May 1, 2023 - US Business News

How Nick Smith Founded Queen City Scooters to Help Others Reclaim Their Freedom of Mobility

US Business News Staff on May 1, 2023

From personal tragedy to successful entrepreneurship, Nick Smith’s story of founding Queen City Scooters is a testament to the demand and viability of the micro-mobility industry. After being unable to obtain a driver’s license due to a neck injury, Nick found himself frustrated with the complications of public transit and walking. However, his life changed when his father gifted him an electric kick scooter. Not only did it grant him the freedom of mobility he had longed for, but it was also fun and relaxing. Recognizing the vast potential of such products, Nick established Queen City Scooters in the spring of 2019, responding to the growing demand for efficient and eco-friendly modes of transportation.

In its early days, Queen City Scooters started out in the retail industry, serving as a representative for Glion and later becoming the first dealer of Segway Ninebot in North Carolina. However, Nick’s unwavering passion for personal electric vehicles drove him to learn the ins and outs of vehicle repair. When the company encountered financial constraints, Smith deftly shifted gears and redirected the company’s focus towards fixing a wide range of personal electric vehicles, which eventually led them to become the leading service and repair center for all types of personal EVs. Today, Queen City Scooters boasts impressive partnerships with major brands like Universal Studios, NFL players, and local charities and is recognized as the go-to repair center for some of the most reputable brands in the electric scooter industry.

What sets Queen City Scooters apart from other vehicle repair shops is their dedication to educating their customers. Their commitment to providing comprehensive guidance helps their clients make more informed decisions, empowering them to take charge of their mobility. For Nick and his team, the most fulfilling part of their job is equipping people with newfound freedom and independence, particularly those facing transportation challenges. By providing quality repairs and exceptional customer service, Queen City Scooters is more than just a repair shop; they are a symbol of hope and a source of empowerment for their community.

As an entrepreneur in the tech industry, Nick knows the difficulties of keeping pace in a rapidly changing landscape. But he credits his achievements to his unwavering perseverance, adaptability, and determination to embrace the newest advancements. He values customer feedback, stays abreast of the latest technological trends, and connects with prominent professionals in his industry. His customer base is diverse, spanning from adventurous thrill-seekers to college students, families, commuters, and casual riders alike.

Nick’s entrepreneurial journey serves as a beacon of hope for anyone with dreams of starting their own business. “If you are truly passionate about something you wish to make a business out of, be willing to commit and do whatever it takes, make sure you make your business as much about the customer as it is doing something you love,” he said.

As the micro-mobility landscape evolves and expands, Nick and other entrepreneurial minds like him will undoubtedly remain pivotal players in driving equitable access and usage of personal mobility solutions in urban areas.

Invest with Confidence: H10AI’s Venture Capital Solution Automates Data Aggregation for Informed Decision-Making

US Business News Staff on May 1, 2023

H10AI, a technology company specializing in AI and RPA tooling and solutions, is launching a Venture Capital solution to help investors make informed decisions and ensure they don’t miss out on the best deals. The solution automates data aggregation, aids investors in their decision-making process, and enables them to communicate confidently with colleagues and the investment committee about why a deal should be advanced.

The Venture Capital solution is user-friendly and includes visual aids that help investors communicate effectively with others involved in the investment process. Investors can upload a deal deck into a shared drive, and within 24 hours, they receive an email or text with a link to a data sheet containing all the necessary information about the deal. H10AI’s solution does the monotonous data collection for investors, saving them time and subscription fees for the platforms they use.

The Venture Capital solution will launch in July and cost $195/month per seat. This includes 10 data sheets, which are billed on a per-deal basis after the initial 10. H10AI’s solution is designed to be affordable and accessible to investors of all sizes.

H10AI’s Venture Capital solution is designed to help investors make informed decisions about deals quickly and confidently. By automating the data collection process and providing user-friendly visual aids, H10AI empowers investors to communicate effectively with colleagues and the investment committee about why a deal should be advanced.

H10AI’s solution is particularly valuable in the current climate, where remote work has become the norm. With the solution’s user-friendly interface and visual aids, investors can communicate effectively and make informed decisions without needing to be in the same physical location.

