October 2024

Could We Have The First Native American Woman Governor? DEI Expert Weighs In On What Allyship Should Look Like If History Is Made.

Could We Have The First Native American Woman Governor? DEI Expert Weighs In On What Allyship Should Look Like If History Is Made.


Opinions expressed by Entrepreneur contributors are their own.

As the 2024 election season comes to a close, we’re encountering a year of historic firsts — nationally and locally. If Vice President Kamala Harris and Governor Tim Walz were to win the White House this year, the highest-ranking Native American woman in the country would become the governor of Minnesota. That woman is Peggy Flanagan.

Lauded as one of Minnesota’s rising stars and currently the highest-ranking Native woman elected to executive office, Peggy Flanagan is a politician, community organizer and Indigenous activist from the White Earth Nation. She has been serving as the lieutenant governor of Minnesota since 2019 and is currently next in line to assume the governorship if Tim Walz becomes vice president.

So what does this all mean? History could be made this November and help catapult the first Native woman — and consequently, long-overlooked Native issues — into broader American public discourse. It’s perfect timing, too, as we approach Native American History Month this November.

Even though we’re zooming in on politics in this piece, entrepreneurs across the spectrum can learn something about positioning diverse leaders in the right spaces and supporting their work and advancement throughout their tenure.

Flanagan needed allies like Walz and others to lift her voice and put her into positions where she could make an impact. We can all learn more about what it means to be a better ally for those who are the “firsts” in their space. Here are three strategies around allyship I recommend to my diversity, equity and inclusion (DEI) consultancy clients.

Related: The Burden of Breaking Barriers is Pushing Black Leaders to Breaking Point. This DEI Expert Reveals Where We Are Going Wrong.

Let diverse leaders lead

There have been many firsts in the realm of politics in recent years. There was the first Black president, Barack Obama, in 2008, then the first openly gay governor, Jared Polis, from Colorado in 2019, and potentially, the first woman and Southeast Asian president, Kamala Harris, in 2024.

All these great firsts had this in common: they had allies and partners that let them take the lead and shine. Peggy Flanagan has been an outstanding leader in the realm of DEI for decades. In 2017, she helped form Minnesota’s first People of Color and Indigenous Caucus (POCI). She worked tirelessly to improve education, health and economic outcomes for Black, Indigenous and People of Color (BIPOC) in her state.

In addition, she has been a fearless advocate of Indigenous people’s rights. While serving as a legislator, she sponsored a first-of-its-kind task force focused on Missing Murdered Indigenous Women (MMIW), a phenomenon happening across the country where Indigenous women experience violence and go missing shortly thereafter. Local police municipalities in many states often don’t search for missing Indigenous women or investigate their disappearances. Unfortunately, MMIW cases usually go unsolved. All that is to say that when we let diverse leaders lead, they can do powerful things by raising awareness about issues that may have never crossed our minds. As allies, our job is to lift these leaders up and amplify their work.

Beware of performative allyship

While many people want to take credit for knowing the trailblazers in politics and DEI and take pride in having supported them on their way up, the truth is that it can be a lonely journey for many leaders who had to actualize their dreams on their own. They sponsored their legislation and wrote it themselves with their teams. They sat in rooms with decision-makers where they worked hard to get colleagues on board with their bold new initiatives. They attended many thankless events where they carried the burden of organizing, leading and managing the outcomes alone.

Many people want to take credit for the work BIPOC has been doing by saying they were “there” at the event or “support” so-and-so leaders’ work wholeheartedly. But still, BIPOC individuals are often the people who did all the work, and still, the allies are nowhere to be found. Performative allyship can often look like claiming to be an ally when it’s politically or socially advantageous but not during times when true grit, work, and dedication are required — and the cameras and spotlights are off. Avoid falling into the trap of lifting up leaders like Flanagan when it’s most convenient for you and not for the leaders and their causes.

Related: How Brands Can Go From Performative Allyship to Actual Allies

Be a success partner

What’s most helpful for rising leaders whom you wish to support is not only to say you stand behind certain causes but to actually show up and prove it. Support bills that improve Indigenous health, education and rights. Speak about Flanagan’s work in the public domain, thereby ensuring colleagues who might be interested in those issues are aware of them. Donate to organizations and nonprofits that bolster the work that Indigenous leaders are doing to move the needle on change. It’s not enough to say, “I’m for Indigenous people’s rights,” or to do a land acknowledgment when you haven’t actually done the work, spent the time, or put your money where your mouth is.

