5 Ways to Develop Rapid Digital Prototypes for Your Startup Posted on November 25, 2021October 13, 2022 by Admin A digital prototype is a critical component of the startup designing process to visualize your product, its functions and how your users will interact with it. Most importantly, though, rapid digital prototyping helps test the waters without overcommitting and risking a lot of money and resources on an idea. A myth prevalent in the startup community is that you need developers and coding expertise to build a digital prototype. In reality, you only need to know about a few key components laid down below and any of the preliminary prototyping strategies discussed further. Let’s dive in. Critical Components of the Testing Process People – Who is your product for? And who needs to observe your ideal users interacting with your product idea? Define the customer persona and internal teams who will be involved in the prototyping process. Location – Where will you carry out the prototype testing process? Does it simulate the environment your app users will be in when interacting with the product? Lay down the possible settings your ideal customers will be in when using your product. Objects – Will your ideal customer interact with anything else while using your product? Lay down a list of objects your customers will be in touch with when they interact with your product. Interactions – What other interactions will your customers be having when using your product? Define all digital and physical interactions that may be happening simultaneously. These four components are vital to the prototype testing process. They offer insight into the user on a deeper level to facilitate a design that resonates with them at any given moment. 5 Ways of Developing a Rapid Digital Prototype Sketches and Diagrams Sketches and diagrams help people in all walks of life convey complex ideas with simplicity. Why not for startup founders, too? This earliest form of prototyping can help you illustrate ideas and processes and share them with your teammates for further discussion. Once a sketch or a mind map can lay down the structure and system of your idea, you can refine it with external input to reach something that can be translated into a product’s first working version. Besides, sketching an idea can help you find anomalies, gaps, bridges and relationships that you may not discover while working out a concept in your mind. Leverage journey maps, flow diagrams and other mapping and diagramming tools to scope complex ideas and build on them. Storyboards Storyboards are another low-fidelity way to refine and validate concepts and obtain early and inexpensive feedback before writing functional requirements for a product. The process involves defining the user scenario along with their intent and goals first. Then you start sketching concepts using a whiteboard and markers or a pen and paper. Next, you create the screens using a simple PowerPoint or Slides tool. Use those tools to illustrate each step a user goes through with your product and find interaction points as well as hurdles. Test and iterate! The differentiating factor about storyboarding is that you take the entire user journey into account and capture it in sketches or diagrams with empathy. Generating the user story and journey sparks the right conversations around user experience. Lego Prototypes The success of Lego hinges on the imagination of its users. Since Lego makes building, tweaking and dismantling prototypes child’s play, it can be an effective tool to build them. Lego prototyping is extensively used by the best and the most prominent firms worldwide to follow design thinking. As a company, Lego takes its product’s ability to spark creativity seriously, investing in research and development to build methodologies such as Lego Serious Play that aims to improve creative thinking and problem solving skills. Use Lego bricks to build a product prototype or Lego characters to outline the user’s journey and experience. Wizard of Oz The Wizard of Oz prototyping method requires three components: A script to direct actions that take placeA person who plays the role of the userA human wizard who will perform tasks simulating the product The user may or may not know that the tasks are performed by a human and not by a finished product. Just like the wizard of Oz in the fable, a person will mimic aspects of the product’s functioning for the sake of prototyping and gathering feedback. The most common use of the WOZ method could be in prototyping a digital system where users are made to believe that system responses are computer-driven but are actually human-driven. User-driven Prototypes The user-driven prototyping method turns the tables. Instead of developing a prototype yourself and then presenting it to the user for input, you let the user create a prototype and observe and draw insights from the process. As the user designs a solution, you learn about the basic assumptions they made and the approach they took. The purpose here is not to build upon the prototype developed by the user but to draw learnings from their approach and thinking. The key here is to ask users to develop something that lets you understand how they think about certain things- challenges in their life, perceptible solutions, etc. Which Prototype Makes Sense for You? With such a wide range of ways, it might get hard for you to choose one to create your prototype. Consider mulling over your product idea, things that you want to learn about your users and how you want to approach the designing. Decide based on those pointers as to which prototyping process would work best for you. The rapid prototyping process can form the cornerstone of your success as a startup owing to a prototype’s usefulness in validating an idea, garnering early support and funding and demonstrating value to early customers. Make sure you choose the right rapid prototyping partner. Speak to us at KiwiTech for our software prototyping services.
