CAMDEN, NJ. — Pepperidge Farm, a Campbell’s Co. brand, is debuting Goldfish crackers with 6 grams of protein per serving.

The crackers are baked and formulated with cheese Pepperidge Farm said. They come in two flavors: cheddar and pizza.

“Protein has become a bigger priority for many families, whether it’s after school, between activities or on the go,” said Tiphanie Maronta, senior vice president of Goldfish Crackers. “Goldfish made with 6g of protein is our way of meeting that need with a snack that’s both delicious and familiar, combining the iconic Goldfish experience people love, now with 6g of protein in a way that fits seamlessly into families’ everyday routines.”

Protein-filled Goldfish will launch at Walmart and other grocery store chains in October before expanding to US retailers in early 2027 for a suggested retail price of $3.99 per 6.6-oz bag.

The September effect appears to be in full swing, as major market indexes have struggled during this historically slow month.

The S&P 500 (SNPINDEX: ^GSPC), Dow Jones Industrial Average (DJINDICES: ^DJI), and Nasdaq Composite (NASDAQINDEX: ^IXIC) have fallen by 1%, 3%, and 0.3%, respectively, over the last two weeks, as of this writing. A rate hike from the Federal Reserve, stubbornly high oil prices, and AI concerns have put pressure on stocks, and a rattled bond market has renewed recession fears.

Missed AI’s “Act 1”? Act 2 Could Be 15x Bigger. Most investors think they missed the AI boat because they didn’t buy Nvidia in 2005. But according to our analysts, we’re only at the end of “Act 1″—the R&D phase. “Act 2” is the global rollout. Continue »

While all of these headwinds don’t necessarily mean a bear market is around the corner, it never hurts to prepare. And according to Warren Buffett, an upcoming downturn could be a lucrative opportunity for smart investors.

Bad news makes for smart buying opportunities

In 2008, Buffett wrote an opinion piece for The New York Times. The U.S. was about a year into the Great Recession at the time, and many investors were deeply discouraged. However, Buffett reassured investors that all recessions are temporary and that the good periods outlast the bad.

He added that the best buying opportunities arise during market downturns, when stocks are far more affordable.

“[I]n the early 1980s, the time to buy stocks was when inflation raged and the economy was in the tank,” he noted. “In short, bad news is an investor’s best friend. It lets you buy a slice of America’s future at a marked-down price.”

The most lucrative strategy, according to history

Bear markets are daunting, but decades of history prove that “buying the dip” can set you up for lucrative long-term returns.

When Buffett offered this advice in October 2008, the S&P 500 had plunged by nearly 40% over the past year, and it still had more to fall before bottoming out in 2009. Yet if you’d invested in an S&P 500 ETF in 2008, you’d have earned total returns of more than 1,000% by today.

^SPX data by YCharts

On the other hand, say you’d decided to sit out of investing until, say, March 2013 — when the S&P 500 officially reached a new all-time high and entered a bull market.

At the time, that may have felt like a much safer time to invest. The recession was over, stocks were steadily climbing, and the market had plenty of potential still ahead. Yet by today, you’d have only earned total returns of around 518%.

^SPX data by YCharts

The most effective way to build long-term wealth in the stock market is to invest during all of the market’s cycles — both good and bad.

“You might think it would have been impossible for an investor to lose money during a century marked by such an extraordinary gain,” Buffett said in the Times article, referencing the Dow’s astronomical rise throughout the 20th century. “But some investors did. The hapless ones bought stocks only when they felt comfort in doing so and then proceeded to sell when the headlines made them queasy.”

When the headlines start making you queasy, that’s a key sign that it’s time to load up on quality stocks that will generate life-changing wealth over time.

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BOSTON — Hormel Foods Corp.’s Foodservice business unit accounts for approximately one-third of company-wide sales and half of its profits. The ascension of the business unit within the organization reflects the pressures foodservice operators are under to better manage costs and streamline operations.

“I think if you step back and look at our Foodservice performance over time, we have proven the business model we have to be very unique and durable to grow even in down markets when industry challenges persist,” said John Ghingo, president of the company, during a Sept. 9 presentation at the Barclays Global Consumer Staples Conference.

During the third quarter of fiscal 2026, ended July 26, Hormel’s Foodservice business segment profit rose 3% to $144.5 million from $141 million the year before. Quarterly sales rose 2% to $1 billion from $987 million the year before.

