Reaching Small Businesses with TikTok – Brett Sussman’s team at Kabbage from American Express is dedicated to highlighting and amplifying Small Business Owners. The most recent way of doing so is by forging a unique partnership with TikTok that offers eligible small businesses incentives for advertising on the app.
Social Media as a Commerce Tool – More than half of Small Business Owners who are not currently on TikTok agree that they would be able to attract more new customers if their business had a presence on the app. Brett Sussman and his team are willing and able to provide data that solidifies the various benefits for Small Business Owners using the app.
Elevator (Campaign) Pitches – An effective campaign is a difficult task to accomplish. In today’s multichannel environment, Brett Sussman and Kabbage believe finding the correct need for their partners is indispensable, but it has to be easily understood and explained.
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Brett Sussman of Kabbage from American Express has embraced the new economy and is determined to help small business owners adapt to how people learn and buy.
Kabbage from American Express teamed up with TikTok in the holiday season to offer eligible small businesses a $100 ad credit to use on the app after they spend $50 on their first TikTok Ad campaign.
Data pulled from the American Express Small Business Holiday Report shows that 7 out of 10 business owners say that their customers rely on their social media channels for news. And almost 90 percent say it has helped them acquire customers this past year.
Social media is playing an increasingly important role in businesses, specifically small businesses.
“We’re actually seeing, which is really exciting, that the whole experience of commerce is being accelerated on these platforms.” says Sales and Marketing Executive Brett Sussman to Restaurant Influencers podcast host Shawn P. Walchef of CaliBBQ Media.
“You’re going to do your search, ask recommendations, and buy maybe in one or two sessions versus over three weeks, going to different websites. And so that acceleration is really important for small business owners to be in that conversation.”
Enter the Kabbage Shop Small Accelerator campaign powered by TikTok. The goal with the Accelerator initiative is to provide tips to small business owners to help the optimal usage out of the app. American Express also created the Small Business Saturday marketing initiative.
“So this collaboration with TikTok really is that we work closely with the set of creators to say, what are some of those tips and tricks if you want to get your small business owner on TikTok.” explains Brett Sussman.
“There” being present on TikTok, which, despite its immense growth is still considered a non-traditional marketing strategy.
The novelty of TikTok and its perception as a tool for the younger generation has made marketing traditionalists hesitant and some small business owners reluctant to incorporate it into their business model.
Regardless of trepidation, over half of small business owners who are not currently on TikTok agree that they would be able to attract more new customers if their business had a presence on the app, according to the AMEX report.
“Right now, if you go to shop Small Accelerator, there are a series of tools from American Express on how to improve your community, your social media presence from some great creators who have done it well, small business owners and non-small business owners.”
Along with its TikTok partnership, AMEX is also kicking off a new initiative this year, a Kabbage Funding offer, which includes a $250 incentive. This gives small businesses cash flow support to invest in their social and marketing.
The future of shopping is online.
“When you look at demographics, we see that both Gen Z and Millennials are spending an outsized amount of time on TikTok and really looking to make purchase decisions on TikTok. And so it’s really for you to be there in a meaningful way.
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NOMINATE A RESTAURANT INFLUENCER — Do you know someone who is killing it on social media? Let us know by emailing influencers@calibbq.media or sending the @calibbqmedia team a DM on social media.
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Opinions expressed by Entrepreneur contributors are their own.
Over the past few years, cybersecurity has become a bigger issue for small-business owners. Cyber attacks could cost you huge amounts of money, no matter how big your business is. But hiring a cybersecurity or IT team isn’t in the budget for all businesses. Instead, it might be more cost-effective to add cybersecurity to your own list of skills. With The Complete 2023 Cyber Security Developer & IT Skills Bundle, you’ll have a central hub to study to earn some of today’s leading cybersecurity certifications.
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This massive bundle includes 26 courses and, yes, that means it covers 26 different cybersecurity exams. With exams from Microsoft, CompTIA, CISSP, Cisco, CertNexus, and many more leading organizations represented, it’s one of the best resources you’ll find for taking your cybersecurity skills to the next level. Each course is presented by iCollege, one of the most trusted marketplace in online learning for nearly two decades. They’ve helped students in 120 countries learn in-demand tech skills, and are even trusted by Silicon Valley and Fortune 500 organizations to help employees keep their skills up to date.
The bundle casts an extremely wide net when it comes to security, covering cloud security, network security, system security, mobile security, penetration testing, first response, and much more. Some of the exam highlights you’ll cover include:
CertNexus CyberSec First Responder (CFR-310)
ISACA Certified Information Security Manager (CISM)
Opinions expressed by Entrepreneur contributors are their own.
Dreaming of starting a business? Do you have a killer app idea or a genius product plan that would wow the investors on Shark Tank? If you’re planning on making any moves, you’re going to need a website. And launching a website requires web hosting, a cost many don’t think about.
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If you have a plan to be online in any capacity, you’re going to need to acquire a hosting plan. iBrave Cloud Web Hosting makes launching websites easy and affordable. And right now you can get a lifetime subscription to this convenient service for just $99.99, 96% off the usual price.
Web hosting can cost hundreds of dollars over the years, but iBrave brings it down to a low one-time price. It’s been designed by experts with over twenty years of industry experience, so you’re in good hands and have access to powerful market-leading technology and lightning-fast servers. The global Content Delivery Network also ensures your website’s performance won’t be affected by other users’ websites.
Even if you’re new to the world of web hosting, the control panel is user-friendly with more than 80 one-click install apps. There’s also one-click WordPress installation, and the ability to easily migrate your existing websites. Need help? There’s friendly support available seven days a week. All you have to do is purchase a domain name or use one you already own elsewhere and you’ll be up and running for just a one time fee.
Customers are loving the convenience iBrave brings to running a website. Real-life user Chris shared, “Site speed is very fast, support was quick in reply to my questions. Control panel is easy to use. Overall a great product and I recommend it.”
Make running a website easier and much more affordable with help from iBrave Cloud Web Hosting. Get a lifetime subscription for just $99.99 for a limited time.
Opinions expressed by Entrepreneur contributors are their own.
In today’s working world, it’s tough to truly get away or disconnect. Especially considering more than a third of American workers received only 10 to 14 days off after a year of service. But what if you could simply bring along a light, portable tablet instead of your clunky company laptop and work from anywhere? That’s where an Apple iPad mini 4 comes in, offering true flexibility when you want to travel without always taking PTO.
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If you’d like to be able to work or play from anywhere, this beloved Apple gadget makes it feasible. And a refurbished model makes it much more accessible, plus it’s a win for the environment. Right now you can purchase an Apple iPad mini 4, complete with an accessories bundle, for just $234.99 for a limited time.
Get all the perks of a laptop shrunk down to a portable size that fits in the palm of your hand with an Apple iPad mini 4. This particular model comes with a pre-installed iOS 9 and 1.5GHz Apple A8 processor, so it’s ready to handle any task. And a 7.9 inch screen lets you browse, stream and shoot off an email in perfect clarity with a 2048 x 1536 resolution screen.
64GB of storage means you can keep your files, photos and more safely stored directly on the iPad. Need to hop on a video call at the last minute? A 1.2MP FaceTime HD camera offers a clear picture, and this model offers Wi-Fi and Bluetooth 4.2 capability for connecting purposes. And the 10-hour battery life means you won’t have to be tethered to a charger in the process.
This particular model hails from 2019 and comes with a grade “B” refurbished rating, which means it might have light scuffing on the bevel or case or light scratches or dents on the body. It also comes with an accessories bundle that includes tempered glass, a snap-on case, a lightning cable, and an AC wall adapter.
Take advantage of this amazing steal on an Apple iPad mini 4, complete with accessories, for just $234.99 for a limited time.
