Are Metaverses Happening? The Potential for Startups Posted on March 24, 2022June 2, 2022 by Admin Metaverses, in concept, date back to science fiction, such as the 1992 novel “Snow Crash”, wherein the sci-fi writer Neal Stephenson coined the term to describe a three-dimensional virtual space where humans interact with each other as programmable avatars. However, when Facebook rebranded itself as Meta on October 28, 2021, metaverses started gaining traction and seeming more real. Facebook CEO Mark Zuckerberg explained that the new brand name “represents the company’s move further into the metaverse”. Companies started reshuffling their sales decks to show they were in it and individuals began making investments toward a promised virtual future. Let’s take a few steps back to understand what metaverses are before we look at the business opportunities they offer, their current state and the early and potential here for startups. What is a Metaverse? Experientially, a metaverse is a three-dimensional digital ecosystem where we interact with each other, work, study, play, make financial transactions and more. Financially and from an opportunity standpoint, the metaverse is the next big technology trend and an $800 billion market opportunity by 2024. From an economic aspect, a metaverse is a digital economy where users can create, buy and sell goods interoperably. Just like we shop for a scarf in a shopping store and later wear it at our home, a metaverse will allow interoperability between platforms. Socially, a metaverse creates an immersive virtual experience where people build communities based on shared values and interests and express themselves more authentically. And technologically, a metaverse combines virtual reality, augmented reality, cryptocurrencies, artificial intelligence, the Internet of Things and blockchain technologies that support various functions avatars (users’ digital identities) can carry out in a metaverse. However, a metaverse doesn’t require AR or VR equipment to access all parts of it. For instance, those acquainted with Fortnite by Epic Games will know that some aspects of the game can be accessed through game consoles, PCs and mobile phones. So, is Fortnite the metaverse? Not really. Saying that Fortnite is the metaverse is analogous to saying that Google is the Internet. Spending most of the time surfing Google doesn’t mean there isn’t more to the Internet. Parts of the future metaverse are being built by Fortnite and other players- Meta (previously Facebook), Roblox, Nvidia, Unity and Snap. What’s the Status Quo of Metaverses? Here’s a list of the significant players in the metaverse and what they’re up to now. Meta Facebook, now Meta, has made significant investments in the metaverse, which started with the company acquiring Oculus VR Inc. for $2 billion in 2014. The rebranding speaks to the CEO’s vision of a virtual world where digital avatars connect over travel, work or entertainment using VR headsets. Mark Zuckerberg remains bullish on the metaverse, believing it has the potential to change the Internet as we know it today to an “immersive and embodied internet where you’re in the experience, not just looking at it”. In the latest news, Zuckerberg invited companies to collaborate with Meta in building the metaverse together at Mobile World Congress 2022 in Barcelona, Spain. Microsoft Microsoft recently announced its planned $68.7 billion acquisition of Activision Blizzard, which directly gives Microsoft access to 390 million monthly users and gaming franchises such as Call of Duty and Warcraft. According to Microsoft’s Chair and Chief Executive Satya Nadella, gaming “will play a key role in the development of metaverse platforms”. Microsoft also has plans to bring mixed reality with holograms and virtual avatars to Microsoft Teams in 2022. The tech giant already uses holograms and XR applications with its Microsoft Mesh platform. Epic Games The creator company of Fortnite is heavily invested in building the metaverse. Fortnite has held virtual concerts by the likes of Travis Scott and Ariana Grande, screened movie trailers and music debuts, and an “immersive” re-imagining of the historic “I have a dream” speech by Martin LutherKing Jr. In November 2021, Epic Games acquired Harmonix, the development company known best for Rock Band, to collaborate closely with Epic to create musical journeys and gameplay for Fortnite. According to CEO Tim Sweeney, “We need great creative talent who know how to build powerful games, content and experiences” for the metaverse. Roblox Roblox was founded in 2004 and now houses various user-generated games, including Bloxburg and Brookhaven, where digital avatars can work, build a home and play scenarios. Roblox was worth $38 billion when it debuted on the New York stock exchange in 2021. Since then, the company has collaborated with skateboarding shoe company Vans to create a virtual skateboarding park called Vans World, where players can don Vans gear. Roblox also collaborated with Gucci and opened up a Gucci Garden. Since we’ve mentioned the most significant players in the metaverse, don’t let this limit your perception of what’s happening in the metaverse today. To broaden your perspective, let’s see the various opportunities available to industries in the metaverse. Related Reading: How Deep Tech Startups Can Tackle Specific Manufacturing Problems with IoT What are the Business Opportunities in a Metaverse? Real Estate Virtual real estate is a thriving market. Ethereum-based platforms such as Decentraland already sell virtual real estate that people can buy and develop. The average price of a piece of land in Decentraland jumped from $6,000 in June 2021 to $12,000 in December 2021, and JP Morgan revealed it bought some of it. This growth partly resulted from the rush created by brands wanting to buy space for virtual stores and showrooms. In June 2021, a land package in Decentraland sold for $913,000, and the developer turned it into an entire shopping district by the name Metajuku (inspired by Japan’s Harajuku shopping area). FinTech The finance industry has the most interesting opportunity of all in the metaverse. As the virtual real estate market booms, so will services such as mortgages, credit and rental agreements. T he arrival of Decentralized Finance (DeFi) will enable composability of blockchain-based assets and collateralized lending primitives. As retail experiences flourish in the metaverse, the use of cryptocurrencies and smart contracts will too, underscoring the importance of FinTech in the virtual immersive reality. Investments and Art For investors and forward-looking tech enthusiasts, cryptocurrencies and NFTs offer a solid investment avenue. Since cryptocurrency is a form of a global token, it’s already a preferred currency for its users. NFTs, too, have become the cornerstone of the metaverse. Non-fungible tokens are a unique digital signature used as a deed of ownership of digital assets in the metaverse. An NFT is commonly a piece of art, a picture, a song or even real estate. Notable celebrities and public figures such as Paris Hilton and Justin Bieber have been flaunting their NFT collections, and other enthusiasts are already following and betting on NFTs. Fashion Fashion has moved fast in the metaverse, which is evident in the fact that Morgan Stanley estimates luxury and fashion will be a $50 billion revenue opportunity in the virtual world by 2030. Fashion saw the opportunity right in front of it when the pandemic forced the industry to think of creative digital ways to survive, leading to virtual showrooms where buyers could try on a garment or accessory and take a 360-degree look at any product. In 2019, Louis Vuitton collaborated with Riot Games to create original skins for League of Legends and also released a fashion collection from within the game. Balenciaga recently released their Autumn collection as a video game. Gucci recently collaborated with Roblox to create a Gucci Garden, which led to one of their bags selling for over $4k, more than its worth in real life. Gaming and Entertainment The Gaming and Entertainment industries will be the wildest if they are not already in the metaverse. Predictions by Statista suggest that the value of in-game purchases may surpass $74.4 billion by 2025. Imagine your Avatar attending a concert by Rihanna in the metaverse with your best friend’s avatar? Recently, a virtual concert by Fortnite was seen by 45 million people and grossed $20 million, which includes merchandise sales. Metaverse makes it possible for people in diverse geographies to now