AI leaders and researchers play a pivotal role in this era of rapid technological progress. They are at the forefront of pioneering practical applications that redefine how industries operate. These individuals are not only technical experts but also visionaries who shape the future of AI, guiding its ethical use and exploring new frontiers in machine learning, neural networks, and computational intelligence.

Who are the leaders in AI?

In this comprehensive exploration, we will delve into the profiles of the top 10 AI researchers and pioneers to watch in 2024. These famous AI researchers have not only demonstrated exceptional expertise but have also consistently driven innovation in AI, making significant contributions to the field.

Andrew Ng

“Just as electricity transformed almost everything 100 years ago, today I actually have a hard time thinking of an industry that I don’t think AI (Artificial Intelligence) will transform in the next several years.”

Andrew Ng, a luminary leader in the world of AI, continues to make significant strides in 2024. He holds a prestigious position as a professor at Stanford University, his expertise spans across computer science and electrical engineering. Ng’s early advocacy for the use of Graphics Processing Units (GPUs) in deep learning laid the foundation for transformative advancements. He has collaborated extensively with Google Brain and co-founded Coursera, an online platform offering AI education to millions. In 2024, his attention to ethical concerns surrounding generative AI in warfare demonstrates his commitment to the responsible development of AI technologies.

Ian Goodfellow

Ian Goodfellow’s pioneering work in Generative Adversarial Networks (GANs) continues to shape the AI landscape. His contributions to deep learning and machine learning are profound, pushing the boundaries of AI innovation. In 2024, Goodfellow’s leadership in Apple’s Special Projects Group signifies his dedication to exploring new frontiers in AI creativity and application.

Sam Altman

Sam Altman, as the CEO of OpenAI, plays an important role in advancing AI technologies. Under his guidance, OpenAI has achieved substantial progress in AI research and development, particularly with the development of large language models like GPT-4. making him a driving force behind responsible AI development in 2024.

Yann LeCun

Yann LeCun’s groundbreaking work on Convolutional Neural Networks (CNNs) has been instrumental in the advancement of machine learning and computer vision. As a professor at New York University and Chief AI Scientist at Facebook, LeCun has made substantial contributions to both theoretical research and practical AI applications. His mission is to harness AI’s power to enhance human intelligence, emphasizing its positive impact on society.

Demis Hassabis

Demis Hassabis, a renowned AI visionary, serves as the CEO of DeepMind, a leading AI startup. His work at the intersection of neuroscience and AI has led to groundbreaking achievements, such as DeepMind’s AlphaFold technology, which accurately predicts protein structures, revolutionizing drug discovery and biology. In 2024, Hassabis’s spinoff company, Isomorphic Labs, has secured multi-billion-dollar deals with pharmaceutical giants Eli Lilly and Novartis.

Karen Hao

Karen Hao is a prominent figure in the AI community, known for her insightful analysis and reporting on AI technologies and their societal implications. Her work emphasizes the responsible and ethical use of AI, with a strong focus on transparency and accountability in AI systems. In 2024, Hao continues to serve as a thought leader in the ethical application of AI.

Kirk Borne

Kirk Borne is a distinguished data scientist and astrophysicist. His work often intersects with astronomical research, where he employs advanced data analytics to uncover insights from vast space datasets. Borne’s contributions extend beyond research, as he actively educates and mentors the next generation of data scientists, emphasizing the crucial role of data-driven decision-making across various industries. His statement, “Without an opinion, you’re just another Artificial Intelligence with some data,” highlights the significance of human expertise in AI.

Jeremy Howard

Jeremy Howard is an entrepreneur, business strategist, and educator, is best known for his contributions to deep learning and AI. Co-founding Fast.ai, a platform that provides practical and accessible AI and machine learning education, Howard’s efforts focus on democratizing access to AI education. His work aims to make AI education more accessible to individuals from diverse backgrounds.

Fabio Moioli

Fabio Moioli, a seasoned technology consultant within Spencer Stuart’s Technology, Media, Telecommunications & Services Practice, is renowned for his expertise in digital transformation, artificial intelligence, and change management. Moioli brings significant experience from his tenure at Capgemini, specializing in the Internet of Things (IoT) and AI. His insights into AI and exponential technologies, along with their ethical considerations, make him a respected speaker at international conferences.

Clément Delangue

Clément Delangue is the CEO and co-founder of Hugging Face, a company that puts efforts to democratize AI through open-source and collaborative initiatives. Delangue’s vision revolves around fostering a community-driven approach and encouraging collaboration among researchers, developers, and enthusiasts. His leadership underscores a commitment to ethical AI practices and the goal of making AI widely available and beneficial.

In 2024, AI continues to redefine the way we live, work, and innovate. The top artificial intelligence leaders and innovators are driving the revolution forward, pushing boundaries, advocating for ethical practices, and contributing to a brighter future through technology.

