Expanding the Metaverse: How Digital Spaces Are Improving Businesses

The Chicago Journal Staff on February 6, 2025

By: Joseph Callahan, CEO — Ciright

Business success is all about finding a way to connect with the customer. However, this is seemingly becoming harder in an era of virtual technology. An increasing reliance on e-commerce has led to less interest in brick-and-mortar storefronts, meaning that businesses no longer have as many opportunities to connect with their customers face-to-face. Yet, while technology has caused many of these separations, another technology — the metaverse — could also provide the solution.

How the Metaverse Will Change Businesses

Our understanding of the metaverse is constantly changing as the technology that defines it continues to evolve. In the most basic sense, the metaverse is a catch-all term for cyberspace — the virtual world where people can play, work, and complete any number of tasks. The type of metaverse technology that most consumers are likely familiar with is virtual reality (VR) and augmented reality (AR), which were primarily designed for entertainment purposes. However, as innovators have begun to work in the metaverse, they have found powerful ways to leverage this technology to help their businesses form better, more meaningful connections with their customers.

Part of why the metaverse has become so popular — especially for business use cases — is that the underlying hardware required to access the virtual world has become cheaper, easier to use, and all-around more accessible. VR and AR technology used to exist on the fringes of the tech ecosystem, requiring specialized systems and hardware that cost thousands of dollars to purchase. Now, VR and AR technologies can be accessed from a multitude of devices, from affordable headsets to desktop computers and even mobile phones. This makes the metaverse a more useful tool to businesses than ever because most consumers now have access to this virtual world.

VR and AR Technology for Business Use Cases

One tool in the metaverse that has proven particularly exciting for business use cases is the digital twin. As the name suggests, a digital twin is a virtual replica of a physical machine. This technology has been used for years now for purposes like troubleshooting, but business leaders have found ways to apply this tool to help with the sales process. Using digital twins, businesses can allow their customers to see and interact with their products from the comfort of their homes.

Digital twins are a fundamental part of the availability of “digital showrooms”—virtual storefronts where businesses can show off their products to potential customers in the metaverse. Digital showrooms are such an exciting concept because they allow businesses to reach their customers in the comfort of their homes or offices. Digital showrooms can often be accessed using specialized technology like VR headsets or simple desktop interfaces, ensuring that anyone with access to a computer can have an immersive virtual experience.

The interactivity of digital twins and digital showrooms is particularly useful for large-scale products. With large machines, it’s often more practical to show a customer a virtual replica than a physical product. These digital twins allow customers to inspect individual components in ways they couldn’t with a physical product. Augmented reality technology can also allow customers to see how a product would fit and look in their actual space by imposing a digital twin onto an image of the real world.

Virtual Events in the Metaverse

Metaverse technology is also allowing businesses to put on more immersive virtual events. Although much of the talk around metaverse events has been about things like virtual concerts put on by A-list artists, businesses can use the same technology to power their own events like trade shows or keynote speeches. Putting attendees in a (virtual) audience alongside their peers gives them a much more engaging experience than simply watching a live stream, especially when virtual events are followed up by virtual networking sessions in the metaverse.

One of the key advantages of metaverse events is that they break down most barriers to attendance. All people need to attend a virtual event is the technology they need to access the platform. There is no need to travel to a different city or country to attend the event, saving attendees hundreds or even thousands of dollars in costs. Event organizers also benefit from a lack of space restrictions. Physical venues have capacity limits, but in the metaverse, a virtually limitless number of people could attend an event if the organizer chooses.

The metaverse is the future of how businesses will connect with their customers. From digital twins and digital showrooms to immersive virtual events, metaverse technology gives businesses a way to reach and interact with their customers in a way that rivals or even exceeds the abilities of a physical, in-person experience. Businesses that hope to reach new heights with their customer base should invest in this technology now while it can give them a competitive edge rather than waiting to fall behind the rest of the pack.

— Joseph Callahan is the CEO of Ciright and Director of Portals Organization. Callahan is a seasoned technologist with an insatiable curiosity for the intersection of technology and humanity. His passion lies in exploring the transformative power of spatial computing, AI, and digital twin technology within the business landscape.

Published by Anne C.

RestauRent Expands to Chicago’s Vibrant Event Scene

The Chicago Journal Staff on February 6, 2025

By: Ethan Stone

The private event industry is evolving, with RestauRent playing a key role in this shift. Co-founded by entrepreneurs Nick Cianfaglione and Will Tondo, RestauRent has developed a digital platform that streamlines the process of booking private events for both consumers and venues. After a year of groundbreaking success, RestauRent is proud to announce its expansion into Chicago, a city renowned for its vibrant culinary and event scene.

