The first thing you should know about Palm Beach is that it's an island (unto itself) – the most exclusive town in America, and (according to writer Laurence Leamer) America's first “gated community.” Mo Rocca takes a tour of the city that rose from Florida's tropical wilderness, which today features one of the richest commercial strips in America, and is home to Mar-a-Lago, the “Winter White House” resort of President Donald Trump.
(qlmbusinessnews.com via bbc.co.uk – – Fri, 17th May 2019) London, Uk – –
Online giant Amazon has announced a big investment in food courier Deliveroo.
The exact figure was not given, but Amazon is the biggest investor in Deliveroo's latest round of fund raising, which in total raised $575m (£450m).
Deliveroo said it would use the money for international expansion, improving its service and to grow its delivery-only kitchens business.
Several existing US investors also contributed to the fund raising.
The amount of capital invested in Deliveroo since it was founded in 2013 now totals more than $1.5bn, and the firm is one of Europe's fastest growing technology companies.
Deliveroo founder and chief executive Will Shu said he was looking forward to working with “such a customer-obsessed organisation” like Amazon.
Amazon said it was attracted by Deliveroo's “innovative technology service”.
The backing from Amazon gives Deliveroo a boost against rivals such as JustEat and Uber Eats.
The online retailer briefly had its own UK food delivery venture, Amazon Restaurants UK, which it started in 2016 but closed just two years later.
“They [Amazon] weren't able to compete within the market so they've gone for the buying option instead. They've got the money behind them to do that,” Louise Dudley, fund manager at investment firm Hermes, told the BBC's Today programme.
“It [Deliveroo] is not just a food delivery company it's very much a tech company. They have this tech platform that is seen is very attractive. They are able to expand into new areas and think about how people's tastes are evolving and be able to predict what stores will be successful. That predictive growth is very attractive to Amazon”.
Amazon had previously been reported to have made approaches to buy Deliveroo outright. Uber also reportedly had talks with Deliveroo over buying it.
Rory Cellan-Jones Technology correspondent
It was already a fierce contest – now the battle to dominate the food delivery business in the UK just moved to a whole new level.
In a rare failure Amazon decided last year to pull its Restaurants food service out of a UK market where Deliveroo, Just Eat and Uber Eats were scrapping to be top dog. Now it's put its firepower behind Deliveroo, which was already confident that its technology platform gave it the edge.
The company will now use some of its extra cash to build more of its “super kitchens” expanding its offering beyond traditional restaurants and invest more in machine learning to speed up delivery times.
Whether the market for food deliveries is quite as big as all the firms believe – and whether it stretches far beyond London twenty-somethings – remains to be seen but they all seem prepared to spend big money to win the lion's share.
The question is why did Amazon not just buy the whole business? Perhaps the ecommerce giant wanted to sample a starter before swallowing the whole three course meal.
Deliveroo now operates in more than 100 towns and cities across the UK, but has a much smaller share of the market than rival Just Eat which dominates the food delivery sector.
Just Eat's shares fell 8% in early trading, but analysts at Liberum said that despite the extra funding, Deliveroo was unlikely to become a serious competitor.
“Just Eat's market leading position will be incredibly difficult to overcome, especially given its strength in smaller towns.
“In the UK, it has an estimated 3-4 times greater share than Uber Eats and Deliveroo combined and, crucially, 60%+ of its customers are in small towns where it is effectively the only option for restaurants and where the Uber Eats/Deliveroo model just doesn't work because of the economics,” Liberum said.
Mr Shu came up with the idea for the firm after he moved from New York to London as a banking analyst. He was working long hours and was frustrated by the fact so few restaurants delivered, a service he had used daily in the US.
In the firm's early days, Mr Shu delivered all the food himself on a motorbike, while Greg Orlowski, his co-founder who has since left the business, developed the booking technology from his home in the US. Mr Shu still claims to get on his bike once a week to deliver an order to customers in London, as a way of staying in touch with riders.
As well as the UK, Deliveroo now operates in Australia, Belgium, France, Germany, Hong Kong, Italy, Ireland, Netherlands, Singapore, Spain, the United Arab Emirates and Taiwan.
Global sales at the firm more than doubled in 2017, jumping to £277m, but its losses continued to increase, doubling to nearly £185m as it invested in global expansion.
The firm uses more than 60,000 couriers – mostly using bikes or moped – to deliver food from restaurants to customers.
Deliveroo does not employ its riders directly, but pays them per delivery.
Last year, a group of 50 UK Deliveroo couriers won a six-figure payout after claiming they had been unlawfully denied holiday and minimum wages.
