Artificial Intelligence (AI) is transforming the way we live and work, but with great power comes great responsibility. The European Union (EU) has taken a pioneering step in AI regulation by introducing the AI Act, which aims to establish clear rules for AI systems to ensure safety, transparency, and ethical use. This article breaks down what the EU AI Act is, how it affects everyday people, and the benefits and challenges it brings.

What is the EU AI Act?

The EU AI Act, officially known as Regulation (EU) 2024/1689, was adopted to create a harmonized legal framework for AI development and deployment across the EU. It applies to AI systems placed on the EU market, whether developed within the EU or abroad【1】. The regulation follows a risk-based approach, classifying AI systems into four categories:

1. Unacceptable risk AI – Banned outright (e.g., AI used for manipulative techniques or social scoring)
2. High-risk AI – Strictly regulated (e.g., AI in healthcare, law enforcement, and recruitment)
3. Limited-risk AI – Subject to transparency obligations (e.g., chatbots and deepfakes)
4. Minimal-risk AI – Largely unregulated (e.g., AI-powered video games and spam filters)【3】.

How Does It Affect Everyday People?

Increased Consumer Protection

The AI Act prioritizes fundamental rights, ensuring that AI does not manipulate or exploit individuals. Systems that deceive users or create discriminatory outcomes will face strict scrutiny【2】.

Safer AI Applications

People using AI-powered services, such as automated hiring systems, biometric identification, or credit scoring, can expect more fairness and accountability. Companies deploying high-risk AI must conduct extensive testing and documentation【1】.

Transparency and Awareness

The Act mandates that AI-generated content (e.g., deepfake videos or AI-generated text) be labeled. Chatbots must disclose that users are interacting with AI, improving transparency in digital interactions【3】.

Benefits of the AI Act

Trustworthy AI Development

By ensuring AI systems are safe and aligned with EU values, the Act promotes public trust in AI technology, paving the way for responsible innovation【2】.

Standardization Across the EU

The regulation prevents a fragmented approach to AI governance, ensuring consistent legal standards across all EU member states【1】.

Accountability for AI Developers and Users

Developers of high-risk AI must ensure their systems comply with ethical and legal guidelines. Businesses that use AI are also responsible for ensuring their deployment does not harm consumers【3】.

Challenges and Concerns

Compliance Costs for Businesses

Small and medium-sized enterprises (SMEs) may face challenges in meeting the stringent requirements, potentially slowing down AI adoption【2】.

Regulatory Overreach?

Some critics argue that broad definitions in the Act could stifle innovation and impose excessive restrictions, especially on AI systems with minimal risks【3】.

Global Impact and Enforcement

The AI Act has extraterritorial reach, meaning non-EU companies operating in the EU must comply. However, effective enforcement across jurisdictions remains a challenge【1】.

Conclusion

The EU AI Act is a landmark regulation shaping the future of AI in Europe and beyond. By balancing innovation with ethical considerations, the Act aims to create a safer digital ecosystem for all. As AI continues to evolve, ongoing discussions and adaptations will be crucial to ensuring that technology serves humanity responsibly.

Scientific Publication Source:

1. The AI Act Regulation – Official EU Regulation 2024/1689
2. Veale, M. and Zuiderveen Borgesius, F., 2021. Demystifying the Draft EU Artificial Intelligence Act—Analysing the good, the bad, and the unclear elements of the proposed approach. Computer Law Review International, 22(4), pp.97-112.
3. Edwards, L., 2021. The EU AI Act: a summary of its significance and scope.Artificial Intelligence (the EU AI Act), 1.

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The study, conducted at Mercu Buana University, focused on financial literacy, herding behavior, risk aversion, and risk perception—four key factors that shape investment decisions. The results provide valuable insights for anyone looking to understand how young people handle their money.

1. Financial Literacy: The More You Know, The Better You Invest

One of the biggest takeaways from the study is that financial literacy has a direct and positive impact on investment decisions. In simple terms, the more you understand about money, the better your financial choices will be.

Key Number: People with higher financial literacy scores make significantly better investment decisions compared to those with little financial knowledge (p-value = 0.001, meaning a very strong correlation).

The lesson here? Financial education matters. If you want to make smart investment choices, take the time to learn about stocks, savings, and financial planning.