Ghingo identified three attributes of the business unit he sees fueling additional growth.

“One is our value-added portfolio and the innovation we continue to bring to that portfolio,” he said. “We need to continue to create more value.”

Second is the company’s direct sales team that works with operators to communicate the strengths of the Foodservice unit to operators.

“Our direct sales force is truly a unique engine of culture, talent, capability, and the work they do with our operator partners is critical,” Ghingo said. “They’re gathering insights. They’re building relationships. They’re being creative and solving problems in the kitchen with the operator partners and then bringing back solutions.

“And, so, when you’re doing that even in a challenged environment, you can grow the top line because those operators will gravitate to the partner who’s solving the problems they’re dealing with.”

Hormel Foods’ Flash 180 chicken platform is an example of how the Foodservice business unit is serving its customers.

| Photo: ©EXQUISINE – STOCK.ADOBE.COM

Finally, Ghingo said Hormel’s diversified foodservice customer base is an opportunity for the company.

“So, whether you’re talking commercial, noncommercial, independence chains, geographic diversity, channel diversity,” he said. “So, that gives us the opportunity to play different channels where we see pockets of growth and pockets of opportunity to keep the growth engine going.”

An effective foodservice solution identified by Ghingo is Hormel’s Flash 180 chicken platform.

“If you look at the demand space in foodservice around breaded chicken, it’s one of the fastest-growing areas,” he said. “Consumers, diners want more breaded chicken, whether it be chicken tenders, whether it be fried chicken sandwiches, but if you’re an operator … (and) you want to sell more chicken, it gets difficult.

“You’re bringing raw chicken (and) it takes time; you have to handle it; you have to batter/bread in the fryer, 10 to 12 minutes. So, we’re bringing through our Flash 180 chicken platform. One-hundred and eighty seconds from package to plate, pre-prepped. So, it’s super simple to execute (that) saves time …. So, that’s an example of a solution.” 

Advanced Micro Devices crossed $1 trillion in market capitalization for the first time on Monday, as its stock hit a record intraday high of $613.92 on the strength of a five-day rally tied to AI chip demand.

AMD stock climbed as much as 10% on the day, a move that places the chipmaker alongside Micron Technology, Broadcom, Taiwan Semiconductor Manufacturing Company, and Nvidia in the exclusive club of semiconductor companies carrying valuations at or above $1 trillion. There are 15 other publicly traded companies worldwide valued at that level, according to Bloomberg.

The five-session run has added about 24% to AMD stock, bringing its year-to-date gain to more than 180%. Even so, AMD remains well behind AI chip leader Nvidia, which carries a market cap of about $5.4 trillion.

The rally spread across the sector on Monday. Intel shares surged up to 12% and Arm Holdings jumped as much as 14%, with the Philadelphia Semiconductor Index advancing more than 4%.

Part of the renewed investor enthusiasm for chip stocks stems from the rise of Meta Platforms’ Muse AI Agent to the top of Apple’s App Store free applications chart following its launch earlier this month, according to Bloomberg. The product’s reception stoked demand for shares of companies supplying the processors needed to run agentic AI workloads. Meta stock rose more than 7% on Monday. Meta is AMD’s second-biggest customer, accounting for about 5.5% of its revenue, according to Bloomberg.

AMD’s AI-driven data center business has been the engine behind its recent growth. The company reported first-quarter revenue of $10.25 billion, up 38% year over year, with its data center segment generating $5.78 billion — a 57% increase from the prior year. AMD CEO Lisa Su said at the time that the data center unit had become the central engine of revenue and profit expansion.

Growth continued in the second quarter. Second-quarter revenue reached $11.54 billion, a 50% rise compared with the same period last year, while the Data Center segment accounted for $6.7 billion of that total, more than doubling its year-ago result. On last month’s earnings call, Lisa Su told investors the company is targeting a doubling of its data center revenue by 2027.

Meanwhile, the infrastructure spending wave driving chip demand continues to show little indication of losing momentum. Nvidia CEO Jensen Huang added to the bullish sentiment last week, forecasting that his company would ship twice as many chips in the coming year.

For business leaders, stagnant growth can be frustrating, but it can also provide an opportunity to reassess the organisation and identify what needs to change. The challenge is recognising the underlying cause rather than simply responding to the most visible symptoms. Read on to learn more.

