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February 5, 2025

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Most people often overlook long-term care until they are older or faced with no other choice. Unfortunately, by that point, it may already be too late. Lily Vittayarukskul was pursuing a degree in aerospace engineering when she witnessed both her oldest brother and mother battle with an illness that required extensive long-term care. The situation became even more challenging when her aunt was later diagnosed with terminal colon cancer. The seek for quality care became daunting, even for those fortunate enough to have some form of insurance.

As a member of a Cambodian immigrant family, Lily experienced the challenges of caregiving firsthand, but the financial burden became unbearable. In a recent interview with TechCrunch, she exclaimed,  “It wiped us out financially.” The profound emotional and financial impact of the experience ultimately led her to shift her focus to genetic and data science.

Finally, in December 2021, she decided to take action by founding Waterlily, a San Francisco-based startup aimed at helping individuals and financial advisors navigate long-term care planning through cost modeling and funding strategies. Using artificial intelligence (AI) to forecast a family’s future long-term care needs and expenses, Waterlily predicts a family’s future long-term care needs and expenses, guides them in creating a care plan, and identifies the most suitable ways to finance it. Options may include purchasing life insurance with a long-term care rider, investing in a dedicated LTC policy, utilizing annuities, or self-funding.

Lily explains, “Most people begin thinking about long-term care between the ages of 65 and 70, or only when they need it, but by then, it can be too late.”

Leveraging more than 500 million data points and machine learning algorithms, Waterlily delivers highly personalized care and cost predictions. The platform forecasts when long-term care may be required, how it will unfold, and the potential expenses involved. Lily proudly states, “We have formal data-sharing agreements with long-term care providers, government databases, academic research studies, and individual users.”

Waterlily’s vision is undeniably compelling, and Lily isn’t the only one who sees its potential. She initially launched the company as a solo founder, but it soon caught the attention of angel investor Evan Ehrenberg, the former founder of Clara Health. Evan became intrigued by Waterlily’s early research and the industry’s reaction. Curious, he tested the platform himself and was stunned by its long-term care predictions—so much so that he hired a personal trainer, adjusted his diet, and revised his financial plans. Impressed by its impact, Evan, who became MIT’s youngest neuroscience PhD, officially joined Waterlily as a co-founder.

Evan Ehrenberg [left] and Lily Vittayarukskul [right] together (Image Source: Evan Ehrenberg)

Lily believes Waterlily differentiates itself from competitors by providing a more personalized experience through deep predictive modeling integrated into a user-friendly platform. Although it only launched in March 2024, the company’s monthly recurring revenue (MRR) has already grown to more than 22 times its initial level. Waterlily now serves eight major clients, including several Fortune 100 insurance carriers and Prudential.

Looking ahead, Waterlily aims to expand its services to include disability, critical illness, hospital indemnity, and Medicare planning, enabling families to make more informed health coverage decisions. Additionally, the company is exploring opportunities for international growth, with plans to enter markets in Asia, Canada, and the U.K.

John Kim, former president of New York Life and investor of Waterlily, sees the platform as the first AI-native guidance tool addressing one of the most pressing challenges of an aging American population.

Kim concluded, “Long-term care insurance is a growing and largely underserved need among trusted advisors today. Waterlily’s guidance tool stands alone in its ability to provide customized, personalized recommendations for long-term care needs. I believe it will be a game changer for the LTC insurance marketplace.”

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Image Source: JG Summit

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The Notable Filipino Entrepreneur Who Used His Peanuts Enterprise To Establish An Empire

“Choose to be an entrepreneur because then you desire a life of adventure, endless challenge, and the opportunity to be your best self.” — a remarkable statement from “Big John”, the founder and former chairman of JG Summit, one of the largest companies in the Philippines. 

