Blavity Media Group, Group Black, Newsweek and TelevisaUnivision join a media coalition led by Mastercard to provide ongoing mentorship to all.
LAS VEGAS, January 11, 2024–(BUSINESS WIRE)–Mastercard is in development on a new initiative to support small business owners globally with personalized guidance to help them grow and thrive. Recognizing the important contribution of small businesses to the global economy and the incredible impact of mentoring on their success, the company is experimenting. Mastercard Small Business AIan inclusive AI tool that provides personalized assistance anytime, anywhere for all small business owners while overcoming unique and diverse business obstacles.
Today’s flow of information can be overwhelming, and while modern businesses face a compelling need to adapt, upgrade their skills, and keep up with changing consumer demands, time is often not on their side. Considering that eight out of ten small enterprises operate without employees (1) and 88% acknowledge the great value of having a mentor (2)Resource-strapped entrepreneurs are looking for solutions that cut right to the heart of their needs.
“Running a small business is a source of immense passion and pride for entrepreneurs, but it’s certainly not easy. We work closely with small business owners at all stages of development and see the myriad challenges they face and the critical importance of mentorship to their success,” said Raja Rajamannar, Chief Marketing and Communications Officer, Mastercard. “Mastercard Small Business AI aims to create mentorship at scale, constantly offering advice from a comprehensive set of resources. It’s a testament to our commitment to the small business community and to innovation that lifts people up.”
Catalyzing AI transformation through partnerships
In partnership with Create Labs, a social enterprise offering technology access to underserved communities, the tool is being developed to limit bias and address diverse entrepreneurial needs. This innovative tool incorporates advanced Generative AI features to offer a conversational experience based on emerging techniques and inclusive design standards to promote a relevant user journey.
Created by Mastercard and Create Labs, the Generative AI tool will be responsibly built on diverse and inclusive content. The AI tool will not only feed data from Mastercard’s existing content repository – Small Business Community, Digital Gateways, Mastercard Trust Center, Strive USA and elsewhere – but a newly formed global media coalition will contribute by licensing its business content. articles, podcasts and interviews. The following will be the initial participants:
Blavity Media Group, A digital media company with a mission to empower black millennials economically and creatively.
Black group, a black-owned media company dedicated to connecting brands with diverse audiences. The collective of the group includes Pod Digital Media, Black Women Talk Tech, ReachTV.
Newsweek, A modern global digital news organization built around a 90-year-old American magazine.
Television Univisionis the world’s leading Spanish-language media company, reaching more than 53 million US consumers across linear and digital platforms.
The device is scheduled to be tested in the US later this year, with international markets to follow. Mastercard plans to establish additional partners around the world to increase critical local relevance as the tool expands globally.
“There is incredible power in coming together for the common goal of inclusion. Through collaboration, we are working to combine diverse resources to improve a tool for all small and medium business owners. We hope that these collective efforts shape a fairer world for future generations, as felt by many minorities.” reducing isolation and empowering them with the resources they need to succeed,” said Bonin Bough, Chief Strategy Officer and Co-Founder of Group Black.
A record of support from the small business community
Guided by the belief that a company can do well as a business by doing good in the world, Mastercard is committed to bringing small businesses everywhere into the financial mainstream. Understanding that time is one of the most valuable assets for any small business owner, Mastercard has a strong history of developing dozens of business solutions and services centered around operational efficiency and ease of use. Mastercard Small Business AI will join the company’s suite of small business solutions to empower entrepreneurs to grow and protect their businesses in today’s digital economy.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and empower an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections in more than 210 countries and territories, we build a sustainable world that opens up invaluable opportunities for all. www.mastercard.com
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