Ensure Smooth DevOps Outsourcing for Your Startup Posted on November 23, 2021December 30, 2021 by Admin Since the prevalence of the Agile development methodology, the practice of continuous workflow has taken over the Waterfall development approach, meaning development and operations teams need to gel in more frequently than ever before. Software teams develop in sprints and handle frequent releases, achieving continuous delivery and continuous integration with DevOps. Even though DevOps is now a mainstream capability for agility, organizations struggle to scale and optimize their practice. The foremost reason behind that is the shortage of talent, the cost of hiring DevOps specialists, training expenses and managing skill gaps. DevOps outsourcing can fix the issue of skill availability and management for startups looking to leverage this Agile methodology for quick & secure development. What exactly do you outsource in outsourcing DevOps? DevOps outsourcing and consultation spans across several areas, including: End-to-end DevOps implementationCI-CD pipelineInfrastructure as a CodeApplication Release AutomationMicroservices ArchitectureContainerizationManaged ServicesCloud Migration Outsourcing DevOps to a reliable partner can bring significant benefits for startups and enterprises alike. But, where do you begin? How to start outsourcing DevOps? Outsourcing IT functions, in general, is an effective way to reduce costs and get specialists on the board. Intuitively, you may believe that DevOps is best handled in-house since it’s so integrated with other processes and operations. However, you will find soon that handing off DevOps to a third party means access to expert DevOps practitioners at reduced costs, besides all the benefits of utilizing DevOps. Let’s see a step-by-step approach to outsourcing DevOps for a startup. This list is based on our own experience working with startups and helping them realize the fruits of DevOps implementation. Define your culture and how you can extend it Typically, the pros and cons of outsourcing DevOps resemble those of outsourcing any IT function. However, DevOps differs in that an organization wanting to outsource it is looking for more than cutting or reducing costs- they’re looking for business benefit through agility and improved productivity. That’s why DevOps outsourcing starts with a cultural shift. DevOps changes how things get done in an organization, starting with changing the mindset and working discipline. DevOps breaks down traditional silos and bureaucratic hurdles that slow things down. It’s important before outsourcing DevOps to consider the fact that your company will undergo a cultural shift internally, driven by an external team. Therefore, it’s so critical to choose the right outsourcing partner. Build a governance framework No matter the size of your company, since outsourcing DevOps is an extensive collaboration, a governance framework can help outline important people, processes and technologies. A governance framework can also help set healthy expectations around the results and outcomes of the arrangement. An outsourced DevOps partner knows more about the business needs and brings in external perspective and expertise. On the other hand, you know the customer persona, the application and the end objectives. Successful collaboration through an on-paper governance framework can help mitigate differences and bring out a single-team mindset in your in-house teams and your outsourced DevOps function. Carefully vet outsourced DevOps Partner The next step is to assess the proficiency of your prospective outsourced partner in similar projects, CI-CD tools, delivery methodologies and technical areas. Evaluate using the following factors to ensure the success of your DevOps implementation: T-shaped skillsets – For maximum throughput with minimal talent, you need resources on your team with T-shaped skillsets. This implies that your resources are well-versed in distinct functions with deep expertise in one core area.Case studies and testimonials – Vet your outsourced DevOps service providers for their areas of expertise, industrial know-how, past clients, success stories and testimonials. Ask them about specific challenges they handled on particular projects and how they impacted businesses they partnered with in the past.Tech stack – Your chosen outsourced DevOps company must come with resources with experience of diverse technologies to augment critical processes such as Continuous Integration, Continuous Delivery and Continuous Innovation. Also, look for their determination and inclination on improving their know-how consistently. Create a contract A closed-scope contracting method works when you partner with a company over static working methodologies and fixed returns. However, open-scope contracting contains space for value generation, management and delivery as per changing dynamic business requirements. Any DevOps service provider that refrains from an in-depth discussion followed by a contract that lays down everything in detail is not the right partner for you. Both you and your DevOps outsourcing company must come together to frame a working method that outlines the DevOps roadmap with the necessary room for modifications and dynamicity in the long run. DevOps performance tracking No startup wishes to partner with the second-best firm. However, even if you’ve found the best DevOps outsourcing company, let’s help you understand the key performance metrics and how to measure and adhere to them. Instead of measuring meaningless metrics such as hours of training for developers, the number of bug bounties or automated test cases, measure metrics that matter. Some of these include change volume, mean time to recover, application usage, traffic & performance, deployment frequency and more. Based on these numbers, it will be easier for you to quantify the success of your DevOps arrangement and benchmark against competitors and the industry. DevOps is a vast and often ambiguous territory. So you need to identify your goals with it and what you want in your outsourced DevOps partner. Defining the problems you wish to solve or the goals you want to achieve can help you set realistic expectations from the get-go. KiwiTech offers DevOps services for startups looking to create a distinguished advantage through added agility and productivity.
Common Myths About Equity Crowdfunding That Need To Go ASAP Posted on November 16, 2021January 7, 2022 by Admin Here we are, five years after Title III of the JOBS Act came into effect, opening avenues for every American to invest in private companies regardless of their net worth. More than $514 million has been raised since 2016, and this amount is expected to dramatically increase in 2021 as a result of the new SEC regulations that went into effect on March 15. We’ve seen a significant increase in equity crowdfunding operations not only in the United States but across the world as a result of these modifications. Despite its popularity, there have been apprehensions among people regarding equity crowdfunding. It is not as complicated as it sounds. However, despite the heaps of information available around it, a fair number of myths are floating around. Some of these are due to misinformation while the rest has been due to evolving financial instruments and changing policies around equity crowdfunding. Therefore, now is the perfect time to blow the dust off some myths regarding the equity crowdfunding sector. Common Equity Crowdfunding-Related Myths “Equity crowdfunding is risky.” One of the most common equity crowdfunding myths has to do with risk. For some reason, people are under the impression that equity-based investments are high risks. This might have something to do with how Wall Street views equity-backed securities compared to other forms of investment instruments like bonds and mutual funds. Equity crowdfunding is a relatively new form of investment. However, equity-backed securities have been around for decades and they are not as much riskier than other types of investments. “Only a handful of equity-based crowdfunding platforms exist.” Another equity crowdfunding myth is that there are only a few equity-backed securities platforms out there. While it’s true that equity financing options might be limited compared to the number of donation and reward crowdfunding operations, this does not mean they don’t exist at all. There are equity-based crowdfunding platforms all over the world. In fact, equity financing is an increasingly popular option among entrepreneurs and investors alike as it provides a way to take advantage of growth opportunities that might not be available otherwise. It also gives companies access to the funding they would have never had without equity-backed securities in place. Some popular equity crowdfunding platforms include: Crowdcube.comWeFunder.comRepublic.coSeedrs.comStartEngine.com “Equity Crowdfunding is just for big companies.” Although a clearly defined development path gives companies an edge in equity crowdfunding, it is not the only determining factor for equity crowdfunding. In fact, companies that have the potential to change the status quo of industry are seeing very early-stage interest by investors as well as firms with highly credentialed founders. Being revenue positive is also not a requirement to getting crowdfunded. If you have a realistic growth plan with a compelling roadmap to profitability, you can still get crowdfunded. “Equity Crowdfunding is just like Venture Capital” Equity crowdfunding is often thought to be just like venture capital, but equity crowdfunding is very different. Crowdfunding does not require an investor to have a minimum amount of money or any prior knowledge about investing in startups. Crowdfunding investors are able to purchase equity stakes in the company they invest in, unlike Venture Capitalists who typically do not invest equity stakes in startups. There may be a longer explanation of the differences between venture capital and equity crowdfunding, but one distinction stands out: Entrepreneurs using equity crowdfunding platforms may raise money on their own terms, whereas venture capital negotiations are usually closed in favor of the investor. While your campaign conditions will need to be enticing enough to attract supporters, you’ll be in command. “Equity Crowdfunding should be your last option” Equity Crowdfunding is many things but the last resort. Many startup owners find it more beneficial to raise funds via equity crowdfunding in the early stage. All you need is a successful campaign that offers you valuable growth capital, demonstrates market appeal, and establishes a trend for your valuation ask—all of which will give you more opportunities to negotiate if you seek angel investors for your next funding round. In Summary We hope this blog post has made equity crowdfunding a little less daunting. If you are looking to raise capital for your startup through this route, contact our team of equity crowdfunding consultants today.