When a Successful Strategy Stops Working

One common reason for stagnation is market saturation. A product or service that once had substantial room to grow may eventually reach a point where most of its readily available customers have already been reached. Continuing to invest in the same channels and audiences can then produce diminishing returns.

Businesses facing this situation may need to consider new customer segments, markets, products, or services. This does not necessarily mean abandoning the core business. Instead, leaders can examine where their existing capabilities could create value elsewhere.

External expertise can also provide a fresh perspective when established assumptions become difficult to challenge internally. Cognosis is one of the leading consulting firms in London, specialising in growth strategy and helping organisations identify opportunities, develop business strategies, and translate those strategies into action.

Losing Sight of the Customer

Customer expectations rarely remain static. New technologies, competitors, and changing buying habits can gradually alter what customers value. A business can continue delivering a high-quality product while still losing relevance if the market has moved in another direction. Regular customer research, competitor analysis, and feedback can help leaders identify these shifts before they become serious barriers to growth.

Companies should also examine their value proposition. Customers need a convincing reason to choose one business over another, particularly in crowded markets. If that distinction has become unclear, refining the proposition may help restore momentum.

Internal Structures Can Restrict Progress

Sometimes the obstacle is inside the organisation. Processes and structures designed for a smaller company may become inefficient as the business expands. Decision-making can slow, responsibilities may become unclear, and teams can become focused on their own objectives rather than wider strategic priorities. Businesses may also accumulate too many initiatives, spreading resources across projects that make little contribution to long-term growth.

Reviewing the operating model can reveal whether people, processes, technology, and investment remain aligned with the company’s ambitions. Simplifying priorities can be particularly valuable when employees are being pulled in too many directions.

Strategy Without Execution

A strong strategy achieves little if it cannot be implemented effectively. Leadership teams may have ambitious growth targets without establishing clear responsibilities, measurable objectives, or adequate resources. Breaking strategic goals into practical actions can help close this gap. Each priority should have clear ownership, realistic timescales, and measures of progress. Regular reviews can then identify problems early and allow the business to adapt.

Turning Stagnation Into an Opportunity

Stagnant growth does not automatically indicate that a business model has failed. It can signal that the conditions which supported earlier success have changed. The businesses most capable of restoring momentum are often those willing to question previous assumptions.

By taking the above points into consideration, leaders can use a period of stagnation as a prompt for renewal and create stronger foundations for sustainable growth.

KANSAS CITY — School meal and snack programs ensure students from kindergarten through 12th grade are served nourishing foods that support lifelong healthy eating patterns. In the United States, these programs rely on food and beverage manufacturers to allow them to meet the nutritional requirements set forth by the US Department of Agriculture (USDA), and at the same time, ensure they are affordable, simple to serve and delicious to eat. This is no easy feat, especially with nutritional requirements evolving and many unknowns still out there.

“Every day, school meal programs are juggling financial, staffing and equipment challenges while trying to meet strict federal nutrition standards and the taste preferences of their students,” said Diane Pratt-Heavner, spokesperson for the School Nutrition Association (SNA). “In addition to following whole grain requirements, they must also meet limits on calories, sodium and now added sugar.”

Since July 2025, US schools have had to adhere to limits on added sugars in cereal, milk and yogurt. Starting in July 2027, they will have to ensure that less than 10% of calories in meals comes from added sugar. New sodium reductions will also take effect at that time.

“With many programs struggling to keep their kitchens fully staffed, schools rely on their K-12 industry partners to offer a variety of menu options that meet these federal standards,” Pratt-Heavner said. “This year, schools will be seeking new whole grain breakfast options that are lower in sugar and sodium, including packaged options that are ideal for grab-and-go or breakfast in the classroom programs. Several states have also passed legislation restricting artificial dyes and additives in school foods, so schools are also looking for products that don’t contain ingredients of concern.”

Addressing the unknowns

The USDA will soon release proposed regulations to align current school nutrition standards with the recently updated Dietary Guidelines for Americans (DGA). It’s a development school lunch program operators are keeping an eye on.

“The new DGAs put an increased emphasis on protein, which could translate to a daily meat or meat alternate requirement for school breakfast,” Pratt-Heavner said. “We’ll have to see how USDA proposes to change the breakfast meal pattern and if they modify breakfast grain requirements.”

