How Startups Can Leverage Artificial Intelligence and Machine Learning Posted on February 18, 2021December 27, 2022 by Admin Startups today are in an exciting phase. Amazon, Facebook, Google, Netflix, Tesla, and many of the world’s biggest technological household names were small fledgling startups not long ago. Even now, every few days, we hear of another startup like Spotify, Airbnb, or something or the other becoming a unicorn, going public, and, before we know it, becoming an integral part of our everyday life. It replaced companies and brands that had been a part of our lives for as long as we can remember. If not all, most of them can do so because of the tremendous advances that we have seen in technology in the past few years. AI & ML today offer solutions to many problems that we considered insurmountable in the past. They improve existing solutions in cheaper, quicker, and more efficient ways. While it can be challenging to manage expectations from Artificial Intelligence and Machine Learning efforts even today, the results can be worthwhile if done right. 7 ways to leverage AI and ML Here are some ways in which startups are uniquely positioned to leverage their flexibility to make AI and ML efforts successful. 1. Access a lot of data It is the era of Big Data, and you can’t do AI or ML today without data. Depending on your product’s scale, you need to ensure that you have access to enough data on the problems you are trying to solve. By being small, tech-savvy, and operating at scale, startups use technologies to digitize whatever material they can, automate whatever tasks they can, and often capture large amounts of data for training models and building AI products. Machine Learning projects often run into many cold-start problems, not having data resources and whatnot. Manual effort and one-time solutions can get you out of quick pickles. Still, to eventually come up with a scalable and long-term solution, you will need access to large amounts of data. But on not only what works but also what doesn’t by tracking large datasets over long periods. Because startups that realize this consider data as an asset that they actively try to build. Results of a recent survey of ML Practitioners on their current data requirements (Source) 2. Find the Right Fit According to VentureBeat, 87% of AI projects don’t make it into production. Companies often need time to figure out their product/service concretely, what features they can realistically offer, how it distinguishes themselves in the market, and many things that can only happen through trial and error. Large corporations come under a lot of scrutiny by both the public and investors. At the same time, startups generally can spend a lot more time exploring multiple options and finding the right fit for themselves. One of the best examples that come to mind is Slack Technologies. Currently one of the world’s most popular chat and productivity tools – used by 77% of the Fortune 100, Slack was initially a gaming company called TinySpeck. After shutting down their MMORPG Game “Glitch” in 2012, they went on to port the game’s “familiar” pet rock into Slackbot, a friendly bot that helps you find things around gives you notifications, and keeps you informed about the workspace. Slack was launched in 2014, got listed on NYSE in 2019, and was acquired by Salesforce for $27.7 billion in cash and stock. Related reading: What Does AIOps Mean for Startups? 3. Minimal Bureaucracy Compared to large enterprises, startups are more flexible and dynamic in setting up the business and cultural procedures, ensuring that they set processes right with a long-term vision right from the get-go. People wear many hats at startups, but there is also a lot more active direct communication and understanding between the business teams, product teams, data science teams, and domain experts. Communication in startups is more comfortable, and analyzing the problem from multiple angles and understanding a lot of different perspectives is simpler. Because of the closer working relationship among team members, it is easier for them to get access to any data point that they may need, and get resources to test out different technologies and operation processes until the right fit for the team(s) has been discovered. This system is also present in more prominent companies, but in startups, the system is cheaper, quicker, and easier to manage. Related reading: What is Hybrid Intelligence and Why is it the Future of AI 4. Building a Knowledge Base While large corporations often handle an entire end-to-end solution, startups generally spend a lot more time carving out a niche and pursuing excellence first in that small niche. Startups have smaller, more connected teams that are all focused on solving that particular niche problem quickly. Storing information about the difficulties faced, and sharing lessons learned is more straightforward. Startups can afford to be flexible, make mistakes, fail fast, and work out solutions to what works or will eventually. This builds a domain-specific knowledge base about the problem that serves a critical role in building AI-based products. KiwiTech helps resolve AI challenges for startups By assisting startups to build loyal relationships. Communicating with customers in their familiar environment allows your company to feel that they are heard, supported, and appreciated. Such clients will, in turn, understand 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. At KiwiTech, we have helped several startups get the right AI implementation in place for their business. Speak to one of our AI consultants today.
Why Raising Too Much Money May Not Be Good for Your Startup Posted on February 10, 2021January 3, 2022 by Admin The success of any startup largely depends on how much funds have been raised, invested, and judiciously utilized. However, the real question is how much funds should be raised at the start. If you are establishing a startup for the first time, there’s every possibility of being tempted to fundraising in a big way at the seed stage itself. The allure may be strong but can eventually prove deadly for your startup. The best way to begin your startup is through self-funding or bootstrapping by pooling in your savings, and borrowing from family and friends at cheaper rates. Your startup will get running with little investment initially. Raising seed capital from family, mentors, friends, and seeking loans in exchange for common stock is yet another way to fund your startup during the preliminary stage. Most startups, however, depend on venture capital funding, which may, later on, result in multiple rounds of funding depending on the viability and potential success. Before going in for venture capital fundraising as a startup founder, you should first assess your requirements and ask yourself how much fund is to be raised. Be realistic with your expectations When looking to get funding for your startup, you need to make solid financial projections and be realistic with your expectations. Being optimistic and positive about the expected revenue is good, but it should be based on provable facts. You should approach potential investors with well documented financial projections when seeking funds for your startup. You need to present the figures that your business can generate. False projections will put you in difficulty. Being a realistic optimist will work wonders for your startup and give it a solid reason to forecast its success. Adopt a conservative approach towards fundraising Most startups start their journey with unassumingly great investor confidence and high hopes. However, many startups often capitulate within the first year due to several reasons. When it comes to fundraising, you need to tread cautiously, and with a conservative approach. Overpromising the investors with what your startup just can’t fulfill is sure to backfire. Presenting a rosy picture to investors just for the sake of fundraising will do you no good. You need to raise funds conservatively and then grow. Do remember that achieving or exceeding the objectives of your startup will solely depend on making the right investments and the hard work your team puts in. And, it’s possible only when you know how much funds are needed to make the startup fulfill your and investors’ expectations. Conservative fundraising is pragmatic and will put you in good stead. Raising too much money leads to excess expenditure and wrong judgment No matter whether you raise $2 million or $6 million in the same timeframes, the raised amount will be spent anyway. More capital means spending more liberally. You may go overboard and spend unnecessarily on hiring more staff than needed – PR firms, promotional events, etc. However, it should be the other way round. You should first create a budget for your startup and spend only 70% of the raised amount in a period of two years or so. You will gradually realize how your startup’s prospects have been harmed by overspending and undervaluing it for other rounds of funding. This must be avoided at all costs to ensure your startup’s success. Company valuation is harmed due to overfunding Many VCs want a strong return, which may be 10 to 30 times their investment. The success of your company will depend