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Monkey Business » On a Mission to Make the World More Fun and Yellow

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We help people
to implement
new ideas!

Meille apinoille ihminen on tärkein.
Organisaatio on ihmisten päiden, käsien ja sydänten summa. Tavoitteenamme on saada sydämet ja päät toimimaan yhdessä entistä paremmin. Tällöin kädet vapautuvat ja uudenlainen tekeminen luo tekemisen kulttuurin.
Lähestymistapamme on muotoilullinen, eikä meillä ole valmiita vastauksia. Jokainen ongelma ratkaistaan yhdessä ihmisten kanssa, ihmisten tarpeisiin. Avullamme tekijät itse keksivät ratkaisut ja ideat omiin ongelmiinsa.

Tämä referenssi on ollut osa Kokeiluraportti 2/2015 -uutiskirjettämme. Käy vilkaisemassa koko kirje tästä. Emme voi kertoa organisaation nimeä tai hankkeen tarkkoja

Tämä referenssi on ollut osa Yellow Press – Kokeilut 1/2015 -uutiskirjettämme. Käy vilkaisemassa koko kirje tästä. Emme voi kertoa organisaation nimeä

Organisaatiot hakevat jatkuvasti uusia toiminnan muotoja. Toimintaympäristössä tapahtuvat muutokset edellyttävät valmiutta reagoida nopeasti, ketterästi ja tehokkaasti. On löydettävä se, missä

Vuodesta 2006 asti olemme Monkey Busineksessä tutkineet tulevaisuuden organisaatioita. Tutkimusmatkoillamme olemme toteuttaneet yli kaksisataa erilaista kehitysprojektia yli kahdessakymmenessä maassa, viidellä

Katri Viippola kertoo yllä olevalla videolla miksi on valinnut Monkey Busineksen avukseen jo kahdessa eri organisaatiossa.

Monkey Busineksen ensimmäinen virallinen iso keikka elokuussa 2007 oli Strategian lanseeraustilaisuus eräälle yritykselle Pieksämäellä. Se tarjoiltiin Tatulle ja Villelle verkoston

Monkey Business on teille oikea kumppani, jos: Haluatte muutosta toimintatapoihinne, yksinkertaisin keinoin. Haluatte, että muutos on vuorovaikutteinen ja osallistava – ihmiset saavat

Kolmas ydinteoriamme on kirjasta The Leadership Challenge.

Nonakan & Takeuchin kiteyttämä tiedon luomisen teoria on hyvä malli uuden tiedon synnyttämiselle. Tässä yksinkertaistettu malli. 1. Dialogi – käymme dialogia

Toimintamme ytimessä on dialogi. Dialogi on yhdessä puhumista ja ajattelua. Dialogin perusidea on yksinkertainen: kun yksi puhuu, niin muut kuuntelee.

Visiomme: Monkeyn visio on olla Suomelle paras lifestyle-osuuskunta. Teemme töitä sydämestä puhumisen ja välittämisen vallankumouksen puolesta. Meidän unelmamme Suomesta on intohimon


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7-Eleven, Volkswagen cases show why we should push back on – corporate ethics #order

#business ethics articles

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7-Eleven. Volkswagen cases show why we should push back on ‘corporate ethics’

Professor of Management and Organization Studies, Macquarie University

Disclosure statement

Carl Rhodes does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond the academic appointment above.

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The Conversation UK receives funding from Hefce, Hefcw, SAGE, SFC, RCUK, The Nuffield Foundation, The Ogden Trust, The Royal Society, The Wellcome Trust, Esmée Fairbairn Foundation and The Alliance for Useful Evidence, as well as sixty five university members.

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Chairman and major shareholder of 7-Eleven Russ Withers sits in a Senate Committee hearing in Melbourne. Julian Smith/AAP

There is perhaps no phrase more hackneyed in the corporate world than: “good ethics is good business”. Against the image of the ruthless business baron who will stop at nothing in the pursuit of wealth and power, the slogan tells us there is no friction between being good and being successful.

