In Your Corner Magazine | Fall 2024

In Your Corner ISSUE 17 | 2024 CHAMPIONING THE BUSINESSES BUILDING CALIFORNIA

Tomorrow starts in California

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In this issue ISSUE 17 | 2024

SILICON SOCIETY How California’s tech boom shapes its culture and people

CALIFORNIA UPSTART The Golden State continues to be fertile ground for tech enterprise and innovation

VENTURE CAPITAL: YES OR NO? Essential steps to funding your big idea

HELP PROTECT YOUR BUSINESS Five essential strategies to help safeguard your finances CONVENIENCE VS. CAUTION Navigating the pros and cons of modern technology HOW TO LAND A JOB IN TECH Preparing for a future with tomorrow’s tech giants

EXPLORE YOUR OPTIONS HELOCs and personal loans explained

UNDER THE SUN Is solar energy still a viable option for California homeowners?

MILLENIUM SYSTEMS INTERNATIONAL Tech leader revolutionizes the beauty industry

MY TECH ACADEMY Los Angeles business owner aims to bridge the digital divide GENERATION IX Family-owned company transforms into IT powerhouse TAKE 5 Q&A with Ryan Malstaff, Senior Vice President and Treasury Management Sales Manager at California Bank & Trust

PUBLISHER California Bank & Trust (CB&T) EVP | DIRECTOR OF MARKETING Jathan Segur

COMMUNICATIONS OFFICER | MANAGING EDITOR Tom Stacey

MAGAZINE CONSULTANT Michelle Jacoby

VP | FEATURES EDITOR Kathryn Guinn

CONTRIBUTORS Aram Anthony, Julia De Simone, Bruce Farr, Debra Gelbart, Angela Muniz, Jake Poinier

VP | CREATIVE DIRECTOR Ron Gligic

SENIOR DESIGNERS Nathan Joseph and Diana Ramos

In Your Corner magazine may contain trademarks or trade names owned by parties who are not affiliated with California Bank & Trust, Zions Bancorporation, N.A. or its affiliates. Use of such marks does not imply any sponsorship by or affiliation with third parties, and California Bank & Trust does not claim any ownership of or make representations about products and services offered under or associated with such marks. Articles are offered for informational purposes only and should not be construed as tax, legal, financial or business advice. Please contact a professional about your specific needs and advice.

IN YOUR CORNER ISSUE 17 | 2024

BY BRUCE FARR

How California’s tech boom shapes its culture and people

SILICON SOCIETY WHILE THE IMPACT of the technology boom on the state’s economy has been discussed at length, less examined is how much of an impact high tech has had on the people who live here and the culture they inhabit. To begin, it’s almost universally known that California is the world’s fifth-largest economy. In fact, the Golden State’s economic output is larger than that of the United Kingdom, India and France. What’s equally astonishing is the fact that nearly $482 billion of the state’s annual gross domestic product (GDP)—almost 19% of its total—is generated by its information technology sector. And, if we’re counting heads, there are nearly two million workers employed in high tech, making the state the epicenter of the ongoing technology revolution.

Nvidia’s Voyager building on its Santa Clara campus

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Tech central Silicon Valley—the region around San Francisco and southward, into the Santa Clara Valley—is home to some of the world’s most prestigious technology companies, including the venerable Apple, Alphabet (the parent company of Google), and emerging AI giant Nvidia, a Santa Clara-based company that most recently became the world’s most valuable corporation, dethroning tech heavyweight Microsoft. In fact, 11 of the Fortune 100 companies and 53 of the Fortune 500 are headquartered in the state. As the influence of technology and innovation expands to virtually every sector of the state’s

Personal perspective Amy Laub works as privacy counsel for Airbnb, the online marketplace for short- and long-term homestays. Based in San Francisco, Laub’s role involves drafting policy and counseling product teams to aid them in conforming with privacy regulations across the entire spectrum of Airbnb’s global business. Her career, like that of so many other professionals of her generation, veered into technology as the market for jobs in the greater tech industry blossomed. And to say that her California tech exposure is well-

economy, there’s a growing awareness of the need to enable more Californians to actually participate in the innovation economy. In “The Future of Advanced Technology and Basic Research,” a report authored by a team of scientists and researchers working under the banner of the California 100, the authors note that regarding the California populace, returns on investment in skills are continuing to grow, deepening digital divides shaped by region, race, language, ability, gender and other systemic factors. “While the state has embraced diversity in many

