### The Vision Behind Tommy John

The idea for **Tommy John** didn't strike founder **Tom Patterson** immediately, but once it did, he was determined to create an **undershirt** that would revolutionize comfort by staying perfectly in place. This marked the **beginning** of his entrepreneurial journey.

### The Entrepreneurial Spirit

Patterson's story is a testament to the power of **innovation** and **perseverance** in the world of **startups**. His vision not only filled a gap in the market but also set a new standard for men's **undergarments**. 

### Join Us at the Entrepreneurship Summit

As Patterson shares his insights at the **Entrepreneurship Summit**, attendees will have the opportunity to learn about the challenges and triumphs faced by entrepreneurs. This event promises to be a source of inspiration for anyone looking to make their mark in the business world. 

![Entrepreneurship Summit](https://aberdeeninsider.com/wp-content/uploads/2023/01/Promo-Local-News-350x250.png)

### Why Attend?

- Gain valuable insights from industry leaders.
- Network with fellow entrepreneurs and investors.
- Discover the latest trends in the startup ecosystem.

The idea didn't come to him immediately, but once it did, Patterson set out to design an undershirt that would stay in place. That was the beginning of Tommy

Discover the Inspiring Journey of Tommy John's Founder at the Upcoming Entrepreneurship Summit!

### Overview
A **new report** highlights the challenges and opportunities for **rural workers** striving to thrive in their hometowns. The **Generating Rural Opportunities in the Workforce** report, a collaboration between the **University of Phoenix Career Institute** and the **Center on Rural Innovation**, reveals several critical insights:

### Employment Limitations
- **Rural workers** are more than **twice as likely** to feel limited in their employment opportunities, with **60%** believing that pursuing a career is out of reach.
- Nearly **70%** would consider leaving their community for better job prospects, compared to just over half in urban areas.

### The Technology Gap
- The **knowledge economy** has disproportionately affected rural areas due to a lack of **technological infrastructure**. While **73%** of rural residents now have **high-speed internet**, this still lags behind urban (77%) and suburban (86%) counterparts.
- Amanda Weinstein, director of research at the Center on Rural Innovation, emphasizes the need for better **internet access** and **workforce development**.

### Workforce Development Needs
- With the rise of **remote work**, rural workforce development must focus on **national and global opportunities** rather than just local labor needs.
- **Raghu Krishnaiah**, COO of University of Phoenix, warns of an impending **employment cliff** due to the retirement of the baby boomer generation. Investing in the rural workforce can benefit both workers and employers.

### Optimism and Opportunities
- **Rural workers** remain optimistic about their career futures (68% vs. 71% for non-rural workers) but feel uncertain about staying in their hometowns.
- There is significant interest in **entrepreneurship** among rural residents, but a gap exists between their aspirations and available tools and opportunities.

### Solutions and Support
- Continued investment in **broadband infrastructure** and building **professional social capital** are essential for supporting rural workers.
- About **50%** of rural workers feel they need to develop skills for networking, with **40%** lacking the necessary resources. Establishing mentorship programs and local networking events can bridge this gap.
- Employers and institutions are encouraged to help rural workers find the right pathways for **skills development** and foster **entrepreneurship**.

### Visuals
![Main Street in Rockton, Illinois](https://wlos.com/resources/media2/16x9/3000/986/0x157/90/d5e633e2-833a-455d-87e5-c41e252c9f4a-GettyImages1214585514.jpg)
![Broadband installation in rural Washington](https://wlos.com/resources/media/4f6f3baf-f7e7-4eb7-9a5c-8df413438b39-medium16x9_2130985ac3ba485f9f37d1dfd4a8120eAP21093092739631.jpg)

A new report looks at the barriers and opportunities for rural workers to stay and thrive in their hometowns.

Unlocking Potential: How Rural Workers Can Thrive with Better Tech and Training

## Overview
A **new report** reveals the challenges and opportunities for **rural workers** striving to thrive in their hometowns. The **Generating Rural Opportunities in the Workforce** report, produced by the **University of Phoenix Career Institute** and the **Center on Rural Innovation**, highlights significant disparities in employment opportunities between rural and urban areas.

