Category: digital services

Preconditions for a general-purpose central bank digital currency

WASHINGTON —Money is a social and legal construct underpinned by trust. Conceptions of money have evolved and money has taken many forms over the years. In North America, pre-colonial trade was often conducted in wampum, corn, and fur pelts.

Today, for the United States, whatever specific objectives may arise for a central bank digital currency (CBDC), they should be consistent with the Federal Reserve’s longstanding objectives of the safety and efficiency of the nation’s payments system, as well as monetary and financial stability. A CBDC arrangement must be in keeping with these objectives, which have guided the central bank since its establishment in 1913.

A foundational element for introducing a CBDC is understanding its purpose: What can a CBDC be used for, how it can be used, and what potential value does it provide? A recent Bank for International Settlements report highlighted a number of potential benefits for a CBDC. These include enhancing payment system resiliency, increasing payments diversity, encouraging financial inclusion, and improving cross-border payments. Research papers and other reports have referenced the potential for a CBDC to support monetary policy.  It is important to consider that a CBDC that is designed to support monetary policy transmission or economic stimulus payments, for example, would be quite different than a CBDC that is designed to be an alternative to cash.  Without clear objectives, it would be difficult to establish business requirements for a CBDC.

Primary motivations for CBDC research and experimentation

Sources: This map was compiled using data from the March 2020 BIS Quarterly Review and a 2020 working paper from the IMF, “A survey of research on retail central bank digital currency,” and supplemented through additional secondary research. CBDC activity tracking sites from organizations such as the Atlantic Council were used. Motivations were broadly determined by the authors using the public statements attributed to sources within the central banks themselves or in some cases other news sources.

Central bank interest in CBDC research and experimentation varies significantly. However, these interests generally fall into two broad categories. One set of central banks is primarily looking to address present-day challenges, while for others it is exploring future capabilities. For some jurisdictions, a CBDC is intended to address a specific problem — inefficient payment systems, weak banking infrastructure, or declining cash use — or to promote national policy goals, such as supporting payments inclusion and protecting monetary sovereignty.

For many advanced economies, the primary motivations are centered on potential payments innovation and general preparedness for a potential future state. highlights some of the central banks’ primary motivations.

Source and Map: Federal Reserve by Jess Cheng, Angela N Lawson, and Paul Wong. Select here to visit their website for this full article.

Justice Department Sues Google For Violating Antitrust Laws

WASHINGTON—Today, the Department of Justice — along with eleven state Attorneys General — filed a civil antitrust lawsuit in the U.S. District Court for the District of Columbia to stop Google from unlawfully maintaining monopolies through anticompetitive and exclusionary practices in the search and search advertising markets and to remedy the competitive harms. The participating state Attorneys General offices represent Arkansas, Florida, Georgia, Indiana, Kentucky, Louisiana, Mississippi, Missouri, Montana, South Carolina, and Texas.

“Today, millions of Americans rely on the Internet and online platforms for their daily lives.  Competition in this industry is vitally important, which is why today’s challenge against Google — the gatekeeper of the Internet — for violating antitrust laws is a monumental case both for the Department of Justice and for the American people,” said Attorney General William Barr. “Since my confirmation, I have prioritized the Department’s review of online market-leading platforms to ensure that our technology industries remain competitive.  This lawsuit strikes at the heart of Google’s grip over the internet for millions of American consumers, advertisers, small businesses and entrepreneurs beholden to an unlawful monopolist.”

 “As with its historic antitrust actions against AT&T in 1974 and Microsoft in 1998, the Department is again enforcing the Sherman Act to restore the role of competition and open the door to the next wave of innovation—this time in vital digital markets,” said Deputy Attorney General Jeffrey A. Rosen.

As one of the wealthiest companies on the planet with a market value of $1 trillion, Google is the monopoly gatekeeper to the internet for billions of users and countless advertisers worldwide. For years, Google has accounted for almost 90 percent of all search queries in the United States and has used anticompetitive tactics to maintain and extend its monopolies in search and search advertising.  