rounded would be an understatement. Over the past several years, she’s done extensive legal work for Meta, the multi-national tech conglomerate based in Menlo Park that owns and operates Facebook, Instagram, Threads, and WhatsApp, among other products and services. She’s also performed legal work for Cisco, Amazon and Apple. “I began my legal career in New York, in real estate,” she recounts. “In 2006 or so, I got involved in working on a case for a technology entrepreneur who had owned and built a successful tech enterprise, and I found it much more interesting. It was new, very cutting edge and challenging for me. Ultimately, it became one of the reasons I moved to California. Even that relatively short time ago, California was the hub of tech enterprise that it continues to be today. It was where the jobs and all the excitement were.” Such focused experience has shown Laub how technology has impacted not only the current business climate in California, but also how much it’s affected the very culture and identity of the state. For one (although she offers the caveat that she isn’t an economist), she recognizes that the higher-paying jobs in technology are helping to infuse more money into the economy. “The ripple effect, if you will, is more of a trickle-down effect—it feeds on itself, allowing for more technology and innovation, helping to keep people in the state, and keeping the heartbeat of technology here by increasing wages,” Laub explains. “Of course, it stands to reason that people would have a desire to be where the good jobs are—that’s what, in part, lured me here. And that reinforces the challenge of keeping the talent locally in the state.”

“Because a lot of these companies in the tech field attract top talent with very diverse skillsets, the culture [in the state] has become global; it draws a lot of diversity, racially and culturally.” Amy Laub Privacy Counsel, Airbnb

ways… the ‘California Dream’ remains out of reach for millions in the state today—whether measured by health outcomes, unaffordable housing, or massive disparities in income and wealth.” To put it reductively, has the technology explosion been good for California and its people, or not?

IN YOUR CORNER ISSUE 17 | 2024

Google Bay View Campus in Mountain View

high cost of living as one of the factors influencing the evaporating pool of talent. “A lot of people who are considering moving to California say that they wouldn’t make the move unless they had a higher-paying job, because it’s no revelation that things—products and services—in the state cost more.” She’s not off the mark. According to RentCafe, an online housing and rental authority, the cost of living in California is 38% higher than the national average. Even more startling, however,

Talent drain? On the talent issue, Laub says that a diminishing talent pool is one of the looming issues the state is grappling with right now. “Retaining skilled workers is, in my opinion, one of the most challenging things facing the tech industry. In part, because of the shift to remote workplaces over the past few years, I think it’s had the effect of spreading out talent in a wider range than it used to occupy, and that’s created some hurdles,” she says. But statistics indicate that California’s tech talent isn’t merely spreading out. Rather, it’s packing up and leaving. A recent article in the San Diego Union-Tribune reported that, according to the most recent update from the U.S. Census Bureau, California had a net population loss of about 750,000 in 2021 and 2022, with far more people abandoning the state than moving here. A similar analysis in the Los Angeles Times reported that those leaving aren’t just low-income individuals and families deeply motivated to find cheaper places to live.

is how much it costs to buy a house in the Golden State. Again, compared to the national average, housing is 97% more expensive. Diverse and inclusive Despite some of the challenges California is facing, there’s an abundance of positivity surrounding many of the lifestyle aspects that the state’s high-tech culture influences and offers. For one, as Laub says, “I think because a lot of these companies in the tech field attract top talent with very diverse skillsets, the culture [in the state] has become global; it draws a lot of diversity, racially and culturally.” Few places in the world offer more cultural diversity than California. A visit to any of the state’s major cities is like taking a masterclass in experiencing some of the most remarkably ethnic neighborhoods in the country, all of them spilling over with a plethora of exotic restaurants, shops, museums and cultural exhibits. The effect is to expand our knowledge and appreciation of the global melting pot that the Grand American experiment was designed to impart. “The most experimental

“For two consecutive years,” the article states, “more than 250,000 Californians with

at least a bachelor’s degree moved out, while an average of 175,000 college graduates from other states settled in California.” Laub cites the state’s increasingly

part of the United States is California,” says Roberto Suro, a professor of public policy at the University of Southern California. “Right now, we’re engaged in a phenomenal experiment of trying to see how a very

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diverse, very complex society creates a 21st century economy that has some equality to it.” Regulatory roadblocks On the topic of public policy, Laub cites California’s strict regulatory environment as having an impact on many of the state’s residents and business owners. “As a privacy lawyer, the biggest challenges I see are the data privacy regulations, the regulatory landscape, all the

protecting sensitive personal information, tripling fines against companies that violate children’s data, establishing an enforcement arm for consumers and making it harder to weaken privacy laws in the future. Close to home One aspect of living in such a “high-tech, high-touch” environment as California that will never lose popularity is the state’s numerous lifestyle amenities that the tech life offers. Laub cites a couple that will hit home for many Americans, regardless of where they live. “I spoke to a friend on the East Coast not too long ago who remarked to me, ‘Who ever heard of Zoom before COVID?’ I had to admit to her that I certainly did—we used it all the time here, long before the pandemic. “And, along with Zoom, another impact technology has had on the local California culture is our ability to flex our schedules so much more than we could previously. In California, it’s been kind of normal for us to be living in this kind of dressed-down, flexible environment and I think that’s slowly been adopted throughout the rest of the country.” Laub continues: “I think California is ahead insofar as it regards technology. It follows the statement that if you want to see where the country is going, then take a look at California. I remember when the COVID crisis first hit and people all across the country were struggling with the idea of where and how to return to work. Here—especially with tech—it was just ‘let’s turn the page. We already do this [work remotely] once or twice a week, so let’s just move to do it five days a week.’ That’s life in California.”