## Key Findings
- **Employment Limitations**: Rural workers are **over twice as likely** to feel limited in job opportunities compared to their urban counterparts (35% vs. 14%).
- **Career Accessibility**: A staggering **60% of rural workers** feel that pursuing a career is out of reach, with nearly **70%** willing to leave their community for better employment.
- **Generational Impact**: Almost **two-thirds of rural Gen Z** workers and over half of rural millennials feel restricted in their careers due to their location.

![Rural Main Street](https://local12.com/resources/media2/16x9/3000/986/0x157/90/d5e633e2-833a-455d-87e5-c41e252c9f4a-GettyImages1214585514.jpg)

## The Tech Gap
- **Infrastructure Challenges**: The rise of the **knowledge economy** has had a negative impact on rural areas, primarily due to a lack of **technological infrastructure**.
- **Internet Access**: While **73% of rural residents** now have high-speed internet, this still lags behind urban (77%) and suburban (86%) access rates.

## Future Opportunities
- **Workforce Development Needs**: As the demand for remote work increases, rural workforce development should shift focus from local needs to **national and global opportunities**.
- **Entrepreneurial Spirit**: There is a strong interest in **entrepreneurship** among rural residents, yet they often lack the necessary tools and opportunities.
- **Collaboration Required**: Businesses, educational institutions, and government entities must collaborate to open pathways to economic opportunities for rural workers.

![Rural Workforce Development](https://local12.com/resources/media/4f6f3baf-f7e7-4eb7-9a5c-8df413438b39-medium16x9_2130985ac3ba485f9f37d1dfd4a8120eAP21093092739631.jpg)

## Building Networks
- **Skill Development**: About half of rural workers express the need to develop skills for building a professional network, while **40%** lack access to essential tools and resources to achieve their career aspirations.
- **Mentorship and Networking**: Establishing formal and informal mentorship programs and local networking events can significantly aid rural workers.

Continued investment in **broadband infrastructure** and the development of **professional social capital** are vital components in addressing these challenges and unlocking the potential of rural workers.

Unlocking Rural Potential: How Optimism Meets Obstacles in Workforce Development

Welcome to **Startups Weekly**, your essential recap of this week's startup landscape. Subscribe for our weekly insights delivered straight to your inbox every Friday!

### Hot Topics in Startup Funding

This week, we spotlighted **AI funding** news alongside some cautionary notes regarding potential market overheating. Fortunately, we also discovered some intriguing startups making waves in their respective fields.

![Whatnot Seller](https://techcrunch.com/wp-content/uploads/2024/10/WhatNot-seller.jpg?w=680)
*Image Credits: Whatnot*

### Major Headlines

**BillionAI**: OpenAI has successfully **raised $6.6 billion**, achieving a formidable **$157 billion valuation**. In addition, they secured a **$4 billion revolving credit line** and launched a new interface to enhance their offerings. Interestingly, reports suggest OpenAI may have advised investors against supporting competitors like **Anthropic** and **xAI**. In the meantime, Anthropic has made headlines by hiring OpenAI co-founder **Durk Kingma**.

**Attack of the Clones**: Y Combinator found itself in hot water for backing **PearAI**, an AI coding startup accused of cloning another open source project without proper credit.

**Livestreamed Shopping**: The platform **Whatnot** reported a remarkable **$2 billion in annual GMV**, indicating a resurgence in live commerce in the U.S.

### Noteworthy Fundraises

![Series Entertainment CEO Pany Haritatos](https://techcrunch.com/wp-content/uploads/2024/09/Series-Entertainment-CEO-Pany-Haritatos.jpg?w=680)
*Image Credits: Series Entertainment*

Some startups are making headlines with their funding rounds:

- **Poolside**, an AI coding startup, raised **$500 million** to enhance its operations with **10,000 Nvidia GPUs**.
- **Submer**, a Barcelona-based startup specializing in immersion cooling, secured **$55.5 million** to expand its customer base.
- **11x.ai**, which develops AI sales bots, raised approximately **$50 million** led by **Andreessen Horowitz**.
- **Eon**, a cloud backup startup, emerged from stealth with **$127 million** funding, achieving a **$750 million** valuation.
- **Series**, a generative AI game-development platform, raised **$28 million** from notable investors like **Netflix** and **Dell**.