Opinions expressed by Entrepreneur contributors are their own.
As the year comes to a close and you analyze your business’s performance and look ahead to next year, it’s important not to overlook cybersecurity. Cyber attacks are rampant in today’s world, and with inflation cutting into your bottom line and remote work making you spend more time on public Wi-Fi, it’s absolutely vital that you invest in a VPN.
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You don’t have to break the bank for a quality cybersecurity solution like Windscribe VPN, which has earned 4/5-star ratings from Tech Radar and PC World and a 4.4/5-star rating from G2. And now, you can get it on sale for 66% off.
Windscribe is both a desktop application and browser extension working in conjunction to protect your online privacy and improve your overall internet experience. The intuitive interface allows you to get online easily and supports unlimited downloads and simultaneous connections, all while prioritizing anonymity with an AES-256 cipher with SHA512 auth and a 4096-bit RSA key, as well as a strict zero-logging policy that doesn’t even require an email address to sign up.
The VPN gives you access to servers in 69 countries, the ability to work on multiple protocols, and a ton of other cool features. The desktop app takes the security further by providing a firewall and a secure hotspot and proxy gateway so you can turn your own computer into a secure Wi-Fi router and create a proxy server on your network for other devices. With the browser extension, you’ll also be able to block ads and trackers that follow you across the web, track and delete cookies, and change your location at will.
Invest in your cybersecurity in 2023 without breaking the bank. Right now, you can get a three-year subscription to a Windscribe VPN Pro Plan for 66% off $207 at just $69.
Opinions expressed by Entrepreneur contributors are their own.
It’s probably not difficult to grasp that our customers’ purchase behaviors are deeply entangled with moods.
There’s a reason that we call shopping therapeutic. Purchasing things we want sends a serotonin surge to the brain that can temporarily make us feel better if we’re stressed, depressed or anxious. Moreover, according to widely-cited research by Gerald Zaltman, 95% of purchase decisions are made subconsciously and driven by emotions — so it’s no surprise that advertisers have been interested in understanding and evoking particular mood states for generations.
Now that data about internal states of mind is becoming more available, the stakes are higher when we consider how to act on this sensitive consumer information. For example, how far should brands go to utilize emotional data to encourage purchases?
Let’s take a look at where we’re at and how brands can take a human-centered approach to the use of this sensitive information.
Let’s start with how we gauge emotions. Until recently, our data about feelings relied on self-reporting by consumers since it’s impossible to embody another person’s emotional experience. Self-reporting means that consumers answer direct questions about how they are feeling at a given time or in a given context. Usually, this happens via market research surveys.
Neuroscience is advancing to the point that we may be able to accurately predict emotional states without relying on overt consumer admissions. This type of emotional assessment may prove to be even more accurate than direct consumer reporting since many people struggle to predict how they’ll feel in particular contexts.
Technology that assesses activity in our brains is getting more advanced and better capable of predicting mood states. While most of this innovation is happening in research labs, we’re getting closer to realizing this technology as a marketing tool.
Neuroscience and wearables
The Art of Shopping, a subconscious shopping experience between art retailer Saatchi and eBay, is one of the most direct campaigns that aimed to utilize this technology in shopping.
During the experiential retail event, attendees browsed an art gallery while wearing headsets that were designed to track a consumer’s mental engagement. When the software suggested that viewers were inspired, eBay added similar items to the patron’s shopping cart.
While the activation was interesting, getting consumers to voluntarily and consistently wear mind-tracking headsets is far-fetched in our current environment. Although, it may become more common as more consumers adopt augmented and virtual realities.
Today, wearables like fitness trackers and smartwatches are becoming more ubiquitous and can aggregate mood data inferentially or from the self-assessment of consumers. The devices can assess everything from our heart rate and breathing patterns to our mindfulness activity. This can imply or correlate to stress levels or provide more direct mood data on apps like Calm and Halo that encourage emotional reporting.
There are other ways to gauge the mood of consumers, and some of them have a troubling history.
Meta, formerly Facebook, was famously under the microscope for conducting a large-scale emotion experiment aimed at understanding if emotions spread through networks.
It actively manipulated the algorithm of nearly 700,000 users without their informed consent, in order to serve them positive or negative content and to gauge the apparent mood in their resulting posts. Among other goals, the company was interested in how emotions might make the site more or less engaging.
The more engaged users are on the platform, the more valuable they are to Meta’s advertisers. Critics worried that the company wanted to understand how to manipulate emotions to bolster its bottom line and increase purchases for its advertisers, without apparent regard for the impact on the consumer.
Meta isn’t the only tech company making actionable inferences about emotions. Search engines like Google track emotional effects by utilizing software to assess language for positive and negative sentiments in search, among other tactics.
In conjunction with the rest of their consumer data, such as browsing and purchase history, these tech behemoths have real power to understand, contextualize and leverage consumer emotion without the use of neurological equipment.
Marketers are curious about how mood impacts purchases, and thereby interested in creating purchase paths that are aligned with particular feelings. Payment providers are paying attention as well. In fact, in their latest Future of Payments research paper, Worldpay from FIS identified personalization, including emotional engagement, as a trend that payment providers are attending to.
Creating payment journeys that utilize emotional information from consumers may sound troubling. But it’s worth noting that consumers increasingly expect these kinds of personalized experiences from brands — as long as they are additive to the consumer journey.
When an experience provides convenience to a consumer and helps the brand connect meaningfully with them, it can make the consumer feel supported and improve emotional engagement and loyalty.
Striking a balance between utilizing emotional data to offer mutual brand-consumer gains while respecting consumer rights and privacy is tricky. This is why we need to think deeply about creating consumer safeguards as we venture into the future.
There’s no shortage of data, and we’re only going to get better at detecting and reacting to emotional states in various contexts. As advertisers and marketers, we need to be thoughtful about how all this emotional data is applied.
We’ve already seen social media companies exploiting negative emotional states like anxiety and depression to move users toward a purchase path of aspirational products in categories like beauty and fitness (What’s even more troubling is that the algorithms are likely contributing to the negative emotional state, but that’s a conversation for another day). We’ve seen the same algorithms promote negative headlines that are likely to elicit engagement, which results in exacerbated political polarization and negative societal impacts more broadly.
As an advertising community, we need to implement safeguards to protect consumers. These safeguards should come from regulators, as well as individual brands. Creating an ethics playbook prior to locking in uses of emotional data in the purchase path, conducting thought experiments for secondary and tertiary impacts of the use of mood-based information, and defining and acting in accordance with a brand’s values can help to ensure marketers are responsible brokers of mood data.
It’s worth remembering that understanding emotion can have powerful positive consequences as well. As humans, we’re emotional beings and brands that can meet consumers where they are in their internal experiences are likely to create better and more meaningful connections. It’s imperative for brands to think through how they’re using emotional information, not only to create lasting relationships with consumers but also to take a human-centered approach to innovation.
Opinions expressed by Entrepreneur contributors are their own.
Hallmark symbols of business building and entrepreneurship are constructed on a series of rules, parameters and functions that rely on established experiences over time.
What if I told you there is a world without limits built on a set of constructs, not rules? You would undoubtedly think a world with an endless horizon line might be less than calming.
If you’re a famed thought leader (emphasis on thought) like Deepak Chopra, you cross the chasm without concern for what lies beneath your feet. The real-life Indiana Jones crossing a bridge on utter faith, Chopra and his partner Poonacha Machaiah are welcoming all of us into our own homes through their conscious Web3 platform, Seva.Love (meaning service and love in action).
Let’s take the horizon line back two decades before Machaiah became the CEO of the Chopra Foundation and before Chopra himself became an author of over 90 books translated into almost 50 languages.
