Anita Shum, a 42 year old Hong Kong entrepreneur, remembers visiting Chicks stores with her mother since she was shorter than the glass counters from behind which salesmen carefully took out and unpacked products upon request.

For young Shum, the store environment emanated seriousness. She was never allowed to touch the products, since they were kept in glass cabinets, beyond everyone’s reach except that of the salesman.

A young Terry Tam, a member of the family behind the Chicks brand, sits on the glass-fronted displays that Shum remembers from her childhood. Image courtesy of Chicks.

Cathy Law, Shum’s mother, used to take her to the Chicks store as a matter of course at every change of season, to buy new sets of underwear for her father, Bill Shum. As a little girl, the Chicks logo at the time – a picture of three chicks – caught her interest, and her earliest memory of Chicks is wheeling around the glass cabinets and watching the new underwear being taken out.

Curious about how her parents were introduced to the brand, she asked her father how he came across Chicks. Bill’s baffled answer was, “Because everybody knows about it!”

According to Bill, every one in Hong Kong knows about Chicks – at its peak, the company was the most established and well-known brand available in Hong Kong.

“It’s almost like an icon, representing underwear. If you were looking for underwear, you would look for Chicks,” says Shum.

The company’s old logo was a picture of three chicks. The brand’s current logo uses the chick that is looking up, as a representation of looking for opportunities in the future. Image courtesy of Sing Tao Daily.

Over time, the regular visit to the Chicks store became an opportunity for Shum to spend quality time with her mother. Both of them came to see it as mother-daughter bonding time – a little family tradition that both of them expected and enjoyed.

“You know, the weather’s changing. Let’s get something for Dad and let’s get something for my kids,” Shum remembers her mother saying.

Creating and maintaining brand loyalty

In winter, while the average temperature in Hong Kong usually doesn’t dip too low, it can sometimes get fairly chilly. In 2020, the coldest day recorded was 10.3°C. However, since Hong Kong homes aren’t centrally heated, and room heaters aren’t always used, woolen underwear was a popular way of keeping oneself warm.

As a little girl, Shum was not a fan of woolen underwear.

“It’s just like sweaters, you know, it gets a little bit prickly,” she says. “The first time you wear it, you kind of like have this really tight feeling. But then every time you wear it, it gets softer and softer. And after a few days, you don’t want to let go of it,” she adds.

When it had reached this ideal stage of softness, Shum says she was reluctant to change her underwear and let her mother wash it, since it had become so supremely comfortable.

A busy Chicks storefront in the brand’s heyday. Year unknown. Image courtesy of Chicks.

Most children don’t have the option of choosing their own underwear – parents do the choosing for them. But even as an adult under her own steam, and despite having to break in every new pair of woolen underwear, Shum never switched brands: the very definition of brand loyalty.

Chicks has been tattooed in Shum’s mind as a brand that’s a “staple for kids” since childhood. The brand loyalty handed down from mother to daughter has kept Shum a loyal customer of Chicks – she now routinely visits the store to buy underwear for her children.

“When there’s something that you’ve always used, you’re [not likely to] change it for your kids, because you think it’s also good,” she says.

Shum says she has never come across any negative news about Chicks, solidifying her belief that the brand’s quality has never decreased. Chicks’ primary brand standpoint is the superior quality of its products, with sustainably-grown fabric from Cotton USA and Lenzing Modal, a completely biodegradable fabric made from Austrian beech wood. Shum believes the absence of negative news “proves that [Chicks is] doing something right.”

A local business with strong values

In Hong Kong, which has one of the highest rents in the world, it is not easy for brands to survive. As a born-and-raised Hong Konger, Shum also feels the need to support local Hong Kong brands.

“Just purely as a Hong Kong person, you want to continue to support a Hong Kong brand, that is a Hong Kong homegrown good quality, family household name,” she says.

“It’s representative of the hard working Hong Kong spirit, you know, never give up on good quality and Hong Kong traditions,” she adds

A collection of old labels on Chicks clothing, some of them bearing the words Chun Au Knitting Factory – the brand’s previous name. Image courtesy of Chicks.

Unlike Shum, who grew to love using old woolen underwear, her father would not exchange his white cotton underwear for any other brand or fabric. He accumulated countless numbers of them over the years.

Since the cotton grew so soft and comfortable after being used well, Shum says that her father preferred his old, used cotton underwear, even when her mother bought him new ones every season. He went on to use some of them for decades.

Even when they are worn out, Shum says that the quality of the Chicks cotton is unsurpassed. When her father could finally be persuaded to part with his worn-out cotton underwear, it would be repurposed for use in dusting or as kitchen rags, and continue to be used for years more.

Changing with time

In the 1950s, Chicks was expensive, and Shum’s family couldn’t afford it. It was only in the early 1970s that Shum’s family started using Chicks. Despite this time gap, Shum’s family has now been using Chicks products for more than 40 years.

Over those years, Shum’s relationship with the brand has changed from accompanying her mother as a child, to visiting the Chicks store with her own children. In the process, she has watched the brand and the company evolve.

The whole shopping experience has changed, she says, primarily since everything is tangible and she can freely, touch, feel, and see how things look in front of a mirror.

Her children, on the other hand, enjoy the experience of shopping at Chicks stores because of the different themes – this year, Chicks had a crossover theme with different characters in popular culture.

In Hong Kong, where retail shops are always around the corner, ecommerce is comparatively less popular than other countries. However, Shum’s family has switched to online shopping this year because of Covid-19 lockdowns. Luckily, thanks to the current Chicks leadership – the fourth-generation heirs to this nostalgic heritage brand – she’s still able to continue buying from her favorite brand of underwear online.

Shum’s story, told in loving detail and with a great deal of nostalgia, is a case in point for why businesses who manage to build up brand loyalty in their customers are able to survive changing times and come out stronger at the other end.

Chicks, for one, has been quick to think up new ways to appeal to both older clientele and children alike, but the world is moving toward a time when a brand’s trustworthiness and values are the most important attributes it can have. Their commitment to quality and ethics may soon make them the most well-known, iconic brand for young, modern consumers as well.

This article was written in partnership with Chicks.

The post Brand Loyalty Helped This Company Survive for Over 50 Years appeared first on Jumpstart Magazine.

Getting your solutions adopted by corporates

Sun-dried startups, hung on the corporate procurement vine. 

Despite the best efforts of many, procurement has all too often been the result of attempts to foster corporate-startup partnerships. But why is it still the case when ‘digital transformation’ returns 555 million results on Google? 

It’s clear that customers are looking for new solutions that will allow them to live more smartly, and organizations are trying to meet their demands. Unfortunately, organizations, especially large ones, struggle with friction and inertia. Friction in a heavily-regulated industry like banking is due to the numerous stakeholders beyond a product’s users–like legal and compliance teams–whose concerns must be addressed. Inertia, on the other hand, characterizes a time when all software solutions were developed in-house.

The combination of these two factors results in roadblocks on the aforementioned procurement vine, making working with large corporations a tedious and challenging process. Nevertheless, just like counting cards, there are ways to incrementally increase your chances of success even when playing by house rules.

First, learn how to say ‘hello.’ There is no shortage of advice for founders on how to pitch, but in my experience, large organizations tend to make decisions out of insecurity rather than conviction. To galvanize your audience’s attention, do not flatter their strengths. Instead, demonstrate that you truly understand the specifics of their perceived weaknesses and how you are the best readily deployable solution.

Without tapping into an organization’s insecurities, you will likely struggle to create any internal urgency to push for your product. Consider this the ‘dark side’ of product-market fit. Remember that this should be institution-specific–be sure not to pitch the same conclusion to other organizations in the industry.

Second, focus on the magic words: readily deployable solution. In the banking sector, third-party solutions are increasingly accepted under the aegis of APIs, which have been easier for banks to embrace than solutions that still need development. In the same way that the Internet protocol suite standardization allowed for the scale-out of the web, APIs have eased the pathway to the adoption of third-party solutions.

Resource allocation at any large institution is a brutally pragmatic process–liberally sprinkled with politics–that seeks to maximize the impact of every decision. APIs are a good fit within this process, as they can be quickly integrated and standardized into the company framework. Anchor any timeline presented in your pitch to quick deployment via a bank’s API infrastructure.

Incorporating these two strategies into a pitch enhances a corporate partner’s willingness and ability to play. It moves your solution out of the ‘nice to have’ bucket and transforms it into something that could impact this quarter’s business.