policy changes that are required and the ones that are forthcoming,” she says. “There’s a big push to break up what the government sees as monopolies in the big tech companies out here, so I think there’s also a negative bias toward some of these companies that the government is fighting.” Laub is especially right when it comes to consumer protection— and the regulations

“I think California is ahead insofar as it

regards technology. It follows the statement that if you want to see where the country is going, then take a look at California.” Amy Laub Privacy Counsel, Airbnb

that spring forth from it. It’s increasingly problematic for tech companies or, for that matter, any business seeking to operate in the state. In fact, data shows that, year after year, California has been the most

heavily regulated state in the country. Bloomberg Law, a leading authority on regulatory issues throughout the country, reports a similar regulatory- related challenge: “As the first comprehensive consumer privacy legislation in the U.S., the California Consumer Privacy Act (CCPA), as amended by the California Privacy Rights Act (CPRA), is having a profound impact on the privacy and data security landscape and changing the way companies do business.” Rolled out just four years ago, the relatively new law is designed to give Californians the strongest online privacy rights in the world, including

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California upstart

The Golden State continues to be fertile ground for tech enterprise and innovation

BY BRUCE FARR

I N LATE 2008, when Jason Schmidt decided to uproot his life in New York City and move to California, he reasoned that the course of his career as a young technology entrepreneur could be vastly enriched in the Golden State’s fertile tech environment. He wasn’t mistaken. With some hindsight, Schmidt—now 54, and living and working in the San Francisco Bay area— can be regarded as a quintessential model for the many thousands of young technology-focused professionals who, over the past several decades, migrated to California from all over the U.S. and virtually every corner of the globe. Today, he is firmly ensconced in the ambience and culture of the state, with its focus on vision, diversity and innovation. Among many other superlatives, California has come to lead the world in its remarkable density of technology firms.

Where it all started Schmidt was drawn to California at precisely the time the state was burnishing its reputation as the country’s—and even the world’s—most prolific developer and operator of technology products, systems and companies. If ever there was a place that could be called “home to tech,” California was it. Countless companies that now dominate the global digital landscape had their beginnings in California garages and basements, in the hands and minds of visionary tech tinkerers. Going back to 1939 (almost prehistoric in the lightning-like pace of technology innovation), Hewlett-Packard got its start in a 12-by-18 foot garage. Likewise, in 1976, Apple Computer Inc. was founded in a similar space by two college dropouts. Schmidt was steeped in those archetypal stories and realized the importance of location in emerging technology. “I started my company in New York,” he

“I wanted to bring [my company] into the environment of other technology companies, and learn myself about how they grow and scale their technology in the best possible way toward success. This [Silicon Valley] was the absolute best place to do that.” Jason Schmidt, Tech entrepreneur

IN YOUR CORNER ISSUE 17 | 2024

notes, “but I wanted to bring it into the environment of other technology companies, and learn myself about how they grow and scale their technology in the best possible way toward success. This [Silicon Valley] was the absolute best place to do that.” The right stuff Over the decades, California had become the country’s locus of technological innovation, enterprise and development. In the 1970s, the state underwent perhaps its most consequential shift when Silicon Valley became the hub for profound technological change. Especially focused in the San Francisco Bay area and farther south in the Santa Clara Valley, the “digital revolution” fomented a culture of innovation and entrepreneurship unparalleled in the modern world. For its part, the state’s southern region (around Pasadena) became the center for more hardware- related tech industries and organizations, among them, Caltech, NASA’s Jet Propulsion Laboratory, and Northrop Grumman. As Francis J. Gavin, an historian and Giovanni Agnelli Distinguished Professor at the Johns Hopkins University School of Advanced International Studies in Washington, D.C., describes it, “[The digital revolution] didn’t simply do things such as increase computing power and capabilities, but—first through Apple—began to put these tools in the hands of individuals, rather than at the service of larger organizations. It also connected

these technologies to increased levels of access to information, unmediated through the state or other institutions, providing individual independence and communication.” On the rise Gavin might as well have been speaking directly about Schmidt, who describes his success as a digital acolyte. “It’s because I started in the era when cloud computing was first introduced, when it vastly changed how rapidly and inexpensively startups could get up and running across an unlimited spectrum of use cases, to build and scale digital businesses, bringing them to a global audience in weeks, rather than months or years.” Schmidt started his video platform enterprise using a leased Rackspace server and, six months later, migrated all his software to a new, then-barely understood cloud architecture called Amazon Web Services (AWS). AWS happens to be the same infrastructure that was used to build the now world- beating tech conglomerate, Amazon.com. “Back then, AWS billed me for computing, storage and a slate of other services, charging by the minute, and I took advantage of that arrangement to scale up and down my operation in real time, all of it automated, based on my customer demand,” Schmidt points out. “Cloud computing as such was a game- changer for me and thousands of other startups, and has become ‘de rigueur’ for both startups and long- running, successful enterprises alike.”