As luck should have it (for corporations that is) it is argued organisations can stand up and be righteous about their do-gooding, and this will actually lead to the achievement of self-interested business results. The cake can be had and eaten.

But does this ethical catch phrase really hold sway in the corporate world? Events this September suggest not.

The month of the corporate scandal

September 2015 was mired in corporate scandal. German car manufacturer Volkswagen was raked over the coals for installing software in its cars that ensured it falsely passed emission tests. Eleven million cars were involved over a period of seven years. VW’s CEO Martin Winterkorn resigned over the affair and now faces possible criminal charges .

American corporation Turing Pharmaceuticals was publicly vilified for its predatory pricing when it raised the price of the drug Daraprim by 4000%. This is a drug used to treat infections associated with HIV and AIDS. Turing’s CEO Martin Shkreli was described by the Washington Post as “the most hated man in America”.

In Australia trouble arrived at convenience store chain 7-Eleven when the ABC’s documentary series Four Corners revealed its use of exploitative and illegal work practices to reduce its labour costs. Employees were being paid less than half the legal minimum wage. Young and foreign workers were especially targeted. The scandal saw the resignations of 7-Eleven’s chairman Russ Withers, and its CEO Warren Wilmot.

Bad ethics is good business

Each of these scandals has been scrutinised in terms of business ethics. We are not talking here about contentious and nuanced debates about the nature of morality. In these cases the ethical issues relate to cheating, lying, deception, law breaking, exploitation, and merciless profiteering. As far as any common understanding of ethics is concerned these things are on the far side of the thick and grey line that separates right from wrong.

What do these cases have in common? Each one suggests there was an ethos in place in these corporations that held that “bad ethics is good business”. Seven years of highly orchestrated cheating at VW meant increased sales. In 2009 VW became the world’s biggest car manufacturer .

Institutionalised wage fraud and labour exploitation at 7-Eleven kept store costs down, increasing profits both for franchisees and (especially) for the parent company. 7-Eleven has twice been names Australia’s “franchisor of the year”. Price gouging at Turing meant a drug listed on The World Health Organization’s essential medicines list could bolster the company’s profits by exploiting the sick and vulnerable.

Just don’t get caught

The “bad ethics is good business” approach was going well for these businesses until they got caught. These three cases have triggered debates still raging in all sectors of society. Heads have rolled and bottom lines are jeopardised.

Does this really confirm that “bad ethics is bad business”? Of course not. There is no doubt many other corporations are profiting handsomely from deceit, lies, fraud and exploitation. The scandals of September 2015 show that “bad ethics is good business … unless you get caught”.

It’s not just about not getting caught. It is also about the political, legal, social and economic implications of being found out. In the cases of VW, 7-Eleven and Turing there has been a massive public and media outcry about their reprehensible and selfish behaviour.

Bringing these corporations to justice was not the work of one heroic individual, nor the result of government action. It was a collective effort that involved NGOs, scientists, academics, politicians, the media and the general public. This was a victory of civil society and democratic dissent.

So, we can reformulate our proposal: “Bad ethics is good business … unless you get caught … and as long as you aren’t the subject of a public outcry”.

Democratic business ethics

When corporations speak of business ethics their idea is that they can keep it all in house. The ethics of business is largely seen as a matter of corporate self-regulation so that pesky outsiders won’t stick their noses into corporate affairs. The September scandals suggest an entirely different ethics.

If we want ethics in business, what we need is more corporations being caught and more public outcry. For business ethics to be effective they must be pushed onto corporations against their will. Business ethics is democratic, not corporate.

What we can learn from the business events of September is that ethics cannot be left to corporations themselves. Business ethics requires a vigilant democracy where the public and its institutions will hold corporations to account for their actions.