participate in concerts by their favorite artists. Other events such as art showcases, sports events and community meetings will also become immersive experiences in the metaverse. Related Reading: How Crypto and Blockchain are Changing the Online Gaming Industry Events While we have participated in online events even before the pandemic, the metaverse will take all experiences to the next level. Users are driving the demand for immersive and interactive events in the B2C and the B2B arena. For B2B, these events mean spaces to easily navigate sessions, network with peers, exchange information, identify business opportunities and nurture human interaction from the safe space of their homes. Metaverse will render travel budgets as the thing of the past, offer accessibility to those with mobility challenges and introduce better inclusion at events. In the fourth industrial revolution driven by the metaverse, events businesses need to design immersive virtual experiences that deliver engagement and accessibility like never before. Training and Collaboration COVID-19 has already made Zoom meetings and online training normal. Remote work and collaboration tools can get more immersive to claim their space in the metaverse. Since metaverse includes the ‘work’ aspect, training and collaboration make sense in it. For instance, Microsoft writes about collaborating with Accenture to onboard new hires. New employees at Microsoft meet on Teams, where they are guided to create a digital avatar and access One Accenture Park, a shared virtual workspace that enables immersive onboarding. Similarly, educational opportunities will flourish in the metaverse, with VR being a low-cost and effective way to deliver an immersive and long-lasting learning experience. Related Reading: 5 Ways to Develop Rapid Digital Prototypes for Your Startup The Potential for Startups in Metaverses? Some of the products and services we know will continue to exist in the metaverse. For a startup looking to plunge in early, it’s better to do so with a strategy. Not everything in a metaverse will be relevant for every business. So follow this system to decide what will be applicable to your business. Learn more about the metaverse and how it relates to your industry and business. Which services or products do you offer that make sense in a metaverse?Assess the value you could create for a community in the metaverse. Imagine your business or brand in the metaverse. Can you do more than participate? As previously seen, the metaverse has something for everyone. Find out what it means for you.Engage in internal development to explore creative consumer engagement through fresh channels, experiences, digital goods assets and services. Start small and fail early and often. As you test and go, you may stumble across something that you can contribute to the metaverse.Connect with those already actively engaged in building the metaverse. A lot of ideas spark from conversations with others. Since the metaverse is still in its infancy, high-quality partnerships and collaborations can still happen for a reasonable investment. Connect with businesses and individuals alike to understand how they are creating and consuming the metaverse.Establish your offering for the metaverse after careful consideration. Consider your access to relevant talent. Do you have sufficient in-house expertise to do it yourself? Consider your competitors. Have they already taken steps to have a presence in the metaverse?Remember, business in the real world is still a priority. Don’t burn a lot of time, money and effort on building the future only to disrupt what is. If your business has limited resources, consider the value in being perceived as a first-mover in a futuristic sector. How important is it for your business to cater to the younger, technologically sound generation? Startups can create early disruption in the metaverse of today and beyond with a carefully crafted strategy that does not compel compromise with business in the real world. Looking for Blockchain consulting services? Talk to us about your cutting-edge ideas today!
Internet of Things and Cybersecurity – Challenges and Best Practices Posted on March 3, 2022December 27, 2022 by Admin According to Juniper Research, the total number of IoT connections will touch 83 billion by 2024, doubling the count from 2021. Everyday objects that connect to the Internet, such as a thermostat, air quality sensor, or wearable health monitor, constitute the Internet of Things. Increasingly more “things” and systems in our lives are being embedded with computing power and network connectivity to enable their communication with other connected devices and systems- opening up a large avenue of use cases in everyday life and business settings. Expanding network connectivity to all corners of our lives is helping us become more efficient, quick, and capable of carrying out critical tasks. Over the years, healthcare, retail, manufacturing, and other industries have applied the IoT to gain a competitive advantage and yield better services and products. However, benefits aside, the IoT also opens individuals and businesses to a newer world of more intricate and exposed threats. This post will help you understand the dangers and solutions of Internet of Things security. We’re going to discuss: Internet of Things or Internet of Threats? Common Industries Grappling with IoT Cybersecurity Cyber Risk Management with Innovation- Balancing Act The IoT Cybersecurity Improvement Act 2020 Retrofitting Promises and Potential Risks Best Practices for IoT Cybersecurity Internet of Things or Internet of Threats? According to Kaspersky, IoT cyberattacks more than doubled YoY during the first half of 2021, with 1.51 billion breaches of IoT devices. In addition, the pandemic exacerbated an infant area of exposure- IoT devices as their usage was prolonged in household settings. While new technologies such as edge computing, IoT, and artificial intelligence present opportunities, they also open up users and organizations to a complicated security landscape. One factor that increases risks with IoT is the People factor. The IoT doesn’t rely on people or manual intervention. However, the very characteristic that gives the IoT its edge – creating value through sensors and devices that collect communicate, analyze and decide – also creates new avenues for the information to be compromised. Not only has the volume of data spiked, but it is shared among more entities- including devices and humans- and is more sensitive. Resultantly, the risks are exponentially higher. In the case of the IoT, features sometimes become a bug. For instance, if a homeowner has an automatic garage door opener that also deactivates the home alarm, the entire alarm system can be deactivated by simply compromising the door opener. Consider another real-life example featured in the CISO Magazine about poor security in smart TVs. In the manufacturing of smart TVs, security is an afterthought, which exposes these devices to various security vulnerabilities. For example, hackers could control unsecured TVs to change channels and volume and stalk your everyday movement and conversations using the integrated microphone and camera. Imagine the scale of complexity when we extend the same knowledge to manufacturing industries that employ IoT technology extensively. The most vulnerable IoT devices include laptops, computers, tablets and smartphones, storage devices, cameras, and streaming video devices. Here are the most common threats to IoT applications and devices, according to the United States Government Accountability Office: Denial of Service Malware Passive Wiretapping Structured Query Language Injection Wardriving Zero-day exploits It’s hard to employ software and services like antivirus and firewalls to IoT devices that typically possess minimal processing and storage capabilities. Further, edge computing aggregates local data, proving a worthy target for attackers. Related Reading: How IoT is Facilitating the New Normal of Employee Experience Common Industries Grappling with IoT Cybersecurity Here are a few common verticals deploying IoT devices, technologies, and services that struggle with security challenges. 