The general lesson here is that quarter-on-quarter performance is at the core of any public company’s thinking. Capturing a dollar that they could be leaving on the table today is infinitely more actionable than an indefinite risk of disruption. The ultimate goal during your pitch is to make a successful result seem both credible and plausible.

Let me end with a call for action to my fellow bankers. Success in startup partnerships is not about smiles set in social media stone at the end of a hackathon. It is 2020: we’re beyond that, and capable of so much more. There is only one measure of success that matters: deployment. Anything else is innovation theater. 

Will is the Head of Digital Channels and Experience for Citibank Hong Kong.

About the Author

Will is the Head of Digital Channels and Experience for Citibank Hong Kong, overseeing digital channels and their integration with customer experience for the consumer banking franchise in Hong Kong. Will has 20 years of diverse experience in research, venture capital, corporate and investment banking, as well as digital business development.

citibank.com

This story was originally published in Jumpstart Issue 29: Back to Basics as A Fresh Approach to Corporate-Startup Partnerships.

The post How to Approach Corporate-Startup Partnerships appeared first on Jumpstart Magazine.

Startups can help right-skill the workforce for an impending ‘new normal’

Two decades ago, few people would consider working at a startup to be their dream job. Without the fat paychecks, perks, and comfortable work-life balance afforded by roles at bigger companies, startup life certainly didn’t paint an attractive picture – quite the opposite, in fact.

But today, every startup has a vision of one day revolutionizing the way the world works, and this in turn is changing the way employment at a startup is perceived.

Startups work in a highly dynamic environment, with field days, challenges and the occasional crisis that bring out the best in people by simply keeping them on their toes.

Jumpstart spoke with CEO of India-based Under 25 Live, Rishab Agnihotri, to understand what it means to work at a startup. As part of the Under 25 group, which creates and curates youth experiences via live events and media, Agnihotri has spent over seven enterprising years building the company from the ground up.

“How I interact with people has been a huge growth point for me at Under 25, in terms of relationship management, closing term sheets, negotiating with investors, even turning down proposals. The learnings have been immense,” he says about his experience so far.

With the occurrence of black swan events across the world, the latest of which is COVID-19, an increasing number of business leaders are preparing for the eventuality that job structures are going to change permanently. Here is how working for a startup can help prepare the workforce for this ‘new normal’.

1. Take on greater responsibilities

The amount of responsibilities that a role at a startup entails outweighs a role at a bigger company. Agnihotri mentions that the level of skilling that takes place at a startup is far broader than in ‘regular’ employment.

“Being in a startup teaches employees soft skills that are extremely hard to learn as an employee at bigger companies, such as wild negotiations. Things that may take a decade or more to do [at corporations], are daily fodder at a bootstrapped startup,” he explains.

Startups are all about getting things done in the best way, with great speed. This helps to create a meritocratic environment where even very early employees can make substantial contributions. There is no waiting line when it comes to doing fulfilling work – rather, it’s often trial by fire, with the challenges coming in fast right from the get-go.

2. Step up the game

Putting a spin on the oft-quoted Spiderman maxim, with great responsibility comes great power. Working at a startup opens doors early on for employees to seize significant opportunities, such as receiving stock options, forming prime business networks, or passes to that big tech conference everyone has their eyes on.

This can be construed either way. It is true that startups provide access to opportunities that, at a bigger company, would come several years later. The pitfall is that due to financial constraints, startups sometimes pay employees less than they should, in a kind of tradeoff for paying lower than market rate.

3. Wear different hats

By nature, startups need to be agile to succeed. And so, they need people who can take on different roles at a time to keep the momentum going, especially during the initial months.

This means that a finance person might shadow a human resources meeting, or someone in a technical role may be expected to chip in when planning a communications strategy, and so on until the startup reaches the stage where specialists need to be brought in.

“The number one demand at an early-stage startup is for a flexible person – someone who can make sure a cost sheet is ready, make a presentation, knows how to collect data and work with it, knows the basics of social media and so on,” Agnihotri says.

He adds that startups also expect employees to have flexible hours, an excessive amount of commitment, a pivot mindset, and a readiness to tackle challenges every day.

This cross-pollination of abilities does translate to extra work, long hours, and the occasional burnout. However, the efforts tend to be extremely rewarding and learning curve is bound to take a steep upswing.

4. Keep close to the company vision

One of the reasons why people who work at startups love their jobs is because it gives them the feeling that they are working towards a larger collective goal.

The distance between what they do and their direct impact on the company is very short, so employees closely experience the company’s vision and goals every day. By contrast, at a bigger company, the clear division of labor can often leave employees feeling like cogs in a wheel, disconnected from the organization’s greater purpose.

This sense of belonging is what makes startup employees excited to get out of bed every day and show up at work with fresh ideas and a do-what-it-takes attitude. There is no substitute for that kind of motivation.

5. Be your own boss…

… because the boss is busy with something else. At a startup, no one has time to engage in micromanaging one another.

Some believe that it’s better to allow employees to experiment within a controlled environment. In fact, it’s the approach that Co-Founder and CEO Jonah Peretti’s Buzzfeed takes to increase innovation within the company.

However, there is a difference between free rein and no rein. When employees are allowed to manage themselves and try new things, it is a mark of the company’s trust in their competency and reliability. But having no direction or management can turn the arrangement on its head and put the team in an uncomfortable position.

Working at a startup is not all sunshine and roses. Volatility at the company level can easily trickle down to employees. Agnihotri himself has had friends who have worked at three different startups within a year.

“Security is a huge downside. When someone joins a startup, it is an implicit understanding that they agree to take on the risks of uncertainty within the startup,” he says.

Another potential pitfall is the gap between ideating and executing. Agnihotri mentions that “having ideas is one of the easiest things a person can do. The execution is where the hard part begins.”

This is partly because some tasks require upgraded skills, and employees do not have enough time to equip themselves for those tasks. Additionally, even with a great idea, a working prototype, and a strong team, scaling the project may not be smooth sailing as expected.

However, working with a startup is also about personal desires and goals. The paycheck and the purpose are both important, especially for those ready to take the plunge in a high-risk-high-reward ecosystem.

For Agnihotri, it is all about channeling an inner drive toward something aspirational.

“Working at a startup is the answer for any person who in their current life journey are ready to give in their all, and invest their time and energy towards a certain purpose,” he says. “Find an industry that you are passionate about, find a startup that you can trust, and dive deep.”

Header image by Yanalya on Freepik

The post Is Working At A Startup Right For Me? appeared first on Jumpstart Magazine.

Slick designs and branding tools are a sign-up away with digitalized graphic design

Branding rules demand that businesses speak to audiences in their language, and today’s audience communicates visually.

In a previous article, Jumpstart spoke with industry experts on how young companies can build their brand vision and identity. Graphic design translates that branding essence for audiences to comprehend and connect to.

A stunning image or a succinct video gives businesses a crucial leg up, and online platforms can make that happen almost effortlessly. Here are some tools that make graphic design seem like a breeze.

1. Canva

Canva is an online graphics platform that lets users create designs across a spectrum of requirements, from newsletters and posters to social media creatives. It also has preset animation templates for social media posts. It works best for businesses that have all-round design needs.

Canva can be used for free, but paying customers get access to a wider range of elements such as fonts, PNG images, photos, and Canva’s size compression tool and resizing tool.

2. Easil

In addition to template based editing, Easil’s online graphics platforms gives users greater control over edits made by team members to master designs, through permissions and a design approval process. Its text masking tool and background remover are essentials for any brand.

Paid customers can access Easil’s stock images and industry-specific templates, in addition to a host of other features.

3. Crello

Crello leans towards designs for digital requirements but it also has print options. Users can design on-the-go with its mobile app for iOS and Android.

Crello can be used for free with fun features such as meme creation, but with the paid version, users can incorporate video formats into their designs.

4. Adobe Spark

Adobe Spark is a more user-friendly version of its professional platforms such as Photoshop and Illustrator. Unlike those, Spark comes with a free plan option. It also syncs with other Adobe software so users can pick visuals from their collections on Adobe Creative Cloud and Lightroom CC.

In addition to accessing digital graphic design tools, users can browse through Spark’s Inspiration Gallery for design ideas or visit the Spark blog for design tips from experts.

5. PicMonkey

This paid photo editing app lends images a premium touch. It works great for business that want to make their products stand out in the digital clutter, and also has basic graphic design tools for business cards or logos.

