What is Sustainable Software and How Does it Help You? Posted on May 10, 2022May 30, 2022 by Admin Green technology has been around for over two decades now but has gained traction more recently due to rising climate change and global warming concerns. The sustainability and green tech market was worth $11.2 billion in 2020 and is projected to reach $36.6 billion by 2025 at a CAGR of 26.6%. There’s a growing interest from consumers, investors and industries to use clean energy resources – driving business interest in enterprises and startups to employ more sustainable development practices. COVID-19 positively impacted carbon emissions throughout the world but it was a short-term gain. Post the pandemic, the industries looking to recoup financial losses will contribute to much higher carbon emissions, damaging the environment. So while the hour is ripe for more innovation and development in green initiatives, sustainable software has its place and time- right now. What is Sustainable Software? Sustainable software and sustainable software development are becoming the talk of the digital town because of the software industry’s growing carbon footprint and social responsibility. Many business and social functions are increasingly dependent on software and digital technologies- which further enhances the industry’s responsibilities. Broadly, sustainable software addresses the following areas : Ecological sustainability – The impact a piece of software- in the running and in development- has on the environment. Economic sustainability – The economic impact of cost-effective long-term solutions on buyers. Social sustainability – The societal impact of software platforms and applications. Human sustainability – The continuous impact of software on the well-being of an individual. Technical sustainability – The future-proofing of digital systems for long-term use and sustainability. In a nutshell, software development or a piece of software is sustainable when its social, economic, ecological, human and technical impacts are minimal and it’s poised to weather changes and developments in circumstances in the long run. The Status Quo of Sustainability in Software Industry Organizations may often look at their networks and communications systems or IT sustainability initiatives (the manufacturing, management, use and disposal of IT devices). However, the application landscape of sustainability is often ignored. Only 19% of organizations recently surveyed measure the energy impact of the pre-production environment- which includes the development and testing of applications. And, only 21% of companies measure the sustainability of the production environment (live applications). A piece of software can be both a problem and a solution to the sustainability issue. For instance, blockchain technology drives advanced green technology such as microgrids to use and trade environment-friendly energy. However, blockchain is also behind the creation of Bitcoin, which according to a University of Cambridge research, needs more energy to maintain than the entire nation of Switzerland. Sustainability concerns around cryptocurrencies also compelled Elon Musk to stop accepting them to purchase Tesla. That’s just one example of how leading technologies can be the bane and the boon to sustainability- depending on how responsibly they are leveraged. Therefore, developing sustainable software is an urgent need to respond to climate change and other major sustainability issues. The tech giants of the world have begun already. Microsoft plans on becoming carbon negative by 2030. Additionally, 70% of Microsoft’s data centers will run on renewable energy by 2023. Amazon has invested in 6.5 Gigawatt of solar and wind energy projects to power AWS data centers and fulfillment centers. Amazon is committed to becoming carbon neutral by 2040. Google became carbon neutral in 2007 and wiped out its entire carbon footprint by investing in high-quality carbon offsets. It aims to run its data centers on carbon-free energy by 2030. Apple uses renewable energy to power all of its data centers and plans on becoming carbon neutral by 2030. Consumers and investors are growing awareness around sustainability and prefer brands that take steps toward a healthier planet. However, sustainability needs to be a strategic business initiative for small and medium-sized business owners to see ROI from efforts. Let’s see how sustainable software helps a business. Download the full report- Sustainable Digitalization the Next Normal for Startups How Does Sustainable Software Help a Business? Enough has been said to prove that sustainability in digitalization will help the planet. However, we still need to talk about how it helps a business. Let’s dig deeper- Sustainable means cost-effective – For instance, moving to public cloud could lead to better resource utilization and help businesses save costs. Factors such as better workload flexibility, server utilization and energy-efficient infrastructure make public clouds more cost-efficient than enterprise-owned data centers. Sustainability leads to high product quality – The early and increased scrutiny of software products for sustainability can help create higher quality software that is leaner, cleaner and more fitting to its purpose. These qualities in a software product offset the upfront costs required for sustainable development. Meet ESG targets – Green software can help businesses meet increasingly critical ESG targets and measure performance idealistically for involved stakeholders, customers and investors. Employer branding – Finally, HBR research has shown that minted software engineers are now actively looking for employers focusing on sustainability, so your efforts can be persuasive for employer branding. Customer satisfaction – Organizations that built a comprehensive roadmap toward accelerated sustainable IT saw improved customer satisfaction (56%) as per a recent report. Therefore, customer satisfaction is built into sustainable software development. The bottom line is that sustainable software development isn’t contrary to business benefits and profit optimization. Learn more about sustainable digitalization through our latest white paper- Sustainable Digitalization the Next Normal for Startups.