2. Herding Behavior: Are You Following the Crowd?

Another major factor influencing young investors is herding behavior—the tendency to follow what others are doing rather than making independent decisions.

Key Number: Investors who rely on herd behavior are more likely to make poor investment choices because they are influenced by trends rather than logic.

Why does this matter? Because following the crowd in investing—especially during market booms and crashes—can lead to big losses. Many young investors are investing simply because “everyone else is doing it,” which can be risky.

3. Risk Aversion: Playing It Safe

Not everyone is comfortable with high-risk investments, and this study found that risk-averse investors tend to make more cautious choices.

Key Number: Risk-averse investors will only invest if they believe the expected return is higher than the perceived risk (p-value = 0.007).

Contrary to the popular belief that Millennials and Gen Z are heavily invested in risky assets like cryptocurrency and speculative stocks, this study suggests that many young investors actually prefer safer investments. Risk-averse individuals from these generations tend to favor options like fixed deposits, mutual funds, and well-established stocks, carefully weighing potential risks before making financial decisions. While high-risk investments are often associated with younger investors, the data shows that risk perception plays a significant role in guiding their choices.

4. Risk Perception: Fear of Losing Money

Perhaps the most striking finding is that risk perception is the most influential factor in investment decisions.

Key Number: The fear of losing money plays the biggest role in whether young people invest or not (p-value = 0.000, meaning an extremely strong effect).

This tells us that Millennials and Gen Z carefully assess risks before investing, and many prefer safer, more predictable options. However, being too cautious can sometimes mean missing out on opportunities for higher returns.

What This Means for You

So, what can we learn from this study? Here are some key takeaways:
Education is everything – The more financial knowledge you have, the better your investment choices.
Don’t blindly follow trends – Just because your friends are investing in something doesn’t mean it’s a good idea.
Understand your risk tolerance – If you’re uncomfortable with risk, consider safer investment options.
Don’t let fear stop you – While caution is good, being too afraid to invest can mean missing out on financial growth.

For young people looking to build wealth, the best approach is to educate yourself, make informed decisions, and find a balance between risk and reward.

Want to improve your financial literacy? Start by reading books, taking online courses, and following expert advice—because knowledge is the most powerful investment you can make!

Scientific Publication Source: Rosdiana, R., 2020. Investment behavior in generation Z and millennial generation. Dinasti International Journal of Economics, Finance & Accounting, 1(5), pp.766-780.

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The Key to Survival: Innovation Meets Adaptability

The study highlights that businesses need more than just cutting-edge technology to succeed. While digital tools like artificial intelligence (AI) and blockchain are game-changers, the secret sauce lies in balancing these with human elements, such as strong leadership and motivated teams.

To achieve business success in unpredictable times, companies must strike a balance between technology and human adaptability:

1. Leadership Matters More Than You Think
   During uncertain times, organizations with empathetic, flexible leaders fare better. Leaders who value communication, trust, and team empowerment are more likely to guide their businesses successfully through turbulent periods.
2. Employees Are the Secret Weapon
   Businesses with engaged, motivated, and skilled employees adapt more easily to challenges. According to the study, organizations that prioritize employee well-being and professional growth experience higher innovation rates.
3. Digital Transformation Isn’t Just a Buzzword
   Companies that embrace digital tools not only survive, but thrive. However, it’s not about jumping on every tech trend—it’s about integrating technology thoughtfully. For instance, businesses that use digital tools strategically saw an average increase of 39% in operational efficiency, according to survey data cited in this research.

Did You Know? Numbers That Tell the Story

Here are some eye-catching stats from the study:

• 95% of businesses actively track the effectiveness of their digital transformation efforts, with many focusing on productivity, quality, and customer satisfaction.
• Small businesses are often left behind in the digital race: those with fewer than 20 employees were much less likely to innovate compared to larger firms.
• During the pandemic, agility proved vital—organizations that adapted quickly to remote work reported higher survival rates and a smoother path to recovery.

Lessons for Everyday Businesses

Whether you’re running a small coffee shop or leading a tech startup, the lessons from this study apply to you:

1. Focus on People: Invest in your team’s skills and mental well-being. A motivated workforce is more creative and adaptable.
2. Embrace Technology Thoughtfully: You don’t need the latest gadget; you need the right tools for your specific challenges.
3. Prepare for the Unexpected: Think long-term and build a culture of agility. A business that can pivot quickly will stand strong in the face of uncertainty.

