The Montecito mansion, where various interviews were recorded for the ‘Harry & Meghan’ Netflix documentary series, is listed for US$33.5 million with Ryan Malmsten of Santa Barbara Brokers.
Situated in Montecito, California, the Mediterranean-style house was built in 2006 and has six bedrooms. Boasting ocean and mountain views, the property’s multiple terraces and arched windows add to the grandiosity of the place. Furthermore, in the grand room, a chandelier hangs atop.
The 13,599 sq ft Mediterranean-style home includes “ocean and mountain views, multiple terraces, and a regal great room chandelier and arched windows”, stated the real estate website. The latter was where Meghan was extensively filmed for the documentary’s interviews.
The property has two acres of “lush grounds with romantic walkways and year-round flowers, soaring palm trees and accent vines, a vegetable garden, citrus orchards, and even a chicken coop for fresh eggs”.
Amenities within include a pool, hot tub, bar, gym, game room and a theatre. There is also “a picturesque guest house” described as being “perfect for any king or royal relative who might drop by for the beautiful Southern California weather”.
Prince Harry and Markle, with the royal titles of the Duke and Duchess of Sussex, moved to Montecito in 2020, where they lived for a few months at actor and comedian Tyler Perry’s home before purchasing their own mansion at US$14.7 million.
TopTenRealEstateDeals.com stated that “Montecito has long been a favourite escape for the wealthy, including John and Jacqueline Kennedy’s honeymoon in 1953 and increasingly drawing Hollywood types such as Oprah Winfrey, Kim Kardashian, Gwyneth Paltrow and Ariana Grande”.
Several analysts believe that metaverse could be the next big evolution for the internet. Businesses are understanding its lure as it continues to evolve. While some have already established their space, others are wondering whether and how they should be a part of it. Here’s everything to know if you’re considering entering the metaverse.
Metaverse combines technological innovations all working together to create an immersive and engaging ecosystem. This allows both individuals and brands to interact in ways that were never possible, creating an environment with its own decentralized rules of engagement. Brands can use online gaming, virtual and augmented reality, and NFTs to engage with their customers and provide unique shopping experiences.
Gaming, entertainment, and fashion brands have been at the forefront of exploiting the opportunities offered by the metaverse. They have understood that if managed well, the metaverse can be a significant part of their e-commerce operations. If you are thinking about building a brand in the metaverse and monetizing it, here’s everything you need to know.
What is the metaverse?
The metaverse includes immersive, persistent, and three-dimensional experiences on the internet. It replicates what happens in the physical world and adds several new interactive dimensions to it.
Unlike regular virtual reality experiences or video games, the metaverse also includes other senses including sound, sight, and touch. Put together, these enable the participants to communicate, play, and shop online.
It’s important to understand that the metaverse isn’t a single, monolithic world. There are multiple worlds that aren’t even interoperable or connected to each other. Each entity in the metaverse comes with its membership, access, technical specifications, creative expressions, and monetization rights.
Since there are multiple entities with their own audiences and rules of engagement, it’s crucial for brands to identify their space in the metaverse. This will help optimize the marketing efforts and give greater returns. An easier way to discover your brand’s place is by looking at brands in the same category or with the same target audiences.
More than anything else, brands need to be curious about the metaverse. By testing out different methods and learning from them, brands can build mutually beneficial and engaging relationships with their customers.
The metaverse could end up being the next domain where individuals communicate, connect, and transact. Building a brand in the metaverse won’t be a luxury then. It will be a necessity.
How brands can enter the metaverse
Since it’s a new domain, there aren’t any codified rules for building a brand in the metaverse. But based on the successes of some of its inhabitants, the following best practices will help you enter the metaverse and start building your brand.
Choose your targets
The first step is to find out where your potential customers are in the metaverse and how they’re behaving. Once you know how much time they spend in the metaverse, you will know whether you can afford to wait or have to enter the metaverse now.
For example, if your core target audience is younger people, it’s safe to say that you have to enter this world as early as possible.
Analyze the competition
One way to get your organization interested in the prospects of the metaverse is by studying your competitors and referencing their activities within your company. This will get the leadership team excited since it would seem doable.
Decision-makers in your team will also talk about the possibilities of the metaverse, even if at an elementary level because your competitors would be engaging with your potential audience.
Find applications
The key to being relevant in the metaverse is aligning your brand with applications that are in sync with your identity, ethos, target audience, and objectives.
There’s no need to do it all at once. What this needs is an imaginative approach that makes your brand seem both compelling and different.
Design your entrance
Entering the metaverse, like every major digital marketing exercise, needs the service of domain experts. When you interact with your agency, ask them about the latest trends and audience behaviors.
Since agencies are purposefully analyzing the successful campaigns in the metaverse, they would be in a better position to suggest a customized strategy for your brand that will resonate with your customers.