Business ethics, to borrow a phrase, is about keeping the bastards honest.


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Valuing a Business based on Market Comps – ValuAdder #business #card #magnets


#business valuation

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  • Take ValuAdder Tour
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Valuing a Business based on Market Comps

The market approach offers you perhaps the most compelling way to determine the business value. Many business people and appraisal experts believe the market to be the ultimate judge of what a business is worth.

In this sense, the business market value is revealed by the price the business fetches in an actual sale. Comparison against the sales of similar businesses is the next best thing – you can gather enough statistical evidence to price your business quite accurately.

Key uses of market-based business valuation

Determining your business value by such market comparisons is especially useful in these situations:

  1. To set an asking price or offer price for a business acquisition.
  2. To defend your business valuation in a legal controversy or before the tax authorities.
  3. To justify your business value in a dispute such as partner disagreements or buyout.

Business fair market value estimation

Market comparisons are an excellent way to estimate the very important fair market value of a business. This is by far the most common measure of business value – and is the de-facto standard used in most business valuations.

Valuation Multiples: business value calculation

You can use a number of valuation multiples to estimate your business fair market value. All such multiples are statistically derived ratios that relate the potential business selling price to some measure of its financial performance.

Using the valuation multiples derived from comparable business sales, you can determine what your business is worth based on its recent revenues, net income, discretionary cash flow, EBITDA. total assets or book value, among others.

For example, you can take the Price to Gross Revenues Multiple and multiply it by your business revenue figure. The result is the market-based estimate of what your business is worth.

Example

ValuAdder offers you a set of intelligent tools to quickly assess your business market value. First, you select your business type from among 425 industries. Next, you enter the key financial parameters for your business. Finally, you calculate the fair market value range, average and median values for your business.

You can also explore how the businesses in your entire industry group are priced by the market. This is very useful to estimate the value of businesses that generate income from a number of profit centers, such as product sales and client services.

All in a matter of minutes!

ValuAdder ® is a registered trademark, ValuAdder logo and product symbols are trademarks of Haleo Corporation. Mac ® and OS X ® are registered trademarks of Apple, Inc. Windows ® is a registered trademark of Microsoft Corporation. All other trademarks are property of their respective owners.

Haleo guards your privacy and security. We are certified by VeriSign ® and Trustwave ®.

Copyright © 2002-2016 Haleo Corporation. All rights reserved.


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Play Frontier, a free online game on Kongregate #ideas #for #a #business


#business games online

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We have reduced support for legacy browsers.

What does this mean for me? You will always be able to play your favorite games on Kongregate. However, certain site features may suddenly stop working and leave you with a severely degraded experience.

What should I do? We strongly urge all our users to upgrade to modern browsers for a better experience and improved security.

We suggest you install the latest version of one of these browsers:

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Kongregate is a community-driven browser games portal with an open platform for all web games. Get your games in front of thousands of users while monetizing through ads and virtual goods. Learn more

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Learn more about our publishing program –
we help game developers get their games out to millions of users on multiple platforms.

Read Our Blog

We publish new content weekly, on game/data analysis, case studies, engineering solutions, and design insights.

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Get everything you need to know about how to implement our APIs and SDKs into your game.

Frontier


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Implementing Entrepreneurial Ideas: The Case for Intention on JSTOR #business #continuity


#entrepreneurial ideas

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Implementing Entrepreneurial Ideas: The Case for Intention

Note: Always review your references and make any necessary corrections before using. Pay attention to names, capitalization, and dates.

The Academy of Management Review

Description: The Academy of Management Review. now in its 26th year, is the most cited of management references. AMR ranks as one of the most influential business journals, publishing academically rigorous, conceptual papers that advance the science and practice of management. AMR is a theory development journal for management and organization scholars around the world. AMR publishes novel, insightful and carefully crafted conceptual articles that challenge conventional wisdom concerning all aspects of organizations and their role in society. The journal is open to a variety of perspectives, including those that seek to improve the effectiveness of, as well as those critical of, management and organizations. Each manuscript published in AMR must provide new theoretical insights that can advance our understanding of management and organizations. Most articles include a review of relevant literature as well. AMR is published four times a year with a circulation of 15,000.

