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Top 5 jobs in Silicon Valley



From Apple to ZocDoc, tech companies are hiring at a furious pace. But the No. 1 most-coveted gig just might surprise you.


FORTUNE — If there’s anything observers can say with certainty, it’s that Silicon Valley remains an anomalous industry.

The numbers tell the story: Unemployment in startup-heavy San Francisco for instance, stood at 5.6% last August, well below the 8.9% state and 7.3% national averages. Most tech companies, big and small, can’t seem to hire to fast enough.

Part of that has to do with a relatively small hiring pool. Indeed, many tech companies say that nabbing excellent engineers is one of the toughest challenges in the ongoing war for talent. For some specialized workers, that translates to a bidding war over their skills; for others, it still means a competitive job search.

To learn more about the tech hiring crunch, Fortune sought out Matt Mickiewicz, co-founder of Nearly 600 companies, including Facebook (FB), Twitter, and OpenTable (OPEN), look to his online marketplace to recruit new employees.

Here are the top five most-coveted jobs in the Valley, based on Mickiewicz’s observations, in ascending order:

5.  Senior Ruby on Rails engineer
Salary: $120,000 a year

Think of Ruby on Rails simply as the programming language framework many companies use to build their web apps now. Current demand for excellent “Rails engineers” far outstrips supply. Because of that, venture capital-funded startups and larger companies will frequently entice them with perks such as free food, gym memberships, Uber transportation credits, full health coverage, unlimited vacation and PTO, subsidized phones, and an unlimited computer equipment budget.

4.  Data scientist
Salary: $150,000 – $250,000 a year

With big companies collecting more data about their users than ever before, they need people who can sift through all that information. Enter the data scientist. From LinkedIn (LNKD) to Uber, companies rely on data scientists for insights on user behavior, building recommendation engines, and personalizing the company’s web experience. Candidates for this role are typically required to hold a degree in an area such as applied mathematics or computer science. (Ph.D.s are very common.) Like Rails engineers, they too are in high demand. Mickiewicz recalls one particular man with a Ph.D. in computer science from the University of Washington, who received a $200,000-plus salary offer from one major tech company.  Another interested party was competing for him, too, but simply couldn’t match that, Mickiewicz says.

3.  VP of engineering
Salary: $175,000 a year

A VP of engineering’s most valuable skill is perhaps the ability to lead and manage people to make the rest of their team more effective. As such, employers regularly seek out candidates with between five and 15 years of experience, including time spent managing groups of software engineers. Being a great coder who can’t communicate, who can’t inspire, or who can’t be a good boss doesn’t work in this managerial role. Says Mickiewicz: “You have to be both very technically savvy and experienced so you’re able to coach and mentor others … to come up with the right solutions.”

2.  Senior iOS software engineer
Salary: $130,000 – $140,000 a year

For an operating system that’s only been available since 2008, being a capable iOS software engineer pays quite well. And because the mobile operating system remains a relatively new technology, the most knowledgable of iOS veterans may only have five years of experience or less. For senior-level iOS software engineers, many companies settle for those with 18 to 24 months of full-time experience. That doesn’t mean getting a job is easy: Apple (AAPL), Google (GOOG), and Facebook all want engineers versed in the basics of computer science. And every company subjects applicants to a pretty rigorous technical screening. Actual interview questions may include:

  • What’s the difference between nil and NiL?
  • Explain how push notifications work.
  • How do you handle persistence on the device?
  • What is heap fragmentation?
  • What do you think about encapsulation?
  • What’s the NSCoder class used for?

1.   Facebook intern
Salary: $7,000 a month (or $20,000 across 10 weeks)

Yep, you read that right. The most sought-after job in all of Silicon Valley isn’t a cushy engineering gig but may be an internship with the social network. According to Mickiewicz, Facebook typically prefers its interns be educated at one of the top 15 computer science schools. Students supposedly get bonus points if they attend Stanford University or UC Berkeley, since both campuses reside so close to Facebook’s Menlo Park, Calif., headquarters. Facebook treats the internship as a kind of test bed to surface the best and brightest, who they may hire before graduation. “The requirement really is attending one of those top schools and having visibility there,” Mickiewicz puts simply.