on the money you have raised and achieved its goals. Just think what it would be like if your pre-money valuation of the company is much higher than it should have been. Such a price range won’t be supported by the market. You won’t be able to pay back to the investors at a multiple of what was raised initially. Your company will run a high risk of being undervalued. You won’t be able to raise funds in other rounds. You should first raise a modest amount, grow your company, and then set a high post-money valuation for your company to get bigger returns. Unavoidable conflict of interest between startup founders and investors Investors always think of getting high returns. Profits usually are the number one priority for them. They will try to influence you in decision making, which you may not like. Don’t land in such a situation where there is a conflict of interest between you and the investors. You should rather make efforts to make your startup sustainable and boost investor confidence. Focusing on capital efficiency and raising the right amount of money will avoid such unpleasant situations. Exit options will be hurt Every investor wants a lucrative exit option. However, when a startup goes into overdrive by raising too much capital through aggressive fundraising in the early-stage, the exit options for investors are surely hurt. For example, if you raised $20 million in Series A funding at a $30 million pre-money valuation, it will lead to a post-money valuation of $40 million. A 10-fold increase in value will be expected by early-stage VCs. They will be looking for an exit valuation of $400 million. This excludes additional investors joining the later funding rounds. Exiting under $150 million will be impossible with many investors in the fray. This will severely undermine your startup’s valuation. VCs may resort to exercising their discretionary power of veto rights to legally prevent an acquisition if the offer price is abysmally low. This will hurt exit options. Bottom line There are lessons to be learned when it comes to raising money for your startup. There are multiple hazards if you are unrealistic and aggressive in your fundraising drive in the early stage. The reasons are many and already stated. Your success story depends on being realistic and having your objectives clearly defined. Don’t expect too much too early. Wait for the right time and the appropriate valuation of your company. Being pragmatic in fundraising is the mantra of success of your startup.
5 HealthTech Trends That Will Shape 2021 Posted on February 2, 2021January 3, 2022 by Admin The outbreak of COVID-19 has helped people gain awareness about health and created a necessity for the rapid growth of healthcare technologies backed by AI & ML services. It has revolutionized the way doctors diagnose a disease and treat it. Taking on the situation, the global tech giants are gearing up to integrate more health-related equipment in daily used gadgets for us. As the healthtech trends bloom into a promising decade with 2021, Deloitte Center for Health Solutions releases a report stating the benefits of integrating technology into healthcare environments. It stresses using mobility solutions in the diagnosis and monitoring of patients at hospitals. At the core of this implementation of technology into healthcare lies the evolution of AI and Virtual/Augmented Reality with the success rate of almost 97% of satisfaction to patients, 62% of increased confidence in doctors, and 94% of better treatment compliance, as per the Deloitte’s report. In a recent report about AI and healthcare, Accenture says that the existence of growth opportunities in the healthcare AI technologies is good for futuristic economies. The Compound Annual Growth Rate of companies registering in the healthcare AI tech has increased to 40%. Keeping in mind the patients’ comfort and simplifying the complex tasks of the healthcare workers in their day-to-day responsibilities, the growth of healthcare technologies is moving towards the following five verticals in 2021. 1. Telemedicine Delivering healthcare technological solutions through Internet and communication has never been easier than in 2021. The fully evolved telecommunications through high gigabit-speed Internet have led healthcare professionals to lean towards remote diagnosis and treatment through virtual consultation during the pandemic. According to a report by CDC, virtual consultations have increased by 154% in March 2020 compared with the same time a year before. As the adoption of communication technology is evident by these statistics, we can project a fair growth in the telemedicine industry in 2021. The governments waiving licensure requirements in countries like the United States vouches for the same. 2. 3D Bioprinting 3D Bioprinting technology changes the way we see artificial body parts implanted through intense medical procedures. The tissue regeneration technology assures the precision fit of the implants for the patient during the surgery. It uses the living cells as a printing material for the digital models designed on computers according to the size variations required for the patient. The significance of 3D Bioprinting can also be seen in the medical education sector. The study of human anatomy can be made easier and practical for students in medical fields. As the outbreak of COVID-19 has already shifted focus of the entire world towards the healthcare sector, the advent of 3D Bioprinting machinery in hospitals around the world is not so far. With low competition and high demand for the 3D Bioprinting tech, no company that can afford to invest in this market would like to miss the opportunity to make a fortune. 3. Wearables The invention of wearable technologies has contributed a lot to the healthcare industry. The personalization of healthcare has become a reality with the adoption of wearable technologies in people’s lifestyles. These autonomous devices can be worn as smartwatches, smart rings, smart jackets, VR headsets, and so on. They capture and analyze the physiological data in the form of temperature, heart rate, blood oxygen level, and blood pressure. The involvement of AI even detects emergencies and notifies the emergency services through SOS calls. Tech companies are looking forward to making their own devices as people have grown much more conscious about their health in the wake of COVID-19. According to the GlobalData survey, the wearable tech market was rising to $23 billion in 2018 and is projected to grow to $54 billion by 2023. This was the statistical record before COVID-19. With the pandemic and the ensuing increase in market demand, it is surely to grow even higher. The 14.1% market growth of wearable tech by the second quarter of 2020 guarantees the same. 4. AI Diagnosis Artificial Intelligence in medical diagnosis is aimed to overcome the limitations in the existing pathophysiological process. AI is used in radiology to characterize a disease through intelligent Machine Learning programs. The increasing demand for doctors around the globe due to the pandemic seeds the necessity of AI and ML to finish the medical processes in possibly less time. As AI and ML blend in together, they reduce the error rate by accessing the big data analytics about the human body. AI is also used in pathology to record large volumes of data that can be analyzed and used against predictive patterns. It can be used to automate time-consuming tasks like personalizing treatment based on the patient’s medical history. Its main application is in diagnosing patients with cancer-oriented cognitive systems. The ML algorithms synthesize large amounts of information in making decisions for further medical procedures in this regard. COVID-19 has made integration of AI and ML in healthtech a top priority. It can likely help detect future viruses and abnormalities before they get out of control. 5. Virtual Reality Virtual Reality has been adopted into healthcare not just to diagnose but also to train doctors through simulated virtual environments. VR is already used in virtual robotic surgeries to avoid human risks and complications. This technology recreates the virtual human response system to learn about any likely impediments in a surgical procedure. When it comes to diagnostics, VR helps in creating the model of a scanned subject for a better visual presentation for doctors to identify problems and underlying risks. It is reported that the VR market in the healthcare sector is to grow up to $2.2 billion by 2027 compared to 2020’s market size of $336.9 million. The growth rate performs at 30.7% annually for a promising 2021 and beyond. Final thoughts The pandemic has shifted the focus of the world toward development of healthcare technologies. Evolving computational and data technologies are fueling the advent of new innovations in the healthcare industry. The adoption of 3D Bioprinting, AI and ML, secure telecommunication, and Internet technologies have been a great support during emergencies. The necessity to adopt more and more technology into day-to-day healthcare procedures is pretty much evident from the current successful applications. The world is opening arms to embrace more sustainable solutions in the healthtech industry in 2021.