1. Healthcare and Life Sciences The Internet of Things has convinced healthcare institutions to enable remote patient care, diagnostics, and monitoring, besides equipment monitoring, food sensors, and bio wearables. Healthcare IoT vulnerabilities can lead to more significant harm than vulnerabilities in consumer devices, as professionals and patients rely on these devices to make care decisions and administer treatment. Related Reading: How IoT Enables Remote Patient Monitoring with Telehealth 2. Smart Homes A smart home enables unbelievable remote access to parts of the house. For example, parents can remotely communicate with their children, monitor their space, be reminded when they are low on groceries, and much more. However, each easy access also exposes users to an array of vulnerabilities. For instance, a hacker can remotely control who gets admission in and out of the house if an intelligent lock gets compromised. In addition, a hacked smart speaker can allow malicious attackers to give their commands. 3. Supply Chains The IoT aggravates supply chains’ vulnerabilities. IoT exponentially increases the mesh of devices. As numerous endpoints integrate, the exposed surface expands, posing a significant risk to the organization. Organizations typically employ the IoT in supply chains for higher operational efficiency and better product demand forecasting. Related Reading: How IoT is Optimizing Supply Chains for Efficiency & Accuracy 4. Industries and Manufacturing While the IoT promises Industry 4.0 to manufacturers and industries, there is a high cost of connecting data, workers, and equipment. Many manufacturing businesses are witnessing an uptick in cyber-related incidents associated with control systems that manage industrial operations. So, while connectivity in manufacturing introduces advantages such as improved productivity, quicker identification and remediation of quality defects, and smoother collaborations across functional departments, it also highlights the appalling gap in cyber capabilities needed to secure business-critical systems. Best Practices for IoT Cybersecurity Securing the IoT infrastructure is critical, but it requires a robust strategy to effectively secure data in the cloud and protect data integrity in transit. Here are some best practices to improve IoT security for your organization. 1. Track and manage your devices. It can be challenging to manage devices across an organization without learning how each device works and what they do. Understanding connected devices within your organization is the first step to securing the IoT infrastructure. To best manage devices, consider implementing continuous monitoring software that helps monitor, discover, track, and manage devices to secure your organization from future attacks. 2. Consider patching and remediation efforts. Patching and remediation involve changing the code of connected devices over time to ensure optimal security. Before implementing a networked device, organizations must consider if the device can be patched over time to combat the ever-changing threat landscape. Some devices are limited in capabilities or too complex to fix comprehensively. Therefore, remediation must be considered before implementing a new IoT device into your network. 3. Update passwords and credentials. Although updating passwords may seem outdated, many devices shipped out have a vendor-supplied default passwords. Cybercriminals can easily access these passwords and exploit or gain control of these devices. Maintaining good password hygiene by updating passwords and credentials is an important step that should be managed routinely to ensure your devices are always secure. You Might Also Like: 4 Proven Strategies for a Successful Equity Crowdfunding Campaign 4. Use up-to-date encryption protocols. Unencrypted data allows cybercriminals to obtain sensitive information or even listen to network communications. To effectively protect against IoT threats, organizations need to encrypt all data within a network. Establishing up-to-date encryption protocols for all data makes any data within the network illegible to unauthorized users and, therefore, more secure. 5. Conduct penetration testing or evaluation Connected devices are innately vulnerable since they are manufactured with ease of use and connectivity at top of mind. Organizations must perform some kind of evaluation or penetration testing on the hardware, software, and other equipment of their business before deploying IoT devices. Penetration testing helps identify and understand vulnerabilities, as well as test security policies, regulatory compliance, employee security awareness, risk response, and more. Conducting a pen test before IoT devices are deployed can prevent your organization from severe IoT threats in the future. You Might Also Like: 5 Key Challenges Before FinTech Startups (and How to Overcome Them) Cyber Risk Management with Innovation- Balancing Act Cyber risks and innovation are inextricably connected. More and varied data creates more potential for value. This is the IoT’s selling point- propelling companies to invest significantly in customer analytics and collaborations with other organizations to find new value streams for customers to monetize. These avenues leverage device and systems data, employee rosters, inventory records, facial recognition data, industrial control systems data, facilities access data, and more. Data governance needs to catch up as organizations venture into uncharted territory. If companies tighten control over administration too much, they may stay caught up on innovation. And if they overlook governance, they might stare into gaping vulnerabilities. This is a sheer balancing act that organizations must engage in, striving to create a baseline of regular data activity and quickly flagging anomalies for further consideration. The IoT Cybersecurity Improvement Act 2020 The IoT technology dwells on a shared ecosystem and operating model across public and private sectors. Yet, there are little to no laws governing IoT security. The IoT Cybersecurity Improvement Act of 2020 was signed into law in December. The act requires government agencies to ensure the security of their IoT devices. Several states, including Oregon and California, have passed cybersecurity laws. However, the IoT Cybersecurity Improvement Act widely impacts how IoT devices are manufactured across the board. Manufacturers need to be aware of the guidelines introduced by regulatory agencies to avoid penalties and fines. While standards are a part of the solution, they are off by years as the IoT continues to soar. Much of the promise of the IoT lies in its ability to aggregate diverse data. Without common governance standards for the functioning of IoT devices, interoperability seems a far-off fantasy. Retrofitting Promises and Potential Risks Some companies are implementing IoT applications on top of existing legacy systems, which were previously unconnected and standalone. Retrofitting is the more viable option considering the cost of implementing new technologies that get obsolete rapidly. Retrofitting can also introduce unique cybersecurity risks with IoT’s many communication points. In other cases, purpose-built devices and add-ons for the IoT ecosystem may become preferable. However, being aware of the risks arising from retrofitting, assessing, and mitigating them can be crucial in risk management. An Integrated Risk Philosophy As organizations grow, their approach to cyber risk management becomes fragmented across locations, products, and business units. For some, this has worked well as parts of their business needed higher safeguarding and threat management. However, the IoT forces companies to reassess this decentralized approach and opt for an integrated risk philosophy. If safeguarding the IoT landscape wasn’t complicated by the volume and velocity of data, it doesn’t help that some of it are held and accessed by partners and third parties. Consequently, business and security leaders’ only choice may be to install an umbrella risk management paradigm that governs cyber risks at every organizational level, from preventing threats to responding to them. Takeaway There are no fail-safe solutions to the lack of cybersecurity in IoT. So, your target as a company should be to be more secure constantly instead of striving to be perfectly safe. Security gaps will continue to expand during the IoT era as organizations distribute thousands of IoT connections in their systems. Therefore, security leaders and founders must understand potential vulnerabilities and mitigate them through a comprehensive cybersecurity strategy. Using a comprehensive risk management approach to understand and reduce the effects of IoT threats can be a holistic solution to take on. Every IoT project needs careful consideration of the underlying security. KiwiTech’s IoT development services integrate security into the development process.