The post Top 10 AI Leaders and Visionaries Shaping 2024 appeared first on Industry Leaders Magazine.

If you have a small business with less than 20 employees and up to $5 million in annual revenues as an entity like a limited liability company or S corporation, the act now requires you to give information about ownership and control.

What is the corporate transparency act?

Under the CTA, certain businesses are required to submit a Beneficial Ownership Information report to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). The report must include the names of each beneficial owner who either owns at least 25% of the business or exercises “substantial control,”

The Corporate Transparency Act, voted on by Congress as a proactive measure to get ahead of shell companies and money laundering, requires eligible small businesses to fill out a Beneficial Ownership Information (BOI) report. The requirements include an $85 fee for filing and about 3 hours, according to experts.

Exemptions to Corporate Transparency Act

The entities that are exempted are 23. One should review FinCEN’s Small Entity Compliance Guide checklist to see whether their company qualifies for any of these exemptions.

Fraudulent Solicitations

FinCEN has put out an alert to be careful of “fraudulent attempts to solicit information from individuals and entities who may be subject to [CTA] reporting requirements.” Be particularly cautious of e-mails with the subject line “Important Compliance Notice” and that ask you “to click on a URL or to scan a QR code.”

Corporate transparency act penalties

If a report is not timely filed, FinCEN can impose civil penalties of $500 per day per entity, a $10,000 criminal penalty per entity and imprisonment for up to two years. To say the least, the consequences of not being in compliance are enormous.

Who governs corporate transparency act?

The Financial Crimes Enforcement Network, an arm of the U.S. Department of the Treasury, is handling the BOI filing and reporting. The group otherwise known as FinCEN focuses on financial crimes and corporate compliance services.

Corporate transparency act final regulations for whom

The Corporate Transparency Act targets small businesses that are LLC and S corporations with less than 20 employees or 5 million in revenue. You are exempt if you have over 20 employees and over $5 million in annual revenue.

Those with an ownership stake will be required to submit certain changes that were not previously relevant or reported within 30 days.

What does corporate transparency act entail?

Those impacted by the new law can complete the filing of the Beneficial Ownership Information themselves online.

Information required includes personal information, which may take some time to gather. Changes to your personal information — such as marriage or divorce may require a new filing within a certain time.

Preservation is better than cure

Many small businessman will likely spend several hours navigating the details of these requirements each year. They will also choose to hire an attorney to make sure each report is properly submitted. For businessman who already have too much on their plates, this might feel like one more headache with very stiff penalties for noncompliance.

To make navigating changing compliance requirements more manageable and stay informed of regulatory changes, businessman can consider working with a reputable business attorney and a CPA. Having an annual check-in meeting with business attorney to discuss any regulatory changes. Also check to make sure one is completing the legal requirements for business.

The post The Corporate Transparency Act 2024 for Small Businesses appeared first on Industry Leaders Magazine.

McKissack & McKissack legacy

The McKissack’s firm legacy dates back to her great-great grandfather Moses a skilled brick maker originally coming as slave in 1790 to U.S. His brick-making skills were passed down and cultivated from generation to generation. This prompted two of his grandsons to create a construction company in Tennessee, also called McKissack & McKissack.

The company which is based out of New York , remains in the family, and run by McKissack’s twin sister Cheryl.

Deryl McKissack was motivated by a desire to strike out on her own, and to see more Black women CEOs in the construction industry. She withdrew $1,000 from her savings account and launched her company in 1990. As per a report, today, Deryl McKissack’s company brings in between $25-$30 million per year, and manages $15 billion in projects with offices in Chicago, Dallas, Los Angeles and Baltimore.

McKissack says, ‘I had this burning passion … that I just had to do this’

Entrepreneurial journey McKissick

McKissack left an engineering job with a six-figure salary to launch her company, and quickly learned that even with a Howard University civil engineering degree and relevant work experience, attracting clients was difficult.

Lugging an old projector around, she presented slides of work she’d done for family members to help “sell my wares.” McKissack placed a job ad in the Washington Post, and hired an employee.

She had found it tough in the beginning, it took her almost 5 years to get her first $10,000 line of credit. Also she used her networking skills to land her company’s first project: doing interior work at her alma mater. McKissack and her lone employee did all the work themselves, with McKissack putting in 80 hours of labor per week, she says.

McKissack success story

One successful job led to another, and McKissack built a portfolio of work to show prospective clients. She applied for jobs as a federal contractor, getting her foot in the door to work on construction projects at the White House and U.S. Treasury building. Larger federal projects followed.

McKissack only paid herself $7,200 her first year in business, she says. Her second, $18,000. She finally paid herself a $100,000 salary after roughly ten years, she adds, prioritizing paying her employees over herself along the way.