### VC and Fund News

![Startups and Venture Capital](https://techcrunch.com/wp-content/uploads/2024/10/GettyImages-1178654963.jpg?w=680)
*Image Credits: Kimberly White / Stringer / Getty Images*

In venture capital news:
- **CRV** returned **$275 million** to investors due to concerns about the overvaluation of mature startups.
- **Ali Rowghani**, former Y Combinator managing director, is launching **Maxq**, targeting **$250 million** for its initial fund.
- **Index Ventures** is expanding its investment team in New York, looking to recruit several new members.

### Insights from Kevin Ryan

In a discussion with TechCrunch, investor and entrepreneur **Kevin Ryan** emphasized the importance of timing when considering selling a startup, suggesting that many founders should contemplate this option more seriously. 

Stay tuned for more updates from the startup world next week!

Welcome to Startups Weekly — your weekly recap of everything you can’t miss from the world of startups. Want it in your inbox every Friday? Sign up here.

OpenAI's Massive Funding: What It Means for Startups in 2024

Over the last few years, **fusion power** has transitioned from a punchline to a promising technology that has captured the attention of investors. This transformative energy source aims to replicate the nuclear reactions that fuel the sun, offering the potential for **nearly limitless energy** on Earth.

### The Driving Forces Behind Fusion Investment
The surge in the fusion sector is propelled by three key advancements:
- **More powerful computer chips**
- **Sophisticated AI**
- **High-temperature superconducting magnets**

These innovations have led to improved reactor designs and control systems. Notably, a **U.S. Department of Energy lab** achieved a controlled fusion reaction that produced more power than the lasers used, marking a significant milestone toward commercial viability.

### Fusion Startups Making Waves
The private fusion industry has raised a staggering **$7.1 billion** to date, with most funding funneled into a select group of companies.

#### Commonwealth Fusion Systems
With a monumental **$1.8 billion Series B**, Commonwealth Fusion Systems is at the forefront, developing its **Sparc power plant** designed for commercially relevant power production. Their innovative tokamak design utilizes high-temperature superconducting magnets in collaboration with MIT.

#### General Fusion
Founded in 2002, General Fusion has secured **$440.53 million** and is building its first demonstration plant, aiming for scientific breakeven by **2026**. Their unique approach involves magnetized target fusion.

#### Helion
Helion has an ambitious plan to produce electricity by **2028**, with Microsoft as its first customer. They employ a field-reversed configuration reactor to achieve fusion.

#### TAE
Founded in 1998, TAE has raised **$1.32 billion** and uses a similar reactor configuration, enhancing stability with particle beams.

#### Zap Energy
Instead of using superconducting magnets, Zap Energy generates its own magnetic field through electric currents to ignite fusion.

#### Tokamak Energy
This UK-based startup is innovating the tokamak design to reduce costs and has raised **$285.65 million**.

#### First Light
Utilizing an **inertial confinement** approach, First Light employs a unique two-stage gun mechanism for fusion, raising **$179.94 million**.

#### Marvel Fusion
Marvel Fusion is building a demonstration facility for its laser-powered fusion approach, with **$109.3 million** raised to date.

#### Xcimer
Founded in 2022, Xcimer is taking a straightforward approach to fusion, aiming for a powerful laser system and has already raised **$109 million**.

These startups are not just chasing dreams; they are laying the groundwork for what could be a **revolutionary energy source** that may reshape global energy markets.

Fusion startups have raised $7.1 billion to date, with the majority of it going to a handful of companies. 

The Fusion Revolution: Meet the Startups Raising Billions to Harness the Sun's Power

### Selena Gomez's Journey to Billionaire Status

Selena Gomez’s **makeup brand Rare Beauty** has skyrocketed her to billionaire status, as estimated by **Bloomberg**. The 32-year-old star recalls her humble beginnings in **Grand Prairie, Texas**, where she struggled to afford plane tickets for auditions. On *The Ellen DeGeneres Show* in 2008, she shared her story: 

> "When I was 12 years old, Disney Channel had a nationwide casting search, and we could never really afford to fly out to California. So I sent in tapes, and [I] guess they liked me."