Some of its paid features include unlimited cloud storage, which is useful for business with wider product categories, as well as discounts for PicMonkey accounts with more than three users.

6. Desygner

Desygner is a great option for individuals and small businesses that do not have a professional designer on board. The only catch is that users have to download different apps for different requirements-graphic design, logo making, PDF editing, or even design for basic items such as business cards.

This works well for smaller sized businesses that may not require an extensive platform for their specific design needs.

7. Stencil

Stencil is a graphics platform specific to digital graphics. The range of design tools on Stencil is smaller, making it suited best for quick and easy designs for blogs and social media.

It also offers 24/7 support through live representatives, and browser extensions, which make it an extremely handy tool for efficient and snappy designs.

8. Infogram

Infogram works wonderfully for businesses that communicate a lot of information. From infographics and reports, to visually appealing charts and maps, it’s a convenient data visualizer that makes dense content audience-friendly.

Infogram has plans specific to business size, from lone wolves to large enterprises. Users can also track metrics through the platform’s engagement analytics, Iframe integrations and SQL Connector.

All of these platforms have features that overlap. The best way to pick one for your business is to determine what your design needs are and what features are absolutely essential to fulfill those needs. Having clarity on that will help you zero in on the platform that is best suited for your business.

Header Image by Aleks Dorohovich on Unsplash.

The post 8 Online Graphics Tools To Amp Up Your Brand Design appeared first on Jumpstart Magazine.

Research-backed rules for a solid work-from-home policy

One of the first known uses of the term “digital nomad” was in a 1997 book of the same name. Today, digital nomadism, or remote working, is both a lifestyle and a career option legitimized by freelancers and consultants.

In the time of COVID-19, millions of people across the world are taking work home under nationwide lockdowns. Last week, Microsoft Teams reportedly crashed because of a surge in the number of Europeans working from home.

Remote working, from home or elsewhere, packs a bunch of perks for businesses. It’s a great way to recruit diverse talent, make cost reductions, optimize for disruptions such as the global pandemic, and be environmentally considerate. Here are some tested ways to make work-from-home (WFH) work for you.

1. Remote working is not a one-size-fits-all model. A study on work-home boundaries identified a spectrum of workers in terms of how they delineate work-home boundaries.

On one end of this spectrum are Segmenters, who like to keep home and work separate, and on the other are Integrators, who prefer to mix the two.

Keep your WFH policy mindful of this spectrum, and flexible enough to accommodate it. You do not want boundary violations or feelings of isolation getting in the way of accomplishing goals.

Set clear expectations and allow employees to do the same, and respect their space when they choose to unplug.

2. This study on Building Virtual Intelligence points out that cognitive ability depends a lot on the context in which it is applied. Homes are familiar environments, and it’s easy to slip into ennui despite a steadily-increasing workload.

Based on the study’s findings, here are a few ways to make the home environment a WFH-friendly place for your employees:

• Recognize that virtual work is different from traditional methods. Incorporate it into your planning as well as your outreach by being adaptable and resourceful.
• Plan appropriately for the virtual workspace–put relevant processes in place rather than sending your workforce a barrage of follow ups.
• Co-monitor and co-evaluate together. Making accountability a two-way channel is a great way to build trust, and mitigate the psychological effects of social distancing.

3. Remote working demands autonomy, but you must still lead from the front. Future of Work’s study on Managing A Remote Workforce strongly suggests thinking strategically for seamless work function.

• Establish clear goals and mandates that are linked to the business outcome, and maintain employee performance goals. People work better when they see what they are working towards.
• Know your employees–their abilities, track records, and training needs.
• Determine the non-negotiables, such as communication norms and working hours.

4. Remote working is at a spatial disadvantage. Responses are not received in real-time, and evaluating nonverbal cues is complicated (unless the team decides to spend the whole day on video conference).

A study titled Distance Matters uses a simple case in point of the physical dimension of work- “the group wheeled their chairs to a particular place and focused their discussion on the ideas that were spatially clustered at that location.”

Leverage technology the best you can to combat this problem. Productivity tools such as Asana and Trello, communications tech such as Slack and Zoom, and even Teooh’s avatar based virtual conferencing technology are some effective options.

5. Keep your team’s socio-emotional needs in mind. This study by Kelley School of Business highlights simple tactics such as adjusting deadlines, scheduling video check-ins, or creating a virtual breakroom for team members to have free conversation.

The entire work-from-home structure is based on two-way trust. Follow an open-door policy just as you would in a brick-and-mortar office, encourage information and knowledge sharing, and don’t hesitate to contribute feedback where needed.

The important thing is to stay flexible. Remote workers are faced with several distractions when they work from home, but the opportunities to multitask and upskill are also many. Aim to create a conducive space for functions and procedures to work seamlessly, and the result is a dynamic environment where workers grow personally and professionally.

The post The Remote Working Revolution appeared first on Jumpstart Magazine.

By Kenneth Bok

When in the wild, how does blockchain thrive?

The long-term utility of any technology is often measured by its essentiality, determined by the extent to which its use becomes second nature. In other words: the more invisible, the better. Take the Internet, for example; the ability to complete an online purchase, access a wealth of information, or stream a film are all activities we now take for granted. 

As the very infrastructure that now underpins modern commerce, finance, social relationships, and communication, the Internet’s essentiality cannot be overstated. But when was the last time you thought about it? For those in the blockchain space, this seamlessness is our ultimate goal. With more traditional enterprises experimenting with the tech and governments working to enact supportive legislation, a paradigm shift is underway. 

Much like the Internet, blockchain is an infrastructure, rather than a tangible product. Its presence is not meant to be felt or seen. Blockchain is there, behind-the-scenes, set to impact processes from how food is tracked to the way we vote in elections. Today, the question surrounding blockchain should no longer be a matter of How does blockchain work? but How can blockchain work for us?

In code we trust

Despite its intangibility, blockchain does have applications that are more apparent than others. When taking its traits of transparency, traceability, and immutability into consideration, it’s evident that the technology is best-suited to copyright or industries such as luxury goods, where establishing a given item’s provenance is essential to its value. 

The inability to manipulate data once recorded on a blockchain has also been a boon for copyright innovation, especially in the music industry, where a transparent, unalterable ledger can prove if a consumer has the rights to a piece of music. This is an avenue that streaming giants, such as Spotify, have begun to explore to solve their issues with music attribution.

Similarly, many higher education institutions have looked to implement blockchain-based digital diplomas to avoid issues of tampering or the loss of a physical certificate to the benefit of both students and prospective employers alike. In Singapore, OpenCerts introduced blockchain-based, tamper-resistant education certificates in an initiative established between SkillsFuture Singapore, Government Technology Agency, the Ministry of Education, and Ngee Ann Polytechnic.

When it comes to high-value assets–such as wine, diamonds, artwork, or luxury leather goods–blockchain is also being used by companies to preserve their brand prestige and product quality. DeBeers, the world’s largest diamond producer by the value of its gems, worked with five diamond manufacturers to develop Tracr, its in-house supply chain blockchain platform. It allows users to be assured of the authenticity of their diamonds by tracing the gem’s journey from mine to cutter, polisher to jeweler. Tracr will also ensure that all diamonds are of ethical origins. 

Mastering the middlemen

Digital transformation has often plugged the promise of greater operational efficiencies through automation. Blockchain, with the help of smart contracts, is taking it a step further. In industries that have supply chain systems spanning beyond borders and across multiple suppliers, producers, and merchants, blockchain can help to provide a transparent ledger, where the parties can view all transactions and activities. 

With the ability to encode specific parameters and conditions, smart contracts can carry out business agreements while simultaneously verifying that the conditions have been met. Smart contracts can be implemented at every level of the supply chain to execute traceable service payments or shipment authorizations. This system reduces the need for arduous and often paper-based administrative tasks, and independently audits for document submissions or transaction records. 

The Chinese outpost of the American retail behemoth Walmart has developed a blockchain-based supply chain tracking platform to address local issues with food safety (Coindesk). It allows consumers to precisely identify the source of their food–from farm to grocery store–while farmers and suppliers benefit from a far more streamlined and secure supply chain.

In the insurance industry, blockchain has the potential to drive the creation of new systems, security protocols, and business models that provide tailored services at competitive prices. Smart contracts allow for a more autonomous underwriting process while enabling the automated issuance of new insurance plans, verification, and claim settlements. They can also reduce fraud, human error, and make room for products like microinsurance, which is often too costly to offer under the traditional model when accounting for labor overheads. 