McKissack says, ‘I haven’t made it until more Black [people] have made it’

Global construction industry

The global construction industry is projected to be worth $13.9 trillion by 2037, according to a 2023 report from market research firm Oxford Economics. Yet women still make up only 1.4% of construction CEOs worldwide, and Black women account for a fraction of that.

Despite the identical company names, McKissack and her sister do run separate businesses, but they’ve collaborated on several projects, and often “trade notes” with each other, she says.

A healthy support system is rare for most Black and women construction executives, largely because so few of them exist, McKissack says. Last year, she founded AEC Unites, a nonprofit that provides professional opportunities for Black talent in the architecture, engineering and construction industry.

She hopes, her daughter a bioengineering student at New York University could become the sixth generation of McKissacks in the construction industry.

“I tell her all the time that all roads lead to McKissack,” she says. “And I don’t care how she gets there.”

The post From $1,000 to $25M: Journey of Deryl McKissack, CEO of McKissack & McKissack appeared first on Industry Leaders Magazine.

The 30-year-old is the CEO of TriCore Panels, a family business her dad started in 2012 that creates metal, wood and concrete paneling for the walls used in construction projects.

Road to being female CEOs in construction

Her dad previously worked as a car salesman but got his contractor’s license to renovate the dealership after he was given a quote he thought was too high. Taking over her father’s company and becoming part of the mere 10% of women in construction was not something Misha had dreamed of. Misha Homara became a licensed cosmetologist after high school until a car accident left her unable to be on her feet for too long.

As per Misha her dad had just started his company, and he said, ‘Why don’t you come to work for me?”

Never one to turn down a challenge, she walked through the doors of TriCore Panels in 2014 and unknowingly into the career she was meant for. At first, she helped around the office a few days a week but as she learned the ins and outs of the business, her role began to grow.

Homara changing TriCore’s company culture

 She also saw an opportunity to make a difference: She and her dad could shift the share of women in the construction workforce, starting with his small business.

Over the next few years, Homara worked her way up from being the office manager. She learned about what goes into builds and worked with superintendents and foremen in the field to develop the company’s safety structure. She took on project management work and built out TriCore’s company culture. A culture where she aimed to empower employees to listen, innovate and develop their careers.

At the same time, Homara took a full college course and graduated with communications and media degree from San Francisco State University in 2018. She credits her communication skills for becoming the first CEO of TriCore in at the age of 26.

Misha Homara grew TriCore

It wasn’t long before Misha began winning multi-million-dollar projects and in less than five years, she expanded the organization by more than 20 employees. She implemented an EOS, an Entrepreneurial Operating System, designed to give team members structure, and more ownership over their projects.

Her dad previously acted as president but did not establish a formal executive board. He is no longer with the company but remains a mentor in many ways.

Women in construction

“In construction, it’s a lot of yelling and hostility and aggression,” Homara says. As a young woman in the field, “I’ve been told so many times, ‘You don’t fit the mold of someone in construction.’ I have more of a conversational style of understanding and developing [relationships].”

Homara leans on being a construction outsider as a strength. While construction sites and offices can be intense environments, she brought a sense of calmness ad clarity to the work. In turn, the team dynamic shifted from being mostly task-oriented to one where people have opportunities to collaborate and innovate on larger projects, she says.

Support network of women in construction

As CEO, Homara says she splits her time securing and growing new industry partnerships, as well as fostering an inclusive and collaborative environment for her team to succeed together.

As a leader, she says she remains curious and humble in asking about what she doesn’t know. She also relies on a support network of women in construction organizations and other mentors. Homara is part of the board of directors for the Silicon Valley chapter of the National Association of Women in Construction, and she’s communications chair for Women Construction Owners and Executives.

“It’s not possible to do anything alone,” she says. “Find the people that believe in you, and then ask them questions, even if you feel like they’re like silly questions.”

Getting more women in construction

As CEO, Misha Homara is invested in getting more women in the construction field. Her next goal is to ensure that the staff of TriCore Panels, which is currently just under 50 people, moves from 30% women to 50% women in the next five years.

Reaching that goal will take work. “It doesn’t just happen,” Homara says. “You have to intentionally focus on educating and working with teams and different trade partners that want to develop women” in the field. This includes investing in education for a construction careers through free, hands-on workshops, community events and apprenticeships.

Homara recently hosted several events for “Women in Construction Week” in mid-March, including inviting people to experiment with AutoCAD design software and to see their CNC machine, which is like a super-powered drill and carving machine controlled by a computer, in operation.

Increasing women in construction

Women have made strides in the construction field since 2016, when they comprised 12.5% of the industry. Some areas have even higher representation of women in construction. There is 17.6% in Washington D.C., 15.6% in Arizona and 14.5% in Florida, as per a analysis from The Washington Post.

As per labor experts there are many factors, including record low unemployment and initiatives from industry associations to increase training for women in construction, remove hiring barriers and better support women on worksites.

