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Tag: innovation

  • The Recipe For Making a Customer For Life: Personalization, Quality, and Care

    The Recipe For Making a Customer For Life: Personalization, Quality, and Care

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    Opinions expressed by Entrepreneur contributors are their own.

    Behind the Review host and Yelp’s Small Business Expert, Emily Washcovick, shares a look at this week’s episode of the podcast.


    Boite de Fleurs

    To some customers, the decision to purchase from a small business rather than a big retailer comes down to something very simple—the experience they have in the store. Due to their size, small businesses have the advantage of being able to build deeper relationships with their customers through exceptional service or a customized product.

    Tina Y., owner of Phoenix floral shop Boite de Fleurs, says her dedication to adding that personalized touch to not only the product but also the shopping experience is what drives her luxury flower business.

    “We make everything curated for the customer who’s ordering it. If they call in and want something specific, even if it takes us a day or two to make sure we get the exact flowers from our vendors, we make sure we do that because we want to deliver a great experience at the end of the day,” she said.

    It was Tina’s genuine care that impressed Yelp reviewer, Reginald M., who went to Boite de Fleurs with his one-year-old son to pick out the perfect Mother’s Day gift for his wife. He says the memory of having the whole store to himself while Reggie Jr. chose the flowers is one he’ll cherish forever—and what cemented his status as a loyal customer.

    “When my son walked in there, they catered to him. He picked out each flower that’s in that arrangement. It was memorable. It’s the kinda things that [mean] I’ll never buy flowers from anyone else.”

    Many small business owners can relate to the origin story of Boite de Fleurs, which Tina started in her garage five years ago. What initially began as a side hustle blossomed into a full business when she opened up her brick-and-mortar store in February 2020, right before the pandemic presented entrepreneurs with unprecedented challenges.

    “Going through the pandemic and not really knowing what to expect or even how long it was going to be and pushing through to actually having a sustainable business for the last three years has been tough,” she said. “But it’s been great at the same time because it’s something I feel like not a lot of people can say that they’ve done or they’ve gone through. That’s not what we were expecting when we first opened up.”

    Despite the obstacles she’s had to overcome in the past few years, Tina’s commitment to customer service has remained constant. She puts meticulous care into everything, from the quality of the product to the delivery process, so that each order is exactly what the customer has envisioned.

    “To me, that’s what it’s all about: making sure I can get whatever it is that the customer wants,” she said. “I just feel like that’s what people want nowadays. Everybody wants something specific, whether they’ve seen it online or somewhere else, or someone else has gotten something.”

    When a potential customer approaches your small business, a good product might not be all they’re looking for. Providing that memorable experience through customer service that goes above and beyond or a special personalized touch is a solid way to leave a strong impression on clients and keep them coming back.

    In this week’s episode, Tina discussed some other great tips that keep her business flourishing:

    • Responding to all reviews, whether they’re positive or critical, is one way to let your customers know they are valued. Customers will notice when you take the time and effort to respond to feedback. In Reggie’s case, he felt special and heard when Tina responded to his review.
    • Your store’s digital presence can often be a potential customer’s first impression of your business. Especially in this day and age, a majority of your customers will find your business through social media or an online review platform like Yelp. Uploading eye-catching photos and accurate information on your social media platforms and review sites can inspire someone’s decision to choose your small business over your competitors.
    • Make sure the quality of your product justifies a higher price point. Many customers won’t mind paying extra for an experience and product that reflects the care and attention that goes into each purchase, especially when it comes to special occasions.

    Listen to the episode below to hear from Tina and Reginald, and subscribe to Behind the Review for more from new business owners and reviewers every Thursday.

    Available on: Spotify, Apple Podcasts, Google Podcasts, Stitcher, and Soundcloud

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    Emily Washcovick

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  • What Millennials and Gen Z Users Expect from Their Online Experiences — and How to Give It to Them

    What Millennials and Gen Z Users Expect from Their Online Experiences — and How to Give It to Them

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    Opinions expressed by Entrepreneur contributors are their own.

    Time is the catalyst to change. Whether it is a push for new standards, a sudden switch in trends or new ideas that pertain to established rhetoric, time is never static. In the UI/UX digital design world, innovation and industry standards are ever-changing, and designers and developers are often seeking new modes of ingenuity to enhance experiences and digital products. With the change in preferences, come new generations of users who are more vocal about the changes and standards they wish to have within a design.

    We are living in an epoch in which our society is saturated in everything digital, thus standing out from the crowd has become a new angle of competitive marketing, and the greatest asset is the newest generations that are attuned to not wasting time on a web design or digital interface that does not propel their experience. Younger generations of users that have grown up with exposure to the online world — millennials or Gen Z users specifically — have higher standards for their online experiences, and ensuring your brand matches their energy with experiential and human-centric digital products is what is allowing companies to have that competitive edge. How then, can brands design their websites, mobile applications and even copy to align with a newer generation of users? Frankly, it begins with paying attention to your target audience.

    Related: Good Design is Good Business

    Convenience is key

    Modern digital ecosystems are made to be quick, convenient and highly usable to boost the overall experience. For newer generations of users, these three features are instantly noticeable, and if it lacks one of the three, that is also highly noticeable, which can sway your users away from a design. The online world has postured many users to expect speed in every digital product they engage with as today’s attention span to these digital experiences is reportedly around 8 seconds. If their interest isn’t captured within that small window, many users will seek an alternative that quells their impatience. Further, the modern user expects any website to be responsive to mobile or tablet, for immediate results on the go. In fact, 55% of worldwide online visits come from mobile, as opposed to 43% that come from desktop interactions.

    Thus, ensuring that your brand’s online presence is made for mobile is a key factor that shouldn’t be placed on the back burner. Modern audiences expect their searches to extend to mobile and be fully usable as they would on a desktop. No matter the services offered, information shared or ecommerce products sold, your website should be highly responsive to any propel conversations and be in tune with modern expectations. If your website caters to an ecommerce platform, ensuring your users are able to browse, shop and check out without interruption is pivotal. Further, ensuring that your visual hierarchy is built for mobile will also seamlessly make an impactful experience. Lastly, certifying that your content — whether visual or readable — is easily digestible and straight to the point is what modern users prefer most.

    The influence of social media

    It’s no secret that the rise of social media has not only greatly shifted our daily interactions but our exposure to new brands as well. Currently, many social media outlets carry themselves as tools to communicate with others. However, as of late, it has an opaque undercurrent of marketing strategies, ecommerce and overall brand recognizability. For newer generations of users, social media is a huge part of their everyday interactions and mode of information sharing. Many established legacy brands have emphasized their presence on social media to drive engagement and brand awareness.

    In fact, 88% of companies have hired at least one social media coordinator because of the opportunities it brings forth and the audiences they are aiming to appeal to. Social media outlets allow for faster communication with modern-day users and for ecommerce purposes. When brands engage with their users on social media platforms, it builds a level of authenticity and trust because of these more casual forms of business-to-consumer communication strategies to answer questions or simply converse about their brand.

    With a whopping 78% of Gen Z users and 67% of Millennial users utilizing social media to discover and learn more about brands, attaining a strong online presence has become just as important as having a website online. Social media has become a portal for brands to utilize these “casual” platforms to boost their sales conversions to newer generations of users. Your website needs to easily have modes for users to find your social media platforms and vice versa. If a brand is discovered through social platforms, it is key that the excitement they felt there carries out to your website.

    Related: The Business of Harnessing the Power of Social Media

    A positive experience in and outside of social media interactions is highly valuable to modern users. It is important to remember, however, that when interacting with users on social media, your social media posts and voice align with your brand. These further drive brand recognizability. Newer generations of users prefer a casual, more playful tone of engagement on social media, and if that does not align with your brand or translate well to your brand testimony off social media, it could affect your brand identity. Your brand’s overall identity needs to remain authentic, approachable and engaging to appeal to the new generational mode of marketing, design and recognizability.

    A sincere push for accessible experiences

    In our own digital design agency, we have always been advocates for pushing usability and accessibility for all users, as it should never be an afterthought. Yet not all websites are created equal. Many brands’ websites still lack full AAA compliance by W3C or do not fully have accessible and inclusive standards for users of all abilities. The modern user, however, is highly perceptive if there is a lack of authenticity when it comes to advocating for full accessibility and inclusivity of users. New generations of users are also much more vocal about disparities in equality and respond better to brands that are authentic and trustworthy — 90% of users, in fact. New users, however, expect these usability practices to be carried out, as opposed to stated in a cover-all blanket statement.

    Related: Inclusion and Accessibility in the Digital Space

    To ensure your digital product is usable to all audiences and highly inclusive, and you practice what you preach, incorporating accessibility tools to your online presence can begin with embedding plug-ins such as AccessiBe or ReciteMe, researching color contrast standards, alt-text and more to be fully inclusive. Inclusivity within copy content is also important to make all demographics of users feel welcomed and represented.

    New generations of users are always going to challenge the status quo and disrupt the established norms for the better, and this has become highly evident in the digital design world. Designing and catering for users should be experimental, usable and modern to align with the times and the audience.

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    Goran Paun

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  • Is AI A Risk To Creativity? The Answer Is Not So Simple

    Is AI A Risk To Creativity? The Answer Is Not So Simple

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    As AI continues to advance, some may be wondering whether or not AI is a risk or a resource. But the answer isn’t so simple.

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    Devan Leos

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  • New Avionics Innovation Helps Airlines Reduce 800 Tonnes of Co2 Emissions as WeSky Delivers the World’s Lightest In-Seat Power Solution

    New Avionics Innovation Helps Airlines Reduce 800 Tonnes of Co2 Emissions as WeSky Delivers the World’s Lightest In-Seat Power Solution

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    Commercial Airlines Carbon Footprint is Reduced by over 800 Tonnes Annually for a typical fleet of Single Aisle Boeing or Airbus Aircraft with recharge™️, an Avionics In-Seat Power System

    Press Release
    –

    Dec 12, 2022


    VILNIUS, Lithuania, December 12, 2022 (Newswire.com)
    –
    While world and business leaders recently converged at COP27 in Egypt making promises to fulfill climate commitments to their 2050 accord, EU based avionics company WeSky launched an innovation that will help the commercial airline industry fulfill theirs; its first of a kind in-seat power system which is the lightest in the world and helps to reduce fuel consumption and aircraft weight thus lowering carbon emissions for a typical single aisle commercial aircraft.

    The WeSky 60W USB Power Supply solution, recharge™️, is typically 70% lighter than existing equipment on the market. Other differentiations include increased flexibility and a faster delivery lead-time in light of current supply chain issues facing incumbent competitors.

    Based on research and typical aircraft performance “this new recharge™️ solution will reduce an Airbus 321 carbon footprint by 16 tonnes/year, compared to other products offered by industry leaders. This means a commercial carrier with a fleet of 50 can save 250 tonnes of fuel consumption per year while also reducing carbon emission by 800 tonnes,” said Vytis Petrusevicius, CEO and Founder of WeSky.

