Connect with us

Business

US businesses struggled to hire in April amid low unemployment

Published

on

Businesses are struggling to find staff as US unemployment nears its pre-pandemic level
Share this:

US private businesses saw surprisingly weak hiring in April, a survey showed Wednesday, amid low unemployment that’s made their quest to find workers even more difficult.

Payroll services firm ADP reported private employment rose 247,000 last month, considerably less than expected and down from March’s upwardly revised total.

The survey is considered a preview of the government jobs report due out Friday, and could foreshadow weak hiring overall last month in the US economy, where unemployment has nearly returned to the level it had before Covid-19 caused mass layoffs two years ago.

ADP’s chief economist Nela Richardson said the survey’s undershoot was not a sign that jobs weren’t available, but rather of a shortage of workers.

“While hiring demand remains strong, labor supply shortages caused job gains to soften for both goods producers and services providers,” she said. 

“As the labor market tightens, small companies, with fewer than 50 employees, struggle with competition for wages amid increased costs.”

Small businesses lost 120,000 positions last month, particularly those with between one and 19 employees, which lost 96,000, the data said.

Large businesses however added 321,000 jobs, while medium businesses added 46,000.

Service providers made up the bulk of the job gains, with 202,000 positions added. 

Leisure and hospitality, the sector comprising the bars and restaurants that suffered greatly from Covid-19, added the most positions in that sector with 77,000, while professional and business services firms added 50,000.

Goods producers added 46,000 positions, the data said.

Rubeela Farooqi of High Frequency Economics said despite the miss in the ADP survey, there’s reason to be optimistic about Friday’s jobs report.

“Recent data on the labor market including the downtrend in layoffs and ongoing job growth are signaling positive momentum, even as the supply side remains a constraint,” she said in an analysis.

Share this:

Business

9 in 10 small businesses use tech platforms—here are the most common types

Published

on

By

Nextiva identified the top types of tech platforms small businesses use based on a 2022 survey from the U.S. Chamber of Commerce.
Share this:

Small businesses looking to reach potential customers, streamline sales systems, and manage payroll are increasingly turning to technology to optimize their operations. Over 90% of U.S. small businesses use at least one technology platform for their operations and growth, according to a 2022 survey from the U.S. Chamber of Commerce.

The COVID-19 pandemic forced many small businesses to close, and those that survived the worst of the economic downturn then faced supply chain disruptions, staff shortages, and inflation. The survey found 86% of small business owners said technology helped their businesses survive the pandemic, especially as more businesses moved online and employees started working remotely.

Investing the time and energy to follow technology trends and learn how to implement new platforms can pay off for companies by automating parts of their operations and bringing them new insights into their potential and current customers. For small businesses, technology provides opportunities to expand capacity and simplify workflows.

Nextiva identified the top types of tech platforms small businesses used in the wake of the pandemic, based on the U.S. Chamber of Commerce survey data. The survey included 1,755 owners of businesses with fewer than 250 employees, and not in the agricultural sector.

A Block branded POS stand with a chip card reader.

Tada Images // Shutterstock

#4. Point-of-sale tools (tie)

– Share of small businesses utilizing this platform type: 36%

Technology can help small businesses in processing sales. Tools like Block—formerly known as Square, Clover, and Toast—allow businesses to accept credit card payments from anywhere employees and customers can use a smartphone. This offers a more flexible alternative to the traditional cash register system. Point-of-sale technology was particularly helpful to restaurants early in the pandemic by allowing diners to order and pay for their food by phone, with limited contact with servers. In addition to accepting payments, some point-of-sale systems also help track inventory, run daily sales reports, and manage customer loyalty rewards.

Laptop computer displaying logo of Google Workspace.

monticello // Shutterstock

#4. Productivity tools (tie)

– Share of small businesses utilizing this platform type: 36%

A significant share of small businesses use technology to boost productivity. With the growing popularity of remote work, small businesses are looking for new ways to stay connected to employees who may be physically apart. Tools like Google Workspace and Slack help streamline internal communications and collaboration among employees. Common features of this type of technology include instant messaging, document sharing that allows for collaborative editing, project management systems, and meeting scheduling. Another aspect of productivity is time management, including tools for time tracking and monitoring employees’ output.

Hand touching the "Boost Post" button on Facebook App.

Wachiwit // Shutterstock

#3. Marketing platforms

– Share of small businesses utilizing this platform type: 41%

Digital marketing opens up new possibilities for small businesses to reach prospective customers. Tools like Google Ads and Facebook Boost give businesses the ability to run targeted marketing campaigns that rely on demographic data and are tailored to the company’s goals. This removes the burden on business owners to guess who their best customers are and how to reach them. Incorporating technology in marketing also results in detailed insights on who responds to each ad and what problems they’re trying to solve, which can inform future marketing efforts. Many digital marketing tools are relatively cheap compared to large print ads or billboards.

QuickBooks software displayed on laptop.