Looking Ahead

As the world continues to evolve, businesses must embrace a mindset of continuous learning and flexibility. The study reminds us that success isn’t just about surviving—it’s about thriving by building a strong foundation of innovation, leadership, and resilience.

Scientific Publication Source: Florek-Paszkowska, A., Ujwary-Gil, A. and Godlewska-Dzioboń, B., 2021. Business innovation and critical success factors in the era of digital transformation and turbulent times. Journal of Entrepreneurship, Management and Innovation, 17(4), pp.7-28.

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The AI Takeover: Myth or Reality?

First things first, AI is undeniably transforming the job landscape. From chatbots handling customer queries to algorithms predicting stock market trends, machines are becoming an integral part of the workforce. But does this mean they’re here to steal our lunch? Not necessarily. While AI might automate certain tasks, it’s also creating new roles and opportunities. Remember when ‘Social Media Manager’ was a role nobody had heard of? Well, the digital age brought it to life. Similarly, the AI era will birth roles we haven’t even dreamt of yet.

The Human Touch: Still Irreplaceable

Here’s a little secret: AI is smart, but it’s not you. It lacks the emotional intelligence, creativity, and personal touch that humans bring to the table. I once chatted with a nurse who mentioned that while robots could administer medication, they couldn’t provide the comfort and understanding that a human touch could. It’s these nuances that make our roles irreplaceable in many sectors.

Future-Proofing 101: The Survival Guide

So, how do you ensure you’re not left behind in this AI-driven world? Here are some pro-tips:

Embrace Learning: The world’s changing at warp speed, and resting on your laurels isn’t an option. Whether it’s taking online courses, attending workshops, or simply reading up on industry trends, continuous learning is your ticket to staying ahead. Remember, every new skill you acquire is a step further from redundancy.

Soft Skills are Your Superpower: While AI can crunch numbers and analyze data, it can’t negotiate a business deal with tact or comfort a distressed client. Empathy, creativity, problem-solving, and effective communication are skills that are uniquely human. Cultivating these can make you indispensable, no matter how advanced AI gets.

Stay Informed: The tech world is evolving daily. Subscribing to tech news, joining forums, or being part of industry-specific groups can keep you updated. The more you know about the latest AI trends and tools, the better equipped you’ll be to leverage them in your field.

Dabble in Tech: You don’t need to be a coding genius, but a basic understanding of AI and related technologies can set you apart. Familiarize yourself with the basics, maybe take a beginner’s course in coding or AI. This not only broadens your skill set but also allows you to converse fluently with tech teams and understand the possibilities and limitations of the technology.

Network, Network, Network: In an age of automation, human connections matter more than ever. Building a robust professional network can open doors to opportunities that you might not have known existed. Plus, you never know who might provide insights or offer mentorship in navigating the AI landscape.

Adaptability is Key: The ability to adapt to new situations and challenges is invaluable. The job you’re doing today might evolve in unexpected ways, and being open to change, rather than resisting it, can make the transition smoother.

In essence, future-proofing your career is about a blend of upskilling, networking, and maintaining a mindset that’s open to change. With these strategies in hand, you’re not just preparing for the future; you’re actively shaping it.

AI & Ethics: The Balancing Act

As we integrate AI into the workforce, there’s a pressing need to do it ethically. Transparency, safety, and ensuring AI doesn’t perpetuate biases are crucial. After all, what’s the point of progress if it’s not inclusive? AI is here to stay, but so are we. It’s not about man vs. machine; it’s about man with machine. So, gear up, stay informed, and remember: the future isn’t set in code. We’re writing it, one algorithm and human decision at a time.

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Cryptocurrency Mainstream Adoption
Remember when Bitcoin was that “internet money” only a few tech nerds talked about? Fast forward, and today your grandma might be asking for crypto advice. As businesses and consumers become more crypto-savvy, it’s not too wild to predict that we’ll be buying our morning coffees with digital coins soon. Heck, companies like Tesla are already dipping their toes into the crypto pool, accepting Bitcoin as payment.

Central Bank Digital Currencies (CBDCs)
It’s not just the rebels in the finance world hopping on the digital currency train. Countries like China and Sweden are already testing their own digital currencies. Imagine a world where your government stimulus check comes in the form of digital dollars, instantly accessible and spendable.