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These days, Schmidt works for VISA designing front-end applications for mobile, web and all form factors, even gaming. “We help envision the way a consumer or business user will interact with the application, and then if we decide to go to market with it—if we actually launch it—then we’ll work very closely with the product and engineering teams to bring it to life and launch it.” To launch or not to launch It’s certainly a glorious part of California history, but is it still possible to launch and bootstrap a tech- oriented company in the manner that thousands of young technology wizards did in decades past? After all, the speed of change that surrounds technology can be mind-numbing and, by its very nature, tech always strives to upend the status quo and build something better. “Yes,” Schmidt says. “Excluding hardware, it is infinitely easier to build

tons of optionality for customers.” What’s considerably altered from the original is the actual path—the steps one needs to take—to found a tech startup in 2024, as compared with what was done in the ’70s. Schmidt and others believe that the key to a startup succeeding today is to put user experience first as a key differentiator, and then build the tech to support that user experience. “Again, it’s because, in this day and age, tech has become a commodity,” he says. Lessons learned The experience of thousands of tech entrepreneurs serves as a vital how-to manual for today’s startups. Good and bad, these lessons learned are a critical component of potential success. “In my experience, after targeting the user- experience factor, founders need to employ aggressive, relentless, grass-roots marketing to gain attention, grab customers and build engagement on their product.” Schmidt advises. “It will help them grow scale very fast, ideally doing it in a stealthy way before the competitors and incumbents identify them as a threat, to compete with or acquire them. It’s a tenuous balance to get this right and, frankly, it’s nearly impossible for the average person, which explains the ocean of failed startups.” Schmidt warns that pursuing a career as a digital startup founder in California or any other tech- centered locale isn’t for the faint of heart. “You need to work your butt to the bone, forget about work-life-balance, be strategically brilliant and, finally, lucky. And you need to do it believing against all odds that you will be successful where many others have failed.” Of course, with all the attendant caveats, hundreds of California tech entrepreneurs are putting everything on the line every day to start new companies—and many of them are succeeding. “It’s still the work of a very small team that can build and succeed in developing software,” Schmidt opines. “I really enjoy working with a bootstrap team. I think it has the best possible chance of success, where you’re not burdened with lots of people and politics. When there’s basically three to six people working on something, and they’re all extremely good at what they do in their respective areas, I still feel that it’s the most exciting and fulfilling thing that one can do.”

and launch a software product today than it was in,

say, the late ’90s and early 2000s, when companies like Google, Facebook, and Amazon got started, precisely because of cloud computing and platform services.”

On the other hand, as he points out, it’s also infinitely more difficult to succeed commercially with a digital enterprise today. “Founder competition has ballooned, thanks to the lower barriers to entry, reduced costs of the infrastructure and the near infinite scalability offered by cloud services,” he explains. “Mind you, it’s still not easy and requires tons of knowledge, but it’s all relative by comparison. The founder’s challenge today is competing with the brand moat of many incumbents, and gaining traction in both the enterprise (B2B) and consumer spaces due to a new breed of competition creating

IN YOUR CORNER ISSUE 17 | 2024

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Venture capital: yes or no? Essential steps to funding your big idea

BY JAKE POINIER

W HEN IT COMES TO WAYS of raising money for a business, perhaps nothing is more American than venture capital. After a slow 2023 in mergers and acquisitions and IPOs, it’s estimated that U.S. venture capitalists are sitting on more than $300 billion to deploy into high-potential startup firms. “There are a lot of great ideas out there and it’s hard to get money, so you want to have a system that facilitates that without the entrepreneur having to risk everything themselves,” says Ludwig Chincarini, a professor at the University of San Francisco in finance and economics. “Kleiner-Perkins pioneered the idea of venture funding in Silicon Valley with Genentech, and it’s one of the reasons America still has so many startups to this day compared to Europe, where it is less accepted.” If you hear the words “venture capital” and think Shark Tank, however, you might need to change the channel. “Shark Tank isn’t what happens in the real world,” Chincarini says. “I’ve never seen anyone ask for 50% of a company, and most companies that go

on the show wouldn’t be appealing in the venture capital world. Most companies gain exposure, some needed money, and some guidance for a relatively straightforward idea, rather than because they have a huge idea.” Two sides of the VC coin Chincarini has spent his career in the trenches in the financial industry, advising hedge funds and money manager