Your Guide to Investor Outreach for Startup Fundraising Posted on November 11, 2021December 30, 2021 by Admin Why you need an investor outreach strategy How effectively you build and execute on your investor outreach strategy will determine how your startup gets off the ground, survives and grows to the point of helping you achieve your vision. Looking to build your investor outreach strategy to raise meaningful capital to reach your business’ full potential? Let’s get started. The Guide to Investor Outreach Know Thy Market Just as with strategizing for a startup, start your fundraising by learning extensively about the marketplace. Look at the fundraising landscape and its ebb and flow. How bearish or bullish does it appear? Who are the major players currently? Which of those are active? What kinds of terms are common and acceptable? How do the terms differ by industry, stage of funding and business model? How is the capital distributed across locations? Where could you find your next or first round of capital? What kinds of investors are currently actively participating in a similar funding round? All this information will help you build a winning strategy from the ground up. Learn About your Target Investors This process resembles the research, analysis and discovery you do before marketing your product or service. Gain information about the target organization and individuals you want to partner with. Here are a few things you may want to find out about each potential investor- The check sizes they have been issuingThe timeline of their fund and synergyTheir investment philosophy and beliefsTheir criteria and prioritiesHow other startups recommend themPast successful and failed investmentsPreferred communication methodsTheir passions and interestsTheir review- critiqued as well as recommended pitches Create an Investor List Make a list of investors you’re interested in partnering with. Target them like you target customers. You may also want to have informal conversations with a few of these to learn about their inspirations and thoughts on investing. Then, segment them based on industries they invest in, funding stage, past investments, area of focus and anything else you may want to factor in. Next, based on all the information gathered, number them on a priority of 1, 2, and 3. Next, start reaching out to high-priority investors and building rapport with them. Shortlist Channels for Investor Outreach What are the best channels for you to get in touch with prospective investors? After completing the research on your investors, you may now have a fair idea of the lucrative channels of investor outreach for you. These may include LinkedIn, Twitter, Facebook, Crunchbase, Email, Phone, Introductions, Crowdfunding platforms and in-person networking events. Shortlist the most alluring platforms that may yield a high ROI for your investor outreach. Create your Outreach Message A good intake of strategy and psychology goes into crafting the outreach message for your prospective investors. Since you now know your high-priority investors well enough, we’ve made this step easier. Yet, you may want to hire a professional to craft compelling messaging for your campaign since there isn’t much room here to be wrong. There are fewer investors than customers. So you want to ensure your message lands right with the chosen few in the first attempt. Develop a storyline that consists of your team’s strengths, milestones and achievements, your vision and a clear roadmap to achieve it. These elements will form the foundation of your marketing campaign. Build your Marketing Materials Besides directly reaching out to investors, it’s advisable to carry out public marketing, branding and PR. Getting more visible never hurt a business. Your investor outreach strategy coupled with your marketing will keep you top-of-mind with prospective investors. A few marketing channels include article distribution, blogging, press releases, social media advertising, PPC and outdoor advertising. Create that Pitch Deck Too many entrepreneurs make easily avoidable mistakes with their pitch decks. Convince all viewers of the marketing opportunity. Integrate a demo of your product as part of the presentation. Build on that storyline and messaging you crafted in the last few steps and demonstrate how you have already got early traction through paying customers or partners. A few things to avoid include: Deck size over 15 slidesMaking it too wordyAn overuse of jargons and acronyms that may confuse investors Belittling or underestimating competition as part of the presentation. Be mindful of the graphics and appearance of your pitch deck. Again, it’s advisable to outsource that part to design pros. Create a Follow-up Discipline Plan a follow-up routine to get in touch with investors who expressed interest and interacted with you. Keep these investors updated on all advancements in the campaign. Some of them may not be ready to invest today but may get around after seeing traction in your campaign. Create a monthly newsletter to share fundraising successes, product updates, lessons and calls-to-action. Just like in any kind of selling, the money is in the follow-up. Track and Measure Efforts Since startups often work with limited resources, founders usually wear multiple hats. Therefore, it’s important to know how effective your efforts are. Use tools to help you measure and track actions. Manage all contacts, notes and progress in one place using a CRM tool. Use an email marketing platform to design and send regular newsletters. Assign and track action items using tools such as Asana, Trello and more. And finally, set reminders and notifications to keep track of to-dos and action items so that nothing falls through the cracks. Measure email open and clickthrough rates and change the email messaging accordingly. Have Conversations and Close Get ready to take live meetings and pitch presentations. Be prepared to handle rejections and solidify your belief in your business and self. Even the best entrepreneurs face some rejection while fundraising. Need support through fundraising or looking for software development for your startup? Talk to our team today!