Decentralized Finance (DeFi)
Banks? Where we’re going, we might not need banks. DeFi is like the punk rock cousin of traditional finance, aiming to cut out the middleman and put the power back in the hands of the people. Think peer-to-peer lending without the hefty bank fees.

AI and Machine Learning in Investment:
Remember when we relied on human intuition for stock picks? Cute. Advanced algorithms are now making split-second trading decisions based on vast data sets. The “Wolf of Wall Street” has no chance against the “Algorithm of Silicon Valley”. Those days are gone. If you are a quant or a trader, you know exactly what I’m talking about.

Enhanced Security Protocols
With great digital power comes great responsibility. As we move more of our financial lives online, expect to see even more advanced security measures. Think retina scans to access bank accounts and blockchain-based security systems that make traditional passwords look like child’s play.

Financial Services for the Underbanked
Tech isn’t just for the Wall Street elite. Mobile banking apps and microloan platforms are revolutionizing finance for people in developing countries. It’s a brave new world where a farmer in Kenya can secure a loan with a few taps on his phone.

Sustainability and Ethical Investing
Money talks, and these days, it’s talking about the environment. The finance sector is going green, with a massive push towards investments that prioritize the planet and its people.

Greater Regulatory Scrutiny
It’s not all wild west in the world of digital finance. As the sector grows, so does the attention from the powers that be. Expect tighter regulations, especially around the more “rebellious” corners of the financial world.

Integration of IoT with Finance
Your fridge ordering milk when you run out is just the tip of the iceberg. The Internet of Things will soon play a massive role in our financial lives, with smart devices making financial decisions based on our habits.

Rise of Asset Tokenization
Ever wanted to own a piece of the Mona Lisa? With asset tokenization, that dream might become a reality. Real-world assets, from art to real estate, could soon be divided into tokens and traded like stocks.

In conclusion, the future of finance is, and will forever be, as exciting as it is unpredictable. While we can make educated guesses based on current trends, who knows what wild innovations lie just around the corner?

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Virtual Try-Ons

Remember the days when you had to squeeze into a cramped fitting room with questionable lighting? With the use of augmented reality (AR), customers can virtually put on items like clothing, eyewear, and even makeup to see how they look on them without the need of physical presence.

Take Warby Parker’s app, for example. Their AR feature lets you try on glasses virtually, finding the perfect fit from the comfort of your home. Virtual try-ons in AR are also lowering the level of uncertainty that causes returns. Before clicking the “buy” button, you may view how a product fits and appears.

Furniture Shopping

Ever bought a piece of furniture only to realize it doesn’t fit your space? IKEA’s AR app, IKEA Place, lets you visualize how furniture will look in your actual space. It’s like having a personal interior designer in your pocket. You can test a variety of colors on any surface you like, move around your house and place everything next to your existing decor.

In-Store Navigation

Large stores can be a nightmare to navigate. But what if your smartphone could guide you straight to the product you’re looking for? AR in-store navigation is making this a reality. It’s like having a personal shopping assistant who knows the store inside out.

Enhanced Product Information

Imagine walking through a grocery store, pointing your phone at a product, and suddenly, it’s as if the product comes to life. Ingredients, nutritional facts, reviews, video demonstrations, and even a virtual chef showing you how to cook with it – it’s all there, thanks to AR. Want to know if a product is vegan, gluten-free, or locally sourced? AR can tell you that. Curious how a particular wine pairs with your dinner? AR can suggest that too.

The Next Business Boom?

If you are feeling entrepreneurial, AR is a goldmine of opportunities. From small startups crafting unique AR shopping experiences to retail giants leveraging AR for global reach, the playing field is not just leveled; it’s being reshaped. Imagine a local boutique offering virtual fittings to customers across the world, or a new tech startup providing AR-guided tours of real estate properties. In the hands of visionary entrepreneurs, AR is not just a tool; it’s a catalyst for change, driving a new era of commerce where the only limit is imagination

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The Rise of the Machines (No, Not Like Terminator )

First things first, let’s talk about what’s happening right now. Large Language Models (LLMs) like GPT-4 are becoming a big deal. They’re not just cool tech toys; they’re shaping industries, changing the way we work, and even affecting the job market. A recent paper by OpenAI (source) has some pretty wild stats that might make you go, “Whoa, what’s happening here?”