Playing the game

Like all technologies, blockchain will soon need to confront the realities of mass-adoption. The staggering number of use cases across a myriad of sectors already proves its real-world utility. With the global blockchain market projected to exceed US$2.3 billion by 2023, the willingness to explore its potential is apparent (Research and Markets).

This is not to say that problems don’t exist. Firstly, scalability is a challenge for today’s blockchains, as slow network speeds can’t compete with those offered by legacy players such as Visa. Indeed, the company’s ability to carry out 20,000 transactions per second far supersedes Ethereum’s 15 transactions per second. Many projects are striving to address this issue, implementing mechanisms for greater transaction throughput. 

All technological innovations are characterized by infrastructural change as much as a shift in mindset. The ongoing ideological chasm between pioneering projects and legacy organizations impacts the pace of adoption, as we grapple with the opportunities and risks of decentralization and transparency that it offers. 

Though early blockchain adopters struggled to bring their pilot projects to scale, the technology has matured alongside our understanding of its commercial value. No longer on the fringes of the tech industry or academia, blockchain has found its way into enterprise efforts and regulatory discussions, but it still has a long way to go. 

Blockchain has been in the real world. You just never needed to see it.   

About the Author

Kenneth Bok is the Head of Growth and Strategy at Zilliqa. With over a decade of cross-disciplinary experience in the fields of entrepreneurship, finance, and deep technology, Kenneth is responsible for driving the enterprise adoption of Zilliqa’s blockchain platform. He has also been a seed and angel investor. Kenneth obtained his Masters of Engineering in Mechanical Engineering from Imperial College London along with a Master of Arts in Philosophy and Religion at the California Institute of Integral Studies.

zilliqa.com

The post Decoding Reality appeared first on Jumpstart Magazine.

Machines may be more intelligent than human beings, but that may not make them smarter.

One of the most photographed women at the 2016 South by Southwest (SXSW) festival was not human. Hanson Robotics’ humanoid robot Sophia became an instant celebrity after her first public appearance at the festival. Just a mention of her can quickly get people talking about machine learning and artificial intelligence.

People actually interact with machines and their internal learning processes every day, perhaps more so than with other human beings. Instagram censorship, Google search results, self-driving cars, and Amazon Alexa are all examples of machines that are constantly learning and getting better at what they do.

Machine learning is a pixel in the bigger picture of artificial intelligence. It is essentially how a machine learns to think. It does this by way of an algorithm, which is a set of instructions in a language that a machine understands (i.e., code) that tells it how to perform a task or solve a problem.

Using algorithms, the machine scans data sets such as text, audio or images, for patterns that it can group together and label. Programmers feed data and learning algorithms into the machine to ‘train’ it, so that it learns to perform a specific task. This is what helps computers differentiate between an image of a dog and a chair, even though both have four legs.

The machine’s performance improves over time with more ‘training’, as it relies on previously defined rules to figure things out. The more accurate the rules, the more accurate the prediction. How the machine is trained depends on what kind of learning the programmer wants to use- supervised, unsupervised, or reinforcement.

Supervised learning is essentially telling a machine what the correct answer is. The machine receives input and output data, both of which are labeled. The paired input and output data set is called a supervisory signal. Over time, the machine should be able to learn enough from these supervisory signals to sort out unlabeled data by itself.

Instead of giving the machine answers or labels, unsupervised learning asks the machine questions and provides them with input data to reach a conclusion. This does not involve any labeling, and instead takes the form of discerning patterns or anomalies from the input data.

Think of reinforcement learning as a game–the machine must score the highest points. It earns points for the right actions, and learns from the wrong ones. Programmers do this by incorporating a feedback loop. The machine receives negative feedback if it gives the wrong output.

Another term to keep in mind when talking about machine learning is ‘neural network.’ It sounds heavy duty, but it simply refers to a sequence of algorithms designed to identify patterns. In machine learning, a neuron does the thinking between input and output, and a bunch of them together form a network. The framework is loosely designed after the human brain, hence the term neural network.

In an interview with CNBC, Sophia agreed to destroy human beings as a joke with Dr. David Hanson, CEO at Hanson Robotic–and Sophia’s creator. The thought is scary, but scientists agree that it would be a long shot for anything like this to happen.

Machine learning is not a new concept–it dates back to the 1950s. What this means is that machines have been relying on human beings to teach them for five decades. And while they are becoming more intelligent and can learn to think for themselves, they can only adopt the subjectivity and abstractions of a human mind, not create their own. In this case, at least, the student has yet to become the master.

The post How Do Machines Learn? appeared first on Jumpstart Magazine.

Fintech has become one of the most used words in the startup ecosystem today, yet few fully understand how it’s grown or can define its scope.

An abbreviation for Financial Technology, fintech refers to new technologies that seek to improve and automate the use and delivery of financial services. This category of startups includes anything from mobile payment apps, to roboadvisors, to cryptocurrency.

When the term ‘fintech’ first surfaced, it referred to the back-end technology systems of financial institutions like banks, including activities such as international money transfers and depositing cheques using smartphones. With time, the scope of the term broadened to include sectors like financial education, retail banking, fundraising and non-profit, and investment management.

China, closely followed by India, is leading the way in the fintech market, with more than half of consumers using services like money transfer, financial planning, borrowing, and insurance. These markets have also proved to be excellent for opportunistic and savvy companies looking to access the vast unbanked and underbanked populations of Asia. Through fintech, users who do not have access to traditional banking and financial services can make online transactions and gain access to insurance or credit.

The launch of peer-to-peer lending platform Venmo, owned by PayPal Holdings, disrupted the bank-dependent system of lending and borrowing between peers by almost eliminating the need for banks. To combat the rise of apps like this, traditional banks are heavily investing in fintech. For example, Goldman Sachs Group Inc launched a mobile-banking app called Marcus which provides commission-free saving accounts.

There are about 26 fintech unicorns (startups with a valuation of US$1 billion or more), globally. The fintech market worldwide was valued at US$127.66 billion in 2018, and is predicted to grow to US$309.98 billion in 2022.

According to the PwC Global FinTech Report 2016, 77% of financial institutions aim to incorporate blockchain into their operations, and 90% of payment companies plan to use blockchain in 2020. It is estimated that cumulative investment in fintech will exceed US$150 billion within 3 to 5 years. This prediction, however, could be affected by the global Coronavirus outbreak.

Applications of Fintech

Crowdfunding:

As seen in companies like Kickstarter, fintech allows Internet and app users to send or receive money from others on the platform. It also allows specific individuals or businesses to pool funds from a variety of sources on a single platform.

Cryptocurrency:

Crypto exchanges like Coinbase match buyers with sellers of Bitcoin and Altcoins. Blockchain and cryptocurrencies are some examples of fintech outside traditional banking, and are still mistrusted by many financial institutions and even organizations outside of the financial sector.

Mobile Payments:

In the last few years, use of mobile payment apps like Apple Pay, Alipay, and Paytm has increased exponentially. All these apps use sophisticated financial technology, and in some cases their adoption was accelerated by external circumstances. For example, India-based Paytm and other cashless payment operators achieved phenomenal growth after the government invalidated over 80% of the cash in circulation in a move known as ‘demonetization.’

Insurance:

Insurtech includes everything from car insurance, to home insurance, to data protection. The insurtech sector in India received investments worth $183 million in 2019, up from $89.2 million in 2018.

Robo-Advising and Stock-Trading Apps:

Robo-advising provides algorithm-based asset management recommendations and portfolio management at a lower cost than an individual would face as compared to working with a traditional wealth manager. While some investors may still prefer the face-to-face experience when it comes to managing their wealth, many people–particularly younger people investing smaller amounts–are willing to experiment with robo-advisory.

Typical Fintech Users

Business-to-Business (B2B)

Fintech is used by businesses to obtain loans, financing and other financial services through smartphones. Additionally, cloud-based platforms and customer relationship management services like Salesforce provide enterprise-oriented services that allow companies to access and manage financial data, with B2B-focused cross-border payments startups like Airwallex catering to businesses’ international transfer needs.

Business-to-Consumer (B2C)

Fintech is used in several B2C applications like PayPal, Venmo, and Apple Pay, which allow users to transfer money through the Internet. Budgeting apps like Mint allow users to track their finances. In a third category, companies like ZhongAn Insurance and Lufax provide services like insurance and credit digitally.