GDPR: Adopting More Stringent Privacy in the US Posted on January 28, 2021December 27, 2022 by Admin The GDPR is a stringent data privacy law that seeks to protect consumer rights while at the same time facilitating a more regulated digital economy, giving us the best of both worlds. Or not? The regulation imposes guidelines on how businesses collect and process the personal data and privacy of EU citizens for transactions carried out within EU member states. Even though the rule was designed for the EU, GDPR-mania had officially arrived. Countries worldwide hurried to make sense of GDPR’s implications and complications. Meanwhile, the US took a more cautious and measured approach. Implementing a regulatory mechanism similar to the GDPR seemed natural, logical, and reasonable. However, GDPR implementation isn’t without its unique challenges, especially for a country like the US. Let’s take a closer look at GDPR’s impact on the US. We’re going to discuss: GDPR’s Impact on the US Challenges with Implementing GDPR The CCPA – America’s First Privacy Law at a State Level GDPR vs. CCPA: How do U.S. and EU Privacy Laws Differ? The Future of Data Privacy Laws GDPR’s Impact on the U.S. The GDPR had far-reaching effects globally. But while countries like Argentina, Brazil, Malaysia, and Uruguay adopted GDPR-influenced legislation soon afterward, the US has yet to develop federal-level legislation. The US, however, has had data privacy laws historically, just nothing like the GDPR in terms of coverage and scope. The law doesn’t impact US citizens living and doing business in the US who have no connection to the EU. However, it affects US businesses collecting data on EU citizens and US businesses with third-party contractual agreements due for revision to ensure GDPR compliance. Regardless of whether it applied to US citizens, the GDPR was a precursor to potential legislative developments along similar lines back home. Meanwhile, in California, state legislation called the California Consumer Privacy Act of 2018 (CCPA) was signed into law in June 2018 with an implementation date of January 1, 2020. The Act was introduced unusually quickly to offset the challenge of the privacy law in the November ballot initiative of the same year. Americans started putting their businesses under the microscope. They needed to understand the laws better, learn how to ensure they were compliance-ready, and prepare themselves for other state laws resulting from the CCPA. People Also Liked: Personalization vs. Privacy: Where’s the Fine Line Challenges with Implementing GDPR To understand how challenging it is to implement legislation of this magnitude in a country like the US, one only needs to review the situation in the EU post-GDPR. The Financial Times (FT) reported last year, based on an “official” report, that “the data rules are proving difficult to implement two years after coming into effect, placing a particular burden on small and medium-sized companies and those developing new technologies.” “A whopping 99.9% of businesses in the US were identified as small businesses, according to this 2019 SBA report. The cost of GDPR compliance for small to medium companies was high. In 2019, Microsoft pegged the cost of compliance to $1.3 million globally.” Also discussed in the FT article were the difficulties with reconciling differences between interpretations of the legislation in different countries on parts of the GDPR that allowed for country-specific flexibilities. In the US, the primary argument against GDPR-like legislation is the lack of one implementation body with this overarching authority over all types of businesses and industries. Then, there is the expected lack of consensus amongst political parties. Also to consider in the US, aside from bringing companies up to the required levels of preparedness and compliance, is the mammoth task of reconciling individual state exclusions or inclusions. Private litigation is another concern that has given businesses nightmares since the GDPR. The GDPR and CCPA give consumers the right to claim damages for data breaches. Companies must be ever-vigilant and on the ball with the legalities of capturing and processing data. The US has, until now, had a very laid-back approach to personal privacy. This is also one of the core reasons corporate innovation has flourished to this degree. Most of the emphasis has been on corporate/political privacy and cybersecurity. Unlike with the GDPR, personal data has generally been considered to come under the ownership of the data processors or controllers from the US perspective and not the consumer. Most Read Post: The 6 Pillars of a Successful Equity Crowdfunding Campaign The CCPA – America’s First Privacy Law at a State Level The CCPA came into effect in January 2020, with enforcement in July. The Act provides the following provisions to consumers: The right to know what personal information has been collected about them, how it is being used, and with whom it is being shared or sold. The right to “opt out” of having a business sell its personal information to third parties. The right to have the business delete its personal information with some exceptions. The right to be treated equally for service and pricing by a business. While there is some overlap with the GDPR in certain aspects, there are some fundamental differences. In how American counterparts decided to approach the CCPA. For instance, the GDPR emphasizes the need for technical and organizational measures to ensure data safety, while the CCPA has no such requirement. The CCPA does, however, give citizens protection in case of a data breach. Responses to the CCPA have been mixed. On the one hand, Nevada and Maine quickly picked up the ball with their Nevada Senate Bill 220 Online Privacy Law and Maine Act to Protect the Privacy of Online Consumer Information, respectively. Other states expect to follow suit. On the other, critics argue that a bill passed at a federal level would be a lot more effective. For one, it would make it easier for businesses to manage compliance nationally rather than dealing with the individual differences associated with state-level legislation. But getting consensus in Washington may turn out to be a challenging exercise. You might also like: How to know if it’s Funding o’Clock When Investors Approach GDPR vs. CCPA: How do U.S. and EU Privacy Laws Differ? GDPR and CCPA establish strict guidelines for how service providers handle personal data. This also includes ensuring that data collection is obtained, secure, and transparent with the consent of the individual in question. Individuals have the right to know about the personal data that is being collected, as well as access to it. The primary distinction between CCPA and GDPR is that GDPR applies to any organization. Regardless of location, that processes or intends to process sensitive data of EU citizens. GDPR compliance is required for any organization that processes personal data from EU citizens, whether or not they are customers. GDPR also does not impose entity revenue or processing threshold requirements. GDPR: Broad reach: Applies to all organizations worldwide that process or monitor EU citizens’ data. Consistent enforcement: Levies heavy fines against companies in violation. Lack of oversight: Does not require the appointment of an officer to oversee enforcement. CCPA: Narrow reach: Applies only to organizations that do business in California. Inconsistent enforcement: Gives residents enforcement power via litigation against violating companies. Dedicated oversight: Requires the appointment of a data protection officer to oversee compliance. You might also like: Step-by-Step Roadmap to Developing an MVP The Future of Data Privacy Laws As more private and sensitive data digitally changes hands each year, it becomes increasingly critical to understand the laws protecting our privacy. In the United States, internet privacy laws are still evolving, but they are a strong start toward protecting personal data. Citizens and residents can expect more states to pass comprehensive privacy laws, and the federal government may eventually pass a law that provides nationwide consumer data protection. In the meantime, staying informed about the latest security controls and data privacy developments is essential in taking steps to protect your personal information. Deploying data loss prevention and threat detection solutions can also help you keep your data safe and ensure compliance with privacy laws.