Related: It’s Not Enough to Simply Acknowledge Indigenous People’s Day. Here Are 4 Ways Employers Can Take Action, Help and Support Native Americans.

Final thoughts

No matter what happens this November, leaders like Peggy Flanagan are on the rise. When one person moves on to a higher office, BIPOC and LGBTQ+ officials who have been waiting for their moment to shine can finally rise, too. The future is bright for a new generation of leadership in the U.S. that better represents the diversity of the country while inspiring more just, equitable and inclusive policies at local and national levels.



Source link

Could We Have The First Native American Woman Governor? DEI Expert Weighs In On What Allyship Should Look Like If History Is Made. Read More »

3 Steps to Take to Successfully Pivot Your Company and Skyrocket Revenue

3 Steps to Take to Successfully Pivot Your Company and Skyrocket Revenue


Opinions expressed by Entrepreneur contributors are their own.

When I decided to build a business from scratch, I knew it would demand not just the introduction of technology but also an iron will to address the persistent inefficiencies within the sector. The outdated and fragmented practices in the pharmacy industry were a source of my frustration, as they introduced unnecessary inefficiencies to both pharmacists and patients. I was driven by the belief that there had to be a more efficient way forward.

Throughout our journey, we recognized that welcoming change and refining our approach was essential for our growth and its overall impact on the pharmacy landscape. Three steps significantly influenced this— steps that every company can adopt to pivot effectively and identify new avenues for revenue and impact.

Here’s what we did.

1. Fail fast, pivot faster

Do not fall into the trap of thinking your go-to-market plan is flawless. The biggest advantage of being a startup is agility. You must use that agility to your advantage and recognize when your plan needs adjusting. Further, as a start-up, your runway is limited, so ensure you are making team decisions quickly.

After launching our initial B2C business in 2017, we encountered gross margin challenges that eventually forced us to reassess our go-to-market strategy. In 2019, we took a step back as a team and analyzed the pharmacy industry’s Total Addressable Market (TAM) and the broader B2B landscape. We ultimately realized two key paths moving forward.

First, a significant portion of the pharmacy industry’s market share was attributed to specialty pharmacy. Within the specialty pharmacy landscape, pharmaceutical manufacturers need digital infrastructure to help navigate the challenging patient journey. Second, health plans are hyper-focused on clinical metrics called quality measures but lack the scalable digital infrastructure needed to cleanse data and automate clinical processes at scale. These realizations became the foundation for our transition into B2B.

Related: How to Recover From a Failed Startup

2. Brutally honest conversations

I have always believed that transparency is the best path forward, which means keeping both your internal team and investors fully informed. As a team, we plotted all the possible paths forward, including possibly shutting the company down. It is okay if your initial thesis does not pan out, but it’s not okay to continue trying to make it work when metrics tell you otherwise.

Being prepared to have uncomfortable conversations is among the toughest elements of pivoting. Early on, it was obvious we had to change course, but it was not an easy decision. We were lucky enough to have a team that was not afraid to voice differing standpoints. Our collective input helped us shoot down some pivot paths that, in hindsight, would have led us in the wrong direction.

If your go-to-market strategy is not working, acknowledge it quickly and transparently. Don’t hide from the data or the feedback from your team and investors. Laying all your cards on the table helps ensure everyone is aligned on potential next steps while maximizing opportunities to ideate. This energized our team and investors, allowing us to rally behind the new path with focus.

Related: How Brutal Honesty Saved My Business From Going Under (Twice)

3. Listen to your clients

One of the golden rules in business is taking on real client problems. The emphasis of changing your approach should be on spotting the pain points of your consumer base and presenting your business as the best one to solve them.

Through our journey, we noticed growing needs for digital infrastructure across the various verticals we operated. By listening to our clients, we learned about some of their most glaring challenges, which helped us steer our roadmap. On that note, it is important to remember that while listening to your clients is essential, you should be cautious about allowing a single client to dictate your entire product roadmap. Continuously validate that their needs are universal in the industry. The key is finding a repeatable solution that can scale across multiple clients.

Related: How to Handle Difficult Conversations With Clients

The impact of these steps

Looking back, these three difficult but necessary steps completely transformed our business. 2019 saw us go from a B2C digital pharmacy to a thriving B2B digital pharmacy platform. Our success came mostly from our capacity to pivot at the right moment and show total transparency to all stakeholders. Throughout our journey, we also preached the value of frugality, giving us the longest possible runway to navigate our early challenges. We took action early while we still had an opportunity to flourish; we did not wait for things to reach rock bottom before making a change.