He's a Nigerian billionaire, who owns the Dangote Group, which has interests in commodities. His company operates in Nigeria and other African countries. As of January 2015, he had an estimated net worth of US$18.6 billion. He's Aliko Dangote and here are his Top 10 Rules for Success.
Patrice Washington is the Founder and CEO of Seek Wisdom Find Wealth, a personal finance training and development firm focused on moving you from debt management to money mastery. In this episode she talks about her experiences with debt, how to save money and what she did after losing everything in the 2008 financial crash.
(qlmbusinessnews.com via cityam.com – – Tue, 23rd April 2019) London, Uk – –
Natwest will double its growth funding programme for small and medium-sized British businesses, citing the need to help them navigate Brexit disruption.
The UK bank’s growth funding loan pot, which was started in May 2018, will be immediately doubled to £6bn in the latest sign that companies are demanding resources to cope with political impasse and that banks and investors can cash in by helping them.
The money will be available immediately and will help businesses looking to grow, fund green initiatives and navigate the current uncertain business climate, Natwest said.
Last week the government announced it had handed over £200m to help support smaller businesses in the 2019-20 financial year as the future of European Union funding remains uncertain.
The Treasury made the cash available to the British Business Bank, a public-private partnership which provides loans to small companies looking to increase in size through investment and venture capital firms.
The national chairman of the Federation of Small Businesses (FSB), Mike Cherry, said at the time: “With Brexit on the horizon, serious questions regarding future funding for a UK small business support network that’s heavily reliant on the EU remain unanswered.”
Natwest figures released today showed that £2.9bn of its already-expanded £3bn growth funding pot had been approved for investment.
The bank said it would increasingly focus on financing eco-friendly projects and intellectual property.
Alison Rose, chief executive of commercial and private banking at Natwest, said: “We are working every day to look at what businesses need to not just survive, but grow. In many cases this is bespoke funding.”
Referencing Brexit, she said: “We recognise that the challenges businesses face evolve all the time, which is why we try to innovate whenever we can.”
Amazon CEO Jeff Bezos was one of the first entrepreneurs to realize the potential of selling products on the internet. This Bloomberg Profile looks into how Bezos built Amazon inside his garage and now has his sights set well beyond online commerce.
10 Rejected Shark Tank Pitches That Made Millions… For that reason… I’m out. Shark tank statement is something no entrepreneur wants to hear on the show Shark Tank. But it does come with regret on the dealing end as well. The Sharks have passed on many deals, but they are some that made it big that didn't need them. The Sharks on Shark Tank are famous for their robust negotiating skills, and that extends to their salaries as well. Mark Cuban, Barbara Corcoran, Lori Greiner, Robert Herjavec, Daymond John, and Kevin O’Leary but they are human, and they will miss a business opportunity here and there. The show that gives entrepreneurs a chance to pitch celebrity investors depicts some business owners walking away with life-changing deals, and some are not so lucky. But for these people they didn't end up too bad.
Fender Musical Instruments is one of the world's largest manufacturers of guitars, basses and amplifiers. They revolutionized rock ‘n' roll with their iconic electric guitars such as the Telecaster and the Stratocaster. Bloomberg visits the Corona, California factory to see how a guitar is hand-made, and learn why Fender will never move production out of southern California.
Mariya Nurislamova, founder and CEO of the YC-backed startup, Scentbird. Often described as the “Netflix for Perfume,” Scentbird is employing technology to make smarter recommendations to clients and sell perfume at scale. But that's not all; the company is simultaneously building a beloved beauty brand, which is arguably even harder to do.
The original Noma opened in Copenhagen 15 years ago, surprising guests with its inventive offerings, like dishes disguised as herb pots. Noma was voted number one restaurant in the world four times. But not too long ago, Chef René Redzepi shut everything down. And this latest move could give them back the title. Noma closed at the end of 2016 before opening its new space in February 2018.
If there’s one place on Earth you can already get a glimpse of our robot-assisted future, it’s Japan. Routinely at the forefront of robotics research, the country has brought us some of the weirdest automatons, most lifelike androids, and cutest helper-bots.
Nowhere is this more evident than at Nagasaki’s Henn-na Hotel, a hotel run by robots that opened this year. Walk into reception and a mechanised dinosaur will guide you through check-in; go to your room and a luggage bot will wheel your suitcase along beside you; get ready for bed and your own robot companion will turn out the lights.
In the late 19th century John Rockefeller used his quick wits and leadership skills to build an impressive oil refinery in Cleveland. In the early days of the oil industry technology was inefficient and bankruptcies were everywhere, but John optimized the refining process successfully. Over time, he bought out competitors until he had total control over the oil industry in Cleveland through his company: Standard Oil of Ohio.
