Good morning. Here’s everything you need to know.
1. Turnbull could get rid of capital gains tax for startups. The task force charged with putting together the government’s tax white paper will consider a proposal from tech industry stalwart and Coalition backbencher David Coleman to exempt startups from paying capital gains tax. Coleman says the Coalition should scrap the tax in order to “incentivise investment in start-ups over more traditional stocks and property”. Read more here.
2. Jack Dorsey is the full-time CEO of Twitter. Yesterday, the Twitter co-founder was named as the permanent CEO for the struggling social network, after stepping in as interim CEO back in July. Still the CEO of Square, he plans to do both jobs at once. While some say he is the best (and maybe only) choice for Twitter CEO, other recognise this isn’t his first crack at steering from the top. In fact he’s done it twice before — and been ousted both times.
3. SkyFii is hooking up with Lorna Jane. The WiFi provider is starting a trial with the retail brand which will see its services in six stores in Queensland, the AFR reports. SkyFii helps retailers understand their customers by building insights on shoppers’ behaviour. If the trial is successful it could roll out across the Lorna Jane franchise.
4. NAB is backing Fishburners. All the major banks want some startup action and Andrew Thorburn’s NAB is becoming a major partner for Fishburners, Australia’s largest startup co-working space. The bank says it hopes the investment – it’s not clear how much money is involved – will help it improve customer experiences. Fishburners boss Murray Hurps said: “I’ve seen a lot of innovation programs, and many companies could learn a lot from NAB’s approach. They’ll be welcomed into our team of category leading partners including Google, News Corp, Optus, PwC, Dropbox, Amazon, Xero, Cisco and BigAir.” That’s quite a list.
5. Google could have been called BackRub — not kidding. Back in 1996, before Google even existed as an entity, Page and Brin were already making up nerdy names for search engines, one of those being “BackRub.” The name was derived from the fact that the program analysed the web’s “back links” to understand how important a website was, and what other sites it related to. By 1997, Page seems to have decided that the BackRub name just wasn’t good enough and began to workshop different names. “Google” actually came from a graduate student at Stanford named Sean Anderson, who suggested “googolplex”. It was then shortened to “googol”, which is the digit 1 followed by 100 zeroes, and from there it became “google.com”.