    With effective climate friendly solutions available, the aviation industry has an opportunity to put words into action and not only focus on a shift to using alternative and renewable fuels but also  benefit from the implementation of new equipment which promotes efficiency and helps the environment while also benefiting the consumer.

    “The impact of recharge™️ is extremely significant when you think about how the Aviation Industry can speed up adaptation with such innovation. WeSky hopes to lead in bringing new avionics products to the market that have climate and sustainability at its core. With USB-C common charger regulations taking effect for portable electronics, the airlines will have a reliable solution that reduces the passenger need of traveling with extra battery packs and adaptors which is a further benefit for aircraft efficiency and safety,” said Leslie C. Bethel, WeSky Co-founder and Board Member. 

    About WeSky

    Among many avionics innovations, WeSky develops a smart USB in-seat power solution called recharge™️ that allow commercial airlines to provide enhanced in-flight experiences and operating efficiency through lowering aircraft weight and fuel consumption. 

    WeSky was founded on the sole principle of developing aviation technology and innovation in electronics which can have a positive impact on operational efficiency while also helping legacy industries make immediate progress toward attaining their sustainable goals which is critical to our planet and survival.

    For product demo contact WeSky: info@wesky.aero or visit the website https://www.wesky.aero.

    ***

    For more information contact:

    Vytis Petrusevicius
    Founder and Head of Product Design WeSky UAB
    vytis@wesky.aero +44 (0) 77 217 18545

    Website: https://www.wesky.aero/recharge

    Source: WeSky

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  • These Teens Will Change the Way You Decorate for Christmas

    These Teens Will Change the Way You Decorate for Christmas

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    It shouldn’t be hard to keep Christmas ornaments where they belong — on your tree. But every year without fail, many people find themselves picking up their decorations off the ground, the result of flimsy hooks or pet interference.


    Courtesy of Ornament Anchor

    But teen entrepreneurs Ayaan Naqvi, 13, and Mika’il (Mickey) Naqvi, 15, have come up with an innovative solution: Ornament Anchor, the patent-pending loop and pull that securely fastens Christmas ornaments to their tree — and withstands the cats, puppies or toddlers who might try to bring them down.

    The Ornament Anchor, which is available in four colors to suit any aesthetic, has already proved to be a major hit this holiday season. The multi-million-dollar business boasts more than 500 reviews on Amazon, and the Ornament Anchor is stocked in more than 500 Lowe’s stores.

    Entrepreneur sat down with the Naqvi brothers to learn how an idea for a school project led to two Shark Tank appearances and the highly successful product that launched their young entrepreneurial careers.

    Related: 5 Priorities for Young Entrepreneurs

    “The first year we made about $5,000 in sales, which to me and Ayaan was crazy at the time, being just kids.”

    It all began when 10-year-old Ayaan had to come up with an invention for a fourth-grade project in 2018.

    “I was thinking hard,” Ayaan says. “I had a bunch of different ideas, but nothing really stuck until I saw my dog Zara — she walked by a Christmas tree and her tail was wagging, hitting all of our ornaments [off the tree]. And that’s when I realized there’s never been an invention that is used to help save your ornament from falling off your Christmas tree.”

    Ayaan went on to develop the prototype. He unveiled it at the school fair, where it was met with enthusiasm from classmates, parents and teachers.

    That’s where the story ended for the next couple of years — until Mickey remembered his younger brother’s “genius idea,” and following in their parents’ entrepreneurial footsteps, the boys decided to make a real go of it.

    So, in 2019, they filed their patents and attended local Christmas and crafts fairs to see how their Ornament Anchor would be received. The goal was to determine if they had a viable product on their hands; they needed to hone in on its best selling points and target demographic.

    “We wanted to go out in front of real people and hear real feedback on our product,” Mickey explains. “And that’s what started off the first year — and the first year we made about $5,000 in sales, which to me and Ayaan was crazy at the time, being just kids.”

    Related: Small Business Owners Are Getting a Head Start on the Holidays

    Image credit: Courtesy of Ornament Anchor

    “As kids, it’s terrifying to be going up against five millionaires, trying to pitch your ideas.”

    A big break for Ornament Anchor came in the form of not one but two Shark Tank appearances, in 2019 and 2021, a milestone few other entrepreneurs can claim.

    But the opportunity to participate in the show was “literally a dream come true” for the Naqvi brothers, who say the program was their favorite growing up — even playing in the background when they were fulfilling Ornament Anchor orders in the early days.

    And it was a once- (or twice-) in-a-lifetime experience.

    “It [was] completely different than anything else [we’ve] ever done,” Mickey says. “And as kids, it’s terrifying to be going up against five millionaires, trying to pitch your ideas.”

    The Sharks provided the young entrepreneurs with useful feedback but ultimately didn’t offer them a deal either time. And although it was hard for the boys to return to school empty-handed a week later, appearing on the show taught them a lot.

    “The main thing that [our] family took away from Shark Tank was that even if they say no, even if it looks like there’s no chance, even if you got rejected by basically your idols, that doesn’t stop you,” Mickey says. “You can keep going. That’s what we did. And now we are more successful than we’ve ever been in our lives.”

    Ayaan agrees.

    “The biggest takeaway for me is to always have a Plan B,” he says. “Before [Shark Tank], it was always like, this is definitely going to happen. And then that experience [taught us] you have to be prepared for anything. You never know what’s going to happen.”

    Related: Do You Have a Plan B? If Not, It’s Time to Make One.

    “We want to see if we can get into more retail stores, maybe expand to different ideas for Ornament Anchor, but there’s a lot to come.”

    And the teens did persevere — ultimately setting their sights on Lowe’s.

    “So what we actually did was go into our local Lowe’s and make a video talking about why we think the Ornament Anchor is a perfect fit for Lowe’s,” Mickey says.

    Ayaan interviewed customers inside the retailer, demonstrating the product and gathering feedback. Afterward, Mickey edited the footage together, and the brothers sent their video to Lowe’s in December of 2021.

    “We even took pictures of spots in Lowe’s and mocked up what we thought the Ornament Anchor would look like if it were in Lowe’s,” Mickey says. “Shout out to my mom for that one.”

    The brothers’ efforts paid off: Lowe’s agreed to stock the Ornament Anchor in more than 500 of its stores.

    “We’re doing amazing in Lowe’s,” Ayaan says, “and hopefully we can keep it up. We want to see if we can get into more retail stores, maybe expand to different ideas for Ornament Anchor, but there’s a lot to come.”

    Mickey agrees, adding that next year the goal will be to expand Ornament Anchor’s retail footprint even further. In fact, the Naqvis are already in talks with a few more stores for 2023 rollouts.

    But Ornament Anchor’s online sales have also exceeded the brothers’ expectations.

    “Because Ornament Anchor is a demo product,” Mickey explains. “You can demo it super easily. It’s literally just a zip and you hit the ornament, and people are like, ‘Wow, what is that?’ So it works really, really well for Facebook, YouTube and Google ads. So next year we want to pump a lot more cash into ads and improve our online strategy.”

    @ornamentanchor I forgot to post this #ornamentanchor #sharktank #lowes #entrepreneur #business #christmas Aesthetic Girl – Yusei

    Related: 5 Steps to Building Your First Online Sales Funnel

    “It’s always been in our blood to be entrepreneurs.”

    Naturally, balancing school, business and life is one of the biggest challenges that comes with being young entrepreneurs.

    But the Naqvi brothers wouldn’t have it any other way. They’ve gotten a taste of entrepreneurship — and they don’t want to give it up anytime soon.

    “It’s always been in our blood to be entrepreneurs,” Mickey says. “I’ve been exposed to being an entrepreneur, and I can’t get enough of it. So I genuinely don’t know what else I would do with myself if I wasn’t starting a business or running a business.”

    Ayaan agrees, noting that although they intend to take Ornament Anchor as far as they can, they have no shortage of business ideas in the pipeline.

    And when it comes to advising other budding entrepreneurs on how to transform their business ideas into reality? Simply getting started is the most important thing, Mickey says.

    “Get in the weeds and start trying to figure out, Okay, how do I run a business?” Mickey explains. “And the great thing is in our time we have things like YouTube or Google where you can just search something up and somebody will tell you how to do it. And if you’re ready to put in the hard work, anybody can do it.”

    Don’t hesitate to ask for help either, Ayaan suggests.

    “If you need a little help, it’s always good to have a mentor, whether it’s a parent, teacher or another adult you can trust,” Ayaan says. “They have a lot of experience. They’ve lived life longer. So they can help you with a lot of things.”

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    Amanda Breen

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  • 4 Things That Must Change for the Future of Sustainability

    4 Things That Must Change for the Future of Sustainability

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    Opinions expressed by Entrepreneur contributors are their own.

    It’s a bold statement, but it’s true: Without mining, there is no path to sustainability. The resources required to support modern life and the production of new technologies will come from responsible mining. Thus, mining will ultimately drive the global movement to meet sustainable development goals focused on improving the quality of life for all people. It’s a tall order, but it’s not impossible. However, some things will have to change to meet the ever-increasing demand for natural resources:

    Related: Why Mining Should Be on the Radar for Entrepreneurs Interested in Sustainability

    1. Lack of education

    There’s a massive disconnect between the public’s perception of mining and its desire for progress. People want electric cars, clean energy and new smartphones every year. You can’t have these without raw materials, which come from mining the earth. To meet the future demand for materials like copper, cobalt and lithium, mining outputs will have to increase by up to 500% over the coming 30 years.

    Mining is necessary for our survival but dangerous if not done correctly. The mining industry has made great strides in recent decades to improve its operations and increase overall efficiency to ensure the safety and well-being of people and the environment. However, uninformed public perception and over-politicization can lead to counterproductive policies and regulations. The result is endless red tape that prevents the development of new mining operations that the world greatly needs. It currently takes over a decade just to permit a new mine in the US. We can’t afford such crippling delays, which are born from ignorance rather than informed decision-making. Promoting education and advocacy for better understanding of mining’s role in sustainability is key.

    Mines create jobs and fuel the growth of local economies, not only for the lifecycle of the mine but for generations. The key is ensuring stakeholder participation at the community level that is supported by sound governance and strong institutions. With greater public support, mining can continue to advance and become the catalyst for the truly sustainable development of our societies.

    2. Poor policies

    The delays caused by poor policy are bad enough, but the current political and regulatory climate surrounding mining has even greater negative impacts on a global scale. Because it is so difficult to mine legally, we now see widespread illegal mining operations worldwide. These operations are extremely harmful; they destroy pristine natural locations, disregard environmental concerns, risk global stability and are rife with human rights violations.