Embrace change with confidence, but do so with careful consideration. Ensure that reliable data, deeper insights, and a well-defined vision for your business’s future drive the changes you pursue. It’s not just about adapting for the sake of it — it’s about making intentional, informed decisions that will lead to sustainable growth and success. Be strategic, thoughtful, and deliberate in your approach, aligning each change with your broader goals and values to create a positive and lasting impact.



Source link

3 Steps to Take to Successfully Pivot Your Company and Skyrocket Revenue Read More »

Google Recruits AI to Write 25% of Its Code: Earnings Call

Google Recruits AI to Write 25% of Its Code: Earnings Call


Google software engineers have a new coworker: AI.

Google released its third quarter 2024 earnings on Tuesday and emphasized the role that AI plays within the company.

“Today, more than a quarter of all new code at Google is generated by AI, then reviewed and accepted by engineers,” Google CEO Sundar Pichai stated on the earnings call. “This helps our engineers do more and move faster.”

Google has over 1,000 fewer employees now than it did at the same time last year, for a current headcount of 181,269 employees compared to 182,381 in Q3 2023.

Google CEO Sundar Pichai. Photo by Mateusz Wlodarczyk/NurPhoto via Getty Images

Google’s AI impact extends to all corners of the globe. Pichai stated that AI overviews in search will roll out to more than a hundred new countries this week and will “now reach more than one billion users on a monthly basis.”

Related: New Google Report Reveals the Hidden Cost of AI

Google Search revenue grew 12% year-over-year, hitting $49.39 billion in the third quarter of this year. Total revenue reached $88.27 billion, a 15% increase from the previous year’s $76.69 billion.

“Search remained the largest contributor to revenue growth, followed by robust 35% growth in Cloud,” Google’s chief financial officer Anat Ashkenazi said on the earnings call. Google Cloud revenue was $11.35 billion in Q3 2024.

Google also announced on the call that YouTube’s ad and subscription revenue for the past four quarters have topped $50 billion for the first time.

Overall, “Q3 was another great quarter,” Pichai stated. Shares of Google’s parent company Alphabet were up over 5% today at the time of writing.

Related: I Tried Making an AI-Hosted Podcast with Google’s NotebookLM. It Worked Surprisingly Well.



Source link

Google Recruits AI to Write 25% of Its Code: Earnings Call Read More »

Billionaire CEO Daniel Lubetzky Shares Morning Routine, Tips

Billionaire CEO Daniel Lubetzky Shares Morning Routine, Tips


Daniel Lubetzky, the founder of Kind Snacks with a personal net worth of $2.3 billion, admits that his morning routine used to be exhausting.

“I used to have horrible habits,” he said in an interview with Entrepreneur.

Lubetzky founded Kind Snacks in 2004 and sold it for $5 billion in 2020; he is now the founder and chairman of Camino Partners, a $350 million fund he started in January 2023, and a regular cast member on ABC’s “Shark Tank.”

Lubetzky shared that he spent years going to sleep at 2 a.m. because he wanted to clear his inbox completely. Instead of going to sleep, he would spend hours checking and responding to emails. The next morning, he wouldn’t make his scheduled workout because he needed the extra half hour of sleep.

Daniel Lubetzky. Photo Credit: Christopher Willard/ABC via Getty Images

“I had terrible exercise habits and sleeping habits,” Lubetzky said.

In the past two months, the 56-year-old entrepreneur has deliberately made some changes to his bedtime and morning routine.

“I conquered that,” he said. “I’m not going to sleep and waking up at the same time. It’s just transformed my life.”

Lubetzky now falls asleep around midnight and wakes up by 7:30 a.m. or 8 a.m., setting a new habit. His morning routine consists of stretching, something he says gives him “so much enjoyment.”

Related: Daniel Lubetzky Took Kind Snacks From Idea to $5 Billion. Here’s His Best Advice For Anyone Who Wants to Start a Business.

Productivity hack

Lubetzky also shared his top tip for productivity: When you’re working on a task, finish it.

“Don’t just leave things halfway, because then you have to start from scratch,” he said. “You’re being very unproductive.”

He recommended thinking about attention as a dot. Every time you read an email, that’s one dot virtually placed on the email. The goal is to minimize the number of dots, or points of attention, commanded by an email or document so that you’re not revisiting the same issue over and over again.

Book recommendation

Lubetzky recommended reading “The Daily Stoic” by Ryan Holiday, a book of 366 meditations. The book focuses on insights from Stoicism, a philosophical system that encourages focus on what can be controlled and acceptance of what can’t.