Chopra and Machaiah met through a common friend and famed filmmaker of Elizabeth and Elizabeth: The Golden Age, Shekhar Kapur. It was at this meeting that the technology background of Machaiah and Chopra converged.
“I met Deepak and quickly asked him about his vision. So many people pined to understand the vision of this icon. He responded by saying that he planned on reaching a billion people for a more peaceful, just, sustainable, healthier and joyful world. My reply was, sign me up!” shares Machaiah.
Chopra wasn’t pitching Machaiah in the classic sense of business building, but he had ignited a path for the College of William and Mary grad that had been kindling under the surface for some time. “That conversation started our journey into wellbeing together. I wake up every day and ask myself, “Poonacha, what are you going to do to ensure a more peaceful, just, sustainable, healthier and joyful world?”
Machaiah’s computer science and engineering background has proved complimentary to the globally renowned leader of the meditation revolution. He had been a part of the Motorola team that innovated cellphone technology, so new adventures were a part of his DNA. “Deepak focuses on our joint efforts through the lens of wellbeing and consciousness, and I look at our work through technology and the ability it [technology] has to democratize access for people.”
Chopra and Machaiah believe that the world is at a nexus point in history and the world of Web3, or as they like to say, the multiverse has the potential to change the course of personal and professional experiences.
Seva.Love has bundled together an initial consumer offering that aims to reach people outside of the standard Web3 fare. A combination of apps and metaverse meditation experiences are punctuated by the Chopraverse opening the digital door to Chopra’s “House of Enlightenment,” a Roblox offering under the Choprakids umbrella, and a curated library of educational resources created by the Chopra Foundation.
The app gabl (Give. Ask. Borrow. Love.) is emblematic of leadership that understands business is about walking, not running. The app integrates documented experiences of good deeds in the physical world through social technology, seeding user behavior reflective of the Seva.Love world.
Machaiah sees an opportunity to lean into the metaverse as a therapeutic. Chopra and his endlessly engaging partner, Machaiah, might be the best tandem to think beyond Web3 gaming conventions. They were at the forefront of online meditation offerings beating out Calm and Headspace. Having Oprah as a collaborator on the 21-day meditation challenge with Chopra and the foundation didn’t hurt either.
“Imagine integrating an experience that helps you to breathe, to meditate. That is an experience that can lead to kindness. I believe the metaverse is going to be the place where digital therapeutics will come to play. And that’s the reason why Deepak and I are so excited about Seva.Love.”
The story of Seva.Love is just evolving, and Chopra’s roots might explain his excitement for this stage of the endeavor.
“My mother was one of the most interesting storytellers,” says Chopra. “When my little brother and I were young, she would entertain us with stories. But, she would stop halfway through her story. She would leave a cliffhanger for each of us to finish the next morning. We had to share our own conclusions and include all aspects, including the villain, the good and bad guys.”
The unknown excites the global icon, citing those initial storytelling sessions as trigger points for his imagination. Chopra and Machaiah appear to have written a script that includes a vivid set of imaginative experiences where we all get to play in the scene. A welcomed opportunity for personal and professional experiences to take center stage.
Coming home from a long day at the office has been forever and creatively depicted by Hollywood authors as an activity of respite in the face of the trials and tribulations of the cold, dark, unforgiving world of the adult experience. The front door closes, sealing off the subject from the unrelenting pressures of life.
That physical door transforms through Chopra’s guidance and Machaiah’s tech wherewithal into a portal void of locks and peepholes to reveal a world governed by self-control, a sense of belonging and without outside edicts.
The neighborhood is open. Chopra and Machaiah have laid out the welcome mat. Now, they believe, the time has come to hand over the keys to a new generation of digital users ready to take off, where life and one’s place converge to create wonderfully new and immersive adventures.
The keys are yours, and Deepak Chopra and Poonacha Machaiah beam at being your hosts.
Opinions expressed by Entrepreneur contributors are their own.
In times of economic uncertainty, you can find unique entrepreneurial ideas emerging in the metaverse, often driving industry innovation and opening up new opportunities for businesses and individuals alike. As the metaverse continues to expand, here are five trends that will shape the next 10 years:
1. Virtual content creation
3D modeling has been used for many decades in almost all industries, such as gaming, engineering and architecture. All products, buildings, characters and environments have been created using 3D modeling tools on a computer. This industry is only projected to increase in value, reaching $6.33 billion in 2028. This number doesn’t include the metaverse space, which is predicted to reach $783.3 billion by 2024.
As consumers migrate to the 3D space, the need for virtual goods has only increased. For example, the most popular Roblox metaverse has over 40 million games where its users exclusively create all items, characters, and environments. Those who are top creators can make a ton of money. Just look at Samuel Jordan, who reportedly makes up to $80,000 each month from selling his digital goods in Roblox.
Covid-19 has shifted most of the world to remote working and distance learning. Some of the fastest to adapt to this change included schoolchildren. The idea of learning digitally has really caught the younger generation to the point where one of the most popular metaverses, Minecraft, has an educational platform for distance learning.
However, this is just the beginning of the global trend for online education. The online education market size is expected to reach $198.9 billion by 2030, according to Straits Research. Entrepreneurs should expect new virtual studying platforms to appear, as well as courses covering topics such as meta-marketing, avatar design and virtual law. This will open up a lot of career options for the younger generations that use the metaverse.
3. Virtual social and music events
Did you know that 4 million people attended Rod Stewart’s free concert on Copacabana Beach in Rio in 1994? It remained the most attended live show until Travis Scott performed in the Fortnight Metaverse in 2020, as more than 12 million players logged in for his virtual concert.
Once other artists caught wind of this, they started planning their own virtual concerts. Artists such as Post Malone, Ariana Grande and Justin Bieber provided virtual concerts using the metaverse as their platform. This trend creates many opportunities for musicians and other event planners on platforms who want to capitalize on the popularity of virtual events.
However, it’s important to start exploring these opportunities now, as global entertainment company, Live Nation, has already partnered with Snap this year to improve the virtual concert and social experience using AR technology.
While millennials were getting married virtually during the Covid-19 lockdown, Gen Z has been using “stay at home” as an opportunity to date in the metaverse. Games today can provide more than entertainment; they can even introduce you to potential partners.
Avatar-based dating is becoming more and more popular, with many new companies emerging that specialize in this service, such as Nevermet. This fast-growing avatar-based service allows users to match with other VR fans and then meet up anywhere in the metaverse. As this trend continues to grow, there will be more and more opportunities for entrepreneurs to enter this space.
5. Metfluencing
When it comes to influencers, the metaverse has become a prime platform for marketing and advertising products and services. This is mostly due to its interactive platform, which allows users to engage with each other in real-time.
This trend is known as “metfluencing,” which refers to when an influencer leverages their popularity in the metaverse to influence other users. For example, Albert Spencer Aretz, also known as Flamingo, is an American Roblox Gamer whose “let’s play” videos are gaining millions of views. His estimated net worth is over $20 million, as reported by various sources. Due to his popularity, brands are now paying him to promote their products on his channel. If you’ve ever considered becoming an influencer, the metaverse is definitely a great place to start.
The metaverse is an ever-evolving ecosystem that’s becoming increasingly popular and accessible. As more people turn to this virtual reality, entrepreneurs should look for ways to take advantage of the opportunities available in the metaverse. From establishing an online education platform to promoting products via metfluencing, there are plenty of avenues to explore. With the right strategy, you can use the metaverse to create your own successful business.
Sam Bankman-Friedstarted the cryptocurrency exchange FTX in 2019 at watched it all come crashing down in 72 hours.