Moreover, the USDA may choose to further restrict added sugar limits, establish limits on highly processed foods in schools or restrict ingredients of concern, she said. USDA has also indicated changes are being considered in the Smart Snacks in Schools rules.

Another unknown for bakers surfaced on July 14 when USDA posted an online pledge asking states to engage in “making school meals healthier,” which included a call for 100% whole grain items.

“This pledge was not accompanied with more specific details, so it’s unclear how state-level school foodservice leaders may be considering it,” said Tricia Psota, partner, Nutrition In Demand, a strategic consulting group focused on science-based nutrition. “Currently, most grains offered with a school meal are required to be whole grain-rich, which means that items, such as bread for a sandwich, need to be made with at least 50% whole grains and the remaining grains are required to be enriched.”

If USDA shifts to require that all school foods must be 100% whole grain, school foodservice operators will be challenged with identifying products that meet the requirement, while also addressing budgetary goals and children’s taste preferences. Bakers need to get busy now.

Further restrictions on added sugar and sodium in school meals will be implemented in 2027.

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| Photo: ©NEW AFRICA – STOCK.ADOBE.COM

“Whole grains remain a policy and public health priority, but in practice, schools need products students will actually eat,” said Sasha Chamberlain, owner, Chamberlain Nutrition Consulting, a public health and nutrition policy consultancy.

The most important baked foods to focus on are the high-volume staples schools serve repeatedly. This includes breads and buns, pizza crusts, tortillas and wraps, and breakfast items, such as muffins, waffles and cereals.

“Bakers can help by developing products that are familiar in taste and texture, operationally easy, clearly documented for school meal crediting and cost-conscious,” Chamberlain said. “In this market, the best formulation is the one schools can actually serve successfully at scale.”

Reformulation provides a first start

After great taste, familiarity is often the key to successful better-for-you foods for students. Kids don’t eat Nutrition Facts panels. They eat food. The bakers who succeed will be the ones who deliver products that are both nutritionally compliant and enjoyable to eat.

“If the bun is soft, the muffin is moist and the cookie still tastes like a cookie, you’ve already won half the game,” said Thom King, chief innovations officer, Icon Foods. “The biggest opportunity isn’t reinventing these products. It’s making them better through smarter formulation.”

There is no one-for-one ingredient replacement. Reformulation requires a systems approach.

“Successful reformulation starts with understanding the role each ingredient plays beyond nutrition,” said Kaitlin Prindle, bakery application scientist, ADM. “Sugar contributes sweetness, but it also provides bulk, moisture retention and browning. Salt delivers flavor while also influencing dough performance and shelf life.”

Replacing these ingredients often requires multiple complementary solutions.

“Successful reformulation for school meal applications requires bakers to think beyond simply removing sodium or sugar or swapping in whole grains,” said Erin Surratt, senior director, research, development and applications, Corbion. “These ingredients play important functional roles in baked goods, impacting everything from flavor and texture to dough handling, freshness and microbial stability.”

Taste is paramount. When lowering sodium content, it is often necessary to include flavor modulators. And, because salt is a natural preservative, shelf life extenders may be necessary.

“For sodium reduction, bakers may look at specialty salt technologies, salt-potassium blends, fermentation-based flavor development, yeast-derived flavors, acids, herbs, spices and other flavor-building ingredients,” said Alexander Blissenbach, senior scientist, bakery applications, Cargill. “The goal is to lower sodium while preserving the perception of a balanced, flavorful product.”

Extending the shelf life

Reformulation requires bakers to revisit product quality throughout desired shelf life. It’s all about managing moisture and texture.

“Water activity directly influences microbial stability, softness, shelf life and texture,” King said. “Polyols can help manage free water while preserving moisture and softness, making them useful for extending freshness and improving eating quality. Fibers add another layer of functionality by contributing bulk, water binding, structure and moisture retention.”

Bakers need to design products for freezing, thawing, distribution and cafeteria holding. Communicating handling requirements is important.

“Bakers must also account for the operational realities of school foodservice,” Surratt said. “Products often move through extended distribution networks and may be exposed to varying storage conditions.”

Other challenges include process difficulties related to machinability and dough rheology and ensuring a consistent product that maintains a long enough shelf life. That’s because whole grain baked foods tend to be more susceptible to faster spoilage.