Related: Here’s What It Takes to Land an Investment From the Founder of Kind Snacks, Who Sold His Company for $5 Billion



Source link

Billionaire CEO Daniel Lubetzky Shares Morning Routine, Tips Read More »

Dropbox Is Laying Off More Than 500 Employees

Dropbox Is Laying Off More Than 500 Employees


Dropbox announced it is laying off 528 people, or 20% of its workforce, CEO Drew Houston wrote in a staff memo published on the company website Wednesday.

“As CEO, I take full responsibility for this decision and the circumstances that led to it, and I’m truly sorry to those impacted by this change,” Houston wrote, adding that the company “over-invested,” and will now be “flatter” and “more efficient.”

Related: ‘I’m Still Trying to Process’: Meta Is Laying Off Employees Across the Company, Including WhatsApp, Instagram, and Threads

TechCrunch reports that Dropbox had the lowest growth in its history in Q2, and in August, its shares year to date lost over 20% of its value.

“This market is moving fast, and investors are pouring hundreds of millions of dollars into this space,” Houston wrote. “This both validates the opportunity we’ve been pursuing and underscores the need for even more urgency, even more aggressive investment, and decisive action.”

More details on the layoffs and “high-level changes” will be made public soon, and there will be company-wide “Town Halls later this week to answer questions and discuss our plans in more detail,” the memo continued.

Related: Apple Just Conducted a Rare Round of Layoffs. Here Are the Teams and Roles Affected.

Read the full memo, here.



Source link

Dropbox Is Laying Off More Than 500 Employees Read More »

Oasis Cancels 50,000 Tickets on Resale Market

Oasis Cancels 50,000 Tickets on Resale Market


In a move that we can assume was accompanied by a two-finger salute, Oasis canceled thousands of tickets sold on resale websites, according to BBC.

Live Nation and SJM told BBC File on 4 that more than 50,000 tickets that have been listed on secondary platforms for the band’s UK dates will be invalidated and relisted on Ticketmaster at the original face value.

When the tickets first went on sale, Oasis announced they could only be resold at face value through Ticketmaster or the ticket resale marketplace Twickets. But NBC News reports that soon after going on sale, some tickets were quickly relisted for as much as $7,800.

Related: Why Does Taylor Swift Keep Stopping Her Shows Mid-Song? It’s Actually a Great Lesson in Leadership.

A spokesperson explained: “These terms and conditions were successfully put in place to take action against secondary ticketing companies reselling tickets for huge profit,” adding that, “All parties involved with the tour continue to urge fans not to purchase tickets from unauthorized websites as some of these may be fraudulent and others subject to cancellation.”

If you are a ticket holder and believe your tickets were canceled in error, the organizers say to contact your ticket agent to open an investigation.

The tour is set to start in the U.K. and Ireland in July of 2025, and then will come to North America in late August. Something tells us this will not be the only drama this tour faces between now and then.

Oasis frontmen and battling brothers Noel and Liam Gallagher have not performed together in 15 years.



Source link

Oasis Cancels 50,000 Tickets on Resale Market Read More »

Is Your Business Truly Safe From Risk?

Is Your Business Truly Safe From Risk?


Opinions expressed by Entrepreneur contributors are their own.

How prepared is your business for the risks it doesn’t see coming? In a world where cyberattacks, regulatory fines and reputation-damaging incidents lurk around every corner, businesses are increasingly faced with a choice: react to crises or prevent them. The smarter choice, of course, is prevention. But how many businesses are actually doing it?

The truth is, too many organizations are reactive, scrambling to fix issues only after they’ve wreaked havoc. Proactive risk management isn’t just about avoiding disasters — it’s about staying a step ahead, securing your business and creating a more resilient future. Instead of waiting for risks to strike and then relying on insurance to clean up the mess, savvy companies invest in preventing risks before they can do damage.

And here’s why: As the volume and complexity of corporate risks escalate, senior leaders are taking note, but most still fall short on action. A report from North Carolina State University’s Enterprise Risk Management Initiative and the American Institute of CPAs (AICPA) found that only 31% of organizations have a complete enterprise risk management (ERM) process in place. So, why aren’t more businesses leaning into prevention when the stakes are so high?

Related: Your Business Faces More Risks Than Ever — Here’s How to Ensure You’re Prepared for Any Disaster

Proactive risk management: The foundation of success

Imagine driving without seatbelts, relying on airbags to save you after an accident. That’s what operating without proactive risk management is like — it’s not enough. Insurance is a powerful tool, but it should be the last resort, not the first line of defense. Proactively mitigating risks keeps you in control and allows your business to flourish without disruption.