Thamyris Salgueiro // Shutterstock

#2. Accounting software

– Share of small businesses utilizing this platform type: 56%

Accounting software like QuickBooks and NetSuite gives small businesses the capacity to perform essential accounting and financial management functions. These tools create systems for sending invoices, tracking revenue and expenses, processing e-commerce, and running payroll, among other features. Without incorporating technology for these functions, businesses would need to hire staff specialized in bookkeeping, IT, and tax policy—a much more expensive proposition than paying for software. Technology also allows for the automation of certain accounting functions, like sending reminders for unpaid invoices or subscription billing. Another potential benefit is the ability to integrate accounting information with long-term planning that incorporates projections for supply chain and production.

Close-up of a person with mobile phone taking photo of cupcake.

TZIDO SUN // Shutterstock

#1. Social media accounts

– Share of small businesses utilizing this platform type: 66%

The most common form of technology used by small businesses is social media. Tied closely to marketing platforms, social media allows businesses to communicate directly with customers and prospective customers. For businesses, social media fosters a sense of community, builds trust in a brand, and grows demand for products or services. Some of the most popular social media platforms are Facebook, Instagram, TikTok, and Twitter. Each platform has a unique user demographic and content presentation style, so businesses can choose a social media platform that allows them to connect with their customer base.

Data reporting by Paxtyn Merten. Story editing by Jeff Inglis. Copy editing by Paris Close. Photo selection by Clarese Moller.

This story originally appeared on Nextiva and was produced and
distributed in partnership with Stacker Studio.

Share this:
Continue Reading

Business

The top patent earner in each state last year

Published

on

By

Who's the brainiest inventor in your state? ClickUp used data from the Patent and Trademark Office to find the top patent earner in each state.
Share this:

Tech and engineering firms were the most inventive patent winners across the U.S. last year—a year marked by growing tension with foreign nations racing to bring world-changing tech like artificial intelligence and space satellites to market.

Nearly 160,000 patents were assigned across the U.S. in 2022, according to the U.S. Patent and Trademark Office. When a patent is awarded through the USPTO, the individual or company that it’s given to has the license to a temporary monopoly on business for that specific product or service. Companies have used patent law for decades to defend their intellectual property including designs and devices against competitors that might attempt to profit off of stolen ideas.

ClickUp used data from the Patent and Trademark Office to find the top patent earner in each state based on the number of patents assigned in fiscal year 2022, which ran from Oct. 1, 2021, through Sept. 30, 2022, for the patent office.

The data looks at the assignees for both regular utility and design patents and was limited to assignees that received at least 10 patents within the year. There were no assignees that met these criteria in Alaska, Hawaii, Maine, Mississippi, or West Virginia.

Private spending on research and development by U.S. companies has skyrocketed since the economic downturn of the late 2000s. In 2020, it was estimated to total $531 billion, according to the latest available data from the National Center for Science and Engineering Statistics.

In 2022, nine colleges and universities rose to the top in their respective states for patent filing, including the prestigious Johns Hopkins University in Maryland. The vast majority of top patent earners last year were private organizations.

Read on to see who scooped up the rights to the most cutting-edge tech in your state last year.

University of Alabama building.

University of College // Shutterstock

Alabama

– Top patent earner: The Board of Trustees of the University of Alabama
– Patents issued, 2022: 29 (53.7% of all patents statewide)
– Unique patent assignees statewide, 2022: 3

The University of Alabama earns the majority of patents in the state, according to USPTO data. In 2022 the university patents included technology for a method to convert a traditional lawn mower into an automated one.

Entrance sign to the campus of Arizona State University.

Ken Wolter // Shutterstock

Arizona

– Top patent earner: Arizona Board of Regents for and on behalf of Arizona State University
– Patents issued, 2022: 179 (26.7% of all patents statewide)
– Unique patent assignees statewide, 2022: 15

The Arizona Board of Regents earned patents in 2022 for a number of biological and technological breakthroughs, one of which is described as a “skin-like condom” that contains active ingredients for stimulating male and female arousal.

View of the Walmart Home Office corporate headquarters located in Bentonville, Arkansas.

EQRoy // Shutterstock

Arkansas

– Top patent earner: Walmart Apollo LLC
– Patents issued, 2022: 169 (93.9% of all patents statewide)
– Unique patent assignees statewide, 2022: 2

Bentonville-headquartered Walmart operates an intellectual property-focused LLC called Walmart Apollo, which has sued competitors in the past, including Kanye West, to protect Walmart property. In 2022 it earned patents centering around automated warehouse management and machine learning.

Qualcomm logo is seen at its headquarters in San Diego, California.

Tada Images // Shutterstock

California

– Top patent earner: Qualcomm Technologies Inc.
– Patents issued, 2022: 2267 (10.1% of all patents statewide)
– Unique patent assignees statewide, 2022: 299

Qualcomm earned patents in 2022 for technology that could recognize activities taking place in videos, and for annotating images of hands to better train machine learning algorithms. Early artificial intelligence models are notoriously inept at visualizing hands.

A DISH HD Network satellite TV receiver mounted on a residential home roof.