Coverage: 1976-2010 (Vol. 1, No. 1 – Vol. 35, No. 4)

The “moving wall” represents the time period between the last issue available in JSTOR and the most recently published issue of a journal. Moving walls are generally represented in years. In rare instances, a publisher has elected to have a “zero” moving wall, so their current issues are available in JSTOR shortly after publication.
Note: In calculating the moving wall, the current year is not counted.
For example, if the current year is 2008 and a journal has a 5 year moving wall, articles from the year 2002 are available.

Terms Related to the Moving WallFixed walls: Journals with no new volumes being added to the archive. Absorbed: Journals that are combined with another title. Complete: Journals that are no longer published or that have been combined with another title.

Subjects: Management & Organizational Behavior, Business & Economics, Business, Sociology, Social Sciences

Abstract

Entrepreneurial intentions, entrepreneurs’ states of mind that direct attention, experience, and action toward a business concept, set the form and direction of organizations at their inception. Subsequent organizational outcomes such as survival, development (including written plans), growth, and change are based on these intentions. The study of entrepreneurial intentions provides a way of advancing entrepreneurship research beyond descriptive studies and helps to distinguish entrepreneurial activity from strategic management.

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UK entrepreneurs top 100: From Richard Branson to Edwina Dunn, these are the most

#top entrepreneurs

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UK entrepreneurs top 100: From Richard Branson to Edwina Dunn, these are the most influential business founders in the UK on social media

Richard Branson, Victoria Beckham and Brent Hoberman all made the cut (Source: Getty, Official LeWeb Photos on Flickr)

Emma Haslett, Harriet Green

Whether you re an aspiring entrepreneur or have spent years building a business, you could do worse than to hear the stories of those who ve been through it all before.

So we ve put together a list of the UK s best and brightest at building businesses to get you inspired – from those who are near the beginning of the process, to some of the UK s most experienced entrepreneurs.

Our entrepreneurs list is based on active users of Twitter and their Klout scores, which takes into account various metrics from Twitter, Facebook. Google Plus, LinkedIn. Instagram, Foursquare and Wikipedia.

This list is no longer being updated. It was last updated on Friday 15th July 2016.


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Put a price tag on your business: A guide to business valuation – Canada

#business valuation

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Put a price tag on your business: A guide to business valuation

If you want to sell all or part of your business, you need to have an idea of its value. This information will help you understand the different approaches to business valuation, but you may want to seek professional guidance and advice. Prospective investors will also assess its value when they consider your proposal.

The process of determining the value is called valuation. You and the buyer or investor need to determine what you feel is an appropriate business valuation because it will be the basis for negotiating:

  • How much of your business the investor or buyer will purchase
  • How much the buyer or investor will pay (the price of the business or of its shares)
  • The return the buyer or investor can expect to earn

Ways of valuing a business

Valuation is not an exact science, and there are different ways of valuing a business. Each of these methods is based on different assumptions and financial information, which typically results in a different value for each method. For instance, you could base a valuation on the assets of a business (how much it owns) or by taking into account projected revenues or cash flows. Investors generally prefer methods based on cash flows. It s important to know about a variety of methods because they can be useful as benchmarks to check the validity of the value and the price you determine.

Earnings and cash flow-based methods:

  • Discounted cash flow
  • Going-concern value

Discounted cash flow

From the investor s perspective, this is usually the most accurate and effective way to estimate a business value because it is based on future cash flows. These cash flow figures reflect the amount of money that is estimated to come into the business and will ultimately determine the investor s return on investment. The discounted cash flow method is used to answer three critical questions:

  • Value: How much is your business worth today, based on what it will earn in the future?
  • Rate of return: What is the buyer s or investor s expected rate of return, given the amount invested and your business financial projections?
  • Equity share: How much equity will the buyer or investor receive for their investment?

