The Upside Roundup - 5 Things I Like This Week, October 9
Remote Work in Paradise, Burger King’s Quest For A Michelin Star, and the Business of Vending Machines
Another step in the development of a true high-speed transportation system was unveiled when Virgin Hyperloop One unveiled its plan to build a $500 million testing center in West Virginia. The certification center will be the first of its kind, serving as a hub for testing, developing, and validating the technology required for the hyperloop system. There’s been plenty of hype and anticipation about a transit system that would connect all parts of the United States through a high-speed rail, but those dreams are still pretty far away. The company still needs hundreds of millions of dollars of funding to get the land while satisfying safety requirements. The goal is to reach safety certification in 2025 and begin work on commercial operations by 2030. The mechanism has never been tested with human passengers, and the top speed that has been recorded with the system has only reached 240 mph, a far cry from the goal of 700 mph. The facility will be built on 800 acres, with West Virginia beating out 17 other states to earn the rights for the center. Here’s five other things I liked this week.
1. What Working Remote In Paradise Is Really Like
· Caribbean countries like Barbados and Antigua have been offering massive incentives to promote remote workers to spend extended amounts of time in their countries. This comes as a result of a heavy reliance on tourism, which has been nearly completely eliminated. These economies are getting creative in their attempts for stabilization. With these countries struggling to stay afloat, they are forced into using financial benefits like zero income taxes as a way to get foreigners to live and work there. Before the pandemic, only 7% of Americans regularly worked remotely, but that number has swelled to 67%, according to Gallup research. With remote work becoming a mainstay, location becomes less of an anchor to stay somewhere. So, why not work from a picturesque beach? For one, basic services like internet connectivity have proven to be mediocre in the Caribbean.
2. Saturday Night Live Is Now Paying Its Audience
· In order to comply with New York City coronavirus guidelines, Saturday Night Live paid members of its audience $150 to attend the season premiere hosted by Chris Rock last weekend. They will continue to do this for at least four more episodes this month. Under current COVID-19 restrictions, media productions can only take place with an audience if they are paid employees of the production company. NBC followed the rule by paying for its live studio audience, which had no knowledge of the arrangement until after the show was over. Rockefeller Center where SNL is taped will only have an audience at 25% capacity and will never exceed 100 people. The state has put in place clear measures for how live audiences in venues like restaurants, bars, and concerts should be organized, and Saturday Night Live is doing everything it can to follow the guidelines and ensure an audience, which will cost around $10,000, will be in attendance.
3. Burger King Pleads For A Michelin Star
· The Michelin guide began in 1926 and has become a defining metric of accomplishment in the restaurant industry. Normally designed for only the most extravagant dishes and restaurants, an unexpected player has vied for its attention. Burger King Belgium has made a shameless request to the inspectors of the “famous Red Guide” by offering its Master Burger for consideration of one of its coveted stars. In an open letter to the Michelin reviewers, CEO Kevin Derycke suggests that the un-fancy ambiance of Burger King is actually something of an edge. He says, “How many places does your little red book have that serve exceptional dishes that are on the table in five minutes, and where you don’t have to book three months ahead?” According to Trip Savvy, Michelin stars are awarded based only on food and personality of the chef, and they even offer a “bib gourmand” award for restaurants serving good food at a low price. The latest version of Michelin Belgium will be announced on November 1.
4. T-Rex Fossil Auctioned for $30 million
· Stan, a legendary T-Rex fossil, was sold for $31.8 million on Tuesday. The auction, which took place at Christie’s auction house in New York, quadrupled the previous record for the price paid for a dinosaur. The namesake for the fossil comes from the paleontologist Stan Sacrison, who uncovered the remains in South Dakota in 1987. Since the first fossil of a Tyrannosaurus Rex was first discovered in 1902, only 50 have been found. The Black Hill Institute of Geological Research (BHI) reports that the T-Rex had been through some violent combat with other dinosaurs. The fossils showed evidence of a broken neck and a scar on its skull the size and shape of a typical T-Rex tooth. The size of the fossil is 13 feet high and 40 feet long, and experts believe the dinosaur would have weighed close to eight tons when it was alive 67 million years ago. It took over 30,000 hours for scientists to excavate and assemble the 188 bones of the dinosaur, which now belongs in the hands of an unknown purchaser.
5. The Underrated Potential of Vendor Machines
· Trying to break down the profit potential of running a vending machine enterprise might sound as interesting and exciting as watching paint dry, but It’s proven to be a viable way for many to earn passive income. The vending machine ecosystem in the United States has a low barrier of entry and is deceptively large, with over $7 billion generated annually in revenue. There is no dominant player in the market, with the industry littered with small-time operators that make an average of $300 per month per machine, according to a survey done by The Hustle. Starting a vending machine business offers many benefits for those looking to get creative, including low overhead, – all you need is a machine, which usually costs in the low four figures – flexibility of work hours, and healthy margins. Building a business in this domain does present its fair share of challenges, however, including the logistics of hauling a machine and finding a profitable location that hasn’t been taken yet.