Photo By Tom Williams/CQ-Roll Call, Inc via Getty Images
Bankman-Fried was once seen as the King of Crypto. He promised big returns for customers and investors and even tried to help the government impose regulations on the industry. That was until crypto giant Binance expressed concerns over FTX’s financial stability and falling crypto prices sparked a bank run, revealing FTX and its sister company Alameda Research were suspiciously working together to pay off debts, according to The New York Times — and leaving an $8 billion hole in its accounts.
FTX attracted major investors including SoftBank and BlackRockand boasted celebrity endorsements from the likes of Tom Brady and Shaquille “Shaq” O’Neal. Still, the company’s low-risk, high-reward business model appeared almost too good to be true.And it was.
In the wake of the FTX collapse, between $1 billion and $2 billion in client money has gone unaccounted for, according toReuters.
SBF has since been arrested and charged with several counts of fraud, and prosecutors say he orchestrated “one of the biggest financial frauds in American history.” He could face up to 115 years in prison.
While the crypto scandal is still unfolding, here’s everything to know about Bankman-Fried.
Who Is Sam Bankman-Fried?
Before Sam Bankman-Fried was embroiled in the FTX scandal, he was known as a rising crypto wiz and an academic standout.
Also known simply as “SBF,” Bankman-Fried was raised in California by his parents, Joseph Bankman and Barbara Fried, who were both Stanford University law professors, according to Reuters. He excelled in mathematics and went on to graduate from the Massachusetts Institute of Technology (MIT) in 2014.
How Did SBF Make His Money?
After graduation, Bankman-Fried worked for Jane Street Capital in New York City, where he traded currencies, futures, and exchange-traded funds. SBF stayed with the company for three years before leaving to start his own crypto trading firm, Alameda Research, in 2017 when he was 25 years old.
Alameda was based in Hong Kong and turned a profit by taking advantage of the price differences in Bitcoin around the world. The company would purchase Bitcoin in Asia and sell it elsewhere, in order to pocket the currency difference, per The New York Times.
Although Alameda operated much like a traditional Wall Street firm, it had no regulatory oversight, which scared investors, the outlet reported. To help generate revenue for Alameda’s trades, SBF launched a cryptocurrency exchange, FTX, in 2019, which greatly benefited from the increased demand for crypto.
The company was valued at $32 billion in January 2022, according to CNBC.
SBF discussed crypto regulations and testified in front of Congress in December 2021, detailing his then-supposedwillingness to add regulations to the industry, something typically feared by crypto-enthusiasts.Despite facing legal troubles for the FTX collapse, SBF said that helping to regulate the industry is still important to him inan interview with The New York Times.
What Is Sam Bankman-Fried’s Net Worth?
Just days before Sam Bankman-Fried’s crypto empire collapsed, he had an estimated net worth of $15.6 billion, according to Bloomberg Billionaires Index. After his fortune plummeted, he was left with $1 billion. The 94% drop in his wealth is among the biggest one-day collapses the tracker has ever seen.
At his peak, SBF was worth an estimated $26.5 billion, with most of his money tied up in his companies.
Earlier this year, SBF pledged to give away 99% of his fortune to charitable organizations, and his FTX Foundation has donated over $190 million to several causes including animal welfare and global poverty, according to Vox. SBF also outlined his charitable intentions in a post to the Giving Pledge website, which has since been removed.
Image credit: Jeenah Moon/Bloomberg via Getty Images
What Is FTX and What Went Wrong?
FTX is a cryptocurrency exchange platform that worked in close collaboration with Alameda Research.
In addition to charging customers to trade on the platform, FTX created the FTT token, which was mainly bought and sold by Alameda on the exchange, per The New York Times. As the token’s main market marker, it was allowed to set the price for the token at a big discount, attracting people to the platform with promises of a high return on their investment.
The business model attracted major investors including Softbank and Blackrock, in addition to several celebrity entrepreneurs, including Gwyneth Paltrow and baseball star David Ortiz.
However, FTX’s close workings with Alameda went under the radar, including SBF’s reported romantic relationshipwithCaroline Ellison, who worked as Alameda’s co-CEO with Sam Trabucco.
According to an SEC filing, Ellison said she and others were aware Alameda had been using FTX customer funds.
“During a meeting with Alameda employees on or about November 9, 2022, Ellison admitted that she, Bankman-Fried, Wang, and Singh were aware that FTX customer funds had been used by Alameda,” the complaint reads.
Ellison has yet to be charged in the case.
Together, FTX and Alameda provided billions in funding to 246 crypto companies, but despite SBF’s push for more crypto, investors started to back out as a result of fluctuating crypto prices and withdrew funds from their accounts.
As Alameda struggled to pay back its lenders, it began to use customer funds deposited in FTX to pay back its investors. FTX reportedly lent an estimated $10 billion of customer funds to Alameda.
Then, in a last-ditch effort to save Alameda, Binance proposed a deal to buy the company, but it fell through after analyzing FTX’s books, according to The New York Times. After Binance’s CEO Changpeng Zhao announced he would sell his FTT tokens due to fears concerning the company’s financial stability, he sparked panic and traders withdrew $6 billion from the platform in just 72 hours.
The bank run exposed an $8 billion hole in FTX and Alameda’s accounts.
After struggling to raise more capital for the business, FTX filed for bankruptcy on November 11, 2022. SBF announced he’s be stepping down as CEO that same day and would be replaced by lawyer John J. Ray III.
What Did Sam Bankman-Fried Do and Why Was He Arrested?
U.S. prosecutors have accused Sam Bankman-Fried of defrauding FTX customers by misappropriating funds to pay debts and expenses for its sister company Alameda Research. According to prosecutors, SBF also provided false and misleading information to investors, in addition to attempting to hide his earnings through wire fraud, according to The New York Times.
SBF was arrested in the Bahamas at his apartment complex after the United States filed criminal charges against him on December 12, stating they were “likely to request his extradition,” the government of the Bahamas said in a statement to the outlet. He is facing criminal charges of wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy, and money laundering.
Additionally, the Securities and Exchange Commission has authorized charges “relating to Mr. Bankman-Fried’s violations of our securities laws.”
So far, SBF is the only person charged in the indictment.
What Is Sam Bankman-Fried Saying in the Wake of the FTX Collapse?
After FTX imploded, Sam Bankman-Fried has been vocal about what transpired.
Just one day before the company filed bankruptcy, SBF took to Twitter to issue a public apology.
Additionally, he suggested that poor internal organization contributed to their inability to return funds to customers.
5) The full story here is one I’m still fleshing out every detail of, but as a very high level, I fucked up twice.
The first time, a poor internal labeling of bank-related accounts meant that I was substantially off on my sense of users’ margin. I thought it was way lower.
Furthermore, SBF said he “did not ever try to commit fraud” at the DealBook Summit on November 30, stating he “screwed up” and failed to protect his customers. He claims to have been truthful following the FTX fallout, stating, “I don’t know of times when I lied.”
He went on to issue an interview with The New York Times, telling the outlet, “It could be worse.” He explained that he didn’t realize how much borrowing was going on between FTX and Alameda, and the significant risk it posed. Additionally, SBF blamed himself for not seeing trouble ahead.
“Had I been a bit more concentrated on what I was doing, I would have been able to be more thorough,” he said. “That would have allowed me to catch what was going on on the risk side.”
Prior to his arrest, SBF told the NYT he was “working constructively with regulators, bankruptcy officials, and the company to try to do what’s best for consumers.”
Image credit: (Photo by Mario Duncanson / AFP) (Photo by MARIO DUNCANSON/AFP via Getty Images)
What Is Next for Sam Bankman-Fried?
