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Tag: Tech Startups

  • Are Smart Cities the Future? | Entrepreneur

    Are Smart Cities the Future? | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Over half of the world’s population lives in urban areas, and by 2050, this number is expected to rise to over 68%, adding another 2.5 billion inhabitants in cities. The strain on existing infrastructure and resources is becoming more apparent as the global population increasingly gravitates toward urban centers. This is also where the significance of smart cities becomes evident.

    Imagine a city where technology seamlessly intertwines with urban life, revolutionizing the way we live, work and connect. That’s exactly what smart cities hope to achieve. A smart city harnesses the power of information and communication technology (ICT) to increase operational efficiency, share information with citizens and provide improved government services and citizen welfare.

    Among these visionary endeavors, one project, in particular, has captured the world’s attention and sparked much debate: NEOM, a planned smart city in Saudi Arabia’s heart. But is NEOM a genuine catalyst for change or a mirage that dazzles the imagination? Let’s delve into it and find out.

    Related: Why Smart Cities Are the Path to a Sustainable Future

    How smart cities are transforming urban living

    Advancements in digital technology, IoT, AI and big data analytics have facilitated the growth of smart cities in recent years. These cities incorporate such technologies into their urban infrastructure to enhance mobility, encourage public engagement and optimize resource allocation.

    From using IoT-enabled sensors and devices to manage and maintain infrastructure to implementing intelligent energy grids and transportation networks to adopting data-driven governance and citizen-centered services, the potential advantages that smart cities can offer are extensive.

    The city of Dublin in Ireland is a great example of a city transitioning towards being a smart city and other cities are following suit, with many countries even embarking on ventures to develop planned smart cities. The Saudi NEOM is just one of them.

    Related: What Makes Smart Cities Smart

    Is NEOM a vision or a mirage?

    NEOM, Saudi Arabia’s planned city, has been positioned as a pioneering smart city project that aims to reinvent urban living. NEOM strives to build a vibrant ecosystem driven by innovation, sustainability and economic diversity across a wide span of approximately 26,000 square kilometers. The city pledges to develop a vibrant, technology-driven city by focusing on essential industries such as energy, biotechnology, tourism and entertainment.

    Let’s look at the potential NEOM holds to influence planned city projects around the globe and the skepticism surrounding it.

    Related: Why Smart Cities Are a Golden Opportunity for Entrepreneurs

    The potential of NEOM

    NEOM holds the promise of being a blueprint for future smart cities worldwide. Its emphasis on technology-driven solutions has the potential to improve energy efficiency, enhance mobility and bolster public safety, making it an attractive model for urban development.

    One area of potential impact lies in sustainable infrastructure. NEOM’s commitment to being powered entirely by renewable energy sources showcases a strong dedication to mitigating carbon emissions and promoting environmental sustainability.

    Another key aspect is the integration of autonomous transportation systems. NEOM envisions a network of smart mobility solutions, including autonomous vehicles and intelligent traffic management.

    Furthermore, NEOM’s emphasis on technology-driven solutions presents opportunities for innovation and collaboration. It aims to create an ecosystem that nurtures research and development, fostering partnerships between businesses, academic institutions and startups.

    Concerns about NEOM

    Critics have raised valid concerns regarding NEOM’s feasibility and sustainability. The massive scale of the project and its potential environmental impact have raised eyebrows. The successful realization of NEOM’s ambitious goals, such as being entirely powered by renewable energy and implementing autonomous transportation, is no small feat. Skeptics question whether such grand ambitions can be effectively executed in practice.

    Moreover, NEOM has also been at the forefront of several controversies, including the forced eviction of the Huwaitat tribe from their homes and human rights violations against migrant workers.

    The geopolitical context surrounding NEOM also raises additional questions. Its location near the borders of Egypt and Jordan and regional dynamics introduce uncertainties that could impact the project’s success. Political stability, collaboration with neighboring countries and the management of potential conflicts are among the key challenges NEOM must address.

    Related: Saudi Arabia’s NEOM: A US$500 Billion City Being Built ‘For A New Way Of Living’

    Can NEOM revolutionize urban development?

    NEOM’s ambitious vision for a smart city represents a bold endeavor that, if successful, could revolutionize urban development. However, it is essential to approach NEOM with a critical lens, considering the challenges and skepticism it faces. Monitoring its progress, addressing environmental concerns, ensuring long-term sustainability and navigating geopolitical complexities will be crucial for NEOM’s future.

    As NEOM unfolds, further analysis and evaluation will shed light on its potential as a transformative project. Balancing visionary goals with practical considerations is key to discerning whether NEOM will emerge as a visionary city of the future or remain a mirage in the desert.

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    Asim Rais Siddiqui

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  • How to Use Technology to Run Your Company as an Executive with a Limitation | Entrepreneur

    How to Use Technology to Run Your Company as an Executive with a Limitation | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    If you suffer a limiting condition, such as fading eyesight, mobility issues or total vision loss, technology can be the difference between leading in business and falling behind. Many executives experience common ailments such as farsightedness or broken limbs, temporary setbacks such as recovery from eye surgery or more permanent disabilities like hearing loss or blindness. In these situations, knowledge is power. I wouldn’t be able to run my company without technology.

    I was sixteen when the doctor told me I would be blind by forty. A devastating retinitis pigmentosa diagnosis brought a drastic new vision of my future. I knew the disease was progressive, so I had some time to research companies and products supporting people with vision impairments. As I’ve adapted to new tech, I am sharing some tools and in a small way, paying my knowledge forward. Programs have evolved, and I rely on several key software apps and devices to support me in my role as a blind CEO. Here are a few that get me through each day.

    Related: What Vision Loss Has Taught Me About Balancing Extremes in Business

    Screen enhancement

    Computer accessibility solution technology, such as Zoomtext, makes it possible for anyone with vision impairments to use their computer screen, assuming they can still use their mouse as well. Freeware and shareware programs are cheaper, but Zoomtext is more than a screen magnifier.

    The screen readability at high zoom levels is made possible by AI Squared technology that eliminates blurry text on freeware programs. With Zoomtext, you also get color-changing and enhancement capabilities. Vision impairment can strike anyone at any time. Looking into screen enhancements before you need them can help preserve your vision, preventing simple eye strain.

    Related: 5 Types of Technology All Entrepreneurs Need Access to in the Digital Age

    Voice accessibility technology

    My partner in running my company is JAWS or Job Access With Speech. Like Zoomtext, JAWS is a screen reader, but the advantage is that it works without a mouse, either with text or Braille. As long as the information is on a Word document or Microsoft Outlook email, JAWS will read it; in fact, JAWS and I get up early in the morning to start reading emails.

    The voice access tech allows you to send replies and compose Word documents. There are several levels of service at a variety of price options. Someone with significant vision loss or a legally blind business leader can still bring their heart, mind and talent to corporate teams, keeping communication channels open.

    Related: Employers Need Workers. Now They’re Realizing The Untapped Talent of These People.

    Tech readers

    Be My Eyes provides volunteers who can help visually-impaired persons “see” their environment. You can be connected to a live person who can see through the camera via your phone, assisting with navigating your surroundings or helping you do your work. If you’re having trouble finding a suite number or rooms at a conference, they can help. As a legally blind person, I might need help crossing a street, especially if my guide dog, Frost, can’t go with me someplace.

    AIRA, a paid service, can pull up a GPS map to pinpoint your location to help in navigation. AIRA uses screenshare; a remote person can take control of your computer to help do things directly, such as conducting research or filling out online forms. Tech readers can reveal what a piece of mail says, what a sign says, or read a document. Be My Eyes is developing a virtual assistant via the new Chat GPT4 language model. Both tech readers can help the visually impaired and business leaders with broken limbs or fingers to keep the recovery period productive.

    Orcam is about two inches in length, and it is tied to your sunglasses. After it magnetizes to the glasses, you can tap the Orcam, and it will take a picture of what you’re looking at, reading out everything it sees, from items on a shelf to the pages of a book; all ages can use it. Orcam can read bills as well as what’s being shown on TV. This is especially important if the announcer says, “Call the number on your screen,” without reading the digits. Now, you won’t miss out on infomercial purchases.

    Another tool, Cashreader, works with the iPhone camera. You can put any dollar bill up to the camera, and Cashreader will tell you the denomination. The tool reads not only dollars but all foreign currency.

    If you’re traveling, you now have options to get quick visual support, and on days you work long hours, you can lean on these tools to help you complete projects, work seamlessly in multiple locations, and always feel in charge of your environment.

    Labeling

    I invested recently in barcode labels and ID Mate; the latest version is I.D. Mate Galaxy. I can’t see the contents of closets and storage areas in my workplace. Something as simple as finding a file in a cabinet is a breeze with I.D. Mate. The barcode system takes a bit of time investment: You can have an assistant record the contents of storage bins, filing cabinets, boxes of documents, etc.

    All you do is point a reader at the barcode, and you will hear your assistant’s voice reading the information you need. This tech makes organizing your life a reality. You can now keep track of model and serial numbers on hardware or other information in fine print on machinery, equipment or containers. Barcoding and labeling save time, taking the mystery out of finding the things you need when you need them.

    Related: 5 Ways ChatGPT Is Empowering People with Disabilities

    Always new tools to try

    Companies and university engineers are developing new tools daily to help disabled persons to do things they couldn’t do before. There is technology to help quadriplegic people use their cell phones, response-to-text tools for people who are deaf or hard of hearing, and tech to help wheelchair users find accommodating facilities.

    Universities are embracing assistive tech on campuses across the country. Hundreds of technology aids and new products come out every day, designed to help you get through each day’s challenges. Anyone injured or dealing with low mobility, vision loss, or hearing impairment can work smarter; you can run your company, keeping the flow of work moving forward. If you’re open to new technology, you can emerge from the learning curve with a new sense of freedom that allows you to take charge of every area of your life.

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    Nancy Solari

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  • The Tale of Two Super Bowls — How Crypto Startups Can Thrive in a Bear Market | Entrepreneur

    The Tale of Two Super Bowls — How Crypto Startups Can Thrive in a Bear Market | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    While you might expect anything to grow in the winter, it is not the same with the cryptocurrency market. Startups do, surprisingly, start, and some even flourish. In this article, we will address your pressing question: to launch your dream project during the seemingly barren crypto winters or to wait for a bull.

    A crypto tale of two super bowls

    There was, of course, a time of superabundant flourish for all of crypto — 2022 was one. Super Bowl 2022 saw a slew of ads from crypto companies. In fact, Super Bowl 2022 was nicknamed the “Crypto Bowl.” The reason for this was not difficult to figure out: it was the crypto bull market. There was a rising demand in the market powered by the increasing popularity of NFTs, meme tokens and the metaverse.

    Fast forward to 2023, the market crashed — no thanks to Luna, FTX and the stiff crypto regulations that followed. There have been no Super Bowl crypto commercials this year, except for one misleading ad from an NFT-based game. The market’s image in 2023 starkly contrasted with what it was in 2022. Retail and institutional investors who embraced crypto last year didn’t want to touch it this time with a ten-foot pole. Crypto startups that once thrived struggled to stay afloat, while potential startups looking to enter the market now faced a dilemma: to launch or not to launch?

    Related: Bear With Me: 3 Ways To Capitalize During the Crypto Winter

    The dilemma of crypto winters

    There is no right or wrong answer to the question: to launch or not? However, this article will provide perspectives to help potential founders decide. But first, we will have to flashback to 2009 – the origin of Bitcoin.

