Innovation, Immigrants, and Investing: Our Conversation with Jim Barrood

In this episode, Kelly and Brian talk with entrepreneurial expert and author Jim Barrood about his TedX talk on immigrant innovation as well as what’s happening in the tech and financial space in New Jersey.

Insights From Jim, Kelly, & Brian

• The upcoming holidays, with supply chain and labor issues, as well as inflation will require creativity from business owners for them to have a successful holiday season.
• Small business retailers are hiring family members, friends and retirees to fill the gaps left by the labor shortage. Other businesses are outsourcing some of their work, and others have started to invest in automation for their companies.
• Local businesses should consider “bundling” their product or service with other similar businesses for the holidays. Florists, caterers, photographers, and wine stores can all provide special “holiday discounts” if someone shops at their stores. Be creative and collaborate.
• A diverse workforce is a competitive advantage in business. If a company has the same people with the same mindset, then they only see opportunities and obstacles from one viewpoint, instead of a 360-degree view.  
• The NJSBDC Capital Team has eight consultants that are former bankers, business brokers, and CPAs. They have expertise in certification, federal contracting, loans, and access to different investment vehicles.