Key Players

Ant Financial Services Group, formerly Alipay, is an affiliate of Alibaba Group and is the highest valued fintech company in the world with a valuation of US$150 billion. Other prominent Asian fintech companies include digital lender Qudian, digital insurance provider ZhongAn, Internet-based lending platform Lufax, and JD Digits (formerly JD Finance), which provides financial advisory and loans.

The post Understanding How Fintech Works appeared first on Jumpstart Magazine.

By Aditya S.

A starting point for amateur podcast listeners

Every entrepreneur craves new strategies and skills to maximize their business growth. But finding time to read a book or attend a seminar can be difficult while also trying to balance business and family. This is where podcasts can come in extremely handy.

Podcasts have been around for a while, but their popularity is trending upward in the entrepreneurial community now. In essence, a podcast is an audio series much like a vlog or newspaper column, where hosts discuss topics around a central theme, sometimes interviewing experts during the episodes. All one needs to do is listen.

There are now over 800,000 podcasts regularly releasing episodes, with the number increasing due to listeners’ voracious appetites and the growing popularity of the podcast as a new form of content marketing. It’s hard to know where to start with such a volume of content, but this list may be a solid jumping-off point.

1. All in: Elevating Your Leadership Game

Run by executive coach and author Alicia Dunams, this podcast features discussions with successful people about what it takes to become a global name. The list of well-known guests on the show includes Jesse Krieger, Bob Burg, Jennifer Russell, Leanne Grechulk, and many more.

2. Eventual Millionaire

The hosts of this show are unique in their approach, choosing to showcase various case studies of entrepreneurs. They dive into the entrepreneur’s past, and the steps they took to become successful. Some episodes are very motivational, and topics span across various aspects of business operations, including customer service, finance, goal-setting, hiring, and more.

3. Entrepreneur on Fire

Unlike the simple interview format taken by other podcasts, Entrepreneur on Fire infuses episodes with inspiration, humor, and emotion to engage viewers. They produce diverse content, where some episodes allow the listener to relax and ease into learning new ways to deal with problems, and others are so complex and detailed that note-taking is required. In addition, they also post blogs which are equally motivational and encouraging.

4. Mixergy Startup Stories

This podcast regularly releases episodes, which consist of constructive interviews with top entrepreneurs. Each episode serves to provide an overview of the important segments of every field. In addition, a transcription of each episode is provided on the website in case anyone wants to look into a specific moment in the episode.

5. This Week in Startups

Not only does this podcast provide useful content for entrepreneurs, it also provides a rundown of the latest news in startups. The producers of This Week in Startups have a range of different content, including video interviews, live interviews, events, and a subscription service that can send a selected video directly to your email inbox.

6. The Tim Ferriss Show

Tim Ferriss is a bestselling author, widely known for his book The 4-Hour Workweek. He is known to be a self-experimenter, and is a reputed content developer followed by both emerging and successful entrepreneurs. His podcasts are translated into over 40 languages.

7. Smart Passive Income

Entrepreneur and author Pat Flynn delivers excellent content through this podcast. If you are someone who is resilient and insistent on trying even after failure, this is the perfect podcast for you. Flynn treats himself as an experimental product for online businesses. He also talks extensively about blogging, email marketing, and affiliate marketing, even organizing courses on these topics.

8. Tropical MBA

This channel is for digital geeks. Hosted by two entrepreneurs who built their careers using their laptops, they showcase the lives of people who are creating ‘micro-multinational’ businesses while traveling the world. With new episodes every Thursday, the channel now has over 300 episodes and over 1000 listeners on Apple Podcasts.

9. 1 Day Business Breakthrough

This channel has a simple, catchy tagline: “Where Real Entrepreneurs Unite to Unleash Game-Changing Business Breakthroughs.”

The content of this channel will push you to daydream about your company’s future and the path you want the company to take. The producers also host live events where they talk about a wide variety of topics. The podcast is available on iTunes, SoundCloud, and Stitcher.

10. Stanford Entrepreneurial Thought Leader Series

Stanford Entrepreneurial Thought Leader Series is a great platform to learn from some of the best entrepreneurs of this generation. Their guests are prestigious Stanford faculty and well-known people who are at the top of their fields, providing inspirational stories for listeners to absorb.

11. The GaryVee Audio Experience

Charismatic speaker Gary Vaynerchuk hosts this extremely popular podcast. The episodes are a combination of keynote speeches, interviews with successful entrepreneurs, and marketing advice. He also posts motivational content, drawing from his experiences as a CEO, public speaker, vlogger, investor, and entrepreneur.

No matter how small or large your business currently is, there is a lot to learn from others like you. These podcasts will help to connect you with the insights of other entrepreneurs. All speakers have different stories and approaches to their problems, and combining their lessons and experiences can foster new ideas for what to do in tight situations.

About the Author

Aditya works as a Growth Assistant at AirTract.Com, a social platform wherein people ask questions, read articles, share knowledge and experience. He has a Bachelor’s Degree in Computer Science Engineering and has been working in the field of Digital Marketing for the past two years. He is also a voracious reader and a big sports fan.

The post The 11 Best Podcast Channels for Entrepreneurs appeared first on Jumpstart Magazine.

By François Hurtaud

A beginner’s guide to using this exciting design tool

Many believe 3D printing is extremely technical, but this is not necessarily the case. After the initial setup, the software can be left alone to do the job. It just needs a little instruction on the right process, materials, and printer settings. 

Step one is straightforward. Whether you are an industrial designer who needs to print a small prototype, or a hobbyist printing the latest Dragon Ball Z action figure, you need to have a clear idea of what you want to print before you can get started. Once that’s established, then it’s time to dive into designing. 

Design

There are two ways to go about design. One option for novice designers is to use open-source 3D template libraries like Thingiverse, MyMiniFactory, and CGTrader, which have pre-designed models for anyone’s use.

Alternatively, you can create a design from scratch using software like Solidworks, Pro/Engineer (now Creo), and Cinema 4D. Any software that has 3D Computer-Aided Design (CAD) capabilities and can export stereolithography (STL) files can be used. 

STL is the most common file type. However, note that STL files only tell the printer the shape of the model. There is no color, material, or texture information included in this file. 

Material

There are two materials that suit most 3D printing purposes. The first is Acrylonitrile Butadiene Styrene (ABS), which is a hard, durable, and heat-resistant plastic. It’s industrial-grade and so strong that it can be used to replace machine parts. 

The other is Polylactic Acid (PLA), which is essentially a plastic made from potatoes. It’s recyclable and can be reused over and over for different projects, making it an excellent choice for prototyping. 

Machine and software

Every printer has a unique corresponding software which usually comes with the purchase. Some good 3D printer brands include Makerbot, Ultimaker, and XYZprinting da Vinci Mini. 

Printer settings

Generally, it is best to stick with the printer defaults, but knowing what the settings mean can come in handy. The two most important ones are ‘Ink Fill Density’ and ‘Layer Height.’ 

• Ink Fill Density: This determines how solid or hollow your print will be. Setting it at 100% makes it completely solid, which is a waste of filament. For any percentage above zero, the printer will automatically generate a pattern to provide structural support for the object.
• Layer Height: This determines how thick the layers of your print are. The lower the number, the finer the print. However, note that this also increases the print time. 

Printing instructions

After importing your STL design file into the printer software, you need to convert it into a series of step-by-step instructions for your printer to follow. These instructions depend on the print quality you want. If the dimensions of your design are larger than the printer plate, the software will ask you if you want to rescale the model, and automatically adjust the design to fit.  

Once that process is complete, export your file, save it onto an SD card, and plug the card into the printer. Select ‘Build from SD’ to initiate printing. 

Make sure you have followed these steps before printing:

1. Prepare your print bed by making sure it is level and, if needed, add a bed adhesive to ensure you get a good first layer.
2. Load the ink of your preference into the printer and follow the printer’s instructions for this step.
3. Insert the SD card with your exported design.
4. Watch the first few layers of printing. If all seems well, walk away and come back later to see the finished version. Welcome to 3D printing. 

François is an international award-winning industrial designer. 

About the Author

François began his design career in 2008 as a studio designer. He graduated from Shanghai University with a Master’s Degree in Cross-cultural Design after receiving his Bachelor’s Degree in Industrial Design from L’Ecole de Design de Nantes. His designs have received multiple international design awards and accolades, such as the Good Design Award, Red Dot Design Award, German Design Award, and A’Design Award.

francoishurtaud.com

The post Getting Started With 3D Printing appeared first on Jumpstart Magazine.