The 6 Pillars of a Successful Equity Crowdfunding Campaign Posted on May 5, 2022May 30, 2022 by Admin Equity crowdfunding campaigns are becoming more popular among startups. This type of crowdfunding allows startups to raise money from a large number of investors, which can be a great way to get a business off the ground. Looking to launch an equity crowdfunding campaign at your business? Here are six pillars to ensure its success: Preparation Make sure you have a well-thought-out plan and that you are ready to execute it. This includes having a good understanding of your target market, your product or service, and your business model. You should also have a clear understanding of your equity crowdfunding options and how much money you are looking to raise for each option. Marketing You need to create a buzz around your equity crowdfunding campaign and get people excited about investing in your startup. This means creating a strong marketing plan and using all of the tools at your disposal, including social media, email marketing, and PR. Finances Make sure that you are able to handle the financial aspects of a successful equity crowdfunding campaign. This includes creating a budget, understanding the costs associated with equity crowdfunding (e.g., legal fees), and having an exit strategy if things do not work out. Execution Once you have prepared, planned out your equity crowdfunding campaign, and created a buzz around it, you need to actually go through with the equity crowdfunding campaign. This means creating an equity investment page on a platform such as WeFunder, doing interviews with potential investors in person or online via video conference calls, promoting your equity investment opportunity on social media and other channels, and following through on all of your commitments. Communication Communication is key to any equity crowdfunding campaign. You need to be able to communicate your vision for the future of your startup in a compelling way, as well as provide updates to investors on a regular basis. This includes sending out quarterly or semiannual reports, keeping in touch with investors on social media, and being available to answer any questions they may have. Legal Make sure that you are working with a good lawyer who understands equity crowdfunding and can help you navigate the legal waters. This is especially important if you are raising money from outside of your country. These six pillars are essential for any successful equity crowdfunding campaign. By following them, you will increase your chances of raising the money you need to take your startup to the next level. Though this may seem daunting, help is always available. If you’re thinking about equity crowdfunding for your startup and need some expert help to sail the ship through, contact us today for a free quote. We have a team of experts who can help you with equity crowdfunding campaign marketing and more. We’ll make sure your equity crowdfunding campaign is a success!
The Business Case to Stop Overcomplicating UX Posted on May 3, 2022December 26, 2022 by Admin Good design isn’t the cluttered one with the most bells and whistles. Instead, it’s the one that solves a user’s one specific issue most simply. Yet, simplicity in design is easier said than achieved. Design teams get caught up in the complicated circles of modifications, adding more elements and features to the design. Meanwhile, users get overloaded with a complicated UX and never use your product as they intended to. Good UX design is as much about building as it is about eliminating and reducing. Let’s make the business case for an uncomplicated UX and see how you can achieve it. Related Reading: Should You Indulge in Conversational UX for Your Startup? Why does UX get overcomplicated? There are many reasons why UX designers end up refining design to its detriment. Often, the idea of the ‘perfect design’ keeps designers stuck in cycles, ultimately leading to a complicated UX. Typically, overdesigning is a consequence of the following: Unclear goals Not having clear goals defined at the beginning of your project is a sure shot way of setting your UX up for overdesigning. Without clearly identified goals, every extra element looks like it fits the purpose. However, when you have clear goals defined, you can easily filter out new ideas and focus on only the most important aspects of the UX design, as you know what will and won’t help you move forward on desired goals. No ownership Too many cooks…well, we’ve heard it. It holds true in product UX designing, as every person brings a unique set of ideas and suggestions to the table. It’s important to have someone in charge who can make a final call and prevent overcomplications. Again, the project owner would look at the previously identified goals and objectives before making decisions. Communication gaps Even before COVID-19, many enterprises had remote design teams. Today, all companies have had experience communicating with a remote designing team. Miscommunication can even happen sitting in the same walled office but is more rampant with diversely located designers. Gaps in communication can overcomplicate the UX design of a project and lead to inefficiencies along the way. A key aspect of succinct communication is to ask questions and confirm and acknowledge answers so as not to presume or assume anything. The idea of perfect design Designers often get hung up on the idea of the perfect user experience and end up cluttering it. In pursuing perfection, it is easy to complicate a project and invest more into it than intended. The Pareto principle comes in handy here. Only 20% of the UX effort will lead to 80% of the results. The perfect design doesn’t exist. But a good one does. It’s better when designers aim for the good one. A hyper focus on methodologies and processes From pinpointing business objectives to analyzing competitors, pinning down the business strategy, defining the company vision, analyzing the target audience, conducting user research, undertaking usability testing, mapping user journey, building wireframes and prototypes, a lot of meaning and simplicity is lost in the UX design process. There is a long list of techniques that we could potentially use to solve each problem stage and areas we talked about above, but we would never use all of them. It’s important to identify what answers you are looking for, if there is an easy and efficient way of getting those answers and who would ultimately benefit from them. Simplifying the processes and choosing only the needed methodologies can cut back on many complications in UX designing and, therefore, in the resulting UX design. Possibility vs. probability design A final common problem that leads to UX overcomplication is when designers confuse design elements that may possibly be of use to the user against elements that would probably be useful. If a design element or feature is probably useful, most users will end up wanting and using it. If something is possibly useful, this is the designer conjuring up an image or scenario in their mind. Adding possible use cases leads to overdesigning. Those are the most common factors resulting in overdesigning in projects. Next, let’s see what design thinking can do to curb complications in UX. Related Reading: How to Design User Experience for Diversity & Inclusion How does design thinking help keep UX simple? Design thinking helps designers better understand the target user, form and test assumptions about them and design a product that addresses a real-life problem for them in the simplest possible way. Design thinking consists of these imperative stages- Empathize – Empathizing involves engaging with and observing potential users of a product to understand their motivations and experiences and immersing ourselves in the same physical environment to better understand the issues involved. Empathy allows for a human-centered design approach where designers either confirm or discard their assumptions about users and their challenges. Define – This is the stage where designers put together the information they gathered in the previous stage and define the core problem statement along with the features, functions and elements that may allow solving the problem without hassle. Ideate – This is where design teams think outside the box to identify potential solutions and look at the problem in alternative ways. Techniques such as brainstorming, SCAMPER and Worst Possible Idea encourage free thinking and expand the problem space for ideation. Prototype – This is where the design team produces scaled-down versions of the actual product to conduct solution analysis. This is an experimental phase that identifies, investigates, accepts, rejects, improves and re-examines solution approaches to the problem. Test – Designers identify the best product solution and rigorously test the complete product. This is an iterative process, so results from the testing stage are used to redefine more problems and better understand the users’ perspectives. Design thinking eliminates guesswork and complications from the UX design process and leads to a simplistic and powerful design that gets the job done. Related Reading: Fundamental User Experience Design Principles for Startups Sometimes, the usual is enough! Designers often go for newer ways of thinking about design instead of the standard and widely accepted designs. Overcomplicating UX breaks the user experience and makes a good case for simplified UX- where the usual is enough. Adhering to the norms can mean not having users relearn what they already know. It minimizes the barrier to using the product. When users know their way around, they are more likely to keep using a product. Sometimes, the usual is enough. Make sure your UX design isn’t too much. A lousy UX design can be too visual, cluttered, functional and readable, ultimately breaking the experience it was supposed to build. Engage with UX designers who can walk you through designing thinking and ensure a product that is easy and sticky for your users. Learn more about our UX designing process here.