The discounted-cash-flow method is often preferred because it can be more accurate than other methods. Its accuracy and complexity are due to the fact that it:

  • Uses cash flows: It takes into account the projected ups and downs of revenue over a period of time.
  • Discounts the cash flows: It adjusts the cash flows by a rate that is acceptable to the investor to account for risk and the time the investor must wait for a return.
How it works

In this method, cash flow predictions are discounted, or reduced, to adjust for the risk the investor faces and to make up for the fact that the investor could invest their money in something else.

Investors are looking to be compensated for their risk, and their benchmark rate or “discount rate” will adjust for the value of money over time. They will choose a discount rate and compare your proposal against that rate.

Advantages and disadvantages

The discounted cash flow method allows values to be estimated even when your cash flow is fluctuating. A start-up or new venture may expect to lose money in the first years and then make money in later years. These changes in cash flow are taken into account by the discounted cash flow method.

If you use this method, keep in mind that:

  • Its accuracy depends on the accuracy of your cash flow projections. That is why your financial data and assumptions are critical.
  • It is a complex process, so you may require professional guidance.
  • It can give you detailed estimates, but it is important to remember that business valuation is not an exact science your numbers will be based on assumptions and predictions of future performance.
Value: How much is your business worth today?

Let s say financiers are considering an investment in your business, but plan to take their money out in five years. To them, your business is worth today what it can earn during those five years, plus their share of the value of the business at the end of the five years. However, future cash flow numbers and the future value of the business are unknown. The discounted cash flow method applies adjustments or “discounts” to account for those unknowns.

Using this method, the value is the total of the cash flows, adjusted or discounted, plus the value remaining (or residual value), also discounted.

Rate of return: What rate of return will the investor expect?

Investors want to calculate their rate of return. To do that they must compare the amount of the investment to the amount they will earn at the end of the investment period. But how can they know what they will earn in the future? Again, they must use the discounted cash flow projections to estimate the future value of their investment. To do so, they will need to:

  • Estimate the cash flow in the final year
  • Estimate the value of the business based on the cash flow
  • Calculate the final value of their share in the business
  • Determine their rate of return
Value, return and exit strategy

The method used to calculate values and rates of return depends on the specific exit strategy used. Commonly-used methods include going-concern value, book value, and liquidation value.

Going-concern value

The going-concern value method calculates your business value based on its capacity to produce a stream of cash flow in the future. The greater the cash flow your business generates in the future, the higher your business value today.

How it works

The going concern value, like discounted cash flow, compares the current investment to the future receipts (cash inflows). This method uses the revenues of previous years to project future revenues, and it assumes those revenues will not change.

Book Value

This value is the net worth, or shareholders equity, of your business as shown in its financial statements. At its most simplified, subtracting your liabilities from your assets will give you your business net worth or book value. Book value can be described as the historical value of an asset that, at a given time (the day it was purchased), represented the economic or market value of the asset, less its accumulated depreciation.

How it works

To determine the book value, subtract your liabilities from the value of your assets. The difference gives you your net worth or shareholders equity. In practice, book value is seldom used in the process of securing venture capital, although it can be a realistic approach to measuring a small business net worth.

Liquidation value

A liquidation value is assigned to a business being sold in order to satisfy its creditors. Tangible assets, such as land, usually have a liquidation value close to their market value. Inventories and accounts receivable, on the other hand, are usually valued at less than what is shown in the books.

How it works

To determine the liquidation value, all assets are assigned distressed values, and all debts are totalled at book value. Most assets sold under duress are discounted from their fair market value. The difference between the distressed value of the assets and the actual or book value of the liabilities is referred to as the liquidation value.