7 Ways to Keep Your Equity Crowdfunding Campaign on Track Posted on February 9, 2022February 9, 2022 by Admin Do you know how to run an equity crowdfunding campaign? If not, then this blog post is for you. Equity crowdfunding campaigns are becoming more popular in recent years because they offer an easy and efficient way to raise money and get feedback from your target audience. However, it can be difficult if you don’t know what you’re doing. Below are seven tips to help keep your equity crowdfunding campaign on track so you achieve your funding goals. Innovation is the key to a successful equity crowdfunding campaign If you can come up with new and exciting ideas, your target audience will be more likely to invest in your project. You need to make sure that you’re constantly brainstorming new ideas and testing them out. This will keep your campaign fresh and interesting. Creating a marketing plan is essential for any equity crowdfunding campaign You need to have a strategy in place so that you can reach your target audience. Your marketing plan should include all of the different channels that you will use to promote your campaign. It’s important to be strategic and make sure that each channel is aligned. For example, if you’re going to run Facebook Ads for your campaign, you should also have a strong social media presence. Read More: How to Create a Convincing Equity Crowdfunding Campaign Taking advantage of your personal network It is another great way to get the word out about your equity crowdfunding project. Be sure to be strategic in who you reach out to and make sure those people will be interested in your campaign or project. You should also be prepared to offer something in return for sharing about your company or product, like a discount on your product or service. Use social media to reach a large number of people You should be using all of the different social media platforms to promote your equity crowdfunding campaign. This includes Facebook, Twitter, Instagram, and LinkedIn. Don’t forget about your website, which is another key part of your equity crowdfunding campaign. Potential investors will want to see a well-designed and professional looking site that provides all the information they need about your project. Make sure that you’re adding content to your website every day, including blog posts and other items that will keep people engaged with what you have to say. You should also be using social media to promote the articles on your site so that they get shared as much as possible. Run ads on social media by using paid advertising platforms Use paid advertising platforms to get the word out about your equity crowdfunding campaign. You can use Facebook ads or Google Adwords to reach a large audience with relative ease. Advertising is an important part of any marketing strategy, and it’s also one of the most cost-effective ways to promote your project if you do it correctly. Read More: How to Make Your Equity Crowdfunding Campaign a Success Keep your audience engaged Keep your audience engaged by providing frequent updates on how the campaign. It’s also a good idea to give them stretch goals throughout the process, especially if things are going well. This will keep them motivated and excited about your project. We hope that these tips help you to successfully market your equity crowdfunding campaign. Remember, it’s important to be creative and innovative in order to stand out from the competition. If you are looking for help with your equity crowdfunding campaign, KiwiTech can provide you with a marketing service that will increase your chances of success. We have many years of experience in marketing and the know-how to reach your target audience. We will create a campaign that is tailored to your needs and will help you reach your funding goals. Contact our crowdfunding experts today to learn more.
5 Signs Your Equity Crowdfunding Campaign is Going to be Successful Posted on February 3, 2022February 3, 2022 by Admin When running an equity crowdfunding campaign, it’s important to know how to monitor its success. Just putting your campaign out there isn’t enough to ensure that you’ll receive funding. If you are looking for signs that your equity crowdfunding campaign is successful, the following five points will help you build a successful equity crowdfunding campaign. Your campaign tells an engaging story. A successful equity crowdfunding campaign will have a story behind it. The story can be about the founders, how they came up with an idea and why they need funding from investors, or it could even be as simple as telling people that you need their help to complete your project. The more engaging your story is the better because this is what draws in potential investors. Make sure that you have a story to tell and make sure it is interesting. Read More: How to Make Your Equity Crowdfunding Campaign a Success Your campaign has a social media presence. A successful equity crowdfunding campaign will have a good social media presence. This means having an active Facebook page, Twitter account, Instagram account, and possibly TikTok account. The key is to not just post about your own company but also to engage with others. You are reaching your target audience. One of the main goals of any equity crowdfunding campaign is to reach your target audience. This means that you need to know who your target market is and then focus on marketing efforts towards them. If you are targeting the wrong audience, then it’s likely that your campaign will not be successful. You have a good amount of funds raised. One sign that an equity crowdfunding campaign is going to be very successful is when there has been a lot of money already raised during the first few days or weeks after launch. Usually, if this happens, then it’s likely that the campaign will reach its funding goal. You have good engagement. An equity crowdfunding campaign is successful when there is a lot of engagement happening among investors, backers, or potential customers. When people are engaged with your company in some way, whether through social media posts or email marketing campaigns, this shows that they are interested in your product. All these are clear indicators and important gauging metrics to see if your efforts are going to bear the fruits of success or not. Read More: Launched a Successful Equity Crowdfunding Campaign? Here’s What’s Next If you are looking for help with your equity crowdfunding campaign, KiwiTech can provide you with a marketing service that will increase your chances of success. We have many years of experience in marketing and the know-how to reach your target audience. We will create a campaign that is tailored to your needs and will help you reach your funding goals. Contact our crowdfunding experts today to learn more.
6 Types of Funding Every Startup Should Know About Posted on January 22, 2022January 24, 2022 by Admin It might be complicated to determine which approach is ideal for your startup when it comes to raising cash. You’ll need money to set up the machines in order to bring your fantastic or new idea into reality, whether you have a revolutionary concept to disrupt the market or a commendable one to improve the current. Fortunately, there are more than one ways to get funding for your startup. Here are seven types of funding you should consider: Bootstrapping Bootstrapping means starting your business without the aid of external funds. You’re essentially getting started with your own money, like with your savings, and you’re building your company while monitoring expenses using the cash flow generated by your firm. The advantage of bootstrapping is that you retain control of your firm. You don’t have to give away a stake in your firm or meet external expectations since you aren’t relying on any outside investors. You are free to choose whatever route you want for your company, and the ultimate success of your business depends on you and the individuals you employ. On the other hand, bootstrapping will turn out to be a difficult way of getting your startup off the ground. Thus, you should keep in mind that it might take longer for you to get going and eventually have a successful business. Friends & Family If you don’t want to or can’t bootstrap, then another option for funding is through friends and family. It means that the people who are closest to you will be your initial equity partners in business. They’re more likely than other investors because they know your abilities and track record better than anyone else does. They’re also likely to have more trust in your ability to succeed and be emotionally supportive, which is essential when starting a business. The downside, however, of relying on friends and family for investment is that it can create tension if the company doesn’t do well or if there’s a conflict among the shareholders. Furthermore, you might find it difficult to get them to invest more money as your startup grows. Angel Investors An angel investor is somebody who provides early-stage funding for a startup in exchange for convertible debt or equity in the company. They usually have some prior experience as an entrepreneur and are typically wealthy individuals who want to help young companies grow. The advantage of seeking out angel investors is that your equity stake in the startup won’t be diluted as much by their investment. They’re more likely to provide funding if you have a solid business plan and they see potential for growth at some point down the road. The downside, however, of seeking out angel investors is that they might take equity stakes in your business instead of providing convertible debt or straight equity. This can cause problems if you want to issue more equity to other equity holders down the road due