Companies known for their phenomenal success are now branching out in different directions. For example, McDonald’s acquired AI (Artificial Intelligence); Google bought Fit Bit; Interact acquired 2keys… What does this mean? As a small business owner, is it time for you to invest in a different market or product than what you’re investing in now? Let’s take a look.
Interac and 2keys
Interac acquired 2keys, a company established in 1998. 2keys is all about online safety, and they are working on a secure way for anyone to share information online via identity verification. It is important to note, the acquisition made by Interac makes sense. In the banking world, there is a feeling of urgency to find better ways to authenticate the client’s identity. As payment systems have become more modern, some are even using android technology, and it is essential to find better, safer ways for clients and merchants to share banking information.
Google buys Fit Bit
Google is well known for acquiring many business’s over the years, such as YouTube, Picnik (a photo editing website) and Android. Again, it is crucial to note that the acquisition of Fit Bit by Google makes sense. The company sees an opportunity to introduce its wearable device and also invest in digital well-being. With the amount of data and information google has, it makes sense for them to acquire a product such as Fit Bit because this allows for them to branch out into the health and fitness industry, and learn from the data that Fit Bit already has.
McDonald’s Artificial Intelligence Acquisition
Mcdonald’s, a fast-food chain, spent hundreds of millions of dollars acquiring companies in the artificial intelligence field, and they are working on voice recognition software. As fast-food chains are becoming less popular over the years, they need to find other ways to stay relevant and draw consumers in. Making things faster with technology is one solution to make customers go back to McDonald’s. Another reason for this interest in technology is the labour shortage. Companies want to provide fast and efficient service, but they don’t have the staff to support their needs.
What does this mean?
As a small business owner, you shouldn’t have to worry about acquiring other companies and branching out this far from what you’re doing. Focus on your growth, keep being aware of the changes around you, and once you see your growth is big enough, you can start acquiring small companies and invest your money elsewhere. Anything, no matter how big or small your business is, that you want to purchase, should make sense. It’s all about doing research and having a clear vision of where you’re going with your business. The best way to do so is to focus on your growth.