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Paypal to allow users to buy, hold and sell four cryptocurrencies




Bitcoin is up $400 to $12,296 today. Part of the reason is that Paypal hass received a conditional bitlicence from the New York State Department of Financial Services and will launch a service for users to be able to buy, hold and sell cryptocurrency.
In the release the company said it “signaled its plans to significantly increase cryptocurrency’s utility by making it available as a funding source for purchases at its 26 million merchants worldwide.”
The company is introducing the ability to buy, hold and sell select cryptocurrencies, initially featuring Bitcoin, Ethereum, Bitcoin Cash and Litecoin, directly within the PayPal digital wallet. The service will be available to PayPal account holders in the U.S. in the coming weeks.
“The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly,” said Dan Schulman, president and CEO, PayPal.
“Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption and interoperability of these new instruments of exchange. We are eager to work with central banks and regulators around the world to offer our support, and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce.”

This is great news for crypto but I’m told it shouldn’t have been entirely unexpected In June, there was a report that Paypal was working on direct crypto sales.


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Tech News

Nokia awarded contract to build 4G network on the moon




Nokia has been awarded a contract to establish a 4G network on the moon. The contract is one of several that NASA is awarding to companies as it plans a return to the moon.

The $14.1 million contract was given to Nokia’s US subsidiary and is a small part of the $370 million total awarded to companies such as SpaceX. The cellular service will allow astronauts, rovers, lunar landers, and habitats to communicate with one another according to Jim Reuter, the Associate Administrator for NASA’s Space.

Nokia Logo

The 4G network that Nokia will build will be miles superior to the form of communication that was used during the early missions to the moon.

This is not Nokia’s first attempt to launch an LTE network on the moon. It planned to do so in 2018 in collaboration with PTScientists, a German space firm, and Vodafone UK to launch an LTE network at the site of the Apollo 17 landing but the plan never came to fruition.


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Tech News

Stripe acquires Nigeria’s Paystack for $200M+ to expand into the African continent




When Stripe  announced earlier this year that it had picked up another $600 million in funding, it said one big reason for the funding was to expand its API-based payments services into more geographies. Today the company is coming good on that plan in the form of some M&A.

Stripe is acquiring Paystack, a startup out of Lagos, Nigeria that, like Stripe, provides a quick way to integrate payments services into an online or offline transaction by way of an API. (We and others have referred to it in the past as “the Stripe of Africa.”)

Paystack  currently has around 60,000 customers, including small businesses, larger corporates, fintechs, educational institutions and online betting companies, and the plan will be for it to continue operating independently, the companies said.

Terms of the deal are not being disclosed, but sources close to it confirm that it’s over $200 million. That makes this the biggest startup acquisition to date to come out of Nigeria, as well as Stripe’s biggest acquisition to date anywhere. (Sendwave, acquired by WorldRemit in a $500 million deal in August, is based out of Kenya.)

It’s also a notable shift in Stripe’s strategy as it continues to mature: Typically, it has only acquired smaller companies to expand its technology stack, rather than its global footprint.

The deal underscores two interesting points about Stripe, now valued at $36 billion and regularly tipped as an IPO candidate. (Note: It has never commented on those plans up to now.) First is how it is doubling down on geographic expansion: Even before this news, it had added 17 countries to its platform in the last 18 months, along with progressive feature expansion. And second is how Stripe is putting a bet on the emerging markets of Africa specifically in the future of its own growth.

“There is enormous opportunity,” said Patrick Collison, Stripe’s co-founder and CEO, in an interview with TechCrunch. “In absolute numbers, Africa may be smaller right now than other regions, but online commerce will grow about 30% every year. And even with wider global declines, online shoppers are growing twice as fast. Stripe thinks on a longer time horizon than others because we are an infrastructure company. We are thinking of what the world will look like in 2040-2050.”

For Paystack, the deal will give the company a lot more fuel (that is, investment) to build out further in Nigeria and expand to other markets, CEO Shola Akinlade said in an interview.

