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Why more countries need covid vaccines, not just the richest ones

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The global vaccine rollout is full of glitches, shortages, and problems, but not every country faces the same challenges. Evening out those inequalities to make sure poorer countries are included in the vaccination race isn’t just the ethical thing to do: it’s good for rich countries, too. A new study from the National Bureau of Economic Research shows that the entire global economy depends on poorer countries getting residents vaccinated: advanced economies will still bear 49% of the costs of the pandemic, even if they get their own populations entirely inoculated. 

With a new leader in the White House, we’re seeing signs that the US will do its part. The Biden administration says it will join Covax, a global vaccination effort led by the World Health Organization that aims to get the first batches of vaccines to poorer countries in February. To learn more about global vaccine inequality, we spoke with Anita Ho, associate professor in bioethics and health services research at University of British Columbia and The University of California, San Francisco. 

This interview has been condensed and edited for clarity.

Q: What’s the upshot of the US joining Covax? Do you expect that to be any sort of game-changer for global vaccine inequity?

A:  Even from a symbolic perspective it’s really important to have the US rejoining the WHO efforts and Covax. It’s also important for financial reasons, because Covax needs money to get supplies. It’s not just vaccines… we need money for personnel, we need money for protective equipment. We need money for glass, for syringes, for needles—everything. So the US being there can provide leadership and provide more financial security as well.

Q: So it really goes beyond just needing the doses. What are some of the biggest disparities in global vaccine distribution right now? It sounds like supplies might play into that.

A: It’s not just, are we willing to donate the vaccines? It’s do we have the infrastructure to even store and transport the vaccines? The main ones approved in the US, for example, the Pfizer and Moderna vaccines, really require very cold refrigeration. That is not even very feasible in some areas of the world that have limited electricity supply. 

One of the greatest contributors to the disparity is when wealthier nations pre-order vaccines from manufacturers. They’re buying up most of the supply—the potential supply, even. So even when companies are ramping up the supply, they’re not going to be able to go to these poorer countries unless Covax can buy them.

Q: You’ve spoken before about vaccine disparities even within high-income countries. Why do those happen? What should we be watching out for?

A: Think about how people get notifications that it’s their turn to get vaccinated. In the US, for example, the ones who’d get those notifications would have smartphones, have email addresses, would already have a primary care provider. If you are undocumented, if you are homeless, you may not have access to that information and you wouldn’t even know. 

The Pfizer, Moderna, and AstraZeneca vaccines all require two doses with variable time between them. This means we need careful tracking of individuals twice: to get their first dose, and then to get them to return at the right time frame to get their second dose. For people in remote areas, or places that don’t have convenient access to pharmacies—often poorer neighborhoods—it’s difficult for them to travel twice. And for people who may be homeless or without cell phones, it would be challenging to reach them twice in a designated time frame. So one way to promote vaccination equity is to have reserve vaccines that would only need one dose for these populations. Johnson & Johnson is developing a one-dose vaccine right now.

There may also be another disparity. There are many people who, even if you offer them the vaccine, will not take it. And that’s partly because of the distrust. There is a much higher level of distrust among Latino and Black Americans, partly because of historical mistreatment. 

Q: How are you seeing mistrust affect global vaccination disparities more globally?

A: When we think about mistrust on a global scale, that may be partly because of how the pharmaceutical industry prices things and how they have patents. Some countries may be thinking, “these companies from the US or Europe are really trying to sell us their expensive vaccines. But we can’t really afford them for our population in the first place because they are patented, and we are not allowed to just make a generic version of it.” They may be thinking “these companies are just trying to take advantage of us.” And there certainly have been examples of lower-income countries that have been exploited by the pharmaceutical industry. 

“Inequitable vaccine allocation definitely will disrupt the supply chain for all, including the wealthiest nations that have come to depend on cheap sources of labor.”

In Indonesia, for example, this happened with H5N1. Whenever there’s an outbreak, if you’re a WHO member, you send samples to a WHO lab and they try to find out about this particular virus or disease. Based on genetic material sent from Indonesia, scientists developed therapeutics for H5N1 and tried to sell them back to Indonesia. Then Indonesia thought, “OK, these were our samples. Should there not have been collaboration? You’re using them to sell drugs back to us.”

Q: Does the US have a moral obligation to send people to other countries to help with vaccinations?

A: One of the problems is that we’re not able to train enough people in the local places. For Covax or other kinds of international collaboration, it’s not about sending people so much as it’s about “how do we help them build up their own infrastructure?” Even financial resources for training courses or other kinds of ways to beef up their own human resources. Because you can imagine we’d go, and then we’d leave, and they’re not any better in terms of infrastructure.