“It can’t be just that you need the money. The other party needs to see big upside, and both sides need to tango.” Ludwig Chincarini, Professor of Finance

and Economics, University of San Francisco

firms, and writing books such as “The Crisis of Crowding,” about the 2008 financial crisis, and “Quantitative Equity Portfolio Management,” a reference for money managers. He helped launch

IN YOUR CORNER ISSUE 17 | 2024

several successful exchange- traded funds and helped build a brokerage firm. And as an active member of an angel group who has also made pitches to venture capitalists, he understands the investment dynamic far beyond academic theory. “Many businesses need a substantial amount of capital to get started, and it’s usually the ones that have big, innovative ideas rather than existing frameworks,” Chincarini says. “For example, a restaurant is a fairly straightforward business that wouldn’t ask for venture capital.” Would-be seekers of venture capital need to understand the first side of the coin is the amount of money needed to succeed—

pitch to,” he says. “It’s about getting in the door, as well as getting the money. For example, when I was raising money a few years ago, a lot of doors opened, not necessarily because I knew a lot of people, but because my background

“Many businesses need a substantial

amount of capital to get started, and it’s usually the ones that have big, innovative ideas rather than existing frameworks.” Ludwig Chincarini, Professor of Finance and Economics, University of San Francisco

looked good—and even then I had to be relentless, calling, emailing, and so on.”

A venture capital firm will assess the founders, the potential of the

industry or market, and the opportunity for an idea to make money—but it’s far from an exact science. “Sometimes it’s hard to recognize what is worthy of an investment,” Chincarini notes. “For example, Tom Perkins, who was the godfather of venture capital in Silicon Valley, sometimes missed them, as well. When Steve Jobs and Steve Wozniak first went to Tom, before they started Apple, he refused to fund them. Part of the reason was their appearance [he thought they were dressed like homeless people]. They eventually got money, but it’s a good example of how there are a lot of little things in play.” Stage presence Between the different stages of venture capital— seed stage, early stage and late stage—Chincarini has observed a trend towards later-stage firms, because the minimum investment can be larger, and the proof of concept is there. “At the seed stage, the amount of money being asked for is smaller, but it’s riskier,” he says. Novices in the VC arena may be concerned about losing control over their company, but Chincarini describes that as a relative non-issue compared to finding a firm that is willing to invest in your dream. “There’s a lot of variance, and many investors have a laissez faire attitude,” he continues. “Even if they get 10% equity in your company, they usually don’t have enough voting power to do anything.” In other words, you are likely to enjoy the benefits of their investment without having to manage unwanted input.

but the other is what is going to attract a potential investor. “It can’t be just that you need the money,” he continues. “The other party needs to see big upside, and both sides need to tango.” Winding up for the pitch As a first step, Chincarini recommends researching all the major firms on CrunchBase and through Google searches, and as approaching as many as you can—because even the VC firms themselves sometimes don’t know what they’re looking for. But beyond that shotgun approach, look towards your own connections. “If you have a connection to someone who’s worth a billion dollars, that’s the first person you’re going to

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Preparing for a future with tomorrow’s tech giants How to land a

job in tech

BY MICHELLE JACOBY

W OULDN’T IT HAVE BEEN great to be one of the early hires at Apple, Facebook, or Google? These companies started small and grew into tech behemoths, transforming the lives of their early employees. Future tech giants are hiring now, so how do you prepare for a career in tech? Do you need a computer science degree? Is there still room for having general knowledge and skills, or is it essential to specialize? Here are some tips on pursuing a career in tech and landing the job of your dreams.

Lay the foundation A career in tech can take many paths, but a strong foundation is crucial. Traditionally, a computer

science degree has been the gold standard for tech jobs. It provides solid knowledge of algorithms, data structures and systems architecture—essentially the building blocks of technology. However, the tech industry is evolving, and there are many roads that lead to success. One way to build a solid foundation is by enrolling in coding