Following his arrest, Bankman-Fried has been at Fox Hill prison in Nassau, Bahamas, and was denied bail. He has agreed to be extradited to the U.S., and a judge ordered his extradition hearing to be held on Feb. 8, 2023, per CoinDesk. Once he is back on U.S. soil, he will be arraigned in Federal District Court in Manhattan and face a bail hearing.
But sources close to the case told CNN he may return to the States sooner and will be seeking bail to hopefully avoid detention.
In addition to the criminal charges SBF is facing, he is also dealing with a class action lawsuit claiming that the celebrities who endorsed FTX, including Kevin O’Leary and Gisele Bundchen, were engaging in deceptive practices to “induce confidence and to drive consumers to invest in what was ultimately a Ponzi scheme,” according to the lawsuit.
It’s possible SBF could work out a deal that includes both his criminal and civil cases, Reuters reported. Additionally, prosecutors will ask for restitution for those who lost money in the collapse.
Prior to Bankman-Fried’s arrest, he was supposed to testify in front of the House Financial Services Committee about the FTX collapse.
“The American public deserves to hear directly from Mr. Bankman-Fried about the actions that’ve harmed over one million people,” Representative Maxine Waters, who chairs the committee, said in a statement, per NYT. “The public has been waiting eagerly to get these answers under oath before Congress, and the timing of this arrest denies the public this opportunity.”
The hearing went ahead without SBF, and FTX’s new CEO John Ray spoke in his place. He called the relationship between Alameda and FTX “old-fashioned embezzlement” and blamed the collapse and financial fallout on the “absolute concentration of control in the hands of a small group of grossly inexperienced and unsophisticated individuals who failed to implement virtually any of the systems or controls that are necessary for a company entrusted with other people’s money or assets.”
His testimony went on for four hours, stating he is in the process of getting to the bottom of the scandal and figuring out how to repay lenders and customers. However, the unorganization at FTX has made that a challenge.
“Even with most failed companies, we have a fair roadmap of what happened,” Ray said, adding, “We’re dealing with a literal paperless bankruptcy.”
When asked what role SBF would play in the company going forward, Ray responded: “Zero.”
Opinions expressed by Entrepreneur contributors are their own.
We are on the brink of a massive technological revolution as we slowly move from the water and steam-powered first industrial revolution to the artificial intelligence-powered fourth industrial revolution. The theories backing data science and machine learning have existed for hundreds of years. There used to be times when proto-computers would take almost forever to compute a billion calculations. No one dared think of artificial intelligence or related technology. All thanks to machine learning and data science, we can now calculate data at a capacity of 5 billion calculations per second.
Data science and machine learning are amongst the most popular disciplines that evaluate and analyze big data for beneficial purposes. Whenever big data or data, in general, is mentioned, our minds go straight to data science and machine learning. While both disciplines are noticeably different, they have a unique and symbiotic relationship. This article will explain in detail the concepts of data science and machine learning, their special relationship and practical examples.
As mentioned above, our world is about to be overrun by data. Data is fast becoming overwhelming and tedious to manage. Tons and tons of data are being generated every second. The advent of the internet further pushed this development to the edge. Everywhere you go, your data is being collected knowingly and unknowingly — from gestures as simple as opening a door through fingerprint sensor automation to shopping for groceries from a grocery store.
Data science is the study of data and the processes involved in extracting and analyzing data for problem-solving and predicting future trends. Data science is a broad discipline that is interconnected with other fields, such as machine learning, data analytics, data mining, visualizations, pattern recognition and neurocomputing, to mention a few.
Data scientists investigate, analyze, infer and present data that solve technology-related business problems. The science of data draws inferences, interpretations and conclusions from data that can be used for informed decision-making. This science is built on fundamental disciplines like statistics, mathematics and probability. In all its entirety, data science works to understand data and interpret it.
Machine learning
Machine learning studies data over time to create predictive models that can discern trends and solve problems without human intervention. Machine learning is a subset of data science. Through algorithms and development tools, machine learning engineers build expert systems that can be taught to work independently without human intervention. This is achieved through a series of algorithmic approaches divided into four categories: supervised, unsupervised, semi-supervised and reinforcement learning.
Machine learning engineers study big data to simulate machines to behave and think like humans. Machine learning utilizes fundamental disciplines like strong programming knowledge skills in languages, like python and R, as well as mathematics and data processing. Machine learning is extensive on data; machines rely on this input to gain knowledge and understanding and also to act independently of human information after complete simulation. Through machine learning, artificially intelligent systems continue to grow in numbers as more intelligent agents are being developed.
The relationship between data science and machine learning
The relationship between data science and machine learning is symbiotic. They work hand in hand. Data is the big link bridge between the two fields, as both disciplines use data for advanced problem-solving and prediction.
Machine learning is a development tool for data science. Data scientists research, evaluate and interpret big data, while machine learning engineers, on the other hand, build predictive and simulative models that use decrypted data to further solve problems — for example, the betting companies.
These companies use data science to study and interpret tons of data from decades of football games. They observe each club’s strengths, the footballers’ skills and consistency. This data was then used to build algorithmic solutions and models that predict the outcome of these games even before they are played. The odds and probability of occurrence are calculated even down to which player scores in these games and the number of shots that could be fired. You can also predict which player will be featured full-time and who will be played as substitutes. Another excellent example of the symbiotic relationship between data science and machine learning is natural language processing. Data from different backgrounds and cultures were collected and studied by data scientists. The data machine learning engineers utilized this data in the development of intelligent agents such as Alexa and Siri.
You can not think of data without data science and machine learning coming to mind. They carry out specific activities but are strongly interwoven with each other. One is only complete with the other. Yes, you can perform some data analytics activities in data science, but you can only fully utilize that data with machine learning.
On the other hand, machine learning is supposedly based on building models with this data rather than interpreting it, which can only happen with big data. Both disciplines work with data and work to solve problems with data. Data scientists create and clean these data, analyze them and use them for problem-solving, according to the subject matter. In contrast, machine learning experts study these data over time and build an algorithmic predictive model that uses these data to mimic human thinking, solve advanced problems and predict future trends.
If I may add a subtext, a data scientist would be the senior colleague of a machine learning engineer. This is because data science is more encompassing and interwoven with different aspects of technology. A machine learning engineer would report to a data scientist because they have the interpreted model of what the machine learning engineer wants to build. The data scientist has a futuristic view of what the predictive model should do, so naturally, the machine learning engineer should report for a clearer picture and alignment of the model with the entire business objective of building the model.
Having seen the unique and symbiotic relationship between data science and machine learning, let’s look at some use-case scenarios of these power disciplines.
Data science can be used in business for different beneficial purposes. Some of them are highlighted below:
Simple data analytics with Excel (e.g., creating clusters, data collection and organization into structured and unstructured data).
Root cause analysis. Several organizations adopt data science for root cause analysis and resolution. This is done by investigating all collected data on the subject matter and tracing down the root of the problem through different data analysis models/algorithms like classification, binary trees and clustering.
Design and implementation of natural language processing
Design and building of expert knowledge databases and inference engines
Structure of predictive models for problem-solving
Simulation and construction of artificially intelligent agents (e.g., facial recognition machines and lie detectors).
Data scientists and machine learning experts are using the plethora of data produced daily to move our world rapidly into the machine age. Here is an era where machines might be as intelligent as human beings or even more intelligent than human beings — a time when devices have evolved beyond every scientific principle. While some believe that time is much closer than farther, it is almost here. In all, data science and machine learning are the two front wheels that are moving us toward singularity in technology.
There’s a new social network in town, and it’s coming for Twitter.
Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images
Mastodon Social — a decentralized text-based social media platform where people can chat in interest groups or “servers” — reached a new 2.5 million monthly user milestone in the wake of Elon Musk’s Twitter takeover.