Learn from your tactics
It’s still early days for the metaverse and nobody has figured it out. Like any new domain or strategy, there will be successes and failures, and nobody’s immune to them. That’s why it’s important to be agile and have a long-term strategy.
Remember that there are no serious downsides to being active in the metaverse. There’s so much to gain and so little to lose. And with every campaign, you’ll have more learnings to optimize your strategies.
Be imaginative
Since it’s a new universe, customer expectations are high. They won’t be satisfied with mere extensions of the regular campaigns or activities from the physical world. Brands have to be bold and imaginative to break the clutter and make their presence felt. Ordinary transactional tactics will fall short.
Users are looking for new experiences and marketers have to be unconventional to acquire them at any stage of their customer journey. This shouldn’t be difficult since there won’t be any limiting brand guidelines. And there are several ways in which brands can monetize this new domain.
How to thrive in the metaverse
Several brands have found a way to integrate the metaverse into their e-commerce operations. Here are some ways in which you can monetize this new ecosystem.
Sell virtual products
Users are spending on virtual products ranging from accessories to real estate in the metaverse. Virtual land sales hit $106 million in December 2021. By 2024, the metaverse market is expected to grow to $800 billion.
Without the need for manufacturing or distribution, marketers can easily scale their product range and find customers. From digital versions of physical goods to online avatars to upgrades, there are several things brands call sell in the metaverse.
Use NFTs to give VIP access
One of the most successful tech innovations on the blockchain has been NFTs. These unique digital assets are used as proofs of ownership for anything from digital art to real estate. Brands can offer exclusive VIP access to their customers and boost their revenue.
Whether you’re launching a product or holding a virtual event, NFTs can be used to give exclusive access to their holders. These will also allow marketers to gain feedback from their customers.
Build a community
The next big thing in e-commerce is social commerce and the metaverse provides opportunities for brands to build thriving communities of users. This is where customers can find others who like the brand and engage with them.
By building a community, brands would be bringing users inside their orbits. Their interactions will provide valuable insights that can be used to create new products, tweak the existing line, and increase revenue.
Open virtual showrooms
One of the most effective and popular ways for a brand to get started in the metaverse is by having a showroom. This allows customers to discover products in a more detailed manner. More importantly, they will also be able to try out these products.
Whether it’s shoes or furniture, once customers get an opportunity to interact with them and discover their look and feel, there will be fewer chances of product returns in the physical world.
Customize products
Using product configurators and customizers, brands can find new customers and deepen their engagement with existing users. While in the physical world, demos are cumbersome, the process is effortless in the metaverse.
When users can customize products to their precise specifications, whether it’s sneakers or sunglasses, there are greater chances of conversion. They will also be more inclined to share their experiences on social media and give further traction to the brand’s marketing.
Find new audiences
The metaverse has no geographical limitations. You can hold an event, sell various tiers of tickets, and get participants from all over the world. Brands can also find specific audience groups such as gamers or automobile enthusiasts.
Once you understand the behaviors of the audience you’re targeting, you can add products to your portfolio to specifically target them. By selling in-game goods and skins, brands can tap into the younger audience groups who are the most active in the metaverse.
Deploy gamification
Gamification allows companies to use the principles of games in everything from project management to hackathons. There are several ways in which the same ideas can be applied in the metaverse to increase participation.
Brands can use gamification to encourage users to discover product features and share them on social media. When the rush of gaming meets the monetization potential of e-commerce, brands stand to gain a lot.
In short
Using these best practices, brands can make a compelling entrance into the metaverse, grow their user base, and increase their revenue.
Even if you have never heard the name Khaby Lame, in all likelihood, you would have seen his videos. Whether or not you’re on TikTok, you would have seen his videos being shared on other social media platforms or messenger apps. The rise in Khaby Lame’s net worth and fame is one of the most extraordinary stories of the pandemic.
Even in his wildest dreams, Khaby Lame himself couldn’t have predicted where he would reach in just two years:
From out of nowhere, he has become the most followed person on TikTok.
He has an astounding 151 million followers on the platform.
Lame has more than 2.5 billion likes just on TikTok.
He has more than 80 million followers on Instagram.
In other words, he is the unofficial king of TikTok. No wonder everyone is interested in Khaby Lame’s net worth and what brand association or content creation he would be involved in.
When you think of social media stars, you usually think of film stars, singers, sports stars, models, business personalities, and entrepreneurs. You rarely associate social media stardom with an immigrant with a language problem. That’s what makes Khaby Lame’s story so unique and inspiring.
Who is Khaby Lame?
Before we get to Khaby Lame’s net worth and how much he makes every year, let’s first answer who this TikTok sensation is and how it all got started. Born on March 9, 2000, Khabane ‘Khaby’ Lame is a Senegalese citizen whose family moved to Chivasso, Italy, when he was a 1-year-old. He obtained Italian citizenship in August 2022.
He was earning $1000 a month in Italy, working as a waiter and factory worker. That’s when the pandemic hit, and Lame lost his job. He was confined to his parent’s apartment, and that’s when he started creating videos on TikTok.