How Can Technology Startups Support Sustainability Posted on April 26, 2022May 10, 2022 by Admin Technology has been both the boon and the bane for humankind. While it allowed us to interact socially, carry our jobs, learn and play through the pandemic, it also suffocated the planet and continues to. The impact of a digital new normal on the planet is not entirely perceivable right now, but it does not look good so far. According to the World Economic Forum’s Global Risks Report 2021, climate action failure is one of the environmental risks posing the second most imminent threat to our society, only after infectious diseases. Therefore, we can’t delay the shift to green digitalization anymore. As large organizations such as Amazon, Google, Microsoft make strides in becoming greener and cleaner, startups are joining the cause. Sustainability through innovative digitalization and sustainable digitalization are different avenues that technology startups can explore. Why is Sustainable Digitalization Urgent? The UN 2030 Climate Report warns us that the pace of progress is not enough to meet climate goals. We need to make shifts within years and not decades by transforming economies and businesses to green. From a business standpoint, customers, investors, employees and regulators are increasingly pressing for sustainability. And, all parties need more than lip service to know that your business is strategically prioritizing sustainability. Sustainable digitalization is urgent from the planet’s perspective and from a profit perspective for startups. Read the full report – Sustainable Digitalization the Next Normal for Startups Sustainability Practices for Technology Startups In no defined order, here are a few practices startups can start following to contribute to the cause of a sustainable digital economy. Engage green software engineers Green software engineering is an emerging field of software development with a set of principles, philosophies and competencies that lead to defining, developing and running sustainable applications. Green software engineers build software code, architecture and other features keeping the planet in mind. Green applications are cheaper, exhibit high performance, resilience and are better optimized. Agreed upon factors in green software engineering include carbon, electricity, carbon intensity, embodies carbon, energy proportionality, networking, demand shaping and measurement & optimization. Read the principles of green software engineering here. Design UX for sustainability Digital consumption causes pollution. Just as UX designers centered the user in the designing processes once before, they now can center sustainability and the planet. A simple form of this could be raising awareness. UX designers can include information about sustainability in their software product designs to instigate responsible software use. It can be difficult to see how sending an email, for instance, harms the planet. But if we know it does, we could send fewer emails and tie email etiquettes around planet conservation so that not receiving an acknowledgment doesn’t translate into rude behavior. This would require a cultural change which will begin with awareness. Another way could be to include all living beings in the UX strategy and move away from human-centeredness. UX designers can become advocates for living systems so that every living being’s needs are considered in the design process. Make the cloud greener The exponential growth in cloud utilization has led to an accelerated expansion of power-intensive data centers, which consume 2% of the world’s electricity today but could consume as much as 8% by 2030. Until today, solutions to make data centers green have involved hardware optimization by reducing overheated server incidences and carbon reduction by increasing the use of renewable energy that powers them. Newer efforts in making the cloud greener can involve software interventions in the form of eliminating duplicate data or compressing data to save energy. Installing graphics processing units at the edge can mean more efficiency by breaking up gigantic tasks into smaller ones and assigning them to multiple processors. Another way to make the cloud greener could be adopting virtual servers instead of enterprise data centers to conserve energy and scale on demand. Finally, serverless computing can help share infrastructure resources and improve code efficiency, which conserves energy. Use advanced mobility solutions For businesses in the automotive, transportation or mobility industry, sustainability is an understood responsibility. According to a publication by the World Business Council for Sustainable Development (WBCSD), 75% of global CO2 emissions come from cities, while 40% of those emissions are generated by urban freight. As we face an urgent need to reduce carbon consumption, vehicle electrification and advanced mobility solutions can help in this area. With more users leveraging online shopping and delivery services, smart mobility solutions become more critical. Smart mobility may include using EVs for urban freight, utilizing IoT for several use cases where efficiency of vehicles can be increased and using AI for autonomous self-driving EVs. For an e-commerce business, smart mobility may mean making operations more efficient and using a delivery partner who is more sustainable and planet-conscious. Measure, demonstrate and