According to a blog post written by the platform’s founder Eugen Rochko, the network “recently exploded in popularity;” it had just 300,000 monthly users in October.
“We are excited to see Mastodon grow and become a household name in newsrooms across the world, and we are committed to continuing to improve our software to face up to new challenges that come with rapid growth and increasing demand,” Rochko wrote in the post.
Mastodon’s sudden growth came as Musk purchased Twitter in October and took the company private. Since then, he’s tried to implement several controversial changes, including banning accounts (including those of journalists) that link to competitors like Mastodon. According to CNN, the policy was suspended less than 24 hours after it was enacted following accusations that Musk was walking back on his stance on free speech.
“This is a stark reminder that centralized platforms can impose arbitrary and unfair limits on what you can and can’t say while holding your social graph hostage,” Rochko wrote in his blog post. “At Mastodon, we believe that there doesn’t have to be a middleman between you and your audience and that journalists and government institutions especially should not have to rely on a private platform to reach the public.”
It’s unclear how many Twitter users have left the platform since Musk’s takeover — the company hasn’t released any new metrics since July. It reported 238 million monetizable daily users at that time.
However, several notable figures have announced their departures from the app as a result of Musk’s leadership, including Elton John, Jim Carrey and Shonda Rhimes.
All my life I’ve tried to use music to bring people together. Yet it saddens me to see how misinformation is now being used to divide our world.
I’ve decided to no longer use Twitter, given their recent change in policy which will allow misinformation to flourish unchecked.
I’m leaving Twitter, but 1st here’s a cartoon I made with my friend Jimmy Hayward. It’s based on my painting of a crazy old Lighthouse Keeper, standing naked in a storm, summoning the angels and shining his lamp to guide us through a treacherous night. I love you all so much! ;^j pic.twitter.com/Cqmp74A87r
Opinions expressed by Entrepreneur contributors are their own.
Over the last two decades, the real estate industry has experienced significant changes. These changes are due to the influx of new technologies and advancements that benefit many stakeholders, including agents, brokers, developers, property managers, investors, homeowners and entrepreneurs. The name that we give collectively to the synergy between technology and real estate is proptech.
Below are the four most significant ways in which this innovative technology has disrupted the real estate industry.
The lack of transparency and sometimes accountability has been a long-standing problem in the real estate market, with no easy solution. At the same time, solving this challenge is of utmost importance as real estate concerns everyone. All of us need places to live in, work at and so on.
However, the root of this problem lies in the very nature of real estate. As such a large market (currently valued at $3.69 trillion), real estate has sizable capital requirements that few can traditionally afford. In addition, although it may not look this way from the outside, the real estate space is rather limited and only accessible to a relatively small number of professionals. For the average person, real estate processes and deals have always been notoriously convoluted and obscure.
Thanks to the changes it’s been bringing to the residential and commercial real estate market, proptech has made major advancements in this regard. The accelerated access to data, widespread use of technology tools and enhanced feasibility of fractional property ownership have largely contributed to growing transparency and accountability in the industry. Real estate trends, analyses, deals and operations are now much more transparent than just a few short years ago.
Proptech’s contribution resulted in another major disruption in real estate. By enabling data, analysis and investment access to the average person, proptech has opened the door for just about anyone to enter and participate in the industry.
With the help of tech-based tools, even those with limited knowledge and experience can take part in real estate transactions. For example, the advancement of CRM, analysis, virtual reality and deal-closing online platforms has lowered the barriers to entry for real estate agents and brokers. As a result, the number of licensed realtors in the U.S. alone increased from 1 million in 2011 to 1.56 million in 2021. This is a growth of more than 50% over the course of only ten years.
Similarly, while investing in real estate has always been a tempting idea for millions of Americans, many were left out of this profitable strategy due to a lack of sufficient financial resources, market knowledge, data access or even time. In the last decade, we have seen a surge in the number of technology tools that address each of these challenges and more. Therefore, we can expect the number of small-scale, beginner real estate investors to grow exponentially in the coming years.
On the flip side, another way that this innovative technology is changing the face of real estate is by putting an end to the monopoly of big players. Traditionally, real estate has been dominated by a few large corporations and moguls that control each aspect of the industry such as development, brokerage, investing, market analysis or property management. The reason is simple — very large barriers to entry that only some could cross.
As smaller players are now able to participate across the different segments of real estate, this is inevitably challenging the dominance of the traditional major stakeholders. While they might understandably feel threatened by this flipping reality, it will be beneficial for everyone if the industry becomes more accessible, transparent and democratic. The entry of new players will inevitably lead to accelerated growth within the industry, thus opening more opportunities for everyone involved.
Boosting productivity and profitability
Last but not least, proptech has forever transformed the way of doing business in real estate by raising productivity and profitability. This is arguably the most significant advantage that disruptive technology has brought to real estate professionals.
Investors, for instance, formerly needed months of research, data collection and analysis in order to find a single profitable deal. Now with the help of certain real estate tech tools based on big data and AI, they can locate good deals within a few minutes — whether they are interested in residential or commercial properties, the ownership of entire buildings or parts of properties.
Similarly, being a landlord and short-term rental property host used to resemble a full-time job between writing contracts, dealing with tenants, setting up rental rates, collecting rent, managing finances and all of the other tasks. Now, there are dozens of platforms that help automate and streamline the rental property management process.
The day-to-day work of agents, brokers, property managers, lenders and others has also been expedited and facilitated in a similar manner. The end result is that real estate professionals — as well as amateurs — can complete their duties much faster and more efficiently, all while making more profitable decisions about how to operate their businesses.
Final words
As a firm believer in the importance of technology across the board (but especially in real estate), I am confident that we are far from reaching the full potential of disruption in this industry. I expect these four proptech trends to continue developing in the coming years. , And, new disruptions will continue to emerge as so many entrepreneurs are eager to carry on with the democratization of real estate.
Opinions expressed by Entrepreneur contributors are their own.
3D digital twins have started to enter the real estate market and vocabulary, slowly moving from technical tools used in the operational processes to a more people-facing role. They become commercial tools of high value that stand as a commitment to innovation, adaptability and sustainability.
In 2023 and beyond, I expect to see them evolve in how they impact and support the market. Commercial real estate segments — such as office or retail — have met great challenges over the past 2 years. Now, they are confronted with new expectations from their customers, and 3D digital twins can play a vital role in meeting them. This is why I expect these tools to evolve more and more to become a standard in real estate.
After three years of focusing on digital replicas and their potential worldwide, here are the main directions I see 3D commercial digital twins developing next year:
The growth of the digital twin industry means an increased competitiveness among digital twin providers to offer the best technologies to their customers. Resources involved in research and development will grow in order to develop and integrate new AI, VR and AR-based technologies, optimize and automate processes and reduce costs.
With renderings still having better graphics than most 3D tours, this could easily be a starting point for digital twin companies. The metaverses we have right now face the same challenge and as the two (real estate and digital universes) come closer, better graphics and immersive gamification features will be a must. Real estate has to be prepared for the future and for a generation of clients (Gen Z, millennials and even Gen Alpha) for whom mastering the digital space comes naturally.
We will see digital twins more in commercial areas
If until not long ago, digital twins were complex structures representing all technicalities needed in the building process, we are moving towards an era where they get fine-tuned for the public. Heavy-data replicas that required professional knowledge get a complementary partner: web-based 3D twins, easy to access and understand by anyone.
These beautiful, branded and soon-to-be gamified replicas will play an important role not only in showcasing a space digitally in order to cut down research and negotiation times but also in divestment processes, facilitating the sale of a building. Furthermore, given the increasing number of refurbished offices (54% of new projects in 2021 in London were office refurbishments), digital twins can be put to very good use here, too — presenting and pre-leasing a future space.