The rest, as they say, is history.
Lame became a social media sensation because of his short-form comedy videos. Since he didn’t speak English initially, he found it hard to connect with his audience. But Lame turned his disadvantage into a unique brand of humor that’s now readily recognized worldwide.
What makes Khaby Lame unique?
Most of Lame’s videos have no dialogue. He’s especially known for reaction videos and those making fun of absurd life hacks. His body language and iconic facial expressions have created an instantly recognizable and unique brand identity that has fueled his meteoric rise on TikTok.
Using his gestures, expressions, and some props for humor, Lame effortlessly communicates in silence. Since he doesn’t speak in his videos, they can be understood by anyone from around the globe. That has made him a bona fide global star on TikTok.
Making people laugh and entertaining them have been his passion ever since he was a child. Lame is committed to creating engaging work for his community. Where others are limited by their languages, he speaks to a universal audience. From villages in India to European capitals to Latin American cities, his fanbase now covers the globe.
What is Khaby Lame’s net worth?
The most unlikely social media star that anyone could have imagined, Khaby Lame has now become a brand of his own that’s instantly recognizable. So, how much is Khaby Lame worth? The biggest star of TikTok is currently worth $15 million! And remember that Lame is just getting started.
Let’s break down his net worth and figure out how he earns it. According to his manager Alessandro Riggio (yes, he has a manager), Lame earns around $750,000 per TikTok post. That’s for a single promotional video he posts on the platform. That adds up to an annual revenue of around $10 million just this year.
One of the most famous collaborations that Lame was involved in was the promotion of the Idris Elba movie Beast. Starring with Elba, Lame is rumored to have charged $750,000 for the 59-second video. Brands across categories are interested in partnering with Lame, and that interest is only set to grow.
How does Khaby Lame spend his money?
Those interested in Khaby Lame’s net worth would most certainly be interested in how he spends his money. After all, his journey from a laid-off factory worker to the biggest TikTok star has been nothing short of spectacular. So, how does he use the money from his newfound fame?
Not surprisingly, Khaby Lame has a luxury car collection. These include a Mercedes G Class, Jeep Compass, BMW X5, and Audi RS5. Lame has also been investing in real estate. His Los Angeles pad has a tennis court and a swimming pool. Lame also has an apartment in Milan that he shares with Riggio, his manager.
Clearly, a massive leap for someone confined to his parent’s apartment during the pandemic.
But this isn’t to suggest that Lame is frivolously spending money. He hasn’t bought things like yachts, which the newly rich usually tend to prefer. Instead, he is smartly investing in a slew of assets that will pay him rich dividends. Along with real estate, Lame has been investing in software companies and even a restaurant.
The growing net worth of Khaby Lame
Considering his rising fame, Khaby Lame’s net worth will only increase. Why? Because in social media, visibility can compound and create intrinsic value even outside of the platforms. This opens up space for monetization avenues.
With the evolution of social commerce, the potential of social media stars to launch their own products and services is staggering. For reference, all you have to look at is Charli D’Amelio, the second-most followed individual on TikTok.
D’Amelio, along with her sister, Dixie, has generated more than $70 million over the last few years. They recently launched D’Amelio Brands, that’s valued at $100 million. This exerts ownership over all their business ventures.
If that’s the trajectory of the one behind Lame, one can only imagine how much his net worth would increase. Promotional videos are only a part of his income stream. There are more brand endorsement opportunities from every part of the world.
There are more categories to be explored and more businesses to partner with. But that’s not all. Lame also commands high appearance fees at events the world over.
Khaby Lame’s foray into fashion
It’s well known that fashion brands are tired of the same old models who become the faces of their collections. They are actively looking for new faces with broader appeal and a pre-built community. A case in point is Francis Bourgeois, the famous trainspotter from TikTok who partnered with Gucci to promote the brand’s North Face collection.
Lame is also making his mark in the fashion world. Recently, Boss paid him $450,000 to appear for them in the Milan Fashion Week. As part of the deal, he also had a TikTok post to promote the brand’s collection.
Lame could launch his products or partner with major brands to co-own brands under his name. Like other celebrities, he could generate millions of dollars through merchandise partnerships with established brands and exponentially increase Khaby Lame net worth.
Khaby Lame’s plans: Hollywood and beyond
Lame has never shied away from sharing his dream, which is to be a movie star in America. His goal is to become a comic actor, just like his idol, Will Smith, and even star with him. That’s one of the reasons he attended the Venice Film Festival.
And an Oscar? Why not? He doesn’t rule that out.
He has been preparing hard to accomplish his dream. He has been consistently studying English, his third language. His favorite strategy for learning the language? Binge-watching an animated series called Daniel Tiger based on Mister Rogers’ Neighborhood.
Understanding the need for a professional management agency for other creators, Lame, along with Riggio, founded Iron Corporation. This creative agency will manage the social presence of content creators, actors, and athletes. Importantly, based on his learnings, Lame will help them monetize their content in numerous ways.
