This week, the business news was dominated with individuals and companies looking to the future – which was brighter for some than others.
We learned about the future of cybersecurity from Cryptonite CEO, Michael Simon, witnessed the rise of a $10M venture fund tasked with changing the way we watch and experience sports, watched as a national retailer had to scale back its operations and found out why business executives are feeling less confident about the economy.
That all in this week’s business news:
The future of cybersecurity embraces automation and eliminates human error – an interview with Michael Simon of Cryptonite
In the latest post on Corporate Growth, Capital Style, Michael Simon speaks about the evolving security industry, the trends impacting today’s security market, what differentiates Cryptonite in this extremely crowded space and which industries and market verticals he feels are most in need of Cryptonite’s solutions.
Sports Authority Files for Chapter 11 Bankruptcy Protection
The retailer said Wednesday that it plans to close or sell about 140 stores and two distribution centers, in Denver and Chicago. The store closings are expected to take up to three months. “We are taking this action so that we can continue to adapt our business to meet the changing dynamics in the retail industry,” CEO Michael Foss said in a written statement. The executive said that it needs fewer stores as consumers are increasingly shifting to online shopping.
Read more: http://www.nbcwashington.com/news/business/Sports-Authority-Files-for-Chapter-11-Bankruptcy-Protection–370780991.html
Ted Leonsis launching $10M venture fund for sports tech startups
Ted Leonsis is starting a $10 million venture capital fund to invest in tech startups with the potential to change the way we watch and experience sports. Leonsis revealed his plans at a tech and innovation showcase held by his Monumental Sports & Entertainment on Monday for corporate partners.
Read more: http://www.bizjournals.com/washington/blog/techflash/2016/03/ted-leonsis-launching-10m-venture-fund-for-sports.html
Harris Corp. selling its aerostructures business to Albany International for $210M
Melbourne, Florida-based Harris Corp. (NYSE: HRS) announced Monday that it’s going to sell its aerostructures business to Albany International Corp. (NYSE: AIN). Albany International will buy the business, which Harris inherited following its $4.7 billion acquisition of McLean-based government services contractor Exelis Inc., for $210 million. The announcement comes after Harris revealed near the end of its second quarter — which ended Dec. 31 — that it planned to divest the business.
Read more: http://www.bizjournals.com/washington/blog/fedbiz_daily/2016/02/harris-corp-selling-its-aerostructures-business-to.html
Business executives less confident about economy
More than one-third of top financial executives at American businesses are pessimistic about the U.S. economy over the next 12 months, the bleakest outlook in more than three years. That’s according to a survey of CEOs, chief financial officers, controllers and other senior managers. On an industry basis, the outlook is brightest for construction, technology and real estate, and dimmest for retail trade, finance and insurance, and manufacturing.
Read more: http://www.bizjournals.com/washington/news/news-wire/2016/03/03/business-executives-less-confident-about-economy.html