New SBA Leadership, a Gig-Mentality Shift, and “Influencer Fraud”

Jovita Carranza Heading to the SBA

Jovita Carranza looks like the she’ll be heading to the Small Business Administration (SBA) as President Trump has just announced his attention to nominate her. Currently the Treasurer of the United States, Carranza would replace Linda McMahon, who is also well-known for her time spent as an executive in the pro-wrestling world. If she does join Trump’s cabinet, she would be the highest-ranking Hispanic woman in it.

Carranza’s professional ascent is inspirational to say the least. While she has served in the SBA before (as the Deputy Administrator), she also spent over twenty years working for UPS. Literally starting from the bottom (as a night-shift box handler), Carranza worked hard to climb the ladder at UPS, eventually becoming the highest-ranking Latina in the history of the company when she took over as President of all Latin American and Caribbean operations.

If Carranza does get confirmed to take over the SBA, it’s likely she’ll continue the current trend of passing pro-growth economic policies, something that is good for many businesses around the country. A huge proponent of small businesses, Carranza’s work in the SBA will most likely focus on supporting “the lifeblood of the American economy”, including eliminating job killing regulations.

Can Traditional Work Still Compete with Gig-Mentality Shift?

A professor at NYU Stern School of Business, Arun Sundararajan has made waves in the past with his book, The Sharing Economy: The End of Employment and the Rise of Crowd-Based Capitalism. A big believer in the power of the “gig economy”, Sundararajan feels like the world, especially the United States, is on the brink of a revolution. Citing the growth of “gig” platforms, such as Uber and Airbnb, it does seem like there are more and more people choosing to leave traditional work in order to enjoy the freedom that comes with a “lifestyle career”.

But is it enough to completely shift the economy?

According to the U.S. Bureau of Labor Statistics, the answer is no. Not only is the gig economy still minuscule, but it looks like there was actually a decline in the number of people working in gig positions during 2005 and 2017. While digital platforms do allow people to make money outside of the traditional economy, they’re incapable of offering all of the same benefits, which is why so many people eventually end up back at a traditional job - or they only dabble in the gig world part-time. In addition to the stability a traditional job offers, most companies provide benefits, which is something that has become a major issue for individuals engaging in the wild west of “gigging”.

The biggest benefits of the gig economy?

Efficiency and freedom, which is why Sundararajan still argues that it’s a force to be reckoned with - one that will, according to his theory, take over traditional jobs once and for all.

AI Cracking Down on “Influencer Fraud”

Imagine searching online for the perfect influencer for your brand. After scrolling and hunting hashtags, you come across her - the ideal influencer and the missing link to your company’s marketing. With hundreds of thousands of followers and an active account, you’ll happily pay her $1,000 for a post about your brand or business.

And so will dozens of other businesses with your same idea.

The problem?

Her account, its followers and the engagement it has with the audience, is fake.

Thanks to the popularity and temptation of “bot farms”, it’s all too easy to create an account that by all means looks like a real influencer. These bots not only give an account thousands and thousands of followers, but they also can be hired for engagement, liking, sharing, and commenting on your posts to make your account look legitimate. Some people also become part of a “community” to boost followers and engagement, which, at first, can seem like a sneaky way around the hard work it takes to actually develop a fruitful social media profile.

Known as influencer fraud, recent stories about fake accounts duping businesses has left brands wanting to leverage influencer marketing to keep their distance. (A painful decision when you look at the numbers - influence marketing is estimated to be an industry worth $10 billion by next year.)

If only there was a way to quickly know which influencers are the real deal - and which are cheating - without ever having to waste your marketing dollars!

And, if you were thinking that would be a brilliant business idea, you’re right! But, Like-Wise beat you to it. Launched in January of this year, Like-Wise is one of the first (if not the first tool) to use AI to determine whether engagement online is real or fake. Some of the first brands eager to try the technology include Amazon, FIFA, Tik Tok, Disney, Nokia, Dreamworks, NBC Universal, Superdry, and Häagen-Dazs.

Like-Wise works by using data generated from bot farms to create a database of profiles. The AI learns how to cross-reference profiles to influencer accounts in order to create an engagement graph, one that lets businesses know if engagement is organic or contrived.