Around the World Photos // Shutterstock

Colorado

– Top patent earner: Dish Network Corp.
– Patents issued, 2022: 106 (15.3% of all patents statewide)
– Unique patent assignees statewide, 2022: 28

Dish Network Corp. earned patents in 2022 for technologies to automate parts of the video editing process and methods for using voice to control media devices.

Raytheon Technologies exhibitor pavilion.

Arnold O. A. Pinto // Shutterstock

Connecticut

– Top patent earner: Raytheon Technologies Corp.
– Patents issued, 2022: 379 (35.2% of all patents statewide)
– Unique patent assignees statewide, 2022: 23

Defense contractor Raytheon has earned patents for manufacturing aircraft parts including engines as well as onboard vehicle data systems. The contractor designs and builds aircraft and aerospace equipment for commercial and military use.

Combine harvester on a wheat field.

Scharfsinn // Shutterstock

Delaware

– Top patent earner: Blue Leaf
– Patents issued, 2022: 258 (29.9% of all patents statewide)
– Unique patent assignees statewide, 2022: 18

Agricultural equipment manufacturer CNH Industrial America was granted a number of patents by the USPTO in 2022 which it transferred to a firm named Blue Leaf I.P. These patents include tech for augers, balers, and other agricultural machinery.

Attendee uses augmented reality (AR) glasses in a simulation at a Magic Leap booth.

David Becker // Getty Images

Florida

– Top patent earner: Magic Leap Inc.
– Patents issued, 2022: 275 (21.5% of all patents statewide)
– Unique patent assignees statewide, 2022: 31

Founded in 2010, Magic Leap is a company developing augmented reality technology, which overlays digital content onto the real world. In 2022 it earned patents for mixed reality systems that can display 3D content in real-time.

AT&T sign and logo on the building in Atlanta, Georgia.

JHVEPhoto // Shutterstock

Georgia

– Top patent earner: AT&T
– Patents issued, 2022: 527 (37.3% of all patents statewide)
– Unique patent assignees statewide, 2022: 29

Telecom giant AT&T is one of the most prolific patent earners in the nation. It earned patents in 2022 for edge computing and for automated assistants that are capable of delegating tasks dictated by the user.

Micron Technology building in Boise.

Charles Knowles // Shutterstock

Idaho

– Top patent earner: Micron Technology Inc.
– Patents issued, 2022: 1097 (97.6% of all patents statewide)
– Unique patent assignees statewide, 2022: 3

Micron was issued patents at a rate of more than three per day in 2022. They include patents for technologies connected to semiconductor chips and other computer processing devices.

The Boeing Company sign on the wall at its headquarters in Chicago.

JHVEPhoto // Shutterstock

Illinois

– Top patent earner: The Boeing Co.
– Patents issued, 2022: 544 (19.4% of all patents statewide)
– Unique patent assignees statewide, 2022: 48

Aerospace manufacturer Boeing obtained patents in 2022 for radar imaging system capabilities and improvements for aircraft parts like a noise-reducing landing gear technology.

Purdue Technology Center sign.

Jonathan Weiss // Shutterstock

Indiana

– Top patent earner: Purdue Research Foundation
– Patents issued, 2022: 151 (14.6% of all patents statewide)
– Unique patent assignees statewide, 2022: 21

Purdue Research Foundation earned patents for tech involved in glaucoma therapy and virtual reality. The foundation operates as the research arm of Purdue University.

Pioneer seed sign and trademark logo in field of corn.

Ken Wolter // Shutterstock

Iowa

– Top patent earner: Pioneer Hi-Bred International Inc.
– Patents issued, 2022: 174 (34.2% of all patents statewide)
– Unique patent assignees statewide, 2022: 7

Pioneer is a DuPont-affiliated, U.S.-based producer of genetically modified organisms used in agriculture. In 2022 the firm earned patents for novel insecticides, methods for identifying and creating rot-resistant crops, and novel breeds of corn crops.

Sign for T-Mobile on outside of building.

Jon Kraft // Shutterstock

Kansas

– Top patent earner: T-Mobile Innovations LLC
– Patents issued, 2022: 79 (36.7% of all patents statewide)
– Unique patent assignees statewide, 2022: 8

In Kansas, T-Mobile has earned patents for new technologies that could apply to its 5G cell network and device security.

Lexmark ink cartridges in a box.

Robert and Monika // Shutterstock

Kentucky

– Top patent earner: Lexmark International Inc.
– Patents issued, 2022: 23 (29.1% of all patents statewide)
– Unique patent assignees statewide, 2022: 5

Lexmark, a major producer of printer equipment, tops the list of patent earners in this state. The company earned patents for imaging technology and toner cartridges.

LSU (Louisiana State University) golden letters on a sign.

University of College // Shutterstock

Louisiana

– Top patent earner: Board of Supervisors of Louisiana State University and Agricultural and Mechanical College
– Patents issued, 2022: 16 (100.0% of all patents statewide)
– Unique patent assignees statewide, 2022: 1

Louisiana State University earned patents in 2022 for waterproof, self-powered lighting systems for plant life and methods for treating pain in patients.