As alleged in the Complaint, Google has entered into a series of exclusionary agreements that collectively lock up the primary avenues through which users access search engines, and thus the internet, by requiring that Google be set as the preset default general search engine on billions of mobile devices and computers worldwide and, in many cases, prohibiting preinstallation of a competitor. In particular, the Complaint alleges that Google has unlawfully maintained monopolies in search and search advertising by:

  • Entering into exclusivity agreements that forbid preinstallation of any competing search service.
  • Entering into tying and other arrangements that force preinstallation of its search applications in prime locations on mobile devices and make them undeletable, regardless of consumer preference.
  • Entering into long-term agreements with Apple that require Google to be the default – and de facto exclusive – general search engine on Apple’s popular Safari browser and other Apple search tools.
  • Generally using monopoly profits to buy preferential treatment for its search engine on devices, web browsers, and other search access points, creating a continuous and self-reinforcing cycle of monopolization.

These and other anticompetitive practices harm competition and consumers, reducing the ability of innovative new companies to develop, compete, and discipline Google’s behavior. 

The antitrust laws protect our free market economy and forbid monopolists from engaging in anticompetitive practices. They also empower the Department of Justice to bring cases like this one to remedy violations and restore competition, as it has done for over a century in notable cases involving monopolists over other critical industries undergirding the American economy like Standard Oil and the AT&T telephone monopoly. Decades ago the Department’s case against Microsoft recognized that the antitrust laws forbid anticompetitive agreements by high-technology monopolists to require preinstalled default status, to shut off distribution channels to rivals, and to make software undeletable. The Complaint alleges that Google is using similar agreements itself to maintain and extend its own dominance. 

The Complaint alleges that Google’s anticompetitive practices have had harmful effects on competition and consumers. Google has foreclosed any meaningful search competitor from gaining vital distribution and scale, eliminating competition for a majority of search queries in the United States. By restricting competition in search, Google’s conduct has harmed consumers by reducing the quality of search (including on dimensions such as privacy, data protection, and use of consumer data), lessening choice in search, and impeding innovation. By suppressing competition in advertising, Google has the power to charge advertisers more than it could in a competitive market and to reduce the quality of the services it provides them. Through filing the lawsuit, the Department seeks to stop Google’s anticompetitive conduct and restore competition for American consumers, advertisers, and all companies now reliant on the internet economy.

Google is a limited liability company organized and existing under the laws of the State of Delaware, and is headquartered in Mountain View, California. Google is owned by Alphabet Inc., a publicly traded company incorporated and existing under the laws of the State of Delaware and headquartered in Mountain View, California.

— Source/Seal: Department of Justice • Photo/Graphic: Google

A D V E R T I S E M E N T

Judiciary Antitrust Subcommittee Investigation Reveals Digital Economy Highly Concentrated, Impacted By Monopoly Power

WASHINGTON—The House Judiciary Committee’s Antitrust Subcommittee released the findings of its more than 16-month long investigation into the state of competition in the digital economy, especially the challenges presented by the dominance of Apple, Amazon, Google, and Facebook and their business practices.

The report, entitled Investigation of Competition in the Digital Marketplace: Majority Staff Report and Recommendations, totals more than 400 pages, marking the culmination of an investigation that included seven congressional hearings, the production of nearly 1.3 million internal documents and communications, submissions from 38 antitrust experts, and interviews with more than 240 market participants, former employees of the investigated platforms, and other individuals. The full report may be downloaded by clicking here.

“As they exist today, Apple, Amazon, Google, and Facebook each possess significant market power over large swaths of our economy. In recent years, each company has expanded and exploited their power of the marketplace in anticompetitive ways,” said Judiciary Committee Chairman Jerrold Nadler (NY-10) and Antitrust Subcommittee Chairman David N. Cicilline (RI-01) in a joint statement. “Our investigation leaves no doubt that there is a clear and compelling need for Congress and the antitrust enforcement agencies to take action that restores competition, improves innovation, and safeguards our democracy. This Report outlines a roadmap for achieving that goal.”

