New Technology In The Entertainment Industry

An author named, Nicco Mele wrote a book called “The End of Big”. It basically debates about the new technology of the industry. The book raises the question, would you rather have six mega movie studios or 800 million aspiring directors sharing their works on YouTube? In today’s world, you can create any kind of media at zero cost using smartphones and laptops. “Radical connectivity has reduced the cost of creating entertainment”, according to Nicco Mele. There’s been people that has been discovered on YouTube for singing or rapping and was given a record deal. Many would think that the new technology makes things easier but at the same time it can hurt the industry too. The radical connectivity can be a threat to new companies in the industry. It has changed audience sizes. The more options there is, the smaller the audience gets. In my opinion the evolution of technology has its pros and cons. Before writing this post I thought that the new technology was nothing but positive for the industry. I think Mele raises a good point on how it could affect the industry despite the convenience it can be. Being a recent college graduate prepares me to excel when it comes to the evolving technology because my school not only taught me what was needed for a career in the industry but they also prepared me for the real business world. I think being mentally prepared for the real world while being fortune enough to gain a degree is very beneficial. Every new trend, business model or technology will have its pros and cons. What really matters is how you deal with it or what you would do differently. Mele’s book can be a little discouraging to some recent graduates that are trying to have a career in this industry but its just a realistic point of view. As a recent graduate and being tech savvy, I will take advantage of the new technology and make it work for me. I know how it can help my potential business grow. It’s all about being realistic and making the right decision.

Source:

Bellantoni, C. (2013, May 24). Does Technology Offer Anyone a Big Break in Entertainment Industry? | PBS NewsHour. Retrieved November 24, 2013, from http://www.pbs.org/newshour/rundown/2013/05/does-technology-crack-open-entertainment-industry-for-anyone.html

Alternative Financing

The National Community Investment Fund provides several financial opportunities for potential businesses. They focus solely on the mission-oriented banking industry. The NCIF invests equity in local financial institutions in hopes to driving development in low-income communities. They also co-invest capital and place deposits along with philanthropic investors. The NCIF is also exploring new initiatives such as Small Business Loan Fund and the CDFI Bond Guarantee Program. The U.S. Economic Development Administration assists with grants. The grants are made under the EDA’s programs to help with the economic development strategies in distressed communities.

In order to receive grant funding with the EDA, there is a competitive process. Projects are evaluated to determine they advance global competitiveness, create jobs, leverage public and private resources, and demonstrate readiness and ability to use funds quickly and effectively. Not only that but link to specific and measurable outcomes. The NCIF invests in strong network of different banks and financial institutions. They seek institutions that have effective leadership, show commitment to business in underserved communities, and create an expectation of strong financial and social returns for all stakeholders. They also want institutions to create an expectation of providing liquidity to equity investors within a period of time and are aligned with NCIF’s mission.

On the NCIF website they provide information about their network, annual conference, equity capital, custom analysis, tax credits, deposits, publications and research. You can also search for a mission-oriented bank on their site as well. On EDA’s website they give information about their investment programs, their mission, who is part of the leadership committee and how to contact them. The advantages of using the alternative financing is easier approval, flexible repayment term, promote new business concepts, and affordable rates. The disadvantages to using alternative financing are repayment, high rates, cash and collateral, and impacts on credit rating.

The Advantage of Alternative Financing: Small Business Opportunities - Small Business Financing: Small Business News - The Small Business Fund. (n.d.). Retrieved from http://www.thesmallbusinessfund.com/blog/2012/5/15/the-advantage-of-alternative-financing-small-business-opport.html

Debt Financing - Pros and Cons for Business Owners. (n.d.). Retrieved from http://entrepreneurs.about.com/od/financing/a/debtfinancing.htm

Economic Development Administration. (n.d.). Retrieved from http://www.eda.gov

National Community Investment Fund. (n.d.). Retrieved from http://ncif.org