    In the beginning, there was no market — When Satoshi Nakamoto created the first cryptocurrency, there was no crypto market. All the anonymous creator had was an idea that could solve global economic issues by democratizing finance. They were unsure of what to expect. Why would anyone believe, accept, and use a digital currency? Despite this and other valid concerns, Satoshi Nakamoto went ahead to create Bitcoin. And from that one currency, 25,794 coins and tokens (per data from CoinMarketCap) have been birthed.

    Early currencies that followed Bitcoin, such as Ethereum, Litecoin and Ripple, stuck to the plot of innovating within the established democratized financial system. But this wasn’t the case with many of the thousands of projects afterward. These projects, especially after the 2017 crypto boom, went off script. From ICOs and IDOs to meme coins and NFTs, the crypto industry became a center for speculation. Users were not concerned about use cases; they kept hopping from project to project, looking to make quick profits. This is why new founders face the dilemma of crypto winters. Should they risk their new project failing because of the high fear index of the market, or should they just wait to ride on the wave of market hype, albeit temporarily?

    Related: How should investors weather this ‘crypto winter’

    Startups vs. crypto winters: The present dynamics

    During bear markets, investors would rather stick with the few resilient projects they know and trust. New projects, even with viable utilities, may not get their attention if they do not see any quick way to profit from them.

    This is why the founders of meme coins do not bother about offering utility. PEPE, for example, had no utility yet surged by about 7000% within days, reflecting how greed, not value, drives the crypto market.

    But this is not to say that no utility-based projects have successfully launched during crypto winter. UniSwap is one such project. The decentralized crypto exchange launched in 2018 amid a rough bear market. But as of October 2022, the parent company, Uniswap Labs was worth $1.66 billion, controlled 64% of all DEX volumes, and the $UNI token had a market cap of over $5 billion. Users were able to see the project beyond temporary gains.

    Solving the dilemma

    I believe crypto winter is the best period to launch a crypto company or product. It is a period marked by less noise and less hype. A period to test the loyalty and sentiments of users or investors. However, the founder who wants to be successful during this period needs to fulfill two duties: (1) Have a viable product, and (2) Control the narrative.

    Viable blockchain solutions stand a high chance of surviving crypto winters. Though the market is looking for the next cash machine, a utility-focused project would never capture the market’s attention.

    Owning your story as a crypto startup

    Often, founders who successfully navigate the crypto winter are those that control their narrative. They are those that do not let the market stamp them with the “get-rich-quick” tag. These projects continue to present themselves as utility-based and community-centric, even when the market wants otherwise.

    Any founder can capture the attention of the market during bear markets. In fact, a bear market is a period where investors’ attention isn’t divided among the many projects displaying profitability simultaneously. So it is the best moment for startups to emerge provided that they are coming with unique crypto solutions. Once that’s settled, it becomes easy to sell their story to the market.

    Hence, by focusing on viable products with utility and controlling the narrative, emerging crypto startups can increase their chances of success in an unpredictable crypto market.

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    Vladimir Gorbunov

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  • 5 Ways Tech Companies Can Improve Their Sustainability | Entrepreneur

    5 Ways Tech Companies Can Improve Their Sustainability | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In an era where environmental concerns have reached unprecedented levels, businesses across all industries face the imperative of adopting sustainable practices. Among the various industries around the globe, the technology sector has emerged as a prominent player, recognizing the pressing need to prioritize green initiatives.

    With growing consumer awareness and demand for eco-friendly solutions, tech companies have realized that sustainability is no longer a mere trend but a critical driver of success that has a significant impact on their bottom line. According to research conducted by Deutsche Bank, companies with high ratings for environmental, social, and governance (ESG) have a lower cost of debt and equity. These findings were corroborated by MSCI in 2020.

    Additionally, the findings show that companies with high ESG ratings outperform the market in the medium and long term. Further, by implementing stewardship-focused programs, companies have not only seen growth in their financials but also in brand awareness.

    By adopting circular economic models, implementing waste reduction programs, and increasing their focus on extended life cycles of their assets, companies are creating a shift toward doing business from an eco-friendly perspective. This shift has created the need for companies that specialize in helping large organizations develop sustainability plans, operate with a focus on being eco-friendly, reduce waste, and implement strong stewardship practices.

    Here are five strategies that tech companies around the globe are using to level up their green credentials while decreasing their negative impact.

    Related: This Is Why Your Business Should Prioritize Environmental Efforts

    1. Embrace the circular economy

    The circular economy model is an economic framework that aims to minimize waste and maximize the efficient use of resources. In contrast to the conventional linear economy, circular economy promotes a closed-loop system where materials and products are continuously reused, repaired, remanufactured, or recycled to create new value.

    According to McKinsey, the European circular economy market size for electronics is expected to grow from €60 to €95 billion by 2030. Additionally, resource productivity is estimated to grow by 3 percent, which will generate cost savings of around €600 billion as well as €1.8 trillion in other economic benefits annually.

    For businesses, one of the most important resources they have at their hands is technology, be it software or hardware. Often, the largest and most impactful investments an organization makes are technology-related.

    With computer hardware accounting for around 30% of overall IT budgets, hardware spending is the largest portion of overall tech spending. Consequently, hardware products, such as laptops, tablets, and smartphones, are often at the top of the list in both cost and volume.

    The circular economy is based on the principles of designing for longevity and efficiency while minimizing waste and pollution. This is achieved by keeping assets and materials, such as smartphones or laptops, in use for as long as possible. Additionally, efforts are made to regenerate natural systems. In 2021, ATRenew reduced emissions by a total of 464,000 metric tons through re-commercializing pre-owned phones. This is equivalent to the carbon sink of about 1,533 square kilometers of urban forests in one year.

    2. Invest in eco-friendly products and manufacturing

    One of the key benefits of the implementation of a circular economy model is the reduction in waste. By prioritizing the reusing, repairing, and recycling of resources, the circular economy model minimizes the amount of waste that ends up in landfills or incinerators.

    According to the European Environment Agency, waste management, industrial processes, and product use account for over 12% of greenhouse gas emissions in the EU. Consequently, a circular economy model reduces the environmental impacts associated with waste disposal and mitigates pollution and greenhouse gas emissions during manufacturing.

    Investing in eco-friendly manufacturing processes and products is crucial for minimizing environmental impact. According to the Ellen MacArthur Foundation, 80% of a product’s environmental impact is decided in the initial design stages. Companies can increase their green credentials by using sustainable materials, reducing energy consumption, and minimizing waste.

    Further, sustainable practices attract environmentally conscious customers, positioning sustainable businesses as leaders in a competitive marketplace. In other words, embracing sustainability is both a moral and strategic imperative for the long-term success of any business.

    Related: How to Overcome the Shortage of Tech Talent in the US

    3. Encourage and facilitate recycling

    Recycling plays a crucial role in reducing electronic waste (e-waste), so encouraging it is important in promoting and advancing a sustainable approach to technology. With technological advancements continuing to happen at an astonishing rate, it is becoming increasingly important for tech companies to take responsibility for the lifecycle of their products.

    Companies can help reduce e-waste and minimize their environmental impact by implementing effective strategies, such as trade-in programs or recycling events that incentivize consumers to recycle their old devices. For example, tech companies can establish partnerships or in-house programs that allow consumers to trade in their used devices in exchange for credit toward a new purchase.

    Not only does this encourage the recycling of devices, but it also promotes brand loyalty and customer satisfaction. Education and awareness campaigns can also be powerful tools, especially considering that many electronic devices contain valuable and limited resources. Materials like lead, silver, copper and gold are essential for manufacturing new technology, making recycling even more attractive.

    Related: The U.S. Has a Huge E-Waste Problem. But There Is Money To Make in Its Disposal.

    4. Extend the lifecycle of devices

    Extending the lifespan of electronic devices offers both financial and environmental benefits. By offering repair services, manufacturers and third-party providers can help consumers prolong the lifespan of their electronic devices. Not only is this often cheaper than buying a new device, but it also reduces e-waste and minimizes the environmental impact of manufacturing a new device.

    Another approach businesses can take to extend the lifecycle of electronic devices is to sell their used devices. By selling thoroughly tested and repaired used devices at a reduced price with a warranty, consumers bask in a vibrant array of choices, extending beyond the realm of brand-new products.

    According to Counterpoint Research, the demand for refurbished smartphones continues to grow. In 2022, the global secondary smartphone market saw growth of 5% year-over-year, with refurbished iPhone sales growing by 16%. Additionally, the secondary market of refurbished devices also creates new opportunities for businesses and consumers to get some of their investments back, reducing the overall cost of ownership and making affordable technology more accessible.

    Manufacturers can also support the environment by making affordable replacement parts available and providing repair guides or tutorials. Companies can extend the lifespan of their products and foster customer loyalty simultaneously by embracing repairability and sustainability.

    5. Foster a culture of sustainability

    Promoting sustainability within the company culture is essential for sustainable organizations aiming to make a positive environmental impact. Integrating sustainability into a company’s core values, practices, and decision-making processes becomes a shared responsibility and commitment among employees, consumers, and stakeholders. This commitment then leads to a range of benefits for all involved parties, as well as the environment.

    Weaving a strong sustainability policy into a company’s foundation as well as educating and engaging employees, sets a whole new standard that also comes with numerous benefits. Not only do sustainable organizations attract quality employees and sustainability-focused customers, but they also benefit financially.

    For example, after successfully defining and implementing a stewardship plan focusing on sustainability, REI now has one of the most successful circular commerce programs of any outdoor retail brand, taking in around 100,000 outdoor-related items to be traded or resold in their store locations in 2022. By integrating sustainability into all operations, tech companies can drive change and contribute to a more sustainable future.

    Related: 3 Ways You Can Bring Sustainability to Your Workplace

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    Kerry Chen

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  • How Public Relations Builds Trust and Credibility for Your Startup | Entrepreneur

    How Public Relations Builds Trust and Credibility for Your Startup | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    You’ve just launched your dream business. You’ve been diligently marketing your products on social media, optimizing your website for SEO and preparing your inventory for your first major sale. You’ve amassed a significant following, and there’s a real interest in your products and your company. However, when the sales data rolls in, it’s significantly less than you anticipated. You’re left wondering, “Didn’t I do everything right?”

    Whether you’re running a new or established business, having a solid reputation in your industry is as crucial as any marketing tool or SEO-friendly website. Your clientele, customers and investors need to trust you. However, amidst all the packaging, paperwork and product production, it’s unlikely that you or your team have the bandwidth to work on developing this crucial credibility and reputation. That’s where a proficient public relations (PR) team comes into play.

    Related: Break Through the Noise: 5 Hacks to Boost Your Public Relations Efforts in a Noisy Digital World

    How does a PR team create business credibility?

    For clients and customers to invest their time and money into your business, they need to trust you. Too many people have been scammed by faux businesses claiming to sell non-existent products. Maintaining a trustworthy and credible reputation means that new clients won’t hesitate to employ your services or purchase your products. So, how does a business like yours become “reputable”?

    A PR team creates connections with existing, reputable media outlets to promote your business. They generate content, typically a guest blog or feature, that is sent to magazines, journals and other outlets to be posted and shared with an established readership. This way, your company is endorsed by a credible source and introduced to potential clientele. Podcasts are also an increasingly popular way to spread the word about your business. A PR team will leverage their existing connections and forge new ones to place information about your business with a reputable podcaster or outlet whose audience aligns with your brand’s aesthetics, goals and values.