Take cybersecurity, for example. Investing in a cyber insurance policy might give you peace of mind, but it won’t prevent a breach. True protection comes from building robust security systems, regularly testing them and fostering a culture of vigilance. Cyber insurance is essential, but it’s not a substitute for comprehensive cybersecurity. Worse yet, insurers may deny claims if you don’t maintain security protocols, leaving your company exposed.

The hidden costs of risk mismanagement

When risks aren’t managed proactively, the consequences can be brutal. A failure in regulatory compliance, for instance, can lead to crippling fines and penalties — especially in highly regulated industries like healthcare and finance. But the financial costs don’t stop there.

Reputation damage can be equally catastrophic. A single data breach or publicized failure can erode customer trust in a heartbeat, leading to lost revenue, plummeting stock values and skyrocketing employee turnover. And while these issues are devastating on their own, they’re all avoidable with the right risk management in place.

Related: Cyber Threats Are More Prevalent Than Ever–So Don’t Leave Your Business Exposed. Here’s How to Protect It.

Proactive risk management and its impact on insurance programs

For any business, maintaining a clean claims history is essential to keeping insurance costs low and ensuring favorable terms. Insurers assess risk based on past claims, so businesses with fewer claims are often seen as less risky and more desirable to cover. By proactively managing risks — whether through enhanced cybersecurity, improved internal controls or regular risk assessments — you can significantly reduce the frequency and severity of incidents that lead to claims. This approach not only helps avoid the fallout from unexpected crises but also positions your company to secure better insurance rates and more competitive policies.

This principle holds true even for companies with alternative risk transfer strategies, such as captive insurance. In the case of captives, businesses retain premiums paid minus any claims, meaning fewer claims directly translate into higher retained profits. Whether working with traditional insurers or captives, proactive risk management is key to safeguarding your business and optimizing your insurance program.

Actionable steps for proactive risk management

Here’s what you can do to ensure your business is staying ahead of risks:

  1. Conduct frequent risk assessments. Identify vulnerabilities across all aspects of your business. Whether it’s cybersecurity, regulatory compliance or operational inefficiencies, understanding where your weak spots lie is critical. Prioritize these risks and address the most urgent first.
  2. Build strong internal controls. Internal controls are key to minimizing risks. Establish clear policies for data protection, employee conduct and financial oversight. Regularly audit and test these controls to ensure they’re up-to-date and effective.
  3. Prepare incident response plans. Prevention doesn’t mean risks disappear entirely. When something does happen, you need to be prepared. Create incident response plans for your top risks — and make sure to test them regularly.
  4. Foster a risk-savvy culture. Risk management isn’t just for the executive suite. It needs to be embedded at every level of your organization. Train your employees to recognize risks and empower them to take action. A culture that embraces risk awareness will keep your business vigilant and ready for anything.
  5. Use technology for real-time monitoring. Leverage tech tools that help you monitor and manage risks in real time. From cybersecurity alerts to operational dashboards, staying ahead of threats requires quick response capabilities.

Related: Why Having a Contingency Plan Is So Important–And How to Develop and Effective One

Why prevention is the key to long-term success

In a world of constant threats, businesses can’t afford to wait for risks to become disasters. The pace of digital innovation, the complexity of regulations and the increasing threat landscape mean that proactive risk management is no longer optional — it’s essential.

By investing in prevention, companies not only avoid costly crises but also position themselves for long-term success. Insurance is a critical part of the equation, but it should always come after risk mitigation. The fewer risks that come to fruition, the fewer claims you file and the more your business can thrive.

Ultimately, the choice is simple: Invest in prevention today or pay for the fallout tomorrow.



Source link

Is Your Business Truly Safe From Risk? Read More »

These Are the Best States to Start a Small Business: Study

These Are the Best States to Start a Small Business: Study


For every one business that closed in Nevada last year, about 1.3 businesses opened.

That ratio, of businesses opening to closing, makes Nevada the best state to open a small business, according to a new study from AI software company MRPeasy.

“It is interesting to analyze the U.S. states with the highest and lowest rates of small business openings and closures since the ratio reveals economic trends and growth,” MRPeasy director of business development Mike Lurye stated.

The study drew from U.S. Small Business Administration Office of Advocacy data for 2023 to find the number of business openings and closings in each state during the year, calculate the ratio between them, and rank each state in a list. It defined a small business as a company with less than 500 employees.