    Even when politicians understand the issues around mining policy, the political backlash of supporting a more pragmatic approach makes them hesitant to act. This hesitation is understandable, but it puts political interests above the well-being of their constituents. Mining has become a political football for both sides of the aisle, and this cannot continue. We must review government policies regularly to ensure this industry can continue to support modern life now and in the future.

    Related: What Is Sustainable Entrepreneurship, and Why Does it Matter?

    3. Not embracing the future

    Mining also needs to fully embrace emerging technologies, such as machine learning and Artificial Intelligence, to optimize water and energy use, minimize waste and support further exploration. It will continue to be more difficult to extract the materials we need, as the most easily accessible resources have largely been extracted. We’ll have to dig ever deeper into the earth for the resources we need, and as we go deeper, the environment becomes more hazardous for humans. That’s where AI, machine learning and autonomous machines can mitigate risk and improve efficiency.

    We are innovating, to be sure — one good development is our ability to extract minerals from mining waste, for instance.

    4. Forced labor

    Forced labor in mining is a horrible reality, specifically in countries with less-than-stellar human rights records. With the advantages that low labor costs bring, certain nations have allowed predatory actors to gain access to the market of mining, processing, smelting and refining of our natural resources. Children, the poor and other disadvantaged populations are most at risk.

    Developed countries have to take a strong stand against these practices. Only by working together can we end these inhumane practices for good and ensure mining operations are done responsibly in all corners of the world.

    Related: Create Meaningful Sustainable Development Outcomes Through Innovation

    We have a powerful incentive to improve mining operations. The future of mining is bright, but that will come with work. If we want to keep providing the building blocks of modern civilization, these things need to change. The benefits are beyond question — we can elevate the poor through minerals and metals, giving them access to electricity and clean water. It’s possible to eradicate poverty without giving up civilization while still pursuing clean energy goals. Above all else, health and education are most essential for the sustainable development of humanity. They are the foundation for healthy civilizations, and mining can help us get there.

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    Ed Macha

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  • This Tech is Disrupting Real Estate. Don’t Miss Out

    This Tech is Disrupting Real Estate. Don’t Miss Out

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    Opinions expressed by Entrepreneur contributors are their own.

    Real estate development and construction have changed since the 1960s: Contractors typically built the container and let the homeowner fill in the rest. However, smart home technology is disrupting the industry, presenting a major market opportunity for designers, builders, entrepreneurs and investors. Recent research from Mordor Intelligence predicts that the smart home market, valued at $79.13 billion in 2020, is expected to grow to $313.95 billion by 2027.

    As a result, I expect to see an increase in the term “smart home automation” — referring to Internet-connected devices that monitor and control essential household functions such as lights, cameras, locks and climate. As the industry transforms, it presents a prime opportunity for entrepreneurs, corporations and investors.

    Touchless interactions and whole-home automation that drive efficiency and save energy are among the concepts driving consumer interest. Automated heating and cooling will see high demand, with new government efficiency regulations requiring replacing or retrofitting existing systems. In January 2023, all residential central air-source heat pump systems sold in the U.S. must meet new minimum energy efficiency standards.

    This trend is about improving the home experience — from programming devices that always behave the same to automating devices that anticipate and understand the homeowner’s needs. As evidence, Grandview Research predicts that smart kitchens will see an impressive compound annual growth rate of 30.5% from 2021 to 2030. Grandview also predicts that security and surveillance technology installations will increase by 31%.

    Related: 3 Aspects of the Real Estate Industry That Can Benefit Immensely from the Metaverse

    Think keyless door locks that use a PIN or connected doorbells that always know when a guest (or delivery) has arrived. For multi-family developments, AI-powered, public space video cameras that track what’s happening around the community and automated exterior lighting will be in demand.

    I see a significant market opportunity because the smart home market has matured over the past five years, poised to move from “do it yourself” to “do it for me.” Buyers will likely look increasingly for pre-built homes with curated technology. According to a Coldwell Banker Real Estate survey, 71% of buyers want a tech-enabled “move-in ready” house, while 61% of millennials favor smart-tech homes; so do 59% of parents with children living in the house.

    Making this a reality is new artificial intelligence (AI) technology that learns its residents’ patterns and preferences, then intuitively sets ambiance routines to match. Energy-saving thermal windows add to a home’s efficiency. Every smart device in each home is choreographed to work in concert with each other, connecting to a centralized home management app that is very manageable and simple to use. Such systems are updated regularly via the cloud, and all hardware is housed indiscriminately in a central hub in the home. Technology fully integrates into the structure and blends into the minimalist interior design.

    Second-generation, AI-powered smart home technology self-learns, adapting to the routines and preferences; with most software solutions offered via the cloud, it continues to improve over time. In the ideal smart home setup, all devices are synchronized and orchestrated, made accessible through a smartphone or a computer. Call it a smart home with a genius IQ.

    Related: 5 Ways AI Technology is Making Our Buildings Smarter

    Urban density

    Growing urban density and awareness of environmental sustainability require designers and builders to think about domestic space in a new way. The new urban home is comfortable and welcoming while using space with greater efficiency, flexibility, and responsiveness compared to houses of the past. Not to be underestimated is the impact of the COVID-19 pandemic, which underscored long-held beliefs that the home can and should contribute to the health and wellness of its inhabitants.

    This kind of home — purpose-built to become the foundation of holistic well-being for its residents — must include a versatile modern design, multi-functional use of space and curated, pre-configured technology built-in before the resident occupies the space.

    A great example of this trend is in Portland, Oregon. The Portland market is attractive for builders and investors: The city is a rapidly growing urban center that needs high-density housing solutions that move beyond the traditional detached single-family home. Urban residents are progressive, seek balanced lifestyles and welcome innovation that challenges the status quo.

    Real estate trends in urban areas

    Real estate trends are pointing toward modern designed, open floor plans that offer adaptability. Large windows and courtyard views help residents connect with nature inside the home. A skylight in the stairwell adds natural light. Built-in storage under the staircase for storing shoes and other things keeps clutter minimum; an outside storage area next to the second-floor patio keeps large or seasonal items out of the living space. A community bike storage room within the building is convenient and frees up additional space within the home. There is the efficient placement of lights and sensors. An unassuming, out-of-sight cabinet holds all the technology hardware.

    Residents in growing urban centers like Portland typically value a close connection to nature and regularly participate in outdoor activities. Developments such as this one take advantage of materials with an organic feel that creates a sense of connection to nature. Carefully selected oak flooring, Corian kitchen countertops, and cedar fencing bolster the environment. Landscaping with bamboo and trees creates shade and further mitigates sound to maintain quiet inside the homes.

    Real estate will see more focus on balancing resident privacy with creating connectedness between members of the community. Smart technology, combined with well-designed common spaces, makes this happen. Modern developments often have courtyards with a balance of quiet space and gathering space for community members.

    As the real estate industry evolves, holistic and adaptive urban living will drive the industry. Savvy builders will combine modern design, architecture, and technology into homes that provide are combined into one product — the home — that has been built to provide beauty, comfort and wellness. Startup founders, corporate executives and investors should keep an eye on these trends and be ready to capitalize on opportunities they will create.

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    Anis Uzzaman

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  • How to Find Inspiration Everywhere

    How to Find Inspiration Everywhere

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    Opinions expressed by Entrepreneur contributors are their own.

    Just like lightning strikes at random, so does the opportunity for inspiration that can spur your business or further your leadership skills. Whether you are actively seeking it or taking a break to reset your mind, there are always opportunities to revisit what you have experienced and glean insightful takeaways. For example, one of the best pieces of inspiration came from a simple conversation with my 9-year-old daughter. More on that later…

    If you are actively seeking opportunities for inspiration, here are some particular ones that have inspired me as a co-founder and CEO.

    Related: 22 Successful Entrepreneurs Share What Inspires Them to Keep Going

    Books

    As an avid reader, I have found a lot of inspiration from books. When you’re in a leadership role, absorbing ideas from others not only opens your perspective and inspires you to change the way you work but can also reinforce your intuition and validate your initial thoughts. Some of the standout books that I have read include:

    • The Hard Thing About Hard Things by Ben Horowitz — a must-read for emerging and veteran entrepreneurs, this book candidly discusses the pros and cons of running your own business and key lessons every CEO should learn.  
    • The Subtle Art of Not Giving a F*ck by Mark Manson — this book helps you identify what matters to you. As your company grows, what is the most important to your business, and where can you make an impact? If you stay true to those two values, it helps you filter out the rest of the noise and remain focused on succeeding and bringing your business to fruition.
    • The Culture Code by Daniel Coyle — another book on culture, as it is vital to a company’s overall success — especially in the current market that we are in today. This engaging book inspires us to transform how teams operate so they can perform together more efficiently.

    Related: 3 Books That Will Make You 6 Figures  

    Movies

    Sometimes you’ll find that inspiration comes when you take the time to unwind. Recently, I sat down to watch some TV with my family, and two documentaries we watched have stayed with me:

    • All or Nothing: Arsenal (available on Amazon TV): Aside from being entertaining as it is all about my favorite sport, soccer, watching Mikel Arteta’s leadership in bringing his team to the front of the Premier League was inspiring. Mikel doesn’t compromise on his or the club’s values, and his passion for the sport inspires his squad to perform at the next level. As leaders, we should all proudly showcase our love for what we do to lead by example and inspire our teams.
    • Kiss the Ground (available on Netflix): This documentary, centered on finding a solution for our climate crisis, uses compelling data to illustrate how a simple solution — dating back hundreds of years — can help address our climate crisis and create healthier food for people. My takeaway from this as an entrepreneur was three-fold: first, there are always opportunities to evolve and rethink the status quo to devise a solution to a problem. Second, look back to history to see what was successful and why. Lastly, look at the larger picture to ask yourself: what impact are we making on humanity and this planet?

    Related: How to Get Over a Burnout and Find Inspiration Again

    Other

    My final note of a place I found unexpected inspiration came from my daughter, who was nine at the time. This image had come up during the workday, and I was looking at it at home and contemplating the correct answer. As it illustrates, are there four bars, or are there three?

    She took one look at it and said that both characters in this image were right without hesitating. The answer isn’t about who is right or wrong but their perspective and how they interpret it. That simple revelation from her has stuck with me throughout the years: my main takeaway was that communication is essential and, in life and business, many scenarios are not “right or wrong” — the important thing is that even if you disagree with them, listen to the other’s reasoning to come to an understanding of their point of view.

    At the end of the day, whether you actively seek it or take a break from the hustle of life and enjoy the moment, you can find inspiration everywhere. Take a moment to reflect upon the content you consume or the conversations you have had, and you will become a more well-rounded character.