    Sharing your brand’s story

    Sharing your brand’s story means connecting with your intended audience through the narrative you create around your brand. This narrative can include your history, values, goals and more. It helps new and existing customers understand who you are as a company and why they should invest their time and money in you. Podcasts and blog features can be a great way to tell your brand’s story in a longer format. Telling your brand’s story gives clients something to root for, an ethos that compels them to stick around with your company. Part of having a PR team is their ability to use outreach to expand your audience while making your business appear legitimate and credible.

    This is an excellent opportunity to talk about your brand’s mission, involvement with social activism, core values, or modes of sustainability/ethical consumption utilized by your brand. Some customers and clients look for these aspects before deciding to make a purchase.

    Building positive relationships

    PR also aids in forming positive relationships with your potential and current customers. Part of confirming that you are a reputable business and crafting a narrative surrounding that business is so that your clients return to your company, not your competitor. You want people to be aware of your brand and loyal to it.

    Connecting with existing media outlets, influential individuals and other reputable sources will aid you in promoting and maintaining a thriving business. The next step to boosting your business is undoubtedly hiring a PR team today. They will help you navigate the complex public relations landscape, ensuring your brand’s story is heard and your reputation is solidified.

    Related: Does Your PR Agency See You as a Project or a Partner?

    The role of PR in crisis management

    Another crucial aspect of PR is crisis management. In the event of a mishap or controversy, a PR team can help mitigate damage to your brand’s reputation. They can craft thoughtful responses, manage communications with the media, and guide your business through the storm. This proactive approach can help maintain credibility and reassure customers during challenging times.

    PR and social media

    In today’s digital age, a PR team’s role extends to managing your brand’s presence on social media. They can help shape your online image, engage with your audience and respond professionally to feedback or criticism. A well-managed social media presence can enhance your brand’s reputation, reach a wider audience and drive customer engagement.

    Related: In The Run for Success, What’s More Helpful PR or Social Media?

    PR and community engagement

    PR teams also play a vital role in community engagement. They can organize events, partnerships, or initiatives that align with your brand’s values and contribute positively to your community. This boosts your reputation and fosters a deeper connection with your audience.

    In conclusion, a PR team is an invaluable asset for any business, new or old. They can help build and maintain your reputation, connect with your audience, manage crises and much more. Sharing your brand’s story and values can foster customer trust and loyalty, ultimately driving your business’s success.

    If you want to boost your business, hiring a PR team should be your next step. They can help you navigate the complex public relations landscape, ensuring your brand’s story is heard, your reputation is solidified and your business thrives. A good reputation is just as important as any marketing tool or SEO-friendly website.

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    Morissa Schwartz

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  • How to Manage a Startup Through Recessions and Downturns | Entrepreneur

    How to Manage a Startup Through Recessions and Downturns | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    A hesitant market and retraction in funding has directly impacted startups at every stage of growth. So how can founders steer their companies through a difficult period and come out stronger on the other end? I’ve led businesses through two economic downturns, in 2008 and 2020, and I’ve found that while no two downturns are the same, key learnings can help founders effectively manage through these headwinds.

    Here are some critical tips I’ve learned when times were at their most dire.

    Focus on what you can control

    Negative headlines have risen steadily over the last two decades alongside the rise of cable news and social media. Despite study after study showing the poor effects on mental health as a result of negative headlines, the trend has continued. Why? It’s simple: negative news sells.

    Downturns are distracting and stressful, especially for business leaders who are trying to focus on decisions. According to a 2021 Harvard Business School survey of global CEOs, the most recent crisis left them feeling just as “scrambled and unsure as their employees.”

    To effectively manage through negativity, it’s important to focus on what you can control: reducing waste and expenses, increasing efficiency and building your product or service to serve customers better. Tuning out the noise will help you maintain focus and stay grounded.

    The reality is that downturns impact everyone, and if you’re affected, your competitors are too. Focusing on your business and what you can control will leave you in a far stronger position once the market stabilizes.

    Related: How to Recession-Proof Your Business

    Keep cash on hand

    If you wait until a downturn to think about generating cash, it’s already too late. That’s why companies must reach a profitable state on a timeline that makes sense for that business. Even in growth mode, founders can focus on a clear line of sight to profitability while simultaneously planning when to limit overgrowth.

    The main benefit of having cash on hand during a downturn is that it lets you continue investing with a focus on the long term while everyone else is waiting it out on the sidelines. It also means you won’t need to raise funds during a time when purse strings are tight, and you’ll inevitably get less favorable terms. According to our research, the most common reason startups fail is, unsurprisingly, running out of money (37%). By having cash on hand or cash coming in, you can avoid the worst possible scenarios.

    Another important way to conserve cash is to build a culture of reducing waste. Our portfolio companies perform a monthly bottom-up expense review to help cut waste continuously. When there is a downturn, this eliminates the need to review prior month’s (or year’s) worth of expenses. Leadership can instead focus on running the business and making continuous improvements.

    If you have money on hand, what can you do with it during a downturn? You can negotiate better terms on long-term contracts like real estate and advertising or focus on hiring for key positions with more available talent on the market. Cash can solve many of your problems, but maybe more importantly, cash can always be put to use for longer-term investments.

    Related: 4 Ways to Adopt and Maintain a Growth Mindset Even During a Recession

    Look to the future

    In 2010, Harvard Business Review analyzed 4,700 public companies that weathered the recessions of 1980, 1990, and 2000. The researchers found that 17% of the companies fared particularly poorly — they went bankrupt or were acquired — and 9% flourished coming out of these difficult times, outperforming competitors by at least 10% in sales and profit growth.

    What did the businesses that thrive have in common? The authors shared that the successful companies focused both on operational efficiency and continuing to invest “comprehensively in the future by spending on marketing, R&D and new assets.”

    Downturns can be a great time to focus on building so that your company is ready for the eventual upturn — which will happen. During economic slumps, many companies pull back and wait on the sidelines. That’s a reactionary, short-term mindset and creates opportunities for other businesses that have their eye on the long term. If you have enough cash to sustain the company during a quiet period, you can more aggressively invest in growth at a time when others aren’t. This can mean targeting new consumer segments, working on a new product or hiring a new team of developers.

    Related: 4 Ways Entrepreneurs Can Achieve Massive Growth in a Recession

    Conclusion

    Scarcity drives creativity and innovation; entrepreneurs can flourish with the right mindset and strategy. Remain focused on building your business, think long-term and sketch out opportunities for growth. If you have managed your capital and been prudent about your growth strategy, then you will be well-positioned to take advantage of a slowdown and enjoy a head start when others still have their business in first gear.

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    Phil Santoro

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  • Ecommerce And Tech Companies Have Much to Learn From Each Other | Entrepreneur

    Ecommerce And Tech Companies Have Much to Learn From Each Other | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    There are lessons to learn every day in the business world. Often, we find ourselves looking to companies in our industry or vertical for winning examples and strategies. This is a great habit, but sometimes you have to look beyond the familiar to find new unique approaches to growth that you can adopt.

    As someone who wears many hats and has been part of all different types of online startups — from SaaS healthcare platforms to an ecommerce brand that makes wild pool floats, consumer real estate market places and even card games — I have come to realize that everything and everyone has something to learn from each other.

    Nowhere is this truer than in the sometimes disparate worlds of SaaS (software as a service), technology companies, and direct-to-consumer ecommerce companies. Besides the key differences between software and physical products, the way these companies operate can be opposites. Sometimes you need a foot in both worlds to realize how much two industries must learn from one another.

    Building brand loyalty

    Ecommerce has traditionally been hyper-focused on building brand loyalty as a means to grow. This should always be a priority, with a reported 72% of global customers saying they feel loyalty toward at least one brand or company. These businesses build loyalty with referral programs, freebies, rewards, stellar customer service and all-around great engagement. While each of these perks can apply to tech companies, too, building brand loyalty within SaaS tends to happen more organically through product innovation and efficiencies.

    The first lesson tech can learn from ecommerce is that intentionally building a brand to earn loyal SaaS subscribers is critical for retention. That means innovating specifically with user feedback in mind, which can be even more effective when customers and clients are closely involved in the personalization of a platform. That way, these customers graduate from passive users to being completely dependent on what you have built for them.

    In SaaS, there has been a movement to open development, which allows users to determine the next best features that should be created. This builds a brand and loyalty, as they feel part of what you are building and stick around to see their ideas come to life. Put a cherry on top, and don’t be afraid to throw the odd piece of free merch for great product feedback. On the flip side, ecommerce can learn from its tech counterpart to branch out from the brand loyalty route and adapt its core products to meet market needs.

    Related: How This New Style of E-Commerce Transforms Online Business

    Scaling up

    When we hear about tech companies rapidly scaling, it’s often due to Moore’s law of network effects — which refers to when more usage lends itself to a better overall experience and greater value for all users. In other words, the more players, the more winners. This allows tech companies to receive free, organic advertising when active customers bring more users to the platform.

    In contrast, when you look at ecommerce companies, they have historically scaled through advertising campaigns. That’s where the next lesson comes in: ecommerce companies need to learn how to better leverage outside resources. This includes partnerships with influencers, ambassador deals, capitalizing on positive word-of-mouth chatter, and prioritizing organic sales through referrals.

    It’s easy to get stuck in a digital bubble with ecommerce, where blasting out digital ads and social media promotions en masse into the ether feels like the ceiling. But ecommerce companies thrive when the digital world meets the real, and they can learn a lot from the time and attention tech companies give to their users.

    Related: 5 Dos and Don’ts of Scaling Your Tech Startup on a Budget

    Efficiency

    Every business strives for efficiency, but ecommerce can teach tech companies to be especially lean rather than overly focused on headcount and headlines. For example, ecommerce brands use various tools to outsource human needs to help their companies scale faster. Examples include software platforms for inventory management, data entry, automation, virtual assistants, analytics add-ons, remote website developers, AI customer service and much more.

    Ecommerce companies don’t run day-to-day operations the same way your typical brick-and-mortar store would, meaning efficiency isn’t a preference but a necessity. Tech companies should learn to leverage their own internal tech stack of partners — your software and technologies needed to run your platform — which can also turn into a referral network.

    SaaS has been affected by the recent shift in the market demanding massive cost-cutting, leading to recent layoffs with companies getting more capital-efficient and profit-focused rather than growth at all costs. Ecommerce tends to stick to the basics and is naturally required to be profitable to operate. This is crucial now that the market has shifted, and all eyes are on tech companies’ financials, not just their growth.

    Related: Hack Your SaaS Growth With These 3 Easy Strategies

    Synergistic teams

    Ultimately, it still comes down to the people when we put aside the tech logistics and business jargon. Yes, we may be reading headlines of AI and automation getting better and more intelligent by the day, but there are no signs of it replacing the core roles just yet. Both ecommerce and technology companies need to leverage the strength of a synergistic and aligned team that can move fast, efficiently, and innovate. The founder’s role should always be to steer the ship in the right direction, keep it on course, promote the company, and gain notability.

    If there’s one thing I’ve learned, scaling up doesn’t happen when you stick too close to the book. Think outside the box, operate like every dollar spent comes from your life savings, and it will push you to get scrappy and force innovation. Some of our most valuable lessons can be right in front of us, primed and ready to be applied in a whole new business setting waiting for lift-off.

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    Patrick Frank

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  • A Missing Tech CEO Is Found Dead In Santa Monica | Entrepreneur

    A Missing Tech CEO Is Found Dead In Santa Monica | Entrepreneur

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    Santa Monica police reported that the remains of Beau Mann, the founder of the tech company Sober Grid, were found in the courtyard of an abandoned property late last month. Dental records confirmed his identity, and no cause of death has been determined.