Related: 1 in 5 Small and Medium-Sized Businesses Could Be Out of Cash By Christmas, According to a New Report

Louisiana, meanwhile, was at the bottom of the list as the worst state to start a small business. It was the only state with a negative ratio of business openings to closures, meaning that more businesses shut down than started in Louisiana last year.

Small businesses are likely to fail: U.S. Bureau of Labor Statistics data shows that 65% fail within the first decade. Over 60 million Americans are employed by small businesses, per U.S. Chamber of Commerce data, and there are more than 33 million small businesses in the U.S. One in five small businesses indicate that they only have one to five months of cash reserves on hand for emergencies, according to a recent study.

Here are the best and worst states to open a small business, based on the balance between business openings and closings last year.

Related: Household Incomes Are Up For the First Time in 4 Years. Here’s Which States Have the Highest Gains.

Las Vegas, Nevada. Photo Credit: Getty Images

The Best States

1. Nevada

Small business openings: 18,296

Small business closings: 8,012

Ratio: 1.284

2. Washington

Small business openings: 29,963

Small business closings: 13,419

Ratio: 1.233

3. Vermont

Small business openings: 4,037

Small business closings: 2,133

Ratio: 0.893

4. New Jersey

Small business openings: 45,577

Small business closings: 24,347

Ratio: 0.872

5. Tennessee

Small business openings: 25,753

Small business closings: 14,543

Ratio: 0.771

6. Maine

Small business openings: 7,379

Small business closings: 4,310

Ratio: 0.712

7. South Carolina

Small business openings: 20,872

Small business closings: 12,344

Ratio: 0.691

8. Idaho

Small business openings: 11,426

Small business closings: 6,765

Ratio: 0.689

9. Connecticut

Small business openings: 15,892

Small business closings: 9,598

Ratio: 0.656

10. Rhode Island

Small business openings: 6,343

Small business closings: 3,836

Ratio: 0.654

The Lowest-Ranked States

1. Louisiana

Small business openings: 11,189

Small business closings: 11,998

Ratio: -0.067

2. Oregon

Small business openings: 17,483

Small business closings: 14,795

Ratio: 0.182

3. Missouri

Small business openings: 28,137

Small business closings: 23,579

Ratio: 0.193

4. Montana

Small business openings: 6,585

Small business closings: 5,439

Ratio: 0.211

5. Minnesota

Small business openings: 17,084

Small business closings: 13,879

Ratio: 0.231

6. North Dakota

Small business openings: 2,892

Small business closings: 2,317

Ratio: 0.248

7. New Mexico

Small business openings: 6,786

Small business closings: 5,352

Ratio: 0.268

8. Virginia

Small business openings: 32,318

Small business closings: 25,336

Ratio: 0.276

9. Nebraska

Small business openings: 6,997

Small business closings: 5,485

Ratio: 0.276

10. Iowa

Small business openings: 9,177

Small business closings: 7,138

Ratio: 0.286



Source link

These Are the Best States to Start a Small Business: Study Read More »

Apple Will Pay You to Hack Its Apple Intelligence Servers

Apple Will Pay You to Hack Its Apple Intelligence Servers


Last week, Apple posted about a new security research challenge for hackers to try and test the security of the company’s servers that host its just-launched Apple Intelligence features.

If you’re successful, you could earn up to $1 million.

Related: Hackers Targeted a $12 Billion Cybersecurity Company With a Deepfake of Its CEO. This 1 Small Detail Made It Unsuccessful.

Apple is trying to protect its Private Cloud Compute (PCC) servers, which will process some Apple Intelligence requests, from bad actors and cyberattacks, ZDNet reports.

The company is looking to identify vulnerability in three main areas: accidental data disclosures, external compromises from user requests, and physical or internal access, according to the outlet.

Apple’s guide, Private Cloud Compute Security Guide, explains the ins and outs of how PCC works for anyone who thinks they can hack into the system. ZDNet notes that Apple tested the system with internal experts and other researchers in the lead-up to Apple Intelligence’s launch on Monday.

If you think you have what it takes, here is how much Apple is paying and why:

Remote attack on request data:

  • Arbitrary code execution with arbitrary entitlements – $1,000,000
  • Access to a user’s request data or sensitive information about the user’s requests outside the trust boundary – $250,000

Attack on request data from a privileged network position:

  • Access to a user’s request data or other sensitive information about the user outside the trust boundary – $150,000
  • Ability to execute unattested code – $100,000
  • Accidental or unexpected data disclosure due to deployment or configuration issue – $50,000

For more information on the challenge, click here.