The Story Behind RestauRent

The idea for RestauRent came from a deeply personal experience. Nick Cianfaglione saw firsthand the challenges of booking private event spaces while helping his mother organize family gatherings. The process was frustrating, involving countless phone calls, emails, and in-person visits. It became clear that the industry lacked a streamlined solution for non-professional event planners, who make up the majority of private event organizers.

Determined to solve this problem, Nick teamed up with Will Tondo, a fellow entrepreneur who shared his vision for innovation in the hospitality sector. Together, they launched RestauRent in 2022 with a clear mission: to simplify private event bookings and empower venues to maximize their potential. By focusing on events for groups of 20-150 guests, RestauRent carved out a niche that was underserved but highly in demand.

RestauRent’s Notable Growth

In just one year, RestauRent has achieved impressive milestones:

Funding Success: Secured significant investment, reflecting strong investor confidence.
Expanding Reach: Built a network of numerous bookable venues across multiple cities.
Economic Impact: Facilitated significant private event opportunities, driving financial growth for partner venues.

These accomplishments have earned Nick and Will recognition as rising stars in the entrepreneurial world. Nick’s accolades include spots on the CT 40 Under 40 and Boston 25 Under 25 lists, underscoring his leadership and vision.

Why Chicago?

Chicago is an exciting new chapter for RestauRent. The city’s dynamic food scene, rich cultural history, and thriving event industry make it an ideal market for expansion. From Michelin-starred restaurants to hidden neighborhood gems, Chicago offers an array of private dining and event spaces that cater to every occasion.

However, booking these spaces often remains a challenge. Many venues lack the tools to efficiently connect with potential clients, and event planners are left navigating a fragmented system. RestauRent’s platform bridges this gap, providing a streamlined solution that benefits everyone involved.

“Expanding to Chicago is a natural step for us,” said Nick Cianfaglione. “The city’s hospitality scene is second to none, and we’re excited to help both venues and event planners make the most of what Chicago has to offer.”

How RestauRent Works

RestauRent’s platform is designed with simplicity and efficiency in mind. Users can search for venues based on key criteria such as location, capacity, price range, and amenities. Whether it’s a restaurant birthday party, a graduation celebration, or a corporate networking event, RestauRent makes it easy to find the perfect space.

For venue owners, RestauRent offers unparalleled visibility and access to a growing audience of event planners. The platform’s data-driven insights help venues optimize their offerings and attract more bookings, turning underutilized spaces into revenue-generating assets.

A Vision for the Future

RestauRent’s expansion into Chicago is just the beginning. Nick and Will have ambitious plans to bring their platform to other major cities, creating a nationwide network of private event venues. By continuously improving the user experience and fostering strong partnerships with venues, RestauRent aims to become the go-to solution for private event booking in the U.S.

“Our goal is to redefine how private events are planned,” said Will Tondo. “We want to make the process as enjoyable and stress-free as the events themselves.”

Explore the RestauRent Platform

As RestauRent launches in Chicago, the company invites both event planners and venue owners to explore its platform. Whether you’re planning an intimate dinner, a milestone celebration, or a business gathering, RestauRent simplifies the process from start to finish. For venues, partnering with RestauRent offers the potential to reach a broader audience and explore new opportunities.

To learn more about RestauRent and discover private event venues in Chicago, visit RestauRent.com. The future of private event booking is evolving, offering new ways to celebrate.

Published by Drake M.

Strategic Finance Steps to Help Transform Your Business in 2025

The Chicago Journal Staff on February 6, 2025

By: Lance Geda, Director of Strategic Finance and FP&A — Embarc Advisors

Since the COVID-19 pandemic, inflation and the resulting high costs of financing, supplies, labor, and general operating costs have remained elevated. While there are signs of stabilization, the economic climate is still challenging for small businesses.

A wise financial strategy is the key to surviving and thriving in an uncertain world. Here are five things that can help businesses this year.

1. Assess Your Current Financial Health

Many businesses are likely already benchmarking performance across many areas of their operations, and their financial strategy should be no different. The first step toward improvement begins with a detailed and honest assessment of the company’s current position.

Review financial statements (P&L, balance sheet & cash flow) for the past 3-5 years. Look at revenue trends, profit margins, expenses, and EBITDA:

Is revenue increasing, decreasing, or fluctuating?
Are there any identifiable trends?
How does the profit margin compare to industry standards?
Are there any areas where costs have increased disproportionately?
Is there any one-time or non-recurring activity?

This analysis will clearly show how many come in, where they go out, and the bottom line. Next, expand the view to review assets like cash reserves, inventory on hand, and receivables. Examine any debts and the cost of financing them, and keep a close eye on the liquidity ratio.