CEOs and leaders have seen the big benefits. There are fewer mistakes, greater attention to detail, better multitasking, higher safety standards and a different communication style, to name a few, as per Homara.

Getting girls and young women interested in the field requires more effort from schools. They need to introduce opportunities in the trades and career potential in construction.

Growth in construction field

The field has staying power with long-term job growth, and it can be lucrative. The highest-paying construction job, chief estimator, can command up to $171,000 per year, according to ZipRecruiter.

Gender diversity and pay in construction is also less pronounced, though it still exists. As of 2019, women in construction were paid an average of 99 cents for every $1 paid to a man. This compared with the U.S. average pay gap of 81 cents paid to woman for every $1 paid to man.

The post CEO Misha Homara of TriCore Panels Constructs Her Own Track appeared first on Industry Leaders Magazine.

Many leaders take their workplace or business safety for granted. Creating a safe workplace and ensuring a positive safety culture is essential for leadership. Leaders need to know workplace safety tips to ensure their employees an head home in one piece and live the life they deserve after putting in so much hard work.

Why is workplace safety important?

When a company follows safety procedures in the workplace, they are protecting themselves, their employees and their customers. It is important to follow guidelines and procedures to remain compliant with local and national occupational safety authorities.

What is workplace safety?

A safe workplace is a happy workplace, as it creates a more comfortable and conducive environment for employees to effectively do their jobs. However, providing a safe workplace is an important part of client relations as well. If the office or work area is unsafe for employees, then it is definitely unsafe for your untrained clientele.

Safety of workers (also known as worker safety and occupational health and safety) refers to the provision of a safe working environment, safe equipment, policies, and procedures in order to ensure workers’ health and safety.

Who’s in charge of safety procedures in the workplace?

In some organizations, it is the HR department. Many companies may not have a HR representative, and in that case, management and leaders would ensure the workplace is kept safe. However, in reality, it is the responsibility of everyone to create and maintain a safe and functional work environment.

Workplace safety tips

Here is a list of workplace safety tips that you should incorporate into your daily routine:

Identify workplace hazards

Fix any unsafe conditions or workplace hazards as soon as you notice them. If it is dangerous for you to remove the risk, notify a supervisor right away.

Use of safety gear

Always wear the necessary safety equipment. The proper safety gear in your workplace could be reflective gear, fire-retardant clothing, industrial workwear or something as simple as nonslip shoes. Be sure to always wear a breathing mask if your space has debris or dust, or if you have to deal with toxic or dangerous chemicals or fumes.

Safety handbooks for employees to follow

Many organizations have safety handbooks that employees can use as a reference every time when in doubt. However, creating such materials is not enough if your employees don’t consume and follow them. It is the employers’ job to continuously remind employees of the importance of following safety guidelines.

Clutterfree workplace

Having a clean workspace will positively impact your job satisfaction and keep you and your coworkers free from danger. You could trip and fall over scattered objects and they could hide another hazard you cannot see.

Build trust and be consistent

Fostering a safe workplace environment begins by building trust in the workplace. Workers must be able to trust that their leaders’ number one priority is keeping their employees safe and that they can report to them if they notice any unsafe activity. Honest, consistent and transparent workplace communication, as well as constant check-ins with employees, are the key.

Stay hydrated

Drink enough water to remain alert and avoid dehydration. Even in the winter, it is essential to stay hydrated with water and warm liquids to prevent lightheadedness and lack of focus.

Correct posture

Use ergonomic desks and keyboards to avoid straining your wrists and arms. Sit up straight, keep your shoulders in line with your hips and lift with your legs when you are moving objects. Poor posture can cause strain on your back, neck and shoulders, which can lead to serious injury.

Regular breaks

Look away from your computer screen regularly to avoid eye strain. Taking regular breaks allows your body an opportunity to rest from the tasks you are doing. When you return, you will be more focused and have a higher level of concentration.

Never take shortcuts

Procedures exist to keep workers safe. Though skipping a step or not wearing safety gear may save you time, it isn’t worth getting injured over. Use every tool and machine according to the instructions.

Remain aware of new safety procedures

Leaders should always keep employees informed about potential hazards or risks in the workplace. Managers should have the ability to create designated safety communication channels where they can share important information and communicate with their teams.

Though it is the responsibility of the company to make staff aware of new safety procedures, it is employees responsibility to make sure that they fully understand the information. Its always important to ask questions if in doubt.

The post Key Workplace Safety Tips for Employees and Leaders appeared first on Industry Leaders Magazine.

People have been reaping the rewards of mentoring since the days of Plato and Aristotle. Its benefits are felt from people across industries, job roles and time periods.

Importance of mentor quotes

Mentor motivational quotes is beneficial as great mentors know how to help people work towards their individual goals and inspire you to keep walking the path that gets you there. The quotes about mentorship and leadership are like a support anchor that can multiply your own impact. As you help them build strong cultures, embrace change, coach employees effectively and achieve more in business, your input influences their success and touches entire companies and communities.