improve Just like any other business goal or objective, sustainability is measurable. Sustainability software help organizations control their impact on the environment, promote social responsibility and comply with regulations on recycling, renewable energy and emissions. A sustainability software can help assess related data, measure the environmental impact of your operations status quo and prioritize areas that most impact the environment that could also hold strategic business significance. When sustainability metrics get measured, they can be demonstrated for business growth and improved upon. The concept of sustainability is based on three key pillars- the ecological, economic and social impact of actions. We believe that startups can gain a headstart on sustainability which will pave their way to greater and cleaner success. Read the full report – Sustainable Digitalization the Next Normal for Startups
Pros & Cons of Influencer Marketing for Equity Crowdfunding Campaign Posted on April 19, 2022May 10, 2022 by Admin A recipe for a successful equity crowdfunding campaign is not a simple one. It requires a mixture of email marketing, social media marketing, copywriting, influencer marketing, and paid marketing to get desired results. Most of the campaigns will use more than one channel for marketing, but there’s no one-size for all solution for it. Recently, there’s been a lot of buzz around influencer marketing with the rise of social media. For brands who want to reach out directly to their target customers, it’s a great way to get traction on their equity crowdfunding campaign. It’s a powerful tool to get the word out there about your product or service. But, as always, with great power comes great responsibility. So, before you go all-in on influencer marketing for your equity crowdfunding campaign, let’s take a look at pros and cons of it. Benefits of Influencer Marketing for Equity Crowdfunding Campaign: Get the Word Out Quickly and Efficiently When done correctly, influencer marketing can get the word out about your product or service very quickly. The reason for this is that people trust the opinions of their friends and family more than they do advertisements. This is especially true on social media, where users are more likely to see posts from their friends and family than they are from brands. This means that if you can get a few key influencers to talk about your product or service, you’ll be able to reach a lot of people very quickly. Read More: 4 Proven Strategies for a Successful Equity Crowdfunding Campaign Create Trust Between Brand and Customer When an influencer talks about a product or service, it creates trust between the customer and the brand. This is because people trust the opinions of their friends and family more than they do advertisements. This means that if you can get a few key influencers to talk about your product or service, you’ll be able to create trust between your brand and your customers very quickly. Could Lead to a Partnership or Equity Investment If the influencer is passionate about your product, they may be open to helping you in other ways. For example, if you need help promoting an equity crowdfunding campaign for equity investors, reaching out to them afterward could turn into a great opportunity for both of you. Drawbacks of Influencer Marketing for Equity Crowdfunding Campaign Influencers May Not be Interested in Equity Crowdfunding Campaigns Not all influencers are open to equity crowdfunding. Many of them have the perception that equity investing is too risky for their audience, so they’re hesitant about sharing anything related to equity investing on social media or their blog. This means that if you want to get an influencer to promote your equity crowdfunding campaign, you’ll need to make sure that they’re interested in the product or service that you’re selling. It Can Be Time-consuming Influencer marketing can be a lot of work. You’ll need to find influencers who are relevant to your brand, reach out to them, and create content that’s interesting to them. If you’re not careful, it can easily become a full-time job. Read More: Crowdfunding: 5 Key Challenges and How to Overcome Them It Can Be Expensive Paying for influencer marketing can be expensive, especially if you’re working with top-tier influencers. If your budget is tight, you may want to consider other forms of marketing. Can Damage Your Campaign If It Goes Wrong There’s a chance that influencer marketing can backfire on you. If an influencer talks about your equity crowdfunding campaign but doesn’t get the results that they expected, then they may write bad reviews of it online. In the end, it’s up to you whether or not influencer marketing is right for your equity crowdfunding campaign. But, if you do decide to use it, make sure that you’re aware of both the benefits and drawbacks of doing so. If you’re figuring out the right strategy for your equity crowdfunding campaign, seek experts help. KiwiTech offers a crowdfunding marketing service to startups who are seeking ECF for raising funds. We offer end-to-end support from copywriting to email marketing going all the way to social media to get your brand out there and find potential investors who would love to get behind your innovative ideas. If you’re interested in learning more about how KiwiTech can help you with your equity crowdfunding campaign, please reach out to our crowdfunding ninjas.
