It’s been a busy summer Friday on the retail front, with Amazon buying Whole Foods for nearly $14 billion and Walmart announcing they’re acquiring the popular men’s online retailer Bonobos for $310 million.
Here’s our weekly pick of news items impacting the innovation ecosystem:
EdTech Investment Uptick
Our takeaway: This week, CB Insights published data showing VC investment in edtech companies has rebounded after three consecutive quarterly declines. So far this year, edtech companies have seen 219 deals raise $1.26B, already more than the total amount invested in 2013. According to the data, the industry is on track to close 500 deals this year.
FinTech Launch: Zelle Allows People To Pay People
Our takeaway: People want to pay people without cash. Big banks like JPMorgan Chase, Bank of America, and Wells Fargo teamed up to launch Zelle which enables instant money transfers directly into your checking or savings account. Zelle hopes that the service will cut down on the 1 billion cash and check payments banks process each year.
Trump Taps Tech Execs
Our takeaway: On Monday, the White House will convene the first ever American Technology Council meeting — the Administration’s attempt to accelerate innovation. Fortune reported “the event will include 10 working sessions, or ‘streams’ on a range of topics such as cybersecurity, federal talent retention, and reforming the H-1B visa program, which has been a point of contention with some CEO’s in Silicon Valley, who rely on the program for foreign workers.”