Getting work done outside of the office can become easier with these productivity tools

The novel coronavirus pandemic has infected more than 168,000 people across the globe, with more than 6,600 deaths recorded worldwide (World Health Organization). As part of the efforts to curb the spread of this global pandemic, thousands of employees have been advised to work from home. Earlier this week, companies like JP Morgan, Google, Twitter, Facebook, and Amazon asked their employees to work remotely.

Although COVID-19 has accelerated the process, remote work has been trending upward for the last few years. Some people may find the flexibility of remote work convenient for meeting the demands of their domestic schedules; others may simple prefer to work in pajamas.

But working from home can often prove to be daunting. Listed below are 10 applications that can help achieve work-life balance and maximize productivity for both regular remote workers, and those newly introduced to it.

All applications listed below are either free, or have a free version with reasonably-priced in-app upgrades.

1. Serene

Serene is an application that helps people achieve maximum productivity by focusing only on their most important goal of the day.

The app allows users to set a single goal each day, and break the day down into sessions to achieve that goal. This reduces the time spent on smaller tasks, and allows users to work proactively towards their most important goals.

Serene allows users to tackle distractions by blocking time-wasting applications and websites, and even silencing their phones. The application also has a variety of concentration music to help users achieve optimum productivity.

2. Todoist

Todoist is a task management app that can be used for free on Mac, iOS, Android and Windows. It allows users to manage their time effectively by organizing tasks according to priority. Through a subsidiary solution, Todoist Karma, users can also set and record productivity targets, which are then visualized in sleek graphs as an additional motivational tool.

3. Slack

Slack is a messaging solution that can integrate all business communications, including email, into one platform. Members of a Slack workspace can communicate through instant messages that are organized into groups called ‘channels’ according to projects, teams, clients, or other business functions. Members can join or leave as required to avoid irrelevant notifications.

Slack offers collaboration not only within a company but also with vendors, partners and clients with regular working relationships. It also offers file sharing, voice and video calls, and screen sharing options. It is free to use for small teams, but the free version has a limit on searchable storage: message history will only be saved up to the most recent 10,000 messages, and files will be retained only up to 5GB.

4. Calendar.com

As the name suggests, Calendar is a digital calendar that allows users to integrate all their calendars, including Google and Outlook, into a single interface. It offers hassle-free meeting scheduling without the need to send multiple emails, provides analytic reports to help track productivity, and even offers automatic transcripts of meetings. The platform is still in beta, but can be downloaded for free on the company’s website.

5. Zapier

Zapier is an online service that integrates all business applications and helps users save time by automating routine tasks like uploading documents on Google Drive. Dropbox, Google Sheets, DocuSign, WordPress and Office 365 are some of the applications that can be integrated through Zapier.

6. Notion

Notion offers greater clarity in team work by replacing a host of productivity apps with a single platform. Users do not have to toggle between different applications–thereby saving time. It is useful for project management and real time collaboration between team members.

Calling itself the ‘missing half of Slack,’ Notion provides all necessary business functions on one interface–barring a chat function. However, it’s possible to integrate Notion and Slack to get the best of both worlds, although the integration is at this point still fairly one-dimensional, only allowing for Notion notifications through the Slack app.

7. Trello

Trello is a project management application meant for collaboration among teams which helps track the productivity of all members. It allows users to create to-do lists, add deadlines, and view each member’s progress in completing their assigned tasks. It also offers instant messaging between team members.

8. Spark

Spark is an intelligent email organizer that prioritizes emails and helps users focus on work by silencing email notifications from unknown sources. It also offers other features like a built-in calendar, quick replies, and follow-up reminders.

9. Taskade

Taskade is a project management application meant for small teams. It offers visualization of to-do lists and tasks, and helps track each member’s progress. Unlike Trello, Taskade offers multiple visualization options for viewing the exact status of tasks and projects.

10. Noisli

Noisli offers peaceful background sounds to help users focus on their work and avoid distractions. Users can choose from sounds like rainfall or waves, and even combine different sounds to create their ideal work environment. The application also offers a timer to help users work in sessions, with regular breaks to optimize productivity.

The post Top 10 Productivity Apps for Working From Home appeared first on Jumpstart Magazine.

By Reggie Addae

Set your website for success with a bonus ‘how-to guide’

When it comes to optimization, one of the most important practices that all marketers need to undertake is gathering actionable insights. Feedback is crucial because it allows you to identify sources of friction that stop customers from taking an action. It can be categorized into two types: 

1. Customer surveys: They are used to solicit feedback from users who have already converted or taken the action you want them to take. The issue with these surveys is that since the information is collected after the event, the customer may not necessarily remember how they felt at the time.
2. Web surveys: They collect feedback from users while they are using your site. They are usually pop-up boxes that appear after a trigger (e.g., after a certain amount of time has been spent on a particular page, scroll depth, number of pages viewed, landing on specific pages, etc.). Web surveys can be used to understand why people are not taking a particular action. 

So how can you implement a web survey to identify your friction points and boost your conversion rates?

Step 1: Who

Make sure the people you are surveying would actually take the action you want them to take. Look at your metrics and note the common traits of people who took the given action, and try to target similar individuals–maybe they visited a specific number of pages, or stayed on your site for a set amount of time. 

For instance, you could target individuals who added items to their cart, but didn’t buy. These individuals showed intent by adding a product to their cart. With an average abandon-cart rate of 69.89% (Baymard Institute), finding out why and fixing it would do wonders for your conversion rates. 

Step 2: Where

Now you know who, you have to ask them at the right time. Don’t ask a user why they haven’t taken an action when they have just landed on your site. 

A better time might be the last stage of your conversion funnel, or when they are about to leave your site (exit intent). A browser determines exit intent by tracking the movements of your mouse and is triggered when you move your mouse cursor outside of the upper page boundary.

Step 3: What 

You’ve established the who and where, so what do you ask? 

There is no best question to ask, as it differs depending on your objective. As a rule of thumb, try and understand two things about the potential customer:

1. Why did they come to your site? Does your website match their needs? If not, are you attracting the wrong audience?
2. What are the friction points that are preventing them from taking the action you want them to take? 

Here are some sample questions to ask:

• Why are you here today? (Identify intent)
• Were you able to find the information you were looking for? (Identify whether there is any missing information on the site)
• What made you not complete [action] today? (Identify sources of friction)

You will have to experiment with these questions to see what works. The one question a lot of marketers use that works regardless of the audience is: Do you have any questions you haven’t been able to find answers to? (Y/N)

After they have answered ‘yes’ or ‘no,’ ask for an explanation. This structure works because it’s easy to answer a yes or no question. Once you have responded to it, a psychological trigger called ‘commitment’ compels you to complete what you started, and answer the question.

Another good question, especially for ecommerce stores, is: Is there anything holding you back from making a purchase today? It’s important to find the wording that works for you.

Step 4: How

There are multiple ways to implement a survey. HotJar [hotjar.com] has a free version you can use, and it’s quick and easy to set up. Of course, there are plenty of other tools like Qualaroo [qualaroo.com] and Webengage [webengage.com] that also get the job done. 

How to set up a survey on Hotjar

1. Go to ‘Polls’ under the ‘Feedback’ heading on the side dashboard.

2. Click ‘+ New Poll.’

3. Enter the name of your poll.

4. Your ‘Question 1’ is the one with a yes or no answer. Click on the dialog box next to the ‘Yes’ so the user can enter the text if they select ‘Yes.’

5. The second question asks them if they would like a response to their question or comment. ‘Yes’ prompts the user to leave their email address. ‘No’ will close the dialog box.

6. Configure how you want the pop-up to look.

7. Set up the targeting (i.e., desktop, tablets, or phones), the specific pages you want this to appear, and to which users.

8. Dictate the behavior of the poll. When do you want it to show up, and how often will visitors see it?

9. Once done, set to ‘Active’ and launch. There you have it: your very own feedback loop.

Reggie is Jumpstart’s Director of Marketing and Special Programs. 

The post Installing a Customer Feedback System on Your Website appeared first on Jumpstart Magazine.

By William Gilchrist

How a lack of sales experience is killing the tech community

There is a disturbing trend rising within the tech investment community. Capital is being carelessly distributed at a rapid rate into under-vetted products with an undefined product-market fit. Founder experience in facilitating sustainable business strategies is also being vetted at a much lower rate than one would expect. 

Rarely ever do investors look into a founder’s sales experience before entrusting them with building sales and marketing structures for their companies. Research shows that only 8% of tech CEOs have primary backgrounds in sales (Korn Ferry Institute). Ironically, most investors tend to prioritize revenue generation and market expansion as key targets for their portfolio companies. 

