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Sick of Passwords? Here’s How Blockchain Can Help, and Enhance Cybersecurity, to Boot.

The blockchain revolution includes white hat hackers banding together and the promise of no more passwords.

5 min read

Financial institutions, credit agencies, major corporations and small businesses are all in the news on a regular basis for security breaches (exemplified by this list of the top 17 security breaches from CSO that show the breadth of the issue).

Related: Protect Your Business! The 7 Cybersecurity Tools You Need as an Entrepreneur.

Because of these breaches, the average consumer needs to take measures to protect his or her individual information.

This is where blockchain technologies come in handy, because they’re disrupting the cybersecurity field in terms of how they’re better able to protect the individual user. Security and transparency are part of the overall promise of the block, as this IBM article explains.

Before an individual shares personal information or logs in to a favorite website, he or she must decide what’s getting shared. Thanks to the blockchain, cybersecurity is better than ever. Companies are focusing on keeping your information safe, focusing on access, detecting cyber attacks, protecting connected devices and eliminating the need for passwords.

That’s right! No more passwords

In an effort to get rid of those annoying passwords in your daily life and business dealings, REMME.io provides a secure and comprehensive blockchain-connected solution for authenticating identity: This solution has the potential to completely disrupt our password-heavy online lives by generating an individual SSL/TLS certificate rather than forcing users to log in manually.

REMME does this by using, as its foundation, Hyperledger Sawtooth, which is based on a public key infrastructure (PKI), and additional access management apps for user information.

Related: 3 Biggest Cybersecurity Threats Facing Small Businesses Right Now

In simpler terms, Hyperledger Sawtooth reflects the fact that traditional passwords aren’t that secure, as they are prone to getting hacked or to users forgetting them or losing access. Instead of passwords, REMME provides a fully secured authentication, in the form of SSL stored in the blockchain, so there is no authentication server or database that could be breached or manipulated. By removing the need for passwords,REMME’s solution removes the issue associated with them.

More good news! No more DDoS attacks

Gladius offers a new approach to fighting distributed denial of service (DDoS) attacks. These attacks happen when hackers take control of devices and direct them to a particular server.

Think about “zombie” traffic (so named because of the spike in recent years in useless traffic that comes from traffic with this Google nickname). Zombie traffic will overwhelm the bandwidth of the victim server and may lead to severe downtime and damage to a business’s productivity and reputation.

In Q4 2017 alone, as this Secure List article describes, DDoS attacks took place in 84 countries, with the longest lasting for 146 hours. These attacks can be terribly costly: the average cost of one for enterprises was $2.3 million in 2017, the article estimates.

Certainly there’s a lot at stake, but Gladius has a solution. Its approach involves using blockchain to build a network of users who can share bandwidth and resources to help one other combat DDoS attacks and accelerate the loading time of websites by deploying a wide network of caching devices (CDN).

In the event of an attack, victims can then draw on the bandwidth of their peers to help absorb the flood of traffic and prevent downtime; and, using this solution, users, in times of calm, can help to cache contents and serve websites.

In return, users who donate bandwidth to struggling members can be rewarded with crypto tokens. It’s a new and exciting way of dealing with the DDoS threat and could create a new incentivized model for sharing resources.

White hat hackers join forces

As cyber-crime increases, the cybersecurity industry grows. It’s now a huge and sprawling field, full of new companies and innovation. There are plenty of people with the skills to conduct cyber attacks of their own, who have chosen to fight for the good side and help defeat hackers.

Hacken wants to harness all this power and use blockchain to build a cybersecurity community that cares about ethics. Members of this community will be able to share resources and expertise in return for Hacken tokens.

For example, companies will be able to share information about their vulnerabilities, while white hat hackers figure out ways to resolve them. This information would then be publicly stored on the blockchain for future reference.

This kind of setup can not only help fight crime but also encourage investment in cybersecurity startups and help support this growing and valuable industry, for everyone’s benefit.

The future of cybersecurity in 2018

Blockchain technologies in 2018 have the potential to disrupt the way we navigate cybersecurity by keeping your information safe, detecting cyberattacks before they happen, eliminating passwords completely and banding white hackers together to do good.