In the decades afterwards Rockefeller purchased refineries across America and even negotiated backroom deals with the big railroad tycoons. At its peak Standard Oil was worth up to $1,000,000,000,000 (one trillion dollars) in today's money, with Rockefeller controlling over 90% of the oil industry in America.
Of course, eventually new oil deposits were uncovered in Asia and Russia, challenging Rockefeller's monopoly. Back at home concerned businessmen funded waves of media opposition to Standard Oil, which was eventually broken up in 1911. The numerous companies created during this split would eventually merge back together, bringing huge profits to Rockefeller in his final years.
Upon his death, Rockefeller's net worth was an estimated $400 billion in today's dollars, making him the wealthiest businessman to have ever lived by a wide margin.
Under the kind patronage of Nagabhushanam Peddi, Dan Supernault, Samuel Patterson, James Gallagher, Brett Gmoser & Roman Badalyan.
(qlmbusinessnews.com via bbc.co.uk – – Mon, 11th March 2019) London, Uk – –
Tesla is increasing prices of its electric cars after scaling back a store closure programme.
The carmaker said the 3% price rise would not apply to the new mid-market Model 3.
Earlier this month Tesla said it would close an unspecified number of stores to fund a cut in the price of the Model 3 in the US to $35,000 (£26,400).
It will now close “about half as many” stores – making half the cost savings.
The carmaker, founded by Elon Musk, said that keeping more stores open would require a rise in vehicle prices by about 3% on average worldwide.
It has 378 stores and service locations but had not been specific about which ones would close.
“Over the past two weeks we have been closely evaluating every single Tesla retail location, and we have decided to keep significantly more stores open than previously announced as we continue to evaluate them over the course of several months,” the company said.
While it is pressing ahead with the price cut to the mid-market Model 3, prices will go up for more expensive variants of Model 3, as well as Model S and X cars, which can already cost up to £87,000. Customers can order at existing prices until 18 March.
It is still planning to conduct its sales online and said that buyers in stores will be shown how to order a Tesla on their phone, a process which Tesla says will take just a few minutes.
It had previously said that shifting sales online would allow it to cut prices by 6% on average – and cut the price of the Model 3.
The company says it has a “generous return policy” to avoid the need for test drives, as would-be buyers can return a car after 1,000 miles or seven days.
Tesla said that some stores in “high visibility locations” which have been closed will be reopened – albeit with smaller numbers of staff.
Stores will hold fewer cars for those customers who want to drive away with new vehicle immediately.
The company has been making efforts to cut costs after the “most challenging” year in its history. In January it announced 7% of its 45,000-strong workforce would be cut, indicating around 3,000 job cuts.
At the time Mr Musk had said the firm's cars were still “too expensive for most people”.
He has faced controversy over his tweets and last month the US regulator, the Securities and Exchange Commission, asked the courts to hold him in contempt for violating a settlement month aimed at limiting his social media comments.
He has until today to formally respond but had already tweeted the the regulator's oversight system is “broken”.
The matter stems back to his tweets about the company's financial performance and tweets in August when he claimed he had secured funding to take the firm private.
Entrepreneur Failure Stories: 10 Entrepreneurs Who Failed Big Before Becoming Successful. Failure is a part of business. Very few entrepreneurs ever make it big without first experiencing some massive failures. Whether it be running a business into the ground, getting fired from a job or even going to jail, plenty of very successful entrepreneurs have seen huge failures before ever accomplishing their dreams.
So if you ever feel worn down or intimidated by the thought of failing, just take a look at these entrepreneurs who failed before making it big.
Evan Williams Before co-founding Twitter, Williams (pictured above) developed a podcasting platform called Odeo. But the platform didn’t take off, in part because Apple announced the podcast section of the iTunes store shortly after the company launched. It folded shortly afterward.
Reid Hoffman Before co-founding LinkedIn and investing in big names like PayPal and Airbnb, Hoffman created SocialNet, an online dating and social networking site that ultimately failed.
Jeff Bezos Amazon is one of the biggest success stories of the online era. But before Amazon became a household name, the company’s CEO had several failed ideas. One of the most notable was an online auction site, which evolved into zShops, a brand that ultimately failed.
Akio Morita Back in the early days of Sony, Morita’s products weren’t quite as popular or well known as they are today. In fact, the first product was a rice cooker that ended up burning rice.
Momofuku Ando Before even coming up with the idea for instant noodles, which took him many tries to develop successfully, Ando had a small merchandising firm in Japan. But in 1948, he was convicted of tax evasion and spent two years in jail. He then lost that company due to a chain reaction bankruptcy.