### Early Career and Breakthrough

Before her Disney success, Gomez had already made her mark by appearing on *Barney & Friends*, where she competed against **1,400 kids**. Her mother, **Mandy Teefey**, worked three jobs to support Gomez's early career. Eventually, her audition tapes led to her iconic role in *Wizards of Waverly Place*, which aired from 2007 to 2012, earning her multiple nominations for prestigious awards.

### The Birth of Rare Beauty

**Rare Beauty** launched in 2020, during a time when Gomez was openly discussing her struggles with **bipolar disorder**. The brand's mission was to promote **mental health** within the beauty industry, encouraging users to enjoy makeup as a form of expression rather than a necessity for beauty. Gomez stated:

> "I wanted people to feel like they could have fun with makeup, rather than needing it to be pretty."

### Success Amid Challenges

During the **Covid-19 pandemic**, Rare Beauty gained popularity on **TikTok**, thanks to its advocacy for mental health and its affordable price range. The brand donates **1% of each sale** to the **Rare Impact Fund**, aimed at providing mental health services to young people. Reports indicate that Rare Beauty raked in **$350 million in sales** last year, significantly boosting Gomez’s net worth to **$1.3 billion**.

### The Secret to Success

Despite the pitfalls many celebrity brands face, such as poor quality and lack of authenticity, Gomez's brand thrives due to her genuine commitment to mental health. Marketing expert **Omar H. Fares** notes that:

> "Consumers expect products to deliver on promises, and if quality is lacking, no amount of celebrity endorsement can save the brand."

Since the launch of Rare Beauty, Gomez has expressed pride in the brand's growth and its mission to promote mental health, stating:

> "I think that we’ve been able to do something that, at least in cosmetics, no one has ever done. That is what makes me happy every night when I go to sleep."

### Join the Movement

**Want to be a successful, confident communicator?** Take CNBC’s online course on becoming an effective communicator. Sign up for additional resources and tips for success in your career and life.

Singer and actor Selena Gomez is a newly minted billionaire due to the success of her makeup brand Rare Beauty, according to a Bloomberg estimate.

From Struggling Actress to Billionaire: How Selena Gomez Built a Makeup Empire with Rare Beauty

When **Andrew Carter** and **Adam DeMartino** launched **Smallhold** in 2017, they aimed to transform the food landscape by making mushrooms accessible and appealing. Carter noted that "**mushrooms are one of the most sustainable calories on the planet**" in terms of **water, waste, plastic use**, and **greenhouse gas emissions**. Over the years, Smallhold successfully introduced specialty mushrooms such as **shiitake**, **blue oyster**, and **trumpets** into grocery stores, amassing a strong brand presence.

![Smallhold Co-founders](https://i.guim.co.uk/img/media/6123d89b1841b7715c5e7af9f7f195a355131283/0_0_3300_2661/master/3300.jpg?width=445&dpr=1)
*Smallhold co-founders Adam DeMartino and Andrew Carter, in New York.*  
However, the journey took a downturn when the founders stepped down, leading to the company's **bankruptcy**. Despite being restructured and emerging from bankruptcy, Smallhold became a shadow of its former self, shutting down farms and laying off staff.

### Do: Find a Niche and Sell More Than Sustainability
Elly Truesdell, a former Whole Foods forager, emphasized that while **sustainability** is crucial, it’s not enough. Smallhold's unique offerings attracted customers, but they had to ensure **product quality** and **cost** were competitive too. 

### Don’t: Take On Too Much Money
Smallhold's downfall stemmed from over-reliance on **venture capital**. As DeMartino noted, they shifted focus to tech that complicated operations, leading to higher costs and slower profitability. This ultimately displeased investors who sought quick returns, resulting in halted funding and cash flow issues.