Unlike most social media influencers, Lame isn’t looking at the short-term. He isn’t content with brand endorsements or event appearances. If ever the social media algorithms change, he will have several other career options. This is his way of future-proofing his social media presence.
With a strategic vision to diversify his income streams and manage content creators while building his Hollywood career, it’s certain that Khaby Lame’s net worth will only grow in the future.
Just because his other plans are successful doesn’t mean that Lame will leave TikTok. He’s planning to make more TikTok videos while learning English. Brand Khaby Lame will be part of the social media ecosystem for a long time to come.
Just shy of four years ago, Dwayne Michael Carter Jr. — better known professionally as Lil Wayne — lists his modern Miami Beach mansion, which he paid $16.8 million for on Miami Beach’s exclusive guard-gated Allison Island, directly overlooking Biscayne Bay. Now, the 40-year-old “Lollipop” rapper is returning the sweet contemporary residence to the market with a hefty $29.5 million ask, as first reported by The Wall Street Journal.
That significantly increased price includes snazzy amenities — a commercial-grade elevator, plush movie theater with suede-clad walls, wine cellar and dedicated staff quarters with a butler’s kitchen, for starters. There’s also a dock and 110 feet of waterfront footage.
Tucked away on a gated parcel spanning over a half-acre, Lil Wayne’s modern extravaganza was built in 2017 by Miami developer Laurent Harari and designed by noted local architect Ralph Choeff.
A walkway crosses a reflecting pool before emptying out at the seven-bedroom, 11-bath house, which contains almost 10,300 square feet of living space rife with soaring ceilings, walls of glass and seamless indoor-outdoor environs.
Highlights include a custom mahogany entryway that flows to a voluminous great room adorned with a 22-foot ceiling, an eye-catching lacquered fireplace and sliding glass doors opening to the backyard. A dining room connects to a family room, and around the corner is an eat-in gourmet kitchen featuring custom Italian cabinetry, high-end Wolf and Sub-Zero appliances, and access to a courtyard.
A sculptural floating staircase heads upstairs, where the posh master retreat spans 2,500 square feet and comes equipped with a sitting area, an expansive private terrace, a walk-in closet, and dual baths decked out with all the expected niceties.
Outdoors, the tropical-inspired grounds host a large pool flanked by an open-air cabana with its own kitchen and bath, plus plenty of spots ideal for al fresco lounging and entertaining.
The Miami spread is listed by Cyril Matz of Douglas Elliman.
More Photos of Lil Wayne’s Waterfront Miami Beach Mansion:
You’d think that it doesn’t get much more opulent than the already multi-million dollar vessels that are superyachts. Emblematic of status and wealth, the buoyant mansions are in a league of their own. But a new concept for a $110 million diamond-inspired superyacht proves that we’re only bobbing at the surface of what floating luxury can look like.
Designed by Italy-based Gabriele Teruzzi Yachts & Design the Stella del Sud, which translates to Star of the South, was inspired by a 128 carat Cartier diamond that bears the same name, found in Brazil in 1853.
A crown jewel of superyacht designs, if realized, the 360-foot vessel would feature multiple decks that gradually shorten the higher they get, outlining the profile of an upside-down cushion-cut diamond. Windows engulfing the decks pull the illusion together.
While the outside of the boat is show-stopping, the amenities inside are just as, if not more, impressive. The yacht includes 8 VIP guest staterooms, a piano lounge, a gym, a spa and massage room, a helipad, a saloon, a hot tub, and an al-fresco dining area.
However, the most stand-out feature is, without a doubt, the cascading pools that create an onboard waterfall effect down the split-level deck. According to Superyacht Times, this area was inspired by the Royal Palace of Caserta, which features a series of fountains that cascade down the hilly garden.
The owners will have plenty of private space, with most of the bridge deck dedicated to a primary suite with two bathrooms, walk-in closets, a spa table, a salt wall, and a private office. If it didn’t already feel luxurious enough, there will also be a built-in aquarium situated directly above the bed in the primary suite. Should anyone have trouble falling asleep, they can swap sheep for fish and drift off by counting the speedy swimmers.
While the boat is currently only renderings, the design proves that the beauty, elegance, and class that is diamonds shine on more than just rings and bracelets.
It might seem a little strange at first but figuring out how you plan to exit your business is one of the important steps of starting it. That’s especially true if you are looking for funding, and more so if you want to seek venture capital.
Investors want to know how they are going to get their money back out if they invest.
But even if you’re not hoping to get VC funding, an exit strategy gives you a road map for the future. Things might change along the way, but startup exit strategies can help to get your business plan off the ground. Here’s what you need to know.
Management Buyout
If you plan to get outside funding for your business, your exit strategy might not be a strategy at all. Instead, you might be hoping for a management buyout.