to an increase in value. Read More: Your Guide to Investor Outreach for Startup Fundraising Venture Capitalists A venture capitalist (VC) invests money in a startup in exchange for equity, and they typically have more experience than angel investors. VCs usually invest larger sums of money compared to angels because there’s a greater risk associated with funding early-stage ventures as the business has yet to develop revenue streams or an established track record that could help them generate returns on their investments. VCs often look for businesses that can scale rapidly, so if your startup doesn’t fit that mold then they might not be interested. Additionally, VCs will want to see a well-developed business plan and a management team with a lot of experience in the industry you’re trying to disrupt. The advantage of having a VC as an equity partner is that they can provide you with a lot of resources and contacts that can be helpful in growing your business. They also have the ability to help you expand into new markets or get your product to market faster. The downside, however, is that they often want to take an active role in how your company is run and will expect a return on their investment. Read More: Why Raising Too Much Money May Not Be Good for Your Startup Seed Funds A seed fund is a type of VC that typically invests smaller sums of money with companies still in their infancy stages. They normally invest between $250,000 – $750,000 per company depending on the stage of the business. Seed funds are a great option for startups that don’t have a lot of traction yet or businesses that are in a very competitive market. They can also be helpful in getting you over the “valley of death” – the period when your startup has outgrown its initial funding but hasn’t generated enough revenue to secure more equity funding. Seed funds are usually smaller than traditional VCs, so they might not have the resources necessary to help you scale your business or provide all of the contacts that a larger VC can offer. Read More: How to Know Which Funding Round Your Startup Needs to Raise and When The advantage of having a seed fund as an equity partner is that it provides less risk for both parties because their investment is typically smaller. They’re also more likely to provide follow-on funding as your startup grows. The downside is that it can be difficult to find a seed fund that’s interested in your company, and they might not have the resources necessary to help you grow your business. Equity Crowdfunding Equity crowdfunding is a relatively new way of funding startups in which individuals can invest small sums of money in exchange for equity in the company. This has become possible due to recent changes in securities laws that have made it easier for startups to raise money from a large number of investors. The advantage of equity crowdfunding is that you can raise equity without giving up any control of your company or equity stakes. With the growing number of equity crowdfunding platforms — like WeFunder, StartEngine, Kickstarter, Republic, and others — its getting easier to setup an equity crowdfunding campaign. Interested in launching a new equity crowdfunding campaign or want to boost results of an existing one? KiwiTech offers equity crowdfunding services to early-stage startups. Learn more about our equity crowdfunding services for startups.
How IoT Is Facilitating the New Normal of Employee Experience Posted on January 20, 2022January 14, 2022 by Admin According to McKinsey’s insights from a survey of 100 executives across geographies and industries, nine out of ten organizations are looking at a hybrid working model. Most executives expect that for roles that aren’t essentially on-site, employees will be on-site anywhere between 21 to 80 percent of the time, roughly between one to four days per week. At best, organizations that foresee hybrid work have a high-level plan without a micro-vision for how the new normal of employee experience will take shape. We believe the Internet of Things can help. The annual Consumer Electronics Show that took place virtually this year had a lot of talk and innovation around the smart enterprise. Related Reading : How IoT is Optimizing Supply Chains for Efficiency and Accuracy The State of Hybrid Work and the Modern Workplace During the pandemic, organizations that kept their employees connected saw a surge in productivity. These small opportunities for connection include project discussions, idea sharing, networking, mentoring, coaching and more. Among leaders that report a productivity surge, 67% agree that such microtransactions have increased. With hybrid work becoming the status quo, leaders will need to design and develop action plans to maintain the tiny transactions among employees for their productivity gains. Let’s see a few ways IoT can lead to better hybrid workspace experiences. IoT for Supply Chains and Manufacturing Companies’ Employees IoT has been proven of significance to enable remote work productivity. With the pandemic gradually subsiding, existing IoT applications in certain industries will proliferate as new ones emerge. Especially in industries such as manufacturing that are labor-intensive, IoT can be an indispensable way to remote productivity. A proper mesh of cameras, sensors and other intelligent things can allow technicians to track and manage asset performance in real-time from anywhere at any time. Predictive analytics powered by IoT can make asset maintenance efficient, yielding productivity to smart manufacturing ecosystems. Moreover, IoT can add value to supply chains by enabling remote inventory tracking, warehouse utilization and storage conditions management. Related Reading : How DeepTech Startups Can Tackle Specific Manufacturing Problems with IoT IoT for Office Space Optimization With the rise of hybrid work, office spaces will become less about sitting at a desk from 9 to 5 and being productive alone. Instead, offices will become more about culture, collaboration and community. We know that seeing someone over Zoom isn’t the same as seeing them in person. Offices will now need to support the urge for engagement and relationships at work. Also, office days will be about locally using company resources and space as employees see fit. IoT can drive this change by enabling indoor geolocation for employees to learn the whereabouts of managers and coworkers for fruitful collaboration. Scheduling meetings and casual events within teams can also be simplified with IoT. Moreover, booking and managing office space and resources can get easy with the IoT as anyone can check availability in real-time for quicker decision making and optimized space usage. Related Reading : How IoT Enables Remote Patient Monitoring with Telehealth IoT for People-first Leadership It’s no news that connected devices generate a lot of data. This data is helpful if scoured for insights around employees and things that matter to them and the business. IoT can help leaders and executives keep a tab on individual, department and location-wise productivity and performance. Such insights can drive decisions for promotions, growth and change. Analytics of collected data points can also help unearth employee issues leading to a negative employee experience, such as lack of boundaries, unhealthy work patterns and more. IoT analytics can also signal when an employee is considering leaving the organization so that HR can plan successors and attempt to retain employees for a lower churn rate. The applications of IoT data are only limited by the kind of data a company is willing to capture around their employees. IoT for Remote Learning and Upskilling IoT can yield an innovative and interactive learning ecosystem for employees from the comfort of their homes. For businesses that work with on-field staff, this can mean remote guidance and high-quality training delivered on the go, leading to business benefits such as efficient on-field performance, customer satisfaction and higher outcomes. IoT data can also be assessed to find skill gaps across the hierarchy in an organization to plan upskilling and reskilling endeavors. Data collected around mandatory training and learner preferences can also help organizations deliver personalized learning for efficient output. Connected devices can also help capture flawless data around how much time each employee spends on upskilling, which can inform transparent rewarding and incentivization practices. Ensuring Employee Well-being with Sensor Data IoT can help organizations monitor both the physical and mental well-being of their employees. Devices can tune into conversations and pick up keywords such as stress, burnout and more that point toward declining mental health. Post the pandemic, it’s expected of employers to care about their employees’ safety, not just from the physical point of view. IoT can help mitigate the effects of poor mental health and prevent mental breakdowns that lead to low productivity, poor employee performance and low morale in employees. Besides, IoT devices can measure indoor air quality continuously for any signs of pollutants that can significantly impair cognitive performance. Especially after the COVID-19 pandemic, this application of the IoT can be a welcome move within organizations. In other areas, IoT can help ensure optimal lighting, temperature and humidity within offices to maintain comfortable working conditions. The new normal of employee experience will significantly differ from its older version. Organizations will need to rethink employee needs and strategize to meet them. If you have an idea to make the new employee experience exceptional with the Internet of Things, KiwiTech’s IoT consultants and developers can help bring it to fruition.