### Lessons for Other Entrepreneurs
1. **Build a Strong Brand**: Create a unique visual identity in the market.
2. **Pair Sustainability with Other Values**: Offer high-quality products along with sustainable practices.
3. **Financial Responsibility**: Treat financial stability with the same importance as social and environmental responsibilities.

Despite its challenges, Smallhold managed to carve out a niche for specialty mushrooms, contributing to the growing demand for sustainable food options.

Firms such as Smallhold have lessons to be learned on what business can – and can’t – do in transforming agriculture

The Rise and Fall of Smallhold: Lessons from a Sustainable Startup's Struggle in the Food Industry

## Uncovering the Future of Fintech

In a challenging economic landscape, **venture capitalists** are still finding **promising fintech startups** that are making waves in the industry. Business Insider consulted **27 top VC investors** from firms like **Index Ventures**, **QED Investors**, and **Bain Capital Ventures** to identify **49 of the hottest fintech startups** to watch in 2024.

![Fintech Startups](https://i.insider.com/66ff15d6198738e3a70e32ea?width=700)

### Key Insights:
- **Funding Trends**: Despite a decline in **fintech funding** in 2024, highlighted in **CB Insights'** report, investors are optimistic about certain startups that have yet to exceed a **Series C** funding round.
- **AI in Fintech**: The rise of **AI fintechs** is notable, with startups leveraging technology for tasks ranging from **debt negotiations** to **automating compliance**.
- **Sector Disruption**: Companies innovating in **insurance** and **healthcare**, as well as those utilizing **crypto technologies** like **stablecoins** and **blockchain**, are particularly attracting investor interest.

### Featured Startups:
1. **Albert** - A personal finance app that democratizes financial advice.
2. **Aleph** - A corporate financial planning tool that integrates seamlessly with existing platforms.
3. **Allium** - Provides blockchain data solutions for enterprises.
4. **Anatomy** - A financial operating system tailored for healthcare providers.
5. **Anrok** - Simplifying sales tax solutions for SaaS businesses.
6. **Authentic** - Enables businesses to create their own insurance programs.
7. **Baseline** - Software for landlords managing loans and servicing.
8. **BeatBread** - Funding solutions for artists based on revenue potential.
9. **Brale** - Streamlines the process of issuing stablecoins.
10. **Brico** - Automates financial licensing for fintechs.

...and many more innovative startups making significant strides in the fintech landscape.

### Conclusion
The fintech landscape is evolving rapidly, with investors keen on identifying the next big players that can navigate the complexities of the current economic environment. The insights from these **top investors** highlight the potential and resilience of these **49 startups** as they continue to innovate and disrupt traditional financial services.

We asked top VC investors to identify the hottest fintechs. Here are the 49 startups to watch.

Discover the Inspiring Journey of Tommy John's Founder at the Upcoming Entrepreneurship Summit!

Summary:

The Vision Behind Tommy John

The Entrepreneurial Spirit

Join Us at the Entrepreneurship Summit

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Other Latest News

Unlocking Potential: How Rural Workers Can Thrive with Better Tech and Training

Unlocking Rural Potential: How Optimism Meets Obstacles in Workforce Development

OpenAI's Massive Funding: What It Means for Startups in 2024

The Fusion Revolution: Meet the Startups Raising Billions to Harness the Sun's Power

From Struggling Actress to Billionaire: How Selena Gomez Built a Makeup Empire with Rare Beauty

The Rise and Fall of Smallhold: Lessons from a Sustainable Startup's Struggle in the Food Industry

Top 49 Fintech Startups of 2024: Investors' Hot Picks Revealed!

Other Latest News

Unlocking Potential: How Rural Workers Can Thrive with Better Tech and Training

Unlocking Rural Potential: How Optimism Meets Obstacles in Workforce Development

OpenAI's Massive Funding: What It Means for Startups in 2024

The Fusion Revolution: Meet the Startups Raising Billions to Harness the Sun's Power

From Struggling Actress to Billionaire: How Selena Gomez Built a Makeup Empire with Rare Beauty

The Rise and Fall of Smallhold: Lessons from a Sustainable Startup's Struggle in the Food Industry

Top 49 Fintech Startups of 2024: Investors' Hot Picks Revealed!