According to Shopify President Harley Finkelstein, small business is emerging as a crucial driver in the United States’ economic recovery. In a “Mad Money” interview with Jim Cramer, he observed, “What we are seeing is that entrepreneurship is now part of the global recovery story.” “Small businesses will be in the forefront of getting our towns and communities back to where they were before the pandemic.” The Covid-19 pandemic prompted tens of thousands of small enterprises to temporarily halt operations or close permanently. Even while the overall US economy continues to improve and the stock market continues to make new highs, many people are still battling to get back on their feet. Shopify, which hosts online stores and provides retail point-of-sale systems, is planning to eliminate commissions on a part of sales made by developers, according to Finkelstein. It’s part of the Canadian company’s strategy to expand its customer base, which includes getting rid of the 20% cut it gets on the first $1 million in revenue generated through its marketplace. “If you build an app on Shopify, your first $1 million is all yours,” Finkelstein explained. “This is critical because we believe in the concept of creating a true ecosystem, and we want thousands — if not tens of thousands — of developers to build on Shopify.” Do you have any questions for Cramer? Cramer may be reached at 1-800-743-CNBCW. Interested in learning more about Cramer’s world? Make contact with him! Money that’s out of control Jim Cramer on Twitter Twitter, Facebook, and Instagram are three of the most popular social media platforms. If you have any questions, comments, or recommendations for the “Mad Money” website, please send them to madcap@cnbc.com. Continue reading