Investors are imposing sales and marketing targets on companies run by people who have never sold or marketed products. This ‘product first’ investment strategy works in terms of generating buzz from the media. It sounds attractive on podcasts and press releases, leaving the leadership with a feeling of being ‘brilliant.’ However, users and staff end up suffering the consequences. 

Take, for example, the fact that Singapore has consistently had a 30% startup failure rate within the first 36 months (SBS Group). We have accepted these metrics, yet have never challenged their logic–or our behaviors–to improve them.

The unacknowledged truth understood by most people in the Southeast Asian startup community is that returns are a source of intense pressure on companies and investors alike, but rather than synergizing strategies between investors and startups, poor results are covered up with forecasts and ‘growth numbers.’ It has grown to the point that some companies are merely looking for a ‘good enough story’ to tell their investors to stay afloat.

We don’t need to look very far to see examples of how this has had a significant impact on companies. Notably, Honestbee currently owes over US$1 million in unpaid salaries to its employees, and has discontinued its overseas operations (TechCrunch). 

We are often told that investment firms will give their ‘minds and hearts’ to their portfolios, but in reality, we need their ‘hands.’ Where are the incubators that build sales and marketing departments for their companies? Where are the leadership, cultural, and sales training budgets for founders within VC firms? How often do investors teach their portfolios how to win rather than hoping that they will?

There are positive instances of active startup support in the market. For example, Malaysia’s MDeC Enterprise Division is working to bring in external specialists in business development, sales, marketing, and finance to support their startups. 

Aside from these isolated cases, there aren’t many similar stories in the region. Investors sometimes suggest that they don’t want to be seen as distracting or exerting too much influence on the founders in their portfolio. However, giving these companies vast amounts of capital with no direction leads to returns-focused behaviors, and diminishes the incentive for quality output. It sets these companies up to fail.

The best solution is for investors and advisors to be more hands-on with their investments, and develop systems based on their experience to enhance areas of their portfolios from the ground up. Take the ego out of the equation and listen to outside voices looking to utilize technology for a broader purpose. Otherwise, we are simply spinning the wheels on an industry that has a great deal of promise. 

About the Author

William is the CEO and Founder of Konsyg, an on-demand provider of sales services for tech companies. He began his career as a Media Relations Manager for Wai White Dragon, moving on to roles in education, marketing, and business development. William was most recently an APAC Knowledge Manager for Google, and Director of Sales at TradeGecko. 

konsyg.com

The post First the Sales, Then the Customers appeared first on Jumpstart Magazine.

By Jasmine Chan

Click Ventures Founder Carman Chan discusses the path to success

Even though Carman Chan is one of Asia’s most influential women in tech, she is continuously looking for ways to further expand her reach. Named by Preqin as the ‘most consistently top-performing VC fund manager globally,’ Chan’s firm, Click Ventures, invests in early- to Series A-stage tech startups in Silicon Valley and throughout Asia. It has invested in 50 startups since founding and boasts Spotify, Meetup, and Memebox as among its portfolio companies. 

Chan’s motto has always been to “[turn] your disadvantages into advantages”–an idea that she has applied throughout her career as a serial entrepreneur, tech columnist, and now, the founder of a world-class VC firm. 

Jumpstart sat down with Chan to discuss her path to success and how she hopes to take the lessons she’s learned to inspire female investors and the next generation of innovators. 

Startup street

Chan first entered the innovation sector upon graduating from the Hong Kong University of Science and Technology, where she majored in Pure Mathematics. Following graduation, she struggled to find a gripping way to improve her English. Despite being admitted into Imperial College London’s prestigious doctoral program for Mathematical Finance, she chose instead to establish her first startup, EnglishStreet.com, an online ‘edutainment’ platform.

“My passion and focus at that time was making English learning more interesting. Therefore, the Ph.D. offer from Imperial College became less interesting for me,” she says.

The company scaled rapidly and was covered by Harvard Business Review as a successful business case. It was acquired in 2000 by Hong Kong Economic Times, a Hong Kong-listed newspaper group. Chan would move on to found her second startup in 2007; Click Limited was an online ‘edutainment’ community for kids aged 6 to 12-years-old. Tencent’s first CFO, Patrick Tsang, and Cherubic Ventures Founder Matt Cheng were among the company’s investors. Click Limited merged with Hiiir Inc. and went on to be acquired by FarEasTone Telecommunications in 2013.

With a wealth of entrepreneurial experience under her belt, Chan decided to pursue her ambitions in the investment space, eventually founding Click Ventures in 2015. 

“I have met so many investors as a founder, making me curious about the other side of the table–the investment side. I became an angel investor for two years when I exited my own company six years ago,” she says. 

Clicking into place

Although being an entrepreneur gave her invaluable insight into the startup ecosystem, Chan says that she had to develop a new perspective as an investor, as the emphasis is on consistency, rather than growth. 

“We had been asked by our [limited partners] whether we could continuously generate top performances. That’s why we have been focused on creating an internal process to achieve a consistent top-performing result,” she says.

Chan breaks down this process into two parts: (1) identification and (2) a laser-focus. The first step is to identify startups with business models that suit the focus of the firm. 

“Recognizing a business model is not that easy. We need to build a lot of knowledge so that we are equipped in that specific kind of business model that belongs to our focus,” she says. “When you laser-focus on a business model, you can concentrate all the resources on your objectives and target, and you can build a lot of synergy around it.”

Click Ventures is “sector elastic” when evaluating potential portfolio companies. Chan receives more than 1,000 startup email pitches per year, which doesn’t include the ones she hears at pitch competitions, demo days, and other events. She stresses the importance of being concise when it comes to perfecting the pitch because “VC firms usually have a few seconds to look at your pitch, so these few seconds are very important.”

Another piece of advice she gives to startup founders is that they often make the mistake of not presenting a clear business model and traction data when pitching. Traction data is essential because it reflects whether the startup fits well with the firm’s investment thesis.

After handpicking a portfolio company, Chan will ask detailed questions about the profit motive and daily operations of the company for the founder to ponder when refining their business plan. Through her experience, she’s able to understand the founders’ mindsets and spark an effective brainstorming process to take the business to the next level.

“Most of the time, I found that my portfolio companies’ founders liked the questions I asked them. I have been a founder myself, so I can ask a lot of detailed questions that can provoke the founders to think,” she says. 

When working with portfolio companies, Chan’s objective is always to accelerate and inspire innovation, as Click Ventures seeks to invest in transformative businesses. Chan cites the notable example of Spotify, which pioneered music streaming around the world. She emphasizes the power of technology in reinventing old business processes and generating new waves in the industry. 

“They leveraged a streaming technology that just matured at that time, introducing the idea that you don’t need to download music anymore. So, in this case, they redefined a business model,” she adds.

Nurturing the youth and the outsiders 

Having had the opportunity to experience all sides of the startup landscape, Chan is keen on inspiring corporates and budding entrepreneurs as a way to nurture the innovation sector. She frequently spoke at startup events, but felt more could be done to make knowledge-sharing more effective. 

“We have invitations to be speakers or judges at a lot of events, so we share our knowledge bit-by-bit, unorganized and scattered,” she says.

In 2019, Chan launched Click Academy, a platform that provides events, training, and workshops to those outside the startup ecosystem, thereby empowering them to make their entrepreneurial aspirations a reality. Participants don’t need to come from any particular background or even have a startup idea. They only need drive and curiosity.

She’s particularly passionate about inspiring the next generation, and says that young people who are interested in pursuing a career in VC should gain hands-on experience through internships. Click Ventures has partnered with Harvard University, London School of Economics, and several Hong Kong universities to connect students with these opportunities. She adds that working in startups is equally crucial to becoming a successful VC, as it gives you a comprehensive perspective and insight into what it means to be a founder. 

Chan, who was named by Nikkei Asian Review as one of the ‘Women to Watch in Asian Tech,’ is also an advocate for gender diversity in the startup ecosystem, believing that it’s fundamental to the industry’s overall success. 

“Since investors are from different countries and of different genders, sometimes diversity can provide you with different kinds of ideas, networks, and knowledge,” she adds.

When facing a male-dominated VC industry, Chan suggests that the support of like-minded female investors and founders will create the cohesion that’s needed to move it forward. In 2019, Click Ventures invested in Female Entrepreneurs Worldwide, an online-to-offline business platform that connects female entrepreneurs and elevates their business on a local and global level. It also invested in SoGal Ventures, a female-led VC firm targeting diverse founding teams.