Related: 4 Vital Cyber Security Measures Every Safety-Conscious Entrepreneur Needs to Take

There’s no doubt that blockchain can have a profound impact on cybersecurity since it is at its core a secure and encrypted database. And this database is immutable, transparent and — above all — resilient.

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From Prison to Y Combinator Graduate to Megamillion-Dollar Business

Andrew Medal chats with Frederick Hutson, the co-founder and CEO of Pigeonly. Hutson created a multimillion-dollar business after going to prison for five years.

1 min read

Frederick is the CEO and founder of Pigeonly, a low-cost communication and financial services platform that makes it easy for people to support an incarcerated loved one. He came up with the idea after serving time in the federal penitentiary for distributing 3,000 kilograms of weed. Hutson leads a growing team of over 20 people from Pigeonly’s Las Vegas headquarters and has raised over $5 million in funding from investors including Erik Moore (Base VC) and Mitch Kapor (Lotus).

Related: This Entrepreneur Was Down to His Last Cent When He Got an Order for His First Product. Now, His Company Is Worth More Than $28 Million.

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Forget Third-Party Data. You’re Already Missing Out on Most of Your First-Party Data

Use your own customer data about your customers to scale and grow.

6 min read

Opinions expressed by Entrepreneur contributors are their own.

In the digital era, data is as good as currency. With more and more companies getting their edge from the ability to collect unique customer data and insights, data’s gold standard has never been higher.

Related: Facebook to End Targeted Ads Built with 3rd-Party Data Mining

There are also a number of ways companies can collect it. Some rely on proprietary research or information collected from their own systems. Others leverage data from third-party providers, like Acxiom, that collect consumer data through various passive and active methods, then sell it to marketers.

With limited time and resources, however, these marketers need to seriously consider the value of the data they source, and which methods of collecting that data are the most reliable. Recently, due to a number of public blunders, third-party data has been coming under fire. Facebook’s recent Cambridge Analytica scandal, as reported here by the New York Times, added fuel to that fire, causing consumers to get serious about holding companies accountable for what happens with their personal data.


Outside of the kinds of blunders that attract media attention, regulatory agencies are also cracking down on third-party data collection. As reported by CNBC, the European Union will soon be rolling out its General Data Protection Regulation (GDPR), which is a series of restrictions and guidelines for how companies can collect data from their consumers online.

Related: Here’s How to Check If Facebook 3rd-Party Apps Have Access to Your Personal Information

One of the chief changes GDPR will bring is that companies must “directly” inform consumers of what data they are collecting, how they intend to use it and whom they intend to share it with. The consumer must then “consent” to the collection, use and sharing of that data. This could significantly reduce participation in current data-collection processes.

As Elizabeth Denham, the U.K.’s Information Commissioner, shared in a recent speech on ICO.org, “The new legislation creates an onus on companies to understand the risks that they create for others and to mitigate those risks. It’s about moving away from seeing the law as a box-ticking exercise, and instead to work on a framework that can be used to build a culture of privacy that pervades an entire organization.”

For marketers, changes like the GDPR could spell the doom of third-party data usefulness, which is precisely why it’s time that companies start relying on internal or proprietary data instead.

Issues with third-party data

While regulations pose a real threat to third-party data usage, third-party data has a host of issues that make it less valuable to marketers than first-party data. In most cases, third-party data is a waste of money, is unreliable or at least unverifiable and may create consumer trust issues.

For marketers looking to leverage data to maximize revenue growth, first-party data is a better option, because those marketers can verify its source and methodology, and test alternative approaches.

With third-party data, in contrast, the information is coming from the digital equivalent of a black box, and there’s no way to vet its quality.

As Vijay Chittoor, CEO and co-founder of Blueshift, put it to me while discussing the topic, “The biggest issues with third-party data are around data reliability and timeliness, which often lead to failures in personalization efforts.

“In the cases where marketers have a chance to validate third-party data against trusted first-party sources,” Chittoor continued, “they [marketers] often find that the third-party sources will incorrectly classify attributes such as gender or household income for a large number of people.” 