What does a mentor do?

What does a mentor do? A mentor helps individuals discover new facets of themselves. Sometimes, we need another person to show us skills and capacities we never knew we had.

Mentors bring lots of experience, they can provide constructive feedback to mentees and support them through all areas of their professional life. Whether sharing past experiences, opening up new opportunities to mentees or helping them build their skills, mentors are role models.

Best mentorship quotes

Now that you know what a mentor does, it’s time to look at some great quotes to inspire you on your journey.

• Bob Proctor, author & lecturer

A mentor is someone who sees more talent and ability within you, than you see in yourself, and helps bring it out of you.

• Oprah Winfrey, media executive, author, and philanthropist

A mentor is someone who allows you to see the hope inside yourself.

• Ahmad R Kazi, author, investor, and business enthusiast

True mentors have this unique ability to pick up vibes that everyone else misses from within you.

Wisdom from their own experiences

Great mentors don’t just impart wisdom from their own experiences. They take time to understand another person’s perspective and the space needed for them to uncover the wisdom within them. And these fall are also few of the best mentorship quotes.

• Steven Spielberg, American film director

The delicate balance of mentoring someone is not creating them in your own image, but giving them the opportunity to create themselves.

• Bernard Kelvin Clive, Ghannian author, speaker, and corporate trainer.

True mentors don’t make their mentees a clone of themselves.

• Ralph Waldo Emerson, American philosopher, writer, and lecturer

What I need is someone who will make me do what I can.

• Galileo Galilei, Italian astronomer, physicist and engineer

You cannot teach a man anything. You can only help him discover it within himself.

• Benjamin Franklin – Former US President

Tell me, and I forget, teach me and I may remember, involve me, and I learn.

• M.Forster, English author

Spoon feeding, in the long run, teaches us nothing but the shape of the spoon.

• Toby Keith, American musician

As a mentor, you have to be willing to put yourself in your mentee’s shoes to understand their struggles that they deal with.

Inspirational mentorship quotes

Mentorship is about giving but mentors also receive. Mentees also give back to mentors in a meaningful way.

• Michelle Obama, lawyer, writer, and former First Lady

“One person might be senior and be wiser and have more experience, but I’ve learned a lot from the people I mentor.”

• Booker T. Washington, American educator, author, and advisor to several U.S. Presidents

If you want to lift yourself up, lift up someone else.

• Richie Norton, entrepreneur & author

Mentors change lives, but students change mentors’ lives more.

• Clint Eastwood, American actor, film director, and producer

What I think the mentor gets is the great satisfaction of helping somebody along, helping somebody take advantage of an opportunity that maybe he or she did not have.

Mentor motivational quotes that open doors

As a mentor, you can clear the way. Mentors have the unique opportunity to increase diversity, equity, and inclusion. They can sponsor and amplify voices that aren’t being heard.

• Donovan Bailey, Olympic athlete

Every kid needs a mentor. Everybody needs a mentor.

• Maria Taylor, musician

I think it’s so important as a woman, and especially as a minority, to lift as you climb. So having people shadow you or mentoring people — that’s important to me.”

Mentors change lives

Mentors help in improving the life trajectories of those they coach. What kind of work could be more important?

• Winston Churchill, former Prime Minister of the United Kingdom

We make a living by what we get, but we make a life by what we give.”

• John Wooden, former American basketball coach

A good coach can change a game. A great coach can change a life.

• Stefan Fatsis, author & journalist

How you coach them is how they’re going to play.

• Maya Angelou, American writer

I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.”

The post Illuminating the Power of Mentorship Through Inspirational Quotes appeared first on Industry Leaders Magazine.

What is visionary leadership?

Visionary leadership is a management style where a leader focuses on:

Creating a vision and inspiring followers to progress toward it. As such, this leadership style provides long-term objectives and gives the followers a sense of purpose, which guides them toward the vision.

Traits of visionary leaders

Visionary leaders can change the entire course of their organization’s trajectory. These leaders infuse their employees with a sense of purpose and direction toward larger goals. This makes visionary leaders inspiring to both their teams and their customers. Here are few traits of visionary leaders that can help in achieving the goals.

Resilience

One will have to face failure time and again. As a business leader, you’re always predicting the future. Sometimes you’ll get it right, and sometimes you’ll get it wrong. But visionary leaders will keep coming back until they find the success they were looking for.

Enthusiastic

Visionary leaders aren’t just showing up for the paycheck. They believe in the goals that they have set and are passionate believers in their ideas.

Inspiring

A key characteristic of a visionary leader is the ability to inspire the people around them to devote themselves to achieving their vision. These could be your employees, partners, investors or other stakeholders. Being inspirational requires a certain amount of charisma. A magnetic charm that compels others to want to achieve your goals as much as you do.