Personalization vs. Privacy: Where’s the Fine Line Posted on January 18, 2022December 27, 2022 by Admin Personalized customer experiences and data privacy are mutually exclusive yet critical. So can we leave one out and focus solely on the other? Not really. That’s precisely why startup founders and thinkers need to find that balance. Consumers, too, have no preference. They need the best-personalized experience and require you to be careful with their data. While personalized experiences require data collection and analytics, data privacy requires restricting these same practices. Let’s make a case for both extremes and then see how we can balance them against each other to offer personalization and privacy. The Case for Privacy In several locations worldwide, data privacy concerns are on the rise. According to a Statista report about current attitudes toward personal data use in the U.S., 2021, most respondents were concerned about their data being collected online. Only 17% agreed they weren’t worried at all. According to another survey from Feb 2021, over half of U.S. respondents said they were more concerned about data privacy than a year ago. Only nine percent said they were less concerned. COVID-19 escalated cyber threats to another level, with people working remotely and carrying out all critical activities online. That didn’t add to trust-building, for sure. Previously, security concerns gave rise to laws like the General Data Protection Regulation restricting data collection and processing private data captured by consumers. Consumers are generally more concerned than ever about how their data is stored, processed, and used, meaning data privacy is the need of the hour. Any misuse of private data can lead to outrage and abandonment of the parties involved by the public. The Case for Personalization And then there’s personalization. Again, any informational material about marketing, sales, or customer experience will touch upon personalization to distinguish yourself from others in the competition. Consumers now expect personalized experiences on a daily. They like it when you capture relevant information to learn about them and tailor their experiences to save them time or mental bandwidth. In a survey of 800 marketers to capture how customer engagement improved after personalization, over 50% reported increased brand engagement, 48% reported an increase in conversations, 47% saw an improved response to discounts, and 41% noticed higher email open rates. Across the marketing board, personalization has become the norm, with giants such as Amazon and Netflix leading the game, raising the bar for the rest of us. Related Reading: GDPR: Adopting More Stringent Privacy in the US Tips on Sketching the Fine Line We know that both businesses and customers need data privacy and personalization. So let’s look at a few ways to strike a balance between the two. 1. Follow Regulations No matter how much customers love personalized experiences, their love doesn’t precede the law. Startups must comply with legal requirements before marketing or advertising to their customers. In a way, complying with the legal requirements translates into customer-centricity since it’s a way people know that a company isn’t taking their data privacy lightly. So following data regulations can be a way to speak to what your customers need. You Might Also Like: 4 Proven Strategies for a Successful Equity Crowdfunding Campaign 2. Align Personalization with Privacy You can capture customer data with transparency and keep it secure. Only collect the information you need and that you can justify having collected. Tread lightly around collecting sensitive information such as a person’s physical whereabouts, phone number, and medical or financial information. And with the information in your hands, hand the customization control back to your customers. Let your buyers decide the level and nature of personalization they want from you. Then, start a dialog and obtain your customers’ POVs to have privacy and personalization go hand-in-hand. 3. Get Transparent Get upfront about the information you’re collecting from your customers. Use short and clear questions to have customers answer them with a yes or a no to tailor their personalized experience themselves. Another step in becoming transparent can be highlighting essential aspects of data privacy in your policy notice. In addition, make important communication about how you handle customer data to get extra credit points in transparency. You Might Also Like: 5 Key Challenges Before FinTech Startups (and How to Overcome Them) 4. Show Concern for Customer Privacy A 2019 Gartner survey discovered that nearly 40% of users would stop doing business with a company if they thought the personalization was ‘creepy.’ Another report found that 74% of consumers thought push notifications were invasive. Since your audience’s preferences and perceptions may differ, it’s an excellent idea to extensively survey your target audience to learn about the forms of marketing and advertising that may be acceptable and not ‘creepy’ to them. 5. Leverage Anonymized Data Better More companies have opportunities to leverage aggregate data than they realize. For instance, Amazon personalizes the ‘Frequently bought together section of its shopping experience based on anonymous data from many customers. Such practices offer personalization without being too heavy on data privacy concerns. Other companies, such as Facebook, are now adopting differential privacy to collect and share aggregate data around user behavior while maintaining the privacy of individual users. Think about how you can leverage anonymized information better to reduce the need for extensive data privacy or hyper-personalization. People Also Liked: EdTech: How the industry is blooming one startup at a time. 6. Table the Issue If earning customer trust is crucial for you, balancing personalization against privacy will be an ongoing challenge. Please make sure everyone in your company knows their responsibilities around data privacy and protection, especially the marketing and advertising departments. Hold regular conversations and discussions around privacy to ensure that your company and brand are moving toward better practices and solutions. It’s only a matter of time before privacy concerns compel businesses to step back from capturing all the data they can and leveraging it freely. Why Should Those Who Haven’t Changed Their Data Strategies Wait? The most forward-thinking companies are already putting in place data practices that will prepare them for future changes and online privacy regulations. It will allow them to respect users’ privacy while using tools like in-depth behavioral data to provide customers with optimal, personalized service. So, why wait if you own a business and have yet to take control of your data strategy? If you’re unsure how data privacy might look for your growing startup, speak to one of our experts today.