Using such unreliable data in your personalization can cause embarrassing failures. As an example, Chittoor pointed to this public tweet about The Gap. Marketers don’t have any use for data that isn’t reliable, especially if it’s going to cause this sort of PR mishap.

Another reason third-party data may be subpar is that it’s often outdated by the time it gets to the marketing team. This is problematic because consumer needs shift quickly in digital settings. Chittoor elaborated on this issue with a slogan, declaring that: “In today’s connected world, where the purchase window is shrinking,’If you’re not in time, you’re out of mind!’” In other words, with more and more emphasis these days on a real-time response, marketers can’t afford to be working with old information.

In a recent article, Parker Morse, CEO of H Code Media, added his own take on why third-party data is a poor use of a marketing budget. “Brands need data to conduct advertising campaigns,” Morse wrote, “but if the data is poor quality, then brands are wasting money on something that won’t do them much good.”

Marketers know that if something can’t be tested or verified, it’s risky to be wasting your limited budget on.

Why you should switch to first-party data — now.

Even in cases where they don’t rely on third-party data, companies may not be leveraging their first-party data to its maximum potential. A survey by Blueshift and Techvalidate found that 54 percent of marketers polled were using only half of their customer data. This is a huge problem because more and more marketers are turning to AI to scale their efforts; and that fact makes data a vital component of any marketing strategy.

Norm Johnston, chief digital officer for Mindshare, also explained in this Digiday article why AI is gaining traction with marketers, writing that, “The rapid evolution of AI in media will enable our people to focus on innovation and intelligence rather than repetition and reports.” 

A Forrester study reflected this rapid evolution, finding that 78 percent of surveyed marketers expected an increase in their spending on AI solutions over the next 12 months.

Without access to data, then, marketers will find it impossible to deploy advanced artificial intelligence. While 80 percent of marketers report using AI (as depicted in the Blueshift report), just 16 percent are using it for advanced segmentation capabilities.

One of the biggest ways to increase the flow of first-party data is by creating a collaborative relationship between marketing and IT. Marketers who increase their access to first-party data in this way will be able to leverage more current and valuable consumer insights.

Related: 10 Questions to Ask When Collecting Customer Data

For companies looking to to take their marketing efforts to the next level through the use of data and sophisticated AI technologies, it’s time to let go of questionable third-party data practices and instead rely on first-party data. Making this shift now will prevent any future upheavals in your company’s marketing activities that may occur as regulations controlling third-party data grow tighter and consumer tolerance for its use diminishes.

After all, nobody wants another Cambridge Analytica.

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This Entrepreneur Was Down to His Last Cent When He Got an Order for His First Product. Now, His Company Is Worth More Than $28 Million.

Andrew Medal chats with Aubrey Marcus about the inception of lifestyle brand Onnit, where he derives his creativity and building a multimillion-dollar business.

2 min read

Opinions expressed by Entrepreneur contributors are their own.

Aubrey Marcus is the founder and CEO of Onnit, a lifestyle brand based on a holistic health philosophy he calls Total Human Optimization. Since its founding, Onnit has become an industry leader with over 250 products ranging from peak performance supplements to foods, fitness equipment and apparel.

Inspired by his lifelong experience as a multisport athlete — as well as his background in ancient philosophy — Marcus’s goal was to create a company that empowered customers to achieve their fullest human potential. With the launch of the firm’s flagship supplement Alpha BRAIN in 2011, Onnit was born.

Marcus currently hosts The Aubrey Marcus Podcast, a destination for conversations with the brightest minds in athletics, business, science and philosophy, with over 10 million downloads on iTunes. He is also the instructor of a 16-week goal-acceleration program called “Go For Your Win.”

Last year, Marcus led his first three-day seminar about relationships, called “LOVE: Practice Makes The Master,” and offered his insight to over 6,000 entrepreneurs during his roundtable discussion at the Synergy Global Forum, a two-day conference in New York City that brought together the world’s most admired business leaders, media moguls, literary icons, tech wizards and entertainers.