The liquidation value doesn t reflect the real worth of an asset or a business; in most cases, it is substantially less than the market and book values. This method is typically used only if a business is in serious financial trouble.

Should I seek a financial advisor for help with valuation?

Business valuation is a complex task, and a financial advisor with experience in business valuation can be an invaluable asset.

A professional valuator can:

  • Provide the experience needed to accurately determine the value of your business
  • Offer an objective view of your business worth
  • Give investors more confidence in the credibility of your valuation

Conclusion

There is a saying in the venture capital industry: “The value of a business is only what someone is willing to pay for it.” In other words, the market, and your ability to attract investors and negotiate with them will determine the value or selling price.

Remember that many factors affect the value of your business. Seeking professional assistance can help you calculate an accurate value for your business.

Learn how to determine the value of your business and find ways to increase it.

What is a fair price to pay for a business? Read this article to learn how to estimate the value of a business.

Enlist the help of an expert who can quantify the worth of all, or part, of your business or its securities.

Was this information useful?


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Collecting Entrepreneur s Ideas on a U #best #online #businesses


#entrepreneur ideas

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Collecting Entrepreneur’s Ideas on a U.S. Road Trip

Content Creator/Speaker/Consultant, Alpha Dogs Media Group

Hi there, you can call me Donna. I’m Content Creator/Speaker/Consultant at Alpha Dogs Media Group and I’m based in Greater New York City Area.

How do successful entrepreneurs turn ideas into action? It’s a question that every entrepreneur asks and one that 31-year-old Mario Schulzke is seeking to answer through 50 events in 48 states over the course of three months. His company, IdeaMensch. partners with local organizations to provide the venues, where local entrepreneurs take the stage for 10 minutes to share their stories with audiences.

“When you hear how other entrepreneurs brought their ideas to life, it could inspire you to bring yours to life,” he tells the audience at his Manhattan event. Schulzke came to the U.S. from Germany as an exchange student when he was 16, attended college in Montana, and then worked in advertising in Los Angeles for 10 years. But he longed for the entrepreneurial life. So he quit his job and began doing interviews with successful entrepreneurs and posting them online. “I began to wonder if the concept would work as an event,” he recalls. “So I did one in Los Angeles and 250 people showed up.”

He decided to take the concept around the country, and loaded his gear and two friends into a red Honda Element and hit the road in July with the intention of hosting an event in each of the lower 48 states, two in California, and one in Washington, D.C. Event planners take note: These guys nail down their venues two weeks in advance and their speakers just 10 days ahead of time. It can be nail-biting, and not every event is a success. However, Schulzke says the tour is “completely bootstrapped and profitable,” with a handful of sponsors chipping in and ticket sales contributing to positive cash flow.

He hopes, though, that the biggest profit goes to his audiences, who get the benefit of tapping into the valuable wisdom from seasoned entrepreneurs.

Here’s a sampling of what attendees learned from IdeaMensch’s six speakers at its Manhattan event:

Author, blogger and life coach. “When I was at Google, on paper it was my dream job, but every day I would sit at my desk and say ‘something isn’t right. Something is missing.’” says Jenny Blake. A year ago, she packed up her car, moved to Manhattan and started her own coaching business. Her advice: “Honor your gut instincts” and “say no to the good so that you can yes to the great.”

Founder and CEO of eMinutes. Jeff Unger is somewhat of an anomaly in his profession. He’s an entrepreneurial attorney who “wanted to create the world’s most efficient law firm.” So his firm. he says, knows the answers to just three questions: Should I incorporate? Where should I incorporate? Should my company be an LLC or a corporation? And he’s invested over a $1 million in technology to help him streamline the process of answering those question. By the way, Unger will file incorporation papers for any first-time entrepreneur, free of charge. His advice: “Narrow your focus” and invest in technology that drives efficiency.