What Does Strategic Resilience Look Like for Startups in 2022 Posted on April 12, 2022April 11, 2022 by Admin Resilience is a critical requirement for organizations in crises, but what does being strategically resilient mean for startups? How does strategic resilience give startups the ability to overcome the short-term and long-term challenges of, say, the pandemic and thrive long beyond? Download the full whitepaper – Building a Resilient Company in the New Normal Defining Strategic Resilience “The greatest danger in times of turbulence is not the turbulence itself, but to act with yesterday’s logic”- Peter Drucker. McKinsey defines strategic resilience as the “extent to which an organization’s business model and competitive position prove resistant to disruption”. During COVID-19, a major global crisis, McKinsey surveyed 300 senior European executives to understand their organization’s resilience. McKinsey found that the pandemic exposed weaknesses in companies’ strategic resilience. It also discovered that the most pivotal factor in strategic strength was business model innovation. And finally, the survey revealed that 60% of executives expect these innovations to continue beyond the pandemic, with projects lined up. When responding to uncertainty, Deloitte reads, most executives and board members incline toward one of the following responses: They either portray a lack of confidence- understanding the depth, presence and complexity of a challenge but being paralyzed- which results in slow, timid and erratic decision-making.Or, they portray overconfidence, dismissing genuine threats in front of them, only to make hasty, superficial and simplistic solutions that fall short. Strategic resilience involves realistically taking in the status quo, devising strategies to cope and thrive in the environment and then consistently beyond it. Business Model Innovation as Part of Strategic Resilience The pandemic compelled businesses to reevaluate their business architecture as obvious avenues closed down. Business architecture or business model refers to all the systems and connections between people, processes, activities and resources that are ultimately essential to deliver value to customers and stakeholders. Business and technology models have been constructed to support a stable environment. However, with several disruptions looking us in the eye, there is a dire need to introduce flexibility in these models to respond to threats in newer, more empowering ways. The pandemic didn’t introduce anything new. It only accelerated the need for change that was very much present before. The difference between the best and worst-performing businesses lied in their preparedness to bring on those changes. Companies that lost their competitive edge will need to move faster to cover the lost ground. As stated earlier, business model innovation was the top cause of resilience in winning companies. Those who adopted newer business architectures focused on the following areas: New offerings to Respond to Changing Customer Needs Leaders of retail companies will tell you how different things are now from March 2020. In the U.S. alone, e-commerce constituted 15% of sales in 2020, up from 11% a year before. Today, consumers are accustomed to shopping online. Those who didn’t have an e-commerce store account before learned to surf their way through online stores during the pandemic. According to EY’s Future Consumer Index, 80% of U.S. consumers are still changing their shopping habits, 60% are visiting brick-and-mortar stores less frequently than before the pandemic and 43% shop online for products they previously purchased in stores. This is just about the retail and e-commerce businesses. Catering to changing customer needs has been no longer an option for a couple of years. Rolling out new services or new ways of delivering the same services will help companies build strategic resilience. Fresh Partnerships Continuing the same example and report around retail businesses and how they strengthened their position during the pandemic, retailers made approximately $10 billion in acquisitions, partnerships and e-commerce investments between May to July 2020. These investments went into logistics capability-building to enable last-mile, asset-light service approaches, including ghost kitchens (restaurants with kitchen equipment and facilities that don’t cater to dine-in customers) and dark stores (distribution centers that only cater to online orders), and investments in up and coming digital capabilities in AI and blockchain. New partnerships within and outside the industry can create new opportunities for businesses to deliver value. Related Reading: What’s Up With Blockchain? Current Trends in the Industry Risk Management As companies bumped against challenges, they planned strategic changes to their operation and configuration of their supply chains to mitigate risk. McKinsey surveyed senior supply chain executives across geographies and industries. They found that 93% of respondents intended to make their supply chains more resilient, flexible and agile. Companies tried to balance just-in-time delivery with protection against shutdowns and delays by securing alternative supply sources and ensuring that the labor force continued to operate. For instance, contact centers split their teams and moved remotely to isolate teams from spreading infection. Agile supply chain management can mean the difference between a resilient and a frail organization. Changes in Sales and Marketing As businesses changed the way they delivered services, products and experiences, they had to switch up their sales and marketing for the same. For instance, restaurants shifted to at-home delivery and pick-up orders- which transformed what they were selling- not a dine-in experience, but a safe and secure at-home delivery experience. In another wave of changes, marketing and sales got hyper-personalized rapidly. Marketing messages became more relevant with the world’s happenings, and customers started expecting businesses to offer precisely what they needed in terms of content, commerce, community and convenience. Resilient and strategic businesses realized the switch and held back from scheduled marketing, which was tone-deaf in light of the recent global events. Related Reading: Personalization Vs. Privacy- Where’s the Fine Line? Rapid Iteration & Development A rapidly changing outside world warranted rapid product development for quick response. For instance, telecom companies working with insurers and healthcare institutions quickly responded to the pandemic by creating telemedicine applications to test and diagnose COVID-19 remotely. Meanwhile, events management companies started offering virtual event experiences to stay in business. Rapidly iterating and developing new products and business models allowed companies to respond to the pandemic effectively- not losing a lot of money, time and sanity. Download the full whitepaper – Building a Resilient Company in the New Normal For startups in 2022, building strategic resilience might look like setting bold aspirations, visualizing scenarios of uncertainties you might face, setting up a portfolio of big moves (resource reallocation, mergers and acquisitions, investing in technologies) and dynamically adapting strategy to reflect the needs of customers and partners. The level of innovation achieved by businesses in building a resilient strategy has been impressive. If you’re plunging into it now, having a trusted vendor by your side can be immensely helpful. KiwiTech helps startups in several ways. Reach out to us today.