Common Questions About Equity Crowdfunding Posted on January 17, 2022January 17, 2022 by Admin Crowdfunding is an effective tool for businesses to raise capital. More people are getting involved in this method because it provides business owners with multiple sources of funding, rather than relying on one source that may or may not be there when needed. Equity crowdfunding is a campaign that runs on an online platform where anyone can become an investor in an early-stage or established company. Investors enjoy the benefits of equity crowdfunding by receiving stocks in return for their investments. This is quickly becoming a common method among small businesses seeking to raise capital without involving banks or other lending institutions. Now more than ever, are looking to become involved in equity crowdfunding, which is why it’s important to know the common questions about equity crowdfunding people. Read More: Common Myths About Equity Crowdfunding That Need To Go ASAP 1. What is equity crowdfunding? Equity crowdfunding is a new way for companies and individuals to raise money. Crowdfunding is the practice of funding a project or venture by raising many small amounts of capital from a large number of people, typically via internet platforms. Equity crowdfunding involves the same process but with equity (ownership) in place of cash. This means that when you invest in an equity crowdfunding campaign, you are buying shares in the company. In return, you’ll be entitled to a portion of whatever profits the company makes in addition to voting rights and other governance decisions. 2. What are the benefits of equity crowdfunding over traditional forms of fundraising? Equity crowdfunding has various benefits that make it more appealing than traditional funding methods: It’s accessible: With equity crowdfunding, you don’t need to worry about the size of your initial investment. Often with crowdfunding, even if you can afford a bigger investment, you’re limited in how much you can invest. However with equity crowdfunding, no such limit exists. It allows more investors: with traditional forms of fundraising such as venture capital (VC) or business angel investment, only a small number of wealthy people have access to investing. It’s more transparent: with equity crowdfunding, companies are required to disclose their financial situation and future plans in order to get funding. In contrast, with traditional forms of fundraising such as VC or business angel investment, investors typically have very little information about the company they are investing in. It’s liquid: With equity crowdfunding, if you believe that the company is not going to succeed then all you have to do is sell your shares at their current market value. In contrast with traditional forms of fundraising such as VC or business angel investment, investors are often forced to hold onto their investments for years until an exit is possible. It’s riskier: The flipside of equity crowdfunding is that if you invest in a company and it fails, then you may lose all your investment. In contrast with traditional forms of fundraising such as VC or business angel investment, failure means that investors can hold onto their shares and salvage some value from them. Read More: Your Guide to Investor Outreach for Startup Fundraising 3. Why should someone invest through equity crowdfunding? If you have the money then investing in equity crowdfunding is better than not investing at all, but whether or not you should invest depends on your goals and willingness to take risks. Even if the market shows strong growth, equity crowdfunding is still a risky investment and the majority of companies may fail. If you invest in equity crowdfunding, it’s advisable to set yourself a limit on how much money you are willing to lose before cutting your losses. 4. What are the main equity crowdfunding platforms? The major players in equity crowdfunding are Seedrs, Crowdcube, Syndicate Room, Seedrs, Crowdcube, WeFunder, StartupEngine and The Crowdfunding Centre. The platform you use will depend on the type of investment you want to make. There are also equity crowdfunding platforms that allow you to invest for debt and equity, such as Crowdstacker and CrowdfundX . These platforms will help you connect with venture capitalists who can provide funding for your business idea if their terms appeal to you. 5. Where can I invest in equity crowdfunding? You will need to use one of the platforms listed above. To get more information about investing in equity crowdfunding, you’ll have to contact them directly. If you do not qualify as an accredited investor, then your only other option is to receive a referral from someone who qualifies as an accredited investor. The easiest way to proceed would be to check out websites such as AngelList.com which will allow you to look up those looking for referrals. 6. Are there any tips for choosing a company to invest in? Some tips when looking at companies that are raising money through equity crowdfunding: Don’t invest more than you can afford to lose. Keep in mind that equity crowdfunding is riskier than traditional ways of investing money, such as savings accounts or ISAs. Look at the team behind the company and listen to their marketing strategy for raising funds. You may be able to get a better picture of how confident they are of reaching their target, and how likely they are to succeed. Choose companies that you’re really interested in and get involved with them before they start crowdfunding. If you like the company’s concept and its team, then wait until the crowdfunding campaign starts to invest because chances are you’ll be able to invest at a lower price than during the campaign. However, if you hear about the company after it’s started its crowdfunding campaign, you may have missed the chance to invest at a lower price. Like all investments, equity crowdfunding can give investors a high return but it also comes with considerable risk. If you’re unsure of whether investing in equity crowdfunding is right for you, don’t hesitate to contact a financial adviser or tax advisor for more information. If you are used to investing in other forms of crowdfunding, be aware that equity crowdfunding comes with differing legal responsibilities for investors and companies. Some of these include shareholder rights, investor agreements, directors’ duties to their shareholders, detailed disclosures under the AIM Rules, etc. Make sure you read the company’s legal paperwork before investing, so you understand all of your rights as an investor. Always ensure that you are happy with the terms of the investment agreement before signing it. Have more questions? If you have any questions about equity crowdfunding, or you’re interested in launching a campaign, speak to one of our equity crowdfunding consultants.
Should You Indulge in Conversational UX for Your Startup? Posted on January 13, 2022December 27, 2022 by Admin Owing to the pandemic, the inability to have one-on-one conversations with customers led businesses to adopt artificial intelligence (AI) and cloud-based customer engagement platforms for seamless customer experience. Players across industries are increasingly using smart bots to transform customer engagement. According to Markets and Markets, the global conversational AI market is expected to be worth $18.4 billion by 2026 from $6.8 billion in 2021, growing at a CAGR of 21.8 percent between 2021 and 2026. The market is constantly growing and evolving and is currently dominated by Big Data and Natural Language Processing (NLP). “AI-based chatbots allow for the monitoring of and automation of personalized customer experiences at scale and have proved to be pivotal in the optimization of communication across industries.” In this article, we will look at conversational AI’s significance for startups. We’re going to discuss: What is Conversational AI Why is Conversational AI Gaining Ground Popular Conversational AI use cases Challenges of Conversational AI How KiwiTech helps in resolving AI challenges for startups What is conversational AI? Conversational AI includes voice, chat, and other methods that mimic human conversations. Essentially, conversational AI enables two-way communication between humans and devices. Conversational AI is already present around us in the form of virtual assistants such as Alexa and Siri. We’ve been telling them to play our favorite song, book a movie ticket and schedule something on our calendar. Despite the complications in implementing AI, ML, and NLP technologies that power virtual assistants and chatbots, the technology is becoming more popular and accessible. Insider Intelligence predicts that by 2024, consumer retail spending via chatbots will increase to $142 billion- up from $2.8 billion in 2019. Whether based on voice or text, conversational AI is rapidly becoming a part of small and cutting-edge businesses looking to create a standout experience for their customers, among other applications. Why is Conversational AI Gaining Ground 1. Better Customer Experience (CX) Conversational AI is a great way to deliver an outstanding customer experience. Customers today wish to engage with businesses during hours convenient to them through channels they want to leverage. Round-the-clock availability and accessibility of customer support and helpdesk can significantly influence customer retention and lifetime customer value. “A chatbot can offer a multilingual and profoundly personalized experience for startups in global locations.” Several reports show that customers are happy to spend more to purchase from businesses that deliver a great CX. By helping customers place orders, resolve queries and receive support without manual intervention, conversational AI can enhance the speed and efficiency of service, adding to an exceptional CX. 2. Higher Conversions The inherent artificial intelligence in chatbots helps businesses optimize conversions, upsells, cross-sells and prospecting by bringing in fresh insight from collected data. Conversational AI can also help in lead generation by collecting prospective buyers’ names and email addresses before answering their queries. For e-commerce businesses, achieving higher conversions with chatbots might mean recommending relevant products to buyers, following up on unfinished purchases or offering discounts on items in customers’ shopping carts. Such applications can be a possibility across hospitality, healthcare, banking & finance, events, tourism, and travel. 