In this scenario, the management team will have accrued sufficient wealth (and credit worthiness) during the startup and growth phase to afford to buy their investors out. This buyout would include a substantial profit on their principal investment.
While this kind of exit might be desirable for the people who started the company (since they get to keep it after leveraging outside capital) it’s not always attractive to investors.
A common problem with this exit strategy is when the management team either doesn’t want to or can’t find the funds to buy out the business. Or some or all of the original team might have left along the way, and their replacements might not want to become owners instead of employees.
Acquisition
Acquisition as an exit strategy is an option where a much larger, more established company with very deep pockets buys your company. Sometimes, they do so to grow it further, but sometimes, they just want to get rid of their competition.
When Snap Chat was acquired, it made Evan Spiegel a billionaire. That’s not always the kind of numbers we’re talking when we talk about acquisitions, but this can be a very lucrative exit strategy.
Acquisitions aren’t always billion-dollar deals for tech unicorns though. Often, larger, more established local businesses will buy out smaller competitors to solidify their position in the marketplace.
IPO
An IPO (or Initial Public Offering) is the term that describes when your company first lists on the stock exchange and starts selling shares of your company. This is a very good way to get back any money you have personally put into your business (and then some!)
Usually, if you plan to have an IPO as your exit strategy, you need to have a unique idea that’s hard to copy, and rapid, sustained growth.
IPOs can make the right companies a lot of money fast, but it’s not a guaranteed windfall. If people aren’t interested in buying your shares, you might get a lot less than you were hoping for.
Liquidation
Liquidation might not be what you think of when you think of exit strategies, but it is a common one.
Liquidation isn’t only something you do when you go bankrupt. Sometimes, if you want to get out of your business and no one wants to buy it out or take it over, liquidating is the only other option.
This exit strategy is called liquidation because it turns the assets of the business into “liquid” or cash assets. Once that happens, you would first pay off any creditors that you owe money to, and whatever is left is yours to keep.
Family Succession
Finally, if you run a small, local, family business, your exit strategy might be to have a family member take over when you want to retire. In this case, your exit would happen when you want to stop working in your business and enjoy the fruits of your labor. You might retain some form of ownership in the company, but you would exit day to day operations.
The problem with this type of strategy is that the person you want to take over from you might not always feel the same way. If your successor decides not to succeed, you would either need to find or hire someone else or find a new way to exit your business.
Choosing the Right Exit Strategy
As you can see, there are very diverse exit strategies that you could choose for a small business or startup. They’re very different, so it could be a little tricky to work out which one you should be focused on.
Usually, if you are seeking outside funding, investors will be hoping for an IPO or an acquisition, since they would get a share of the profit based on their equity, and that’s likely to be the biggest possible pie.
If you have self-funded your business and it’s a family business that has kept your family going for years, you might want to consider family succession or an acquisition by a local competitor. If all else fails, and you need to step away from your business, liquidation is another option.
Your exit strategy doesn’t have to be written in stone, and it’s not uncommon for it to change over time. Many startup founders discover that they make such good money from their business that it makes sense to keep it rather than exit. They might still hire people to take over day to day running, but they don’t have to be hands on anymore.
This is a very personal choice, and it should be driven by your needs now, and in the future. So, weigh all the options before you write anything into your business plan!
When to Review Your Exit Strategy
Usually, when you create an exit strategy, you will set a deadline or goal. So, you might decide to give your business you’re all for five or ten years, and then try to list or be acquired. Whatever the interval is, it’s important to review from time to time, to make sure everything is on track. You can also adjust your exit plan if you find it no longer fits your corporate vision.
So, while it may certainly seem strange to plan your exit when you’re starting out, hopefully you can see that this is an important goal post. They may move, but at least you’ll always know what you’re aiming for.
Most startups don’t make it. This is something that founders wouldn’t want to hear. But understanding why startups fail frequently can help entrepreneurs avoid those costly mistakes.
In the startup world, we usually hear of mega successes. Stories of multi-billion-dollar IPOs and unicorns that exponentially increase their valuation with investors queueing up at their doors. But that doesn’t convey the whole picture.
A significant proportion of startups don’t succeed. Even with the best of intentions, things may not work out at times. That’s the reason ‘why startups fail’ should be of interest to all entrepreneurs and small businesses.
What’s interesting about startup failures is that they’re not limited to any particular class. While some sectors do come with higher risk and extreme competition, startups across the board usually run into the same set of problems. Most startups are at a high risk of failure, from the highly popular to the extremely niche.
But how big is the problem? To understand why startups fail, let’s first look at the statistics.
The failure rate of startups
90 percent was the failure rate for startups in 2019
Close to 21.5 percent of startups fail in the first year
By the second year, that figure rises to 30 percent
Half of all startups close down by the fifth year
By the tenth year, 70 percent of all startups fail
What these statistics show is that, contrary to popular belief, startups can fail even after several years of being in business. That’s why it’s important for entrepreneurs and investors to understand why startups fail. To make it easy for you and your venture, here are the 12 most common reasons that force startups to shut down their operations.
