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Carlina Teteris/Getty ImagesEntrepreneurs who are also creatives can be hesitant to market their business, instead preferring to focus on developing and perfecting their creations. But time spent promoting your product is much likelier to help it find an audience than time spent tinkering with it or making the next iteration. As a rule, creators should spend a lot of time in development, but at least double that amount of time in promotion. Once you have created something valuable, you should double, triple, and quadruple-dip it, pushing the same product to different audiences. Visit Business Insider's homepage for more stories. Many entrepreneurs create products and start companies not because they want to become public figures, but because they believe they are solving an important problem. As a result, small business owners can sometimes be reluctant to promote what they've created. Many creators labor under the false assumption that great products will simply rise to the top through the sheer quality of their design. Even companies whose success seemed inevitable, like TikTok, shored up the odds of that "inevitability" with massive marketing campaigns. There is no substitute for a great product, and developing that flagship innovation should be every entrepreneur's main priority.
Nikola founder Trevor Milton has walked away from the electric-truck maker in the midst of a nasty feud with a short-seller with more than $2 billion in stock, records show. Milton — who stepped down as the Tesla challenger’s chairman Monday amid a storm of fraud allegations — got to keep more than 91.6 million Nikola shares that he owns through a limited-liability company under his separation agreement with the firm. His stake is currently worth about $2.5 billion, based on Nikola’s closing share price of $27.58 on Monday. The deal also allows for the “accelerated vesting and settlement” of 600,000 restricted shares Milton was awarded last month. That means he can sell the shares sometime in the next six months instead of waiting until June 2023, according to CNBC. Milton volunteered to leave Nikola after short-selling investment firm Hindenburg Research accused him of lying about the company’s technology to build up its business. The embarrassing allegations came two days after the company announced a deal to have General Motors produce its all-electric pickup truck, the Badger. Among Hindenburg’s claims was that the company staged a January 2018 video of its Nikola One semi-truck by filming it rolling down a hill in neutral, not powered by its own engine. Nikola called the report “a hit job for short sale profit-driven by greed” and said it never claimed the truck was driving “under its own propulsion.” Milton gave up about 4.9 million performance-based shares under his separation agreement, disclosed Monday, and roughly 6 million of his remaining shares are subject to options held by certain employees, according to the deal. He also forfeited the right to a two-year, $20 million consulting contract with the Phoenix-based startup and will instead provide consulting for free on an as-needed basis through the end of the year, Nikola said. The deal also imposes some restrictions on Milton — including one provision requiring him to consult Nikola’s legal counsel before making any statements about the company on social media. There’s also a “mutual non-disparagement” clause barring Milton and Nikola’s current bosses from making “defamatory or disparaging statements” about each other. Nikola shares climbed as much as 6.8 percent Tuesday to a high of $29.48 after news of Milton’s exit sent the stock plunging more than 19 percent Monday.
BRUSSELS (REUTERS) - European Council President Charles Michel postponed a summit of European Union (EU) leaders on Thursday (Sept 24) and Friday until the start of October after going into coronavirus quarantine due to contact with an infected security guard, his spokesman said. Michel, who chairs EU summits, tested negative for Covid-19 on Monday, his spokesman said via Twitter, but was following the rules in Belgium, the seat of EU institutions where the summits of EU leaders take place, by going into isolation. "The president today learned that a security officer, with whom he was in close contact early last week, tested positive for Covid," Michel's spokesman said. "The president is tested regularly and tested negative yesterday. Respecting Belgian rules, he has gone into quarantine as of today." The postponement is a blow to Greece and Cyprus, who must now wait until Oct 1-2 for EU leaders to discuss how to respond to rising tensions in the Eastern Mediterranean over energy resources there. A potential deal on Turkey over a summit dinner that was due for Thursday in Brussels was also billed as the venue to find approval for economic sanctions on Belarus in support
Babette Albrecht, the mother of Nicolay Albrecht, who is suing her and other members of his family. Rolf Vennenbernd/picture alliance via Getty ImagesThe grandson of one of Aldi’s founders is suing his mother and at least two of his sisters, claiming they embezzled millions from a family trust. Nicolay Albrecht said the family withdrew millions of euros from the Jakobus Stiftung, which controls 19.5% of Aldi Nord’s shares. Aldi Nord covers around half of the discount grocer’s 10,000 stores, and acquired Trader Joe’s in 1979. The Jakobus Stiftung has four board members, and three of these are family. Visit Business Insider's homepage for more stories. An heir to the Aldi discount grocery empire is suing his close family, accusing them of embezzling millions of euros. Nicolay Albrecht, the grandson of one of Aldi's founders, filed a criminal complaint against his mother, at least two of his sisters, and their lawyers, Germany newspaper die Süddeutsche Zeitung reported. In his one-page criminal complaint, Nicolay said the family illegally withdrew millions of euros from the Jakobus Stiftung, one of the three foundations that hold his side of the family's shares in the Aldi Nord group. Aldi Nord owns just under half of
Satya Nadella, chief executive officer of Microsoft Corp. Grant Hindsley | Bloomberg | Getty Images Microsoft on Tuesday announced developer tools for enhancing applications with calling and texting capabilities at its Ignite conference for IT workers. The launch demonstrates one of the ways Microsoft is trying to grow its cloud business by entering smaller individual markets. The company might persuade existing customers to try these tools instead of forming relationships with smaller software companies. The collection of Azure Communications Services from Microsoft includes application programming interfaces that make it possible for third-party applications to make voice and video calls, exchange chat messages, send text messages, and create phone numbers for inbound and outbound calls. Companies such as 8x8, RingCentral and Twilio already offer some of these capabilities. Amazon Web Services (AWS), the largest cloud infrastructure provider, offers developer services for embedding text messaging and video calling into customers' applications. Microsoft executives have said the company would not compete with its own customers. Twilio's main cloud provider is not Microsoft. The company relies on AWS for the vast majority of its cloud infrastructure needs. RingCentral uses its own data center infrastructure, while 8x8 draws on a combination of its