Visionary

Visionary leaders are dreamers. They see a space that needs filling, although not everyone can see it. That’s the visionary part. They must then find creative ways to connect their vision with reality. That’s the leadership component. If you have one without the other, you’re likely to fail.

Risk-Taking

Risk is an inherent part of creating change. A visionary leader has the courage to endure uncertainty and the willingness to take calculated risks. The trick is not letting financial fears impede progress while still upholding the fiscal responsibility due to stakeholders.

Collaborative Communication

All great leaders are good communicators, but this especially applies to visionary leaders. All those traits that make them see the world differently put them on a different plane from the people they need to work with to achieve their vision. Everyone else needs an explainer, and that must be the person with the vision.

This type of leadership fails if the visionary doesn’t clearly communicate the vision so everyone from top to bottom understands it. Plus, the leader must empower people to achieve it,

Famous visionary leaders

Now that we have a clear sense of what a visionary leader is and the qualities that visionary leaders often have. Here are few examples of famous visionary leaders in the business world that have had a strong vision that they used to change their industries and the world as we know it.

Henry Ford

What would the world look like today if Henry Ford hadn’t revolutionized the automobile industry early in the 20th century? Henry Ford took the automobile and transform it from an invention that no one really knew what to do with into something that shaped the century and still profoundly impacts our world today.

Sam Walton

The American business magnate Sam Walton basically reinvented the retail industry, and it all started by opening one store in 1962. His drive and persistence were clear right from the get-go, though– in less than five years, he had opened more than twenty Walmart locations.

Warren Buffett

Warren Buffett is perhaps the most enduring contemporary example of visionary leadership. One of the things that makes him stand apart other than his tremendous success is the fact that he famously created his fortune by firmly adhering to ethics and principles.

Elon Musk

Elon Musk, would be hard to argue that he isn’t a visionary. The founder, CEO, and chief engineer of SpaceX, the CEO and product architect of Tesla, the CEO and owner of Twitter, the co-founder of Neuralink and Open A.I., and the founder of the Boring Company is an individual that certainly has a vision of change for the world that he is working to drive forward.

Steve Jobs

Jobs inspired his teams via his awe-inspiring vision. Steve Jobs didn’t just revolutionize the worlds of technology, marketing, and product design and built a practically cult-like brand following along the way.

Being visionary isn’t enough to lead a successful company, because you’re unlikely to achieve your vision on your own. To get the help you need from others to get there, you’ll have to take the lead.

The post Unveiling the Traits and Impact of Visionary Leaders appeared first on Industry Leaders Magazine.

Warren Buffett, CEO of Berkshire Hathaway, has built up a staggering cash reserve, surpassing $157 billion, rivaling tech titan Apple. This cash hoard, a hallmark of Buffett’s strategy, has ballooned due to rising interest rates and scarce investment opportunities.

Berkshire Hathaway’s investments

Despite the cash pile, Buffett’s investment acumen remains undiminished. Recent investments include Occidental Petroleum Corp. shares and an $11.6 billion deal for Alleghany Corp. Berkshire’s cash accumulation stems from various sources, including profitable core businesses and asset sales.

Berkshire’s huge cash hoard

Warren Buffett’s company may be sitting on a record amount of cash, but that doesn’t necessarily mean the famed investor thinks the stock market is overvalued. Some financial advisers are asserting that the conglomerate’s huge cash hoard more than $150 billion in cash and short-term investments, largest ever in the company’s near-60-year history indicates that Buffett is finding it harder than ever to find undervalued companies to acquire. If so, that in turn would imply that the stock market is dangerously overvalued.

Berkshire Hathaway’s challenges

Despite ramping up Berkshire’s acquisition machine in recent years, the company has still struggled to find many of the big-ticket deals that galvanized Buffett’s renown, leaving him with more cash than he and his investing deputies could quickly deploy. After hanging back during the pandemic, he’s since snapped up shares in Occidental Petroleum Corp. and struck a $11.6 billion deal to buy Alleghany Corp. Buffett has also leaned heavily on share repurchases amid the dearth of appealing alternatives, saying the measures benefit shareholders.

The Ever Growing Cash Pile

Berkshire’s cash reserves have steadily grown over the last decade under Buffett’s stewardship. A majority of this cash sits in short-term Treasury bills for safety and liquidity. Berkshire’s cash stash far exceeds what is held by most insurance companies. While critics argue that the cash pile is a challenge Buffett does not believe it. Buffet views it as a wise, strategic decision aligned with his long-term philosophy.

What contributes to Berkshire Hathaway’s cash pile?

Several factors contribute to the accumulation of cash

• Berkshire’s core insurance businesses generate consistent underwriting profits. The premiums collected upfront create a “float” that Buffett can invest.
• Berkshire’s operating subsidiaries including railroads, utilities and manufacturers have been performing well and churning out profits. Excess returns are frequently kept as cash.
• Buffett follows a strict price discipline and has not found sufficiently attractable acquisition targets or stock investments, leading to a pile up of cash.
• Berkshire sold some appreciated stock investments over the years, including Procter & Gamble, which added to cash.
• Berkshire raised debt through bond offerings to increase its financial flexibility.