After outlining the challenges presented due to the market domination of Amazon, Apple, Google, and Facebook, the report walks through a series of possible remedies to (1) restore competition in the digital economy, (2) strengthen the antitrust laws, and (3) reinvigorate antitrust enforcement.

The slate of recommendations include:

  • Structural separations to prohibit platforms from operating in lines of business that depend on or interoperate with the platform;
  • Prohibiting platforms from engaging in self-preferencing;
  • Requiring platforms to make its services compatible with competing networks to allow for interoperability and data portability;
  • Mandating that platforms provide due process before taking action against market participants;
  • Establishing a standard to proscribe strategic acquisitions that reduce competition;
  • Improvements to the Clayton Act, the Sherman Act, and the Federal Trade Commission Act, to bring these laws into line with the challenges of the digital economy;
  • Eliminating anticompetitive forced arbitration clauses;
  • Strengthening the Federal Trade Commission (FTC) and the Antitrust Division of the Department of Justice;
  • And promoting greater transparency and democratization of the antitrust agencies.

“After conducting this country’s first major congressional antitrust investigation in decades in which we held hearings, heard from experts and questioned the CEOs of dominant tech platforms, I can say conclusively that self-regulation by Big Tech comes at the expense of our communities, small businesses, consumers, the free press and innovation,” said Congresswoman Pramila Jayapal. “By reasserting the power of Congress, we now have a thoroughly researched and meticulously reasoned roadmap for the work ahead as we rein in anti-competitive behavior, help prevent monopolistic practices and allow innovation to thrive. I’m looking forward to continuing this urgent work.”

“This comprehensive report is a roadmap to a future where digital behemoths with considerable power over their markets are kept accountable to consumers, small businesses, and their workers,” said Rep. Hank Johnson, Chairman of the Subcommittee on Courts, Intellectual Property and the Internet. “By following these recommendations, we can bolster antitrust protections to ensure consumer choice, data privacy, and affordability in online marketplaces. But in doing so, we must also answer the overarching question that we’ve been grappling with: How do we remain a country where small businesses can thrive, even as we shift from brick and mortar to lines of code? That is our challenge now.”

Rep. Val Demings added, “Our investigation revealed an alarming pattern of business practices that degrade competition and stifle innovation. These companies have made remarkable advancements that have shaped our markets and our culture, but their anticompetitive acts have come at a cost for consumers and small businesses. Competition must reward the best idea, not the biggest corporate account. We will take steps necessary to hold rulebreakers accountable. I thank Chairman Cicilline for his leadership, and will continue to work for a fair marketplace and a tech industry that can advance quality of life for every person without undermining it for others.”

“Small businesses are the backbone of our economy and they must be able to compete on a level playing field,” said Rep. Lucy McBath. “We must do all we can to ensure our economy remains fair, our entrepreneurs have the incentive to innovate, and our small businesses are given the opportunity to prosper and create new and good-paying jobs.”

“This investigation has revealed that Apple, Amazon, Facebook, and Google were committed to drowning out competition through unfair and anti-competitive practices – often doing so at the expense of user privacy and innovation,” said Rep. Scanlon. “We must do everything we can to protect consumers and this report is a roadmap to the work that lies ahead. I look forward to developing and introducing legislation to restore fairness to the digital marketplace.”

A D V E R T I S E M E N T

Charter to Expand Distribution of Black News Channel and Offer Network to Video Subscribers Across All Markets

Charter Will Make the Network Available by early September to Subscribers of Spectrum TV Silver and Higher Video Tiers

STAMFORD, Conn. – Charter Communications, Inc. today announced it plans to significantly expand distribution of Black News Channel (BNC), the nation’s only 24/7 African American-focused news network, by making the channel available to Spectrum TV subscribers throughout the company’s 41-state footprint by early September 2020.