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    Jurgi Camblong

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  • How to Spot Winning Business Ideas at Your Day Job

    How to Spot Winning Business Ideas at Your Day Job

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    Curiosity is the spark behind every leading innovation. Without it, we never would have harnessed electricity, rocketed to the moon or developed a Covid-19 vaccine in record time. But while it’s easy enough to come up with a good idea — they’re everywhere — the ones that revolutionize entire industries and professions require us to keep our eyes open to the challenges right in front of us in our daily lives and then ask, “How can I change that? How can I make things better? How can I use my curiosity for good?”

    That’s precisely what I discovered as I made the move from full-time professor in the Department of Medicine at McMaster University to entrepreneur, co-founding Acuity Insights, formerly Altus Assessments, a Toronto-based company that now employs 150 people. It all started with an assessment that challenged the concept that being book smart was all it took to be a good doctor, nurse, teacher or business person. The test measures social intelligence and professionalism that is used alongside measures of knowledge — and we’ve found that the more holistically we can assess someone, the more we are able to understand and support them.

    I saw a problem and realized there was a potential for a game-changing innovation. We have now broadened to a full scope of products for higher education programs that connect key data across the learner journey from application to graduation, providing key data points to inform decisions. Acuity is partnered with over 530 higher education programs worldwide.

    And my experience shows that almost anyone can spot an opportunity in their day job and turn it into a viable business. Here are five things you can do when opportunity knocks so you can knock that new venture out of the park:

    Related: How to Know When That Business Idea Is Good Enough to Pursue

    1. Watch out for workarounds

    You know how when we leave a pile of books on the floor, the longer they remain there, it becomes easier to walk around them? As time goes on, we forget they’re even there because we’ve become so accustomed to finding an alternate route.

    The spark for my business started with the realization that an ineffective workaround — depending on letters of reference and personal statements when assessing students’ applications — just wasn’t cutting it. They were inherently biased. Medical schools, my own included, needed to do better when accepting students. Being an excellent doctor is more than academic scores, high grades or knowledge. It’s about how you apply that knowledge to serve your patient using communication skills, empathy, collaboration, professionalism and ethics.

    So, we did our due diligence: We spent over five years collecting data and refining the assessment tool to make sure we were measuring what mattered. Then other programs and institutions started to become interested in what we were doing, too. But we wondered: Can we give them access to our innovative software? Should we monetize it? Soon after, I realized our groundbreaking business idea locked in the ivory tower was ready for the real world.

    2. Listen to yourself

    Sometimes it’s difficult to figure out what we’re most passionate about, particularly if we’re juggling a lot of priorities. To zero in on the one idea that might hold your interest and enthusiasm long-term, you need to listen to yourself. If, years ago, I’d recorded myself talking about the need to revolutionize medical school assessments, I’m sure I would have realized that it was a true passion.

    So, talk to a friend or someone in your network about your project. Do you light up? Become more animated? Feel free? These clues could be the launch pad for turning a side hustle into a new career and maybe even revolutionizing your industry in the process.

    Related: How This Entrepreneur Kept His Day Job While Starting a Business

    3. Notice where you’re spending your extra time

    How are you spending your extra time even when you don’t have time to give? Do you feel passionate about a side project and can’t stop tinkering with it? Do you tend to lean in at certain meetings or ask more questions about specific topics? Pay attention to what drives you.

    The leap from a highly respected career in academia to the wild unknown of startups wasn’t easy, though. For years, I put in long hours at the university as a professor before working even longer hours at night and on weekends on the business. I was at a tipping point and realized if I wanted to make a difference, I had to swap my priorities. I eventually traded in a secure career in academia for the full-throttle existence as an entrepreneur when I was seven months pregnant, building Acuity Insights with my co-founder, Harold Reiter, a radiation oncologist with an equally demanding job. Because I was able to follow my curiosity, I never gave up, even when it was hard.

    4. Prepare for pushback

    When I first decided to leave my full-time university career for the corporate world, I sent an email out to colleagues to tell them — and some of them accidentally cc’d me on their responses to others about my decision. That was an eye-opener; but I understand that many of them may not have considered a profession outside of academia. But later at conferences, I was able to share with them why I was so passionate and excited. I could tell them my “why.” I had realized my “why” wasn’t tied to my profession — it was about how I could make the largest impact.

    If you experience pushback about a change in your career, reach out to people who have made the same leap or are working in an area you want to move toward to learn about the barriers and opportunities you might face. And don’t forget to take some time and dig into your own “why.” Knowing what truly drives you will keep you working toward your goals.

    Related: 10 Things You Must Do Before Quitting Your Job to Start Your Company

    5. Get unstuck

    If you had told me a decade ago that I would become a VP and co-founder of a business, I wouldn’t have believed you. I thought I didn’t have the right skill set. Sometimes we assume we can only do the role we’re currently in and have a very set idea about what’s possible for us. But as someone entrenched in an industry, you probably bring a valuable perspective and expertise to a broader problem. There are a lot of people with sales, marketing and accounting degrees who can be hired. But innovators bring vision. Understand that, and get out of your own way. And with time, your vision, curiosity and passion will spark innovation in those around you, too.

    Pay attention to what’s going on around you at work — and what fires you up — to uncover the next industry-changing business idea. Because when it comes to forging a new professional path, passion and curiosity rule.

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    Kelly Dore

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  • 3 Critical Lessons When Changing Your Business and Journey

    3 Critical Lessons When Changing Your Business and Journey

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    Opinions expressed by Entrepreneur contributors are their own.

    Leadership isn’t easy, nor is entrepreneurship. Bringing a new idea or concept to market is a dream for many, but it can often feel daunting. When reflecting on my journey to CEO, I recently asked myself, what are the three important lessons I would tell my younger self?

    I came up with the following: Always listen to your customers, choose progress over perfection and get your employees involved. Keeping these lessons in mind will help your quest for entrepreneurial excellence and change in your business. Here’s why I think so.

    Related: Entrepreneurship is Risky. Follow This Less Risky Path For Entrepreneurial Success

    1. Listen to your customers

    When changing your business or product, customers will usually react in one of two ways. On the one hand, they may be receptive and open to change. Often, this occurs when the change doesn’t require a significant shift in customer behavior. Customers don’t want to be pushed too far outside their comfort zone (or their existing process), so if the change requires a substantial shift in attitude or perhaps a change in how they interact with your business, they might be more resistant.

    Knowing this, it is essential to listen to — and acknowledge — their concerns. As a leader, you probably won’t be able to solve all their problems, but by listening and acknowledging, you can move people down the path toward accepting changes. In addition, you’re supporting the notion that they are on the same team as you, which helps bolster change.

    Another effective way to reinforce a new belief is to focus on “peak moments” — i.e., specific parts of the consumer decision journey that have a disproportionate impact and that consumers tend to remember most.

    Peak moments often include first-time experiences with a product or service, touchpoints at critical milestones in the customer journey (such as the first renewal cycle), and other moments of intense consumer interaction (and reaction).

    Related: How to Quickly Adapt to Change and Future-Proof Your Business

    2. Progress over perfection

    In today’s competitive start-up landscape, it is tempting to strive for perfection when launching a new product, idea or solution — especially those of us with an engineering bent. No one wants to go to market with something that feels “less than.” However, grasping for the goal of perfection can be a barrier to real growth. Like the well-worn aphorism says, “don’t let perfect be the enemy of good.”

    Without making mistakes and allowing the chance to improve, we’d never know what success looks like — that’s the danger of letting perfection be the enemy of good. And honestly, it’s those ups and downs that make entrepreneurship life interesting.

    Related: Seek Progress, Not Perfection: Why Your Business Should Embrace the “Toothpick Rule”

    During my career, I have witnessed the transition in both thinking and execution from so-called waterfall to agile — essentially moving from sequential to iterative. It is a huge difference maker in quickly demonstrating (or not) progress. While it might sound scary to release something small and seemingly incomplete, realize that as consumers, we have grown accustomed to that approach of consuming new products and processes — think about the last mobile app you downloaded.

    Don’t be afraid to challenge yourself and your teams to take high-risk and high-reward opportunities. Taking the time to experiment, learn from problems and discover new solutions is all part of the process. It not only allows you and your business to grow but encourages your team’s development as well.

    3. Get employees involved

    While the C-suite garners a lot of attention and credit when a company performs well, each employee is part of the beating heart of the organization and plays a vital role in enacting change. So, think holistically about change from the bottom to the top.

    To make this happen, as a leader, you should strive to cultivate an environment of trust, curiosity and learning. Leaders must build trust rather than undermine it to spark a sense of commitment and create a culture of motivation and professional development in their business. This helps encourage more discussions and synthesis about what is and isn’t working.

    Also, companies that make innovation, transparency and trust a core value of their culture often attract similar qualities in the employees they hire. There is no doubt that the next generation of talent is making waves in the workforce landscape. From the pandemic to the Great Resignation and Quiet Quitting, there’s a shift in what employees look for in their employers.

    The needs of each employee and organization differ, but generally speaking, it’s not surprising that employees want to be valued and take responsibility for high-value initiatives. To be clear, success here starts with attracting talent that embodies your company’s values.

    Related: Entrepreneurs Are Struggling With Mental Illness. Here are 5 Ways to Manage Your Mental Health As An Entrepreneur

    Moving forward

    All in all, change in your business, your products and the market can and should take time. Accomplishment doesn’t happen overnight. Be open and wise to this. Also, be prepared to learn as you go. There is a difference between reading about and experiencing these lessons firsthand.

    And perhaps most importantly, don’t underestimate what your team can accomplish when given a clear vision and the resources to execute — empowerment is the secret sauce of top-performing organizations.

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    Jim Contardi

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  • Why NFTs Will Shape the Future of Gaming

    Why NFTs Will Shape the Future of Gaming

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    Video games are one of the few mediums in which people freely collaborate regardless of race, ethnicity, gender or geography. This universal appeal stems from the ability to enable players to travel across different dimensions and build their own narrative as they unlock characters, weapons and other in-game items. The allure of creating a whole new identity in another world fosters a deeper interaction with users, far beyond that of any other form of media.

    Unfortunately, as it stands today, gaming applications are built on centralized infrastructure with all in-game assets, user data, game logic, etc., stored on closed systems where complete ownership lies solely with the gaming companies. This means that these games predominately operate by perpetuating a flow of value where players invest their time and money only to increase the profits retained by game developers such as Activision, EA and Epic Games, to name a few. The gaming industry is expected to yield nearly $200B in revenue in 2022 alone, showing no signs of slowing down in the coming years.

    To restructure the one-sided economic systems imposed by traditional games, a blockchain technology called NFTs can empower players to contribute to an equitable ecosystem that embodies the values of ownership, interoperability and transparency.

    Related: 5 Technologies That Will Shape the Metaverse’s Future

    Ownership

    The famous first-person shooter game Call of Duty generated an estimated few hundred million dollars in revenue on in-game purchases in 2021 alone. Despite having paid for these digital assets, if Call of Duty experienced some downtime or were discontinued altogether, players would have no way to use their assets as they were only accessible within the confines of the game. Thus, players never actually experienced ownership over any of their assets.