The Numbers Don’t Lie (But They Might Scare You a Bit)

So here’s the deal: Around 80% of the U.S. workforce could see at least 10% of their work tasks affected by LLMs. That’s like, your neighbor, your barista, your teacher, and maybe even you! It’s not just a small change; it’s a wave that could ripple through almost every job out there.

But wait, there’s more! For 19% of workers, half of their tasks might be impacted. Imagine walking into work one day, and BOOM, half of what you do is now being done by a machine that talks like a human. Crazy, right?

And let’s not forget about the 15% of all worker tasks that could be completed faster with LLMs. That’s like having a super-smart robot buddy helping you out, making your day more efficient.

Who’s at Risk?

Let’s get serious for a moment. High-paying jobs, particularly those that involve programming and writing, are finding themselves more exposed to the influence of Large Language Models (LLMs). The tech industry, renowned for its innovation and rapid growth, now faces a new frontier where machines can replicate tasks that were once exclusive to human expertise. Similarly, professions that rely heavily on writing and content creation are navigating uncharted waters, as LLMs demonstrate capabilities that could significantly alter the landscape of these fields.

Entire industries are also starting to feel the ripple effects. Information processing industries, where data analysis and manipulation are key, are showing high exposure to LLMs. The integration of LLMs into these sectors could lead to a profound transformation, reshaping roles and redefining the boundaries between human and machine collaboration.

Who’s Safe? (Phew, Some Good News!)

Now, for the good vibes. Jobs that require science and critical thinking skills, or those in manufacturing, agriculture, and mining, seem to be less at risk. Maybe it’s time to unleash your inner scientist or discover a passion for crafting things with your hands. Who knows?

When Will This Happen? (The Million-Dollar Question)

Ah, the big “when.” The paper by OpenAI doesn’t give a concrete timeline for the impact of Large Language Models (LLMs) on the labor market, leaving us in a realm of uncertainty. This transformation isn’t a distant future scenario; it’s a process already underway, reshaping industries and the way we work. While the lack of a specific timeline might feel unsettling, it’s not something to fear but something to embrace.

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For anyone who doesn’t like to be tied down, this is an exciting prospect, but there are some considerations to be made before going freelance. When you are essentially hired at-will, planning will be key as you will need to consider the need for insurance, how you will market yourself, and how this change will affect your finances. With that said, there are some exciting prospects in freelance tech that we will discover below.

The Tech Industry is Turning to Freelancers

When the COVID-19 pandemic hit American shores, it made a major impact on our economy and how we do business. Companies that couldn’t transition to a remote workforce were forced to let go of essential employees. While things are starting to look up, many industries have stuck with the remote routine and many are hiring freelancers. This isn’t just a fluke either, as it is estimated that by 2028, 45% of tech roles will be freelance.

Freelance workers are desired for many reasons. For one, technology is always changing, and companies never know when a new issue will come up that their existing IT team is unfamiliar with. In these situations, a freelancer with specific expertise can swoop in and assist until the problem is solved. Freelance work is also good for companies that are starting a project that has an end date. They can hire who they need until the project is complete.

For companies that are just getting off the ground but don’t have the funds to hire a full-time tech pro, freelance is a no-brainer. They can hire someone for the short term to set up their infrastructure, employee profiles, and verify that all systems are ready to go. For current freelancers, this could be a good way to show off your skills and get your foot in the door for future work with that organization.

Considerations for Freelancers

Another major advantage that tech companies achieve by hiring freelance workers is saving money by not providing the benefits and perks that they pay to their permanent employees. Unless stated otherwise, freelance workers won’t receive health insurance, sick and vacation time, or other expenses that we often take for granted when working out of the office. Because you will only essentially be receiving a paycheck and nothing more, you will need to look at other ways to get health insurance, which may be through the employer of your significant other or an insurance exchange.

As a freelancer, you will need to work twice as hard as a regular applicant to find work. To find steady employment, you will need to market yourself by creating a website, sending out emails to potential companies, and joining social media sites like LinkedIn to network with those you know and have worked with before. You will also need to make time to create and send out billing invoices, follow up with those who have yet to pay and file your taxes as an independent contractor.