Why Does the Hype Around AI Exceed Implementation Posted on April 7, 2022December 27, 2022 by Admin “By far the greatest danger of Artificial Intelligence is that people conclude too early that they understand it.” – Eliezer Yudkowsky The global AI market size totaled USD 51.08 billion in 2020 and is projected to reach USD 641.30 billion by 2028. Artificial intelligence is everywhere. Some businesses are using it, some are planning to, and others have an opinion. Consequently, we can sometimes be misguided by the misconceptions and fascinations of AI resulting from its image created by science fiction and pop culture. With advancement at the current rate, there’s little doubt that AI and data analytics can reach great potential. However, the optimists among us may miss the many challenges lined up, while the pessimists don’t even touch the technology for fear of failure. Before assessing why AI hype exceeds its implementation, let’s look at the hype. We’re going to discuss: The reality of AI hype Why do AI projects fail Steps to take for a successful AI project Is AI suitable for your startup Bonus: AI Checklist for your startup Conclusion The Reality of AI Hype According to a 2021 study by KPMG, three-quarters of surveyed executives agree that AI is more hype and less reality. Half of the respondents also agreed that AI is moving too fast in their industry and wished to move faster. The buildup of AI leads companies to get into the game with a false perception of what AI can help them achieve. Without a clear understanding of what technology can and can’t accomplish today, there is a lot of risk in getting involved. Another significant fact is that 92% of said respondents are implementing the technology and believe in its ability to deliver value in terms of high efficiency. While there is confidence in the technology, hype understates the challenges involved. The overpromise of AI led to the coining of the term ‘AI Winter’ to describe the period of boom and bust in the 90s when the technology faded for a while. As it did, people left training programs stranded. So today, the huge market demand for AI doesn’t match the availability of proficient professionals. Consequently, the advice and implementation a lot of companies receive are experimentative. Why Do AI Projects Fail? 87% of data science projects never go into the production stage. And 70% of companies report minimal or zero impact from AI. Mixing Marketing with Implementation Often, AI vendors will engage in overpromises in their marketing, giving their clients a false sense of expectations. Companies often engage with technology vendors based on marketing alone and forget to look closely at previous implementations and results of the same sort. Usually, a vendor may also convince a business that their AI implementation does not need a particular component when it does- just that the vendor doesn’t provide it, and the company doesn’t know. Unclear Objectives Artificial intelligence can be a powerful strategy once you know what you expect from it. Having a well-defined business problem with business goals can help achieve success. Besides, measuring outcomes from an AI implementation can be tricky as it involves building and training an AI model and experimenting with long-term trial-and-error before seeing results. A well-defined business goal can determine whether the direction of implementation is correct. High Expectations Business owners can embark on an AI project with high expectations. Self-driving cars, autonomous drones, and facial recognition systems are significant use cases of AI. Still, startup owner needs to look at the core business value they’re trying to achieve with AI instead of the new shiny objects. High expectations around what AI can do for you often lead to disappointment when business owners conveniently underestimate the challenges and misinterpret the reality of AI. Lack of Access to Talent There are opportunities galore, and not enough experts in the AI industry who can steer the ship and take AI projects to the finish line. Hiring for an AI team can mean huge investments, and working with a vendor needs a careful vetting process. The lack of easy access to talent (and a lot of marketing) makes it hard for companies to distinguish genuine professionals from others. Getting into it with the wrong people can mean huge irreversible losses that may have been better off invested elsewhere. Steps to take for a successful AI project 1. Strategize The implementation part of AI comes later on the roadmap. First, you need a strategy that has been thought out internally after looking at various options and alternatives. This way, you are not dependent on a technology vendor to build your plan. Instead, you can approach them and directly talk about implementation. 2. Start Small Instead of looking at AI as a business opportunity, companies can do better by leveraging it to improve business outcomes first. Begin by analyzing decision points and asking how improving this decision by 1% impacts the bottom line. Starting small can set you up for success with AI by giving you insight into how it works. After a tiny victory, you can incrementally move on to more significant objectives. 3. Plan for Organizational Change Artificial intelligence projects can change how business happens in your company. Are you and your team ready for it? Spend time getting executive buy-in and getting all employees on board. Explain why this project would mean a lot to your company. A big part of implementing AI is dealing with the resistance from within. It’s natural for us to feel a little threatened by AI if we don’t believe that AI is here to augment humans, not replace them. We created an in-depth report for startups exploring AI as a realistic possibility beyond the hype. Check at the end. Is AI suitable for your startup? As a startup, you spend a lot of time and effort trying to sell to potential investors, customers, or both. It’s a good idea to reflect on and consider what you’re selling to yourself regularly. Consider the following AI use cases and how they correspond to the current realities of your business. 1. Demonstrable Capability: Good In this case, AI capabilities are built into your current product and meet a genuine business need. You can discuss the models in use and the current training and inference infrastructure and share supporting artifacts such as Jupyter notebooks (or equivalent) used to validate these models. Alternatively, you can use commercial offerings from AWS (Amazon Web Services), Azure Cognitive Services, and others to demonstrate their integration. You clearly understand the applicability and limitations of these models. 