John Gokongwei, a Filipino businessman, investor, and philanthropist, died in 2019 at age 93, but his legacy and business lessons continue to inspire. John created JG Summit, a worldwide conglomerate with assets in one of the Philippines’ largest Telecommunications companies PLDT, Manila Electric Company, and other international companies.

John’s grandfather, Pedro Gotiaoco, was one of Cebu’s richest persons in the 19th century. He was from Fujian province in China and was the owner of the massive trading firm Gotiaoco Hermanos. However, their family went bankrupt during the Great Depression, leaving them homeless.

John, his mother, and five siblings returned to China while his father stayed in the Philippines. At 14, he started selling peanuts to support his family. He quickly realized a bicycle would help him get more done. He saved money and eventually had enough to sell his goods in nearby cities.

At 17, he followed in his family’s footsteps and entered the trading business. He used a small boat to transport goods between Cebu and Manila. 

In order to put his siblings through school in China, he had to double his work. After the war, John saw it as an opportunity to expand his trading business internationally. Amasia Trading, his first company, sold and bought goods in the United States, Manila, and the Visayas region. 

Resulting from his fruitful dealings in Amasia Trading, John finally got to see his family again. When they get back to the Philippines, they helped run their father’s business which is American-Asia Trading. 

He then got interested in the cornstarch sector but needed the funds to get started. After numerous banks turned him down to secure a loan, Dr. Albino Sycip of China Bank lent him P500,000 ($8900). John founded Universal Corn Products in 1954, and eventually expanded into variety of products, it became Universal Robina Corporation (URC).

URC became one of the country’s major food and beverage firms, while one of the Philippines’ largest business empires, the JG Summit Holdings continues to grow. He also founded Consolidated Food Corporation (later CFC), Cebu Pacific Air, and Robinson Retail Holdings. According to Forbes, John was the third richest Filipino at the time of his death.

Big John’s success was largely a result of his management style and leadership abilities, in addition to the fact that he has proven to be a crafty business leader. He will be forever remembered as a self-made billionaire who began by selling peanuts and was one of the most enduring entrepreneurs in history. 

 

Image Source: Brian Flaherty / The New York Times

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Former Reddit CEO Ellen Pao On Being A Confident Woman In The Male-Dominated Tech Industry

Greater diversity in tech overall could solve some of the industry’s biggest problems, including fighting disinformation, hate speech, and harassment in online spaces, said the former Reddit CEO, Ellen Pao in a recent podcast interview.

While women have made achievements in tech, their numbers are still low. A survey from AnitaB.org, a global group for women engineers, predicts it could take 12 years for women to see equality in the industry.

In 2012, Pao sued her then employer Kleiner Perkins Caufield & Byers for gender discrimination in San Francisco. The jury sided with the VC firm, but Pao became the face of the issue.

Pao shares with Jennifer Palmieri in her podcast that facing the Silicon Valley guys’ club inspired her to lead Reddit in 2014. During her time as the CEO of one of the biggest discussion websites, she didn’t have imposter syndrome as she had always thought that she had seen so many “horrible” male CEOs and board members.

The Taiwanese-American felt confident in her qualifications despite the Silicon Valley narrative that favors Caucasian and male college dropouts. “Maybe I’m not going to be perfect, and maybe I’m going to make mistakes, but it’s not going to be like some of these other mistakes I’ve seen.”

One of Pao’s priorities, when she was at Reddit, was strengthening the anti-harassment policy and clearing the site of nude pictures and revenge porn. Critics of the plan, mostly men, argued such measures were a form of censorship.

Today, however, Pao thinks that current tech leaders are driven to not prohibit hate speech because it boosts social media engagement and profitability.

As the majority white, male, and affluent tech leaders don’t see and experience problems the same way marginalized communities do, Pao believes that they can’t solve these issues.

Pao credits her mother, who is an engineer, for instilling in her a strong sense of right and wrong, which led her to speak up when she witnessed overqualified women and colleagues of color not getting promoted at the same pace as White men.

