June 5, 2020
Image: Yahoo Finance, ZoomInfo
Good morning! This Friday, ZoomInfo's CFO on its successful IPO, Chief's CEO on diversity amid the pandemic, and we might soon have screens made of hair. Want Index in your inbox each morning? Subscribe here.
As of 5 a.m. PDT: Nasdaq Futures: 0.17% | Euro 600: 1.11% | Nikkei: 0.74% | Hang Seng: 1.66%
Back in March, the idea of a successful IPO was utterly unimaginable. And yet! Yesterday ZoomInfo listed its shares, which immediately soared 90% (closing up 62%).
It was obviously right. Demand for this has been through the roof: The IPO was reportedly more than 20x oversubscribed, and the huge pop on its trading debut is demonstrative of just how desperate investors are for something new to invest in.
The question is whether those gains will stick around — or if the deteriorating real economy will take a bite out of tech.
Check out my full conversation with ZoomInfo's Hyzer, by the way: It involves emus.
I've heard a lot of people worrying about what this crisis means for diversity in the tech industry — a concern that's only grown in recent days. For one thing, some tech companies are laying off diversity and inclusion teams, as Protocol recently reported, and layoffs are disproportionately affecting women and non-white people. Over in startup world, there's another issue concerning VC funding.
Chief is trying to help support its members by providing a space for them to discuss their challenges together. With its physical clubs closed, it's pivoted to doing everything online — a format that's working really well, Childers said.
Childers said she hopes companies stand by their statements of diversity and commitment to change, especially in response to the Black Lives Matters movement.
Having not cut my hair in like, four months, I am constantly shedding quite a lot of it. Turns out that might be useful: Queensland University of Technology has developed a way to use discarded hair to make OLED screens. The researchers burn the hair, producing a material embedded with carbon and nitrogen, which is then used to make carbon nanodots for screens. They're not quite bright enough for TVs, the researchers say, but could be used for smart packaging.
Thoughts/feedback/tips? Email me — firstname.lastname@example.org — or anonymously contact Protocol. And subscribe to get Index in your inbox each morning. A special end of week thanks to my editors, Tim Grieve and Jamie Condliffe, and to you for reading. Have a great weekend: See you Monday.