2. Aspirational Capability: Good Early exploration to validate the approach and prove the use case may already be underway in some cases. In any case, you may be looking for funding to build this area, which is fantastic! An accelerator, such as LogicBoost Labs, can provide resources to move AI use from aspiration to reality at the minimum viable product (MVP) stage. 3. Redefining AI/ML: Bad In this case, a company attempts to reframe a specific technology or technique as AI when it is not. The average person might believe that, but those in the know will see it as deceptive and impolite. It is not worth jeopardizing investment or new customer opportunities by promoting AI capabilities that do not exist. Furthermore, whether AI or not, be proud of your knowledge, product, and capabilities, and don’t oversell yourself. Those in the know will appreciate that. 4. Handwaving AI: Ugly Handwaving AI occurs when a company fails to understand what current AI systems can and cannot do. Frequently, these companies don’t know how to apply AI to their product or struggle to force a connection – a situation known as a solution in search of a problem. In this scenario, large parts of a proposed solution far too often are ultimately disconnected from any current AI capabilities. So, which category do you fall under, and why? Checklist for your startup:Aspirational or Actual Use What business problem is it solving? Can you demonstrate the capabilities and the systems/artifacts that drive them? How is the data gathered and prepared? What models are you using? How is the model trained, validated, deployed, and retrained? Are there future scalability issues to be aware of? What are the economics around model training and inference? Is this factored into your pricing model? Do you have ethical and bias controls in place? If used in a regulated industry or mission-critical setting, what measures are in place to ensure compliance and understand failure modes? Who on the team is the resident AI expert? Do they have the skills and experience needed to evolve and refine the offering? This checklist will assist you in determining whether AI for your startup is aspirational or in use. Describe any prototypes or experiments that are in the works. Most MVP-level product offerings are rough around the edges, particularly in AI management and deployment (also known as MLOps), and that’s perfectly fine. It could be one of the reasons you’re looking for more information. However, no one expects a startup to have a fully automated MLOps workflow on the first day. These capabilities can be properly integrated over time. Conclusion We live in an era in which the accessibility and capabilities of machine learning (ML) and artificial intelligence (AI) technologies are expanding exponentially. It’s pretty thrilling. (For the sake of brevity, we’ll refer to this entire range of technologies as AI.) While there is a lot of hype surrounding this topic, it is difficult to deny that AI will fundamentally change our daily lives. Startups frequently set the standard for introducing and innovating with new technologies, so no wonder that their use of AI is gradually becoming the norm. However, as with any game-changing technology, introducing AI into the mix without first understanding can lead to unrealistic expectations, misinterpretation, and confusion. Are you prepared to rebuild your industry? If yes, consult our AI development experts who can help your company reach the pinnacle of success through intelligent digital solutions.
4 Proven Strategies for a Successful Equity Crowdfunding Campaign Posted on April 6, 2022April 7, 2022 by Admin Choosing to launch an equity crowdfunding (ECF)campaign is an important step in strengthening your business financially. The next important step is building a strategy for sustaining the campaign so it is successful. Merely putting up your ECF campaign out there isn’t going to get the cash flowing; you must invest the time to build a strategy and put in the work to execute it. In this blog, we’ve taken some of the load off your shoulder. Below are four proven strategies for ensuring the success of an ECF campaign. Strategy #1: Design a Campaign with Investors in Mind. When designing your equity crowdfunding campaign, it is important to think about your target investors. What are their needs and wants? What are their investment priorities? What are their risk thresholds? By taking all of this into account, you can create a campaign that will appeal to them and increase your chances of success. For example, if you are targeting angel investors, you may want to focus on the potential for high returns. If you are targeting venture capitalists, you may want to focus on the potential for growth and marketability. No matter who your target investors are, it is important to know what matters to them and craft your campaign accordingly. Read More: How to Create a Convincing Equity Crowdfunding Campaign Strategy #2: Run Top of Funnel Ads & Retargeting Ads One proven strategy for equity crowdfunding campaign success is to run ads both before and immediately after your equity crowdfunding campaign. Before the equity crowdfunding campaign, you can run ads to gain attention and attract investors. Immediately after your equity crowdfunding campaign, you can focus on retargeting people who didn’t invest yet so they may invest in the future. Doing this can increase your chances of gaining additional funding at no additional cost. Strategy #3: Optimize Your Site for Search Engines Another key equity crowdfunding strategy is to optimize your site for search engines like Google. This means that you should include relevant keywords in meta tags, meta descriptions, and keyword content; create a sitemap and submit it to the search engines; and make sure your website is easy to crawl. By doing this, you can ensure that your equity crowdfunding campaign gets as much exposure as possible from potential investors. Strategy #4: Network, Network & Network Last, but not least, equity crowdfunding campaign success can be achieved by networking. Networking is a powerful tool that reaches thousands of people in an instant. By engaging with investors on social media and email networks like LinkedIn, Facebook, Twitter etc., you are able to reach many potential investors who may contribute their money for your equity crowdfunding campaign. Read More: Equity Crowdfunding: Why It’s More Important Now Than Ever So there you have it – our top equity crowdfunding strategies! Implementing even one of these can help increase your chances of a successful campaign. Still, need help promoting your ECF campaign? We’d love to design and execute a tailor-made strategy for your crowdfunding campaign. Reach out to us today for our crowdfunding program.