Tim Ferris The author of “The 4-Hour Workweek” (pictured above) was turned down by about 25 publishers before finding one who actually agreed to publish his work — which later became a best selling title Peter Thiel Before starting PayPal and investing in big names like Facebook, Thiel lost big. His early hedge fund, Clarium Capital, lost 90 percent of its $7 billion assets on the stock market, currencies and oil prices.
Christina Wallace The current vice president of branding and marketing at Startup Institute is the former co-founder of Quincy Apparel. When the company shut down in 2013, Wallace stayed in bed for three weeks before forcing herself to get up and re-join the world
Sir James Dyson Dyson wasn’t always a well-known name associated with vacuum cleaners. In fact, it took Sir James Dyson 15 years and all of his savings to develop a bagless prototype that worked. He developed 5,126 prototypes that failed first Fred Smith Though we all know now that FedEx is a viable business model, Smith’s college professor disagreed. The future venture capitalist received a poor grade on an assignment where he pitched the idea for the company Ending quote: Success is not final, failure os not fatal: It is the courage to continue that counts
(qlmbusinessnews.com via news.sky.com– Fri, 8th Mar 2019) London, Uk – –
Banks and other lenders are being encouraged to reveal how much of their investment is going to women-run businesse.
Just one in three entrepreneurs in the UK is female and closing the gender gap could generate an extra £250bn for the economy, a government review has found.
The disparity in women-run firms represents more than a million “missing businesses”, according to the Treasury-commissioned report.
It also found businesses run by women are on average half the size of male-led firms and far less likely to scale up to a £1m turnover.
In response to the review, carried out by NatWest deputy chief executive Alison Rose, banks and other lenders are being encouraged to publish what proportion of investment goes to female entrepreneurs.
The creation of a code, Investing in Women, was one of the proposals set out in the report published on International Women's Day.
Major banks such as HSBC and Lloyds have already pledged to sign up, the Treasury said.
The review found a shortage of role models and a perceived lack of skills and experience were among the obstacles preventing women from becoming entrepreneurs.
Some of the recommendations put forward to tackle these issues included expanding existing mentorship and networking opportunities and speeding up the development of entrepreneurship-related courses to schools and colleges.
The government is aiming to increase the number of female entrepreneurs by half by 2030, to match major economies including France, Canada and the US on gender equality.
Ms Rose said: “The UK has one of the most vibrant entrepreneurial communities in the world, but only one in three of our entrepreneurs is female – we need to be more ambitious and find ways to unlock the huge untapped potential.”
She added: “Some of the findings [of the review] are stark but by shining a spotlight on the issues and outlining the barriers and opportunities, the aim is to support the full potential of every woman who has the entrepreneurial spirit and ambition to start or scale their business.”
Theresa May said the report showed that while there have been improvements in the area of women in business, further progress was needed.
The prime minister said the review team had “set out an ambitious path to break this glass ceiling so that we can realise the full potential of female entrepreneurs and boost economic growth”.
She added: “I am committed to real change in this area, starting with our action today to encourage more companies to look at the gender split of who they choose to invest in.
Playboy is an American men's lifestyle and entertainment magazine. History: it was founded in Chicago in 1953, by Hugh Hefner and his associates, and funded in part by a $1,000 loan from Hefner's mother. Notable for its centerfolds of nude and semi-nude models (Playmates), Playboy played an important role in the sexual revolution and remains one of the world's best-known brands.
Today it has grown into Playboy Enterprises, Inc., with a presence in nearly every medium. In addition to the flagship magazine in the United States, special nation-specific versions of Playboy are published worldwide. After a year-long removal of most nude photos in Playboy magazine, the March-April 2017 issue brought back nudity.
Theranos, what seemed like one of the most ground breaking companies of the 21st century ended up being one of Silicon Valley's greatest failures. How did Elizabeth Holmes manage to fool the world? In this video we find out the twisting rollercoaster of a story.
More about Grant Cardone: He's internationally renowned business and sales expert. He's the author of 7 sales and business books. He has worked with companies like Google, Aflac, Toyota, GM, Ford and many more. He appears regularly on Fox News, CNBC, Fox Business, and contributes to Entrepreneur.com. He was named the #1 marketer to watch in 2017 by Forbes Magazine. He helps his followers and clients to make success their duty. He's the creator of customized sales training programs for Fortune 500 companies and entrepreneurs. He's the author of New York Times bestseller book “If You're Not First, You're Last”. He captivates and motivates audiences with his engaging and entertaining speaking style. He's heavily involved in civic affairs and charitable organizations.
Join me as I travel to New York to launch my #ReebokxVictoriaBeckham collection, celebrate female artists at the Old Masters preview event at Sotheby’s and chat all things fashion on Live with Kelly and Ryan. Click the links below to shop my exclusive travel edit with items from my #VBSS19 collection!