Charter was one of the first pay TV providers to offer BNC in some of its biggest markets, including New York, Los Angeles and Dallas, upon the network’s launch in early 2020. Today’s announcement expands that access to Spectrum TV customers located in all Charter markets, including Buffalo, Rochester, Syracuse, Kansas City, Cincinnati and Columbia, providing Black News Channel even broader reach for its programming.

“Expanding distribution of Black News Channel will give even more Spectrum customers access to the network’s topical news,” said Tom Montemagno, Executive Vice President of Programming Acquisition for Charter. “It’s critical that we provide diverse perspectives on our lineups, and that we have programming that truly reflects the issues facing our customers and the communities we serve.”

BNC launched February 10 as the nation’s only provider of 24-hour cable news programming dedicated to covering the diverse perspective of African American communities. As an innovative and life-changing network, BNC’s mission is to provide intelligent programming that is informative, educational, inspiring and empowering to its African American audience.

“Charter Communications has been a great partner for our Network and has been committed to our success and the information needs of our audience from the start,” said BNC Chairman and co-founder J.C. Watts, Jr. “Expanding BNC‘s reach to subscribers throughout the Spectrum TV universe further demonstrates that commitment.”

The channel features coverage of national political, health, business and sports news; stories about Black history and Historically Black Colleges and Universities (HBCUs); and original programming, including the “Kelly Wright Show,” “Being a Woman” with hosts Lauren McCoy and Rarione Maniece, and “Doctor for the People” hosted by Dr. Corey Hebert. More information about Black News Channel and its programs is available at www.BlackNewsChannel.com.

BNC will be available upon launch at no additional charge to Spectrum TV customers who have Spectrum TV Silver, Digital Tier Package 1, or Spectrum Lifestyle TV. More information about how to subscribe and local channel locations is available at www.spectrum.com.

– Source and photo: Charter Communications and Devlin Design Group
A D V E R T I S E M E N T

Don't miss a workshop. Select here to register for #BDPA2020!

Free and Low Cost Online Cybersecurity Learning Content — Get Started Now

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GAITHERSBURG, MD — During this unusual time in our lives, many of us find we want to improve our knowledge, skills or even prepare for new career opportunities. If you are interested in cybersecurity careers, need to change careers or close technical gaps in your current resume, there are numerous online education providers to choose from. Many online courses are available from your local community college, four-year universities, even the prestigious Centers of Academic Excellence (CAE) programs – please review all options.

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The National Initiative for Cybersecurity Education (NICE) is a partnership between government, academia, and the private sector focused supporting the country’s ability to address current and future cybersecurity education and workforce challenges through standards and best practices. The following links from NICE’s site are not endorsements, but list free and low-cost online educational content on topics such as information technology and cybersecurity. Some, not all, may contribute towards professional learning objectives or lead to industry certifications and online degrees. Please note that their site will continue to be updated as new information is gathered and edited for clarity and accuracy for your family, school, or business.

Name and Hyperlink to your Materials*Description**
CompTIAFree online training for CompTIA IT Fundamentals and other resources.
CLARK Center Plan CFree cybersecurity curriculum that is primarily video-based or provide online assignments that can be easily integrated into a virtual learning environments.
Culture of CybersecurityFree, downloadable kids activities to help your family learn basic cybersecurity concepts and defense strategies.
CybraryFree information technology and cybersecurity training portal.
EC-CouncilFree resources for the information security community in the form of webinars, blogs, online video training, and much more.
ElasticFree on-demand Elastic Stack, observability, and security courses.
Federal Virtual Training Environment (FedVTE)Free online cybersecurity training for federal, state, local, tribal, and territorial government employees, federal contractors, and US military veterans.
FortinetFree access to the FortiGate Essentials Training Course and Network Security Expert courses 1 and 2.
IBM (hosted by Coursera)Free (7-day trial) suite of courses on IT Fundamentals for Cybersecurity Specialization.
IBM Security Learning AcademyFree technical training for IBM Security products.
(ISC)2 Webinars and CoursesFree technical webinars and courses to earn Continuing Professional Education (CPEs).
(ISC)2 Utilizing Big DataFree course for (ISC)2 members (low cost for non-members) that provides an overview of Big Data components, architectures and applications.
NICCS Education and Training CatalogDatabase of free and for pay, online and in person courses.
Open P-TECHFree digital learning on the tech skills of tomorrow.
PluralsightFree access to 7,000+ expert-led video courses and more during the month of April.
SANSFree cybersecurity community resources and programs.
SANS Cyber Aces OnlineFree online course that teaches the core concepts needed to assess and protect information security systems.
TestOut’s 2020 K12 GrantFree TestOut courses for K12 teachers. Application process required.
UdemyHeavily discounted online courses for various certifications.