    In contrast, NFTs exist independently of any individual gaming ecosystem and live directly on the blockchain. As a result, regardless of what happens to a game, in-game purchases in the form of an NFT can always be bought, sold or traded on public marketplaces.

    The autonomous nature of NFTs enables many use cases outside of just commerce. For instance, an NFT can be displayed outside of the game it originated. This can allow owners to include their NFT on their social profiles to build a reputation as an elite gamer, collector or degen. Gaming NFTs enable owners to expand utility far beyond entertainment and become part of a much larger effort to create a unique digital identity.

    Related: Key Trends In NFT Gaming To Watch Out For In 2023

    Interoperability

    Up until the introduction of blockchain gaming, games exclusively existed on centralized servers. As a result, in-game assets could only exist within their own game-specific systems, unable to communicate with other online applications.

    For example, most people will eventually get tired of a single game and move on to another. When this happens, they can not transfer any of the content they unlocked within the game, thus abandoning all of their efforts. Is it fair for all their time, money and effort to be rendered useless?

    This lack of interoperability, caused by siloed ecosystems, effectively fragments the gaming world, ultimately punishing gamers. Instead, games have the opportunity to design for interoperability, thus opening their ecosystem up to network effects as players from other games can also interact with their application. For instance, two games built on the Binance Smart Chain network can logistically support the same in-game assets such as characters, weapons and vehicles. As a result, games could see an increase in customer growth, engagement and satisfaction.

    Transparency

    When players earn or purchase any in-game item, they cannot objectively assess its rarity, authenticity and scarcity. Therefore, there exists an implicit need for game developers to operate as honest actors.

    On the other hand, NFTs will spark a new era of transparency in gaming. In-game assets, in the form of an NFT, can enable owners to freely access helpful information such as specifics around the NFT’s uniqueness, the total number in circulation and indisputable proof of the NFT’s validity. This level of transparency will drastically increase trust between buyers and sellers, likely giving birth to a vibrant secondary market. Further, NFTs can provide even more advanced data for avid gamers. For instance, NFTs contain information including the number of past owners, average hold time, previous sale prices, asset creation date, etc.

    Related: How to Fix the Lack of Trust in the NFT Market

    Conclusion

    The difference between traditional gaming assets and gaming NFTs is quite significant. A quick dive into the fundamental differences between the two reveals how much more effective blockchain-based assets can be in creating a more player-driven ecosystem.

    For the first time, in-game assets as NFTs will enable games to offer utility far beyond what was previously thought possible. The beauty of in-game NFTs is they bring the gaming world a little closer to the real world. And isn’t that the endgame?

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    Arnav Pagidyala

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  • The Internet of Things Might Not Be Doomed, Here’s Why

    The Internet of Things Might Not Be Doomed, Here’s Why

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    Opinions expressed by Entrepreneur contributors are their own.

    Just a few years ago, the Internet of Things (IoT) was the talk of the town. The promise of an interconnected web of objects equipped with sensors of all stripes that would communicate with each other in a way hitherto only envisioned in science fiction was seen as imminent.

    Startups sprung up left, right, and center, and segments flooded the airwaves about new smart cities, like Saudi Arabia’s sci-fi-inspired project, Neom. That reality has still not panned out, and it still seems distant. Some have written off IoT and almost thrown it in the dustbin of history along with other defunct technologies that didn’t deliver on their promises.

    One of the challenges IoT faces is that it depends on a very high level of high tech to be deployed in many places. A smart system that recognizes a light bulb needs fixing will require some sensor that communicates with each light bulb.

    You can’t just plug devices into a “‘smart solution” and suddenly expect a technological nirvana to unfurl. In an incredibly technologically heterogeneous world covered with both high and low tech, you need integrative technological solutions, which are still rather limited.

    Related: Is Your Business Ready for the Internet of Things?

    The world can, however, integrate existing solutions much better. Positioning systems, cybersecurity systems, and physical security systems already exist. Most necessities are on the grid, and everyone is online. We can put together the tremendous technological tools already at our disposal by utilizing integrated technologies and get a long way toward IoT’s promised land.

    Some creative ways exist to bridge the need to equip the world with sensors. Elon Musk realized this when he argued that self-driving cars do not need to be equipped with radar. Instead, they can rely on sight just like humans and still possess superhuman driving skills. We, humans, use sight to identify objects, events and threats at a distance from us. There is no reason why machines could not utilize vision as adeptly.

    Computer vision extends far beyond the novel wonders of self-driving cars, possibly even into every little thing about our lives. Data-annotation service provider Keymakr, for example, recently joined forces with SeeChange to leverage AI to reduce the number of times shoppers and employees slip, trip, or fall in brick-and-mortar stores. The AI identifies and notifies employees of liquid spills in fall-risk areas.

    Computer vision in this scenario prevents stores from having to equip the floor with additional sensors to detect if it’s slippery, instead using cameras already in place. Imagine the boundless other applications for such technology, ranging from predictive maintenance to reshaped hospitality with automated services or a new level of proactive and personalized remote healthcare. The potential applications are bound only by our imagination.

    We will have to address the issue of security, considering by now, we have the experience to know that almost every device is hackable. Connecting all the world’s devices poses brand-new security risks. We all read about exposed personal data hourly and experience too many technological failures daily. Are we ready to trust a vast network of integrated electronic devices to run the world smoothly and safely?

    After all, IoT devices run on software susceptible to many vulnerabilities that can be exploited. As more and more devices become connected to the internet, we will face an increased risk of hackers accessing data gold mines from massive networks that were previously much more challenging to target. They’ll do so by attacking less secure IoT devices connected to that network.

    Focussing on individual vulnerabilities, however, won’t yield the most effective security outcomes. Instead, it results in a much more costly, computerized version of whack-a-mole where the security professionals run after vulnerabilities to patch them up one by one.

    By taking a holistic approach to the security of IoT devices, cybersecurity company Sternum IoT builds itself into the system’s firmware to ensure the code can’t be tweaked. Simply put, even if a malicious attacker could hack into the device, they would be barred from actually performing any of the functions that inflict harm.

    We need more proactive takes on IoT security to ensure companies can come out ahead instead of playing catch-up with hackers and constant costly vulnerability patching, as security is usually performed today.

    IoTs’ promise to truly connect us and technology in a new way is similar to what’s happening with self-driving cars. We heard all about it constantly for a period, and one could be forgiven for thinking we’d all be driven around by machines by 2023.

    While the technology is still not ubiquitous, it is advancing quite nicely. Think how much of the driving experience is already automated compared to just a few years ago. Cruise control, automated lane adjustments, and collision aversion technologies are only a few of the dozens of automated features.

    Related: How Cloud Agnostic Hardware Could be The Future of IoT

    With access to low-cost, low-power sensors, new levels of connectivity, cloud computing platforms, machine learning and analytics, IoT is already combining state-of-the-art technology into something new and exciting. It is certain that IoT will grow and that technologists will do well by staying ahead of the curve. But it remains to be seen how fast and for how long that growth will continue. It might just be that IoT is still like the sleeping giant which will move the world when it wakes up.

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    Ariel Shapira

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  • How the Metaverse Will Transform Marketing

    How the Metaverse Will Transform Marketing

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    One of the most innovative ideas to gain momentum is the concept of the metaverse. For marketers, it’s critical to understand what the metaverse is and how it will impact the way brands promote their products and services.

    Related: Oculus Founder Slams Mark Zuckerberg’s ‘Terrible’ Metaverse

    What is the metaverse?

    Think about science fiction movies from the early- to mid-20th century. In those films, they depicted the future of floating cities with millions of flying cars zipping around (for those that can’t afford teleportation, of course). Some aspects of these films came true, such as robots depicted in the 1927 film Metropolis or video calls shown in the 1968 movie 2001: A Space Odyssey. Of course, much of today’s technology looks very different from those early predictions. The same can be said about the metaverse.

    Although there has been talk over the past decade about the creation of a metaverse, most people are still unclear about what the metaverse is. Part of the challenge in defining the metaverse is that it’s still very early in the stages of development. The reality is that we don’t know how the metaverse will look in the future. The metaverse is truly at a point where science fiction is beginning to meet reality.

    Much of the promotional metaverse content we see now is aspirational and doesn’t represent what can be done with today’s technology. What’s exciting is that the future is unknown.

    Related: Your Brand Can Become Part of the Metaverse. Here’s How.

    The metaverse and Web 3.0

    Although the metaverse will be a significant innovation in this century, its development is not an isolated event. The development of the metaverse is just one part of a much bigger transformation of digital technology. It’s difficult to imagine a metaverse built on top of our existing infrastructure. For this reason, many companies are shifting their focus to the creation and adoption of a third iteration of the internet (named Web3 or Web 3.0).

    For marketers, it’s important to understand the technology that is being envisioned for Web 3.0, as many of these innovations will be incorporated into and power the metaverse. The first version of the internet (Web 1.0) was focused on simple protocols that could be used to share and deliver information. Web 2.0 took this a step further, with the focus being on user-created content (email, blogs, video content) and peer-to-peer interactions (social media). The evolution to Web 3.0 will transition the internet to a trustless and permissionless version of the internet, meaning that people will have more control over their data and use of the internet.

    Web 3.0 will be heavily powered by blockchain technology, artificial intelligence and virtual and augmented reality. Web 3.0 will also shift to a more decentralized model where sites, applications and tools are collectively shared and developed. These technologies will include decentralized finance platforms (Defi), decentralized applications (dApps), and decentralized autonomous organizations (DOAs).

    Related: How Small Businesses Can Use the Metaverse to Increase Their Customers

    How to use the metaverse for marketing today

    Companies all over the world are starting to realize that their advertising and marketing efforts will likely be highly disrupted by the shift from physical to digital spaces. Today, the metaverse industry is valued at more than $61 billion. This is expected to increase rapidly, with some projecting a total market value of over $400 billion in the next five years. Savvy marketers must understand how to start taking advantage of new opportunities to promote their products and services across digital platforms. Here are five ways marketers can get started today.

    1. Incorporate the metaverse into your marketing strategy

    The most important thing marketers can do today is to develop a comprehensive strategy on how their company will adapt and transition its efforts to digital spaces. Because the metaverse is largely still in development, resources should be allocated to monitoring and understanding this emerging technology. Companies that have the best visibility to new technology and advancement in the space will have a significant advantage. At the speed that technology is moving, reactive approaches will be ineffective.

    2. Create your own digital spaces

    Brands should consider creating their own digital spaces within existing digital platforms. There is a wide range of strategies when it comes to creating these spaces, depending on the type of product or service you are marketing. Companies with physical products might consider building a digital version of one of their brick-and-mortar locations. For example, an auto manufacturer can create a digital auto showroom where users can check out the latest models.