Q: How would it affect higher-income countries if other, lower-income countries don’t receive their vaccines until later? Recent research says, for example, that if poor countries don’t get vaccines, it will disrupt the economy for everyone. 

A: While it’s still likely that at the human level, people in the most vulnerable countries will suffer more, inequitable vaccine allocation definitely will disrupt the supply chain for all, including —perhaps even especially—the wealthiest nations that have come to depend on cheap sources of labor. If supplying nations have lots of people being sick, or they have to shut down, [there are] no workers to process or transport the raw materials, or to manufacture and deliver the products. People in these countries also can’t travel or spend money, which can greatly affect international hotel chains, airlines, and hospitality industries as well.

This would apply within a high-income country too. If undocumented workers, farm workers, homeless people, and others in low-wage jobs can’t get vaccinated, they can’t work to keep the supply chain going. So restaurants, entertainment industries, etc. would suffer. If they can’t pay the rent or mortgage or have extra money, that also affects the rest of the economy.

This story is part of the Pandemic Technology Project, supported by the Rockefeller Foundation.

Lyron Foster is a Hawaii based African American Musician, Author, Actor, Blogger, Filmmaker, Philanthropist and Multinational Serial Tech Entrepreneur.

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Tim Hortons marks two years in China with Tencent investment

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Tim Hortons, the Canadian coffee and doughnut giant, has raised a new round of funding for its Chinese venture. The investment is led by Sequoia China with participation from Tencent, its digital partner in China, and Eastern Bell Capital. The round comes two years after Tim Hortons made its foray into China’s booming coffee industry.

Tim Hortons didn’t disclose the amount of its latest fundraise but noted in a social media post that the proceeds will be used for opening more stores, building its digital infrastructure, brand presence, and more.

Tencent, the Chinese social media and entertainment behemoth, first backed the 57-year-old Canadian coffee chain last May. At the time the tie-up was seen as Tencent’s move to counter archrival Alibaba’s alliance with Starbucks to deliver coffee and help the American coffee titan go digital in China.

Tim Horton’s collaboration with the WeChat parent is in a similar vein. It has so far accumulated three million members through its WeChat mini program, a type of lightweight app that runs within the instant messenger. To appeal to young Chinese consumers, Tim Hortons opened an esports-themed cafe with Tencent, China’s biggest gaming company.

Two years into operating in China, Tim Hortons says it has reached storefront-level profitability with a footprint of 150 locations across 10 major cities. It plans to add more than 200 locations in 2021 and reach 1,500 stores nationwide in the next few years.

The dramatic rise and fall of coffee delivery startup Luckin brought the prospects of China’s coffee market to the forefront. Despite the investment frenzy around Luckin and other coffee businesses, coffee drinking still has a relatively low penetration in China compared to countries like the United States and Germany. On the other hand, coffee consumption is growing at a much faster rate of 15% in China, well above the global average of 2%, and is projected to reach 1 trillion yuan ($150 million) in 2025, according to a 2020 report by Dongxing Securities.

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Bessemer Venture Partners closes on $3.3 billion across two funds

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Another major VC firm has closed two major rounds, underscoring the long-term confidence investors continue to have for backing privately-held companies in the tech sector.

Early-stage VC firm Bessemer Venture Partners announced Thursday the close of two new funds totaling $3.3 billion that it will be using both to back early-stage startups as well as growth rounds for more mature companies.

The Redwood City-based firm closed BVP XI with $2.475 billion and BVP Century II with $825 million in total commitments.

With BVP XI, it plans to focus on early-stage companies spanning across enterprise, consumer, healthcare, and frontier technologies. 

Its Century II fund is aimed at backing growth-stage companies that Bessemer believes “will define the next century,” and will include both follow-on rounds for existing portfolio companies or investments in new ones.

BVP XI marks Bessemer’s largest fund in its 110-year history. In October 2018, the firm brought in $1.85 billion for its tenth flagship VC fund. This latest fund is its fifth consecutive billion-dollar fund, based on PitchBook data. 

Despite being founded more than 100 years ago, Bessemer didn’t actually enter the venture business until 1965. It’s known for its investments in LinkedIn, Blue Apron and many others, with a current portfolio that includes PagerDuty, Shippo, Electric and DocuSign. Exits include Twitch and Shopify, among many others.

With more money than ever before available for backing startups, the challenge now for VCs is to see how and if they can find (and invest in) whatever will define the next generation of tech. 