Berkshire’s varied investments

Berkshire Hathaway owns businesses in insurance, rail transportation, energy generation and distribution, manufacturing, and retailing.

The company is also a large stakeholder in many prominent companies in the U.S., such as American Express and Coca-Cola.

Berkshire Hathaway’s weaknesses

Despite its diversified portfolio, Berkshire Hathaway weakness is its reliance on its insurance segment for revenue generation. Any significant downturn in the insurance sector could adversely impact the company’s overall financial performance.6 Nov 2023

Berkshire Hathaway’s investment philosophy

Berkshire Hathaway’s investment strategy focuses on long-term investments rather than short-term gains. The company believes in investing in high-quality companies that have a competitive advantage, strong management teams, and a sustainable business model. This philosophy has allowed Berkshire Hathaway to achieve consistent growth over the years.

Buffet’s investment evolution

Despite the throughline of value investing, Warren Buffett’s investment strategy has changed over his career. In the beginning of his career, Warren Buffett’s investment strategy entailed finding companies that were down on their luck but still had a few puffs of value left. Over time, shifted towards finding great companies at a fair price. Today, Buffett continues to apply this “great company at a fair price” approach to his investments, focusing on companies with strong growth potential and a durable competitive advantage.

He has expanded his gaze to invest in certain technology companies, showing that he can continue to learn.

His ideal holding period is “forever” and Berkshire has held stakes in companies like Coca-Cola and American Express for decades.

Buffett also prefers to invest in companies with durable competitive advantages, or “economic moats”, that allow them to withstand competition and generate consistent profits.

Berkshire Hathaway’s stock buyback

Despite ramping up Berkshire’s acquisition machine in recent years, the company has still struggled to find many of the big-ticket deals that galvanized Buffett’s renown, leaving him with more cash than he could quickly deploy. After hanging back during the pandemic, he’s since snapped up shares in Occidental Petroleum Corp. and struck a $11.6 billion deal to buy Alleghany Corp. Buffett has also leaned heavily on share repurchases amid the dearth of appealing alternatives, saying the measures benefit shareholders.

Buffett spent about $7.0 billion repurchasing Berkshire stock in the first nine months of 2023. This is an indication that Warren Buffet believes the shares are undervalued and continuing shareholders will benefit from the stock buybacks.

Berkshire’s benefits from cash pile

 Berkshire Hathaway is positioned well to take advantage of a market downturn with its large cash pile and Warren Buffett’s investment skills.

• Buffett prefers to not hold more than 20% of Berkshire’s value in cash and looks for undervalued businesses to invest in.
• Holding cash makes sense when businesses are too expensive, but investors need to determine their own cash management strategy based on their investment style and goals.

When it comes to Berkshire’s cash strategy, the company will always hold some extra cash so it can cover unexpected catastrophic insurance claims.

Other cash rich companies

Other cash-rich companies are. Google parent Alphabet (GOOGL) had $119 billion of cash, equivalents, and marketable securities and $53 billion of that total consisted of government bonds. Apple (AAPL) had $207 billion of cash and marketable securities and about $28 billion of that amount was in Treasury securities.

Berkshire’s Q4 earning report

Berkshire’s operating earnings are expected to have risen 26% in the fourth quarter to $5,717 per Class A share, according to FactSet. Overall earnings likely will be much higher due to the stock market rally and a surge in Apple shares in the fourth quarter. Berkshire’s fourth quarter earnings will likely be released at the end of February along with Buffett’s annual letter to shareholders.

Looking ahead, Berkshire’s cash reserves position it advantageously for market downturns, showcasing Buffett’s resilience and adaptability. Warren Buffett has doubled the annual returns of the S&P 500 with most great buys and some mistakes like Kraft Heinz. Part of Buffett’s strategy was to hold some cash for long periods of time, waiting for those good investments to come along.

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New plant-based meat alternatives that aim to mimic the taste and texture of beef could have significant economic, environmental, and animal welfare impacts if they replace traditional animal-based meats and reduce livestock production.

Rise of veganism

In recent years, there has been a notable shift in consumer preferences and have seen tremendous veganism growth. The population of vegans in the U.S. alone increased by 600% between 2014 and 2017, according to GlobalData. This growing interest in veganism has prompted retailers to respond by offering more plant-based meat options. In fact, Forbes reported in 2018 that 95% of U.S. grocery stores now offer plant-based meat products.

The plant-based food market has experienced significant growth, with a 27% increase in 2020. This growth outpaced the overall retail food market, which only saw a 15% increase. The plant-based meat category, in particular, grew twice as fast as animal-based meat, indicating a substantial shift in consumer preferences.