IN YOUR CORNER ISSUE 17 | 2024

bootcamps and online courses. Platforms like Coursera, Udacity, and Codecademy offer specialized courses in software development, data science, artificial intelligence and more. These programs can be more affordable and flexible compared to traditional degrees, and often focus on practical skills that are directly applicable in the job market. If you’re more of a self-starter, building your own projects, contributing to open-source software or participating in hackathons can demonstrate your skills and passion to potential employers. Platforms like GitHub are essential for showcasing your work and collaborating with other developers. Specializing vs. generalizing

a foot in the door of a company high on your employer list. They allow you to apply what you’ve learned, understand the workplace environment, and make valuable connections. Freelancing can also help you build a portfolio and gain real-world experience. Websites like Upwork and Fiverr connect freelancers with clients looking for tech talent. Freelancing can also lead to full-time job offers and long-term relationships with clients. In addition, networking is vital in the tech industry. Attend tech meetups, conferences and workshops to meet people in the field. Joining online communities on platforms like LinkedIn, Reddit, or Stack Overflow can also help you connect with other professionals, share knowledge and find job opportunities. Interview prep Tech interviews often include coding challenges, technical questions and behavioral questions. Prepare yourself by practicing coding problems on platforms like LeetCode, HackerRank, and CodeSignal. Focus on data structures, algorithms and problem- solving skills, and time yourself to simulate real interview conditions. Also, review the fundamentals of computer science, including system design, databases and operating systems. Books like “Cracking the Coding Interview” by Gayle Laakmann McDowell and “System Design Interview: An Insider’s Guide” by Alex Xu are excellent resources. To see if you’re a good fit within the company, interviewers may ask questions about teamwork, conflict resolution and your career goals. Use the STAR (Situation, Task, Action, Result) method to structure your responses. In addition, follow industry news, read tech blogs and participate in continuous learning. Certifications in areas like cloud computing (Amazon Web Services, Microsoft Azure), cybersecurity (CompTIA Security+, CISSP), and data science can also enhance your credentials. Landing a tech job involves a combination of education, experience, networking and continuous learning. The key is to stay adaptable and passionate about technology. The future tech giants are hiring now and, with the right preparation, you could be part of their success story.

The question of whether to specialize in a specific tech

field or to know the fundamentals in a variety of areas is a common dilemma. The answer largely depends on your interests and the roles you’re targeting. Specializing can make you a highly

sought-after expert in a specific area. Fields like machine learning, cybersecurity, blockchain and cloud computing are rapidly growing and in high demand. Companies often seek specialists who can bring deep knowledge and expertise to solve complex problems. Specialization can also lead to higher salaries and more opportunities for advancement. Generalizing has its advantages, especially in smaller companies or startups where you might wear multiple hats. Generalists are adaptable and can switch between different tasks and projects, and can bridge gaps between teams and understand the broader picture of how systems work together. Generalists are often valued for their flexibility and ability to learn new skills quickly. Gain experience Experience is a critical factor in landing a tech job. One great way to gain experience is through internships, which provide hands-on experience and potentially

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Navigating the pros and cons

of modern technology

Convenience vs. caution

BY JAKE POINIER

U NLESS YOU’VE ESCAPED to an off-grid cabin in the Sierra Nevada, there are pros and cons to the technology products and services that touch and transform our daily lives. The ultimate goal may be to create the perfect combination of customer convenience and business efficiency, but the truth is that every new tech and trend needs be approached with a measure of caution—since the common tradeoffs may include important elements such as privacy, security and safety. “While businesses may be eager to have early adopters of their technology, consumers will often wait to see who else is using something before we get on the bandwagon,” says Jeffrey B. Hirsch, adjunct professor at the University of Southern California – Annenberg School for Communications & Journalism, whose career includes work in ad agencies and brand management, as well as running his own firms, the Right Brain Studio and JBH Personal Branding.

Here’s an overview of some of the consumer technologies that have reached prime time, and what you may need to consider when using them. Self-checkout Although its origins date back

decades, self-checkout technology usage surged during the pandemic— and the pros and cons continue to

be debated. For customers, the promise is speed and shorter lines. For retailers, it’s targeted at improving efficiency and addressing the shortage of quality workers, allowing staff to be deployed where they’re needed most. The in-store reality, however, is more nuanced. Consumers frequently encounter problems with scanning items or swiping credit cards, and customers who are elderly or visually impaired may have additional difficulty. Although plain old frustration is common, you’ll even see anecdotal stories on the

IN YOUR CORNER ISSUE 17 | 2024

internet about people who were charged with theft because they accidentally forgot to swipe an item. On the retailer side, some Safeway, Walmart, and Walgreens stores have experienced enough purposeful theft that they are removing self- checkout lanes in certain locations. California Senate Bill 1446, introduced in May, could force retailers’ hands by requiring the elimination of self-checkout lanes in grocery and drug stores that don’t meet sufficient staffing levels and other requirements. Automated driving

While the tradeoff is that you can pay a little less for your ride or have the convenience of not having to watch the road, there’s a broader perspective to consider. “At a time when our trust in institutions is eroding and under attack, new technologies such as AI and driverless cars require even more trust,” Hirsch continues. “It’s a dilemma because our personal safety, privacy and so much more is on the line.” Virtual reality

Make no mistake: VR headsets are a technology that has made huge leaps in recent years, and they’re only getting better. While gaming

At this point, most people have used Uber or Lyft to take a trip instead of a taxi. Automated rideshare such as Waymo and

and entertainment have been the early-use case, they are gaining traction in business tasks from training and product development to marketing. Beyond the thrill of the VR experience itself, however, users need to use caution. Apple’s website,

Cruise take things to another level. “My stepdaughter and her fiancé were in San Francisco, the car pulls up with no driver, they get in and it feels really weird,” Hirsch says.