Raising Capital as a First-Time Founder Posted on January 20, 2021January 3, 2022 by Admin Starting a new business is not easy. The process includes a whole lot of priorities and aspects that you need to focus on. A survey by the Kauffman Firm estimated that, on average, it takes at least a minimum of $80k to keep a startup running through its first year. Fundraising is a challenging task, and most companies fail at it. It’s even harder if you’re running solo. And the worst part of it all is that most fail to follow the necessary steps. As such, we bring a step-by-step procedure on raising capital as a first-time founder and ensuring an efficient running establishment for a long time. Before we begin, let’s look at some of the most successful entrepreneurs who started with nothing but emerged as global leaders in their league. Sophia Amoruso: The founder of Nasty Gal, a women’s fashion retailer, was diagnosed with ADHD at a tender age, which resulted in her withdrawal from school and forced her to work odd jobs to make ends meet. The major break for her was in 2006 when she started dealing in clothes and other items through an eBay account — Nasty Gal Vintage. From 2008 to 2011, her revenue increased from $223,000 to nearly $23 million. Jack Ma: The co-founder and former executive chairman of Alibaba was initially rejected by 30 companies before his luck finally changed. In 1995, he managed to raise over $20,000 to build an online directory for Chinese businesses, and finally, in 1999, after returning to China, he created Alibaba. Steve Jobs: Any list of famous entrepreneurs who started small and made it big is incomplete without a tribute to the genius Steve Jobs. Jobs got out of college because his family couldn’t afford his education. Eventually, he had an incredible career and formed the Apple Computer Company with his childhood friend and electronics expert Steve Wozniak. Jobs’ net worth was over $8.3 billion at the time of his death. These entrepreneurs started from a humble beginning at first and worked their way hard to achieve fame and success. There’s no shortcut to success, but this brief guide is aimed to help you take that first plunge. How/Where to raise capital from as a first-time founder? There is a surfeit of sources available for the first-time founders to raise capital for their company. Bank Loans: Banking and financial institutions are the best sources of raising capital and offer a slew of schemes and funding plans for startups. Initial Coin Offering: The cryptocurrency equivalent to an IPO. The coin offering process is the new trending form of raising capital. In 2017, companies from all across the world raised a staggering $5.6 billion through this process.Angel Investors: An angel investor is an individual who has a sky-high net worth and offers funding to startups. According to a Stanford study, 90% of all early-stage capital comes from angels. Angels funded over 63,730 startups in 2019, with an average deal size of $374,225.Family Offices: Family offices are private wealth management advisory firms that offer investors to startups. Venture Capital Firms: These are private equity firms involving investors who collaborate and offer capital to startups and new establishments. Equity Crowdfunding: A steep ahead of crowdfunding. In exchange for relatively small amounts of cash, public investors get a proportionate slice of equity in the business venture. Various states, municipalities, and corporations also provide monetary support to startups. In addition to these, there are various facilities like Accelerators and Incubators that offer grants and guidance to help turn your idea into a successful startup. Tips for raising capital as a first-time founder “All our dreams can come true if we dare to pursue them.” – Walt Disney To become a successful entrepreneur, you need to begin with courage, followed by hard work and strategic planning. Below are a few tips for first-time founders: Prepare as a First-Timer It is crucial to prepare yourself as a first-timer because funding is nevertheless a mind game. You need to appropriately set your expectations, since this alone will help you determine the difference between success and failure. You need to start accepting rejection as a learning opportunity and not as a failure. Look for Advisors, Not Only Money Along with monetary investments, you’ll also need the best mentors — sound mentors who not only believe in you but also believe in your idea and business. You might also require co-partners to reach out to them through any means available to you — social media profiles, personal, or social connections. Understand Funding Platform Profile It is a must to find the perfect funding platform profile to make your startup a hit. Funding platforms like CircleUp, AngelList, Patreon, WeFunder, and Fundable give access to support ventures based on the idea’s quality. Do the Calculations It is essential to know your numbers backward and forward and identify the money you spend each month (cash-burn rate), what you owe in terms of debt and equity (capital structure), and your capitalization. Think wisely before signing off on a deal. Similarly, make sure you’re comfortable with the deal before accepting it. Keep the bigger picture in mind and decide what’s best in the long run. What may seem like a colossal expanse at the moment can prove to be invaluable in the distant future. Streamline Capital Requirement Once the calculations are ready, you need to understand your specific requirements and startup funding goals. It would help if you build relationships with as many people as possible because it’s impossible to conquer the world as a solo rider (founder). Start pitching or prepare components that support all claims of your company’s potential to produce significant returns. Target Potential Investors What is your idea of the dream team? Are the prospective investors a perfect match for you? You need to identify the qualities you are looking for in your investors and choose the ones that are most suited for your startup based on their market expertise and customer insights. Create a Capital Raise Roadmap We are at the final stage of raising funds for your startup. It would be best to create a strategic roadmap to put in front of your selected investment for raising capital. You will need to choose a person to become the co-founder or CEO to paint on the fundraising campaign. Final Words Before you begin the journey of fundraising, try to keep it as efficient and organized as possible. Get your facts and figures straight along with a strategic roadmap to attract investors to invest money with you. Good luck. KiwiTech has helped hundreds of entrepreneurs connect with investors through its various pitch events including demo days, techathons and venture fairs. If you are actively raising capital and seeking opportunities to pitch to angel investors, VCs or family offices, find a KiwiTech event tailored for your startup stage!