These analyses will give a high-level look at a business’s financial health. For many small businesses, higher operating costs over the past five years may have led to a decline in operating cash flow, an increased reliance on credit, and an overall trend of delayed receivables. For those not tightened up in these areas, now is the ideal time to right their ship.

2. Fix Your Budget

Budgeting is an essential financial activity. If your business does not operate with a budget or is more theoretical than practical, completing this step may have an enormous impact.

Begin by categorizing and prioritizing all expenses. This step will provide workable numbers for creating a budget breakdown by department for the entire organization. Next, examine historical trends and strategic growth plans to rough out realistic and optimistic numbers.

Then, review the entire budget, refining it from multiple perspectives. Consider how inflation and changing market conditions impact operational costs and revenue over time.

Plan this into a 2025 budget by increasing supplier costs for materials and inventory, cushioning wages for staff retention, and allocating high interest rates on loans and lines of credit.

3. Get Proactive About Diversifying Your Funding

The ideal time to get funding (e.g., favorable terms and the great possible rates) is when it isn’t needed. This allows decisions to be made strategically rather than out of necessity, which benefits the business in the long run.

For example, if a business can strategically use credit cards for short-term needs without relying on the line of credit to sustain operations, it effectively builds its creditworthiness. Later, lenders will offer more favorable terms and rates when money needs to be borrowed.

Businesses operating on loans or a single line of credit should consider restructuring some debt or taking on a strategic investor to strengthen their financial health. If the company is already diverse, consider refining financing options to help suit its growth needs.

4. Assess Economic Risks & Challenges

Inflation and elevated interest rates aside, many challenges are still impacting — and threatening — small businesses in 2025. Labor shortages and talent retention are common across most industries. In construction, rapid infrastructure expansion driven by technological advancement has widened the gap between the number of jobs available and the number of workers needed to fill them.

Fewer younger workers entering trades like construction and manufacturing also contribute to labor shortages, directly impacting supply chain stability across nearly every industry. Additionally, skilled roles requiring advanced study or specialized training are notably bottlenecked.

While these challenges are present for all businesses, small and mid-sized firms generally have a harder time competing against larger corporations to attract and retain necessary talent.

Without talent, businesses fail. Maintaining continuity in business operations or the finesse necessary for smooth customer relationships relies on a stable workforce. This challenge directly impacts the business’s financial strength.

Open positions negatively impact product development or service delivery, harming customer relationships and retention. As a result, businesses spend more money to acquire new customers and replace the ones they lose. This results in a disproportionate increase in marketing costs, decreasing cash reserves, and limiting growth.

In other words, everything in business is connected. When strategizing for 2025, remember to take a “whole-picture” approach to assessing, planning, and mitigating risk.

5. Put Together a Tax Strategy

The beginning of the year is also the ideal time to plan a tax strategy. The laws and regulations impacting tax scenarios change frequently, so what worked last year — or the previous several years — may not be the option for 2025.

Businesses may benefit from evaluating their relationship with their tax advisor to ensure they have the right support for their 2025 strategy. If their needs have evolved, exploring other advisory options earlier in the year could be worthwhile.

A knowledgeable tax advisor can provide guidance on business structure, deductions, tax-advantaged investments, and available credits. Thoughtful tax planning may help businesses manage their tax obligations effectively and maximize available opportunities.

Building a Thoughtful Financial Strategy for 2025

Navigating the year ahead benefits from a proactive and strategic approach to financial planning. Each decision—whether related to cash flow, financing, or talent retention—plays a role in shaping a business’s overall stability and growth.

Lance Geda is a Director at Embarc Advisors, where he expertly leads the Strategic Finance and Financial Planning & Analysis (FP&A) functions. With his MBA in Management from Villanova University and a Bachelor of Arts in Finance from Michigan State University, Lance brings a wealth of knowledge and a robust educational background to his role. At Embarc Advisors, Lance’s primary focus is on aiding clients to develop and refine key performance metrics, providing deeper insights into their businesses. His guidance is instrumental in uncovering new opportunities and pinpointing potential areas for improvement, thereby fostering continuous growth. Residing in Milford, Connecticut, Lance’s unique charisma and presence led to an unexpected foray into the world of advertising. He made a brief yet memorable appearance as a paid pitchman for Honda in a Super Bowl commercial – a testament to his versatility and adaptability beyond the confines of finance.

Disclaimer: This article is for informational purposes only and does not constitute financial, tax, or legal advice. Business owners should consult with a qualified financial advisor, accountant, or legal professional to assess their specific situation before making any financial decisions. The author and publisher are not responsible for any actions taken based on the information provided.

Published by Stephanie M.

