Posts for Startup

Larger firms have a better view of the problem, for which startups prove to be problem-solving. A quick look at how Corporate Venturing acts as a win-win.
Enterprises, Startup, Technology

How Do Larger Firms Depend On Startups To Develop Technology?

A quick look at how Corporate Venturing acts as a win-win for the parties involved, the enterprises and startups.

The interdependence of larger firms and startups has become the norm in the world of technology. While big companies look to maintain their position intact in the competitive market, as they are constantly on the look-out for up-to-date and futuristic technology at the same time, startups become their go-to. Simply called Corporate Venturing, several big companies rely on startups to innovate and explore the industries ensuring minimum damage and maximum growth.

A study claims that Corporate Venturing was on a continuous rise throughout 2018. We cannot deny that the current year and the future will only see better investments.

Why Startups?

1. Innovation

Startups are constantly challenging the status quo and are hungrier than any established firm. The fire within to rise and shine has to be fuelled with proper finances. The big firms already have set systems in place and flexibility becomes rare inside the working environment, making it challenging to innovate at the speed which the market demands. Startups ensure a pipeline of new ideas to continue growth. With an ocean of workers and firmly rooted systems, it is almost impossible to expect speed and precision at the same time.

2. Exchange

In return, these firms offer finances, workforce, an easy establishment in the market, facilities, etc. The little spark of an idea is kept alive by these factors, which most of the startups do not possess. They do not have the means to scale their business. Larger firms act as catalysts to learn, explore and execute their ideas while also understanding existing business problems from a better perspective. In short, larger firms have a better view of the problem, for which startups prove to be problem-solving.

How Do These Firms Make Sure They Engage Well With Startups?

Big companies might not invest only in one startup. While they have their sights on many of them simultaneously, they make use of the specific capabilities of each startup rather than depending on one for every innovation. This results in an all-round development within a short span. In turn, the startups get access to the firm’s customers and the market easily.

When a startup presents an idea, if the firm validates it, there is a huge opportunity for the startup to experiment their solutions in the market practically. Startups are persistent. They are out there to prove a point. Hence, when something fails, it is not the end of the world. With enough trust and patience from the investing firms, their chances of succeeding go higher.

Collaboration need not always mean partnership. A lot of these big firms look for shorter relationships with startups and move on to other options. Sometimes, they can be mere extensions of the existing teams in a firm. Know the impacts of digital transformation in business. The brighter side of this is that the startups gain their customer base and also have a practical validation for their products and solutions. With clear communication on what they expect from the larger firms and where the collaboration leads to ensure a healthy relationship on both sides.

A successful partnering demands discipline, patience, focus and respect from both ends. Clear communication on expectations, demands, and requirements will put away any complication. With the right proportion of win-win in the mind, startups and big firms can collaborate to create a world of technological wonder.

Written by Jayashree in July 18, 2019
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While all the first world countries compete to assert dominance in the AI global scene, one cannot help but notice Canada crawling to the top with ease, becoming the top country for AI investments and developments.
Artificial Intelligence

The AI Scene In Canada: A Quick Brief

From problem-solving to contributing to an easier lifestyle, Artificial Intelligence is here to stay. While all the first world countries compete to assert dominance in the AI global scene, one cannot help but notice Canada crawling to the top with ease, becoming the top country for AI investments and developments. Canada used to be a businessmen’s secret until a few years ago. With the current government investing extensively in businesses to make a mark in the global scene, AI became their best bet to announce global dominance.

Inclusivity To Encourage Participation

The 32nd Canadian AI conference happened in May 2019. This event saw participation from hundreds of experts from the AI industry, research, government and accomplished students from all over the country. Such diverse participation means every dimension of the industry is discussed to propel them forward without much hassle. The Universities of Toronto and Montreal find themselves carrying the roots of Deep Learning, an advanced technique important for the core development of AI. Such major participation from the students ensures a powerful future in the respective field. This wide range of minds involving themselves in the current AI scenario has resulted in Canada having the largest ecosystem in AI.

Investment In Artificial Intelligence R&D

Only one company found itself among the top 100 AI companies in the world in 2018. However, there is a brighter side to this. Canada has not yet commercialized most of its AI currently, but the investment in research guarantees major innovation and immediate leap to the top in the future while the competitors scramble to stay unique and innovative. It is the only country to have a strategy for AI. More than $125 Million have been invested in Pan-Canadian Artificial Intelligence Strategy by the Canadian Institute for Advanced Research (CIFAR), a governmental organization. Even American supreme powers like Facebook, Uber, Google, etc. have set up core research labs in Canada, most of which have tie-ups with top universities.