    3. Immersive experiences

    Traditional marketing approaches have worked for decades, but the metaverse environment will demand more immersive experiences. For example, a major movie theater brand could create a virtual movie theater where you could visit and watch a movie with friends who are thousands of miles away. Or a Michelin-starred restaurant could invite visitors to join them in a digital kitchen to learn how to cook alongside world-famous chefs.

    4. Digital collectibles

    In the real world, some companies focus on giving out branded items such as T-shirts or other collectibles to their biggest fans. This can work similarly in the metaverse. Some companies are focusing on creating and distributing digital collectibles. These can range from unique badges to skins that can change the appearance of the user’s avatar. Disney is a great example by allowing Fortnite players to “dress” their in-game characters in Marvel or Star Wars-themed skins. Many of these skins are used to promote upcoming films or other events.

    NFT (non-fungible token) technology can create unique and exclusive collectibles that can be issued to users.

    5. Traditional marketing with a digital twist

    Although new approaches will be needed across metaverse marketing, traditional marketing efforts shouldn’t be tossed aside entirely. The metaverse world might still allow for many traditional types of advertising, such as billboards and advertising on the side of digital buildings. We’re already seeing this as major companies plaster digital advertising across digital stadiums in popular sports games, much like they would in real life.

    Related: 5 Metaverse Jobs That Could Make Your Kids Rich

    The metaverse creates unlimited marketing potential

    In the short term, there may be some limitations on the types of digital advertising and marketing you can conduct in the metaverse. For example, a cookie manufacturer might rely on the scent of freshly baked chocolate chip cookies to sell their product. Smelling digital cookies (unfortunately) isn’t an option. So, some companies may need to get more creative when it comes to how they market their products.

    However, there is much more flexibility than there are limitations within the metaverse. For example, a natural history museum could promote a new dinosaur exhibit by attracting young users to spend an afternoon working as a “digital zookeeper” feeding and caring for a virtual baby Triceratops.

    At the end of the day, the most creative and innovative marketing departments will shine in this new digital world.

    Related: This Entrepreneur Is Using The Metaverse to Create an Immersive Virtual Lesbian Bar so It’s Accessible to All

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    Nicholas Leighton

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  • Software Development Jobs Are a Bright Spot in Uncertain Economic Times. Here’s What Business Leaders Need to Know.

    Software Development Jobs Are a Bright Spot in Uncertain Economic Times. Here’s What Business Leaders Need to Know.

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    Opinions expressed by Entrepreneur contributors are their own.

    Economic uncertainty, rising inflation, changing lifestyles and a volatile labor market are unprecedentedly influencing company hiring and prospective IT job markets. Businesses are intensifying recruitment in critical areas, such as AI and data analytics, yet pulling back on long-term IT positions and employment. At the same time, rising IT talent is pursuing more flexible and engaging work environments as new opportunities open up and desirable lifestyle options evolve.

    Software developers, data analysts and cybersecurity jobs are bright spots in a rapidly moving IT employment landscape. According to a recent report by the U.S. Bureau of Labor Statistics, software developer jobs were projected to grow by 21% by 2028, the fastest-growing sector of the national job market. Year over year, job postings for software developers and coders approximately doubled in the third quarter of 2022, while other computer-related and IT job-skill categories increased more modestly. Most non-digital economy job postings remained steady or declined. Getting on top of the changes in job growth patterns and required skill sets within the IT sector is essential for business leaders as a possible recession looms.

    Related: The Future of Software Development in 2022 and Beyond

    Software development trends

    New software development trends are accelerating as businesses and organizations recognize the strategic importance of IT and prioritize digital transformation and innovation. Consumers are moving online in record numbers, and companies are increasing digital channels and products to accommodate skyrocketing demand. Changes in supply chains, cloud and remote working environments along with technology tipping points drive strategic IT investments and personnel needs. Flexibility, scalability and security remain popular software features as businesses search for unique and efficient solutions across their operations.

    Forward-looking businesses seeking IT innovation are moving swiftly to leverage AI, cloud computing and data science applications. Some managers look outside their organizations to kick-start change. This trend fits neatly with the rise of a growing pool of freelance talent with niche skills available to spearhead specific project-based initiatives. Companies manage innovation challenges and IT infrastructure investment amid active personnel and the job market.

    Job specialization … or generalization?

    Do new market realities affect the answer to this age-old question? The debate continues in the IT field and across the digital economy and career spectrum. For computer scientists and software engineers, generalization means understanding core concepts and principles and having transferable skills to work with multiple languages and documentation. Specialization has come to mean a deep but relatively narrow focus on one language, framework, and platform. Freelance software developers often find specialization an efficient way to engage the market but then see the logic of a broader perspective as their career develops. Businesses tend to promote generalists in the longer term and more permanent positions.

    A successful software developer’s career strategy is to build a generalist foundation of computer and data science concepts and then specialize in one or two hot areas. The IEEE Computer Science Society’s computer science career guide recommends a set of academic courses covering core topics, such as computer theory and systems, security, and engineering concepts. Students are then encouraged to consider specialty areas in later years and at the graduate level. Successful business leaders recognize this pattern and provide opportunities to students in work placement and employee career development initiatives. Historical trends in the digital economy would seem to favor specialists until the market swings and a new technology moves to the fore. The challenge is to understand where the market is going and anticipate change.

    Related: How AI Will Transform Software Development

    Specializations for the future

    Machine learning software developer and data scientist skills top the list of high-demand software development talent and are two of the hottest growth areas. Business leaders increasingly view AI as indispensable in multiple business areas, including supply chain logistics and transportation, finance and natural language processing. Machine learning augmented software development is an exciting case — will AI decrease the demand for software engineers in the future? Mainstream AI applications today are limited to testing code and automating routine programming sequences. Still, an advancing wave of AI experts is bringing fresh ideas and a new set of robust machine-learning tools. In the meantime, most observers expect human software engineers to remain an essential piece of the puzzle for years to come.

    The position of data scientist — a job title first used in 2008 — has gained prominence and will continue to expand in breadth and scope as businesses increasingly grapple with overwhelming data volumes and a pressing need for data-driven forecasts and predictions. Databases show no signs of slowing down. Talented data analysts and emerging AI tools provide the insights and interpretations to capitalize on all kinds of ever-growing mountains of data. Data scientists often operate in interdisciplinary teams and draw upon a robust set of complementary soft skills, including critical thinking, communications, leadership and more.

    Recognize the pattern, and get on board

    Consumer and work lifestyle choices, influential macroeconomic trends, and strategic business needs drive IT innovation and investment. Organizations and companies in virtually every economic sector are embracing rapid digital transformation and tech-smart solutions. Software development has rarely been more complex, more urgent or more in need of creative and motivated talent. Many companies are looking for an evolving mix of permanent IT staff, freelance software developers, generalists and specialists to provide crucial business solutions. The go-to hot software development areas are machine learning, data science and robust AI specialist tools. Organizations seek a competitive edge to solve seemingly intractable issues, such as supply chain bottlenecks. Are you thinking of a career in software development? The future is very bright indeed.

    Related: Hiring the Modern Programmer: Does That Smart New Software Developer of Yours Also Have ‘Soft’ Skills?

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    Steve Taplin

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  • Why a Former CEO Doesn’t Want You to Lose Hope in Fashion

    Why a Former CEO Doesn’t Want You to Lose Hope in Fashion

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    “Standing on the edge of the sixth mass extinction, fashion might seem a small player in the emergency,” Safia Minney wrote in the opening pages of her latest book, “Regenerative Fashion.” But, she goes on to argue that it’s anything but small. 

    “We can put nature and people central to creating beautiful product. What my book is trying to do is show that we can redesign the fashion industry,” she tells Fashionista, “that these solutions already exist and that it’s really now up to us to learn what the solutions are to start.” 

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    Andrea Bossi

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  • How to Become More Resilient

    How to Become More Resilient

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    Opinions expressed by Entrepreneur contributors are their own.

    Throughout my career, I navigated undeveloped markets within environments where things hadn’t been figured out, and the world didn’t yet understand what we were creating. My one saving grace has always been resilience.


    Evening Standard | Getty Images

    Resilience is the capacity to recover quickly from difficulties, bounce back, then proceed, no matter what. It can be defined as the ability of a substance or object to spring back into shape. (A recent study of 1,000 parents conducted by the PBS program, Thomas & Friends, ranked it #12 within the top 20 traits they most want in their children.)

    Resilience is the power of never giving up no matter what life swings your way.

    I was inspired by the epic career of Sir Winston Churchill at a young age, which can be summed up in one of his more famous quotes: “Success consists of going from failure to failure without loss of enthusiasm.”

    Related: How Does a Leader’s Mindset Affect the Office Environment?

    Staying the course

    The path to prosperity is often misunderstood, as when the going gets tough, many are not equipped to stand up to the test of time and quit before they reach their goals.

    Thomas Edison claimed his many wins were “10% inspiration and 90% perspiration”. My addendum would be that 90% of people give up when they’re just 10% away from success.

    The closer we get to breaking through, the harder it becomes, yet testing our spirit is part of the achievement process. If things were easy, it wouldn’t be worth the effort and our sense of achievement would be considerably diminished.

    Humans are incredibly intelligent, adaptable and resilient beings. Achieving your wildest dreams is just a case of just being passionate and determined enough to achieve those goals.

    These techniques may sound rudimentary, but if you learn to train yourself to overcome any hurdle and never give up until you reach success.

    David beat Goliath, Beethoven outshone his teachers and Galileo outsmarted his peers when the odds were all against them. Only with resilience did they all succeed to leave their legacies.

    Rebuilding your brain

    I learned of stick–to–itive-ness as a toddler, being scalded by hot water in an unfortunate accident and suffering the pain and heartache of that mistake for many years after.

    Difficult experiences in business were to follow. You name it? I’ve experienced it. It’s still impossible to imagine a time in my career when things were “easy”. That’s just not how it works.

    The benefit of struggle is that you learn and adapt and become wiser. Many give up along the way, which leaves more opportunities for those of us who are determined to reach our target.

    If I hadn’t failed so many times, I wouldn’t have realized how resilient I needed to be. Meeting challenges is part of the path to success. It’s how you deal with hardships and what you do to overcome them.

    As Albert Einstein put it: “Anyone who has never made a mistake has never tried anything new.”

    If you’re doing something new? Expect to make mistakes. If you hit problems? Simply work out how to overcome them. Resilience is the ability to beat every challenge and push through with your agenda.

    Related: 4 Ways to Use the Past to Capture Success

    Recording the process

    Write lists! This is the way I ensure that things from my brain are put on paper and actioned as a task list. I don’t recommend writing these lists in your phone, there is something physical about writing the tasks out and extracting them from your brain.