A sought-after public speaker and multi-platform media expert, Marcus has been featured in major media outlets such as Entrepreneur, Men’s Health and Men’s Journal, among others. His book, Own The Day, Own Your Life, was published by HarperCollins in April of 2018. In this episode of Action & Ambition, Entrepreneur Network partner Andrew Medal discusses Marcus’s vision for his life, business and spiritual quest.

Related: This Graffiti Artist Makes Millions of Dollars Selling His Work

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Blockchain Is Gaining Ground in Video-Streaming. Here’s Why.

Blockchain is bringing about Internet 3.0. Are you going to be involved?

5 min read

Opinions expressed by Entrepreneur contributors are their own.

The internet revolutionized the way the world operates, stays connected and communicates — that was Internet 1.0. Internet 2.0 then arrived, to overhaul static web pages, making them more dynamic, as well as strengthen mobile applications and the responsive web.

Related: Omar Kassim’s Esanjo Uses Blockchain To Reimagine Real Estate Investment

At this point, today, we are entering the next phase — or Internet 3.0, which many experts are calling it (check out this CoinDesk article). Internet 3.0’s central factor? Blockchain technology, which seeks to decentralize everything from banking to healthcare to real estate.

Video-streaming is poised to play a major role in the coming Blockchain world: As online content has exploded, video-streaming has become the de facto way to watch movies and videos online. It’s also led to the “cut the cable cord” movement. Blockchain will enable this trend.

The Big Three

Today, the majority of efforts in the video storage, computing, encoding, networking and streaming categories are led by three dominant brands: Amazon Web Services, or AWS (34 percent), Microsoft (11 percent) and Google Cloud (8 percent). AWS is so big that it generates the major portion of Amazon’s profits — some $10 billion-plus in annual revenue, TechCrunch says. AWS hosts data for megacorporations like Comcast, PG&E, and Netflix, which all rent space on its servers.

Streaming and encoding are areas ripe for disruption, as Blockchain technology expands storage options by spreading data across the blockchain computer network. Streaming video will be able to tap into underutilized computers through the Blockchain, which will dramatically reduce streaming’s cost, in ways detailed below.

Related: 5 Ways Blockchain Technology Will Change the Way We Do Business

Startups such as VideoCoin see this trend as an opportunity and are entering the arena by providing the means for video content to be distributed at a fraction of the price. Haley Minor, an investor in VideoCoin as well as CEO of Live Planet, recently shared some thoughts with me about the ways in which Blockchain technology is poised to take over online video-streaming.

The explosion of online video

Video changed everything. Where there used to be text blogs, we now have vlogs, YouTube channels, Facebook Live, Snapchat and podcast interviews.

Where images or text used to appear in digital ads, we now see animated GIFs. Live video-streaming, meanwhile, has become insanely popular across mobile apps and social media. Companies like Netflix, Hulu, and Amazon have put old-fashioned video rental out of business, and DVDs are quickly becoming a thing of the past. “Video is exploding — growing by 25 percent per year,” Minor told me. “All companies now use video for marketing.” (The explosion of video-streaming and thoughts about its future use are further reinforced in this ReCode article.)

Since video usage is significantly increasing every year, improvements in the way it is stored and streamed are becoming all the more essential.

Enter the Blockchain.

Blockchain technology is an unanticipated breakthrough and its capabilities are far-reaching. Its popularity has skyrocketed with the creation of cryptocurrency, and it’s toppling established market leaders and creating opportunities for a new generation of startup entrepreneurs. “The reason anything sticks around is that it makes business more efficient,” Minor pointed out.

Specifically, Blockchain tech brings together computers all over the world in a peer-to-peer network with no central server required. The technology supports the authentication and transfer of digital data, where each “block” has pointers encoded to the preceding and following blocks. This process is private secure, and permanent, eliminating the need for middlemen, and in the case of video, cloud-storage providers.

Minor told me he intends to run the VideoCoin Network largely on unused or underutilized servers in data centers, where, he estimates, there are about 20 million servers, 30 percent of which are idle at any given time, and another 20 percent aren’t being used at all.