Fearless magazine founder. Ishita Gupta, the founder of Fear.Less Magazine . founded her company after attending Seth Godin’s Alternative MBA program, and after many false career starts and, well, a lot of fear. Fear.less, an online magazine, features interviews with people who have triumphed over fear. Her advice: “Identify a deeply personal need” and “put yourself in highly uncomfortable positions where you cannot hide, because innovations lies in the moments when you are cornered.”

Owner of a charter jet company and executive center. Christopher Kelly, the co-founder of Sentry Centers. started his executive conference center with a college friend. He also owns a charter jet company, Evojets. with his wife, Adriann Wanner. Compared with the tech companies that many of his contemporaries are starting, he admits that his companies sound “boring.” But that, in fact, is part of his success strategy. His advice: “Pour your heart and soul into a business that other people do not find inspiring, and apply technology and a youthful perspective to brick-and-mortar businesses.”

Serial entrepreneur. Author and motivational coach Bassam Tarazi has started several companies. His best piece of advice: “Choice paralyzes us. We over-predict where we’re going to go. So pick a door and walk through it, and pay attention. A hallway will open up that you didn’t see before.”

Contently cofounder. Shane Snow co-founded Contently. a Web platform that connects journalists with brand publishers. He finally met his goal of writing for Wired by writing free content for obscure blogs and then leveraging that experience up the publishing food chain until publications like Fast Company and Wired gave him assignments. His advice: “No matter what you’re doing, think about how you can turn your current assets or success into something bigger and better.”

Schulzke is now headed south, and then west, and will end the IdeaMensch tour in Las Vegas on October 24. And then what? “I’m not sure where it will lead,” he says. “You learn a lot when you organize 50 events in 115 days.”

Read more OPEN Forum stories on innovation .


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Cincinnati Business Courier: Fourth – Race Project Back on Track – Flaherty – Collins

#cincinnati business courier

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Cincinnati Business Courier: Fourth Race Project Back on Track

by Chris Wetterich | Cincinnati Business Courier

A three-year-old plan to build a new apartment complex and garage in a key corner of downtown Cincinnati is back on track after years of delays, political saber-rattling, review and revision.

Later this summer, the Cincinnati Center City Development Corp. will demolish Pogue’s Garage at Fourth and Race streets and begin building a new garage, the podium for a $106 million, 225-apartment luxury tower to be built and owned by Indianapolis-based Flaherty Collins Properties. Demolition will take three to five months with construction of the 14-story building expected to begin by the end of the year.

The project will activate a sector of downtown that has some residential presence already with apartment and condo buildings on the west side of Fourth and Fifth streets, and, just as important, add much-needed supply to a Cincinnati housing market with pent-up demand.

“That’s a lot of bodies introduced to a part of town that straddles between Fountain Square and (west) Fourth Street where there is residential. There’s sort of a gap there, and this fills it in pretty well,” said Adam Gelter, 3CDC’s executive vice president for development. “Fourth Street in general, especially as you come east, is one of the better streets in town from an urban feel, but it isn’t tremendously active, particularly at night. The tenants on the first floor and the people above will bring a little bit more life to the street.”

Jim Crossin . Flaherty Collins Properties vice president for development, said the company is happy with how plans for Fourth and Race turned out.

“We think the project will be a great success,” Crossin said. “3CDC — they operate a lot of parking facilities. They’ll also take care of the loan and lease of the ground-floor retail, which is in their area of expertise. Our business is multifamily development. It works out great that they’re doing those two portions of the project.”

The company was not fazed by the long process of dealing with a change in city administration and shifting priorities.

“Almost everything we do is a public-private partnership. The public side of most of our deals usually involves the local municipality,’’ Crossin said. “We like them because in the end, it’s usually an opportunity to develop a special project downtown where projects aren’t easy to get done. It takes often working through the political process to get it done.”