*Materials are related to coding, product training, certification preparation or general IT and cybersecurity skills development, and teacher training and curriculum.
**Some of these materials may only be free or low cost (less than $100) for a limited time.

Cyber Keyboard

For more information on how to add additional information or to correct an error, please email NICE.
   →  nice.nist@nist.gov.

Source:
NICE Program Office
nist.nice@nist.gov
(301) 975-5048
100 Bureau Dr.
Gaithersburg, MD 20899

National BDPA and local BDPA Chapters have broadened outreach to Historically Black Colleges and Universities and Minority Serving Institutions (HBCU/MSI) to include establishing BDPA chapters with HBCU/MSIs, CAE schools, and community colleges already certified by the National Security Agency (NSA) and the Department of Homeland Security (DHS) in research (CAE-R), cyber defense (CAE-CD), or cyber operations (CAE-CO).

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BDPA-DC/HOPE Project Tech Partnership initiative is to assist HBCU students and graduates with earning CompTIA technical certifications.  In addition to assisting with technical certification HOPE Project will assist HBCU grads with career coaching and access to our employer network. 

The program is open to any HBCU STEM Major or recent HBCU Stem Graduate.  We anticipate awarding 40 scholarships in 2021.  Candidates can select from any one of the three CompTIA certifications, A+, Network+ or Security+ • Apply now and before January 7th, 2022 with your latest resume by visiting: https://www.hopeprojectonline.com/hbcu

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To launch a new BDPA Chapter on campus, email: info@bdpa.org  today and partner with us during #BDPACon22 in Atlanta, GA August 18-20, 2022.  Visit BDPA.org to discover more . . .

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Start-Ups. Small Businesses. HBCU/MIs.
Take flight from “Grants-to-Contracts!” The United States Air Force plans to grow its venture investment substantially this year. To that end, Air Force, in partnership with National BDPA is providing step by step technology transfer workshops for start-ups, small businesses, and research institutions during this year’s Air Force STTR HBCU Virtual Collider.

Why the Future Could Mean Delivery Straight Into Your Fridge

BENTONVILLE, AR — Shopping for groceries can be a hassle for my busy family. We need to make the time to go to the store, make sure we find everything on our list (and a few things that likely weren’t), lug them home and then put them away. Sometimes this can be a fun trip, but more often, we’re either pressed for time or, worst of all, can’t make the trip, leaving us with an empty fridge that has us munching on unhealthy snacks, instead of our typical fresh fruit, vegetables and yogurt.

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So we asked the question: what if Walmart could help busy families like mine ensure my fridge was always well-stocked? What if we created a service that not only did my grocery shopping and brought everything to my home, but even went so far as to put it directly into my fridge? And, what if it was even more convenient because this “in-fridge delivery” happened while I was at work or off doing other things?

In setting out to solve this challenge, we’re excited to be testing new delivery ideas with companies like August Home. As one of the leading providers of smart locks and smart home accessories, they’re a great partner to test these new concepts, like delivering packages inside customers’ homes and putting groceries away in their refrigerators.

Here’s how the test will work: I place an order on Walmart.com for several items, even groceries. When my order is ready, a Deliv driver will retrieve my items and bring them to my home. If no one answers the doorbell, he or she will have a one-time passcode that I’ve pre-authorized which will open my home’s smart lock. As the homeowner, I’m in control of the experience the entire time – the moment the Deliv driver rings my doorbell, I receive a smartphone notification that the delivery is occurring and, if I choose, I can watch the delivery take place in real-time. The Deliv associate will drop off my packages in my foyer and then carry my groceries to the kitchen, unload them in my fridge and leave. I’m watching the entire process from start to finish from my home security cameras through the August app. As I watch the Deliv associate exit my front door, I even receive confirmation that my door has automatically been locked.