Johns Hopkins University sign, entrance with American flag.

Kristi Blokhin // Shutterstock

Maryland

– Top patent earner: The Johns Hopkins University
– Patents issued, 2022: 111 (22.2% of all patents statewide)
– Unique patent assignees statewide, 2022: 14

The world-famous Johns Hopkins University spent 2022 earning patents for tech to assist with treating brain injuries and a cardiac defibrillator that is compatible with MRI machines.

Dell EMC logo, sign on computer data storage company office.

Michael Vi // Shutterstock

Massachusetts

– Top patent earner: EMC IP Holding Company LLC
– Patents issued, 2022: 734 (19.2% of all patents statewide)
– Unique patent assignees statewide, 2022: 75

Commercial electronics firm EMC IP earned patents in 2022 for processes that automate data recovery following a ransomware attack as well as tech that combines the computing of multiple devices to complete a single, joint activity. The firm is the intellectual property arm of multinational tech company Dell.

The Ford Motor Company World Headquarters building located in Dearborn.

Katherine Welles // Shutterstock

Michigan

– Top patent earner: Ford Motor Co.
– Patents issued, 2022: 815 (26.8% of all patents statewide)
– Unique patent assignees statewide, 2022: 39

Ford and other American automakers have spent recent years developing their own proprietary technologies related to electric vehicles. Henry Ford’s namesake was earning patents surrounding fuel cell assembly and other aspects of electrified mobility in 2022.

The 3M World Headquarters complex.

Katherine Welles // Shutterstock

Minnesota

– Top patent earner: 3M Innovative Properties Co.
– Patents issued, 2022: 410 (23.1% of all patents statewide)
– Unique patent assignees statewide, 2022: 32

Minnesota-based 3M is the company behind a number of plastic-based products used every day in American homes. In 2022 it earned patents for pads to compress sore joints and even a device that recognizes gunshots and electronically protects users’ ears from damaging sound levels.

Monsanto sign at entrance to global research headquarters.

Amy Kerkemeyer // Shutterstock

Missouri

– Top patent earner: Monsanto Technology LLC
– Patents issued, 2022: 298 (49.7% of all patents statewide)
– Unique patent assignees statewide, 2022: 10

Genetically modified crop producer and pesticide manufacturer Monsanto was assigned patents for new varieties of soybean crops and methods for controlling insect infestations in plants.

Snowflake symbol and logo at the company corporate headquarters.

Sundry Photography // Shutterstock

Montana

– Top patent earner: Snowflake Inc.
– Patents issued, 2022: 104 (100.0% of all patents statewide)
– Unique patent assignees statewide, 2022: 1

Cloud provider Snowflake earned patents in 2022 for real-time streaming of data and ways to secure shared machine learning in databases in the cloud.

Nebraska university logo on campus building.

University of College // Shutterstock

Nebraska

– Top patent earner: Board of Regents of the University of Nebraska
– Patents issued, 2022: 25 (32.5% of all patents statewide)
– Unique patent assignees statewide, 2022: 5

At the University of Nebraska, researchers earned patents for tech advancements related to assessing diabetes risk, gene therapies, and tamper-proof medicine containers.

Rows of Casino Slot Machines.

Virrage Images // Shutterstock

Nevada

– Top patent earner: IGT
– Patents issued, 2022: 69 (38.8% of all patents statewide)
– Unique patent assignees statewide, 2022: 5

IGT is a provider of technology to casinos and establishments operating in the gambling industry. In the past, the company has patented tech surrounding cashless betting and slot machines.

Segway on green grass.

Vodopyanov Vyacheslav // Shutterstock

New Hampshire

– Top patent earner: DEKA Products LP
– Patents issued, 2022: 79 (25.0% of all patents statewide)
– Unique patent assignees statewide, 2022: 10

DEKA works in robotics and device manufacturing for those with disabilities and other health conditions as well as products like Segway and the Coca-Cola Freestyle drink machines. In 2022 it earned patents for object tracking via RFID systems as well as technology for dispensing products from a machine.

Honeywell headquarters in New Jersey.

JHVEPhoto // Shutterstock

New Jersey

– Top patent earner: Honeywell International Inc.
– Patents issued, 2022: 324 (20.7% of all patents statewide)
– Unique patent assignees statewide, 2022: 31

Honeywell is an engineering firm that operates in aerospace, materials, and productivity solutions. The firm has patented tech in 2022 that uses augmented reality for installing devices.

Tiny robot at Department of Energy's Sandia National Laboratories in Albuquerque, NM.

Randy Montoya // Getty Images

New Mexico

– Top patent earner: National Technology & Engineering Solutions of Sandia LLC
– Patents issued, 2022: 76 (59.8% of all patents statewide)
– Unique patent assignees statewide, 2022: 3

National Technology & Engineering Solutions of Sandia is an arm of the Sandia National Laboratories—an entity that operates as part of the country’s federal nuclear science program. It earned patents in 2022 for real-time tracking of pathogens and tech related to controlled explosives.