“As venture capitalists, we pay too much attention to pattern recognition and matching when in reality, the biggest opportunities exist where those patterns break,” the firm wrote in a blog post today. “Our job is to make perceptive bets on the future, especially those that others will dismiss and ridicule. We are fundamental optimists and strong believers in the power of innovation; our life’s work is putting our reputation, time, and money to help entrepreneurs realize a different future. They’re the ones pioneering something entirely new and obscure – a technology, a business model, a category.

In addition to announcing the new funds, Bessemer also revealed today that it’s brought on five new partners including Jeff Blackburn, who joins after a 22-year career at Amazon, alongside the promotion of existing investors Mary D’Onofrio, Mike Droesch, Tess Hatch, and Andrew Hedin.

Most recently at Amazon, Blackburn served as senior vice president of worldwide business development where he oversaw dozens of Amazon’s minority investments and more than 100 acquisitions across all business lines – including retail, Kindle, Echo, Alexa, FireTV, advertising, music, streaming audio & video, and Amazon Web Services.  

“Having been part of Amazon for more than two decades, I’m excited to begin a new chapter helping customer-focused founders build breakthrough companies,” said Blackburn in a written statement.  “I’ve known the Bessemer team for many years and have long admired their strategic vision and success backing early-stage ventures.” 

With the latest changes, Bessemer now has 21 partners and over 45 investors, advisors, and platform “team members” located in Silicon Valley, San Francisco, Seattle, New York, Boston, London, Tel Aviv, Bangalore, and Beijing. 

“At Bessemer, there’s no corner office or consensus; every partner has the choice, independently, to pen a check. This kind of accountability and autonomy means a founder is teaming up with a partner and board director who thoroughly understands your business and can respond quickly and decisively,” the firm’s blog post read.

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Daily Crunch: Twitter announces ‘Super Follow’ subscriptions

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Twitter reveals its move into paid subscriptions, Australia passes its media bargaining law and Coinbase files its S-1. This is your Daily Crunch for February 25, 2021.

The big story: Twitter announces ‘Super Follow’ subscriptions

Twitter announced its first paid product at an investor event today, showing off screenshots of a feature that will allow users to subscribe to their favorite creators in exchange for things like exclusive content, subscriber-only newsletters and a supporter badge.

The company also announced a feature called Communities, which could compete with Facebook Groups and enable Super Follow networks to interact, plus a Safety Mode for auto-blocking and muting abusive accounts. On top of all that, Twitter said it plans to double revenue by 2023.

Not announced: launch dates for any of these features.

The tech giants

After Facebook’s news flex, Australia passes bargaining code for platforms and publishers — This requires platform giants like Facebook and Google to negotiate to remunerate local news publishers for their content.

New Facebook ad campaign extols the benefits of personalized ads — The sentiments are similar to a campaign that Facebook launched last year in opposition to Apple’s upcoming App Tracking Transparency feature.

Startups, funding and venture capital

Sergey Brin’s airship aims to use world’s biggest mobile hydrogen fuel cell — The Google co-founder’s secretive airship company LTA Research and Exploration is planning to power a huge disaster relief airship with an equally record-breaking hydrogen fuel cell.

Coinbase files to go public in a key listing for the cryptocurrency category — Coinbase’s financials show a company that grew rapidly from 2019 to 2020 while also crossing the threshold into unadjusted profitability.

Boosted by the pandemic, meeting transcription service Otter.ai raises $50M — With convenient timing, Otter.ai added Zoom integration back in April 2020.

Advice and analysis from Extra Crunch

DigitalOcean’s IPO filing shows a two-class cloud market — The company intends to list on the New York Stock Exchange under the ticker symbol “DOCN.”

Pilot CEO Waseem Daher tears down his company’s $60M Series C pitch deck — For founders aiming to entice investors, the pitch deck remains the best way to communicate their startup’s progress and potential.

Five takeaways from Coinbase’s S-1 — We dig into Coinbase’s user numbers, its asset mix, its growing subscription incomes, its competitive landscape and who owns what in the company.

(Extra Crunch is our membership program, which helps founders and startup teams get ahead. You can sign up here.)

Everything else

Paramount+ will cost $4.99 per month with ads — The new streaming service launches on March 4.

Register for TC Sessions: Justice for a conversation on diversity, equity and inclusion in the startup world — This is just one week away!

The Daily Crunch is TechCrunch’s roundup of our biggest and most important stories. If you’d like to get this delivered to your inbox every day at around 3pm Pacific, you can subscribe here.

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