How Crypto and Blockchain are Changing the Online Gaming Industry Posted on November 4, 2021December 30, 2021 by Admin Online gamers recognize the thrill of unlocking levels, acquiring skills and buying tools and weaponry in virtual worlds. Many players today invest not only their time but real money in these experiences to customize their environment. Longtime gamers also know the anguish and frustration when their favorite game falls out of fashion or when their account gets compromised or, worse yet…deleted. In 2018, Worldwide Asset eXchange surveyed 1,000 video gamers in the US and found that 75% of online gamers wished to exchange virtual assets from the game for a currency they could leverage to buy and sell on other platforms and in real life. And that is just one way how Cryptocurrencies and Blockchain are revolutionizing the online gaming space. In short, this is how cryptocurrencies are enabling the gaming industry to deliver a secure and accessible medium for players to make money. The Place of Cryptocurrency and Blockchain in the Online Gaming World Secure transactions in online gaming A major challenge with online gaming platforms is the anonymity of users and distrust among players. Blockchain can eliminate unlawful digital transactions and prevent hacking and stealing of keys through immutable ledger and non-duplicable keys. Smart contracts powered by Blockchain can improve player confidence in making transactions on gaming platforms. Location-independence Cryptocurrencies mean players can play internationally without worrying about exchange rates and various currencies. Players can enjoy gaming without revealing their identity or email address. Moreover, online gamers can pay and withdraw funds faster without any restrictions from anywhere in the world. Trust with Blockchain to trade in-game items Whether players want to buy or sell in-game items or trade them, Blockchain can enable the trust required to facilitate such transactions. By tying virtual in-game items to Blockchain, players can use them as digital assets and securely exchange them in the gaming community. One of the notable developments in the Blockchain area for online gaming was the development of ERC-721 Tokens that work through Smart Contracts and run on Ethereum. These tokens allow ownership of unique digital items that are recorded and tracked on Blockchain. Anonymity With traditional games, your money may be secure, but your identity is not. If you are unwilling to reveal your identity online, Blockchain-based games could be perfect for you. Unless a player freely publishes their transactions, all purchase information stays private. That’s because each transaction on a Blockchain platform generates an anonymous address for each consumer purchase. Buy, sell, trade accounts with security With most online games today, a developer can ban a player account if the latter tries to sell it. That means the time a player invested in developing their account and advancing through the game can get lost in the transfer to another player. Also, legitimate players may get scammed online in carrying out these transactions. Blockchain puts an end to all of that and allows players to securely sell, buy and trade their gaming accounts. Transfer assets between games For instance, the success of the Super Mario Maker series proves that players are massively interested in combining elements from different online games to create unique scenarios. While games will need to be programmed for these scenarios, it’s worth it if the income potential and interest development are high. Blockchain-based gaming can make such transfers reliable and possible. Developers don’t lose money to middlemen One of the biggest selling points of Blockchain is its ability to facilitate peer-to-peer transactions and eliminate mediators who slow down transactions and make them more expensive. For instance, Blockchain can connect developers to gamers and eliminate the need for app stores. Without a third-party involved, developers can maximize their profits and decrease the price of their games. The Growth of Crypto Gaming and its Future The global gaming market totalled to USD 173.70 billion in 2020 and is expected to reach USD 314.40 billion by 2026. As 2020 witnessed industries slowing and shutting down, the online gaming industry surged. The industry also witnessed interest in cryptos as a way for online gamers to make money through all the methods discussed above. A typical example of a crypto game can be CropBytes. In this farm simulation game, players can expand their portfolio of assets by using NFTs (Non-Fungible Tokens) and cryptos in their farms. A favorite with over 80,000 players, this game enables players to earn money while playing. Another raging example would be the blockchain game CryptoKitties. Players use Ethereum to purchase NFTs of cute cartoon cats with different traits that can be bred to produce unique offspring. The rarity of their characteristics determines their value. How much would you predict is the worth of an NFT of a cat? It could be up to $170,000- the highest selling one. The CryptoKitties economy (yes, economy!) is worth $10 million in annual transactions as players take home 80% of that. Another game, The Sandbox, enjoys a market cap of $1 billion. Put all of these Blockchain games together, and we’re already looking at several billions of dollars. In short, the rage of Blockchain and Cryptocurrency gaming will only go up from here. If you have an idea for an engaging and immersive online game based on Blockchain or cryptocurrencies, talk to one of our expert Blockchain consultants today.