Dr. John L. Jacobs, III: Inspiring Dreams and Strengthening Relationships

The Chicago Journal Staff on February 6, 2025

Dr. John L. Jacobs, III is a respected author, visionary, and thought leader who has dedicated his life to helping individuals work toward their dreams and cultivate meaningful, lasting relationships with a rich academic foundation—including a BA in Chemistry from Talladega College, a Master of Divinity from Howard University, and a Doctor of Ministry from Columbia Theological Seminary—Dr. Jacobs has spent decades guiding people toward personal and relational fulfillment. His two influential books, From the Dream to the Promise and From Friendship to Marriage and Beyond, reflect his commitment to equipping readers with insights and strategies to support their aspirations and foster authentic connections.

A Legacy of Education and Encouragement

Dr. Jacobs’ educational journey was deeply influenced by his parents, both educators who instilled in him a strong appreciation for knowledge. His academic achievements have not only shaped his theological and leadership expertise but have also enhanced his ability to positively impact lives. Whether as a pastor, hospice chaplain, or mentor, his work reflects a deep understanding of human connection and the resilience needed to navigate life’s challenges.

From Dreams to Promises: Embracing Potential

In From the Dream to the Promise, Dr. Jacobs conveys the idea that even the most ambitious goals can be pursued through perseverance, faith, and dedication. He recounts his own experiences of overcoming adversity and navigating challenges. The book offers a framework for readers to recognize their potential, illustrating how faith and resilience can serve as key factors in working toward fulfillment.

Dr. Jacobs’ faith is a central element of his life and work, helping him navigate complexities with grace and encouraging others to do the same. Through his writing, he reminds readers that setbacks can be opportunities for growth and that the journey toward a dream is often as meaningful as achieving the goal itself.

Building Meaningful Relationships: From Friendship to Marriage

Dr. Jacobs explores the evolving nature of relationships in his book From Friendship to Marriage and Beyond. He emphasizes that strong relationships are often built on a foundation of friendship, which fosters emotional connection, respect, and trust. By nurturing this foundation, couples may develop bonds that help them navigate life’s inevitable challenges.

The book provides thoughtful guidance for addressing the different phases of a relationship, including career shifts and changing family dynamics. Dr. Jacobs highlights the significance of shared values, open communication, and self-awareness as important elements of a successful partnership. His insights encourage readers to develop emotional intimacy and strengthen their relationships over time.

Overcoming Challenges and Strengthening Communities

Dr. Jacobs’ career has been marked by a dedication to service. Whether working with inmates, mentoring at-risk youth, or supporting families as a hospice chaplain, he has encountered some of life’s most difficult realities with compassion and resilience. These experiences have shaped his understanding of human connection and his ability to inspire others to pursue their aspirations.

His work extends beyond individuals, emphasizing the importance of fostering unity and understanding within diverse communities. Through outreach and mentorship initiatives, Dr. Jacobs encourages individuals to recognize their potential while promoting mutual respect and collaboration.

Lessons Through Stories: Relatable and Thought-Provoking

Both of Dr. Jacobs’ books incorporate compelling narratives and real-life examples that bring his perspectives to life. In From the Dream to the Promise, he shares personal stories that highlight perseverance and faith. In From Friendship to Marriage and Beyond, he presents relatable anecdotes that illustrate how friendships can evolve into deeper connections. These stories help readers connect with his message and apply his insights in practical ways.

Family: A Source of Strength

At the core of Dr. Jacobs’ success is his family. He credits his wife, Pamela, and their four children for their continued support throughout his journey. Their encouragement serves as a testament to the importance of a strong support system in working toward personal and relational goals.

Reaching the World Through Words and Action

Dr. Jacobs’ mission extends beyond his books. He actively engages with audiences through speaking engagements, workshops, and community events, creating opportunities for meaningful dialogue and personal growth. His wisdom, drawn from over 20 years of pastoral experience, underscores the importance of resilience, adaptability, and the value of personal and relational development.

Encouraging Growth and Connection

Dr. John L. Jacobs, III invites readers to embrace their dreams and nurture fulfilling relationships. Through From the Dream to the Promise and From Friendship to Marriage and Beyond, he offers practical insights and encouragement for personal and relational growth.

His journey, characterized by faith, perseverance, and a steadfast commitment to service, serves as an inspiration for others to explore their potential and strengthen their relationships. Dr. Jacobs continues to offer guidance for those seeking fulfillment, reminding us that the pursuit of meaningful dreams and connections begins with faith, friendship, and the willingness to invest in what matters most.

Whether supporting individuals in their aspirations or fostering deeper connections in relationships, Dr. John L. Jacobs III remains committed to empowering others and promoting personal growth.

Published by Anne C.