The IBM logo on the IBM Building at 590 Madison Avenue.

Molly Woodward // Shutterstock

New York

– Top patent earner: International Business Machines Corp.
– Patents issued, 2022: 2512 (47.0% of all patents statewide)
– Unique patent assignees statewide, 2022: 66

Better known as IBM, the New York-based company is assigned a gargantuan volume of patents each year. In 2022 it earned patents for data center storage methods and advancements applied to blockchain technology, among other things.

The logo of Bank of America in modern office building.

Tero Vesalainen // Shutterstock

North Carolina

– Top patent earner: Bank of America Corp.
– Patents issued, 2022: 294 (18.1% of all patents statewide)
– Unique patent assignees statewide, 2022: 33

Bank of America earned patents in 2022 for machine learning applications within banking, including for recognizing and analyzing documents, among other advances.

First-person view of tractor streering wheel.

Scharfsinn // Shutterstock

North Dakota

– Top patent earner: Clark Equipment Co.
– Patents issued, 2022: 16 (100.0% of all patents statewide)
– Unique patent assignees statewide, 2022: 1

Clark Equipment is a storied manufacturing firm that operates in the agricultural and construction equipment industries. It patented tech for fuel valves and steering mechanisms in commercial tractors.

Procter & Gamble Corporate Headquarters.

Jonathan Weiss // Shutterstock

Ohio

– Top patent earner: The Procter & Gamble Co.
– Patents issued, 2022: 296 (22.2% of all patents statewide)
– Unique patent assignees statewide, 2022: 40

Hygiene product maker Procter & Gamble patented new tech related to toilet paper products and liquid cleaning detergents.

OSU Lettering on brick column on the Oklahoma State University Campus.

Chad Robertson Media // Shutterstock

Oklahoma

– Top patent earner: The Board of Regents for Oklahoma State University
– Patents issued, 2022: 19 (63.3% of all patents statewide)
– Unique patent assignees statewide, 2022: 2

There are not many patent filers in the state of Oklahoma, but the Stillwater-based state university earned the most in 2022. Those patents included tech for visualizing body tissues for surgeries as well as for vaccines.

Corporate office buildings at Nike World Headquarters.

Tada Images // Shutterstock

Oregon

– Top patent earner: Nike Inc.
– Patents issued, 2022: 894 (83.8% of all patents statewide)
– Unique patent assignees statewide, 2022: 10

Athletic-wear brand Nike patents each of its shoe designs with the USPTO to stave off competition duplicating its designs. Despite the designer’s passing in 2021, the firm is still receiving patents for shoes attributed to Virgil Abloh as recently as 2022.

Branch sign for Comcast Cable.

Joshua Rainey Photography // Shutterstock

Pennsylvania

– Top patent earner: Comcast Cable Communications
– Patents issued, 2022: 297 (24.0% of all patents statewide)
– Unique patent assignees statewide, 2022: 34

Comcast earned patents last year for tech to process data across wireless communications and video compression methods. Comcast is a cable television provider as well as the owner of NBC Universal.

An upward view of the exterior of the Textron World Headquarters building.

Wirestock Creators // Shutterstock

Rhode Island

– Top patent earner: Textron Inc.
– Patents issued, 2022: 191 (82.7% of all patents statewide)
– Unique patent assignees statewide, 2022: 4

Textron is a manufacturing firm making defense and aerospace products. Its portfolio companies include Bell Helicopter. It obtained patents in 2022 related to aircraft rotors and other technologies.

Kyocera International headquarters sign.

JHVEPhoto // Shutterstock

South Carolina

– Top patent earner: Kyocera Corp.
– Patents issued, 2022: 35 (23.8% of all patents statewide)
– Unique patent assignees statewide, 2022: 8

Electronics manufacturer Kyocera won patents in 2022 for semiconductor, RFID, and sleep-tracking technologies.

View of University of South Dakota Sioux Falls.

Ken Wolter // Shutterstock

South Dakota

– Top patent earner: South Dakota Board of Regents
– Patents issued, 2022: 10 (100.0% of all patents statewide)
– Unique patent assignees statewide, 2022: 1

The South Dakota Board of Regents governs the University of South Dakota and other colleges and universities in the state. It won patents last year for technologies related to battery performance and nanoparticles.

Smith & Nephew company logo sign.

Peter_Fleming // Shutterstock

Tennessee

– Top patent earner: Smith & Nephew Inc.
– Patents issued, 2022: 73 (21.9% of all patents statewide)
– Unique patent assignees statewide, 2022: 10

Medical technology firm Smith & Nephew patented technology in 2022 for medical implants and a device for closing wounds.

Closeup of Hewlett-Packard Enterprise ground sign at their office building.

JHVEPhoto // Shutterstock

Texas

– Top patent earner: Hewlett-Packard Development
– Patents issued, 2022: 1558 (25.4% of all patents statewide)
– Unique patent assignees statewide, 2022: 71

Hewlett-Packard’s research arm patented tech related to 3D printing, a self-cooling headset, and tools for identifying malware.