The enterprise metaverse as a concept isn’t something new anymore. Real estate companies might soon enough have their whole portfolio digitally replicated in a web, virtual platform. This would favor especially large developers or the ones with mixed asset classes (office, residential, retail, logistics, etc.).
These universes would present spaces and their specific features in a company’s one-stop-shop, starting from a state-of-the-art 3D digital twin.
A digital twin-based real estate universe would make sense not only for existing assets but for ones in the projecting or building process. Think about new cities being built from scratch, such as The Line or the New Administrative Capital of Egypt. Presenting these projects or any future construction works to interested stakeholders can give a clearer picture of the aimed result and facilitate investments.
Costs will be reduced as more AI will be involved
In the following year and beyond, I expect to see more advanced AI-enhanced features being used in the development of 3D digital twins, as well as more IoTs, such as high-end sensors being used in the generation of these replicas.
We’ll be taking steps towards automated generation and almost-simultaneous updates of the twin — if a physical space will change, its digital version of that should (almost) immediately update. This will translate into more automation, but less manual work, time and budget spent on alterations, and consequently, lower costs.
More features will be available for more connectivity
A 3D digital twin of an office will cease to be just a replica. It will turn into an integrated administrative tool that will allow stakeholders to make comments and notes about different features or challenges they’d like to see solved. Tenants will be able to book a meeting call or a certain desk directly from the digital twin or even join a virtual office. Tenant experience and building management solutions will be integrated as well, in order to streamline as many processes and offer the market a complex solution, with multiple easy-to-use features.
What this will lead to, eventually, is turning the 3D digital twin into a more elaborate environment than the actual physical space. This might align just perfectly with the future of work, where the office will be more of a collaborative, social space, designed to bring people together not only to work together but to connect as well.
Meeting the new generation of workers’ requirements
There are two aspects to consider regarding the future of work, and consequently, of the office:
With digital nomad visas becoming a thing, at least among European countries, people are not necessarily giving up on having an office, but they do want more flexibility. For them, it has to be as easy as possible to explore a space online, ask for an offer, access a virtual office or book a meeting room;
When it comes to moving to a new office, the decision within a company is not taken by real estate people anymore. Marketing, HR, sales and customer success representatives want to have a saying in where a company is relocating. This means that for them, seeing a space and its potential fit-out in 3D digital twin and not on 2D plans or renderings might make or break a deal.
Digital twins will have a real impact on ESG
Transport is responsible for approximately one-fifth of global carbon dioxide emissions. People travel for many purposes, and choosing an office or buying a home at a distance is one of them. This, together with the printed materials, are two of the main areas where digital twins can have the most powerful and visible impact. Showcasing/choosing a space digitally can reduce travel and printed advertising, offering a great, sustainable alternative.
Furthermore, in the EU alone, buildings account for 40% of all energy consumption, which means there is a lot to improve in how real estate uses and recycles energy. Digital twins can easily become part of the monitoring, test-running and managing processes, helping landlords allocate resources better and show where there’s room for improvement. Better monitoring of any type of data is key in a fast-changing environment.
To conclude, I would like to emphasize what connects all the ideas I developed above: adaptability. More than anything, the real estate industry is at a turning point where players get to decide if they go digital or stick to the old ways. Change is inevitable, and I see 3D digital twins as a central part of what new processes will mean. Although they have yet to prove their full potential, I don’t think there’s room for questioning if they make sense. While I strongly believe in the power of real-life interactions, at the same time, I think real estate can’t count solely on these anymore. The industry must try to find and use the right mix with digital environments.
Opinions expressed by Entrepreneur contributors are their own.
Do you know what it takes to be a top tech CEO? In short, top tech leaders need a clear vision, a sharp focus on execution and consistency amid business pressures and challenges. A tech leader also bridges the gap between business and engineering, guiding the team to achieve a shared goal. Below are a few other abilities one needs to be considered a leading technology executive today:
Ability to solve complex engineering problems
Apart from managing people, DevOps tech leaders solve challenging engineering problems while seeing the bigger picture. They also deeply understand how their decisions impact the team’s success, and ultimately, the IT business.
Apple’s Tim Cook, Microsoft’s Satya Nadella, Adobe’s Shantanu Narayan,and Google’s Sundar Pichai are great examples of the world’s most influential and respectable CEOs. And they have a few things in common; they are effective listeners, savvy data analysts, and have a strong instinct that makes them successful business people.
Top CEOs are passionate about seeking new methods to reduce their workload efficiently, while at the same time, trying as much as possible to improve how well they meet and satisfy the demand for their products and services. While labor shortages are the highlight of the economy during the pandemic, robots are quickly filling this gap with better outcomes, too.
First, they do more jobs with more speed and efficiency. Secondly, they are diverse and are usable in multiple industries, including manufacturing, agriculture and construction. Business leaders who are labor-constrained should consider employing robots in their activities to boost productivity and enhance their daily operations.
A natural curiosity and willingness to learn
Top leaders are naturally curious and eager to learn to expand their mindset. Tech leaders should always embrace continuous learning to understand the fast-changing nature of the industry to adapt quickly, grow their skills and effectively manage their teams. Top tech leaders also mentor junior engineers to help them advance in their careers and be more responsive to market demands.
Offering customized purchase insurance
Businesses that sell products or services online, including flights, rental real estate or books, offer purchase insurance at checkout. And such online insurance could expand to new industries like shipping, car sales, construction and financial services.
New insurance carriers could emerge soon to offer industry-specific insurance coverage. Tech leaders should explore the benefits of partnering with such carriers, or better still, create their own.
Tech leaders lead by example
Successful leaders inspire their tech teams by leading from the front. Giving their recommendations to their IT teams is essential, but it’s even more effective to practice what they believe in, even if it means they have to dive deep into the code.
Inspirational CIOs also collaborate actively, encouraging teamwork and enforcing the belief that no problem is unsolvable. Working beside your team goes a long way in showing your resolve to achieve a common goal.
One of the best ways to share a leader’s vision is by using software simulations to map out the company’s activities to identify loopholes and pinpoint growth opportunities. Simulations can also solve technical challenges like supply chains that rely on a single provider.
While most organizations could lack an in-house function to set up such simulations, exploring the possibilities is critical. There are powerful tools you can use to envision significant improvements, even if it means outsourcing.
Use of virtual customer service deepfakes
Many of your customers may not be tech-savvy and may not understand some technical issues and possible solutions. While a company can hire customer service and human resources to attend to online queries, some may struggle to hire and retain these critical staff.
Top tech leaders explore the alternative: virtual deepfakes, which are digital videos of human replicas that help to offer customer service, entertainment or gaming. The applications are endless and can help to streamline your business operations.
Use of predictive software to boost productivity
Predictive software uses data to predict your next word or phrase, which is how search engines such as Google work. But in this sense, the software indicates the code likely to come next, thereby helping in faster development to help you boost productivity. This functionality is invaluable, especially where there’s a labor shortage, and tech leaders should explore the possibilities of such predictive software.
Encouraging ownership
When IT teams acquire ownership of a project, they play an integral role in the overall IT firm’s vision. But take care not to micromanage IT teams and their leaders. Instead, allow them to lead, run their businesses and grow as leaders.
Inspired employees are happier and more productive, and in turn, they make the clients happy as well. Top tech leaders allow their employees to buy a share of the software and apps they develop, making them more loyal to the company’s values, vision and goals.
An inspirational leader takes a firm stand on critical issues, especially regarding major decisions for your firm. Successful tech leaders believe in the company’s mission and goals and communicate them to all IT teams. The goal is to lead by example instead of being reactionary.