Startup Ecosystem in MENA: Current Trends Posted on April 5, 2022December 26, 2022 by Admin Startups in the MENA region have witnessed a lot of attraction recently. Many of them have been internationally recognized and acquired by major companies reflecting a robust startup ecosystem in the region. This startup ecosystem holds a lot of importance for a region that has been on the rungs of employability of its youth and is seeking to shift from an oil-based economy. In such a situation, startups become the knight in shining armor for not only the youth but also determine the future of the region through its economic standing. Thus, a lot of importance has been laid, and trends have been followed to tap into the relevance of these startups in the market. In this article, KiwiTech aims to provide insights into the new trends followed by startups in the MENA region. 1. Regional Startups over International Businesses Any international business cannot address issues relevant to a region with multiple geographical and demographic pain points. In such a situation, regional startups enjoy the advantage of knowing ground-level problems with innovative solutions. Startups are seen as a catalyst for innovation. The digitalization of the MENA region owes a lot to these innovative startups that generally have young people with a high level of digital connectivity at their topmost level. You might also like: How to know if it’s Funding o’Clock When Investors Approach 2. Incumbent Businesses to Seek Partnerships with Regional Startups Innovation as its motive boosts startups’ chances of taking over by incumbent businesses. It further strengthens the startup ecosystem in the region by combining monetary resources with new and innovative ideas. It provides dual benefits to the investors to fulfill the socio-economic responsibility and tap into new, fresh ideas. “World Economic Forum’s Regional Business Council (RBC), which includes some of the leading businesses in the region, are pledging to allocate 10% of their annual procurement budget to SMEs, startups, and entrepreneurs by 2020.” 3. Crossborder Investors MENA-based startups are also witnessing international interest, especially those aiming to provide solutions to Pandemic brought problems. The sectors most benefit from the high investment are Fintech, eCommerce, and healthcare, with a strong founding team and proven problem-solving capabilities. In addition to this, the return of in-person events such as GITEX and Expo 2020 will accelerate program activity. With the reignition of founders’ cross-border activity to scale up, the growth trajectory of the startup ecosystem is looking highly encouraging, according to Philip Bahoshy, CEO and founder of MAGNiTT. 4. Re-Prioritization of Industries Due to Covid-19 Although, along with the world, the MENA region witnessed a halt in its operations due to Covid-19 restrictions. Yet, it gave birth to newer platforms and infrastructure for startups through digital transformation. Multiple startups rose to heights in the Pandemic itself through the re-prioritization of industries according to their relevance in the COVID-19 crisis. People also liked: Early Startup? Don’t Make These Mistakes Navigating Your First Recession. 5. Government Reforms The region’s government has made conscious efforts to provide the right environment and infrastructure for startups in the area to flourish. It reduced the cost of setting up a startup; it supported the ability to scale and incentivized access to capital. These structural changes in the policy provided guidance, connectivity, and funding facilities to the startups in their pre-seed and seed stages. Government-run accelerator Falak invested in early-stage startups and was established to give the startup industry in the country a much-needed shot in the arm. Startups’ progress in the MENA region has been progressive for over a decade. Despite the Covid 19 obstruction, the region has had multiple flourishing startups that have emerged as unicorns, showcasing how promising these startups are. Taking these trends further, KiwiTech has successfully helped startups in the MENA region scale and add to the ever-growing startup economy in the region. If you’re a MENA-based entrepreneur looking to learn more about how KiwiTech supports and accelerates businesses in the area, feel free to contact us. We would love to tell you more!
6 Tips to Create a Successful Crowdfunding Campaign Video Posted on March 29, 2022March 29, 2022 by Admin Equity crowdfunding is a great way to get equity funding for your startup, but it can be difficult to stand out in the crowd. To increase your chances of being successful with equity crowdfunding, you need an outstanding campaign video that will convince people to invest in your business. To make your crowdfunding campaign journey more streamlined and error-free, we write how-tos, tips and guides from time to time to help startups like yours. In this blog, we have put together some useful tips to create an outstanding equity crowdfunding campaign video that draws attention and brings investment. Read More: Equity Crowdfunding: 5 Key Challenges and How to Overcome Them Tip 1: Keep it Short Equity crowdfunding campaigns are time-sensitive, so you don’t want to bore your audience with a long and drawn-out video. You want to capture their attention quickly and keep it throughout the video. A good way to do this is by keeping your video short and sweet, yet informative. Tip 2: Make it Engaging Your video should be engaging and interesting so that people will want to watch it until the end. You can do this by having a clear and concise message, using interesting visuals, and keeping your tone upbeat and positive. Read More: How to Create a Convincing Equity Crowdfunding Campaign Tip 3: Leverage Social Media Social media is a great way to spread the word about your campaign and get more people interested in it. You can create buzz about your equity crowdfunding campaign on social media by using hashtags, engaging with other platforms, and interacting with people. Tip 4: Pick the Right Platform for Your Video There are many different video production companies out there that can help you make a high-quality equity crowdfunding campaign video. However, it’s important to pick one that is suited to your needs and that you can trust. It is best to seek professional help to create an outstanding campaign video for crowdfunding. Tip 5: Make a Script Before you start filming, it’s important to make a script for your video. This will help keep you on track and ensure that your video flows smoothly from beginning to end. Tip 6: Film in HD Quality Investing in high-quality video production will make your equity crowdfunding campaign video look more professional and appealing to potential investors. Tip 7: Use Professional Filming Equipment Investing in quality filming equipment is important if you want your equity crowdfunding campaign video to look good. Amateur videos tend to look grainy and unprofessional, so it’s best to use professional equipment for filming equity crowdfunding campaign videos. Tip 8: Get Feedback from Other People Getting feedback on your equity crowdfunding campaign video is important to make sure that it’s up to par with what you want, but also what potential investors are looking for in an equity fundraising platform. You can ask friends and family members or even hire a film production company to get feedback on your equity crowdfunding campaign video. Creating a successful equity crowdfunding campaign video can be difficult, but if you follow these tips, you’ll be well on your way! Read More: 5 Things to Consider When Thinking Equity Crowdfunding to Fund Your Business If you find marketing your equity crowdfunding campaign a grind, seek professional help like ours to help you achieve your investment goals. To get your free quote today, contact our equity crowdfunding champions here.