“Paystack was not for sale when Stripe approached us,” said Akinlade, who co-founded the company with Ezra Olubi (who is the CTO). “For us, it’s about the mission. I’m driven by the mission to accelerate payments on the continent, and I am convinced that Stripe will help us get there faster. It is a very natural move.”

Paystack had been on Stripe’s radar for some time prior to acquiring it. Like its U.S. counterpart, the Nigerian startup went through Y Combinator — that was in 2016, and it was actually the first-ever startup out of Nigeria to get into the world-famous incubator. Then, in 2018, Stripe led an $8 million funding round for Paystack, with others participating, including Visa and Tencent. (And for the record, Akinlade said that Visa and Tencent had not approached it for acquisition. Both have been regular investors in startups on the continent.)

In the last several years, Stripe has made a number of investments into startups building technology or businesses in areas where Stripe has yet to move. This year, those investments have included backing an investment in universal checkout service Fast, and backing the Philippines-based payment platform PayMongo.

Collison said that while acquiring Paystack after investing in it was a big move for the company, people also shouldn’t read too much into it in terms of Stripe’s bigger acquisition policy.

“When we invest in startups we’re not trying to tie them up with complicated strategic investments,” Collison said. “We try to understand the broader ecosystem, and keep our eyes pointed outwards and see where we can help.”

That is to say, there are no plans to acquire other regional companies or other operations simply to expand Stripe’s footprint, with the interest in Paystack being about how well they’d built the company, not just where they are located.

“A lot of companies have been, let’s say, heavily influenced by Stripe,” Collison said, raising his eyebrows a little. “But with Paystack, clearly they’ve put a lot of original thinking into how to do things better. There are some details of Stripe that we consider mistakes, but we can see that Paystack ‘gets it,’ it’s clear from the site and from the product sensibilities, and that has nothing to do with them being in Africa or African.”

Stripe, with its business firmly in the world of digital transactions, already has a strong line in the detection and prevention of fraud and other financial crimes. It has developed an extensive platform of fraud protection tools, but even with that, incidents can slip through the cracks. Just last month, Stripe was ordered to pay $120,000 in a case in Massachusetts after failing to protect users in a $15 million cryptocurrency scam.

Now, bringing on a business from Nigeria could give the company a different kind of risk exposure. Nigeria is the biggest economy in Africa, but it is also one of the more corrupt on the continent, according to research from Transparency International.

And related to that, it also has a very contentious approach to law and order. Nigeria has been embroiled in protests in the last week with demonstrators calling for the disbanding of the country’s Special Anti-Robbery Squad, after multiple accusations of brutality, including extrajudicial killings, extortion and torture. In fact, Stripe and Paystack postponed the original announcement in part because of the current situation in the country.

But while those troubles continue to be worked through (and hopefully eventually resolved, by way of government reform in response to demonstrators’ demands), Paystack’s acquisition is a notable foil to those themes. It points to how talented people in the region are identifying problems in the market and building technology to help fix them, as a way of improving how people can transact, and in turn, economic outcomes more generally.

The company got its start back when Akinlade, for fun (!) built a quick way of integrating a card transaction into a web page, and it was the simplicity of how it worked that spurred him and his co-founder to think of how to develop that into something others could use. That became the germination of the idea that eventually landed them at YC and in the scope of Stripe.

“We’re still very early in the Paystack payments ecosystem, which is super broken,” said Akinlade. The company today provides a payments API, and it makes revenue every time a transaction is made using it. He wouldn’t talk about what else is on Paystack’s radar, but when you consider Stripe’s own product trajectory as a template, there is a wide range of accounting, fraud, card, cash advance and other services to meet business needs that could be built around that to expand the business. “Most of what we will be building in Africa has not been built yet.”

Last month, at Disrupt, we interviewed another successful entrepreneur in the country, Tunde Kehinde, who wisely noted that more exits of promising startups — either by going public or getting acquired — will help lift up the whole ecosystem. In that regard, Stripe’s move is a vote of confidence not just for the potential of the region, but for those putting in the efforts to build tech and continue improving outcomes for everyone.


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