Retailers are looking to get a taste of social media love. With Black Friday around the corner, companies in the retail sector are planning major campaigns through social networking sites like Facebook to access wider markets and drive more sales. Some, such as Sears, JCPenney, Starbucks and Target, among others, are actually letting customers shop via Facebook itself, rather than use only it as a tool for routing traffic. The retailers know they need a new angle for winning more business, and social media appears to be the answer.
The Chinese government is committing $1.32 billion to launch venture capital funds jointly with several of its provinces, according to a Reuters report. Private investors will also be involved in the effort, the purpose of which is to bolster the growth of the high-tech sector across China. Specific sectors that will benefit include information technology, energy, pharma and environmental.
China isn’t spending all its money in one place. Rather, it’s spreading the cash across 20 venture capital funds. One billion yuan (slightly more than 10% of the capital) will come from the Chinese government, with 1.2 billion yuan coming from the local governments. The rest is being kicked in by the private sector.
Over at day job, I heard from a colleague that Washington Mutual, which had just been picked up fire sale-style by JP Morgan Chase, had done little more than slap a new logo over an old one. And, they did. The effort is truly low-rent, but I guess it gets the point across.
They took the picture off the website today, which is a fucking shame. Yesterday, the new JPMC message was pasted on top of a picture in which one kid was covering the other’s eyes.