    The company said on Facebook, “Beau was a beautiful soul who spent the better part of his life helping others.”

    Mann, 39, had been missing since November 20, 2021. Surveillance footage showed him exiting an Uber and entering a 7-Eleven in the San Fernando Valley at 2 am. LAPD police reported that Mann made a 911 call from another Uber shortly after that, but they could not locate him. Uber records indicate he was dropped off in Santa Monica at 2:35 am, near Sober Grid’s offices. That was the last record of his travels.

    Mann’s disappearance has mystified his family and law enforcement ever since. Last year, he was featured in an episode of Dateline’s “Missing in America” series.

    Related: Cash App Founder Bob Lee Found Stabbed to Death in San Francisco

    Foul play is not suspected

    Earlier today, Dateline spoke with Sergeant Erika Aklufi of the Santa Monica Department, who said foul play was not suspected. Police investigated Mann’s Uber driver early on in the case, but didn’t file charges.

    Mann founded Sober Grid in 2015, an app that connects people in recovery, helps them find meeting, and offers support. According to his family, Mann spent his early years struggling with drugs and addiction, but “he turned his focus and passion towards helping others” by launching Sober Grid. The app currently has a member base of over 300,000.

    “While he is no longer with us, we know Beau’s spirit will live on in Sober Grid’s mission to help those in need,” Sober Grid said in a statement.

    Police are asking for assistance on the case. Anyone with any information about this incident or person(s) involved is encouraged to contact SMPD Detective Ismael Tavera at 310-458-2256, Ismael.tavera@santamonica.gov, or the Watch Commander (24 hours) at 310-458-8427.

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    Jonathan Small

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  • 10 Presentation Trends to Help Your Next Pitch | Entrepreneur

    10 Presentation Trends to Help Your Next Pitch | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Presentations have become a critical part of professional and educational settings. Whether you are pitching a new project, delivering a report or teaching a lesson, your presentation design can make or break your message. So, you must hit the nail on the head with every presentation you make.

    As a result, the demand for visually engaging and convincing presentations is on the rise. In fact, a whopping 91% of presenters feel more confident when presenting with a well-designed slide deck. However, effective presentation design is not static. It evolves with changing preferences, technologies, and expectations of the audience.

    To keep your presentations fresh and engaging, you must stay on top of the latest trends and best practices in presentation design. So, this blog will update you on the latest presentation design trends to help you stay at the frontier of the art of presentation design. Let’s begin!

    Related: 5 Sales Presentation Tips From a Self-Made Millionaire

    Top 10 modern presentation design trends in 2023

    Replace boring traditional presentations with modern presentations that grip the audience by incorporating these top 10 presentation design trends in 2023.

    1. Use of augmented reality (AR). Enhance your presentation by overlaying digital information onto the physical environment through augmented reality. This creates a more interactive and realistic experience for your audience, making your presentation more memorable.
    2. Flowing shapes. Incorporate organic and irregular shapes into your presentation design to create dynamic and attractive visuals that capture attention and maintain focus. These flowing shapes add an element of movement and energy to your slides, keeping your audience engaged. Here is an example of flowing shapes while implementing dark modes.
    3. Application of 3D design. Use realistic and immersive graphics to create depth and dimension by adding 3D elements that enhance your content. Ensure that 3D graphics are high-quality but do not slow down your presentation or distract the audience.
    4. Increasing popularity of dark mode. Utilize dark backgrounds and light text to reduce eye strain and make your content stand out. This design feature looks modern and enhances readability, ensuring your message gets across effectively.
    5. Growing use of interactive VR technology. Take realism and engagement to the next level by creating VR 3D experiences that customers can interact with using VR headsets and controllers. These are highly engrossing presentations that are tricky to master but unparalleled in effectiveness.
    6. Application of Artificial Intelligence (AI). Employ algorithms and machine learning to automate and optimize various aspects of presentation design, such as content creation, data analysis, speech recognition and personalization. This allows you to focus on delivering an impactful message while AI takes care of the design details.
    7. Increased use of video content and mixed media. Video content is highly popular, making more than 82% of web traffic, and you can leverage them in your presentations as well! You must also combine audio, visuals, animations, and text to deliver a rich, immersive experience that caters to different learning styles.
    8. Advanced data visualization. Transform complex data into simple and clear visual forms using graphs, infographics, animations, and explainer videos to support your arguments and reveal insights. By presenting data visually appealingly, you can make your presentation more persuasive and easier for your audience to understand.
    9. Increasing use of short videos, animations and GIFs. Utilize animated images or clips to convey information or emotion, but keep animations short and relevant to maintain audience engagement. Also, remember to optimize animation and GIF file sizes to prevent slow loading times. Here is an example.
    10. Holographic presentations. Holographic presentations are a way of using multimedia content (such as images, videos, charts, etc.) to communicate with your audience through an engaging, three-dimensional medium. They can be created by using cameras that capture the speaker from different angles and project them onto a special screen or platform. They can also include special effects and sounds to enhance the experience.

    Related: 5 Tips for Giving a Killer Sales Presentation

    Tips for creating and delivering a killer presentation

    Ready to incorporate the latest trends into your presentations? Follow these pro presentation tips to make the most of your first modern presentation-

    • Do proper homework on the subject. Research your topic thoroughly to ensure you can present accurate information and answer questions confidently.
    • Start with a hook. Include an interesting or surprising fact, statistic, or anecdote that captures your audience’s attention and encourages them to want to learn more.
    • Tell an engaging story. Narrate a story that relates to your topic, making it more relatable and memorable for your audience.
    • Use visual elements. Incorporate high-quality images, graphics, and videos to support your message and maintain audience interest. Presentations having visuals are 43% more persuasive than those lacking them.
    • Add a touch of humor. Lighten the mood with appropriate jokes or funny anecdotes to make your presentation more enjoyable and memorable.
    • Have a parking lot for questions. Set aside time at the end of your presentation for questions, ensuring you address any audience inquiries or concerns.
    • Keep it short and simple. Limit your presentation to the essential information and avoid lengthy explanations. The optimal length of a presentation is between 15 and 20 minutes.
    • Incorporate Data when required. Use data, statistics, or charts to back up your points and add credibility to your presentation.
    • Practice your delivery. Rehearse your presentation multiple times to ensure a smooth and professional delivery.
    • Maintain eye contact and interact with the audience. Engage with your audience by making eye contact, demonstrating confidence and fostering a connection.
    • Control your pacing. Speak slowly and clearly, pausing when appropriate to allow your audience time to absorb the information.
    • End with a strong closing. Summarize your main points and conclude your presentation with a memorable statement or call to action.

    Related: Plan the Perfect Presentation for Your Audience With These 5 Tips

    Implementing these presentation design trends and tips will help you create visually appealing and compelling presentations that stand out and capture your audience’s attention while communicating your message.

    To get started, you can use any reputed presentation design tool or go with a presentation design agency and leverage their expertise and experience to ensure the best standards. Whichever option you choose, always remember to stay up to date with the latest design trends and continually refine your presentation skills to stand out and make a lasting impression.

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    Vikas Agrawal

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  • How Raise Funds As a Startup | Entrepreneur

    How Raise Funds As a Startup | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The world’s best surfers will tell you that to be incredible, you have to wait for the right wave. Every wave you choose to paddle consumes an incredible amount of energy, time and mental concentration. If you’re able to channel all of your skill and stamina into that one beautiful wave, you will be much more successful than trying to ride 50 bad ones.

    As a new founder, you don’t have the resources to catch every wave — nor is it prudent to do so. You must be calculated and strategic so you can make the most of your chance to make it.

    The traditional bank route

    For startups considering going the bank route, this probably isn’t your wave. With interest rates soaring to nearly double what they were last year, free money is no longer an option. Most startups don’t have the luxury of deep pockets to begin with, making traditional lending unviable. One of the few exceptions is for those running a minority-owned business or a member of a group with historic barriers to capital; in these cases, SBA loans are still worth considering because of their adjusted terms.

    If you don’t qualify for SBA and the bank route is your only option, here’s a word of caution: wait until the rates stabilize. As with any market instability, the next twelve months will tell the country’s financial future.

    For those unwilling to wait out the storm, think about basic accounting: if your company is running at 50% gross profit and 30% net profit, don’t make the mistake of assuming that a 4% increase in sales will make up for a 4% increase in interest on your loan. It won’t. You need to increase your profit by 4% — you need to increase your sales by 12-15%. If you choose to lock yourself into a high-interest loan, be prepared with a solid money strategy and solid reasoning that justifies giving away that much money.

    Another option worth considering is a line of credit. They’re easier to manage, and you can see your borrowed total shrinking, similar to a checking account. At any given time, entrepreneurs are juggling a thousand different things to make their business successful, so do anything you can to simplify the financials.

    Related: 4 Ways to Deal With High Interest Rates in Every Part of Your Business

    The VC route

    While the bank wants to know about your assets before writing you a check, VCs must be approached differently. Your asset is your three-year business plan, and it better be rock solid. As an investor, I’m looking for founders willing to eat, sleep, drink, and marry their business — and I want to make sure I know all of that about you in the first three minutes we’re talking. That may sound like a lot of pressure, and it is — so is starting a successful business from the ground up.

    As a VC, I’m looking for a founder who knows the market, their product, how much money they need and what they will spend it on. The minutiae can come later, but if you can’t convince me that you’re fired up about your idea, and you’ve done your homework, it’s a waste of both of our time. One of the first red flags is when entrepreneurs aren’t willing to commit all their time and money to their own endeavors. If you’re hoping to maintain another job or want VCs to invest money into a plan you’re not willing to invest in yourself, you have the wrong approach.

    When you approach a VC, ask for more than you need. The person who comes to me and tells me they need $300k but is asking for $500k is the person I want to talk to. At the end of the year, entrepreneurs often find themselves back at the VC’s door asking for more money simply because they failed to plan for how much they’d realistically need. Asking for the wrong amount the first time is a mistake, and that second investment will cost you significantly more.

    Related: 3 Ways to Raise Capital and Take Your Business to the Next Level

    Alternative options

    Numerous micro-funding organizations have popped up in the last few years. These non-bank lenders are gaining popularity, offering microloans for anything under $50,000 with a streamlined credit process. Unlike traditional loans, these microloans are designed to give small business owners a leg up without drowning them in debt, making it a smart option for entrepreneurs who only need a small amount of money to launch their businesses.

    Related: What is the Federal Funds Rate and How Does it Impact Loan Rates?

    Preparedness is your biggest asset

    To secure funding for your business, the first step isn’t to ask for money; it’s to determine exactly how much you’ll need. I always encourage entrepreneurs to create an expense budget that includes all their bills for one year. Whatever budget you come up with, increase that amount by 15% because you will need a cushion. Whatever you forecast in revenue, deduct 15% because you likely won’t hit your revenue targets. Within that final number lies the truth of how much lending you need.

    This isn’t pessimistic; it’s just the way that it works — you figure out what’s reasonable, and then you add a safety net for everything unforeseen. We tend to overvalue our ability to create something quickly without any hiccups. By accounting for these contingencies before they crop up, you can better prepare to face them when they inevitably appear.

    Plan your move wisely

    Where and how you choose to obtain funding could make or break your business. Take a breath, look for advice, and try to make smart financial decisions. If the time doesn’t feel right, trust your gut; no one will steal your idea overnight, so it’s OK to wait. As you consider your options, look at the bigger picture, like economic stability, interest rates, and future implications, before making your move. After all, it may be the only move you have.