An effective leader assembles highly skilled teams to support the company’s ability to stay on top of its game in the highly competitive IT and software market. But to remain relevant and consistent in the industry, regular training and retraining are necessary to equip your teams with new skills and refresh the existing ones.
To gain a competitive edge, the most successful tech leader is one who will incorporate software solutions to streamline business and facilitate team activities. These solutions could be applicable in marketing, offering customer care and predictive software for faster development of apps.
If you’ve dreamed of starting a robotics-based business and are successful, you could land yourself a piece of the pie in aerospace, automotive, and textile industries, among others. Take that first step with a mini robot arm kit that can help you learn the basics of precision robotics movements.
Explore basic robotics programming.
Automation robotics is a growing area of expertise, and the opportunities for robotics engineers and founders can only expand. As a robotics expert, you could position your company in multiple industries, or you could fly solo as a robotics consultant. Either way, you could get your start by learning to program this compact automation arm with Python, G code, Blockly, Scratch, and more.
The Mirobot functions like a real industrial robot pendant. It is a highly precise machine with 0.2mm repeated positioning accuracy. It has six-axis freedom of movement that would work well on a production line in an industrial setting, but you can use it for simple practice tasks. The kit has several adjustable grippers, including a pneumatic set for gripping and suction. Control the robot arm using the included Bluetooth controller, your computer, or your smartphone.
Though Mirobot can only manage a payload up to 400g, it may still be an excellent learning tool for prospective robotics engineers. Use it as an introduction to the field or a hands-on way to experiment during your ongoing education.
Your robotics business might start here.
Whether you’re freelance or enterprise, a future in robotics requires significant training and experience. Start getting both with the WLKATA Mirobot 6-Axis Mini Robot Arm while it’s on sale for $1,757 (reg. $1,850).
Opinions expressed by Entrepreneur contributors are their own.
By now you’ve undoubtedly run across a few Substack newsletters. More than simply a publishing site, Substack allows you to set up paid subscription options and collect credit and debit card payments through its partnership with Stripe.
Most Substack-centered how-to articles focus on its utility for writers and other creators. It might not be immediately apparent what a small business or startup can do with a Substack newsletter.
Opinions expressed by Entrepreneur contributors are their own.
In business, entrepreneurs are always trying to be as efficient as possible. It makes sense you’d want the same from your everyday carry devices. In addition to your wallet, phone, and keys, this 8-in-1 utility flashlight is a great option to stay prepared for almost anything that might come your way during the day. Since it comes with four of them, you could even use one as a Hanukkah gift for one of the eight nights.
StackCommerce
This rechargeable light is small enough to fit in any pocket and has ultra-bright LEDs that go up to 800 lumens at max power (30x brighter than your phone’s flashlight). It offers four modes, including adjustable brightness and flashing, to meet all of your lighting needs. Whether you’re dealing with a power outage at the office, have a flat tire at night, or need to work hands-free on a repair at home, it’s a handy lighting tool that you can snap to your keychain or backpack, clip to your clothing, attach to any metal surface with the magnetic base, or hang as an emergency lamp.
In addition to being a mini flashlight, this handy tool is also a bottle opener and a carabiner. It also has a folding kickstand making it easy to set up and use just about anywhere. (That makes it especially useful when you’re hiking, camping, or fishing.)
The well-reviewed MaxLight is USB rechargeable, giving you up to 3.5 hours of battery on a single charge. It’s waterproof and dustproof, has a strong magnetic base for mounting, and has a mounting hole making it extra durable and flexible for any situation. From all of your outdoor adventures to navigating your busy day-to-day life, this handy flashlight is a perfect addition to your everyday carry, your kitchen fridge, or your on-the-go emergency kit.
Gear up at a big discount and gift one to yourself, or even your kids for one of the last nights of gifting. Right now, you can get a four-pack of 8-in-1 MaxLight Mini Super-Bright Utility Flashlights for 39% off $107 at just $64.99.
Opinions expressed by Entrepreneur contributors are their own.
Entry-level programmer salaries can reach $80,000+, which could make hiring a pro out of reach if your business’s budget is tight. Why not tap into your scrappy entrepreneurial vibe and try learning to code yourself?
StackCommerce
While that may not be a great long-term plan, it could get you headed in the right direction and prolong some expensive overhead spending. It might even be fun if you give it a whirl with a robotics kit. Petoi Bittle is a palm-sized programmable robot dog. You can use Scratch, C++, and Python to teach it to walk, run, and do tricks, and you could uncover a hidden talent.
An accessible way to learn to code.
Petoi Bittle is suitable for adults or young learners. You can get it as a kit you’d have to assemble or as a pre-assembled dog ready to have new tricks programmed into it. If you envision your business working with hardware, it may be useful to try assembling Bittle’s five-component system.
Completely new to coding? Scratch can be a great place to start. Once you’ve got that down, then move on to C++ for more advanced commands before ultimately learning Python, the most popular coding language. If coding skills come naturally, you could kick things up a notch with AI by incorporating your own Raspberry Pi connection (not included with the kit).
Start learning to use Scratch, C++, and Python.
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For small businesses, the average cost for a data breach can start as low as $120,000 and reach as high as $1.24 million. Any unplanned expense could impact your company, but one of this magnitude could be enough to sink it. IT services aren’t inexpensive either, with some recommendations saying even businesses of only 40 people should plan for up to $3,000 a month.
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You may be able to offload some of your network security costs using a hardware VPN with a built-in firewall. Deeper Connect has two options for buying, but both of them could help your business retain its privacy and security.
Protect your business online.
Recent years have seen a 600% rise in cyber crimes. While some businesses may have been able to go without network security protocols before, it may be unwise to do so with breaches so common. Installing a Deeper Connect Pico or Deeper Connect Mini decentralized virtual private network is a simple way of helping to protect your business digitally. Just plug in this hardware VPN and connect your devices. Start enjoying ad-free browsing and enterprise-grade cybersecurity functions for all your IoT devices. If your business caters to families, they may appreciate one-click parental controls that can block inappropriate content for their kids.
You may have already researched your options for VPNs and found most of them are entirely digital. They may be convenient, but many digital-only VPNs also have monthly subscription fees. Deeper Connect lets you skip the subscription costs for a one-time payment.
You can still take it anywhere, though. Going on a business trip? Take your Deeper Connect with you for safer browsing. The Deeper Connect Mini Pico works on public or private internet connections, but the Mini needs to be plugged directly into a router.
Makayla Burns, 24, and her dad run a business called Horrororments, which makes creepy-themed ornaments such as evil pickles and violent clowns—sort of a Halloween meets Christmas combo deal.
Earlier this month, sales were dead on the branch, and MaKayla filmed a TikTok video of her dad pacing aimlessly around their warehouse, clearly stressed out.
“It’s the middle of December, and my dad is currently walking around the warehouse wondering why we aren’t busy with orders,” Burns wrote in the video. “I’ve been trying so hard to promote his ornaments, but I don’t know what to do anymore. And honestly it makes me so sad. Like…this is his livelihood.
The video went viral with over 1.1 million likes, and sales have lit up like a Christmas Tree.
Burns told CNN that they received more orders in the last two days than they have in the previous 11 months.
In another video, MaKayla’s dad gets choked up talking about it. “You just saved this business,” he tells her with tears in his eyes. “You have no idea how tickled I am.”
He was crying when he walked up to my car I have ” href=”https://www.tiktok.com/music/original-sound-7176557935827585838?refer=embed”> original sound – MaKayla
To date, the Burns team has 5,000 orders of ornaments, causing them many sleepless nights just trying to keep up.
But MaKayla isn’t complaining. She said her dad was worried he might not even be able to pay his rent before the windfall. “Thank you. Thank you. Thank you. I don’t know what else to say other than thank you.”