Data Security in Healthcare Posted on January 7, 2021January 3, 2022 by Admin In today’s digital world, it is imperative to protect enterprise data across different environments and follow privacy protocols. In every domain, including retail, healthcare, finance, and supply chain management, businesses are thriving because of the availability of data. Data is now central to all business strategies and forecasts. And because data is so important, it is also a source of vulnerability across industries. Hackers, cybercriminals, and others steal important information by exploiting the vulnerabilities in digital systems. So how is healthcare data impacted by all of this? As healthcare organizations adopting Electronic Health Record (EHR) systems more widely, new data formats are being used to improve diagnosis, treatment, and the overall process of handling patients. This means data needs to be stored over the cloud, which also means data has to be actively protected against malicious attacks. Healthcare faces an alarming number of data security threats. About 80% of the breaches across various sectors are in the healthcare industry. Healthcare providers and a large number of people in the healthcare system use advanced technologies to monitor, check, and process health information. Source: https://www.ncbi.nlm.nih.gov Data security in healthcare involves controlling access to the data and limiting it to only those who need the information thus protecting it from cybercriminals. You may have read about the recent case of the UHS ransomware attack that could have compromised the personal information of millions of users. Thanks to the data security solutions, the attack was stopped at an early phase and so much of the data remained protected. Importance of data security in healthcare Healthcare providers and a large number of people in the healthcare system use advanced technologies to monitor, check, and process health information. Apart from health monitoring watches and bands, their new innovations are now integral to our lifestyle. EHR (Electronic Health Records), Electronic devices that monitor vitals, andHealthcare information management systems Both wireless and wired devices can synchronize with computers in real time and store massive amounts of personal information, including the user’s name, date of birth, address, phone number, ID, insurance information, place and position of work, and so on. Through this, hackers can access credit card or bank account details and much more. The average cost of a healthcare data breach is $355 per record, more than twice that of other industry data. PHI (or Protected Health Information) is very valuable on the market – selling for around $363 per person, much more that more generic personal data which may be valued at only $1-2 per person. This is mainly because the data doesn’t change unlike the ID card or credit card details of a person. These details can then be used to claim fake insurance, and for various scams and digital thefts. What are the potential security breaches in healthcare? The US Department of Health and Human Services posted about 320 breaches in 2016 alone. If you take a look at IBM’s Data Breach reports, you’ll be surprised to know that the breaches started in full swing from 2015 with about 62% of security breaches (from 2010-2015) compromising millions of data records. Healthcare remains the most desirable target for attackers with the cost of one breached record being $429. The story doesn’t end here… It can take about 236 days to detect a healthcare breach, as per reports from IBM. There were 502 healthcare data breaches in 2019 with about 41.2 million records being compromised due to illegal exposure or theft. Since attackers gain a lot of monetary gains from EHS, they constantly try to break every possible security system. Network breaches Mobile health apps, cloud, and IoT (Internet of Things) pose a high risk, as these technologies generate a lot of data that needs to be stored within a short time. Not having strong passwords or additional authentication can lead to malware attacks. Internal data breaches Internal agents or insiders like company employees can gain unauthorized access and steal confidential data. Many people enter an organization solely to access EHR for monetary gains or tax frauds. Unintentional breach Improper disposal of old data that is confidential but no longer required can lead to an unintentional breach. For example, discarding old machines without deleting data or accidentally sharing private data with a party who is not authorized to view it can lead to this type of breach. As per Becker’s hospital review of 2013, 12% of the breaches happened due to accidental mistakes by staff leading to a compromise in patient’s health record data. Drug supply chains Each vendor who interacts with hospitals can be a potential cause for a data breach. External data breaches External factors include ransomware attacks, malware attacks, theft or misuse of cards, damage to physical documents, spyware, and phishing. More than 10 billion breaches that occurred from 2015-2019 are external. Source: ncbi.nlm.nih.gov Healthcare data security challenges The healthcare industry faces data security challenges like: Dependency on EHR to store data. As the records increase, the attacks increase, too.Lack of updated infrastructure due to high cost and maintenance, making it easier for attackers to find loopholes.The healthcare industry is connected with many service providers and vendors, making it difficult to underline the layer at which the breach occurred.Information in medical records is less likely to change, thus can be cascaded and misused multiple times.Many employees like nurses or administrative staff are unaware of cybersecurity threats and their seriousness.Full-fledged acceptance of mobile technologies and cloud, leading to multiple data sources. How to protect critical healthcare data? Healthcare organizations can thwart security threats with a solid endpoint security strategy. To protect healthcare data, you need to take the following actions: Speak to your healthcare app development company and make strong user authentication and data encryption measures like access control, increasing the security layers, limiting data visibility, timeouts, locks, and automatic log-off. Provide two-step authentication for mobile devices.Keep the data updated at all times, creating backups, overwriting latent digital images, and conducting timely risk assessments. Set up protocols, create and maintain data audit trails.Properly dispose of physical equipment (like old laptops/computers) containing confidential data no longer in use, protect and upgrade hardware, and enforce control of device, media, and workstation-use.Educate staff about the importance of protecting data and guide them about compliance and breach policies.Implement biometric techniques like face recognition, eye scanning, and fingerprint authentication. Track suspicious activities based on user data and logs. Summary According to the HIPPA journal’s healthcare data breach statistics, breaches have increased from 18 to 510 records between 2009 and 2019. The worst year was 2015, with about 78.8k affected individuals. Healthcare suffers the most data security attacks, particularly by hackers, because of the nature of the information it carries. To provide robust data security in healthcare, adopt intelligent AI-based systems and stricter authorization measures.