“Bakers can help to improve their shelf life by using natural mold inhibitors to prevent mold and anti-staling enzymes to prevent the onset of staling,” said Sherrill Cropper, new product development lab manager, bakery formulator, Lesaffre. “This can help to reduce product waste and improve the sensory attributes of the final product.”

Natural mold inhibitors can be used to replace chemical-sounding ingredients such as calcium propionate. This helps clean up labels.

“Lesaffre has a variety of natural mold inhibitors based on wheat flour or wheat starch with and without citric acid,” Cropper said. “In addition, enzymes can also be used to help with improving nutrition as certain enzymes can be added to cut down starch into simple sugars, which can help reduce the amount of added sugars needed in the formulation.”

Lesaffre provides a number of anti-staling enzyme options to meet a variety of shelf life needs, including up to 21 days or more. Enzymes are considered a label-friendly option for preventing mold growth and staling.

“These anti-staling improvers can also enhance the texture of baked goods by providing softness, resilience or even moistness to the crumb,” Cropper said. “They are used at a low dosage, which can lower the bowl costs compared to conventional softening emulsifiers.”

Improving nutrition, ensuring consumption

Reformulating to meet nutritional goals and state regulations is mandatory. Some bakers may choose to add extra nutrition to stand out in the market. Others may invest in premium ingredients to ensure consumption.

“Nutrition only creates value when it’s actually eaten,” said Jessica Wellnitz, director of business development for emerging brands, Bay State Milling. “If students bypass foods because of flavor or texture, the intended nutritional benefits are never realized. For bakers, small nutritional improvements, like increasing fiber across high-volume products served every day can have a meaningful impact on children’s diets.”

An emerging opportunity is the use of high-fiber wheat flour, which can be incorporated into whole grain-rich products to significantly increase fiber content while maintaining the familiar sensory characteristics of conventional whole wheat formulations.

“Our non-GMO variety has high levels of naturally occurring resistant starch,” Wellnitz said. “It’s available in refined and whole wheat formats, giving formulators additional flexibility depending on the application.”

Innovations in whole wheat flour are making whole grain baked foods more palatable for children.

| Photo: ©FOTOFABRIKA – STOCK.ADOBE.COM

Compared with traditional whole wheat flour, these ingredients can provide more than twice the dietary fiber. That figure jumps to 10 times the fiber content when compared to traditional white flour.

“Whole wheat ingredient innovation allows bakers to increase whole grain content while maintaining the eating experience students are familiar with,” said Lauren Lahn, senior research and development manager, Ardent Mills.

Ardent Mills offers several whole wheat options tailored to different applications. Their grains have a finer particle size, which helps create a softer texture and appearance that is more similar to products made with refined flour.

“From a formulation standpoint, bakers can generally begin with a one-to-one replacement for traditional whole wheat flour,” Lahn said. “In many applications, up to 30% of white flour can be replaced with minimal adjustments. At higher inclusion levels, additional water may be needed to support hydration and dough performance.”

White whole wheat flour is another option. It has become a leading whole grain for school bakery applications, and it improves nutrition while maintaining student acceptance.

“Bakers may also consider finely milled whole grain flours, enzyme systems, emulsifiers and starch-based texture solutions to support softness, volume and eating quality while helping reduce graininess,” Blissenbach said. “Whole grain-rich formulations can affect color, volume, softness and flavor. Added sugar reduction can affect sweetness, browning, moisture and shelf life. Sodium reduction can change flavor perception.”

Bakers need to account for ingredient interactions while keeping products practical for school kitchens and appealing to students.

“Incorporating alternative and ancient grains, such as sorghum, barley, quinoa, millet and flax, can further elevate nutritional value while supporting whole grain goals,” said Kaitlin Prindle, bakery application scientist, ADM. “Beans, pulses, soy and pea protein also present opportunities to boost nutrition in products like muffins, waffles, pancakes and snack bars.”

Beneo offers whole grain beta-glucan-rich barley flour. It contains about 10 times the total fiber of traditional white flour and is high in protein.

“Its industry-leading content of beta-glucan and other soluble fiber supports the FDA-approved heart health claims, such as those found on oatmeal and whole grain snacks, at a very cost-effective level in baked goods,” said Kyle Krause, product manager, functional fibers and carbohydrates, Beneo. “This nutrient-dense, fiber-diverse, whole grain flour is perfect for children’s school nutrition, which can easily be incorporated into bread, bagels, muffins, cereals and other baked goods.”

