The launch of TikTok Shop led to significant sales growth for small and medium-sized businesses, such as Michelle Silva’s Kali Rose Boutique which is mentioned in this CBS News piece. The potential ban of TikTok in the United States poses a threat to these businesses’ revenue streams and could lead to layoffs and economic consequences, prompting concerns among business owners and experts about the impact on the digital ecosystem and economy.
FemTech is a rapidly growing sector encompassing technology-enabled solutions for women’s health which usually includes maternal health, menstrual health, pelvic and sexual health, fertility, menopause, and contraception, as well as a number of general health conditions that affect women disproportionately or differently (such as osteoporosis or cardiovascular disease). The article posted by McKinsey explores FemTech’s recent growth, market opportunities, and potential to address unmet needs. With over 70% of FemTech companies having female founders, the field is seen as a disruptive force in healthcare, offering innovative solutions to improve care delivery, enable self-care, enhance diagnoses, and address stigmatized areas, with the potential to catalyze positive social changes.
According to this piece posted by the US Chamber of Commerce, small businesses are expected to undergo significant changes in 2024. The adoption of artificial intelligence (AI) is anticipated to grow rapidly, with applications in marketing, HR, customer service, and logistics, providing efficiency and productivity gains.
Augmented reality (AR) and virtual reality (VR) are predicted to be leveraged by businesses, especially in retail, real estate, and hospitality, to create immersive customer experiences.
Remote operations are expected to become the norm for many small businesses, allowing access to a global talent pool and reducing overhead costs.
Finally, customers are expected to take greater control of their journeys, requiring businesses to provide more personalized and educational experiences. Check out the link above to read more!
According to this recent article in Inc., while most small business have websites, many small business owners don’t realize that business websites need to comply with the Americans with Disabilities Act. With a rise in lawsuits against companies for failure to comply, it is in every small business owner’s best interest to understand the rules. Read the article to learn more!
Restaurants, including large chains like Panera and P.F. Chang’s, but also local eateries and coffee shops are increasingly adopting subscription models to secure steady revenue and customer loyalty. These subscriptions can offer perks like free delivery, favorite dish selections or free beverages. According to this online piece on AP News, this model is capitalizing on the growing trend of Americans who subscribe to various services like streaming and groceries. While it hasn’t become a dominant aspect of the restaurant marketplace, it is something that small businesses might want to consider to stay engaged and competititve.
Even if you are a small business, you can still be thinking about ways in which you can reduce your environmental impact. This article posted in Entrepreneur shares 8 items to consider when determining practical ways to reduce your company’s impact on the planet. From energy efficiency in the office to flex scheduling to rethinking the office supplies you purchase, every change we make helps to make a difference.
This article in Forbes discusses the impact of Artificial Intelligence (AI) on small businesses and how AI can yield potential benefits. Specific areas where AI can be applied include analysis, customer care, marketing, operational efficiency, and recommendation algorithms. The article emphasizes the need for careful consideration before integrating AI, taking into account company size, resources, and operational goals. It also highlights steps for small businesses to follow, including defining goals, assessing tasks suitable for AI, conducting cost-benefit analysis, and tracking progress. Take a look at the piece and consider how AI can help you work smarter and not harder!
In this article from Business Insider, Vanessa Rissetto, co-founder of Culina Health, a digital platform connecting clients with nutritionists for virtual sessions, has raised $9.75 million in venture-capital investments. Rissetto discusses the importance of investing in women of color and leveraging investor relationships, while acknowledging the difficulty of fundraising for Black women founders in healthcare.
Chanae Richards is the CEO & Principal Designer of ọlọrọ interiors, an interior design firm with offices in Philadelphia and New York. Chanae is also a graduate of the Women’s Entrepreneurship certificate program. She was recently featured in this article and video in Black Enterprise. We are so proud of the amazing journey she has been on and can’t wait to see where success next leads her!
Featured recently in this article in the Cornell Chronicle, Abena Foli shares how her inspiration to bring West African flavors to the US marketplace was the idea behind her launch of POKS Spices. Foli is a graduate of the Bank of America Institute for Women’s Entrepreneurship certificate program and discusses how specific coursework as well as the connections made in the program opened her eyes to funding and resources that were available to launch and scale her business. We are so proud of all that she had achieved so far and can’t wait to see where POKS Spices goes next!