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Paul Tudor Jones' dark future
Memphis-born venture capitalist and investor Paul Tudor Jones might be called Cassandra, after the mythological figure who had the power of prophecy. Problem with her was that her prophecies were true but nobody believed her. But when Jones speaks, people do listen and what he’s been saying isn’t what you want to hear.
But maybe you should.
In Think Advisor, he says the next U.S. recession will be frightening. The publication says Jones was interviewed by Goldman Sachs CEO Lloyd Blankfein as part of the firm’s “Talk at GS” series. He said the country will have “to get back to a sustainable fiscal policy and that probably means the price of assets goes down in the very long run.”
Also: current monetary policy isn’t sustainable, the February market break is “a bomb ready to explode,” and there’s a lack of fiscal stabilizers that will hurt us badly.
Biz growth in Tennessee
The number of new businesses grew more than 10 percent during the first quarter of 2018 compared to the same time last year according to a new report released by the Tennessee Secretary of State's office. There were 11,480 new entity filings in the first quarter of 2018, representing a 10.7 percent increase compared to the same time the year before.
Initial filings have had positive year-over-year growth for 26 consecutive quarters. Domestic limited liability corporations (LLCs), which were up 13.3 percent compared to the first quarter of 2017, account for nearly two-thirds of all new entity filings.
The Tennessee Quarterly Business and Economic Indicators report gives a periodic snapshot of the state’s economy based on a variety of information, including new business data from the Division of Business Services.
As of April 1, 2018, there were 273,437 active entities in Tennessee representing a 5.5 percent increase compared to the same time last year. In the state’s four largest counties, Davidson County has the largest initial filings year-over-year growth at 13.7 percent. Shelby County came in second at 8.5 percent with Knox County at 8.3 percent. Hamilton County saw a 3.3 percent increase. The four counties account for 6,618 new entity filings during the first quarter of 2018, which is a 9.8 percent increase compared to the same time in 2017.
Innovators of the Year - only two weeks to nominate!
Inside Memphis Business magazine has been recognizing the top thinkers and doers in the city for several years. Our sixth annual IMB Innovation Awards issue is coming in October and we want your nominations for these people and organizations that are at the forefront of evolution — tinkerers, questioners, visionaries — who keep the machine of commerce oiled.
Nominations have started to come in and we want you to send us your best and brightest candidates. Please include any pertinent biographical or business information, and why the person, business, or organization should be recognized as a leader among innovators.
Email your nomination to sparks@insidememphisbusiness.
Openings and expansions
- DoorDash launched in Memphis this week delivering from restaurants to customers in Memphis, Bartlett, Arlington, and Lakeland. Delivery will be available from 11 a.m. to 10 p.m. daily. Restaurants include Hattie B's, Next Door American Eatery, and The Cheesecake Factory, among others. Memphis area customers can use promo DASHMEMPHIS for $5 off an order over $15, valid through July 26th. Find it here.
- Milk Dessert Bar has a ribbon cutting today at 1789 Kirby Parkway, Suite 10. the shop features ice cream, edible cookie dough, a cereal bar, cakes, and cookies. The theme and eclectic decor is "classic meets the unexpected" aiming for a feeling of being at grandma's house. Details here.
- Memphis-based Hollywood Feed is staying open an hour longer on Sundays in its stores across the Mid-South. Hours are now 11:30 a.m to 6:30 p.m..
- Lapels Dry Cleaning has opened a satellite location at 5764 Airline Road in Arlington. It’s owned by the Dawson Investment Group, which recently opened Lapels Dry Cleaning of Germantown at 9947 Wolf River Blvd. in Collierville. The company touts its green practices, including using environmentally-friendly solvent that has no odor, breaks down naturally and is non-toxic, is gentle on clothes and safe. The company recycles hangers and plastic garment bags.
News from other sources
Jacob Steimer of the Memphis Business Journal writes of the Shelby County Commission’s backing of a $42 million TIF to improve infrastructure in East Memphis over the next 20 years. See his story here (subscription).
In the same neighborhood, Tennessee Department of Transportation will replace four 50-year-old bridges over Interstate 240 starting next month — a $54.1 million project that will play havoc with traffic. Read Bill Dries’ story in The Daily News here.
Tom Charlier at The Commercial Appeal writes of the problem Regional One Health has with 25 prolific users of the emergency department whose frequent visits are driving up costs. Read about it here(subscription).
Power Player
Inside Memphis Business magazine publishes a list of local Power Players every year. These are the movers and shakers in more than 30 categories who get things done in their respective fields. IMB’s April issue has the complete list. We also publish individual categories in other issues throughout the year, and we feature individual Power Players in our weekly Tip Sheet.
Today’s Power Player: Eric Mathews
Founder and CEO, Start Co.; B.S., Chemistry, Rhodes College; M.S., Cognitive Science, U of M. Longtime advocate and builder of high-growth potential tech startups in region. Architect of regional startup economy. Early stage startup investor. Creates culture of entrepreneurship, engages community leaders and investors in economic change, develops portfolio of startup companies. Former interim executive director, Emerge Memphis. Former associate director, FedEx Institute of Technology.