Another consideration you will have to make is how your career as a freelancer will affect your credit. Many lenders may consider the fact that you are a freelancer before approving credit or a loan, with the primary reason being that you cannot guarantee that you will always be employed to pay back what you owe. If you currently have a low credit score, you may be turned down when it comes time to buy a house, so if you are planning to do so in the future, you may want to wait until your credit improves before going freelance. When you have your finances in order, take the plunge.

High-Paying Prospects

While you may have to pay a bit more for insurance and put more money away in savings, many tech jobs pay handsomely and make up for those costs if you have the skills. Some of the most sought after and highly paid tech skills in the freelance market are on this list and include experience with image object recognition, virtual machines, and Google Adsense API, among others. Freelancers with experience and knowledge of one or several of these areas would be wise to add them to their resumes immediately.

One of the most highly sought after skills on the list is bitcoin, and those experienced in this area, along with blockchain technology, can make upwards of $215 per hour. There are many career opportunities available for those with knowledge as tech companies are looking for everything from blockchain developers and project managers to quality engineers to make sure the process is done right. This is just the tip of the iceberg as many see blockchain to be the future as it will soon be used in the finance, healthcare, and gaming industries. 

As hackers and cybercriminals evolve, there is an increased need for security experts and consultants to backup and protect systems against cyberattacks. Security experts can earn over $100,000 a year or more as they jump from company to company. There are multiple positions under the cybersecurity umbrella, including the role of a security architect, malware analyst, IT engineer, and more. All of these positions are challenging and constantly changing but are also very rewarding.

If you ever wanted to become a freelancer within the tech industry, this is the time to do it. With many opportunities and plenty of money to be made, it might be the best career choice you ever made.

Luke Smith is a writer and researcher turned blogger. Since finishing college he is trying his hand at being a freelance writer. He enjoys writing on a variety of topics but technology and entertainment topics are his favorite. When he isn’t writing you can find him traveling, hiking, or gaming. You can find Luke on Twitter @lukesmithwrites

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Before we get into the details of how Instagram came to be, let us talk a little bit about Kevin Systrom and Mike Krieger and how they got to meet each other.

Kevin Systrom

Kevin Systrom was born on December 30 1983 in Boston. His father worked as a human resources executive, while his mother worked in tech. Kevin was always keen to photography. During his highschool years he even participated in some photography classes but he wasn’t that good, as he puts it:

“..Yeah, I’m not sure I was a good photographer. I’m not sure I’m a good photographer now either, by the way. My employees are always like, “Your photos are okay.” But listen, running a company and being a good photographer are two different skill sets. I’m not saying I’m good at either but listen, one of them’s working. “

Systrom was planning to study computer science but as soon as he arrived to Stanford University, he decided to switch majors to management science and engineering. Right before his senior year at Stanford, Systrom took an internship at a company called Odeo. Odeo was founded by Evan Williams, who went on to create Twitter. Twitter CEO Jack Dorsey was also working at Odeo at the time, and he and Systrom became good friends. After graduating, Systrom worked at Google for a few years before leaving to work at another startup called Nextop. Nextstop was acquired by Facebook in July 2010. By that time Systrom was already working on his own app and was in search of a co-founder. That’s where Mike Krieger comes in. Kevin and Mike knew each other from Stanford. Kevin thought that Mike was a perfect fit for what he was planning to launch. It wasn’t long since he decided to ask Krieger to become a co-founder at Burbn, Systrom’s first app which later became Instagram.

Mike Krieger

Mike Krieger was born in Sao Paulo, Brazil and came to the US in 2004 to study symbolic systems at Stanford. During his Stanford years, he interned at Microsoft. Krieger specialized in Human Computer Interaction and wrote his Master’s thesis on how user interfaces can better support collaboration on a large scale. After graduating, he worked at instant messaging firm Meebo for a year and a half as a user experience designer and as a front-end engineer.

How did they meet

In 2010 Kevin Systrom and Mike Krieger begun working together. Little did they know,they were about to go on a journey that would change their lives forever.

Before Instagram was even a concept, Systrom was already working on his own app, which he initially named Burbn after his favorite spirit. Like many other apps at the time, Burbn was a check-in app. More precisely, through Burbn users could check in at particular locations, make plans, earn points for hanging out with friends and post pictures of the meet-ups. At the time, there was an overwhelming hype for apps of that kind. That’s why venture capitalist Steve Anderson of Baseline Ventures decided to invest $250,000 in Burbn, even though it was still in its early stages. Marc Andreessen and Ben Horowitz contributed another $250,000 in the same round.