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    Shannon Scott

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  • Is AI a Threat to Remote Work? Understand the Crucial Challenges and Opportunities of AI | Entrepreneur

    Is AI a Threat to Remote Work? Understand the Crucial Challenges and Opportunities of AI | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The dawn of the 21st century has ushered in the era of remote work. With technological advancements allowing for increased connectivity amongst individuals, organizations can now operate from disparate locations around the globe. The concept of remote work has been gaining traction over the last decade, with more companies embracing it as a viable option for their businesses.

    However, despite its potential benefits, particular challenges must be addressed if remote working is to become an integral part of the workforce. In this article, we will explore some of these challenges and opportunities that lie ahead regarding the future of remote work.

    Related: When Office Return Turns Sour: Apple and Twitter’s Struggles Reveal Fractures in Corporate Culture

    Challenges

    One of the primary challenges associated with implementing a successful remote work policy is ensuring that employees remain productive while away from their traditional office environment. It is essential to create effective communication systems and establish clear expectations around duties and tasks to ensure that employees remain motivated and productive. Without these safeguards, productivity could suffer due to distractions or lack of motivation.

    Another challenge is providing adequate support systems for staff. When managing a distributed team, it can be challenging to provide consistent feedback and guidance on activities and effectively monitor progress and performance. This can lead to feelings of isolation among staff members, which can harm employee well-being and overall business performance.

    Opportunities

    Despite these challenges, many opportunities are associated with introducing remote working policies into organizations. One such opportunity lies in cost savings for employers; by reducing rental costs on office spaces or eliminating travel expenses for commuting staff members, organizations can make significant cost reductions which can improve financial performance or provide additional funds for other investments within the business.

    Remote working is also beneficial from an employee perspective; studies suggest that staff who can work experience increased job satisfaction due to improved flexibility and control over their daily routine remotely. Additionally, enabling remote working also provides employers access to global talent pools as they no longer need to be confined by physical boundaries when recruiting new staff members.

    Finally, enabling flexible working arrangements could help organizations become more agile in responding to changing customer needs or market conditions; by having access to external resources, they’ll no longer need to rely solely on internal resources when adapting their operations quickly.

    Related: Benefits of Remote Work are a Widespread Success

    Impact of artificial intelligence on business and society

    As technology advances exponentially, so does its application within various fields, including business and society. Artificial intelligence (AI) presents great potential for increasing efficiency and creating innovative solutions within various industries such as healthcare, finance and manufacturing. However, like any new development, AI also raises concerns about its potential societal implications. In this section, we shall explore some key ways AI may have both positive and negative implications for businesses, society and human rights.

    Positive effects

    1. Enhanced accuracy and efficiency — One significant advantage artificial intelligence offers are its ability to improve accuracy & efficiency across many different tasks. For example, AI-powered bots and applications can automate mundane tasks with precision far beyond what humans would be capable of achieving. This increases output accuracy while freeing up valuable time, which could instead be used to tackle higher-value tasks. As such, adopting AI-driven solutions often leads to increased operational efficiency & cost savings, which can benefit both businesses and society.

    2. Improved decision-making capabilities — AI technologies also possess remarkable decision-making capabilities, which can significantly aid in strategic decision-making processes. For example, using automated data analysis algorithms, businesses can gain valuable insights about target markets and customers, leading to improved marketing strategies and customer service protocols.

    Similarly, healthcare providers may use AI-driven genomic mapping algorithms to identify diseases earlier than possible, enabling more effective treatment plans before symptoms develop. Such innovations present great potential benefits to societies at large, providing improved medical care while simultaneously reducing costs associated with wasted resources resulting from ineffective decisions being made previously.

    Related: How to Leverage AI for Maximum Benefits for Your Business

    Negative effects

    1. Loss of human jobs — One concerning factor raised frequently when discussing potential impacts AI might have upon society relates to the loss of jobs currently done by humans being replaced by machines taking over roles once held by people. At the same time, it may create social difficulties, particularly for those already vulnerable, such as low-income earners and elderly citizens

    2. Regulation — Another downside of automation through artificial intelligence lies in difficulty surrounding regulation and enforcement. Given the current rate of advancement, technology outpaces traditional regulatory systems meaning lawmakers struggle to keep up with ever-changing technical sectors. This means laws may not sufficiently address issues directly related to emerging technologies, leaving them open to exploitation.

    While artificial intelligence has great potential to enhance different aspects of our lives, both personally and professionally, there still remain ethical considerations, and problem areas arise should we fail to pay attention to what exactly controls us.

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    Kartik Jobanputra

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  • What Happened to All the Medtech Unicorns? | Entrepreneur

    What Happened to All the Medtech Unicorns? | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Medical tech (medtech) startups found themselves flush with cash a couple of years ago for quite obvious reasons. Pandemic-fuelled investment pushed VC funding for medtech and health-focused companies to unforeseen heights, ensuring that exemplary companies creating innovative technology to boost our collective health got the backing they deserved.

    But times have certainly changed. The tech industry now finds itself reckoning with a banking crisis and VCs shifting priorities (and funds) towards scorching hot generative AI projects. That shift has caused funding for early-stage medtech companies to decline significantly, with numbers sliding by the billions across the board for digital health projects.

    Related: Areas in Medtech That Need Innovative Entrepreneurs

    Why is this happening?

    To clarify, the funding well has not completely dried up for medtech projects. But the industry has become far more competitive now that the pandemic has moved to the periphery of public consciousness. But it’s unfair to place the entire blame for VCs pivoting away from medtech solely on the world emerging from COVID; there are other contributing factors driving entrepreneurs and liquidity providers to consider other industries.

    For one, medtech is not a trend-proof industry immune to wider economic conditions. And although the digital health industry has seen a huge boom in the past decade, macro-level trends do eventually shift to something newer and more enthralling. AI has become a scene-stealer in terms of tech funding, and while many medtech companies champion AI use to help upgrade multiple aspects of healthcare, other projects might feel like there’s no outside funding to turn to.

    Another factor that could contribute to the slowdown of VC funding in medtech is the pace at which health developments move, particularly in testing and regulation. While blockchain and AI projects can enjoy building in a regulatory gray area (for now), any medtech device or solution has to undergo strict review to become widely available to consumers. This is where we often see a collision when revenue-driven startup ideologies and rigorous healthcare standards meet, whether it’s the FDA or another regulatory body.

    With this in mind, it makes sense as to why the VC mentality doesn’t always mesh well with an industry that relies heavily on regulatory clearance to progress. A growth-minded VC familiar with the nimble pace of a spritely tech startup is probably in for a rude awakening when a medtech company can’t grow at the speed it wants it to.

    But there are a few ways for medtech companies to adapt in a funding drought, whether it’s exploring different funding sources or reevaluating their value proposition.

    Related: 3 Alternatives to Venture Capital Funding for Startups

    What can medtech projects do?

    In a way, the medtech industry is much better equipped to survive a downturn in outside funding because it was one of the first modern tech sectors to learn about the importance of flushing out bad actors. It’s a harsh lesson that nascent industries such as crypto now face and generative AI projects will likely face in the future as the moral and societal problems of its development are called into question, even by its industry peers.

    And when a scandal involving generative AI eventually does happen, outside funding will inevitably turn back towards industries that could withstand it the first few times.

    It’s never a good indicator when companies in burgeoning tech sectors make cuts to their ethics teams; this is another leg up that medtech companies have over other industries. The ghost of Theranos still looms large over any public-facing medtech development, which is shockingly effective at keeping most projects ethically in line. Medtech founders understand that you can’t build products that affect people’s health with an MBA and a dream; it is a field that requires some sort of background and experience to execute effectively.

    That being said, there are also spaces in medtech development for entrepreneurs to explore that don’t directly impact consumers’ health but assist the medical sector in other ways.

    Entrepreneurs and developers in medtech should shift their focus on projects that either address the most common pain points in healthcare or projects that bridge different industries to create innovative healthcare solutions. It requires more creativity, but repurposing technological facets of other industries can help address very real challenges in healthcare.

    For instance, in 2022 alone, more than 40 million Americans had their medical records exposed through data breaches according to an analysis from USA Today. These breaches only build on a recurring critique of the barriers for patients to have access to their medical records across health systems, either for their safekeeping or to understand their own medical history and needs.

    To help solve these issues, smart-document SaaS provider ShelterZoom developed one of its key products for use in healthcare to empower patients to have full access and control of their medical records. The idea is to help patients outmaneuver the crushing bureaucracy many people face when seeing multiple doctors or specialists.

    This clearly illustrates how development that utilizes tech infrastructure from a completely unrelated industry can bolster medtech’s positive impacts through specific, clever reinterpretation. And these kinds of developments can often clear regulatory hoops much faster than medtech that directly impacts medical practices and procedures.

    It’s understandably difficult for medtech companies to get the same amount of attention that they used to. But it’s not impossible to stand out to outside investors, even when the trends aren’t necessarily in an industry’s favor. Likewise, it’s important to look outside of the VC bubble to help drive growth-stage development, and part of that requires creating a product that can stand on its own merits.

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    Ariel Shapira

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  • 9 Uncommon Marketing Strategies for Startups | Entrepreneur

    9 Uncommon Marketing Strategies for Startups | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Tired of reading the same old marketing advice for your startup? When I started my journey as an entrepreneur, I knew how to build things, but marketing them was a different ball game. Every corner of the internet seemed to echo the same advice  —  paid ads, email campaigns, blog posts and SEO.

    It felt like an oversaturated market, and I began to wonder if any marketing strategies could make a difference until I implemented these nine lesser-known yet powerful marketing strategies that will breathe new life into your startup and help you stand out in the crowd.

    1. Guerrilla marketing

    Guerrilla marketing is an innovative and unconventional approach to promoting your brand, enabling you to leave a unique impression by steering clear of traditional marketing methods. It’s a really broad term, but this strategy essentially focuses on high-impact, low-cost tactics that capture the attention of your target audience in unexpected ways. For instance, organizing a human-typography event where volunteers spell out the name of your brand and have photos taken, given their consent.

    Here are some examples of famous Guerrilla Marketing campaigns:

    1. Airbnb’s “Van Gogh’s Bedrooms” Campaign: Airbnb transformed a replica of Van Gogh’s bedroom into an Airbnb rental. The company marketed the experience on social media, and it went viral, leading to a significant boost in brand awareness.
    2. Burger King’s “Whopper Detour” Campaign: Burger King offered customers a Whopper for only one cent if they ordered it from close proximity to a McDonald’s location. The campaign generated buzz on social media, and the company’s mobile app saw a surge in downloads.
    3. Coca-Cola’s “Share a Coke” Campaign: Coca-Cola replaced its logo on bottles with popular names, encouraging customers to share a Coke with friends or family members. The campaign was a huge success, generating millions of social media mentions and a significant boost in sales.
    4. Metro Trains’s “Dumb Ways to Die” Campaign: Metro Trains created a catchy song and video that showed cartoon characters engaging in dangerous behavior around trains, in an effort to promote railway safety. The video went viral and led to a significant decrease in train-related accidents.
    5. Old Spice’s “The Man Your Man Could Smell Like” Campaign: Old Spice created a series of humorous ads featuring a shirtless man showing off the benefits of Old Spice. The ads went viral and led to a significant increase in sales.

    Related: 7 Guerrilla Marketing Tactics That Will Grow Your Business When Money Gets Tight

    2. Promotional Merchandise

    At first, it may sound cliché, but get creative with your promotional merchandise. Instead of printing t-shirts for sale on your website, think outside the box. For instance, at Discovery Dose, we print beer coasters with intriguing facts about alcohol and distribute them for free to bars throughout Europe. Quite creative, wouldn’t you agree?