Bakers who are suppliers to the K-12 school meal programs have many challenges ahead of them. Products must not only meet nutritional standards, but they also must offer enough menu value, student appeal and operational functionality to fit the school environment.

James Williams is co-founder and CEO of Sero, a Cardiff-based B Corp that upgrades social housing with insulation, solar panels, batteries and smart energy services.

In February 2026 the company secured investment from Innovation Investment Capital, the fund backed by the Cardiff Capital Region, to scale work that already covers up to 2,500 homes across the UK, with a contracted pipeline of up to 10,000 more. Founded in 2017 with former architect Andy Sutton, Sero connects housing providers with impact investors through its Energy as a Service model. He tells Business Matters why purpose, values and trust sit at the heart of how he leads, and why cash is king.

What do you currently do at Sero?

At Sero, we help social housing providers improve the energy performance of their existing homes, making them healthier to live in, more affordable to run and better for the environment.

My role is to bring together the different pieces needed to make that happen at scale. We help landlords understand what improvements each home needs, whether that is insulation, ventilation, heat pumps, solar panels or battery storage, and we make sure those upgrades are designed and delivered to the highest possible standards. We currently work with partners on up to 2,500 homes across the UK, with a further contracted pipeline of up to 10,000.

One of the biggest challenges facing the sector is funding. Many housing providers want to improve their homes but do not have access to enough capital to do so at the pace and scale required. Government programmes only go so far, leaving many residents in the least efficient homes with the highest energy costs.

A significant part of what we do is overcoming that challenge. We have developed funding models that connect housing providers with impact investors, enabling retrofit programmes to move forward where they otherwise might not. Through our Energy as a Service approach, we are helping unlock investment into home improvements while creating long-term value for landlords and residents alike.

What excites me most is that we are doing more than upgrading buildings. We are helping to bring a new type of energy service into social housing, one that gives landlords greater responsibility for how homes are powered and helps residents reduce their bills. We can tackle climate change and fuel poverty at the same time.

What was the inspiration behind your business?

Before founding Sero, I worked in the energy sector, and I became increasingly convinced that one of the biggest opportunities to reduce carbon emissions sat right in front of us: our homes. The housing sector was not changing at the pace or scale needed to make a meaningful difference.

Around the same time, I had a serious cycling accident which left me with a long recovery and a lot of time to think. I came away with a renewed sense of purpose and a determination to build something that could contribute to solving one of society’s biggest challenges.

I then met my co-founder, Andy Sutton, a former architect who shared my passion for sustainable homes and brought deep expertise in how buildings are designed and perform. Together, we founded Sero in 2017 with the ambition of helping create a net zero future.

Our original vision focused on new-build homes, but as we spent more time with housing providers, we realised the greatest opportunity for impact lay elsewhere. The UK already has millions of existing homes that need upgrading, and many of the people living in them are struggling with high energy bills, poor thermal comfort and ageing housing stock. Retrofitting those homes could deliver some of the biggest environmental and social benefits.

That insight shaped the business we are today. Whether it is new funding solutions, better retrofit delivery or helping landlords take a more active role in how homes are powered and heated, we are constantly challenging conventional approaches.

While net zero remains an important goal, I have come to believe that the outcome matters just as much as the technology. Our mission is to help create homes that are healthier, more comfortable and more affordable to live in. If we can improve people’s quality of life while reducing carbon emissions, we are achieving exactly what we set out to do.

Who do you admire?

I have always admired Henry Engelhardt, the founder of Admiral. What he achieved in building one of Wales’ most successful businesses is impressive in its own right, but what stands out most is the culture he created along the way. When people talk about Admiral, they talk about the way people were treated, the values embedded in the organisation and the environment created for employees to thrive.

I believe culture is one of the most important responsibilities of a leader. Businesses succeed through people, and creating a place where people want to work and stay is something I admire enormously.

More broadly, I admire people who challenge convention and are not afraid to take on established systems, pursue big ideas and work relentlessly to create positive change. I am particularly drawn to leaders who combine ambition with purpose and focus on meaningful impact rather than growth for growth’s sake. Purpose and culture are the two things that matter most to me.

Looking back, is there anything you would have done differently?

Honestly, no, although that should not be confused with saying everything has gone perfectly.