“You’ve got $10 billion to $20 billion of data center assets that are doing nothing,” Minor said. “This presents an opportunity to efficiently harness unused computing power to process and encode video.”

Benefits of blockchain technology in the video-streaming Industry

Current video-streaming offers have incrementally increased costs in order to store all that content out there and all those massive video files on servers. This has meant large margins for the controlling companies, and these expenses have trickled down to the content creators.

Blockchain technology, however, promises to cut down these costs and give content creators direct access to their revenue. The Blockchain also promises to offer “smart contract” technology, providing a multitude of avenues for video content to be stored and shared under a heavily encrypted and secure system.

While today’s blockchains cannot handle video-streaming due to long transaction times and limited computing capacity, there are new blockchain-backed companies being built specifically to enable those faster transactions. “Miners” (those adding transaction records to the public ledger of past transactions) will be able to load software onto their computers or servers and effectively rent their excess computer space; they’ll be incentivized by rewards in the form of cryptocurrency or tokens.

Utilizing the same philosophy as the sharing economy, miners will simply store video on their excess disc space and stream it with their excess bandwidth. This process will have the ability to lower the cost of distributing video.

A revolution is coming.

The evolution of technology will continue to change the entertainment and streaming industries. Just as the internet rendered brick and mortar video-rental stores obsolete, Blockchain technology will soon completely overthrow the current realities of video streaming –and become ubiquitous.

Related: How Blockchain Is Creating a New Future for Digital Marketing

Current leaders in online video-streaming simply will not be able to compete — or be willing to give up market share — to a decentralized network. So, those leaders will have to adjust accordingly. That’s how the revolution will begin — and in fact already has begun.

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This Graffiti Artist Makes Millions of Dollars Selling His Work

Andrew Medal sits down with Timmy Sneaks, world-renowned creative visionary and graffiti artist, to discuss creativity in the digital age and the business behind making art.

1 min read

Opinions expressed by Entrepreneur contributors are their own.

Timmy Sneaks is a modern creative and graffiti artist from Boston. His unique style and brand has garnered interest from the highest level brands and influencers like Kevin Hart, Scott Disick and Robinson Cano. In this episode of Action & Ambition with Andrew Medal, Sneaks discusses his beginnings and how he turned his passion for art into a thriving business, the keys to luxury branding and the vision for his empire.

Related: Kym Gold Explains How She Started True Religion, Then Sold It for $835 Million

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Kym Gold Explains How She Started True Religion, Then Sold It for $835 Million

Kym Gold discusses how she disrupted an entire industry, scaled and sold her company for hundreds of millions and more.

1 min read

Opinions expressed by Entrepreneur contributors are their own.

Kym Gold is the co-creator of True Religion Brand Jeans; author of the business book, Gold Standard: How to Rock the World and Run an Empire, and producer for projects with a social conscience, including the documentary, SLAG: Served Like a Girl. Kym’s unwavering drive has helped her achieve success as a designer and entrepreneur. She shares tips about life, business and selling her company for more than $800 million.

Related: Rapper Nipsey Hussle Reveals the Art of Being a Self-Made Millionaire

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How AI Can Make Customer Service More Efficient

Humanity has come a long way in teaching technology how to appear more human. Now, technology is teaching itself.

4 min read

Opinions expressed by Entrepreneur contributors are their own.

With the rise of the artificial neural network, which mirrors the interconnected nodes of the human brain, artificial intelligence is ready to graduate to a new level.

Artificial neural networks (ANN) are programmed to be cognizant of patterns. ANN can read human speech and synthesize the use of specific words to identify subtle meanings in human communication. The implications are particularly impressive once processing speed is taken into account.

Related: 10 Artificial Intelligence Trends to Watch in 2018

The (until now) uniquely human ability to understand the complexities of language, multiplied by the speed of computational efficiency, results in a very effective response program.

I know, I know: Your mind is blown; (yes, AI can now write puns like that). But, on a practical note, did you know that AI can also improve customer service?