How Has the COVID-19 Pandemic Accelerated Blockchain? Posted on December 16, 2020November 2, 2022 by Admin In recent years, the one technology we have been hearing about repeatedly is Blockchain – which originated with the development of the Bitcoin cryptocurrency. With the whole world seeking to find solutions to manage the effects of the COVID-19 pandemic, many business owners have found the use of Blockchain technology valuable across industries. A 2019 Global Blockchain survey carried out by Deloitte revealed that 53% of the organizations believe that this technology has become critical for their growth. Image source: Deloitte While Blockchain technology was already growing, its growth has accelerated now due to the current Coronavirus pandemic. The COVID-19 related Information and Communication Technologies (ICT) market is predicted to touch $68 billion every year – according to the US Homeland Security Research. How exactly has COVID-19 accelerated the use of Blockchain technology? Let us look at some of the key areas. Blockchain in medical supply chain management Blockchain has proven to be a game-changer in the area of medical and pharma supply chains, beyond simply enhancing patient data storage. At a time when there is an acute shortage of medical supplies, Blockchain-enabled supply chain management is empowering the seamless delivery of any drug from the manufacturing company to the patient. Susanne Somerville of Link Lab envisions a future world, “where each time a drug changes hands, the technology can automatically verify the authenticity of the drug.” Major pharmaceuticals like Pfizer and Genentech are making efforts to enable Blockchain in their supply chains – in order to track their drug supply and establish more transparency. Overall, Blockchain in health care provides the following advantages: No third-party vendor costs Improved transparencyA streamlined medical supply chainElimination of counterfeit drugs Tracking donations using Blockchain As a philanthropist, you may face the uncertainty of not knowing where your charitable donations are going. Is the charity spending your money on the right channel? Alex, the founder of Giftcoin, opines that “lack of trust and transparency in charities is among the major challenges” in this field. Plus, a recent survey in the U.K. reveals that donors would be ready to spend nearly 50% more money, if they could track how their money was being utilized. With Blockchain, there is no longer any issue related to a lack of trust and transparency. It can not only eliminate any intermediaries – but also provide complete security and guarantee for every charitable transaction. An example of this is Binance Charity Foundation’s (BCF) launch of a Blockchain-supported donation portal for charities and other non-profit organizations at the UNCTAD World Investment Forum. With its tagline, ‘We make giving transparent,’ each transaction done in this charitable platform is stored using Blockchain – with details that are traceable, immutable, and dependable. Contact tracing using Blockchain Since the onset of the Coronavirus pandemic, contact tracing has become a favorite “buzzword” and tool used to control the spread of this deadly virus. Among the primary modes of pandemic control, medical personnel need to have seamless access to the latest medical data – as well as track any Covid-positive individuals, and track the health of those who have come in contact with them.Recent research conducted by Washington Post shows that digital privacy is one of the main concerns behind the resistance to these contact tracing apps. Image Source: Statista How then does Blockchain help in automatic contact tracing – without the use of any apps? According to Hasshi Sudler of the Villanova College of Engineering, “Blockchain can be the data source that allows medical facilities to share this information internationally.” Additionally, it is difficult to tamper with Blockchain data as changing one block requires all the connected blocks to be changed as well. This technology can prevent the spread of false information – such as false symptoms, travel history, or even inaccurate data from faulty testing kits. Blockchain in contact tracing provides multiple benefits including: Reducing data privacy concernsImproving data verificationTransferring of medical information to health authorities more efficiently Blockchain and COVID-19 vaccine distribution Can Blockchain help in the rapid distribution of COVID vaccines? As per the latest market reports, the U.S. National Institutes of Health (NIH) is partnering with many pharmaceutical companies in the area of vaccine development. Some of the vaccines that are likely to be distributed include mRNA-1273 from Moderna, AZD1222 from AstraZeneca, and BNT162 from Pfizer & BioNTech. While the development of the COVID vaccine is progressing at full pace, its distribution might cause problems with over-burdened health authorities and the current distribution systems. Even with successful vaccine trials, COVID vaccines cannot be deemed effective – if they are not trusted and efficiently distributed amongst the larger population. Add to that, 77% of Americans are concerned about the overall safety and efficacy of the vaccines. Blockchain technology can infuse faster delivery, transparency, and accountability into the vaccine distribution system. Gina Perry, a pharmaceutical sales executive at VAI, is of the opinion that “Blockchain-based COVID supply chains would work well as they will instill trust for consumers.” Even IBM’s Blockchain solutions leader, Mark Treshock agrees with the effectiveness of this technology. According to him, it offers a verifiable and immutable solution that represents…the fact that I’ve been vaccinated. Because it is Blockchain, it is immutable, so it ties back to a very verifiable record that represents my status…vaccinated. Infectious disease tracking using Blockchain Although the current pandemic has accelerated the adoption of Blockchain technology in the healthcare sector, it can bring multiple benefits in the area of tracking infectious diseases. With both communicable and non-communicable diseases largely spreading at a community level, strong public health surveillance – based on Blockchain – is an absolute necessity. An example of this is the Nipah virus that can travel very fast and cannot be stopped with an inefficient disease surveillance system. The flow of medical information among self-regulating organizations, patients, and physicians need to be centralized for seamless and effective results. Thus, a decentralized public ledger like Blockchain can be used for efficient management of infectious diseases – through proper tracking and preventing their further spread. Success stories of Blockchain technology apps for fighting the pandemic PHBCalerts.org recently provided free vendor monitoring services to around 2,800 health authorities with the help of vendor-alert Blockchain. This goes a long way in helping the health warriors in this pandemic as it verifies vendors supplying COVID-19 protective equipment. The viability of the vendors is thoroughly checked with the help of verified hospital reports that are stored for each vendor in the Blockchain. It becomes easier for healthcare authorities to only use vendors that are legitimate. Data visualization tool Hashlog, introduced by Blockchain-enabled technology developer Acoer enables real-time tracking of this virus. The service provided includes a platform for supporting medicolegal death investigation named ‘Health Data Explorer’, data on clinical trials, dementia, and mortality with the help of a data analytics dashboard, and a platform for Hedera Hashgraph, which is a decentralized ledger technology. Conclusion As it is now evident, the development of Blockchain technology has been significantly accelerated during this COVID-19 pandemic, specifically due to the demands in the healthcare supply chain. These advancements will translate to many other industries. Blockchain is here to stay.
