

Discussing the future of work, Liz Shuler, secretary-treasurer of the AFL-CIO, told Carteris that we are in the midst of a fourth Industrial Revolution and that each revolution is shaped by at least three things: technological breakthroughs, innovation in how technology is used, and most importantly, workers.

She added:And the labor movement, as we know it today the power of collective bargaining was borne as an innovation response to industrial change. And we have been innovative ever since. So from steam mills and coal mines, to automobile factories, modern cockpits and offices, the labor movement has always been the vehicle for turning technological advances into better living standards and better wages.

But now, this fourth Industrial Revolution is speeding toward us and breakthroughs are happening faster and faster than ever, changing life and work in every sector. Shuler said. And all of this has been accelerated by the Covid-19 pandemic. And its raising big questions about the future of work. And the labor movement really is the only force, or institution at scale in the country, with enough power to put workers at the center of these issues.

We need to keep organizing, she added, and we need to learn how to organize with and around tech, knowing that partnerships that center working peoples experiences in the innovation process lead to better outcomes: equity, safety and higher-wage jobs.

Other union speakers today include Amanda Ballantyne, director of the AFL-CIO Technology Institute, and Rebecca Damon, SAG-AFTRA executive vice president and president of the unions New York Local and chair of the National Innovation & New Technology Committee.

See the article here:

SAG-AFTRA Leaders Explore Promises & Threats Of New Technologies And Their Impact On Residuals Labor Innovation & Technology Summit -...