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for example, notes that Vision Pro can aggravate medical conditions involving eyes and ears or cause migraine headaches, dizziness or nausea— among a variety of other safety warnings. The other aspect to keep in mind is that VR headsets aren’t see-through: You’re seeing a representation of the outside world based on external cameras. Not surprisingly, that means it’s illegal to drive while wearing them, but it also means you need to be aware of your surroundings even if you’re just walking. Medical and fitness trackers Wearable smart devices collect a wide range of data, and they’re getting more sophisticated all the time in how they monitor your health details while exercising or sleeping. What users need to be aware of, however, is how their private information might be of interest to eager advertisers, governments or nefarious actors such as cybercrooks. While it’s unlikely for an individual device to get hacked, large-scale data breaches are an ever- present risk—and current regulations do not cover biometric data the way HIPAA applies to healthcare insurers and providers. Beyond individual consumer technologies and trends, Hirsch suggests taking a step back to look at the big picture: We are in an environment where technology will continue to ask us to trust it more, and that’s something brands must face going forward. Having worked with top brand names such as Pepsi, Colgate-Palmolive, and Apple, and done quantitative research on countless thousands of consumers, Hirsch also notes that there is a tradeoff to the convenience that new technologies offer—or claim to offer. “As a business, it’s expensive to really put your customer first,” he says. “It’s tempting to streamline operations with a technology, and then you can point to how much more productive and profitable you are. But if it’s done excessively or poorly, it can hurt the consumer-brand relationship.”

VIEW TO THE FUTURE A s we start to digest those trends and others, what could be coming in the next few years in consumer technology? In the infancy of artificial intelligence, it’s not yet clear how it might eventually impact industries as diverse as healthcare, manufacturing and entertainment. Smartphones are already seeing AI innovations added in with improvements to cameras, multimedia capabilities, and security. Consumer robotics is another field which anticipates radical change in the coming years. Amazon Astro is capable of home security monitoring, remote care of elderly relatives, and even following you around the house. Rumor has it that Apple, having canceled its electric car project, will be dedicating some of those resources to developing personal robotics. Ericsson Consumer & IndustryLab performs an annual global survey to identify what’s next. In recent years, their 10 Hot Consumer Trends projections have included the Internet of Senses—devices honing their ability to convey sight, sound, touch, and even smell and taste—and Everyspace Plazas, high-tech facilities providing in-person experiences with augmented reality glasses, haptic body suits and tactile gloves.

IN YOUR CORNER ISSUE 17 | 2024

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To apply for the Amazing Cash for Business Credit Card, visit: calbanktrust.com /businesscards

See page 33 for important details and disclosures

Help protect your business

Five essential strategies to help safeguard your finances

BY ARAM ANTHONY

SMALL-BUSINESS FRAUD is becoming all too common, and the impact can wreak havoc on a business’s bottom line, as well as its reputation. Here are five ways you can avoid fraud and help protect your business.

Be vigilant for malicious email attachments Scammers will often embed malware or

victimized by a ransomware attack, you are only at risk for losing data added to your system since your last backup. Watch out for other types of business email compromise (BEC) There are many other ways fraudsters may try to compromise your business through email scams. Some of the more common tactics include CEO impersonation, account compromise, submitting false invoices, attorney impersonation, and W-2 or employee data theft. 2

ransomware in an email attachment. Opening the attachment activates the malware, which, once activated, can transmit usernames and passwords. Ransomware is even worse because it can block you from accessing your files until you pay a ransom. Some ransomware programs will even delete your files entirely if the ransom is not paid before a predetermined deadline is met.

What you can do: Never click on links or files embedded in emails, especially from unknown senders. Make sure employees

are made aware of this policy. It’s always better to type the URL in manually from an authentic bank document or the back of your bank-issued card. Also, perform system backups regularly. You can mitigate the worst aspects of a ransomware attack by performing regularly scheduled backups that include your entire system. Make sure to make multiple copies and store them securely offsite. That way, if you are

What you can do: In addition to firewalls, the best defense against a BEC attack is to bring a heightened sense of awareness whenever

you or your employees interact with email. First and foremost, examine email details closely. Does the email address match the person or the organization it claims to be from? Then validate the

IN YOUR CORNER ISSUE 17 | 2024

to your financial data increases the risk of internal fraud. Without independent oversight, they can make unauthorized withdrawals or transfers of your business’s funds. What you can do: Spreading

your internal accounting among several employees

reduces the opportunities for abuse through collective accountability. Also, employing an independent accountant to audit your books on a regular basis provides external oversight and is a strong deterrent to internal fraud. Help protect your business’s identity 5 Identity thieves don’t just target individuals. Your business’s identity can be stolen, too. Once they get in, identity thieves can wreak havoc on your finances and your reputation.