Equity Crowdfunding vs. Venture Capital: Which Is Best for Your Startup Posted on November 2, 2021December 30, 2021 by Admin Change in the Investment Landscape Today Post-Pandemic The investment landscape has changed significantly post-pandemic in that VCs are taking fewer risks, meetings and making fewer investments. Some VCs are even taking a step back from all new investments and choosing to distribute capital across their portfolio to keep those startups functioning. However, another form of funding- equity crowdfunding is getting more popular by the minute and shows no signs of slowing down. Since the pandemic began, companies like StartEngine have reported a steady 4 X increase in the daily amount raised on their platform. From a geographical perspective, 80% of VC funding goes to companies in the five largest metro locations, in contrast with only 42% of equity crowdfunding. That indicates that equity crowdfunding is a more equitable way of financing companies in all areas of the U.S. So, which of these is a better option for you? Let’s do an in-depth analysis of both sides of the funding coin to find out. Objective Look at VC Pros Huge Investments – VCs usually have hundreds of millions at their disposal, which means a startup can get a large amount of capital quickly. A venture round is only limited by how much you need and the appetite of the investor. Experienced Guidance – Since VC funding is a long established form of funding, VCs generally have a wealth of experience guiding and mentoring high-growth companies. Network Access – VCs often have access to an extensive, strategic network and valuable resources that your business can leverage. Market Validation – There’s no denying that you get social proof from a successful VC raise, especially if from a reputed firm. It reaffirms trust in your company and eases future partnerships and funding. Cons Exclusive Process – Very few select startups find success in raising VC funding. Others invest a lot of time and energy toward something that yields no returns. Moreover, VC money is not handed out unbiased. A huge percentage of VC-backed firms are run by males and white men. Pressure for Valuation – VCs can significantly pressure companies to increase their valuations and grow fast without focusing on building a lasting and sustainable business. Control of Funding Terms – VCs seek self-serving terms such as board seats, anti-dilution protections and preferred shares, which can be detrimental to the startup founder. Prepare to invest in legal counsel to comprehend nuances of the contract to push back on such terms. You Lose Control – Besides giving away equity, startup founders risk handling over sovereignty in management when they raise VC funds. Unless founders keep intact most of the equity or establish super-voting rights, they lose control of their business. Objective Look at Equity Crowdfunding Pros Maintain Control – Companies usually offer non-voting shares via equity crowdfunding. So there’s no change in management or giving up a board seat, which allows startup founders to maintain control over their business. Inclusive Process – Equity crowdfunding is a more inclusive process that sidesteps biases against POC, women and other marginalized groups. Brand Ambassadors – Equity crowdfunding allows companies to raise small investments from hundreds or thousands of investors, who then become brand ambassadors of the business. Exposure/Social Proof – Unlike big name VCs that provide exposure in business circles, a successful equity crowdfunding campaign can mean you have a hold on your market. Public marketing during and after a campaign can boost business exposure in front of customers, hires and partners.. Sales – Companies can boost sales not only through increased visibility, but also by offering investment benefits such as discounts on their offerings for their investors. Steady Funding – Equity crowdfunding enables startups to always be raising capital, instead of raising huge sums at once. Grow alongside Fundraising – When raising funds from VCs, you’re essentially in line with hundreds of startups who pitch the same investors. However, with equity crowdfunding, you pitch to hundreds of thousands of your ideal customers and build traction for future growth as you raise. Build a Community – Equity crowdfunding brings together a community of people who believe in your product and business and are ready to offer up resources such as their network and connections for you to leverage. Cons Risky Campaigns/Fail in Public – While it’s not fun to fail in raising from a VC, at least no one knows about it. However, if a public crowdfunding campaign fails, everyone knows. This can be a huge blow to your credibility and trust in your community. Commission on Raised Capital – Funding platforms you use to raise money will cut a commission cheque on the raised capital, anywhere between 5-15%. However, it’s worth noting that you get value in return in the form of a network, mentorship, and support on marketing and legal fronts. Disclosures – Since equity crowdfunding campaigns are open to the public, all companies must disclose their financials to potential investors, which means they are accessible to everyone. Costs – There are legal, marketing, accounting and platform-related costs associated with equity crowdfunding campaigns. Which One is Right for You? Raising funds from VCs or through a crowdfunding campaign is not exclusive to each other. But startups often go with either. Considering both the formats are so different, you may have made up your mind about what might be best for you. If you need further assistance devising a strategy, our expert equity crowdfunding consultants can help. At KiwiTech, we have helped hundreds of startups scale new heights through our technology services and funding support.
How the Internet of Things Enables Remote Patient Monitoring with Telehealth Posted on October 28, 2021December 30, 2021 by Admin Defining Remote Patient Monitoring The possibility with the Internet of Things to achieve greater interconnectivity, share data, and leverage operational advantages has made it a pervasive force in all industries, particularly medicine. The pandemic has put a premium on everything remote and is responsible for accelerating developments in remote patient monitoring. Remote patient monitoring facilitated by IoT is revolutionizing healthcare delivery. IoT’s capability to capture and monitor data through devices connected to the same network allows healthcare providers to deliver care through a network of interconnected home-based devices. Moreover, with the smart sensor technology, healthcare companies can now capture a remote reading on the patient’s status indicated by signs and measures open for remote detection. Applications of IoT in Remote Patient Monitoring The global Internet of Medical Things (IoMT)- as this arm of IoT application is dubbed- market was valued at over USD 44,500 million back in 2018 and is expected to surge to reach USD 254,200 million and more by 2026, growing at 24.4% during the said period. North America held a 43% share of the global market in 2018 and is expected to dominate it in the years to come. Telemonitoring keeps high-risk patients safer In many circumstances, healthcare providers decide that a patient needs 24/7 monitoring. A patient may be in a far-off rural land or may even be an in-patient. The traditional option for the former is to assign a caregiver or family member to take care of the patient round-the-clock. However, that is often not feasible if a person does not have their friends and relatives nearby or reside in an isolated location without proper access to healthcare facilities. There’s now a new category of patient monitoring devices to watch multiple patients simultaneously and alert healthcare staff in troublesome situations. The response times of delivering such notifications can be as small as 15.1 seconds. Wearables to track eating behaviors Individuals struggling with losing or gaining weight often consult nutritionists and other dietary professionals. They may get access to their advice but fall short of following it. They may forget to record a meal or misbelieve what they ate on a particular day. Carnegie Mellon University developed a new wearable called FitByte that uses sensors on eyeglasses to keep track of patients’ eating habits. It cumulatively detects sound, vibrations and movement to increase the accuracy of captured information and avoid discrepancies. The device tracks all intake stages, including hand-to-mouth gestures, swallowing, visuals of intake, and more. The researchers are now creating a mobile app interface to share data with users in real-time. Voice monitoring for Mental Health Status Tracking Texas A&M University wants to take away the mental health struggles of college students through sensors and ML algorithms that detect excessive anxiety symptoms. The solution works with available smartwatches and offers resources to students