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Recent Press Releases (U.S. and international) for magazine issues and staff changes may be found below. Please note that for many issues there exists only a highlights sheet, while for others there may also be a full press release. The cover of FSB's current issue is pictured at right. Please contact the appropriate communications staff member with any questions.
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Highlights of the April 2008 Issue of FSB: FORTUNE Small Business
Pretending to Be Small, by David Robinson and Amy Haimerl, page 19 New legislation, tiptoeing on cat feet, would let VC-controlled firms grab federal grants meant for independent businesses. The U.S. House has passed, and the Senate is considering, legislation that would dramatically alter the definition of "small" business and expand access to set-asides now reserved for independent entrepreneurs. The bill's Orwellian title: the Small Business Investment Expansion Act.
Does Your Accountant Work for the IRS?, by Alec Foege, page 22 Who's an entrepreneur's best friend during tax season? If "accountant" is your answer, you may need to reconsider. Thanks to the Small Business and Work Opportunity Tax Act of 2007, accountants are being asked to put the IRS's interests above those of their small-business clients.
Singing in the Rain?, by Stacy Cowley, page 30 A storm is gathering over the ART WORLD, but these savvy entrepreneurs are ready to WEATHER WHATEVER comes. If, like most entrepreneurs, you've been focused on the real estate recession and record-setting energy prices, you might not have noticed a big surprise in the art market. Two dozen artists saw their work achieve record-high prices last fall at Sotheby's contemporary-art auction. And in February a charity auction organized by rocker-activist Bono netted $42.6 million, comfortably ahead of Sotheby's $29 million estimate. Entrepreneurs are turning to new markets and applying lessons learned in the 1989 downturn to ensure that they're nimble enough to succeed in either a continued boom or a bust.
Bakery on the Rise,, by Patricia B. Gray, page 35 — Detroit Two partners try to expand their food business without losing momentum. Every city has a skid row. For years Detroit's was Cass Corridor. Even at 4 A.M. commerce thrived. You could buy drugs, sex, cheap wine, and stolen merchandise at almost any hour of the day. But you couldn't buy a freshly baked loaf of bread. The area was a culinary wasteland, until two idealistic bakers opened Avalon International Breads.
Pay By Phone, by Jonathan Blum, page 47 An innovative startup promises to turn cellphones into wallets. In 2006 Obopay launched a service in the U.S. that acts as a digital intermediary between cellular companies and banks — in other words, moving money from checking accounts via cellphones. The mobile payment system, like a gift card, lets users store cash in their phones and transfer it via the web to other phones (if, say, you owe a friend money) or use it to shop. Deals have been locked in with Verizon Wireless and other mobile-service providers to run Obopay software on their phones. Citibank is testing the system. FSB explores how this business is competing with cash worldwide.
Purée a Rake for Fun and Profit, by Jennifer Alsever, page 51 How one manufacturer drove sales up 500% — by putting its CEO on YouTube. Whether they are posted on YouTube or some other popular free video-sharing site such as Dailymotion, viral video ads are cheap commercials that can spread from person to person like wildfire — as long as they're fun or useful to watch. More than half of Internet users have watched a video ad online, according to research by the Kelsey Group. Nearly half of those viewers went on to visit the company website, and 15% of those made a purchase. Think of viral videos as Super Bowl advertising that any small business with a $300 videocamera can afford.
Hot Thin Roofs, by Brian Dumaine, page 61 — Palo Alto A new solar energy product, thin enough to be built into shingles, may finally make the technology competitive. With energy prices soaring, affordable solar power would be welcomed by any entrepreneur looking to trim the electric bill. Trouble is, power generated by the most widely available technology — panels covered with photovoltaic (PV) systems, which translate sunlight into AC current — still costs two to three times more than electricity generated from coal and other fossil fuels. FSB reports on a new technology that may change all of this.
Jihador Jobs?, by Richard McGill Murphy, page 82 An American entrepreneur bets that economic opportunity can help heal the Middle East. Ronald Bruder believes the rage driving some Muslims to become terrorists stems mostly from economic frustration. While there are plenty of other philanthropic Jewish entrepreneurs in New York City, only Bruder has created a foundation to help Arabs find work. Thanks to his foundation, several hundred young Jordanians, Palestinians, and Moroccans have solid jobs as accountants, computer programmers, land surveyors, and the like. Bruder plans to place thousands of students in coming years, and eventually he hopes for nothing less than the economic and social transformation of the Islamic world.
They Like It Rough, by Jeff Wise, page 90 — Virgin Gorda, British Virgin Islands At the Bitter End, some of the world's best sailors take amateurs on a wild ride. The Bitter End Pro Am Regatta, now in its 21st year, is an annual five-day event that allows amateurs and even beginners to sail with ten of the sport's most famous names. While many vacationers come here simply to relax, the Pro Am Regatta is about competition in its keenest form and the rare chance to breathe the same air as top professional sailors.
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