    3. Online directories

    Listing your startup in online directories can help you reach new customers and improve your search engine rankings. Search for directories that serve a relevant audience, such as Wellfound (formerly AngelList Talent), Product Hunt and CrunchBase.

    Related: Struggling in Local Search? Here’s What Your Local SEO Strategy Needs to Compete in 2022.

    4. Answering questions on forums

    Quora, Reddit and Stack Exchange are all popular question-and-answer platforms where people can ask and answer questions about a wide range of topics. Find questions about the problem you’re solving and provide a genuinely valuable response that also promotes your startup.

    5. Leveraging your personal brand

    Nearly 20% of the leads for my startup originate from my personal social media accounts and my online articles. To achieve the same effect, work on establishing yourself as an industry expert, cultivate an audience and contribute articles to a variety of publications.

    It can even be as simple as posting updates on your personal Facebook account  —  after all, Facebook moms are the most loyal supporters you’ll ever come across!

    6. Public speaking

    Public speaking is a powerful way to develop your personal brand and promote your startup. By sharing your insights and experiences, you can build credibility and attract new customers, especially if you stand out.

    Consider exploring the following speaking opportunities:

    1. Podcasts
    2. TEDx talks in your region
    3. Guest lectures at colleges and universities
    4. Webinars and conferences
    5. Networking events and meetups

    Related: The Complete, 20-Step Guide to Ace Public Speaking

    7. Street marketing

    Go out in public and speak to anyone who would listen. You can even organize public contests that involve people answering questions related to your line of work, then record the experience and use it as promotional material, given the participants do consent. Hit two targets with one shot!

    8. Hashtag marketing

    Hashtag marketing is a powerful strategy that leverages the potential of social media to generate organic engagement and build brand awareness. A well-crafted and catchy hashtag can inspire people to use it, effectively turning them into word-of-mouth promoters for your business.

    For instance, Coca-Cola’s #ShareACoke campaign brilliantly tapped into the power of hashtag marketing by creating a sense of connection and encouraging users to share their experiences.

    9. Marketing subsidiaries

    A marketing subsidiary is essentially a separate company with its own objectives that, through its operations, complements its parent company’s marketing efforts. Although this takes more effort and is more long-term oriented, a marketing subsidiary can be an excellent asset for boosting your startup’s marketing operations.

    For instance, if you run a FinTech startup, launching a newsletter or publication that offers valuable insights about trading and investing could build an engaged audience with a genuine interest in your field. This audience can then be leveraged to generate returns and attract new customers to your startup, ultimately benefiting your primary business objectives.

    Ready to leave your competition in the dust?

    As you venture into the world of marketing strategies that actually work, you have the potential to take your brand to new heights. It’s time to make a lasting impact and become the pioneer your startup deserves. The future of your brand’s success starts now.

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    Arian Adeli

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  • 5 Ways ChatGPT Is Empowering People with Disabilities | Entrepreneur

    5 Ways ChatGPT Is Empowering People with Disabilities | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Artificial intelligence (AI) is transforming our world in myriad ways, and one of its most significant impacts is on the lives of people with disabilities. AI-driven programs like ChatGPT are helping to bridge communication gaps, facilitate access to information and foster independence for individuals with various impairments.

    While AI has many applications, today we will explore five ways AI is capable of helping people who disabilities may hinder work more efficiently and comfortably.

    Related: What Is Artificial Intelligence (AI)? Here Are Its Benefits, Uses and More

    1. Cognitive enhancement

    As someone who was diagnosed with ADD as a child, I have found AI to be a great tool for staying organized. For individuals with cognitive impairments, memory loss or conditions like Attention Deficit Hyperactivity Disorder (ADHD), staying organized and remembering essential tasks can be a daily struggle. In these instances, artificial intelligence, particularly AI programs like ChatGPT, can serve as a valuable and personalized assistant. Some of the ways I have personally used ChatGPT that have personally helped me are:

    • Customizable reminders: ChatGPT can be programmed to deliver personalized reminders for a wide range of essential tasks, such as taking medication, attending appointments, or completing daily chores. By tailoring these reminders to each user’s specific needs and preferences, AI-driven chatbots can help users better manage their schedules and responsibilities.

    • Motivation and encouragement: In addition to providing practical organizational support, ChatGPT can be set up also to offer motivational messages and encouragement to users as they work towards their goals. This emotional support can be invaluable in helping individuals overcome challenges and stay committed to their personal growth and development.

    • Routine establishment: Establishing routines can be critical for individuals with cognitive impairments, as routines can provide structure and stability. ChatGPT can assist users in developing and maintaining daily, weekly or monthly routines, offering guidance and support to help them adapt to new habits and stay on track.

    Related: What Does ChatGPT Mean for the Future of Business?

    2. Enhancing communication

    Communication is essential for everyone, and AI chatbots like ChatGPT can significantly improve it for people with hearing or speech impairments. By converting speech to text and vice versa, these chatbots enable seamless communication, allowing users to engage in conversations with ease and participate in social interactions they might have otherwise found challenging.

    Various disabilities may hinder one’s ability to communicate how they want to. However, GPT 4 is now available to the public and streamlining effective communication just got easier for everyone. People across multiple categories may have difficulty speaking, communicating effectively or expressing themselves properly.

    However, with the assistance of AI, disabled people can utilize GPT4 to help them communicate more effectively, provide clarity and offer communicative insights that help disabled people efficiently express themselves and their ideas with ease.

    3. Reading and writing assistance

    AI chatbots can make reading and writing more accessible for individuals with visual impairments, dyslexia or fine motor skill difficulties. By reading aloud text-based content or providing writing suggestions, ChatGPT can help users compose emails, essays and other documents with greater ease and efficiency.

    It is well known that AI is also a great writing tool and thus can help disabled people write easier. While some argue that AI is taking jobs away, some might see it as an opportunity to create more job opportunities for disadvantaged and marginalized people. As a business owner diagnosed with ADD, I can say that using AI has helped me with proofreading, spelling and writing.

    Related: Employers Need Workers. Now They’re Realizing The Untapped Talent of These People.

    4. Personal reminders and organizational support

    AI can be a valuable assistant for those with cognitive impairments or memory loss. ChatGPT can be programmed to remind users of essential tasks, such as taking medication, attending appointments or completing daily chores.

    This support can be instrumental in helping users maintain their daily routines and stay organized. Isolation and loneliness can be significant issues for people with disabilities, especially those with mobility or communication challenges.

    GPT-based AI technology can provide companionship through conversation, offering a listening ear and comforting responses. This interaction can be a source of solace and help alleviate feelings of isolation.

    Related: Unlock the Powerful Gifts Your Disability Taught You About Being a Better Leader

    5. Supporting education and learning

    AI-driven programs can play a vital role in helping students with disabilities access education. By answering questions, providing explanations and offering alternative learning materials, ChatGPT can serve as an invaluable resource for learners who may require additional support or accommodations. Everybody learns differently, and as someone who has personally faced the challenges of a learning disability, I can affirm that the way I process information is different.

    AI can assist as a resource of information, and GPT4 can break down information in different ways, depending on what is asked of it. For instance, you could ask chat GPT to help explain an idea or curriculum to somebody who has a learning disability in a specific way, or educators could use a guy to come up with creative ways to help people with learning disabilities excel.

    Artificial intelligence programs like ChatGPT can make a remarkable difference in the lives of individuals with disabilities (Myself included). By empowering people with enhanced communication, greater independence, and increased access to essential information and resources, AI is breaking down barriers and opening up new possibilities for those who may have previously faced significant challenges.

    As we embrace AI technology and continue to explore its vast potential, we must remain committed to developing inclusive and accessible solutions that can help all members of our society thrive. By doing so, we can work together to create a more equitable and connected world where everyone has the opportunity to succeed, regardless of their abilities.

    One great way to think about the current capabilities of AI is instead of comparing it to a search engine, think about something like ChatGPT as a thinking engine, where instead of it merely being a means to discover and search for data, it is also a technology that allows users to search for ways to think. AI isn’t perfect, but it certainly has positive use cases that have the potential to help those in need greatly.

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    Devan Leos

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  • Remembering Cash App Founder Bob Lee: ‘He Was The Best of Us’ | Entrepreneur

    Remembering Cash App Founder Bob Lee: ‘He Was The Best of Us’ | Entrepreneur

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    Cash App founder Bob Lee, 43, died on Tuesday after an early morning fatal stabbing in San Francisco’s Rincon Hill neighborhood. Lee had previously relocated to Miami and was in San Francisco for a visit.

    Lee was born in Missouri and worked as an engineer before moving to San Francisco in 2004 to work for Google. After five years at the tech behemoth, where he worked on the Android core library, Lee was hired by Square to develop its app. He later became the company’s first chief technology officer, a position he held until his departure in 2014.

    In 2013, Lee developed the now widely used payment service, Cash App.

    Lee’s interests also transcended beyond business. In the wake of Covid-19, he helped the World Health Organization develop its app amid the global pandemic.

    In November 2021, he joined MobileCoin, a peer-to-peer cryptocurrency platform, as the chief product officer.

    Lee was affectionately known by many as “Crazy Bob” — a nickname he earned from his water polo days — because of his ambition and energy.

    Friends, family, and tech contemporaries have been remembering their friend and colleague online.

    “He was made for the world that is being born right now,” MobileCoin CEO Josh Goldbard wrote on the company’s website. “Bob was a child of dreams, and whatever he imagined, no matter how crazy, he made real. Bob was made for the new world.”

    Block Inc. co-founder Jim McKelvey told Bloomberg that he recruited Lee to work at Square.

    “Jack [Dorsey], who is not prone to hyperbole, said Bob Lee was the best Java programmer in the world,” McKelvey told the outlet.

    Venture capitalist Wesley Chan extended his condolences in a LinkedIn post remembering Lee as a good friend, talented engineer, and “brilliant investor.”

    “Bob’s energy was electric – his nickname was Crazy Bob (in a very good way) and every time he’d visit me when we were in SF together…I’d leave feeling energized and inspired,” he wrote. “Bob, you’ll be missed by so many. I learned a lot from you, and I’m not sure what to say other than what happened is just so crazy, in a terrible and tragic way.”

    Figma CEO Dylan Field remembered meeting Lee when he was a teen and “geeked out about programming.”

    Elon Musk Tweeted that he was “very sorry” to hear of Lee’s passing.

    On Facebook, Lee’s father, Rick, wrote: “Bob would give you the shirt off his back.” He noted that he moved with Lee to Mill Valley, California in 2019 and then to Miami in 2022.

    “I’m so happy that we were able to become so close these last years,” he wrote. Lee’s brother, Tim, also shared his grief, writing on Facebook that Lee was “the best of us” and that he feels as though he’s lost “part of [himself].”

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    Madeline Garfinkle

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  • How Tech Bolsters the Fight Against Food Insecurity | Entrepreneur

    How Tech Bolsters the Fight Against Food Insecurity | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The human race numbered 1 billion people in 1804, the U.N. estimates. It took only 218 years since then for our population to multiply eightfold. That exponential growth creates challenges in securing the necessary resources to feed this growing population.

    In 2023, in much of the developed world, it may not feel like there is a lack of food or even shortages of certain products or items. Yes, food prices have been steadily rising, but when perusing the shelves of your local supermarket, it’s common to come across sea bass from Chile, avocados from Portugal, shrimp from Indonesia, olives from Greece and mangos from Thailand. This might create a false sense that food products from across the world are plentiful, but in reality, our current consumption rates will reach a tipping point.