    Update your lists constantly, crossing off tasks that you have achieved and adding new tasks to achieve. Be organized and be determined. Every day complete a number of tasks on your list and cross them off. Do this every single day.

    Be an independent thinker and have enough self-confidence to stand up against the barrage of challenges and let-downs on the path to success. You need to believe in yourself before anyone else will believe in you. Confidence begets confidence.

    I work harder than anyone I know; this has always been my mantra. As Elon Musk puts it “Work like hell. I mean, you just have to put in 80-to-100-hour weeks every week. This improves the odds of success.”

    There is no such thing as a free lunch or something that comes easily. You will find in life things that come easy, go easy, or have a very limited shelf or value. Working hard brings personal satisfaction that is critical to a healthy body and mind and of course, entrepreneurial success.

    That being said, everything is a balance and it’s important to rest, sleep, eat and exercise as well, but whatever you do in life…work to be more determined and be more resilient.

    David showed Goliath the difference between a person who is resilient and a person who is privileged, and there is simply no competition.

    Related: 4 Ways to Capitalize on Being Your Own Worst Critic

    Resilience takes focus, resilience takes devotion, resilience takes passion and determination, but be assured, if you arm yourself with the power of resilience, no-one will be able to stop you from achieving your goals.

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    Jonny Caplan

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  • Insightful Finance – Releasing the potential of data to power decision-supporting insights – Banking blog

    Insightful Finance – Releasing the potential of data to power decision-supporting insights – Banking blog

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    In our previous article, we made the case for Finance to take stewardship of enterprise data. The benefits are compelling. Data is the raw material of Finance. Quality assured enterprise datasets managed under the proven stewardship of Finance can be used to generate insights to inform and energise business decision making.

    So how does Finance build and operate such a capability? Here we define four pillars that a Finance data strategy should consider, and define the steps needed to realise the benefits across the bank.

    In a minute

    Trends and innovations in banking

    In Switzerland and throughout Europe, banks are going through the most innovative times anyone can remember. Increasingly, consumers are embracing the convenience of digital channels. Digital innovation generates opportunity − customers leave an electronic trace of all their interactions with their bank. The immense volumes of available data are a never-before-seen resource with which to build fresh insights into customers’ financial behaviour and tailor new personalised products and offerings.

    The economic winds are changing. After a decade of benign inflation and low or negative interest rates both are now rising. Customers are responding by adapting their financial behaviour, and for bank Finance teams forecasting has become harder. Experience and instinct continue to play their part, but for smart banks the data trails of their customers reveal tell-tale signs of where they are heading and inform the bank’s response.

    The traditional skills of Finance in data stewardship mean that it is in the best position to capture the benefits for their organisation of the advances in data analytics. And the opportunity extends beyond existing business lines into new markets in data. We see five main areas of opportunity:

    Figure 1: Finance data leveraging opportunities

    Fig1 Finance data leveraging opportunities

    Realising this opportunity requires a structured approach. A Finance data strategy is the roadmap to becoming an insightful bank.

    The four pillars of Finance data strategy

    We believe there are four key pillars for the design of a successful Finance data strategy:

    • The scope of products and services for which insights can add most value

    • The stakeholders operating along the data value chain

    • The data architecture

    • The enabling technologies

    Figure 2: Four pillars of a Finance data strategy

    Fig2 four pillars

    What insights are key

    Don’t drive blind. Decide from the outset the decision-support insights that Finance needs to generate. Collaborate across the  business to identify where fresh data-driven insights could yield the highest return.

    The list of insights can be extensive. For example:

    • Is there an untapped revenue stream in our product offering?

    • Can we learn more about our clients?

    • Can we monetise our data by collaborating with fintechs?

    • What insights can further inform our AML capabilities?

    We have identified multiple use cases which, taken together, could form the scope of a Finance data strategy:

    Figure 3: Finance data strategy use cases

    Figure 3 Finance data strategy use cases

    Determining which insights are needed shapes the design of the remaining three pillars of the strategy.

    How do we empower stakeholders

    Three key factors are needed to support data stakeholders in delivering the outcomes of a winning Finance data strategy:

    • a well-defined process framework along the data value chain

    • data-centric governance

    • a strong data culture

    Well-defined process framework

    Acquire, integrate, analyse. Each step in this process requires a distinct skillset. The acquire-and-integrate phase depends on the attention to detail which is a hallmark of financial stewardship and underpins accuracy. Analysis requires a mindset of questioning and curiosity to hunt for fresh insights and apply a storytelling skill to convey them to decision-makers. Technology has a role − interactive, connected planning dashboards are an example of how Finance is able to rapidly adjust its projections of the bank’s performance. However the real step forward is in the new skill of the Finance team to bring the numbers to life for the business and to provide insights for taking action, for client reach-out or more precise planning.

    Data-centric governance

    People along the entire data value chain should be given clear responsibilities. From identification to publication, actors must understand the processes within data management, communicate their importance to executing teams, and close gaps that could lead to inaccurate or incomplete data.

    Strong data culture

    In an insightful Finance team, data management skills are at a premium. Prowess in data management will be a hallmark of the successful finance teams of tomorrow. A sustained focus on data management as a key Finance capability is needed to nurture these skills.

    How is data structured and organised

    Appropriate data architecture is a foundation for capturing and integrating data from multiple sources. The challenge often lies in the sheer scale of the architecture required to manage enterprise-wide volumes of information. Whilst different design options are available, rigorous analysis is needed to avoid potentially costly mistakes in selecting the wrong architecture, tool decommissioning, process redefinition and governance redesign.

    We identify three distinct architectural models which would enable banks to consolidate enterprise-wide data into usable resources and to scale their analytical capability.

    Figure 4: Finance data architecture models

    Fig 4

    What tools work best
    Technology is a key enabler of insightful Finance, and the pace of innovation accelerates, the focus must shift from finding any technology to finding the right technology. Banks which invest resources into finding the right tools to analyse, identify and deliver insights will build a competitive edge over their peers.

    A list of all the available technology would be too long to include here.  We can narrow the scope to key areas relevant to data analytics which fit in with the mission of insightful Finance. Powerful tools can be found along the entire data value chain, with advanced innovation particularly in the areas of predictive planning and AI-enabled data visualisation.

    Figure 5: Examples of Finance data technology

    Fig5 data tech

    The four pillars of a winning Finance data strategy are interconnected parts of the same strategy. A decision in one area will impact the others, and a comprehensive approach is needed to maximise the chances of success.

    We can help you assess your data needs and define a solution that best fits your vision for Finance. We can assist you in implementing a data strategy which transforms your Finance function into an insights-driven partner for the business.

    In a one-day Data Strategy Lab, we can help you define the insights that you would like to build, and in a four-week Data Strategy Assessment, we can assess your current state and define your transformation path to an insightful finance function.

    The goal of an insight-generating Finance capability is nearer than you might think.

    How to get started

    Markus zorn

    Markus Zorn, Partner, Consulting

    Markus leads the Swiss Finance & Performance practice of Deloitte Switzerland. He has been advising CFOs for over 20 years on their most challenging Finance transformation and digitalization endeavours.

    Email | LinkedIn

    Tobias kern

    Tobias Kern, Director, Consulting    

    Tobias has an extensive experience focusing on large and complex Finance transformation programs leveraging ERP, mainly SAP. Tobias leads the banking offering of the Swiss Finance & Performance team

    Email | LinkedIn

    Daniele sacerdoti

    Daniele Sacerdoti, Manager, Consulting

    Daniele is a passionate consultant with extensive track record for development and execution of Finance transformation programs in Europe. Daniele leads the Insightful Finance offering within the Swiss Finance & Performance team

    Email | LinkedIn

    Lorenzo olivi

    Lorenzo Olivi, Consultant, Consulting

    Lorenzo is a consultant in the Swiss Finance & Performance team with a strong focus on the banking sector. He helps our clients understand the true power of data in creating business value.

    Email | LinkedIn

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    Lena Woodward

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  • 5 Ways Facial Biometrics Can Help Your Business

    5 Ways Facial Biometrics Can Help Your Business

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    Opinions expressed by Entrepreneur contributors are their own.

    Using a person’s face to authenticate themselves is something that humans have been doing for hundreds of thousands of years. New technological advancements have transformed how we interact with one another, and businesses especially are capitalizing on these advancements to verify identity. Those previous pillars of in-person and digital verification, like knowledge-based authentication (KBA), are no longer adequate protection against fraud.

    Why? Just as technology advances, so does fraud. Facial biometric technology has become the foundation that businesses and consumers rely on to verify their identities. In this article, we will provide the top five reasons facial biometrics can help your business.

    Related: The Importance of Having Accurate Facial Recognition

    1. It’s highly accurate and can stop fraud

    Facial biometrics offer businesses a high degree of confidence that the customer is a legitimate user and is who they claim to be. The authentication process is streamlined in a way that passwords and traditional two-factor authentication (2FA) never could be — all users need to do is look at their device or any other camera to prove their identity.

    In addition to being highly difficult for fraudsters to compromise due to the accuracy of facial recognition technology, the leading algorithms also now produce near-zero bias, performing far better than manual human review. In fact, in one recent study of facial recognition algorithms, NIST found the technology could identify passengers boarding an airplane at an accuracy rate of 99.5%. Furthermore, this success rate (for the top facial recognition algorithms) was the same regardless of demographics, meaning race or gender had no meaningful impact on accuracy.

    This level of accuracy can significantly impact a business’s ability to combat a variety of types of fraud. For example, companies can have much more confidence at account creation that the user is real through identity confirmation (as long as they match the selfie with liveness detection and an authentic government-issued ID). It can also prevent account takeover fraud; SMS-based 2FA is notoriously easy to intercept, and modern algorithms are getting ever-better at weeding out sophisticated 3D masks or similar facial spoofing hacks.

    2. It’s easy for users

    Facial biometrics are also effortless for users to adopt. Customers are easily turned off by clunky authentication measures like KBA, particularly if they’re required multiple times during a transaction. It’s much simpler to look at your camera and take a selfie instead of inputting a password or receiving a text message.

    Facial biometrics is also gaining wider and wider acceptance among the general population. As concerns about privacy and accuracy are addressed and corrected, this technology will continue to gain widespread acceptance. While using any biometrics method is better than not using it at all, there is a reason why all of our devices have moved to facial biometrics for unlocking: Simply put, it’s easier for the user. Businesses can take advantage of this growing acceptance and make the user experience simpler and more secure with one step, leading to happier customers.

    Related: How Biometric Solutions Are Shaping Workplace Security

    3. It provides strong underwriting

    More and more businesses are adopting heavy underwriting practices to combat fraud and meet regulatory requirements. Friendly fraud is a high cost to modern businesses. Unfortunately, fraudsters may attempt to claim a legitimate purchase occurred, a subscription was renewed or an account change was made fraudulently and request a chargeback to their payment. Merchants overwhelmingly bear the burden of this fraud when they can’t prove identity, but facial recognition can reduce its occurrence significantly.