12 reasons why startups fail
1. Burnout
Extraordinarily long hours can seem a vital part of startup culture, especially in the initial days. Working way too hard can come across as the industry norm. But this can quickly lead to burnout, which can bring down the startup.
Work-life balance is crucial to not just productivity and peace of mind of the individuals but also the success of the enterprise. Burning both ends of the candle will lead to fatigue, disturb the team structure, and put unnecessary pressure on employees.
Studies have shown that entrepreneurs are twice as likely to suffer from mental health problems like depression. This can affect the performance and decision-making capability of the leaders and their teams. What started off as a passion project can slowly create a toxic culture doomed to fail.
2. Bad pivot
When done well at the right time, pivots can be exceptionally successful. Instagram, YouTube, and Groupon are excellent examples of successful pivots. But for a pivot to work, there should be a product or service with a market fit and a growing customer base without much competition.
When pivots are strategically carried out after careful consideration, there will be greater chances of success. In the case of startups that fail, pivots are undertaken as a last-ditch effort. When ventures are forced to pivot, more often than not, they end up failing at it.
The law firm startup Atrium had to shut down after unsuccessfully trying to pivot into a legal tech software firm. Inboard’s pivot from electric skateboards to e-scooters bankrupted the company.
3. Discord among team members or with investors
For any enterprise to be successful, the founding team has to work like a well-oiled machine. If there is bad blood between the founders, there will be serious problems. Remember that the decisions in the early stages have a disproportionate effect on the fortunes of a company.
Disharmony among team members will send the wrong signals to the outside world, including, investors, media, and customers. One of the reasons for the failure of the social content startup BricaBox was a co-founder walking out of the startup. At times, the discord can be between the founders and the investors, as in the case of Pellion Technologies and Khosla Ventures which led to the startup’s shutdown.
4. Bad product
This is a fairly straightforward reason why startups fail. After making outlandish promises to both investors and consumers, the startup’s product may turn out to be inferior. A flawed product can sink even the most popular of companies even if they are backed by hundreds of millions of dollars in venture capital funding.
Even after raising more than $50 million, Doppler Labs couldn’t deliver the right product. The speaker and microphone they released couldn’t compete with Apple AirPods. In some cases, the final product could be expensive and without any viable product-market fit. Juicero’s $400 cold-pressed juicers turned out to be obsolete and irrelevant.
5. Bad timing
Timing is of the utmost importance in the startup world. Some of the biggest names in technology not only had great products but were also fortunate to have launched at the right time. Conversely, even a great product can’t save a firm if it’s launched at the wrong time. Unfortunately, the effect of timing only becomes clearer in hindsight.
If the product is launched too early, there may not be a market for it. Moreover, users may not warm up to it even if there’s a relaunch. If the launch is delayed, startups might miss that crucial window of opportunity. The cancer diagnostic startup, On-Q-ity, had to shut down operations primarily because of bad timing.
6. Wrong team
Not having the right members in the team can lead to startup failures. Among all the reasons for startups shutting down their operations, this is one thing that can be effectively solved in the early stages. But far too often, founders are reluctant to let go of responsibilities because they believe that they can manage everything.
Without team members with complementary skillsets, there will be poor resource allocation and subpar performance. After the database product startup Fieldbook shut down, one of the reasons cited was the absence of qualified and experienced team members. The construction tech startup, Katerra, didn’t have experts in its team, which was a crucial factor in the company’s collapse.
7. Pricing problems
Even the best of products cannot save a startup if it gets its pricing wrong. Admittedly, getting the price right is easier said than done. If a company is the first mover in an industry or creates a whole new category, it would be difficult to find viable pricing models. This also means that consumers won’t be used to either paying for that product or paying the right amount for it.
If there is a significant input cost, companies will be forced to demand higher pricing which may not succeed in the market. Customized health coaching startup Arivale learned this the hard way. Consumers found its $3,500 per year pricing to be way too high. That was a key factor in the company going out of business.
8. Regulatory or legal challenges
In some cases, there would be nothing wrong with the product or its pricing but there could be legal and regulatory complexities to deal with. If it’s a new product creating a new category or combining various categories, the startup could invite unwanted attention from the authorities.
The Bitcoin lender BTCJam ran into regulatory challenges before it had to shut down. BitLendingClub, a similar service had to face a similar fate. Security token startup Neufund also faced complex regulatory problems that forced it to wind up its operations. As these examples demonstrate, legal challenges are usually seen in new sectors where regulators may not have framed the necessary laws.
9. Unviable business model
For any business to be successful, it would need a sound business model. At the outset, the founders should know where they expect their revenue to come from and how much they would be spending on customer acquisition and overheads. The business model will also reveal the pricing the leadership has in mind and the company’s growth trajectory.