What you can do: If you discover that your identity has been compromised,

it’s important to act quickly and methodically. Contact the Federal Trade Commission (FTC), as well as your local police department. The FTC coordinates enforcement efforts with the FBI. Filing a report with your local police can be helpful when trying to have unauthorized transactions removed or reversed. Contact the three major credit bureaus (Equifax, Experian, and TransUnion) and request a fraud alert be placed on your file. This will prevent further accounts from being opened in your name for 90 days. Also, order a copy of your credit reports. Review your credit reports for any new or unauthorized accounts or activity. If you suspect anything suspicious, notify credit bureaus—and the creditors affected—of any fraudulent activity.

payment instructions with your account details on file by personally calling and confirming the request. Verify invoices before

committing to paying them Fraudsters will submit fake invoices in

the hopes that an overburdened accounts payable system will pay them before they can be verified. What you can do: Implement policies requiring employees to check and verify the validity of every invoice prior to payment. Also, unless prearranged with a known and vetted vendor, never pay an invoice with a wire transfer, cryptocurrency or gift cards. Be careful which employees have access to your bank accounts Unfortunately, a lot of business fraud originates with employees. Giving an employee unchecked access 4

If you suspect you have been the victim of business fraud, California Bank & Trust

is here to help. Don’t hesitate to call us at 1-800-400-6080 , or visit your local branch.

calbanktrust.com/ inyourcorner

BY ARAM ANTHONY

Explore your options HELOCs and personal loans explained

ODDS ARE YOU’LL FIND YOURSELF needing access to more cash than you have on hand at some point. That’s just life. Whether you want to fund a home renovation project, consolidate higher-interest debt or cover unexpected expenses, there are several ways you can borrow the money you need.

Two of the most popular ways to borrow money are home equity loans (which can include a home equity line of credit, aka HELOC) and personal loans (secured and unsecured) 1 . Here’s a look at the pros and cons of each, as well as tips and tools to help you decide which one is right for you and your needs. HELOCs 101 Home equity loans are popular choices

lender has the option to foreclose on your property. California Bank & Trust offers HELOCs ranging from $10,000 to $2.5 million. If you think this type of loan is a good fit for you, use our home line of credit calculator to see how much you may qualify for. Personal loans 101

for homeowners looking to access significant amounts of cash. At their

If you aren’t yet a homeowner or don’t have sufficient equity built up to satisfy your borrowing needs, a personal loan can often be a good choice. There are a few varieties of personal loans to consider, including secured personal loans, unsecured personal loans and unsecured lines of credit: Secured personal loans. If you have a savings account or certificate of deposit, you can use those as collateral for a secured personal loan. One advantage this type of loan has over home equity loans is that you can borrow as little as $500, whereas the minimum for an equity loan is often as high as

core, they are loans secured by the borrower’s accumulated home equity. This gives home equity borrowers several significant advantages. To start, home equity loans can be significantly larger than personal loans, up to $2.5 million in some cases. They also often feature lower interest rates than personal loans. In addition, as a home equity borrower, you may be able to take advantage of certain tax benefits if you use the funds to complete qualifying home improvement or repair projects. One noteworthy disadvantage of home equity loans is that, in the event you default on the loan, the

IN YOUR CORNER ISSUE 17 | 2024

$10,000. The maximum for a secured personal loan is in the $250,000 range. Another advantage is that interest rates are often fixed, whereas interest rates on HELOCs can fluctuate with the market. Unsecured personal loans. If you do not have collateral available, you may qualify for an unsecured personal loan. Interest rates and loan minimums can be higher, while borrowers are limited to a maximum loan amount of $100,000. However, like secured personal loans, unsecured loans feature fixed interest rates that offer payment predictability for the life of the loan. Unsecured lines of credit. Whether you need to pay for unexpected car repairs or want to take a well- deserved vacation, an unsecured line of credit can give you access to the cash you need. If you qualify, CB&T offers unsecured credit lines from $2,500 to

$100,000 with variable rates. Like a HELOC, you only pay interest on the funds you actually use. The choice is yours Since life can throw you a curveball—or an opportunity at any time—it’s a good idea to have access to extra cash when it does. Choosing a home equity loan or a personal loan will depend on several factors including your homeowner status, personal credit history and the amount you want to borrow. Find out more at www.calbanktrust. com/personal/home-loans/home- equity-line-of-credit , or call or visit your CB&T branch for more information.

See page 33 for important details and disclosures

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