Every business experiences challenges, setbacks and mistakes, and we have made our share. But some lessons can only be learned through experience. Much of the advice entrepreneurs receive is valuable, but often it only resonates once you have experienced the challenge yourself.

I compare it to health and fitness. Most people know what they should be doing, but they do not always change until they have a reason to. Business is very similar.

What I have learned is the importance of surrounding yourself with good people. Mentors are incredibly important, not because they tell you what to do, but because they give you perspective when things do not go to plan.

I do not have regrets because every decision was made with the best information available at the time and for the right reasons. It is easy to look back with hindsight, but leadership requires making decisions in the moment. As long as you are guided by your values and act with integrity, you have to trust the process and keep moving forward.

What defines your way of doing business?

Three things define my approach: purpose, values and trust.

First, it is important to know why you are doing something. For me, business has never been solely about financial performance; it has always been about creating positive impact. A clear purpose makes decisions much easier because you understand what you are ultimately trying to achieve.

Second, values matter. They provide the framework for decision-making, especially when there is no obvious answer, and help ensure decisions are consistent with what you stand for.

Third, trust is essential. I believe in hiring talented people, giving them responsibility and trusting them to deliver. The strongest organisations are not built around control; they are built around empowering people to do their best work. If people understand the purpose, share the values and feel trusted, extraordinary things can happen. That is the foundation of how we have built Sero.

What advice would you give to someone starting out?

The simplest advice I would give is this: cash is king.

It may not be the most exciting answer, but it is one of the most important lessons I have learned. I have seen many businesses with excellent products, talented people and strong market opportunities fail because they ran out of cash at the wrong moment. When you are starting out, it is easy to focus on growth, investment or new capabilities, but without careful cash management even the best business can find itself in trouble.

So understand your cash position early, monitor it closely and always plan ahead. Do not allow cash flow to be the thing that stops an otherwise great business from succeeding.

Alongside that, seek out mentors and experienced people who can support you. Entrepreneurship can be challenging and often lonely, and people who can offer perspective and guidance are invaluable.

Most importantly, stay true to your purpose. Building a business takes resilience, and there will always be obstacles. If you are passionate about what you are trying to achieve and manage the fundamentals well, you give yourself the best possible chance of success.

Paramount Skydance Corp. has reportedly reached a settlement with the states seeking to block its proposed takeover of Warner Bros. Discovery Inc., clearing the way for a historic Hollywood merger. 

California Attorney General Rob Bonta led a group of state attorneys general who filed a lawsuit challenging the massive $111 billion deal that was initially expected to close during the third quarter of this year. 

“After a frenzied weekend of negotiations, $PSKY and state AGs have agreed to a settlement framework and an official deal announced this morning,” FOX Business Network senior correspondent Charlie Gasparino reported on Monday. 

PARAMOUNT-WBD MERGER ON HOLD AFTER JUDGE GRANTS TEMPORARY RESTRAINING ORDER

Paramount Skydance Corp. has reportedly reached a settlement with the states seeking to block its proposed takeover of Warner Bros. Discovery Inc. (Eric Thayer/Bloomberg via Getty Images)

Gasparino added that Paramount will make a commitment to movies in California and the U.S., keep the company headquarters in California and distribute 30 movies a year. CNN will have an “independent editorial structure,” according to Gasparino. 

Paramount and Bonta’s office did not immediately respond to requests for comment. 

Bloomberg, The New York Times and the Wall Street Journal have also reported a looming settlement. 

WARNER BROS DISCOVERY SHAREHOLDERS APPROVE PARAMOUNT SKYDANCE DEAL

Paramount CEO David Ellison. (Charly Triballeau/AFP via Getty Images)

The Justice Department (DOJ) announced earlier this year it has closed its antitrust investigation into Paramount Skydance’s proposed acquisition of WBD, concluding the transaction is not likely to harm competition or American consumers.

The Antitrust Division said its eight-month review examined more than 2 million documents and found the deal could strengthen competition across the media and entertainment industry, including in streaming video, traditional television and theatrical film distribution. However, state attorneys general retain independent authority under antitrust laws. 

Paramount CEO David Ellison, the son of billionaire Oracle co-founder Larry Ellison, took control of Paramount last year when Skydance Media and Paramount Global completed an $8 billion merger. Adding WBD to his portfolio would make the younger Ellison one of Hollywood’s most powerful people.

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