Source link

Apple Will Pay You to Hack Its Apple Intelligence Servers Read More »

How They Started a Multimillion-Dollar Brand and Side Hustle

How They Started a Multimillion-Dollar Brand and Side Hustle


This Side Hustle Spotlight Q&A features Aaron Luo, co-founder with Carmen Chen Wu of Caraa, a New York City-based handbag and accessory company founded in 2015 that’s seen more than $50 million in total sales, and Mercado Famous, an artisanal Spanish charcuterie business founded in 2022, which surpassed $1 million in sales in its first year. Responses have been edited for length and clarity.

Image Credit: Courtesy of Mercado Famous

How did the two of you connect as co-founders, and what inspired you to team up for your first venture, Caraa?
How Carmen and I met is a story of fate, chance and a little bit of fairy dust.

I am Chinese. I grew up in Madrid, Spain, and was educated in the U.S. Coming from a long line of textile entrepreneurs — my great-grandfather founded the largest thread company in China, Flying Wheel, in 1929 — I always knew I wanted to get back into the fashion and textile industry after spending a decade in corporate finance.

Carmen is also Chinese, born and raised in Valencia, Spain. Coming from a family of third-generation artists, she attended school at Central Saint Martins in London and Parsons in New York City. She is a CFDA-awarded fashion designer, spending most of her time in luxury fashion design since her early design career.

Related: She Used $10,000 in Savings to Turn Her Side Hustle Into an 8-Figure Brand You’ve Probably Seen

We first met in the early 2000s, and after a quick exchange of family history, we found out that our grandparents were actually business partners in Spain. My grandfather founded the first Chinese law firm and helped many Chinese entrepreneurs flourish in Spain, including Carmen’s grandmother. At that time, we both had dreams and aspirations of creating a luxury handbag brand rooted in simple, elegant designs and functionalities for the modern woman. This is where Car + aa (Carmen + Aaron) was born.

Having spent decades in the fashion industry, we always felt that many inspiring designer handbag brands were beautifully designed and crafted but lacked innovative features such as organization, light weight, smart straps, etc. We were eager to disrupt the handbag category with a brand that not only cared about innovative designs but also provided a product that could withstand the daily usage of the busy modern woman, still using the same materials as some of the world’s best luxury brands and crafted at the same workshops and factory.

The chances of two Chinese-Spanish entrepreneurs with grandparents who did business together meeting in New York City and wanting to start a luxury fashion brand together is probably one in a million, and we always felt that fate brought us together to create Caraa.

How did both of your professional backgrounds help inform how you built Caraa?
I have always admired Western corporations and am mesmerized by how they function and their ability to scale globally. My 10-plus years spent working at a conglomerate like General Electric, managing businesses across 12 countries and seven industries, including retail finance, oil and gas, healthcare, appliances, television and media, wind energy and professional services, allowed me to start, grow and scale Caraa with its foundation in operations, finance and global supply chain.

Carmen spent her early days working for luxury fashion brands across both the UK and the U.S. Not only did she work closely with head designers from the many luxury brands she helped grow, but she also spent several years working at a premier handbag craftsman shop in New York City, working exclusively with a handful of luxury brands to sample and fabricate unique designs. This gave Carmen an extensive understanding of the essence of handbag design, including concept, material sourcing, construction and the engineering mechanics required to create innovative designs.

While running Caraa, you started Mercado Famous as a side hustle. What inspired it, and what were the first steps to get the idea off the ground?
Mercado Famous came out of desperation, from our love for Spain and Spanish food. Growing up in Spain, charcuterie was part of our daily diet, something that we often consumed with friends and family. It is a staple of our Spanish cuisine. However, having lived in the U.S. for over 20 years, we always struggled to find premium Spanish charcuterie at honest retail prices. The options were extremely limited. Either we found charcuterie that was good but overpriced or mediocre products at still elevated prices. We were determined to change that.

After spending over two years looking for the perfect Spanish farm with the right farming practices, we found a third-generation family farm with a century-old recipe and the scale to bring what we believe to be the best Spanish charcuterie to American consumers at honest retail prices. The goal for Mercado Famous is never to sell more charcuterie but to bring our memories from Spain to the U.S. and share this wonderful cuisine and culture with the diverse U.S. market.

Related: In Her Late 30s, She Pursued Another Creative Side Hustle — Then Turned It Into a Multimillion-Dollar Business

How did you balance working on Caraa and Mercado Famous in those early days?
It was not easy, and honestly, we are still trying to figure this one out. Both brands are on a high growth trajectory and require a lot of tender, loving care both Carmen and me.