The University of Utah entrance sign.

Chad Robertson Media // Shutterstock

Utah

– Top patent earner: University of Utah Research Foundation
– Patents issued, 2022: 38 (19.7% of all patents statewide)
– Unique patent assignees statewide, 2022: 11

The University of Utah Research Foundation won patents in 2022 for bone implant technology and a magnet-propelled “soft” robot capable of traveling through the human body.

An all-electric aircraft in flight.

Andreas Zeitler // Shutterstock

Vermont

– Top patent earner: Beta Technologies
– Patents issued, 2022: 62 (100.0% of all patents statewide)
– Unique patent assignees statewide, 2022: 1

Beta Technologies is an aerospace engineering company whose patents relate to various aspects of charging and managing power in electric-driven aircraft.

Capital One sign on headquarters building.

DCStockPhotography // Shutterstock

Virginia

– Top patent earner: Capital One Services LLC
– Patents issued, 2022: 379 (29.7% of all patents statewide)
– Unique patent assignees statewide, 2022: 26

Commercial banking provider Capital One won patents for contactless card recognition tech and methods for “secure sharing of customer intelligence.”

Microsoft sign at the headquarters.

VDB Photos // Shutterstock

Washington

– Top patent earner: Microsoft Corp.
– Patents issued, 2022: 1238 (39.9% of all patents statewide)
– Unique patent assignees statewide, 2022: 18

Tech giant Microsoft beat out Amazon for patents earned in Washington state in 2022. It won patents on cloud computing and computer displays.

NASA sign in front of headquarters building.

DCStockPhotography // Shutterstock

Washington D.C.

– Top patent earner: NASA
– Patents issued, 2022: 43 (21.5% of all patents statewide)
– Unique patent assignees statewide, 2022: 8

NASA rises to the top in the nation’s capital in terms of patents earned last year. In 2022 it patented tech for satellite platforms, UV ray sensors, and other space equipment.

Sign of Johnson Controls on the building.

JHVEPhoto // Shutterstock

Wisconsin

– Top patent earner: Johnson Controls
– Patents issued, 2022: 265 (23.7% of all patents statewide)
– Unique patent assignees statewide, 2022: 20

Johnson Controls is a manufacturer of heating, ventilation, and cooling systems for commercial and residential customers. In 2022, the company patented tech for air ducts.

University of Wyoming campus entrance sign.

Jillian Cain Photography // Shutterstock

Wyoming

– Top patent earner: University of Wyoming
– Patents issued, 2022: 10 (100.0% of all patents statewide)
– Unique patent assignees statewide, 2022: 1

The University of Wyoming patented technology for hydroponic plant production and nanoparticle delivery systems for pain therapies that leverage magnets.

This story originally appeared on ClickUp and was produced and
distributed in partnership with Stacker Studio.

Share this:
Continue Reading

Business

20 megacorporations you didn't know run the economy

Published

on

By

CouponBirds analyzed Forbes Global 2000 companies to compile a list of 20 U.S.-based conglomerates with major sway in the economy.
Share this:

If you like to support small brands when you shop, you might be surprised to find out that many labels that seem to be small are really owned by larger conglomerates. Conglomerates are company structures that combine multiple businesses together as subsidiaries under one parent company. These subsidiary companies are often in different industries that may not relate to one another.

CouponBirds analyzed the Forbes Global 2000 list to identify 20 U.S.-based conglomerates with a high overall value of their assets and acquisitions over time, as well as major sway in the economy.

Company leaders opt for a conglomerate structure because it can increase corporate revenues, help a company expand into other countries, create greater efficiencies through economies of scale, spread out market risk, and prevent takeovers.

The conglomerate model in the U.S. may be losing its Midas touch, as some companies are starting to break up their businesses into distinct companies in hopes that better product alignment will stimulate growth—and stock prices. By the end of 2023, for instance, Kellogg Company plans to split its global snacks and North American cereal businesses into two separate companies called Kellanova and WK Kellogg Co., respectively.

The Colgate-Palmolive headquarters in New York.

Michael Brochstein/SOPA Images/LightRocket // Getty Images

Colgate-Palmolive

Sales: $17.42 billion

Market value: $68.17 billion

Number of companies/divisions: 4

The 1928 merger of Colgate and Palmolive-Peet founded this conglomerate, blending the two companies’ oral care and home care brands. Over the next 94 years, the company grew by acquiring Hoyt Laboratories, Softsoap, Murphy’s Oil Soap, Mennen, Tom’s of Maine, and Hello Product. Today, this global player has 32 brands in the oral care, pet nutrition, personal care, and home care categories.

Altria headquarters in New York.

Mario Tama // Getty Images

Altria Group

Sales: $21.11 billion

Market value: $100.66 billion

Number of companies: 4

When it comes to tobacco products, Altria is a major conglomerate with operating companies that cover the major industry channels. Cigarette manufacturer Philip Morris has a 47.9% market share in the U.S., led by Marlboro. Altria’s other companies include U.S. Smokeless Tobacco Company, which makes Copenhagen and Skoal; John Middleton, which makes pipe tobacco and cigars; and Helix Innovations, which manufactures nicotine pouches.