    Just like having an eyewitness at the scene of the crime, facial biometrics provides businesses with a time-stamped, verified image of a person making a transaction. When someone attempts to dispute a charge, that company has irrefutable proof that the person did, in fact, make the purchase. This is also important for meeting regulatory requirements and even protecting businesses from fines and lawsuits. It also provides solid evidence in the case of any future audits on a customer’s account or purchase history.

    4. It can reduce operational costs

    Facial biometrics can reduce operational costs by removing the need for current labor-intensive security checks that are used to confirm a customer’s identity for suspicious purchases, wire transfers or account changes. This includes texting or emailing a client as well as even calling them to ensure they are the ones behind the event. These customer service costs can quickly add up, not to mention the fact that you’re increasing the opportunities for your users to experience poor customer service as well as opening your business up to fraud via man-in-the-middle attacks.

    In addition, the number of analysts needed to review, monitor and even rectify transactions has swelled. The 2022 LexisNexis True Cost of Fraud Study has now calculated that for every $1 in fraud losses, it actually costs the business $3.75 due to an increase in fraud volume, new digital payment methods and the high cost of replacing and redistributing goods.

    Facial biometrics render all of this unnecessary. Companies can eliminate substantial operational costs and save time and resources for their fraud teams simply by pairing a quick selfie with liveness detection. You can be sure with a high degree of certainty that the individual is who they say they are, and your team can stop wasting time analyzing transactions or unlocking accounts.

    Related: Complete Guide to Understanding Facial Biometrics: Should You Be Scared?

    5. It’s device agnostic

    Finally, facial biometrics can be implemented without concern for customer devices because it’s device agnostic. As long as a device has a camera, it can perform the necessary functions for facial authentication. There’s no requirement for fingerprint scanners or microphones in loud, busy areas; these cameras are small, inexpensive and can be installed at any kiosk where such transactions occur. Furthermore, even cheap cameras can offer accurate facial recognition with modern algorithms. It also helps that almost everyone carries a high-quality camera in their pockets via their mobile device.

    People use facial recognition to identify others every day. It’s been a strange century, where our move to digital rapidly outpaced the technology to keep using faces. However, we’re quickly moving past that limitation, and facial biometrics are a reliable gateway for businesses to verify their customers’ identities. It’s time to make the move, and companies that are able to implement facial authentication fully will reap the rewards.

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    Clayton Roth

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  • A Simple Guide to Software Integration for Startups

    A Simple Guide to Software Integration for Startups

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    Opinions expressed by Entrepreneur contributors are their own.

    Your product is your company’s primary selling point, but it doesn’t have to be the only feature. In fact, when companies open up their products to integrations with third-party software, they unlock an entire world of possibilities. In the years since releasing our flagship product, the smart video intercom, the ButterflyMX team and I have made a pointed effort to expand our reach by integrating our software with third-party products.

    For example, just this year, we partnered with RemoteLock so that our unified access control solutions now connect to more than 80 smart locks to seamlessly provide building and apartment unit access from our mobile app. This has significantly expanded our products’ capabilities without the time, energy and financial investment of launching an entirely new product, which has helped grow our business substantially.

    If you’re at the helm of a startup looking to expand your product’s reach, consider integrating with other software.

    Related: Challenges that Companies Face in Software Integration

    What are the benefits of integrating your product with other software?

    No matter what product or service you offer, by integrating with other software, you combine various platforms into one unified software architecture. And by creating a large, integrated system, you increase functionality and convenience for consumers.

    Further, integrating your product with other software expands your product’s capabilities without the need to develop new products. Software integrations allow you to advance and expand your product faster because you exponentially increase its capabilities. Software integrations also offer an easy way to advance professional relationships with other companies in the industry.

    Why are partnerships important?

    When you’re building a company from the ground up, you must develop partnerships. Across all industries, the leading companies boast multiple integrations. In fact, the average SaaS (software-as-a-service) company has 15 integrations. However, some SaaS companies boast upwards of 500 integrations. By partnering with another company in your industry, you become a part of their growth. Then, when their product succeeds, so does yours, and vice versa.

    One of the biggest advantages of establishing integration partners is enhanced company growth by expanding your user base. Not only are you giving your customers a new tool or feature — leading to higher customer retention — but you’re also opening your business up to an entirely new customer base. With a partnership in place, you can expand your customer base and add new users with ease.

    Overall, developing deep business partnerships and software integrations will grow your business short- and long-term. In fact, you can think of new integrations as a new sales channel. You’re adding your products and services to an entirely new marketplace.

    Because your software integrations should be with companies in your industry or a related one, you’ll be selling to new customers with a similar customer profile. This means your product will inherently address their needs.

    How to approach partnerships as a startup

    So, you’ve decided it’s time to grow your company by enabling third-party software integrations. But how do you go about finding worthwhile partners? First, you need to look for companies whose customers match your ICP, or ideal customer profile. An ideal customer profile is a detailed outline of your company’s ideal client. The ICP is used to adjust marketing and lead generation tactics.

    By working with companies whose ICP matches yours, you increase the likelihood that their customers will find value in your product and vice versa. But remember, software integration isn’t a completely smooth process. The more integrations you enable, the more maintenance you’ll perform. Additionally, when changes are necessary, you must obtain approval from teams at both companies rather than just your own.

    So, ensure you have an internal team who can dedicate their time primarily to building the integration from the ground up and maintaining it post-launch to address and solve problems.

    Related: How to Use Strategic Partnerships for More Explosive Growth

    How to integrate your product with other services

    While software integration presents a unique and valuable opportunity for your business, partnerships aren’t guaranteed to succeed without hard work. In addition to a relevant and high-quality software integration, you need a robust strategic outline.

    Make sure you put your customers’ needs above all else. When building your software integrations, consider which products your customers already use, what kind of systems they may want to integrate with and how a specific integration can improve their experience with your product.

    Further, ensure that your integration has longevity by creating a strong foundation for your partnership. Integrations aren’t a quick hack to multiply your customer base. Instead, you should develop integrations with long-term business goals in mind. Then, with each new iteration of your integration, take into account customer feedback to improve the integration and your product overall.

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    Cyrus Claffey

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  • Want to Create a Culture of Innovation? Ask These Questions

    Want to Create a Culture of Innovation? Ask These Questions

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    Opinions expressed by Entrepreneur contributors are their own.

    This past weekend, I had a rare opportunity to kick back and relax. I needed a few supplies before I settled into my couch, so I grabbed my Amazon Fire phone and headed out to the local shops. I didn’t need to bring any cash — my Amazon Wallet had me covered. When I got home, I nearly tripped over the box of laundry detergent my Amazon Dash had ordered. I remembered to book my trip to New York City on Amazon Destinations, and just as I confirmed my hotel, the doorbell rang, signaling the arrival of my order from Amazon Restaurants. I grabbed my food, settled into my comfy couch and spent the rest of the day playing Amazon’s online game, Crucible.

    Of course, none of this happened. Because while all of these Amazon products and services are real, they no longer exist. They were experiments that failed to achieve critical milestones, and Amazon shut them down.

    One of the things that made Jeff Bezos a great founder was his embrace of experimentation and failure. He relentlessly invested in new product development. But he didn’t fall in love with any one product or tactic to fulfill his vision. Instead, if an experiment failed to meet minimum expectations for performance, regardless of the amount of time and effort invested, he was quick to pull the plug, making space for future experiments.

    Innovation and experimentation are crucial to the journey of a startup. You’re in search of scalable product-market fit. Many of your assumptions are going to be wrong. Many of your experiments and tests will fail. That’s okay as long as you follow one essential rule.

    Believe in your vision, but be ruthless in shutting down initiatives that don’t meet expectations. If you don’t quickly shut down unsuccessful projects, your team will become mired in work that can’t scale, draining time and money from much higher potential ideas. Here are three questions to ask when evaluating the potential of a new product or service:

    Related: Fostering a Culture of Innovation, and What It Takes to Do It Right

    1. Will your early adopters accelerate organic growth?

    When you first launch a product, you should be able to find a core group of early adopters. Your target early adopters have problems to solve. You are launching a product that addresses those problems. If you hit the mark on features and price and can easily convey your value proposition, they should be willing to try your product with very little incentive or marketing effort. If they like it, they can quickly become evangelists within their community, creating your initial flywheel of organic growth.

    You have a critical decision to make if you cannot find a group of early adopters that will help drive organic growth. Iterate and test again, or kill the product and move on to your next idea. Unfortunately, most startups’ biggest mistake at this crucial crossroads is to ramp up spending on marketing beyond a sustainable level under the mistaken assumption that they have a marketing problem rather than a product problem. This path only leads to accelerating cash burn and missed opportunities.

    Related: 3 Common Mistakes That Are Inflating Your Marketing Budget

    2. Are your customers coming back for more?

    Once you discover messaging that attracts customers to your product, you must deliver on their expectations. Do they continue to use your product after those first few attempts? Do they keep coming back to buy more from you? Or are you suffering from high return rates, cancellations or product abandonment? You should have clear KPIs for customer behavior, consistently measuring to ensure you’re building a sticky enough offering to scale your business.

    Successful startups are built on the back of customer lifetime value (LTV) that can sustain profitable, scalable growth. High LTV is powered by strong customer retention and consistent repeat buyer behavior. If most of your customers are one-and-done, it’s unlikely you can profitably scale your company.

    Related: Are You Sitting on a Customer Retention Goldmine?

    3. Do you have enough pricing power to deliver profitability?

    Sales volume and customer retention only matter if each sale generates enough profit. The path to profitability and positive cash flow is a healthy contribution margin. Contribution margin is calculated by subtracting the variable costs required to produce and sell your product from your net sales price.

    It’s easy enough to get customers to order a free trial or accept delivery of a try-before-you-buy subscription box. But can you attract enough customers willing to pay a price that delivers an acceptable contribution margin? Too many startups fall into the trap of focusing on vanity metrics to measure the performance of their products — downloads, gross sales and free trial downloads. In the end, your product, and your startup, will only be successful if you can consistently charge a price that will generate the profits you need to support sales and marketing, new product development and your day-to-day operations.

    Related: 4 Reasons Why Pricing Is the Key to Startup Success

    The Amazon Fire phone may have failed, but the technology developed for the phone accelerated the development of two very successful products: the Echo and Alexa. Building a culture of innovation isn’t easy. It requires an acceptance of failure, supported by a culture of measurement and accountability. But it’s a powerful force for finding product-market fit, profitability scaling your startup and building enterprise value. It’s also a much more fun and fulfilling way to build your company.

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    Eric Ashman

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