How COVID-19 Impacted the Investment Theses of Family Offices Posted on December 10, 2020January 3, 2022 by Admin The COVID-19 pandemic pushed the modern world into uncharted waters at an alarming speed, bringing the global economic activity to a near halt as the world tried desperate measures to bear the brunt of its onslaught. From startups to global conglomerates, everybody in the economic world was hit by the crisis. Family offices were no exception to this economic mayhem. They, like most others, are exposed to unprecedented challenges and unforeseen changes arising from the so-called new normal. Inevitably, family offices needed to be more prepared than ever to take on the changing circumstances in their realm of interest and operation. Often overlooked, family office investors are actually major players investing in startups. According to the Family Office Club, currently more than 3,000 family offices are operating in the United States alone, and these offices, which generally have a minimum of $100 million in assets, often consider alternative investment opportunities, prominently in startups. The pandemic has compelled family offices across the world to rethink their positions and strategies. KiwiTech recently invited a few top-tier executives from leading family offices across the United States for a panel discussion on the impact of COVID-19 on their investment theses. Let’s take a look at some of the excerpts from the panel. The markets changed in many ways; some parts have accelerated, some have decelerated. On being asked how these changed circumstances have updated investment theses of family offices and what they are doing differently as compared to before the pandemic, the panelists shared their experiences in taking on the impact. Francisco Sacasa, Operating Partner and CFO of Bee Cave Capital, a family office based in Austin, pointed out that the pandemic has not influenced their long-term investment strategy. He said, “We at Bee Cave Capital like supporting the local economy. There is always the profit motive, but also the altruistic side of giving back to the community influences our investment decisions. In the long term, our thesis hasn’t changed. We’re still the same. However, there is a short-term impact. During COVID-19, we saw a return to value. Valuations have come down. It allows for the ability to deploy capital become a little bit smarter because the risk profile has changed. We’ve seen change in deal structure. The second part for us is we are a bit of contrarians, we are looking at the other spectrum – the industries, the sectors of the economy that have been very negatively impacted and almost destroyed value in the current COVID environment, we’re looking at making investments there because this is the perfect time to buy, because we believe those sectors will bounce back.” Responding to the question, Rohit Gupta, Partner at GFO Companies, a family office based in Los Angeles and Oklahoma City, said, “Primarily, we invest in people. Most of our investments tend to be early stage, because we like the return profile. We’re flexible, we recognize the need of the times. On the flip side, what happened with COVID-19, valuations have come in line with our expectations a bit more. The old days of really frothy companies raising absurd valuations dropped. COVID-19 has made entrepreneurs rethink their expenses. It has made us move 5-10 years faster than we thought that we would on remote working.” Matt Oguz, CIO of IRIS Family Office, an investment group located in the San Francisco Bay Area, highlighted some macro-economic factors that have influenced decision-making processes at family offices. He said, “We make about two to three investments a year. With COVID-19, the money supply out there has increased tremendously. Capital across the world has reached over $400 trillion of all individual wealth, in the United States alone it has become $120 trillion of household wealth. A level higher than ever before. That access capital along with access capacity in production, which stops inflation at least for the time being, plays a huge role in valuation of publicly traded companies. With that, investors are bringing more capital in the US public markets, because this is the best place to invest. When that happens, private companies feeding into that are speeding up their efforts, their ambitions, their outlooks to get into that game and to grow. Also, we think it is an exciting time for development in life sciences to battle COVID-19. Over the next 10 years, we’ll take a closer look on companies into life sciences.” Ricardo Taveras, Managing Partner at Taveras Private Holdings, a family office based out of New York City, is of the opinion that the pandemic has created opportunities for family offices to venture into areas earlier not considered by them. He said, “Our focus areas are B2B SaaS companies in healthcare and education tech. Our investment thesis that decides whether or not a company is a good fit for us is highly determined by our ability to speed up their growth more than they anticipated to do on their own. With COVID-19, we’ve seen an opportunity to adventure into other spaces. Our focus has shifted a little bit towards debt structures, cash advances, and different liquid deals and structures that some companies in our portfolio really needed, and gave us an advantage to increase our profile a little bit while being liquid. It is really important for us to be liquid in COVID-19 to capture the opportunities.” To sum it up, although these unprecedented times have brought family offices face to face with unique challenges, they have also brought new investment opportunities for them. Crises will always occur, the key is to prepare yourself now for whatever the future holds for you. With that in mind, it is certain that family offices are there to stay and continue investing large amounts of capital in the startup ecosystem. KiwiTech has helped hundreds of entrepreneurs connect with investors through its various events involving angel investors, VCs and family offices. If you are actively raising seed or growth stage capital, click here to check out our upcoming events!
Pitching to Investors: Best Practices During the COVID-19 Crisis Posted on December 8, 2020January 3, 2022 by Admin Certainly, it will not be an exaggeration to say that the year 2020 has been an unprecedented one for startup companies in the U.S. and globally. While venture funding across the globe fell around 6% in the first six months of 2019, the first half of 2020 witnessed a sharp fall of 17%. In the U.S. market, the impact of the COVID-19 crisis continues to unfold in startup funding. While startup deals reduced by around 16% following the 2008 financial crisis, funding deals in the first quarter of 2020 declined by around 6%. At the same time, the U.S. accounted for 97% of the overall funding in North America in the first half of 2020 – with the major share of funding going toward late-stage financing and technology domains. Image source: Crunchbase While the COVID-19 crisis has negatively impacted venture capital for tech startup funding, it has certainly not spelled the death knell for the startup industry. Having said that, American startup founders and business owners do face plenty of challenges on how to generate the next round of funding for their businesses. Among the latest trends in startup funding, entrepreneurs have taken to remote pitching – to get funding from investors. As an active angel investor and entrepreneur, Chenoa Farnswith presents seven tips on how to gain an investor’s attention during a virtual pitch. As Chenoa quotes it explicitly, “not all investors are writing checks right now.” Despite having a great idea or product, every investor may not be willing to put their money into your startup. Before agreeing to the pitch, do your homework in finding the right investor – including their previous investments, interests, and the type of business model that would excite them. “It’s almost always harder to raise capital than you thought it would be, and it always takes longer. So, plan for that.” – Richard Harroch, Venture Capitalist Once you find the right investor, how do you go about pitching your business? Here are four of the best practices that you can adopt – keeping the COVID factor in mind. 1. Look for hidden opportunities in the current crisis As a business owner, you do not need to wait for the current crisis to end – before pitching to potential investors. As a rule, start looking for business opportunities that have become relevant – thanks to the ongoing crisis. For example, Kognition – an enterprise-level AI solution provider for smart buildings – presented the design for a thermal camera that used image recognition to screen the body temperature of people entering a building. The company also offered a limited trial period of thermal camera technology for free – something that would not be thought of in the pre-COVID world. 2. Create the perfect pitch deck Next, you need to create the perfect pitch deck – with 15 to 20 slides – that covers all aspects of your business including the problem to be solved, your solution, product details, targeted consumers, and business strategy. Above all, your slide presentation should complement your business story and presentation – and not just be about putting all the information on a presentation deck. Entrepreneur and investor, Rizwan Virk, shares an interesting take on a story for selling a video game – comprising of the following talking points: The growing market for mobile gamesHaving over a million active players dailyWhy players love our game?About how they are making their profits – and so soon!And finally, about how to make more money by investing in their proposed plan. 3. Prepare yourself for a remote (or virtual) pitch Having a face-to-face meeting seems just a distant reality in today’s COVID environment. Remote work is likely to continue even in the post-COVID era – as confirmed by the findings of the 2020 State of Remote Report where 98% of the surveyed workers plan to work remotely (at least partially) for the rest of their careers. So, what are the best practices when it comes to remote pitching to investors? First, avoid any cold business emails to investors, as they simply do not work. Share your presentation deck beforehand with the investor to get them interested in meeting you – and ask questions. Second, before the pitch, make sure your Wi-Fi Internet is working – and you are familiar with how video conferencing tools like Zoom work. Plus, talk about all your presentation slides – that you have shared with your investor – during the video sessions. 4. What investors check for in your first interview? Preparing for your first interview with a potential investor? What do they really look for? Business metrics like customer acquisition cost (CAC) and lifetime value (LTV) can be a good start. Also, show how quickly you can acquire new customers. A case study shows how Shared inbox company, Front raised over $10 million in the first round of funding – by showing their organic growth – and another $59 million in subsequent funding rounds. Image source: Startup Freak When it comes to investing in product startups, technical expertise and product readiness are what most investors expect from you. For example, if you have developed a fintech product, then make sure your pitching team knows everything about the fintech industry. Bonus tips Here are a few more bonus tips for you to create the perfect pitch for your potential investors! Funding for a product company? Do remember to talk about what your product does.Anticipate the investor questions that you will be asked – and prepare to answer them and dispel other common concerns.And finally, when it comes to money, be clear on how much money or capital you are expecting from this round of funding. Need help in preparing pitch decks? Here are some useful tools that can help you prepare effective pitch decks: Prezi: A presentation sharing tool that was ranked as the most innovative tool by PC World in 2018.Haiku Deck: a fast and user-friendly free tool for preparing presentation decks – with a functionality that matches MS PowerPoint.Google Slides: a low-cost solution from Google that is easy to use for making and sharing high-quality decks. Conclusion As startup investors tighten their pockets, the right pitch can help you succeed in getting the right amount of startup funding to take your business to the next level. Hope the best practices and tools presented in this article help you achieve your goals. KiwiTech has helped hundreds of entrepreneurs connect with investors through its various pitch events including demo days, techathons and venture fairs. If you are actively raising capital and seeking opportunities to pitch to angel investors, VCs or family offices, find a KiwiTech event tailored for your startup stage!