The exterior of an Albertson's store in California.

Mario Tama // Getty Images

Albertsons

Sales: $71.89 billion

Market value: $15.57 billion

Number of companies/divisions: 20

Your local grocery store may actually be part of a conglomerate. Albertsons owns groceries, gas stations, and in-store pharmacies for 20 brands in 34 states and Washington D.C., including Safeway, Vons, Jewel-Osco, Shaw’s, Star Market, and Randalls. The grocer is planning another megamerger: In October 2022, it agreed to be acquired by Kroger, which, if approved by the Federal Trade Commission, would be one of the largest grocery mergers in U.S. history.

Shoppers walk past an Estée Lauder store in a mall.

Chukrut Budrul/SOPA Images/LightRocket // Getty Images

Estee Lauder Companies

Sales: $17.77 billion

Market value: $94.7 billion

Number of companies/divisions: 4

Estée Lauder launched her beauty company in 1946 with four skin care products. Since then, the company has expanded to encompass 21 brands within the skin care, makeup, fragrance, and hair care categories. With its acquisition of Tom Ford’s company in November 2022, Estée Lauder now has a presence in the apparel industry.

The General Mills logo on a cereal box.

Justin Sullivan // Getty Images

General Mills

Sales: $18.63 billion

Market value: $43.66 billion

Number of product categories: 8

General Mills has a product in nearly every aisle of the grocery store. The company made acquisitions throughout its history—including a foray into the restaurant business in 1970 with the purchase of Red Lobster, which it spun off in 1995. However, it sealed its status as a conglomerate in 2001 with the purchase of the Pillsbury Company, which spread the company’s interests to more food categories beyond cereal.

Jars of Grey Poupon on a grocery shelf.

Kevin Schafer/Contributor // Getty Images

Kraft Heinz

Sales: $26.04 billion

Market value: $52.89 billion

Number of product categories: 8

Conglomerates look to mergers and acquisitions to boost growth, and the 2015 merger between food giants Kraft and Heinz created an even more major player in the industry. Its brands include Oscar Mayer, Ore-Ida, CapriSun, Maxwell House, Jell-O, Stove Top, and Grey Poupon. Kraft Heinz has subsidiaries based in over 25 countries worldwide.

Rows of meat in a cold case at a grocery store.

Drew Angerer // Getty Images

Tyson Foods

Sales: $49.52 billion

Market value: $33.74 billion

Number of companies/divisions: 5

One of the big four meat conglomerates in the U.S., Tyson is synonymous with chicken, but it also produces beef, pork, and prepared foods under such brand names as Jimmy Dean, Hillshire Farm, and Sara Lee. Tyson has also gotten into the plant-based meat alternative market with its Raised & Rooted line of nuggets, burgers, and plant-based sausages.

A KKR sign in front of a flower bed.

Smith Collection/Gado // Getty Images

KKR

Sales: $19.02 billion

Market value: $30.6 billion

Number of companies/divisions: 10

KKR is a financial services company whose activities include real estate, hedge funds, and credit investments. It also has a private equity arm that owns part or all of 250 companies throughout the world, including 97 U.S.-based companies such as 1-800 Contacts and Epic Games.

A flavorist drops liquid into a beaker.

Katherine Frey/The Washington Post // Getty Images

Archer-Daniels-Midland Company

Sales: $85.26 billion

Market value: $51.85 billion

Number of companies/divisions: 5

This agricultural commodities conglomerate creates ingredients for foods, beverages, and supplements—for humans and animals alike. Its industrial biosolutions division makes ingredients for a wide range of industries, including home cleaning, beauty, construction, and renewable energy. In the late 1990s, Archer-Daniels-Midland Company was in the spotlight as company executives were found guilty of price-fixing, a case that became the basis for the Matt Damon movie “The Informant!”

A Toblerone candy bar.

FABRICE COFFRINI/AFP // Getty Images

Mondelez

Sales: $28.72 billion

Market value: $89.98 billion

Number of companies/divisions: 4

Conglomerates will sometimes spin off parts of their company, which is how Mondelēz came into being. It formed in 2012 when Kraft split its snacks and grocery businesses; the grocery business eventually became Kraft Heinz. Mondelēz is a global powerhouse in biscuits, crackers, cookies, confectionery, and gum, with a product portfolio that includes Cadbury, Milka, Toblerone, Oreo, and Ritz.

A brick entrance to Dow with various flags.

Bill Pugliano // Getty Images

Dow

Sales: $58.35 billion

Market value: $50.35 billion

Number of companies/divisions: 3

Since 1897, Dow has been an innovator in chemicals and material sciences—it’s responsible for inventing Styrofoam and Saran wrap. Its products cover 17 markets touching virtually every aspect of life. Throughout the company’s history, it has grown and shrunk by acquiring companies or selling off divisions. Its current incarnation is a spinoff of the 2017 megamerger of Dow and DuPont.

