Are We Taking PayPal Money into Space?

While the average business probably has a 10 year plan and a 20 year vision, PayPal is thinking of business in the future of space traveling. In a very serious manner, PayPal announced today they would begin research for their planned inter-planetary payment system. According to “PayPal to launch their inter-planetary payment system” by Julianne Pepitone of CnnMoney.com, “PayPal said its goal is simply to start thinking about complicated issues concerning space commerce.”

The article reports PayPal will partner with the Search for Extraterrestrial Intelligence (SETI) Institute and the Space Tourism Society to begin this vast research project. The research project should map the commerce system of space. PayPal president David Marcus is quoted saying “…it’s clear we won’t be using cash when we’re in space… we feel it’s time now… to start figuring out what this looks like”.

PayPal’s plans are not far-fetched; Richard Branson’s Virgin Galactic is already the beginning of space tourism. Virgin is offering seats to space for $250,000.  Space travel may not be here, yet. But Virgin Galactic, PayPal and their partners are letting you know they’re thinking of servicing you in your space travels.

Two Young Men Bring the Tailor Experience Online

The customized business has taken off online. Companies, like Zazzle.com, allow customers to design their own products using various blank canvas that the website provides. Websites like these are not considered tailored clothing and are usually simple in design, unless the customizer is really good at graphic design. Fan Bi and Danny Wong are two young men, 23 and 19, respectively, who created Blank Label. The website has the customized method as described before but the spin with this company is the product involves choice of various fabrics and more tailored-like options.

According to “Dressed for Success” by Joel Holland on Entrepreneur.com, the inspiration came from a trip Fan Bi took to Shanghai. He was exposed to a myriad of fabrics and came up with the idea to offer a service, in which customers tailor make a shirt online. While studying abroad in the U.S., Bi worked on his business model and met Danny Wong who helped translate the business to an e-commerce platform. With Blank Label, customers “can build a custom shirt by selecting a fabric, color combination and style of cuff, collar, placket, pocket, button, monogram, even custom label—all for less than $50” (although, I tested the options and my somewhat simple custom shirt came to an estimated $77).

Iman: CEO of IMAN Cosmetics feeding an Ignored Consumer

Iman is an international fashion icon, having graced major runaways and many fashion photo spreads. Since 1994, she has been a businesswoman. She is the founder and CEO of IMAN Cosmetics. The company makes cosmetics and skincare products for women of all color tones. Despite the bad economy, her company is making about $25 million. Iman was featured on Black Enterprise Business Report; the video is featured on the website.

The short interview featured a look into her transition from model to businesswoman. Her inspiration for the company came from an experience while doing a photo shoot. The makeup artist informed her he did not have makeup for her skin color. From there, Iman built her company. She stated on the interview “It’s not about race but skin tone”. The reality is most major cosmetic lines do not carry makeup for women of color or have enough range to include the different multitude of tones and shades for such women. Her company not only fixes her problem but also feeds a much-ignored consumer demographic, women of color who wear makeup. From my experience, the makeup industry is still lacking in recognizing women of color as a consumer. Quite frankly, as a paying consumer, I’m pissed. Yet, I’m also satisfied to know some major lines are making an effort to feed my demographic and that Iman has done this for many years.

The business point is she found an audience and became one of the only companies to satisfy this audience’s needs. As an entrepreneur, one can sometimes find inspiration by appealing to ignored groups. The meaning of group can include a giant range. Example: Todd Greene found it hard to shave his head so he created a modified razor to fit in his hand and now he runs HeadBlade; it satisfies bald men.  His story was featured on “How I Made My Millions” by CNBC.

Iman is a great businesswoman. Despite other cosmetic companies similar to hers and the economy, her company stays successful. Now, Iman also sells fashion handbags and accessories on Home Shopping Network and is the host “The Fashion Show” on Bravo. 

Silly Bandz: Feeding a Trend

Have you noticed colorful, shaped rubber bands seen on many tweens and young children? Those decorative bands in the shape of symbols, animals, and other outlined objects are a trend. I’m not exactly sure the actual spark of the trend. What I do know is its popularity has sparked other rubber bands within the market. The original multicolored, cheap, shaped rubber band, in the American market, is by Silly Bandz. Rob Croak, the creator of Silly Bandz and its supplier Brainchild Products (BCP) Imports LLC, was featured on Entrepreneur.com in “Trend-Spotter: The Man Behind Silly Bandz” by Tim Beyers.

This entrepreneur got the idea by seeing similar bands in Japan (which is the reason I state Silly Bandz is the original in America) and felt it would flourish in the American market. Thus, he started Silly Bandz and now, is the main supplier of this trend. The most exciting part of the article is reading the ways in which Croak finds success within this trend. We all know trends can last long but, with children and tweens, trends can last for a small moment before another eye-popping item comes along.

Etsy: Bringing Back the Story

Etsy was featured on Nightline last night. According to the program, Etsy has 400,000 sellers, 6.9 million members, and $273 million in sales. These statistics are only a small reason for the feature. Etsy is an ecommerce site solely selling hand made items. The founder and CEO Robert Kalin is a carpenter and Etsy was his way of building a community of people who appreciate, sell and purchase handmade items. He believes there is not enough emphasis on or space for items made by actual people. There disconnection between product and person. With handmade items, people are involved through out the entire sale process. Etsy believes in allowing crafters and buyers to share the story behind the product. For Kalin, such stories are lost within the retail world of machine made products. Kalin has no favor for bigger entities; according to the program, he doesn’t like Wall Street, which clarifies that Etsy will most likely stay independent.