    With wars and famines triggered by climate-induced natural disasters compounding our exploding population, innovative approaches to mitigating ongoing food shortages and future possible food crisis scenarios are imperative. And entrepreneurs are leveraging tech to tackle that challenge.

    Related: Market Forces Alone Likely Won’t Solve the Food-Security Problem

    Fermenting a food revolution

    Extreme-weather conditions disrupted recent harvests across Spain and North Africa, causing severe shortages of many common vegetables in the UK, including tomatoes and peppers. Developing countries like Somalia and North Korea, all too familiar with the horrors of starvation, find themselves amid devastating food shortages. In both countries, it is believed that around half the population suffers from a lack of nourishment.

    Food shortages caused by severe weather or other climatic conditions constantly plague poorer countries far worse than richer ones. These nations must look to solutions that are affordable and maximize the preservation of food products. Fermentation, a common practice across nearly every society used for pickling vegetables, producing yogurt and brewing alcoholic beverages, can be used by innovative founders to offer practical and affordable solutions.

    Industrial fermentation can expand the millennia-old practice by scaling up and adding new, healthier and tasty food options in an eco-friendly and affordable manner. As a metabolic process producing chemical changes in organic substrates, fermentation in food production refers to the use of microorganisms, including bacteria, yeasts and molds, to bring a desirable change to food or drink.

    And with modern tech, fermentation can be used on a near-unlimited number of organic foods and beverages, enabling them to enjoy drastically longer shelf lives. Advanced technology is helping make fermentation even more relevant.

    Related: Plant-Powered Future: 8 Trends in Vegan Meat, Egg and Dairy to Watch for in 2022

    Precision fermentation technology has been leveraged to produce drugs and food additives, but now scientists are developing new alternatives to classic food products. Alternative types of proteins, milk, cheeses, fungi, wheat and dairy products can provide populations with healthier and cheaper versions of familiar foods. Precision fermentation requires 1,700 times less land than the most efficient agricultural means of producing protein, and local communities and entrepreneurs can quickly adopt this technology around the globe to stabilize food supplies.

    Organic alternatives

    While fermentation tech will take time to maximize and scale up, agriculture remains the primary outlet to feed humans. The brutal war in Ukraine has disrupted wheat supplies by reducing the country’s output and complicating export efforts. A lesser-known consequence of the war is the disruption of the chemical-based fertilizer market, particularly those that use nitrogen such as Urea, which also harms soil, air and waterways.

    To mitigate the lack of nitrogen-based fertilizers caused by Vladimir Putin’s invasion of Ukraine, biological alternatives can help farmers meet the growing demand. Grace Breeding, an agro-tech startup, has developed organic bio-based fertilizers that have demonstrated the ability to reduce environmental damage while boosting yields on key crops, such as wheat and tomatoes.

    Related: One Year Later, The War in Ukraine Is Having a ‘Massive Environmental Impact’

    AI can play a part, too

    From biofertilizers to fermentation and plant-based meats, science and technology are increasingly colliding with food to help develop sustainable practices and products to counter food insecurity without harming the planet.

    But finding innovative ways to combat hunger today doesn’t stop there. Mainstream tech, like AI, can also play a role. A new study published in Science Advances demonstrates how machine learning techniques can successfully predict where and when the next food crisis will likely occur. By using deep learning to extract relevant text from a database of over 11 million articles focused on food-insecure nations published between 1980 and 2020, the algorithm was able to improve the accuracy of predictions on food insecurity up to a year in advance.

    By better anticipating where and when a food crisis outbreak will happen, humanitarian and relief organizations can efficiently plan, raise funds, delegate resources, and have boots—and food—on the ground earlier, thus drastically reducing the impact of famines.

    Innovation alone isn’t enough. It must be supported by private and public sector initiatives along with popular support. But without entrepreneurs capable of leveraging innovative solutions, the challenge at hand would be impossible.

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    Ariel Shapira

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  • Don’t Let the ChatGPT Boom Go to Waste | Entrepreneur

    Don’t Let the ChatGPT Boom Go to Waste | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    We’re on the cusp of a technological revolution not seen since the dotcom boom of the ’90s. Microsoft and Google are racing to launch competing products based on the tech driving it. All that’s left is for smaller startups to rebrand themselves to ride the hype and boom! We’ve landed ourselves in a bubble.

    Everyone who was around during the NFT golden era of 2021 knows exactly where I’m going with this. The hype surrounding OpenAI’s generative AI chatbot, ChatGPT, is giving us all a dose of deja vu. Luckily, there are key differences between the AI paradigm shift we’re currently experiencing and the NFT bubble from a year and a half ago.

    It’s crucial to separate fact from fiction and ensure AI innovators seize on this moment to push the boundaries of the technology efficiently and ethically.

    Related: What Is ChatGPT? Google, Siri and Even ChatGPT Are Confused About Its Existence

    The technology itself

    While we can draw lessons from the NFT boom of 2021, from a strictly technological standpoint, ChatGPT simply blows the Ethereum wallet on which you store NFT jpegs out of the water.

    We’re talking about a complex Language Learning Model (LLM) that digests massive quantities of text data and infers relationships between words within the text. Essentially, LLMs fill in the blank with the most statistically probable word given the surrounding context — and ChatGPT is doing this on a scale never seen before to write poems, movies and essays.

    Conversely, NFTs are stored on blockchain-based wallets to represent digital ownership over a particular asset — whether digital or physical. This could be a painting, a car or a meme. So the “NFT technology” we’re talking about is really just code for “blockchain.”

    That’s not to downplay the potential of blockchain, and particularly NFTs, to solve the digital ownership problem. For example, a world in which musicians regain the ability to own and sell their music online sounds promising for creators who have drawn the shorter stick in the democratization of information spurred by the internet. It does mean, however, that its potential to radically transform industries was massively exaggerated by many of the companies selling themselves as “Metaverse” and “NFT” platforms. And it’s certainly limited when compared with the potential of AI.

    After years of determination, blockchain enthusiasts are still trying to find a use case that will spark mass adoption. Sure, some average people invest in bitcoin and bought NFTs in 2021. But compare that to the number of offices that started using ChatGPT days after its launch, and we have a clear winner.

    Related: Does AI Deserve All the Hype? Here’s How You Can Actually Use AI in Your Business

    The challenges ahead

    It’s a lot harder to convincingly “fake” being an AI company. The blockchain industry is so intentionally confusing that companies in 2021 were trying to pass off digital art that wasn’t even blockchain-based as “NFTs,” and standard Play-to-Earn (P2E) games were adding “Metaverse” to their messaging.

    That simply won’t be a problem for AI. Instead, the AI industry has more serious challenges with which to contend. Companies across virtually every industry will integrate and build on top of ChatGPT and other successful generative AI tools, finding new and interesting use cases for them.

    For that to happen, AI innovators will have to spot ChatGPT’s flaws and leverage its strengths. Dr. Michal Tzuchman-Katz, Co-Founder and Chief Medical Officer at Kahun Medical, points to the improvements an AI model like ChatGPT would need to make a dent in healthcare and better serve doctors. The company built an AI tool that “thinks like a doctor” and offers doctors clinical intake before patient visits.

    While ChatGPT might be able to make textual interaction with patients smoother, it can’t think clinically like Kahun, which consults with its own database of peer-reviewed medical literature to produce responses and traces back to its originating sources.

    ChatGPT, on the other hand, produces answers based on comparing the user’s input with the input of thousands of others and isn’t as transparent regarding its sources. That’s a problem for other industries, too. There’s talk about students using ChatGPT to write essays and answer homework questions. But professional journalists and authors won’t be able to utilize the model beyond ideation and outline building if it can’t cite its sources thoroughly enough.

    And then there’s the bias problem. Conservative commentators have reveled in tweeting about examples of ChatGPT showing an obvious left-leaning bias. AI more broadly is also riddled with racial bias. Finding a solution to this will be one of the biggest challenges AI innovators face in expanding the technology’s use.

    As far as accuracy, we can, of course, expect ChatGPT to improve quite rapidly. The goal going forward for AI innovators is to take part in its expansion and improve upon it. Adding a transparency layer and tackling the bias problem will be key to ensuring it becomes more ethical and practical overall.

    Related: How Will ChatGPT Change Education and Teaching?

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    Ariel Shapira

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  • 5 Essential Tips for Starting a Successful Web 3.0 Business | Entrepreneur

    5 Essential Tips for Starting a Successful Web 3.0 Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The internet has undergone significant changes since its inception, and we are now on the verge of the next significant revolution in digital technology — Web 3.0. Web 3.0, also known as the decentralized web, is poised to revolutionize online interactions by providing a more secure, efficient and decentralized online experience. As entrepreneurs, it’s essential to keep up with the times and adapt to this new environment to stay ahead of the competition. This article will explore some tips to help you build a successful Web 3.0 business.

    Related: 3 Tips to Take Advantage of the Future Web 3.0 Decentralized Infrastructure

    Learn about Web 3.0

    To start a Web 3.0 business, it’s essential to understand the underlying technologies that make it possible. Web 3.0 is built on blockchain technology, a decentralized, distributed ledger that enables secure and transparent transactions. Additionally, Web 3.0 includes other emerging technologies, such as decentralized finance (DeFi), non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs).

    To begin your Web 3.0 journey, it’s essential to immerse yourself in the community. By participating in online forums and social media platforms, you can engage with like-minded individuals, learn about the latest trends and stay up-to-date with developments in the Web 3.0 space. Reading industry publications such as CoinDesk, The Block and Decrypt can also be incredibly valuable. These resources can help you understand the challenges and opportunities of Web 3.0 and provide insights into the emerging use cases that are gaining traction.

    As you learn more about Web 3.0, you’ll discover that it’s not just a technological revolution but a cultural and social movement as well. Web 3.0 is about putting control back into the hands of individuals, creating a more equitable and decentralized internet. By understanding the values and principles that underpin Web 3.0, you can build a business that aligns with these ideals and make a meaningful impact.

    Here are a few essential tips for starting a successful Web 3.0 venture:

    1. Choose a niche

    Like any business, choosing a niche for your Web 3.0 business is essential. The decentralized web is still in its infancy, with numerous opportunities for innovation and disruption. You can focus on a specific industry, such as gaming, finance or social media, or a particular use case, such as identity verification or supply chain management.
    When selecting a niche, it’s essential to consider several factors. For instance, you should examine the potential market size, the competitive landscape and the regulatory framework. You should also consider the technical requirements of your chosen niche and ensure that you have the necessary skills and resources to build a successful Web 3 solution.

    2. Build a strong team

    To thrive in Web 3.0, you’ll need a talented team with diverse skills. Building a Web 3.0 business requires technical expertise in blockchain development, smart contract programming and decentralized application (dApp) design. However, having team members with expertise in business development, marketing and user experience design is also critical. When assembling your team, it’s essential to seek out individuals passionate about Web 3.0 and share your vision for the future. It would be best if you also looked for team members open to learning and adapting to new technologies and comfortable working in a fast-paced, rapidly evolving environment.

    Related: Entrepreneurs Should Embrace Web 3.0

    3. Focus on user experience

    Web 3.0 technologies are still in their early stages, and many users need to become familiar with them. To succeed in Web 3.0, focusing on user experience and making your product as user-friendly as possible is crucial. One way to improve the user experience is to create intuitive user interfaces that are easy to navigate. You can also use gamification and other engagement strategies to incentivize users to engage with your product. Additionally, providing clear and concise instructions and tutorials is vital to help users understand how to use your product.