Like other recent, brand-new downtown apartment projects, nearly half of the building will be a parking garage. 3CDC will build seven stories – first-floor commercial space, plus six floors containing 700 parking spaces – and Flaherty Collins Properties will build seven stories of apartments on top of that. Some parking will be reserved for residents while other spaces will replace those lost in the demolition of Pogue’s Garage.

The apartment tower will be C-shaped with an amenity deck on the eighth floor that includes a grilling area and resort-style outdoor pool.

Crossin said hiding the parking garage is an important architectural feature of the building. Atlanta-based Preston Partnerships, which designed the second phase of the Banks, will design the building, while Turner Construction will manage the construction.

“There’s screening on the garage to mask that it’s a parking garage,” Crossin said. “We wanted it to not look like a residential building sitting on top of a garage. We wanted a cohesive design that fits into the context of downtown.”

Flaherty Collins Properties aimed for a ratio of 1.1 to 1.2 parking spaces per unit. Asked whether he believes additional downtown apartment towers will need as much parking in the future, Crossin said that while the streetcar could reduce parking needs, “We’re still in the Midwest where you may need to use your car less, but everybody needs a car.”

If residents become less dependent on their cars, Crossin said, the parking spaces could be used by others.

“If you add more jobs downtown, which definitely seems to be going in a positive direction, those people will need places to park.”

The project is “addition by subtraction,” Gelter said. It gets rid of a hideous parking garage that empties via ramps on city streets. 3CDC expects to open the new garage before the overall project is complete, as it did with the 84.51 center at Sixth and Race streets.

“If nothing went back, it would be better than it is today,” Gelter said.

First-floor retail also was key.

“As we build around the country doing urban mixed-use, our residents – the No. 1 thing they want is a walkable, urban environment,” Crossin said. We wanted to have street-level retail space that serves as an amenity to residents.”

Flaherty Collins Properties has developed 50 properties and 8,000 units, with many of their projects in Indiana.

The project will inject several hundred new residents in an area of downtown with a lot of longtime retailers, such as Koch Sporting Goods and Bromwell’s. Both developers and government leaders view downtown as having more demand than supply, with Downtown Cincinnati Inc. reporting an occupancy rate of 97 percent for residential units in 2015.

Even as Flaherty Collins Properties worked through the Fourth and Race deal, it considered other Cincinnati projects. It has talked to some downtown parking lot owners who other developers have reported have been reluctant to sell or join developments as equity partners.

“We’re getting a subsidy from the city. The land is being contributed also,” Crossin said. “If it were Joe Smith with a parking lot that’s very valuable land worth several million bucks, it doesn’t work. If rents can continue to rise, we’ll reach a point where those deals do work without any help. I think the city’s hope is that they’re priming the pump.”

Flaherty Collins Properties plans to keep looking for other projects.

“We think Cincinnati’s a fantastic market downtown,” Crossin said. “We think there’s more demand (downtown) than there are new high-end projects currently.”

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Samsung will start manufacturing batteries for electric cars for the European market in Göd, northeast of Budapest, creating some 600 new jobs in a project worth HUF 100 billion, Minister of Foreign Affairs and Trade Péter Szijjártó said at a press conference Tuesday.

Amnesty International Hungary will launch its own information campaign in the lead-up to the October 2 referendum on EU quotas for accepting refugees. The goal of the campaign will be to provide voting citizens with information on the referendum and refugees, Amnesty told Hungarian news agency MTI today.

The upward trend in visitor numbers and revenue are driving growth, but officials say the industry’s impact on the economy can be even greater.

The government has designated the insolvent owner of the property at Ajtósi Dürer sor 19–21 a company of high strategic importance, clearing the way for the site and buildings to be taken over by the Capital Circus of Budapest, according to a report yesterday on City Park information site varosliget.info.

Two new types of vocational training schools, which will offer students both a technical path and an academic path, will open in Hungary as the semester begins next month, Economy Minister Mihály Varga said during a visit to Kecskemét today, according to state news agency MTI.

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