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Jhe metaverse is here, and it’s causing a lot of buzz. Major retailers have already started experimenting with the technology: a simulated digital environment that incorporates aspects of social media, blockchain, and augmented and virtual reality to create spaces that mimic the real world.
Fast fashion brand Forever 21, for example, has teamed up with gaming platform Roblox on an experience where users can own and manage personal stores, as well as buy and sell Forever 21 products. Meanwhile, Ikea and Wayfair have developed AR apps that allow customers to visualize what furniture and decor would look like in their homes, and Mac and Maybelline have launched technology that allows users to virtually try on products.
Small businesses will also benefit. Online platforms have started unveiling tools to help small businesses deliver virtual experiences, writes Forbes Contributor Catherine Erdly. While the prospect of diving headfirst into the metaverse can seem overwhelming for small business owners, Lindsey Mazza, global retail supply chain domain leader at Capgemini, says not to rush. market by creating environments to hang out,” she says. “Let’s make it a place where your customers feel comfortable, can ask questions, where they can buy physical products. Stick to what you’re really good at, what you know well: the products you sell.
Spotlight on History
This venture capital firm run by Israeli high school buddies raised $35 million to invest in startups ‘upon incorporation’
For his very first principal investment, At.inc/Nadav Eylath founder wrote a check for $775,000 for cloud computing company Netlify. Today, he is valued at $2 billion, or 100 times the return on his investment. To continue making risky bets, he closed a second $35 million fund for At.inc/.
Key quote: “We’re not waiting to see traction. We just want to connect with the founders and their vision of what can change in the world. If it’s too early, it’s probably a good choice for us. —Nadav Eylath, Founder, At.inc/
Inflation is a major concern for small businesses, according to a report by MetLife and the US Chamber of Commerce. To cope, 67% of small businesses raised prices, 41% cut staff and 39% took out a loan in the past year. Here’s how inflation and rising interest rates negatively impact small businesses.
As President and CEO of the National Minority Supplier Development Council, Ying McGuire leads efforts to advance business opportunities for Certified Minority-Owned Business Companies and connects them with member companies. She discusses the organization’s future plans as well as the challenges that business owners from underrepresented groups face when starting and sustaining a business.
Is your company’s cybersecurity up to scratch? Small businesses are three times more likely to be targeted by cybercriminals than large enterprises, according to a report by cloud security firm Barracuda Networks. That’s why it’s important for business leaders to follow these tips to ensure company security protocols and policies are up-to-date to prevent cyberattacks.
Getting started can be daunting, but joining a community of entrepreneurs can help quell the self-doubt. Here’s how joining one will benefit you and your business.
Formerly known as BackOffice, online accounting startup Finally has raised $95 million. The capital will be used to increase the organization’s workforce and set up a corporate credit card for small and medium-sized businesses. Here are more small business tech news you should know.