Plant based food market growth

According to Globe Newswire, the worldwide plant-based meat market is estimated to reach $14.9 billion by 2027, growing at a compound annual growth rate (CAGR) of 15% between 2020 and 2027. Some factors that could influence this industry’s growth are concerns about animal cruelty, increasing consciousness about the benefits of eating vegan meat, and more people who follow a plant-based diet.

The U.S. is one of the largest markets for plant-based meat alternatives, with sales totaling $939 million in 2021, according to Green Queen. However, other regions are also showing strong demand, such as Europe, Asia-Pacific, and Latin America.

Prominent players in plant-based industry

Some of the most prominent players in the plant-based meat industry are Beyond Meat and Impossible Foods, which produce burgers, sausages, nuggets, and other products that resemble animal meat. Beyond Meat has a larger market share than Impossible Foods, with its products available in 122,000 stores worldwide, compared to 20,000 for Impossible Foods, according to Reuters.

However, many other companies are innovating in this space, such as Quorn, Gardein, Morningstar Farms, Tofurky, Lightlife, Oatly, and more. Additionally, some traditional meat producers are also entering the plant-based meat market, such as Tyson Foods, Nestlé, Hormel Foods, and Smithfield Foods.

Pros and cons of plant based diet

A well-balanced nutrient-dense plant-based diet offers a host of health benefits that can improve health markers and quality of life.

One of the driving factors behind the rise of plant-based food is the growing awareness of the environmental and health impacts of meat consumption. Research conducted on farming’s impact on the environment concluded that adopting a vegan diet is one of the most effective ways to reduce an individual’s carbon footprint. Additionally, plant-based diets have been linked to lower risks of diseases such as heart disease, diabetes, and certain types of cancer. These findings have led health professionals to encourage plant-based eating as a means to improve overall well-being.

Benefits of reducing meat consumption for the environment

There are many benefits of not eating meat. Listed here are few that are helpful in overall health and wellbeing.

• Reducing the environmental impact of agricultural operations
• Improving health
• Improving animal welfare
• Supporting food security
• Catering to diverse dietary needs
• Promoting innovation and entrepreneurship
• Reducing antibiotic resistance

Challenges of plant-based meat alternatives

There are many benefits to plant-based diet, though there are few cons too

• Consumer acceptance and preference
• Regulatory and legal issues

The Impact on Farmers and the Meat Industry

While the shift towards plant-based food has positive implications for the environment and public health, it presents challenges for farmers and those employed in the meat industry. According to IBISWorld, there are currently almost half a million people employed in the U.S. meat processing industry. These individuals play a vital role in sorting, cleaning, grinding, and packaging meat for human consumption.

The animal agriculture industry supports millions of workers at various production stages. As per a research there are three groups that may be impacted most by exponential growth in the plant-based food market:

• Growers of soy and corn for animal feed

As many emerging plant-based foods boast soy-free recipes, often substituting soy for mushrooms, peas, and mung beans.

• Contract pork and poultry farmers

Animal feed crop farmers may have to switch to growing legumes and other plant proteins to support the growing plant-based meat market, which comes with geographic and climatic limitations. Contract farmers that build steel barns for chickens and pigs may have to convert them into hemp or mushroom-growing buildings. This expensive undertaking may not be possible for many vulnerable farmers.

• Meatpacking workers

Furthermore, plant-based meat processing is more automated than managing animal products, requiring fewer workers and eliminating countless slaughterhouse jobs.

 Restructuring the Meat Industry Sustainably

Many studies illustrate the environmental and health benefits of adopting a plant-based diet but building a thriving alternative meat industry will take careful restructuring to avoid negative economic impacts. Helping livestock farmers restructure their operations to support the growing plant-based industry will likely take federal funding and new policymaking. Manufacturers should invest in research and development of plant-based alternatives for solid meat cuts to build a more robust alternative meat market that does not solely rely on ground beef substitution.

Organizations Supporting Farmers in Transition

There are many organizations like Mercy For Animals launched the Transfarmation project, which helps animal farmers convert their operations to animal-free alternatives.

The Role of Policy and Government Support

The Farm System Reform Act proposes a moratorium on new factory farm construction, a phase-out of factory farms by 2040, and financial support for farmers to transition to higher-welfare settings or alternative crops. With the support of organizations and the implementation of supportive policies, farmers can navigate the transition and contribute to a more sustainable and compassionate food system.

Future of plant based alternative

The rise of plant-based meat alternatives is transforming the food industry and creating new opportunities for innovation, entrepreneurship, and sustainability. These products offer a range of benefits, such as reducing the environmental impact of agriculture, improving human health, promoting animal welfare, supporting food security, and reducing antibiotic resistance.

As the market for plant-based meat continues to grow, it will be interesting to see how the industry evolves and what new developments emerge in the coming years.

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