When I enter my house later that day, it’s like magic– the items I purchased from Walmart.com are waiting for me, and my groceries are nice and cool in the fridge, as if they never left their display in the store. And the best part is that I didn’t even have to unpack anything. Think about that – someone else does the shopping for you AND puts it all away. Clearly this adds more convenience to the day-to-day, but it makes the unexpected easier, too. Imagine planning a last-minute get-together and having everything you need to entertain already waiting for you inside your fridge. Or maybe you think during lunch at work that you’d like to surprise your spouse by making dinner, but don’t have time to run to the store. In the future, you could order on Walmart.com and start cooking minutes after you walk through the door.

We’re excited to be running this test in Silicon Valley with a small group of August Home customers, all of whom have opted-in to participate in testing this new concept. And we want to do more in the future by delivering groceries and other orders in whatever location works best for our customers – inside the house for some and in the fridge/freezer in the garage for others. The possibilities are endless, and we look forward to exploring how we can further serve our customers’ needs.

These tests are a natural evolution of what Walmart is all about – an obsession in saving our customers not just money but also time, making our customers’ lives easier in the process. What might seem novel today could be the standard tomorrow. This may not be for everyone – and certainly not right away – but we want to offer customers the opportunity to participate in tests today and help us shape what commerce will look like in the future.

Sloan Eddleston is Vice President, Walmart eCommerce Strategy & Business Operations

NCWF: Public Comments Due 06 JAN 17

WASHINGTON (US-CERT.gov) — The National Initiative for Cybersecurity Education (NICE) developed the NICE Cybersecurity Workforce Framework (NCWF) to define the cybersecurity workforce and provide a common taxonomy and lexicon by which to classify, code, and categorize workers.

bdpatoday | December 2016The Workforce Framework lists and defines over 30 specialty areas and 50 work roles that comprise cybersecurity work and provides a description of each. Each of the types of work is placed into one of the above listed seven overall categories. The NCWF also identifies common tasks and knowledge, skills, and abilities (KSA’s) associated with each work role. The NCWF can be used by private, public, and academic industry sectors to describe cybersecurity work and workforces, with related education, training, and professional development.

The NCWF is the output of a collaboration of more than 20 Federal departments, agencies, and numerous engagements with academic and industry organizations.

A draft update to the NICE Framework NIST Special Publication 800-181 is posted for public review, suggestions, and comments. Review with chapters to provide comments before January 6, 2017.

Visit → http://csrc.nist.gov/publications/PubsDrafts.html#SP-800-181

IT Summit and Town Hall Launch with New Tech Workforce

Helping Other People Excel (H.O.P.E.)

WASHINGTON (bdpatoday)—The H.O.P.E. Project DMV launched its inaugural IT Summit and Town Hall in the District of Columbia on Saturday, October 1, 2016. The IT Summit and Town Hall provided District residents unique opportunities to network and discuss industry trends with H.O.P.E. Project DMV alumni, IT industry experts, talent acquisition professionals, human resources (HR) managers, and project managers who run state-of-the-art  IT departments, tech support, and help desk operations.

This year’s workshop topics included, but was not limited to, the latest skills and certifications needed to land technical jobs, interviewing techniques, and the latest industry trends in areas such as Help Desk, Network Administration, and Cybersecurity. Obtaining security clearances and cultivating professional networks with community and trade associations also was presented and discussed.

16isummit7.pngTown Hall panelists (seated right to left) included: DC Workforce Investment Council Executive Director Mr. Odie Donald; Ward 8 Workforce Development Council Chair of the Board Ms. Carla Harris; U.S. Census Bureau IT Service Desk Manager Ms. Richard Honesty; and Ms. Ashley Williams, D.C. Department of Employment Services Office of Youth Programs.   BDPA-DC Chapter President, Perry Carter, provided the Town Hall’s opening remarks.

