WWN#38 – Same-Sex Marriage Legalised in Australia!

What’s Been Happening?

In May 2004, the Howard government expressly prohibited the legislation of same-sex marriage by introducing the Marriage Amendment Act in Parliament. The amendment specified that marriage, would be defined as a “union of a man and a woman to the exclusion of all others”.

Over the next decade or so, legislation was passed so that discrimination against same-sex couples in areas of tax, social security and health and adoption were gradually removed.

In August this year, a non-compulsory national postal survey (also known as plebiscite) was conducted in order to gauge whether people supported the notion of changing the law to allow same-sex couples to marry. Respondents were asked to mark one box – Yes or No on the survey form. 80% of total registered voters (16,006,180) returned the form with 61.6% voting Yes and 38.4% voting No. Having given the public a say, it was felt by most members of parliament (MPs) that the verdict must be reflected in law.

What Now? 

Australia has officially become the 26th country to legalise same-sex marriage after the Marriage Amendment (Definitions and Religious Freedoms) Bill was passed in the Senate last week and House of Representatives on the 7th of December. An overwhelming majority of MPs voted in favour of the Bill, with four voting No and around nine abstained.

The new law changes the definition of marriage in the Marriage Act by removing the words “a man and a woman” and replacing them with “the union of 2 people”. This was the minimum required reform to enable same-sex marriage.

When the vote was declared on the floor of the House, the public gallery exploded into cheers and applause and eventually burst into a rendition of the song, “I am, you are, we are Australian”. Prime Minister Malcolm Turnbull was equally jubilant as he declared, “Australia has done it. What a day for love, for equality, for respect. This has been a great, unifying day in our history.”

Malcolm Turnbull SSM.jpg

What’s Next?

It is certainly cause for celebration that Australia has finally embraced marriage equality. Thousands of Australians who married in overseas jurisdictions will have their vows recognised under Australian law and the first same-sex weddings will be able to occur from January 9, 2018. However, it is not the end of the road when it comes to law reform.

There are still other issues that require attention and discussion which continue to affect same-sex people:

  • Birth certificates that accurately reflect a child’s family structure (e.g. four parents)
  • Controversial conversion therapies that attempt to “cure” a person’s same sex attraction
  • Protection of religious freedom or is it discrimination on the basis of sexual orientation?
References:
http://www.smh.com.au/federal-politics/political-news/samesex-marriage-legalised-in-australia-as-parliament-passes-historic-law-20171206-h00cdj.html
http://theconversation.com/from-postal-survey-to-parliament-how-australia-legalised-same-sex-marriage-87594
https://marriagesurvey.abs.gov.au/results/
http://www.abc.net.au/news/2017-12-08/same-sex-couples-married-overseas-to-have-vows-recognised/9242196
Advertisements

WWN#37 – SendGrid’s IPO Soars on Debut

SendGrid.jpg

What’s Been Happening?

SendGrid, a Colorado tech company in the United States, was founded in 2009 by three developers: Isaac Saldana, Jose Lopez and Tim Jenkins. Only one of its three founders (Saldana) still has a big enough stake in SendGrid to be among the shareholders who own 5% or more of the company.

It is a cloud-based email delivery service that assists over 55,000 paying customers (e.g. Uber, Spotify & Airbnb) to send more than 30 billion emails every month.

SendGrid manages transactional email such as purchase receipts, password resets, account creation in addition to email marketing in the form of promotions and email newsletters.

In November 2016, they had a venture capital raising that amounted to $33 million, bringing its total venture funding to $80 million.

What Now?

SendGrid IPO Debut

On the 16th of November, the company made its public debut on the New York Stock Exchange (NYSE: SEND). SendGrid said earlier this month that it planned to sell 7.7 million shares, priced between $13.50 and $15.50 per share. Prior to going public, it increased both those figures, ultimately offering 8.2 million shares at $16. The stock popped 14% to $18 on its first day of trading, giving the company a market capitalisation of $734 million.

What’s Next?

Despite the success of its IPO, SendGrid is still very much a “show me” story as it isn’t profitable yet. Although its revenues have risen year on year with sales hitting $80.2 million in its first nine months of 2017, net losses also grew to $4.7 million in the same period.

At the current share price, the company’s risk profile is too high and banks too much on the staying power of email, like its competitors MailChimp and SparkPost. But for now, with 54% of the planet (3.7 billion people) still using email, it’s hard to imagine a world that is without email anytime soon.

References:
https://sendgrid.com/http://markets.businessinsider.com/news/stocks/sendgrid-ceo-interview-what-it-takes-to-go-public-2017-11-1008180449
http://www.denverpost.com/2017/11/15/denver-sendgrid-ipo/
https://seekingalpha.com/article/4125853-sendgrid-shares-fly-ipo-upside-limited