to calm down and ground themselves. Alongside suggesting mindfulness exercises and presenting biofeedback scenarios through the wearable, the solution also supports remote counseling sessions with mental health practitioners to provide students with the proper care. Oncology Treatment Monitoring While oncology is one area out of many where IoT can significantly improve care outcomes and offer care to otherwise remote and inaccessible locations and demographics, the application is critical. One aspect is care delivery in urgent and dire moments. Doctors can use devices interconnected to a network to analyze patient conditions and deliver treatment through a relative or friend present with the patient. Another aspect is continuous, long-term, remote monitoring for patients who are, let’s say, undergoing chemotherapy or other long-term diagnoses. IoT devices can help monitor heartbeats, temperature, water levels, oxygen levels and even electrolytes. There are also ways for remote patients to converse and consult with their care provider and for the clinician to monitor their speech patterns to find out looming diseases such as dementia and delirium. Benefits of IoT for RPM Remote Patient Monitoring presents itself as an alternative way of care delivery. It may even become the more efficient way of care delivery with better applications and solutions supporting the IoT technology. Here are a few benefits of IoT for RPM- Improved Efficiency With the effortless, in-moment communication between care providers and patients, RPM proves to be a convenient and more efficient way of delivering healthcare services. Even care practices can shift to automated systems with scheduling appointments without a middleman or a less efficient scheduling process. Early Intervention IoT in healthcare can maximize the timeliness of care delivery for time-critical and serious medical conditions and incidents. The extra few seconds offered by continuous delivery can make a world of difference for care outcomes. Accuracy of Treatment While IoT in care delivery is efficient and timely, the accuracy of care delivery allows relief teams to act faster and with more confidence knowing that alerts are produced by a reliable system of sensors and other devices. This is especially critical for patients residing in rural or remote areas. Security & Safety Sophisticated network security can yield digital security while transferring or accessing patient health information. Fall prevention and similar tools can amplify the physical security of patients. Mobility Patients are increasingly demanding access to healthcare via consumer devices, as seen in an uptick in devices like FitBit. By granting them the option to access care through mobile channels and then exceeding their expectations with engaging and user-friendly content and interactions can ensure improved patient satisfaction. For care providers, remote patient monitoring can mean high patient satisfaction rates and engagement rates, besides an uptick in revenue and brand loyalty. For patients, remote patient monitoring can mean inclusivity and safety in the confines of their home. If you want to leverage this opportunity and execute on an idea for a remote patient monitoring system, our IoT services team is at your disposal.
Rapid Prototyping to Validate Your Startup Idea Posted on October 26, 2021October 13, 2022 by Admin Prototyping plays a critical role in every startup in defining product features, polishing the user experience, selling an idea to investors or presenting it to team members. Prototyping need not be restricted to the early phase in product development but can be a means to validate subsequent developments and changes in a product or service. Why is Rapid Prototyping Critical for Startups? Prototypes are helpful in representing a use case in a functional way to solicit feedback from users. Whether or not they get interested and invested in the product or service is irrelevant as far as the prototyping process goes. The only thing you need from the process is data around your customers’ situational context, perspectives and motivations that form their opinions. Prototypes are tools to validate your assumptions about your user, their needs and expectations. Validating assumptions is critical to preventing costly redirections down the line during product development. Since you can’t rely on a user’s imagination or what they say about their own needs, you need a working prototype to find out what they do with it so you can be sure that the foundation of your idea is solid. The Four-step Prototyping Process Prototyping at an accelerated pace can expedite the entire development process while also eliminating the risks of failure. Follow this simple process to develop a prototype for your product. Basics First At its basic, rapid prototyping is all about saving costs. It involves starting simple with an open-source wireframing tool to convey the product’s layout concept and preliminary content. Then, you test and validate this prototype with users and rapidly develop subsequent prototypes incorporating user feedback at every stage. With the no-code tools available today, you can quickly develop a simple prototype to demonstrate what your product will help users achieve. Review and Solicit Feedback Startup failure rates are increasingly high due to ignorance of this very step. Developing a business is risky. So you need enough validation for your product – its features and design elements to be sure that investing in it will not be a mistake. The key to doing that is to continuously create quick iterations of your prototype and pass them to your ideal customers to get their insights and feedback. This process helps you develop a product that your audience wants. Moreover, it allows you to fail faster and cheaper. Since you validate your product with real users, you always respond to their demands and leave no room for surprises at the end of the development process, preventing failure. Refine for High Fidelity Depending on your objective for this rapid prototyping process, you may or may not need a high-fidelity prototype. For instance, if you want to learn whether or not your customers have a particular problem or if you want to test if your solution might be acceptable to the users- you may not need a high-fidelity prototype. However, if you want to test the nuances of a solution, you need a high-fidelity prototype. With the reviews and insights gathered through rapid prototyping, you can add more features and enhancements, or remove unnecessary ones from your product to progress toward a high-fidelity prototype. A high-fidelity prototype precedes the first product version. Therefore, it’s a critical milestone to reach. At this stage, identify and validate features and functionality in the product that will be valuable for the user and eliminate everything that is either extra or overbearing. Repeat Rapid prototyping applauds early, cheap and frequent failures. Therefore, even after four rounds of the same process, great going if you stumble upon another failure! You’re further on the path than when you started fresh. Repeat the process laid down to make quick mistakes often and inch closer to what your customers might need and appreciate with each iteration. When user feedback starts to closely resemble what you have on the table, you might have done the job. Analysis of Feedback and Next Steps We want to assume you have a lot of feedback now, having been through a comprehensive prototyping process. All the gathered feedback will fall into one of the following categories- How your customers perceive your product and proposed solutionThe elements they like and dislike about your solutionHow they compare your product with existing competitors and prospectsThe pricing they expect for your product based on market standards and their spending habitsThe way they describe your product to their friends and familyTheir reference for someone else who faces the same problem As you gather feedback and act on it, it’s important to continually ask the following questions- Is this my ideal customer?If I focused on one more customer segment, what would be different or similar about their motivations, situation and behavior?Is this the right problem to solve or does anything else need solving before this one?Is my way of approaching this problem the best way? Analyzing and assessing user feedback based on those questions will keep you focused on the problem at hand and open up avenues for broader thinking that may lead to newer insights. This thinking will either reinforce your solution as the best one or challenge you to approach the problem from a newer angle or position. If you’d rather work with a team of prototyping specialists to build a working prototype and validate your product idea, contact us today for our software prototyping services. At KiwiTech, we make this less complicated and more intuitive with our wealth of experience working with startups and enterprises.