Image Source Colin Boyle/Block Club Chicago

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North Side Immigrant Rights Group Foster Community By Folk Drumming

Hana Center, a nonprofit organization for Asian American and immigrant rights, provides neighbors new opportunities to teach them traditional Korean folk drumming, which activists frequently use in their advocacy. 

Community engagement coordinator Won Joon Lee tells Block Club Chicago that the group teaches Pungmul, a Korean folk tradition with deep historical roots. It originated in Korea’s pre-industrial farming culture and used the hourglass-shaped janggu (a double-sided drum) to protest immigration and racism. 

Lee explained that during the Japanese occupation of Korea from 1910 to 1945, public gatherings were prohibited except for musical performances, making Pungmul a form of resistance. 

In 2017, two long-standing organizations,  the Korean American Community Services, and the Korean American Resource and Cultural Center were combined to become Hana Center, named from the Korean word for “one.”

The organization has a long history of youth Pungmul programming, but this summer marked the first time the non-profit offered classes for adults interested in advocacy work. 

The first-ever class will proceed after the initial session of eight weeks has passed. As the new program expands, the instructors intend to continue enrolling new students in it on an ongoing basis.

Hana Drum School instructor Inah Jeong said Pungmul drumming is loud as planned, and they are culturally and politically distinct. Korean immigrants may connect with Chicago immigrants and join the immigrant rights and citizenship march, she tells Block Club Chicago.

The ensemble delivered its first drumming class this summer, but new students are always welcome to join in. Residents and community organizations can benefit from such events, according to the center’s administrators.

Choi tells Block Club Chicago that the current situation is both exhausting and frightening, but she believes the strong and loving communities they form may provide joy even in difficult times.

Their communities enable them to change the world now and in the future. The goal according to Choi is to turn community building into advocacy that targets racial, gender, and economic concerns along with immigrant rights.

Hana Center is located at 4300 North California Avenue in Irving Park. It also offers services to address needs related to citizenship and immigration, housing, and other areas.

Image Source TomoCredit

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TomoCredit Raised Its Value To $222M To Help Gen-Z Build Credit Fast

TomoCredit announced that it had raised $22 million in a Series B funding round, giving it a post-money valuation of $222 million. 

It has also secured $100 million in debt financing and has raised $39 million in equity since its launch.

The newly acquired funds will be put to use by the corporation in the form of product line expansion, which may include the provision of mortgages and automobile loans. 

Kristy Kim founded TomoCredit in 2019 to help international students get credit. Three and a half years later, the fintech no longer focuses just on immigrants but is now also eyeing domestic students and SMBs that want to “build credit fast”. They received 2.5 million applications over time.

TomoCredit provides users credit limits of up to $30,000. It earns revenue from merchant interchange fees, not consumers. It doesn’t require a credit check, a deposit, or an APR.

According to TechCrunch, the firm doesn’t use FICO scores to underwrite, unlike many other credit offerings. Tomo Score, a “proprietary” underwriting algorithm, identifies “high potential borrowers” without credit scores. 

“Our customers are not in financial trouble…Once you identify them and give them a card, they spend a lot and don’t default. Our performance has been great and that gave us and our investors the confidence to scale.” Kim told TechCrunch.

Morgan Stanley’s Next Level Fund and Mastercard participated in the equity portion of the deal including GoldHouse, Asian Hustle Network, and Hyphen Capital, while Silicon Valley Bank provided the debt.

Alice Vilma co-manages Morgan Stanley’s Next Level Fund, which invests in early-stage innovation and tech-enabled enterprises with women or diverse founding teams, said that she was amazed by Kim’s ability to recognize a need as a young female immigrant and create a financial product.

“As a first-generation South Korean immigrant, I wanted to help immigrant communities to reach their American Dream faster with TomoCredit,” Kim told TechCrunch. “It has been wonderful to partner with minority-focused funds who truly understand Tomo’s mission.”