Responsible Development and Implementation of AI

Apart from making the whole system as transparent as possible, the Canadian government has introduced Algorithmic Impact Assessment (AIA) to check the ethical and human values of the AIs introduced. By making it applicable to both governmental and private projects, it makes sure nothing escapes the system and warns the developers on any discrepancies. Various aspects like cybersecurity, safety to the environment are taken care of at the grassroots levels, making even the consumers aware of the impact of what they use. This is not a one-time development either. Updates and policy amendments are continuously made with the help of public workshops and online assessments, resolving developing issues then and there.

Startups and AI

Deserving startups working on AI will find themselves being empowered by Canada on the global stage with several technology events calling for the best innovators in the world. This is also assisted by easier and more open supportive processes like providing with Visas and welcoming them into their country with open arms. More than simply working with established organizations, kickstarting new ones makes sure the work is done faster, more economical and the opportunity falling in the right hands. The current government is focusing on creating five “superclusters” across the country for tech investments. Read more on how are innovations in startups contributing to leveraging technology.

It is safer to say that Canada hit the nail on the head by nitpicking unaddressed aspects and unresolved issues right in the beginning, giving them the edge over any other country in the world. With the amount of monetary, time and energy investment in research currently, it would only be appropriate to say that Canada is still one step ahead in the Artificial Intelligence industry.

Written by Jayashree in July 5, 2019
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Startups are at the intersection of technology, business, and innovation paving way to innumerable possibilities of transforming good to great.
Digital Innovation

How Are Innovations In Startups Contributing To Leveraging Technology?

As the world is climbing the digital ladder, businesses scramble to be at the top of the pile with innovations in order to claim consumer attention and market dominance. Startups become the best bet for even established organizations to lead in digital innovations satiating their hunger. A trailer of it can be witnessed in the annual summit conducted by Consumer Technology Association to support the best consumer technology innovations. Beyond such massive organizations, businesspersons are also looking to invest highly in digital platforms.

With almost all international bodies making efforts to support the best technological innovations, isn’t it important to know how these seemingly small companies contribute hugely to the international standard of digital technology?

Startups Are Under Watch

A recent report by Forbes confirmed that investment in startups that deal with Artificial Intelligence, health care, and clean technology has skyrocketed recently with Canada being the topmost country for AI on the global platform. It has become the center for startup investments with millions of dollars on the rounds. With TV shows like Shark Tank, the US is coming up with innovative ways to make startup investments popular and insist on the importance of their contribution to the global market. More than 20 of the 35 startups that reached the unicorn status in 2018 in the US have involved in digital innovation. With two of the largest countries in the west reaching their pinnacle, major cities like Berlin, Stockholm, London, Tel Aviv, etc. find themselves in the top 10 places for startups creating a digital revolution.

These startups also act as major support systems to established local and international institutions aiming to resolve local issues, guaranteeing them a market boost and sustainability. Know how do larger firms depend on startups to develop technology. Such intersection of technology, business, and innovation paves the way to innumerable possibilities of transforming good to great. For instance, Highspot is an AI service provider whose services are taken by moguls like Twitter, Dropbox, Siemens, etc.

Some innovations making everyday life easier have also resulted in consumers resorting to the latest technology irrespective of the field. In one swipe, people can find anything ranging from doctors to inverters to make up artists. When digital innovations evolve, there is also a significant effort put into cost reduction. Who would say no to easier and cost-effective solutions?

Technology – A Continuous Process

No startup is happy with simply one innovation. Technology is an evolving aspect in the everyday life of people all over the world, any product becomes usable globally. Several tech startups have been developing products for the world in deep-tech fields ranging from space, materials, data analytics, etc. Updates on the existing innovations also guarantee their stay in the market with rapidly changing times.

While it is generally viewed that digital innovations aid the success of startups, the converse has more weight in the current market scenario. Embedded systems result in almost zero defects or errors in the products produced. This automatically calls for futuristic views in using technology for better solutions for other existing problems, giving the companies more space to grow and innovate at the same time. Know the best iOS development tips & trends for App Store in 2019.

One major aspect all these innovations and startups teach us is that speed has taken a back seat over long-term opportunities and depth of technology. When the depth of technology becomes the primary focus, it is inevitable that these digital innovations leverage technology in the modern world.

Written by Jayashree in June 27, 2019
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