How Startups Can Compete in AI and ML Posted on October 21, 2021December 27, 2022 by Admin Microsoft, Amazon, Apple, Google, and Facebook acquired 13 AI-based startups in 2020. Even if your goal is to run the business yourself, there are opportunities for startups and early founders to create differentiators in the field of AI and ML. Global players are acquiring startups not just for the product or services they offer but also to lay their hands on the top talent. Businesses compete not just in technology but in all industries to onboard specialists- the select few who know how to create real-world solutions from artificial intelligence and machine learning. Whether you look at acquisition as an exit strategy or wish to build a competing product for the market, there is plenty of room for you to experiment and build using AI and ML. Let’s dive into use cases of AI that help startups compete and grow. Use Cases for Startups to Tap Into AI and ML: Improve the Customer Experience Enable Data-driven Decision-making Business Forecasting Mitigate Fraud with AI and ML Automate your marketing efforts with AI tools How to Tackle Challenges in AI/ML for your Startup How AI helps startups grow and scale to compete for 1. Improve the Customer Experience With the availability of infrastructure on the cloud, there’s a lot more flexibility for startups to build intelligent contact centers in a shrunk timespan. Remote work and the pandemic have forced companies to look at the cloud as a possible solution to everything they do. AI and ML can help improve the customer experience with intelligent voice recognition systems and hyper-personalization of CX with data housed and processed on the cloud. With such automation, startups can free up resources and talent to work on pressing challenges and address complicated customer issues. AI and ML can be super advantageous in serving customers better or creating tailored products and services. For example: Spotify, a digital music service, uses Facebook chatbots to help customers quickly search, listen and share music. The bot suggests music based on your mood, what you’re doing, and what specific genre you want. Another great example is Pizza Hut. The company uses Facebook Messenger and Twitter to allow customers to order pizza online. You can reorder your favorite pizza, ask for current deals and discounts, or even ask questions to the chatbot. 2. Enable Data-driven Decision-making Decision-making involves handling enormous amounts of data, fishing it for patterns, and basing decisions on the resulting insights. Honestly, we can’t think of a single company or industry that may not benefit from improving the quality and speed of their decision-making. Faster and more data-driven decisions can put companies ahead of the competition, help launch new products faster, boost business intelligence, improve the bottom line and stay relevant continuously. “For many people, artificial intelligence, or AI, is a mere concept, something that will happen in the future. But, in reality, AI has already become a part of mainstream businesses” -Michael Georgio, CMO of Imaginovation, a Raleigh, N.C.-based AI development company. AI and ML seem the obvious choices when it comes to making decision-making more efficient and accelerated. Related reading: What Does AIOps Mean for Startups? 3. Business Forecasting Business forecasting has numerous use cases in all industries and organizations. Data is the new oil, and organizations are always looking to leverage it to forecast incidents and financial projections. For a manufacturing organization, this might take the form of predictive maintenance and supply chain cost optimization. For another organization, it could shape sales and marketing forecasting, revenue objectives, and strategies to reach there. As companies generate more data daily, they need to leverage it to move forward, plan innovative products and services and transform how they do business. AI and ML can prove essential tools in the arsenal of these organizations. 4. Mitigate Fraud with AI and ML Whether it’s high-stakes industries such as fintech, banking, and insurance or any organization guarding against cyber attackers, artificial intelligence and machine learning can help strengthen the security posture. With remote workforces, companies have become easier targets for bad actors, and AI and ML-based cybersecurity aims to change that. By learning from past data and patterns, these advanced systems can detect fraud quickly. Not only that, AI can automate fraud detection and prevention so that there’s less reliance on humans and more on data, eliminating guesswork and introducing more robustness. Related reading: What is Hybrid Intelligence and Why is it the Future of AI 5. Automate your marketing efforts with AI tools AI can transform marketing from its roots. You can use AI-powered tools to improve different aspects of marketing (including content generation), manage digital campaigns, and automate email marketing. For example: There are numerous AI tools available that can help you discover content ideas plus write and optimize your content for different audiences. Tools like Curata and MarketMuse use AI to help marketers save time on these tasks. Startups can use programmatic advertising to reach a broader audience base and improve overall marketing efforts. How to tackle challenges in AI/ML for your startup MarketsandMarkets predicted that the machine learning market will amount to $8.81 billion by 2022 and reshape the global economy. However, more startups talk about an AI game than play it. There are reasons. In most cases, startups don’t have access to an expansive team of data scientists and AI and ML specialists like the big guys do. But more importantly, most founders are not habitual of looking at everyday problems from an AI lens. When used correctly, these systems can empower you to achieve a competitive edge over small businesses and large corporations. When you leverage AI-based systems, you can derive valuable business insights from large amounts of gathered data with higher accuracy, lower overheads, and greater efficiency. Even your customer service department can greatly benefit from AI software, strengthening your brand image and customer satisfaction rates. “To utilize the power of AI in the best way, it is vital that you understand the costs and nuances associated with the use of AI systems. If you’ve been successfully convinced to give AI a try, make sure that you conduct a proper impact analysis before making any major changes in the workplace.” Start slow and small, measuring costs against benefits to make the best use of your initial investment. With the right digital partner, product strategy, and unified customer experience, your startup will accelerate toward growth and success. By monetizing strengths and working around weaknesses, startups are poised to benefit from AI/ML. Contact us today if you’re looking for AI & ML services to make the journey a bit more smooth.