The hospitality startup Stay Alfred’s business model was one of the main reasons why the company had to close its doors. For Stockwell, the AI-powered vending machine startup, the initial business model couldn’t cope with the challenges of the pandemic. The micro-credit startup Puddle also had to cease its operations due to an unviable business model.
10. Competition
Entrepreneurs may undermine their competitors or underplay the chances of more players entering the system. While they may have absolute belief in their product, they may not have a realistic assessment of the competition and their capabilities. In several instances, startups will be shocked to find out how legacy companies with existing customers can start offering the same product that they would have launched.
The B2B food delivery service Zoomer couldn’t compete with the bigwigs in the market including GrubHub and UberEats. Chef Nightly had to shut down due to the same reasons. The video platform Vidme realized that Google and Facebook could easily outcompete them. The comics startup Madefire also failed because of intense competition.
11. Lack of market need
Delivering a product without any consumer demand is one of the biggest reasons why startups fail. When founders get too focused on their idea without conducting thorough market research, they will learn that marketing won’t be able to generate sufficient demand. This can happen even if the startup is backed by the biggest names in the business.
Quibi, the short-form video streaming app, had a whopping $1.8 billion in funding. The founders Jeffrey Katzenberg and the startup’s CEO Meg Whitman are two of the leading names in the industry. But all it took was a year for the company to shut down because there was no market need for the product.
12. Running out of funds and failure to raise capital
Ask any entrepreneur who had to shut down their startup and in all likelihood, their primary reason would be that the firm ran out of cash. This happens when revenue doesn’t start coming in as planned and overheads keep increasing. In most instances, the leadership won’t be able to cut down marketing and vendor costs.
When the startup cannot meet its targets, both existing and potential investors would be wary of providing additional funds. This failure to raise capital will seal the fate of the startup. Aerion, the supersonic business jet startup, couldn’t raise funds and had to shut down its operations. Housing startup HomeShare also had to close its doors due to a lack of funds.
In short
Learning from the mistakes of others is an effective strategy in business. Sometimes it could be a combination of any of these 12 reasons why startups fail that lead to startup failures. Understanding why startups fail can help both entrepreneurs and investors build better businesses.
Everyone can benefit from a strong brand identity. Whether you sell a product or service online or if it’s an outlet, you will find significant advantages if you develop a stong brand equity. Even if you don’t sell anything, you can become an individual brand that will add demonstrable benefits to your career.
But what exactly is a brand, and why should everyone, from small business owners to corporate executives, be interested in building it?
A brand can be defined as how a product or service makes you feel. It’s the cumulative effect of sensory, rational, and emotional appeals that a product, service, or individual can create in you.
Branding helps you become memorable and distinct. In a sea of sameness, the way to stand out is by building or becoming a brand.
The digital age has given everyone access to platforms and technologies. All you need is an idea and follow certain proven steps like the ones listed below.
5 steps to building a strong brand in the digital age
1. Define your audience
Step number one is to identify your target audience. These are the people who would be interested in your product or service. You should understand their demographics, such as gender, age, location, etc.
Be as specific as possible. Don’t define them as working women, for example. What’s their age group? What’s their educational qualification? Are they married or unmarried? The next step is to figure out their interests and behaviors. In the above example, are you looking to target working women who are interested in fitness or young adult fiction?
If it’s difficult to define your target group, look at your competitors’ audiences. Go to their social media channels and study their followers. What are they talking about? What are the phrases they usually use? What are their pain points? What do they love? What do they hate?
2. Find a unique positioning
This is the most important part of building a brand. Positioning is how you define your difference from your target audience. It’s how you position your brand as a distinct and credible alternative to your competitors. It’s also how you can create a whole new category, as Uber showed the world.
To arrive at your positioning, first, you have to analyze your competitors. What are they offering, and importantly, what are they missing? How is your product or service different from theirs even though you are in the same category?
After that, you have to understand your audience. What particular feature would they like? Here, it’s important not just to limit to existing problems. You can also position yourself with attributes your audience may not have considered.
Your positioning should answer this question: Why should a customer be interested in your product? What value are you offering that they can’t find anywhere else?
You get this right, and everything else will fall in place.
3. Find a distinct name
Your name should be unique, memorable, and easily referable.
If you already have a name for your business, you can offer a specialized product or service as a new brand. If you are a corporate executive, you certainly can’t come up with a new name for yourself. But you can start a blog under a new brand name.
You can use your name (Gucci, for example) or create a character like Hello Kitty. You can also tie it to your location or simply make up new words, like Twitter. When you do think of a name, check if it’s already taken or if the URL is available.
Remember that you will be investing a lot of money and time in the name you select. So, be imaginative, and when you have a shortlist, test it with your family, friends, and colleagues.
4. Develop a visual identity
This is where you develop your logo and tagline. Your logo will help customers visually identify your brand. This will go in all your advertising and promotional materials, collaterals, and social media channels.
The visual element in your logo should draw inspiration from your product or service, category, location, and, importantly, your positioning. It should also convey the right sensory appeal.
