Why Mark Cuban Only Invests in Businesses Going Mobile
Cuban puts his money where his mouth is when it comes to investing in businesses with an eye to the mobile-friendly future.
These days it’s rare to find someone who doesn’t rely on a smartphone to get through the day. From task management software to apps that track sleep cycles, consumers have embraced mobile technology with open thumbs. Entrepreneur, Dallas Mavericks owner and investor for the hit series “Shark Tank,” Mark Cuban urges business owners to be mindful of the mobile revolution.
“If a company does not have a mobile strategy, there’s no reason to consider investing,” he tells Mediaplanet. “For many investments, mobile will be the default manner of connecting with customers.”
On the court
Cuban relies heavily on mobile technology to manage his many
“If you don’t integrate mobile as a fundamental component of your business, you will be at a competitive disadvantage.”
business efforts, including the Dallas Mavericks. “We need to be able to communicate with stakeholders in real time, so we make sure everyone has a mobile device with common platforms for any and every type of communication,” he continues. “We send game videos, training sequences, schedules and analytics… there’s very little that we don’t do on mobile devices.”
Some entrepreneurs are slow to go mobile and blind to the massive cost savings and productivity benefits these solutions offer. “The first step is to [seek] real expertise — someone who has worked in cyber security with a company like yours,” Cuban advises. “You’ll also need standards and ongoing communications about what devices can and cannot be connected, as well as training on how to avoid phishing and other hacks that could endanger your company.”
First steps
Mark’s advice for businesses who are struggling to digitize their business processes? Test, reiterate and improve. “The first step is to work with your IT person or group and inventory the personal devices everyone is using; come to a common ground on the best way to facilitate communications,” he recommends. “Prioritize where the company stands to gain the most value from mobile.”
In 2016, Google revised its search algorithm in favor of mobilefriendly sites. According to a study by market research company eMarketer, 48 percent of small businesses are not mobile-optimized, and their search listings on mobile have dropped as a result. Cuban urges small business owners to take note of these figures and to act fast.
“If you don’t integrate mobile as a fundamental component of your business, you will be at a competitive disadvantage.”