Fundamental User Experience Design Principles for Startups Posted on October 19, 2021December 30, 2021 by Admin Often when we hear the term ‘design’, we think of aesthetics and colors and fonts. But, as expert UX designers would agree, UX designing is so much more than what appears on the screen. UX designing not only makes a software product or application aesthetically pleasing but also functional, usable and navigable. And that contributes to UX designing being a rare art. An experienced UX designing team can put you years ahead of the competition by making your product look, feel and function like something your ideal users would want to use and come back to repeatedly. Since it’s both a science and a craft, let’s look at the top design principles that help UX designers create experiences that last and linger. Principles of UX Design Know and follow these design principles to create user experiences that awe and serve your product users. Meet the Customer Demand The first principle that a proficient UX designer knows and follows is to stay centred on the user. It’s all about enhancing the experience of the user from the product. So, learn what the user expects from the experience at each touchpoint and stage of interaction. A particular design or feature may impress you, but are you the user? This is when user testing and other validation methods come into play. Designing in solitary can be a big mistake when it comes to this principle. You want to engage end users early and often, so that you don’t make assumptions that prove to be different from your customers’ reality. Take Care of the Hierarchy To achieve smooth navigation and ease of use in your application, you need a transparent hierarchy. The primary hierarchy will arrange information throughout the design (laying down the navigation bar and the main sections). And the secondary hierarchy will delve deep into subcategories of functionality and content. Keeping important information in visually prominent positions and hiding lesser relevant information in deeper layers will improve the overall simplicity, navigability and flow of the user experience. Make sure the content and functions flow effortlessly and naturally from the last level to the next throughout the design. Keep it Consistent with Current Habits A critical component of user experience designing is knowing your customer’s habits and inclinations. Since we know this about humans- they don’t want to change- it’s important to use a familiar user interface and layout as some of the popular brands that your customers are already habitual of. This cuts short the adjusting your users have to do as your app feels and looks familiar to them, which adds to the user-centricity part of UX design. Users will come to your app with a pre-existing hunch of how things will be and their presumptions should be respected because it’s not the easiest thing to try to change them. Moreover, ensure you offer the same design and functionality through different products for consistency purposes. Design for Accessibility An increasingly critical principle in UX designing is accessibility. It’s important to ensure that your app is usable by as many people as possible, respecting everyone’s ability to consume and process digital information. Designing for accessibility is not only the right thing to do but a profitable thing to do, too. People with disabilities contribute over 10% of the world population today and it’s important to keep them in mind when designing an experience. A few simple ways to build an accessible UX are to use contrasting colors for text against a background and having captions on videos. Factor in User’s Context Designing in the users’ context is equivalent to designing with empathy. Here’s why: When you factor in the contextual data points, you start empathizing with the user in the very moment. Contextual data may include the user’s geographical location, their whereabouts, their surroundings, emotional state, physical state, mental well-being, the time they have available, the device they are likely using and the people who influence them and so much more. The more contextual data you work with, the more likely your UX design will resonate with your customers. For instance, say your user is likely accessing your application on their phone on a lunch break at work. What design elements could make their experience easier and better? Or, if they are accessing your app in a dingy club at midnight, what sort of experience would help them take action? Focus on Usability Your app or solution aims to solve a problem for the user. So it makes sense to focus primarily and heavily on the usability of your application. How easily can a user achieve what they intend to on your application? A cluttered experience will overwhelm and confuse the user and lose them. Make sure that your UX design is purposeful and meaningful. Concentrate on clarity of messaging and functionality to bring out the best in your product. Usability testing is key to finding out how users interact with your design. Conduct usability tests comprehensively to discover and plug usability loopholes. Design for Simplicity A simplistic design beats a complex one all the time. Less is more when it comes to UX designing. Minimalist designs that offer just the right options and functionality to get the job done are winners in this distracted age. Not only that, simplicity in language can also make your application user friendly and usable. Consider every aspect of UX design end-to-end from a simplicity perspective and strive to build the most straight-forward application your users have ever experienced. As you delve into UX designing, you will realize that UX designers are rare specialists. At KiwiTech, we house sought-after UX designers who create functional, usable and pleasing experiences for startups and enterprises. Contact us today if you’re looking for UX design services.