    4. Embrace decentralization

    One of the defining features of Web 3.0 is decentralization, which allows for more secure and transparent interactions online. To succeed in Web 3.0, embracing decentralization and building your product with a decentralized architecture is essential.

    5. Stay up-to-date with regulations

    As with any emerging industry, regulations for Web 3.0 are still in their early stages. It’s crucial to stay up-to-date with the latest regulatory developments to ensure your Web 3.0 business complies with applicable laws and regulations. In some cases, regulatory requirements may differ significantly from traditional industries. For instance, the regulatory framework for cryptocurrencies and token sales is still evolving and can vary widely by jurisdiction. As such, it’s essential to consult with legal experts specializing in Web 3.0 and blockchain to ensure your business is on the right side of the law.

    In conclusion, starting a successful Web 3.0 business requires a deep understanding of the underlying technologies, a strong team with diverse skills, a user-friendly product and an embrace of decentralization. By choosing a niche, staying up-to-date with regulations and focusing on user experience, you can set your Web 3.0 business up for success in this exciting new era of digital technology.

    Related: Web 3.0, the Metaverse and the New Digital Economy — Are You Prepared?

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    Winfred K. Mandela

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  • How to Use ChatGPT to Unlock New Levels of Innovation | Entrepreneur

    How to Use ChatGPT to Unlock New Levels of Innovation | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    ChatGPT is everywhere, but we are only scratching the surface of the potential for such generative artificial intelligence (AI) capabilities. There are incredibly exciting opportunities for its role across innovation and research and development (R&D) just underneath the surface. Determined to find the answer, our innovation team dug deeper.

    If you haven’t already begun experimenting or implementing the generative language model developed by OpenAI into your business processes, you’ve at least heard of ChatGPT. The chatbot has garnered significant attention in the AI community and beyond due to its human-like and conversational abilities—the service reached 100 million users in less than two months.

    While the true threat or promise of generative AI will continue to be debated, it is more than certain that businesses can unlock real value for innovation by leaning into the application’s advanced language processing capabilities. New levels of consumer insights, more efficient processes and faster ways of working are just beneath the surface. To put the tool to the test, we used ChatGPT to simulate how we might drive new product development.

    Related: Here’s How Your Business Can Use 3 Popular AI Content Creation Tools

    1. The ideation process: quality input yields a quality output

    The answer you’re looking for depends on how you frame the question. Not as simple as it sounds! ChatGPT leverages a massive body of data from across the internet (over 570GB of data —approximately 300 billion words) to quickly answer user questions. And the question’s specific phrasing, wording, and context significantly influence the response.

    Say you are looking for the next great innovation in laundry for a consumer products company. According to a report by Grand View Research, you already know that the global market for laundry care products is expected to grow at a compound annual growth rate of 4.9% from 2021 to 2028 (ChatGPT could also tell you this if you didn’t know). You could simply ask, “What will be the next disruptive laundry product?” ChatGPT will then list a few potential directions for disruptive laundry products like sustainable laundry solutions, smart laundry devices, multi-functional products, etc. The response is interesting and might help affirm some initial thinking, but probably nothing you didn’t already know.

    But what if you tried a more creative angle like, “What do people love about laundry?”. This question is not as intuitive. But the insights from ChatGPT are potentially much more interesting and lead you to build a deeper understanding of consumer behaviors and emotions to anchor the next great innovation or product design.

    Image credit: Francesco Fazio | openai.com/blog/chatgpt

    Questions that lead to more questions lead to potential insights. This is the true power of a tool like ChatGPT. But it all starts with the question, and it pays to think about exactly what you want to know and how to frame the question.

    Related: What Does ChatGPT Really Mean For Businesses?

    2. The discovery process: less time researching and more time thinking

    Underlying all innovation is discovery, from contextual (market research, trend analysis) to behavioral (ethnographic immersion). It is essential but incredibly time-consuming.

    ChatGPT can do in seconds what traditional research might take hours and days—quickly gather information on a wide range of topics, sort through the data, and provide a view of what is important and what isn’t. Say you thought of four potential ideas for new laundry products, and now you want to gauge their relative attractiveness. You can ask ChatGPT to rank them for you based on their potential appeal to customers and even go further by asking ChatGPT to think about the types of customers that these ideas would most appeal to.

    Image credit: Francesco Fazio | openai.com/blog/chatgpt

    Just like the internet made encyclopedias obsolete, ChatGPT is turning traditional research on its head. In a matter of seconds, ChatGPT was able to rank new product ideas and provide a point of view of appeal by customer segment. This shortcuts the initial, more time-consuming research and allows you to go deeper into more specific areas of interest and shift your focus to higher-order tasks.

    Related: Will ChatGPT Become Another Race to the Bottom in Marketing?

    3. Preparing to go in market: accelerating the creative process

    Companies are already starting to use generative AI to handle most basic and transactional customer interactions. But ChatGPT can also lean into the more creative process as well. Want to brainstorm copy for a marketing campaign? Or draft your new company’s mission statement? Or create a starter list of KPIs for your growing sales team? ChatGPT can quickly help you get started.

    For example, let’s say you have built a new stain removal product and are ready to launch in market. Using ChatGPT, you can quickly brainstorm potential concepts for marketing campaigns and help draft advertisement copy. Your creative team now has a starting point to evaluate further and refine. Let’s say your team aligns on a campaign centered on eco-friendliness, ease of use, and stain-removing power. You can go a step further and ask ChatGPT to create compelling posts for social media. Here’s what you’d get:

    Image credit: Francesco Fazio | openai.com/blog/chatgpt

    Not bad, huh? Seeking opportunities to implement generative AI in tasks like these can help significantly accelerate and enhance your go-in-market strategy.

    Generative AI and the future of innovation

    The applications for generative AI do not just have potential; they are already changing the game’s rules for innovation. New concept development, accelerated research and discovery, and go-to-market strategy are just a couple of opportunity areas to leverage generative AI.

    However, it’s not going to replace human decision-making. We know that the massive body of data used by generative AI tools is already available content. In fact, the data underlying ChatGPT is only current up to 2021. So not only is it somewhat dated, but it also can’t replace true primary research.

    As long as you know the data you are working with and its strengths and limitations, generative AI’s abilities can still be incredibly powerful. And how much benefit it can provide comes down to knowing what questions to ask, where to dig deeper, and how to translate that knowledge into real action.

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    Francesco Fazio

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  • 4 Ways to Address and Avoid This Startup Killer | Entrepreneur

    4 Ways to Address and Avoid This Startup Killer | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Technical debt occurs when development teams take shortcuts to expedite delivery and build code that later needs to be refactored, i.e., prioritizing speed over perfect code. It is also a tool to get ahead, and if you choose to have technical debt, it must have strategy, intent, reasoning and a payoff plan. Technical debt can occur across many dimensions like in architecture, test automation, infrastructure, organization, process, design and defects.

    In an agile development world, a company always carries a certain amount of technical debt that is considered healthy; only when the threshold is broken does it quickly spirals out. Waterfall teams operate in a zero-tolerance mode for technical debt, a rare and inflexible practice today. Business stakeholders have slightly more tolerance for minor debt and can understand the trade-offs, while technical leaders are tougher on it. However, if you see the situation reversed in your organization, you have bigger problems at play.

    Startups feel the pressure to ship and show momentum forcing some early debt to tradeoff against a delayed launch. If these debt items may grow beyond a point, the traction alone will not yield funding at an ideal valuation. Venture capitalists want their money to scale, and the thought of using it to pay back debt is scary.

    For early-stage companies, taking on too much technical debt causes product destabilization. I have seen teams working for 12 months on customization and then losing another 12 months to merge and stabilize while delaying their fundraising after failing technical due diligence.

    Related: How Should Entrepreneurs Manage Their Debt?

    Valuation implications of technical debt

    Technical debt is real as interest payments — and the installments of these payments — come out of your valuation, manifesting itself on your P/L in multiple ways. Here are several of these ways:

    • Heavy technical debt-laden companies require more headcount to run existing operations and more developer time to build new capabilities.
    • Overheads from the delayed realization of synergies from any acquisition made carrying costs for a longer time.
    • Possible remediation fines in compliance and security breaches
    • Loss of customers and pipeline due to poor customer experience, system outages, degraded performance, timeline delays and inefficient marketing spending.
    • Increased working capital requirements for companies with higher inventory balances.
    • Spikes in cloud spending costs, small CapEx turning into monumental OpEx.
    • Inability to adapt quickly to market changes, causing predatory moves from competitors.
    • Multiple versions of the truth create an inability to convert data into information, slowing and lowering the quality of decision-making.
    • Lower staff productivity and morale; the opportunity cost of management distractions
    • Multiple rejections from venture capitalists create questions on company viability.

    As a startup’s go-to-market becomes feature-rich, the technical debt multiplies and the underlying architecture gets exposed for its limitations. Many startups discover that the short-term technical convenience may have killed the company’s long-term success. The technical foundation of any software product is fundamental to future scaling and maintainability. Startups usually work with an 18–24-month runway between funding rounds, and heavier debt built up in its early days could shorten this runway by a quarter or two.

    Related: A New Economy is Coming. Here Are 5 Ways to Prepare Your Mindset for Personal Success

    Managing technical debt

    Technical debt is always hard to see and easy to feel. One must be conscious about tackling the root causes rather than the visible symptoms.

    1. Admit the problem

    Many technical and business executives do not admit this problem and get defensive during technical due diligence; most savvy VCs can see through this and will not throw money to fix the broken.

    2. Estimate, prioritize and commit

    Remediation must be ongoing and prioritized against growth features, and resources must be committed to resolving it early. It is a tricky situation to manage technical debt while balancing customer needs and new product enhancements. Many startups are guilty of chasing cash flow and traction in the short term but killing their valuations when they come up for funding.

    3. Decompose the problems

    People criticize agile methodologies for being unstructured and lacking adequate planning. However, agile is the new norm aligning with the business velocity needs of the new era. Managing technical debt in agile requires decomposing the product features into shippable pieces aligned with long-term and valuation-driving goals. All technical debt items must be cataloged in the product backlog. I used to scrutinize the backlog for technical debt items when I conducted diligences for funding or M&A; it is a practice professionals follow to the core.

    4. Be disciplined

    The easiest way to avoid and combat technical debt. Good executives understand the cost of short-term velocity and the risk of delivering customer-specific builds. Like financial debt, the longer any debt is ignored, the harder it is to stabilize and scale. Pick the right technologies and make hard decisions to retire them as soon as they are not fit for purpose, and don’t undertake nasty workarounds.

    Related: Five Easy Ways Startups Can Manage Debts From Day One

    Concluding thoughts

    Technical debt and its implications are widespread, and the interest on this is repaid by the hour, even if it is not apparent to the executives. Like financial debt, the technical debt must be paid off as it has suffocated many companies’ growth and pushed some to the verge of bankruptcy.

    Unlike financial debt, growing technical debt has no formal controls like credit committees, treasury staff or asset liability teams to enforce ongoing tracking. Technical debt must be paid off and costs capital — this will eventually come from the company’s future value (like the value robbed out of shareholders and investors.) The technical debt issue is an area of savvy investors’ diligence with much more rigor lately. Many companies don’t get funded or pay the price with a lower valuation when the diligence uncovers material technical debt.

    A level of technical debt is unavoidable and considered the cost of doing business, but it must be handled correctly to ensure a startup’s long-term viability.

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    Nitin Kumar

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