AI’s benefits for customer service

“When we give our machine-learning algorithm access to historical customer service data, it begins to identify patterns and learn in a human-like way,” Mikhail Naumov told me. He’s co-founder and president of DigitalGenius (a frontrunner in the AI and customer service industry), and we were speaking about the future of AI. “What is created by this process,” Naumov said, “is an AI model that is trained on a company’s specific customer-service data-set.

“This intelligence generates automated-response suggestions to customer queries and gives human customer-service professionals a partner to help handle a growing volume of requests.”

The implications for the customer service industry are profound. Data can be fed to a machine-learning program, which creates the neural network, or the “intelligence” behind AI. That intelligence helps humans to better understand customers and take care of their needs with greater speed and precision.

Industry experts agree that intelligence-backed digital assistants represent the change that’s needed for the customer-service sector. As Dan Miller, the founder of Opus Research, commented in Medium: “The future of personalized customer experience is inevitably tied to ‘Intelligent assistance.'”

The benefit for entrepreneurs

Communication is one of the top factors in quality customer service, a fact reflected by this SurveyMonkey study. Companies want to take advantage of software that will give them a platform to address the needs of their clients more efficiently. This is especially true now that customer service has migrated to texting, where mass communications can become bottlenecked. Support agents cannot process the workload.

Related: Is Artificial Intelligence Replacing Your Intelligence?

But, alternately, instead of a handful of people working to respond to an entire client base, there are AI programs that can filter communications and suggest appropriate responses, cutting down the time it takes for those agents to address inquiries.

The evolution of AI

All of this is magnified by the fact that these systems are continuously improving, learning in real time from collected data. Like the ideal employee, because of deep learning algorithms, they just keep getting better at their job. AI would be nowhere without ANN.

“The deep learning methodology allows companies to unlock value from their historical customer service data,” Naumov explained. “By scouring through mountains of historical data and watching how human customer-service representatives responded to thousands of different queries, deep learning can create the intelligence necessary for the AI to be useful.

“In customer service,” Naumov continued, “that means it can detect sentiment, urgency, type of request, details about the case and so on. It can also recommend answers to agents, saving them valuable time. [These things] help companies scale their contact center while responding to a growing volume of requests.”

Current customer-service departments are bogged down by requests that result in an hour or longer queue times for customers. According to Alexandre Lebrun of Facebook’s artificial intelligence division, quoted by Business Insider, “The better we get [at artificial intelligence], the less time you spend talking to customer service. It’s a gain for companies, but it’s also a gain for personal life.”

Related: Can Artificial Intelligence Identify Pictures Better than Humans?

Many customer service requests are repetitive and easily could be handled by an AI-based response system. Indeed, data and the neural network will make AI the best coworker the support desk has seen yet.

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Forget That Product You’re Working On. What’s Really Going to Sell in the Future Is … Services.

“Do-it-for-me” is the next evolution of the on-demand economy.

5 min read

Opinions expressed by Entrepreneur contributors are their own.

Today’s consumers value their time more than ever. With the proliferation of on-demand apps, there is virtually no need to wait in lines or even to leave your house if you’re that much of a homebody.

Related: How 3 Top On-Demand Companies are Redefining the Industry

You know the drill: Amazon for your groceries, Netflix for date night, Handy for that light bulb you just can’t reach and even on-demand car services to care for the car you hardly ever drive because you ride-share everywhere. Yeah, welcome to the future. 

Yet, as with everything, change is constant. So, if you think today’s adults require instant gratification, think about the high demands the next generation will have. For this reason, those building a business they hope will last should consider shifting from providing goods to providing … services.

Spend money to buy time

A recent study in the Proceedings of the National Academy of Sciences suggested that people who spend money on time-saving services feel happier. “What we found is that people who spent money to buy time reported being almost one full point higher on our 10-point [happiness] ladder, compared to people who did not use money to buy time,” wrote Elizabeth Dunn, an author of the study and a professor of psychology at the University of British Columbia. “People from across the income spectrum benefited from ‘buying time.’”

Related: Why On-demand Services Startups Are The Next Big Thing

One consumer expert has labeled this phenomenon the “do-it-for-me” movement. That expert is Scot Wingo, cofounder of ChannelAdvisor and CEO of Spiffy, an on-demand car care service. Wingo says that the future of consumerism is no longer do-it-yourself (DIY), but do-it-for-me, or DIFM.