H10AI’s Venture Capital solution is a valuable tool for investors looking to make informed decisions and ensure they take advantage of the best deals. With its user-friendly interface, visual aids, and affordable pricing, H10AI’s solution is accessible to investors of all sizes. The solution is set to launch in July, and investors can expect to see tangible benefits immediately.

To learn more about H10AI, visit their website.

How Bed, Bath & Beyond Went From Retail Giant to Failed Venture

US Business News Staff on May 1, 2023

Bed Bath & Beyond, a store that offered a wide range of household items during the 90s and 2000s, has filed for bankruptcy. The company’s bankruptcy can be attributed to several mistakes, one of which was spending hundreds of millions of dollars to repurchase its own shares in 2021. Let’s take a closer look at how this retail giant transitioned into one of the biggest failed ventures ever.

How the Company Started

Bed Bath & Beyond was founded by Warren Eisenberg and Leonard Feinstein in 1971 as a specialty retailer of bed linens and bath towels. The company’s first store was located in Springfield, New Jersey. Over time, the company expanded its product offerings to include a wide range of household items, such as kitchen appliances, home decor, and furniture.

The company’s growth was fueled by its focus on customer service and its “Beyond” program, which offered customers a 20% discount on their entire purchase with a $29 membership fee. This program helped Bed Bath & Beyond establish a loyal customer base and differentiate itself from other retailers.

Rise to Fame

Bed Bath & Beyond’s rise to fame began in the 1990s when the company went public and expanded rapidly. By the end of the decade, the company had over 300 stores and had acquired several other retailers, including Christmas Tree Shops, Harmon Face Values, and Buybuy Baby.

In the early 2000s, Bed Bath & Beyond continued to grow and innovate, launching its e-commerce platform and introducing new private-label brands. The company also acquired several other retailers, such as Linen Holdings and Cost Plus World Market (CPWM).

Filing for Bankruptcy

In June 2022, the company experienced a net loss of $358 million in the first quarter. As a result, CEO Mark Tritton and several other top executives were replaced in an effort to restructure the company’s leadership. Things got worse for GameStop when Ryan Cohen, an activist investor, and the company’s chairman, sold his 9.8% stake in January. Experts cautioned that this could mean the company was nearing its demise.

In September 2022, the Chief Financial Officer of the company, Gustavo Arnal, was found dead in New York City after falling from a building. Arnal was facing legal action for engaging in insider trading. Bed Bath & Beyond faced more problems at the beginning of 2023 when it revealed that it was contemplating declaring bankruptcy.

Critical Mistakes That Led to Their Fall

Despite being one of the largest home goods retailers in the United States, Bed Bath & Beyond made several key mistakes that led to its demise:

Questionable Financial Decisions: Under then-CEO Mark Tritton’s direction, Bed Bath & Beyond spent about $625 million trying to buy back shares in a move that later proved costly. Because of this move, many suppliers who send merchandise to their stores became worried that the company would not have enough money to pay them. This caused them to reduce their business with the company, resulting in fewer products being available for customers to purchase, which left them dissatisfied.

Failure to Adapt to the Online Boom: The amount of foot traffic on Bed Bath & Beyond stores significantly decreased when online shopping became very popular. E-commerce had already started to become popular in the early 2000s, and people began to buy home goods online around 2010. This led to a decrease in sales for Bed Bath & Beyond, as they failed to adapt to this trend and did not invest enough in their online presence. Online shopping weakened their in-store sales and ultimately hurt their bottom line.

Private Label Fiasco: Several years ago, Bed Bath & Beyond sought to emulate Target’s success selling private-label products, Thomas said. Under Tritton, store managers began stocking shelves with products from at least ten company-owned brands.

The experiment didn’t go well due to the poor quality of the products, and their marketing efforts were not very effective. Bed Bath & Beyond decided to stop selling three of their own brands, Haven, Studio 3B, and Wild Sage, in August of last year. However, this turned out to be a mistake because they misjudged how much people wanted those products.

Final Thoughts

Bed Bath & Beyond has had a tumultuous few years, and it looks like the pandemic has only made things worse. The company’s failure to adapt to changing consumer trends and competition from online retailers like Amazon has hurt its sales and profitability, ultimately leading to its bankruptcy filing. Will this be the end for Bed Bath & Beyond? Only time will tell, but it is clear that the company needs to make some major changes if it wants to survive in today’s retail landscape.

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