Do Women Entrepreneurs Refrain From Asking for Help? Posted on December 2, 2020January 3, 2022 by Admin As we celebrate what seems to be a steady increase in female entrepreneurship in the United States especially over the past few decades, seeking and raising capital remains increasingly difficult for women entrepreneurs. Pitchbook and the National Venture Capital Association recently came out with their Q3 numbers, which suggest that while overall investment remains robust and resilient even amid the economic volatility brought on by the COVID-19 pandemic, there is a significant decline in the investment in female-founded companies — falling from 2.6 percent in 2019 to 1.8 percent as of September 2020. And as we must, we ask why. More importantly, we ask the women among us in the entrepreneurial shoes about their understanding of the situation. We recently held our Female Founders Demo Day, a quarterly event that started as an effort to lead by example and raise awareness in an industry that tends to overlook successful women entrepreneurs. The event also included a panel discussion with four remarkable and successful women entrepreneurs who talked about their experiences, successes and failures, as leading women playing multiple and diverse roles within the space. They discussed their opinions on important topics such as what helps investors choose startups to promote, what qualities they look for in the company or in the team, and alternately, what are the factors that help startups choose investors to go after and what makes viable partnerships. While the panelists agreed that being communicative and expressive about concerns, queries and knowledge gaps, knowing when to seek help, and identifying problem areas are some of the traits that are crucial to a good partnership, they paused at the question of the difference between men and women entrepreneurs when it comes to asking for help. Lindi Sabloff, co-founder and managing director at Nouva Management LLC, who was also the moderator for the panel discussion, mentioned at the very beginning of the session that there does exist an “unconscious bias” towards women entrepreneurs specifically when it comes to investing. Reiterating that it remains increasingly difficult for women to raise money, she spoke of her own experience as an advisor and mentor to early-stage technology founders. “Women try to put their heads down and struggle through it and try to appear as though everything is effortless.” This was also something that all the other panelists appeared to agree on. They confirmed that as female founders, they had personally felt the need to refrain from asking for help and instead try harder to reach the elusive concept of perfection. Erika Lucas, angel investor and co-founder of StitchCrew, highlighted the same by saying, “Even though growth and perfection don’t coexist, a lot of women do have the tendency to avoid seeking help when it is needed.” Nancy McIntyre, Founder and CEO of Fingerprint, said that in her personal experience as a woman executive, she had often felt that “asking for help was a sign of weakness” and therefore faced a hard time expressing the need for help. Interestingly, she also said that while she did find it hard to seek help, she was not sure whether it was something she felt as a female founder-executive or as an individual. She was of the view that showing the “weakness” of seeking help can often lead to self-doubt such as — “Am I less investible, am I less partnerable?” Discussing the ways to counter the inability to ask for help, the panelists spoke about their own coping mechanisms. Lindi said that within her career as a mentor, she had had to force herself to get “proactive” and approach female founders to point out to them that while they were brilliant and doing great work, they did need help and advice “from somebody outside their head.” Erika talked about launching VEST, a curated network of C-suite women working together to expedite the pipeline of more women in power, for women entrepreneurs and executives to “bounce ideas and to ask for help” in a safe, non-judgmental environment. Nancy reaffirmed that forcing oneself to highlight concerns and initiate a conversation in any way that works is the best way to get to a point where one can seek help or guidance that is needed. She said, “Once it’s out of the bag, it creates a conversation and people want to help.” Which she felt is easier than directly asking for help. She added that it is important for women executives to find tools that force meaningful conversations. Going further from the acknowledgment that female founders hesitate to ask for help, Samhita “Sam” Jayanti, founder of Ideamix, said, “The failure to be expressive or communicative can point toward or lead to a lack of curiosity which is a big impediment to become a successful founder or entrepreneur.” Sam stressed that it is important to be open about expressing knowledge gaps or problem areas that female founders feel and to work proactively to find out where these gaps exist. In closing remarks, the panelists agreed that being honest with oneself, forcing necessary conversations, having a strong support group, and not allowing internal doubt and fear of failure take over are crucial elements for women founders to work on as they venture into the market to seek investment. They also spoke about measures such as having regular check-in mechanisms to keep the target in sight, engaging with the teams, and speaking to customers upon every opportunity as pointers that women founders should consider and follow for success. This brings us straight back to our initial concern — Do Women Entrepreneurs Refrain From Asking for Help? However, like our panelists, we, too, cannot limit our query to a yes or no response to this question. Why do women entrepreneurs feel shy asking for help? Why do they feel the evidently unreasonable pressure to figure things out by themselves even when they need help and guidance? Are there prevalent attitudes in the industry that need to change for this situation to improve? If so, what are they? Does it have to do with continuing prejudices regarding the abilities of women to successfully lead a business? Or are these prejudices only alive now in the minds of the female founders who self-impose the pressure to overcompensate to justify their roles as leaders? These are questions that need to be understood and answered within the industry so that a more encouraging atmosphere can be created which will be conducive to providing the required help for women entrepreneurs and executives and thus lead to better investment and more success stories. We hope that more such discussions on these issues with both men and women business leaders will give us better insight into what needs to be done to achieve a more egalitarian and encouraging business space. KiwiTech takes pride in building a startup ecosystem that empowers women, minorities and other underrepresented groups of entrepreneurs. We host a variety of events to help these entrepreneurs close the funding gap – click here to learn more about our upcoming ones!