“The do-it-for-me consumer mindset disavows DIY,” Wingo told me in an interview. “The DIFM consumer discovered the power of convenience through the on-demand economy and never looked back,” he continued. “[These consumers] prioritize spending time with their kids or their hobbies over mowing the yard, cleaning the house or washing their cars. Importantly, the DIFM consumer is willing to spend money to save time.”

Others are starting to agree. To research the future of the on-demand economy, I listened to an interview with Vikrum Aiyer aired on the Penn Wharton Public Policy Initiative podcast. Aiyer is the strategic communications and public policy lead for Postmates, Inc., the on-demand logistics and delivery platform.

During the podcast, Aiyer explained that Postmates had actually seen its retail partners increase their sales three to four times over their previous level once it — the company — started using on-demand delivery.

“This goes well beyond food, because we’re actually servicing hardware stores and beyond,” Aiyer told his interviewers. “And that’s actually because of a new reach of their customer potential, in which geographically if they were located on one side of town, they’re now reaching customers at another side of town.

“This validates,” he continued, “the thesis that the on-demand economy and automation are going to really change, and are changing, the way commerce is connecting communities.”

The lesson for entrepreneurs

So how should entrepreneurs and business leaders respond? They should target consumers who are willing to spend money to save time. As entrepreneurs, we can use that information to shape marketing messages, ad copy, new products. Whatever product we’re creating or selling, we should incorporate into it the fact that consumers are willing to spend money to save time. 

“When you look at GDP in the U.S., products or goods represents 20 percent of GDP, and services represent the other 80 percent,” Wingo told me. “Using those broad strokes, I think [the trend for] ‘services go digital’ could be four times as large an opportunity as ecommerce.

“In the next five years, I think it will feel as archaic as using the Yellow Pages to have to ‘call’ a service provider.  Your phone will be the remote control for your life, and you will have a myriad of products and services available to you at your whim in a completely transparent and digital way.”

While some detractors will argue that DIFM is a luxury exclusive to the wealthy, that’s not actually the case. DIFM is beneficial for anyone who can benefit from time saved. “We thought the effects might only hold up for people with quite a bit of disposable income, but to our surprise, we found the same effects across the income spectrum,” Dunn shared.

Related: Why On-demand Start-ups have Failed in India

Giving consumers the ability to ‘buy back’ an increasingly scarce resource — their time — is the future of consumerism. Sounds a bit like the sci-fi thriller In Time (lLOL), but in order for on-demand companies to move past the ‘Uber of…’ era, a huge market opportunity will consist of consumers looking for DIFM options.

“Moving people up on the ladder of life satisfaction is not an easy thing to do,” Dunn said. “So, if altering slightly how people are spending their money could move them up a full rung, it’s something we really want to understand, and perhaps encourage people to do.”

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Rapper Nipsey Hussle Reveals the Art of Being a Self-Made Millionaire

Andrew Medal sits down with rapper Nipsey Hussle to discuss how gang life catapulted his success, his latest album ‘Victory Lap’ and his various businesses, including a blockchain-specific startup.

1 min read

Opinions expressed by Entrepreneur contributors are their own.

Nipsey Hussle is arguably hip-hop’s hottest star right now, with his much-anticipated album release of Victory Lap. Hussle has been making his name from a steady stream of mixtapes including 2013’s Crenshaw, which he sold at $100 a pop, netting $100,000 in the process. He’s collaborated with artists like YG, Diddy and Jeezy. His record label All In Records recently partnered with Atlantic Records to increase his distribution, and he’s turning the industry on its head by owning the rights to his music. He’s an entrepreneur in every sense with multiple businesses including his record label and his clothing brand The Marathon Company, and he’s even an early investor in some blockchain-based startups. Hussle kicks off Season 2 of Action & Ambition with Entrepreneur Network partner Andrew Medal. 

Related: Hip Hop Legend Damon Dash Explains How His Street Mentality Catapulted Him to the Top

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