A man viewing a Honeywell aircraft engine on display.

ROSLAN RAHMAN/AFP // Getty Images

Honeywell

Sales: $34.39 billion

Market value: $130.67 billion

Number of companies/divisions: 4

Honeywell is an industrial goods giant that creates components and technologies that go into many homes, office buildings, airplanes, and even space. Its innovations include pioneering the modern thermostat and developing parts for the James Webb Space Telescope.

Abbott Labs COVID-19 test.

MANDEL NGAN/AFP // Getty Images

Abbott Laboratories

Sales: $44.51 billion

Market value: $210.98 billion

Number of companies/divisions: 4

This health care conglomerate is a major player in cardiovascular medical devices, and it’s also responsible for diagnostics tests like the BinaxNOW COVID-19 test. Abbott also had about 40% of the market for baby formula until a factory shutdown created a nationwide formula shortage. The debacle has since prompted an ongoing investigation led by the Securities and Exchange Commission and Federal Trade Commission.

Coca-Cola bottles.

Justin Sullivan // Getty Images

Coca-Cola

Sales: $38.73 billion

Market value: $282.86 billion

Number of companies/divisions: 5

What began as a soft drink company in 1886 has become a worldwide beverage conglomerate with any beverage you want, including water, juice, coffee, and ready-to-drink cocktails. Its 200 brands are found in almost every country and territory in the world, although the company announced in 2022 that it was pulling out of Russia due to the war in Ukraine.

The Disney logo on a glass door.

PATRICK T. FALLON/AFP // Getty Images

Walt Disney

Sales: $72.98 billion

Market value: $215.33 billion

Number of companies/divisions: 3

The Walt Disney Company rules the entertainment world. In 2022, it was the top-earning movie studio, and it also surpassed Netflix to become the top streaming service, with 234.7 million subscribers across Disney+, Hulu, and ESPN+ compared to Netflix’s 230.8 million. The company also lures people away from their screens to vacation at its six theme parks, on its cruise ships, and at its other resort properties.

Johnson & Johnson's baby powder and baby oil on a shelf.

Justin Sullivan // Getty Images

Johnson & Johnson

Sales: $94.88 billion

Market value: $477.38 billion

Number of companies/divisions: 3

Johnson & Johnson produces pharmaceuticals, medical devices, and consumer health products. Its 46 consumer brands include Listerine, Neutrogena, Aveeno, Rogaine, Band-Aid, Tylenol, Nicorette, Motrin, Visine, Pepcid, Stayfree, and Sudafed. The company won’t be a conglomerate much longer—in 2021, it announced a plan to spin off its consumer division into a new publicly traded company by November 2023.

Tide laundry detergent on the grocery shelf.

Justin Sullivan // Getty Images

Procter & Gamble

Sales: $79.62 billion

Market value: $386.53 billion

Number of companies/divisions: 5

Although it’s still a major consumer goods conglomerate, over the last 12 years, Procter & Gamble has sold off many brands like Duracell and Pringles—which it invented—to focus on personal care, cleaning, and baby products. It has a commanding market share in numerous categories, including 60% of the global razors and blades market and 35% of the global fabric care market. It’s also a key competitor in hair care, oral care, and diapers, with 20% of the global market in each category.

The Pepsi Beverages entrance sign.

Derek White/Getty Images for Pepsi // Getty Images

PepsiCo

Sales: $79.47 billion

Market value: $238.13 billion

Number of divisions: 7

When it comes to convenience, PepsiCo is up to the challenge. Beyond its namesake soft drinks, it also manufactures numerous brands under the Frito-Lay label, quick breakfast foods under the Quaker label, and Gatorade sports hydration drinks. In 2018, it acquired SodaStream as a new way to reach customers who mix their own beverages at home.

An Amazon delivery truck.

FREDERIC J. BROWN/AFP // Getty Images

Amazon

Sales: $469.82 billion

Market value: $1.5 trillion

Number of divisions: 3

What started in 1995 as an online bookseller has become a behemoth most Americans use daily. The company is the #2 retailer in the country; it manufactures electronic devices like Alexa, Ring, and Kindle; and it produces media content for Amazon Prime. However, its sole profitable division is Amazon Web Services, which controls one-third of the cloud services market.

BNSF railroad cars.

Scott Olson // Getty Images

Berkshire Hathaway

Sales: $276.09 billion

Market value: $741.48 billion

Number of divisions: 8

Legendary investor Warren Buffett’s holding company is vast and varied, based on a philosophy of acquiring troubled companies with the goal of turning them around. In the car insurance market, its GEICO brand is ranked second in the country in market share. It also owns Burlington Northern Santa Fe railroad company, numerous energy utilities and gas pipelines, the business jet charting company NetJets, and consumer manufacturers and retailers such as Fruit of the Loom and Duracell.

This story originally appeared on CouponBirds and was produced and
distributed in partnership with Stacker Studio.

Share this:
Continue Reading

Featured