3. Higher Employee Efficiency When virtual assistants and chatbots handle your customers’ repetitive and basic queries, support agents can focus on requests that are a bit more complicated and need a human touch. Chatbots can also be designed to suggest customers get in touch with a human rep on arriving at a situation that the bot is not designed to handle. Service reps have fewer monotonous tasks and more time and energy to cater to customer needs. For industries such as event planning and tourism, when businesses experience a spike in traffic, chatbots can help offload the volume of calls and enhance efficiency. Chatbots can lead to better employee satisfaction and productivity by freeing up valuable resources for agents. 4. Quicker and More Human Customer Support AI and ML backing your customer support means you get to build a relationship with each customer and learn their journey with your business before attempting to resolve their issues. The availability of background information on customers allows reps to serve them quicker- anticipating their needs at times. If chatbots allow reps to do anything, it’s humanizing the support process. Conversational AI enables ongoing conversations instead of disparate tickets and requests. With the underlying intelligence, agents can use the information to build a rapport with each customer, enhancing the quality of relationships. 91% of consumers are more likely to purchase from brands who recognize & remember them and recommend relevant products and offers. 5. An Enriched Omnichannel Experience Omnichannel presence allows businesses to create several touchpoints with customers across platforms yet offer a unified experience. The goal is to make it convenient for customers to reach you anytime and anywhere using their platform of choice. From live chat to video chat to email support to text messaging, conversational AI can help you leverage an entire spectrum of avenues to open up your business to your customers. The specific application of an omnichannel experience would depend on the nature of the business. But it’s for sure: conversational AI can make a holistic support experience for businesses. Popular Conversational AI use cases From simple customer support to conversational interfaces and complex banking operations, you can find the use cases of conversational Artificial Intelligence in numerous departments and industries. Here are some top industry use cases. They all aim to improve customer service and customer interaction while enhancing user experience. 1. Data Collection Conversational AI isn’t just about customer interaction. It can actually help your business collect and analyze data that you can use to make important decisions, providing you a competitive edge. You can even use this data to understand customers and help your staff identify cracks in your current processes. For example, let’s say a customer sounds more unsettled when they reach out about a particular issue or after they’re offered certain information. In that case, conversational AI can gather customer sentiment data, helping you to diagnose your pain points. Sounds like exactly what you’re looking for? This is why we at KiwiTech make Conversational AI accessible to startups. Learn more about our implementation process and consultation by speaking to one of our Artificial Intelligence consultants today. 2. Retail Conversational AI is being increasingly used in retail and e-commerce. Here are some of its applications: Customer conversations can be recorded digitally. This eliminates the need to record every word said during an interaction or contact center conversation. Your businesses can gain further insight into your products and services by just analyzing the search queries they’re being asked. Product recommendations are another use case retailers can use a conversational AI solution to make product recommendations based on customer interaction. 3. Healthcare Here are some healthcare conversational AI use cases: For diagnosis and medical scheduling, conversational AI tools can diagnose health conditions online by asking questions to patients and in scheduling their appointments by offering them information about their next visit. Whereas, for data collection, pharmaceutical companies can use conversational AI to compile patient or customer feedback via focus groups or surveys. This is done without the need for an interviewer, saving time and money in hiring human data collectors. 4. Internet of Things (IoT) Devices Conversational AI-enabled devices that use speech recognition to interact with users are becoming quite the helper in modern homes. These devices incorporate voice assistant technologies like Amazon Echo and Google Home, as well as mobile apps or smart device assistants like Google Assistant, Apple Siri, or Cortana. Some of the conversational AI applications in this industry include: Controlling home appliances via Google Home or Amazon Alexa. Monitoring any device that can dial phone numbers or send messages to the user. Apps and devices like Amazon Alexa let you order food or groceries. While they’re at it, they also learn about your preferences, so the AI bot can suggest products or services that may interest you. Challenges of Conversational Artificial Intelligence While conversational AI improves business strategy, finances and operations, it doesn’t come without challenges. A flawed rollout of a chatbot or virtual assistant can compromise brand trust and reputation. We’ve all been on the receiving end of chatbots that didn’t respond the ideal way and left us more frustrated than before. Once a customer tries your conversational AI experience, it will either leave them satisfied or aggravated- sadly, there is no in-between. There is also a challenge in choosing the right conversational solution for your business. At this point, it’d be essential to analyze your audience’s demographics and understand their channels of choice to communicate with your company before implementing a solution. KiwiTech helps resolve AI challenges for startups By helping startups build reliable relationships. By communicating with customers in their familiar environment, your company allows them to feel that they are heard, supported, and appreciated. Such clients will, in turn, appreciate the flexibility of the system and its ability to help them to achieve the desired result, whether it is a conversation with a chatbot or a virtual agent who joined in the conversation right in time. We are constantly improving interactive applications and solutions. we are working on the perfection of their use cases and paradigms, which ultimately will lead to increased productivity for startups and a more personalized and accessible experience for end customers. Since a conversational AI solution doesn’t come mistake-proof, we encourage you to rely on experts. At KiwiTech, we have helped several startups get the right conversational UI implementation for their business. Speak to one of our AI consultants today.
Thinking About Equity Crowdfunding? Here’s Why You Should Conduct a Product Survey First Posted on January 11, 2022January 12, 2022 by Admin Have you been thinking about launching an equity crowdfunding campaign for your startup? If so, one of the first things you should do is conduct a product survey. This will allow you to get feedback from potential investors before they commit their money to your startup. You want this feedback because it can help shape what type of product or service you offer on the market. It also gives investors peace of mind knowing that they are not investing in something that nobody wants. So how do you go about conducting a product survey? We’re here to guide you. Product Surveys Via Facebook Ads One of the best ways to conduct a product survey is to use Facebook Ads. You can target a specific audience and ask them questions about your product or service. This will help you get feedback from people who are actually interested in what you’re offering. Another great thing about using Facebook Ads for a product survey is that you can track the results. This means that you can see how many people clicked on the ad, how many people responded to the survey, and even how many people converted into investors. This data will help you make decisions about your startup and determine if an equity crowdfunding campaign is right for you. Read More: Launched a Successful Equity crowdfunding Campaign? Here’s What’s Next Ask For Feedbacks via Newsletter If you’re not interested in using Facebook Ads, you can always ask for feedback via your company’s newsletter. This is a great way to get feedback from people who are already familiar with your startup. You can send out a survey to your subscribers and ask them specific questions about your product or service. You can also ask them how likely they are to invest in your startup. This will help you get an idea of how much interest there is in your product or service. You can also use this data to determine the type of content you should be sharing with your subscribers. If you see that a lot of people are interested in learning more about your product, then you should definitely share more of this type of content. It will help you get the startup off on the right foot! Read More: How to Create a Convincing Equity Crowdfunding Campaign Use Social Media Another way to conduct a product survey is through social media (this is different than Facebook Ads). You can use platforms like Facebook, Twitter, and LinkedIn to post questions about your startup. These posts should include specific details of what you’re offering so that there’s no confusion on the part of potential investors! The great thing about using social media for surveys is that it will give you a sense of what people are saying about your startup. This can help you determine if there’s interest in your product or service. It can also help you identify any potential problems with your startup of which you may not have been aware. These four easy ways to conduct a product survey for your startup, which will help you get feedback that will help you determine if an equity crowdfunding campaign is right for you and if your customer base will be interested in joining it. So be sure to ask lots of questions and get as much feedback as possible. If you are looking for equity crowdfunding consulting for your startup, contact us and our team of experts will be happy to help.