That’s why you should be extremely careful about your logo, its color palette, and its character, if any.
Remember that positioning is not your tagline. Your positioning captured in an inspiring and imaginative way is your tagline. “Just do it” is not Nike’s positioning. That is to celebrate athleticism. It’s a belief that to be a great athlete, all you need is a body.
Your tagline should summarize your positioning and should exhort audiences into taking an action. “Just do it” captures Nike’s entire belief system. “Finger lickin’ good” defines KFC’s offerings.
5. Create a content strategy
Your brand experience will happen episodically on digital platforms. The content you create and deliver are the blocks that will help you build a brand and attract and retain customers.
The content you create should be in sync with your positioning. But it shouldn’t be just about your product or service. It should be designed to interest and engage audiences. For that, you need to think from their point of view.
Go beyond product-related content and talk about customers who already use your product or service. Celebrate your employees who put in that extra effort. Share relevant news and analyses about the sector. Offer tips and tactics that will make your followers’ lives easier.
You can also share your weaknesses, vulnerabilities, and failures. All those will humanize your brand and make it relatable and, therefore, credible.
In short
Branding used to be the monopoly of large corporations. You needed to have hundreds of thousands, if not millions, of dollars of marketing budget to do it. You also would have approached leading advertising and public relations agencies to help build a brand. But digitalization has changed that. Now anyone, with imagination and consistent effort, can build a brand.
Rolls-Royce has unveiled its first all-electric car, the Rolls-Royce Spectre coupe, as the luxury brand promises to go fully electric by 2030.
According to Rolls-Royce, the Spectre is its first car to be conceived and engineered as an electric vehicle, signaling that electric technology has reached the stage where it is powerful enough for its luxury vehicles. Rolls-Royce CEO Torsten Müller-Ötvös described the two-door coupe as “the most perfect product that Rolls-Royce has ever produced.”
The Rolls-Royce Spectre possesses all the qualities that have secured the Rolls-Royce legend,” said Müller-Ötvös. “It is perfectly in tune with the sensibilities of our time. It states the direction for the future of our marque and perfectly answers a call from the most discerning individuals in the world to elevate the electric motor car experience.”
Set to ship to customers starting in the fourth quarter of 2023, Spectre is said to be a “spiritual successor” to Rolls-Royce’s current Phantom coupe, particularly in its “indulgent proportions” and headlight layout.
Rolls-Royce Motor Cars
Rolls-Royce Spectre’s design and features
Its exterior is partially inspired by modern yachts in its lines, tapering forms, and use of reflection to bring the surrounding environment into the design and add to a sense of fluid motion when the car is on the road.
The design makes Spectre, Rolls-Royce’s most aerodynamic car ever, with a drag coefficient of 0.25cd, which is on the low end for cars and means it will use minimal power to push through the air.
This is aided by the car’s streamlined fastback design, which has a single slope from the roof to the tail. The body panel making up the vehicle’s rear is Rolls Royce’s largest ever, giving it seamless surfacing that contributes to the low drag.
Rolls-Royce Motor Cars
The brand’s signature Spirit of Ecstasy figurine, which sits on the front of the vehicle, has also been honed over 830 hours of modeling and testing to make it more aerodynamic.
Other features that give Spectre a distinctive look include its prominent front grill, which will be softly illuminated after dark to give the car a “subtle and three-dimensional night signature.”
It is bookended by headlights, which are set back in “jewelry box-like” darkened chrome housings and more subtle daytime running lights.
At the rear, the taillights are uncolored, and clients can choose their colors during commissioning.
Rolls-Royce Motor Cars
The interior design is focused on illuminated surfaces that draw inspiration from the night sky. Customers can choose from Rolls Royce’s Starlight Doors, which incorporate 5,876 softly illuminated “stars,” and Illuminated Fascia, which similarly illuminates the passenger side of the dashboard.
The car’s functions are managed via a digital dashboard that Rolls-Royce calls Spirit, while an app called Whispers allows users to interact with the vehicle remotely.
Rolls-Royce Spectre is built on an all-aluminum spaceframe architecture that Rolls-Royce first developed for the 2003 Phantom and has since honed for the electric era.
Rolls-Royce Motor Cars
The carmaker says the final power, acceleration, and range figures are still refined. Still, preliminary data shows a range of 520 kilometers and acceleration of 0 to 60 miles per hour in 4.4 seconds (0-100km/h in 4.5 seconds) from its 430-kilowatt-hour powertrain.
Alongside the Spectre reveal, Rolls-Royce has confirmed that its products will be fully electric by 2030.
Rolls-Royce Motor Cars
It says some of its cars’ defining characteristics — like “instant torque, silent running, and the sense of one imperceptible gear” — will only be enhanced by electric technology.
Rolls-Royce has been a wholly owned subsidiary of the BMW Group since 2003 and is headquartered at the Goodwood Estate in West Sussex, England.
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