There are many synergies between the two brands, and 90% of our teams work on both brands daily. Functions such as ecommerce, content creation, social media and graphic design are designed to support the needs of both brands.

For us, it came down to prioritizing the right areas of focus: people and process. On a daily, weekly and monthly basis, we ask questions: Do we have the right set of people helping to run the brands, and do we have standard measurable processes that help us scale the brands? Anything that doesn’t help us answer “yes” to these two questions gets deprioritized. So far, this has been the right formula and the north star that has guided us through the rise of both brands. As we grow, the balance of priorities will change, which we constantly calibrate to ensure our tefocussing on the right areas for both brands.

How did you leverage your experience growing Caraa to help expand the side hustle?
Caraa is a decade-old brand. It is part of the first wave of native digital brands that leverage digital platforms to tell the brand story and discover new customers.

We learned many lessons along the way, and our goal was to take all of the lessons learned from Caraa across content creation, social media, technology, branding, growth marketing, CRM and logistics and give them all to Mercado Famous. There was certainly some fine-tuning when translating our strategy from Caraa to Mercado Famous — after all, one is a fashion brand, and the other is a premium consumer packaged goods brand.

However, the soul of the two brands is the same: to create world-class products at the core and identify the right customer base to tell the brand story. From Caraa, we quickly learned that the age of mediocre products with fancy marketing is long dead and that product innovation will always prevail over marketing.

Related: Her Side Hustle Landed in Costco and Made $3 Million Last Year Even Though She ‘Didn’t Know Anything About Running a Business’

When did it become clear that the side hustle had the potential to be a full-time business, and what were the next steps to help make that happen?
I often read business stories where other entrepreneurs are asked this type of question. Their answers are often related to sales and growth. “When we made our first million” or “when we landed that one account X” or “when we hit our first 5,000 customers” is when we knew we had a business. And although none of these are wrong, that moment came when a group of Spaniards wrote to our customer services and said: “Thank you for creating Mercado Famous. I am a Spaniard living in Iowa, and after discovering your products, we no longer need to smuggle Spanish jamon when returning from Spain. Keep up the good work!” This was when we knew we found our base and that there was longevity in our brand.

The next step is to scale the brand. Our goal now is to find the right channel to tell our brand story and get the product to as many people as we can. From our initial testing phase, we believe that American consumers already love our products; they just don’t know it yet. Take our Italian counterparts, for example; Italian charcuteries have widely penetrated the American diet. When you look at the taste profiles, they are extremely similar to our Spanish charcuterie products. Our goal is to offer the Spanish charcuterie as an alternative for those who already love the Italian charcuterie.

Related: This 32-Year-Old Started a Side Hustle With $3,000 — Now It Makes Over $100,000 a Month: ‘I Can’t Get Enough’

What are some of the challenges unique to running a food business, and how did you navigate those?
Navigating and understanding food safety was extremely important to us from day one. The USDA heavily regulates the charcuterie space, which we believe is great for our industry. Because of this, we had to partner with several agencies and our selected farm to ensure that it followed all of the proper food safety processes, and we obtained the correct certifications to bring this marvelous product into the U.S.

What does your involvement with both businesses look like now?
This changes weekly, but on average, I divide my time 60-40 between the two businesses, where 60% of my time is spent running Caraa, and 40% is spent nurturing Mercado Famous. Even though Mercado Famous is still significantly smaller than Caraa, it is a brand in its infancy and needs a lot of attention from us, an investment we are happy to make.

What have the growth/revenue trajectories been for both Caraa and Mercado Famous?
Although we don’t publicly disclose revenue numbers, Caraa is on track to be under $20 million in revenue this year, and Mercado Famous is on track for under $5 million in revenue.

Caraa has seen more than $50 million in total sales, and Mercado Famous exceeded $1 million in sales in its first year.

Related: He Took His Side Hustle Full-Time After Being Laid Off From Meta in 2023 — Now He Earns About $200,000 a Year: ‘Sweet, Sweet Irony’

What’s your best advice for people who want to start side hustles or full-time businesses of their own?
Do it out of passion, and never let financials drive your decision to start a side hustle. The path to entrepreneurship is long, dark and never straight. You will find challenging moments that will test your limits, especially when you have more than one business or job. This is where the passion will kick in and help you push forward even when you can’t see financial gains at the end of the road.



Source link

How They Started a Multimillion-Dollar Brand and Side Hustle Read More »