It was at this point that Systrom decided that he was in desperate need of a co-founder. Soon after convincing Krieger to come onboard, the young founders realized that something wasn’t quite right. Burbn wasn’t able to get the traction they were initially hoping for. It soon became clear that in order for their app to succeed, change was necessary. Having this in mind, Kevin and Mike decided to scrap the original idea and focus on one that simply displayed pictures, and thus Instagram was born.

A true inspiration moment took place while Systrom was on vacation with his wife, Nicole. Here’s how Systrom explained it to the Telegraph:

We were walking along the beach and I said that we needed something to help us [the company] stand out. Nicole then said, “Well, I don’t want to take photos, because my photos don’t look good. They’re not as good as your other friend Greg’s.”
He was also using the early product [Burbn]. I told her that was because Greg used filter apps. So she just said, “Well, you should probably have filters then.”

Source: Telegraph

Then it hit him. Why did they not think of this sooner? It was a brilliant idea. First chance he got, Systrom sat down to make a filter and add it to their app. The first one, called X-Pro II, is still used in the app today.

Instagram launched in Apple’s App Store in October 2010. When the app went live, more than 25,000 people downloaded it in the first 24 hours, crashing Instagram’s servers. What followed was a massive acceleration rate, never seen before at the time. The app was gaining thousands of new users every day. Just a month after its’ launch, Instagram had grown to 1 million users. The massive success of Instagram caught the attention of Mark Zuckerberg, the founder and CEO of Facebook. In April 2012,Facebook acquired Instagram for $1 billion. Kevin Systrom continued to operate as the CEO whereas Mike Krieger became the CTO.

Instagram under Facebook’s umbrella

Despite being owned by Facebook, Instagram was promised autonomy and for a long time this was the case. Taking advantage of Facebook’s resources while at the same time remaining faithful to their original character and identity, Instagram continued growing year after year. In 2018, Instagram announced that it had finally hit a billion users worldwide, making it one of the most popular social networks.

As the popularity of Instagram continued growing, so did Facebook’s efforts in taking control over the app. Mark Zuckerberg began disregarding the initial promises of complete autonomy and constantly tried to force Facebook into Instagram one way or the other. This has reportedly lead into clashes between the the founders of Instagram and Mark.

In September 24, Kevin Systrom and Mike Krieger published a statement on Instagram announcing their departure from the company.

Today Kevin Systrom and Mike Krieger have a combined net worth of 1.7 billion dollars. What’s next for this creative duo of entrepreneurs? I’m sure it won’t be long since we find out.

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Remember when the world was obsessed with cryptocurrency? I’m sure you do. It was only a few months back after all. Everybody was talking about how cryptocurrency is the new gold and why we should all invest into it as soon as possible. It was the hottest conversation topic online. But all of a sudden, it seems like the majority of the world has gone quiet.

False Expectations

Investing in cryptocurrency was the smartest move to make, according to many, since it provided a way of making a lot of money without any particular effort. It was the lazy man’s way of becoming rich, fast. What’s not to love about this idea? Unfortunately, the truth hit hard for the majority of cryptocurrency investors. Their expectations were never met. They didn’t become rich and in most cases they even lost money. Their colossal disappointment is mainly the reason for their sudden silence.

Cryptocurrency Today

Despite the general excitement, many analysts claimed that cryptocurrency followed a well known path that looked a lot like a bubble. Although not many people wanted to hear what the analysts had to say, it seems like the bubble has indeed burst and that is visible on the progress of the most popular cryptocurrencies.

We have collected the charts of some of the most popular cryptocurrencies from coinmarketcap.com. They all seem to follow the same “bubbly” pattern.

My Experience

I’m guilty of riding the cryptocurrency hype train myself, since I invested into Bitcoin, Ethereum and Litecoin. Although I didn’t invest much, I still lost almost half of my money.
Specifically I began with €122 and I’m currently left with just €72 in my account. Sadly, there were people that lost a lot more than I did.

Does this mean the value of cryptocurrency will continue dropping? No, not necessarily. How the price of cryptocurrency is going to change in the future is a mystery to everyone really. One thing is for sure, cryptos are not an easy way to become rich fast and anyone that decides to invest in them should proceed with a lot of caution.

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