Mastercard launches AI mentorship for global small business growth

Saturday, January 13, 2024

Mastercard develops AI tool to mentor small business owners globally, enhancing growth and offering tailored, round-the-clock advice.

Mastercard is innovating a groundbreaking project aimed at fostering the growth of small business owners worldwide. This venture, Mastercard Small Business AI, is an all-encompassing AI tool providing customized advice, acknowledging the significant role small businesses play in the global economy and the profound influence mentorship has on their success. This pilot program offers round-the-clock, tailored support for small business owners, addressing their distinct and diverse challenges.

In a world brimming with data, small businesses must swiftly adapt, upgrade skills, and meet evolving consumer demands. With most small businesses operating solo and a high percentage recognizing the value of mentorship, there’s a clear demand for direct, efficient solutions. Mastercard’s Chief Marketing and Communications Officer, Raja Rajamannar, emphasizes the passion and challenges of running a small business. Mastercard Small Business AI, he notes, is about providing scalable mentorship, reflecting the company’s dedication to uplifting small businesses through innovative solutions.

This AI initiative is a collaboration with Create Labs, a social enterprise promoting technology access in underserved communities. The tool aims to minimize biases and meet the varied needs of entrepreneurs. It leverages the latest in Generative AI, offering an interactive experience based on advanced techniques and inclusive design.

Mastercard and Create Labs’ AI tool will be developed with diverse, inclusive content, drawing from Mastercard’s extensive resources and a global media coalition. Initial partners include Blavity Media Group, Group Black, Newsweek, and TelevisaUnivision, all contributing valuable business content. Scheduled for a U.S. pilot later this year, the tool aims for subsequent international expansion, with Mastercard seeking additional partners for local relevance.

Bonin Bough, Group Black’s Chief Strategy Officer, highlights the collaborative effort’s focus on inclusivity, aiming to create a tool that addresses the needs of small- and medium-sized businesses and fosters a more equitable future.

Mastercard, with a commitment to integrating small businesses into the financial mainstream, continues to develop solutions that emphasize operational efficiency. The Mastercard Small Business AI is the latest addition to this suite, designed to empower entrepreneurs in the digital economy.

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