This year’s IT Summit provided unique opportunities for District and Washington-area residents to get introduced to the H.O.P.E. Project. One of America’s fastest growing award winning training programs was founded by Raymond Bell, Jr. in 2009.  It has been called “Harvard of the Hood” as hundreds of District residents successfully continue to move from Temporary Assistance for Needy Families (TANF) and minimum wage jobs directly into new technical career paths earning annual wages north of $42,000 on average in less than a year.

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Courtney R. Snowden (right), Deputy Mayor for Greater Economic Opportunity (DMGEO), was the Town Hall’s featured speaker. She highlighted how this evolutionary program continues to make positive and significant impacts for the local economy and east of the river (EOTR).

Participating HOPE students, BDPA Members, HOPE Volunteers, and HOPE Alumni provided testimonials lauding their recent success stories. As one student clearly stated, “H.O.P.E. is really Real!”  In 2017, H.O.P.E. Project DMV, HOPE Alumni, and IT industry experts will travel to major U.S. cities, taking their IT Summit and Town Hall on the road to other underserved communities and BDPA Chapter cities.

bdpatoday | October 2016

This month, nine concurrent training and certification sessions begin featuring CompTIA’s A+, Network+, Security+;  PMI’s PMP certification, and ITIL® Foundation’s certification training.

For more information, select here to visit  HOPE Project DMV’s landing page, or download your October 2016 edition of bdpatoday.  →

—Photo credits: HOPE Project DMV and BDPA-DC

Cisco to Layoff up to 20% of its Global Workforce

SAN JOSE, CA [CRN] — Cisco Systems is expected to announce the cuts within the next few weeks, as many early retirement package plans have already been offered to employees, said sources. Cisco is set to announce its fourth fiscal quarter results after the market closes later today.

cisco-focus-edtechCisco must retool digital tool sets for all vertical markets (such as education, healthcare, transportation, energy) with new people and new skills to become a smaller, leaner, and more agile company. Mark Haranas of CRN reports Cisco is laying off upward of 14,000 employees representing nearly 20 percent of the networking giant’s global workforce, according to multiple sources close to the company. These heavy cuts, which sources say range between 9,000 and 14,000 employees worldwide, stem from Cisco’s transition from its hardware roots into a new “software-centric” organization.

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— Source: CRN.com
Cover and photo credits: Cisco Systems 

SWORKIT receives $1.5M from the ‘Sharks’

D.C. firm captures largest tech startup funding in the history of  Shark Tank

WASHINGTON—Two 40-something entrepreneurs recently received the largest tech startup funding in the history of the ABC television show Shark Tank. They received $1.5 million in funding for their product, an interactive fitness app called Sworkit (which stands for “simply work it”), which provides customizable and personalized video workouts.

Not the techie types

Sworkit co-founders are CEO Ben Young and COO Gregory Coleman. They readily admit they don’t fit the pattern of the typical Silicon Valley techies, but what they do have is a unique product that received the Washington D.C. TechDay Techie Award for Best in Health Tech in 2014. A recent fitness research study by the University of Florida also gave Sworkit the highest ranking when compared to other fitness apps on the market.

A $1.5 million deal

The two owners received a deal from shark Mark Cuban of $1.5 million for 10 percent stake in their company. Both are big fans of the show and were thrilled to be invited to appear to pitch their business. Coleman stated, “We are looking forward to working with [Cuban] and learning from him while together helping Sworkit become the leading platform people turn to fitness.”

Their business goal is to be “the leading global standard for all instructional exercise.” Their Washington D.C.-based company was well on their way prior to the Shark Tank appearance. Their product earned over 10 million downloads. But they are hoping their exposure on Shark Tank will take them to greater levels.

Discover more about the Sworkit app at www.sworkit.com

— Source: Photos and article courtesy Shark Tank and blackbusiness.org
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