In the competitive and unpredictable world of VC, Click Ventures has managed to stand out among the rest and achieve consistent results. The recipes for its success are Chan’s leadership and holistic insight into the innovation sector. Beyond her well-established career, she is making good use of her prominent influence in the industry, inspiring the younger generation and female investors to reach for their dreams. 

Jasmine is Jumpstart’s Editorial Assistant.

The post Consistency Above All appeared first on Jumpstart Magazine.

By Elisa Choy

In today’s economy, the currency of power is not attention–it’s engagement

American economist and political scientist, Herbert Simon, was ahead of his time. In the early 1970s, he realized that information would no longer be a scarce resource in an era of media saturation. Instead, people’s attention would be in demand. 

It doesn’t matter whether you’re a startup, enterprise, entertainer, or politician–anyone who is seeking to monetize their profile or brand is vying for elbow room in the attention economy. At this point, it’s almost an impossible task. Our attention is fragmented, and our patience is thin.

Figuring out how to monetize attention is both a challenge and an opportunity. Even traditional industry players–such as advertisers, media outlets, and the entertainment industry–are finding themselves in uncharted waters amongst a sea of niche, digital competitors. Ratings are falling, and meaningful engagement is challenging to measure. 

The hard truth is, if you don’t capture the attention of your audience and consumers, your brand will not survive. Attention is power. Luckily, capturing it is possible.  

Attention can be bought, and hype can be manufactured. If you’re a business with brand equity, it’s easier to grab attention. But gaining attention is only one part of the equation; once you have it, keeping it and making meaningful engagement is far more complicated. It needs to be earned.

The deeper you can engage, the stronger the emotional connection you’ll be able to foster with your audience, and the higher the brand loyalty you will build. Successful brands today are part of a cultural narrative that defines us. 

Using artificial intelligence (AI) to uncover emotions

As a data analyst and data translator, much of my work has been in understanding audience engagement through big data. We analyze petabytes of open source, topical content (i.e., language-based data) in the online universe. We read, analyze, contextualize, and categorize every piece of content online that interests you. 

Polls and metrics like impressions, page views, followers, and ‘likes’ have limitations because they are blunt measures of engagement. They describe a slice of what is happening, but they don’t tell the story of ‘why.’ 

With machine learning and open-source datasets, we can analyze the entire market in its natural environment (i.e., not being asked a question), what content it’s reading and watching, and analyze–through contextual understanding based on natural language processing–how it feels and the intensity of the emotion. As humans, we make decisions based on emotion, and the more intensely we feel about something, the higher the likelihood we will change our behavior. 

If I love iPhones, then I will sleep outside the store for days to be one of the first to buy it–I’m engaged. If I hate a brand, then I will tell everyone I know to stay away–I’m engaged. If I think a brand is ‘okay,’ then it means I ‘don’t care’–I’m not engaged. 

Our ability to accurately measure emotions without human bias to predict behavior can unlock so many insights into audience engagement strategies. 

Case study 

In January 2018, we worked to understand which narratives incited the most profound engagement about climate change. There were hundreds of topics in this space, from renewable energy, to sustainability, to electric vehicles. Content creators, brand strategists, product developers, and policymakers all want to know: what’s the most compelling story?

We uncovered several threads of engagement. One of them involved school children, as we identified their deep emotional connection to environmental activism. 

Two events then took place. In March 2019, high school students across Australia orchestrated a climate change protest. In September 2019, the global climate change strike took place, which was led by the young and inspiring Greta Thunberg.

We measured the emotion, uncovered what was deeply engaging, and predicted behavior. Imagine the world of possibilities that is now open for any industry, brand, and business. If your audience is human, you need to understand their emotions. There are better ways to drink soup. Put down the fork.

About the Author

Elisa Choy is known as ‘the Data Whisperer.’ After 16 years in corporate roles, Elisa founded Strategic Data Central, a Sydney-based boutique data analytics consultancy that transforms data into actionable insights for business leaders. She is also co-founder of Maven Intelligence, Australia’s first strategic branding agency powered by AI, which helps leading brands use big data to measure human emotion and predict behavior. 

mavenintelligence.com.au

The post Do I Have Your Attention? appeared first on Jumpstart Magazine.

We are in the midst of a technological revolution that will fundamentally alter the way we live, work, and relate to one another.

Whether it’s giving birth to entirely new industries or revolutionizing existing ones, the startup culture across Asia-Pacific is playing a big role in the finer layers of this development.

Nowadays, however, it can be tough to break through a highly saturated market. Startups that have experienced success in one market can feel challenged when it comes to taking their idea internationally and adapting it to work in new and different markets.

Expanding into new markets

A startup’s success relies on improving the existing scale of efficiency in the market. When deciding to take the business internationally, make sure you pay attention to the following:

Do your research

While it may seem obvious, the number one reason why many startups fail is that there was no market need. Use in-depth analysis of countries and regions to identify the places where your startup could win market share fast and with less effort. 

When you make data-based decisions, you’re more likely to launch a successful product in local markets. Start by examining your target audience, research legal restrictions, calculate the ease of doing business, size up your competition, and estimate your ROI. 

What may seem like an unnecessary expense may be the solid foundation on which to build a global strategy for your startup. It also shows that you have long-term plans, which is exactly what investors are looking for when choosing startups to support.

Be on the lookout for structural help

In many cases, governments and independent organizations are on the lookout for startups with unique ideas and offer various incentives such as tax breaks and funding opportunities if they establish businesses in their regions. China’s attempts at rivaling Silicon Valley led it to invest heavily in startups that changed the game for its tech scene.

Know your priorities

When you run a startup, everything seems vital and urgent for the success of your project. And you want everything done now. That’s why prioritizing is crucial when startups localize. Different types of products and markets means that there is no universal method to follow, however a good strategy is one which defines macro goals and restructures daily tasks in suit. For example, visibility of the product and customer satisfaction are two (perhaps very) important short-term goals. Optimizing daily tasks around macro goals helps achieve them with maximum efficiency and is a natural way of task prioritization.

Start small, dream big

It doesn’t matter if you start out small, what’s important is to get your foot through the door. Have a plan for how you want to grow and use the opportunity to study the market and your competitors. You will often end up learning more about your customers and will be able to fine-tune your product to their needs. 

Even if you start small and going bit-by-bit, if you keep international expansion and localization in mind early on, it will save you more trouble in the long-run and you won’t need to reinvent the product when fully taking your business to new markets.

Look for local partners

Making use of partner businesses can help alleviate the pressure of starting from scratch when entering a new market. In addition to providing key insights into the local market, they could help your brand grow through association, provide critical revenue streams, and potentially add on beneficial services to the original product.

Localizing the business model

Once you’ve established a foothold in a new market, you can focus on localizing the business model and further adapting it to the markets needs. 

Understand the demographics

In a fast growing consumer market like Asia, it’s common to look at the market as one with a rising middle class. While this is true, many more markers such as ageing populations, filial structures, and cultural quirks combine to create a variety of purchasing habits and consumption patterns that are uncommon in other parts of the world. 

Whether it’s through adding a localized flavor to an international restaurant chain or providing auxiliary services on a ride-sharing platform, understanding these demographics puts you in a better position to create products that solve genuine problems, and create better delivery systems that are most convenient for consumers to access and use. 

Be agile

Startups and fast-moving businesses prioritize agility above all, to be able to keep up with the evolving needs of their consumers and the changing tides of markets and new innovations. The great news here is that localization doesn’t necessarily slow fast-moving businesses down. 

To do so, make sure that you maintain the same agile processes and mindset when you implement your localization strategy. Startups that have the proper processes in place will likely be more successful in localizing their product.

Measure success

Key Performance Indicators (KPI) are crucial to determine whether your investment yields the desired results. Is your current strategy working and do you want to continue going down that path? Or maybe it’s time for another round of funding.

About Yoan Kamalski

Yoan Kamalski founded Hmlet alongside his long-term friend and business partner Zenos Schmickrath to address the pitfalls of sharing a living space with others, and providing a housing solution where people can flourish and grow. Yoan believes that today’s mobile workforce is looking for a curated place where they feel empowered to reach their full potential. This philosophy has driven the success of Hmlet, in which Yoan was recognised by Forbes as part of their 2018 ‘30 under 30 Asia’ list.

hmlet.com 

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