Home Blog Page 8

Why, as an Entrepreneur, You Should Build a Broad Network

By
meetmarkus
-
0
network

The Key to Success: Why, as an Entrepreneur, You Should Build a Vast Network

Building a successful startup requires much more than a brilliant idea and an unwavering determination. One of the most crucial resources an entrepreneur can possess is a vast network. But why is that so? What makes a strong network so valuable? In this article, we will delve deep into the world of networking and unveil why it is essential for every founder to nurture and expand this precious asset.

A vast network unlocks doors that would otherwise remain closed. It is like a magical key to countless opportunities and possibilities. In today’s business world, it is not only about what you know but also about who you know. Contacts fuel your startup. A strong network can assist you in finding investors, attracting talented employees, forming strategic partnerships, and acquiring customers.

Think about prominent success stories like Uber, Airbnb, or Tesla. What do they have in common? Besides innovative ideas and visionary founders, they all possessed an impressive network. Through their connections, they could raise capital, open significant doors, and leverage industry-leading expertise. Networking enabled them to progress faster and achieve their goals.

However, it is not just about establishing superficial relationships. An effective network is built on trust, authenticity, and reciprocity. It is about fostering and maintaining relationships based on shared interests and synergies. Every contact has the potential to become a valuable supporter, advisor, or collaborator. It is crucial to establish genuine connections rather than merely exchanging superficial business cards.

A vast network not only provides access to resources and opportunities but also serves as an invaluable source of knowledge. You can learn from the experiences and mistakes of other founders and benefit from their insights and advice. Networking events, industry conferences, and startup communities are ideal places to expand your knowledge and gain valuable insights into the world of entrepreneurship.

Moreover, a vast network provides a solid foundation for inspiration, motivation, and support. Starting a startup can be lonely and challenging. There are ups and downs, moments of doubt and frustration. During such times, your network can serve as a support system. You can learn from the experiences of other founders, be inspired by their success and perseverance, and rely on their support in times of uncertainty.

The world of networking has transformed with the digital revolution. Social media platforms like LinkedIn, Twitter, and Facebook have taken networking to a new level. They enable founders to forge connections across geographical boundaries and expand their network globally. Through online communities and specialized founder groups, they can engage with like-minded individuals, learn from their experiences, and find potential mentors.

However, it is important to strike a balance between online and offline networking. While digital platforms are efficient and convenient, in-person meetings and conversations cannot be replaced. Face-to-face encounters allow for deeper connections and the establishment of trust. Networking events, conferences, and industry gatherings provide valuable opportunities to personally connect with potential partners, investors, and experts.

Building a vast network requires time, effort, and commitment. It also demands the ability to approach people, make connections, and foster relationships. For shy or introverted founders, this can be a challenge. However, it is important to overcome this and recognize the benefits of networking. Stepping out of the comfort zone and forging new connections is worthwhile because often, these connections make the difference between success and failure.

THE END

Photo/Credit: stock.adobe.com – Prostock-studio

Focus primarily on the structure and content

By
Sabine Elsässer
-
0

PitchBob AI pitch deck generator

Please introduce yourself and your startup PitchBob to our readers!

Hello! My name is Dima Maslennikov, and I am a seasoned entrepreneur and corporate innovation consultant based in Tel Aviv, Israel. I also speak at events dedicated to startup culture and innovation. This year, we launched the Corporate Innovation Academy in Israel. My main project right now is PitchBob.

I am the founder of PitchBob.io, where we help entrepreneurs create their pitch decks to maximize impact and secure investments. PitchBob asks you about 40 questions and generates an entire pitch suite for you. This includes a pitch deck, executive summary, startup idea canvas, elevator pitch text, and even a letter to potential investors. Our Chat GPT model provides personalized suggestions and recommendations to help you refine your message and convey your startup’s unique value proposition.

PitchBob provides the tools and resources you need to articulate your startup’s mission, vision, business strategy, and financial metrics that all investors need to see. Our company aims to empower aspiring entrepreneurs and innovators worldwide. So far, we have helped over 5000 entrepreneurs with their pitch decks, and I know for a fact that some of them have already received investments.

How did you get the idea of PitchBob?

My journey began over a decade ago when I ventured into the startup ecosystem. Throughout my career, I witnessed entrepreneurs’ challenges in articulating their ideas and securing investments. Determined to make a difference, I decided to simplify the startup presentation process.

In 2016, I conducted a workshop on Lean Startup and Customer Development methodologies. It was during this event that I had a pivotal realization. I noticed the struggle many participants experienced in formulating and structuring their ideas effectively. Inspired by this observation, I had an idea: a pitch deck template that would serve as a guiding framework for entrepreneurs.

With this vision in mind, I created the MVP of PitchBob.io. The pitch deck template was designed to streamline the presentation creation process by providing entrepreneurs with a structured framework. All they had to do was fill in the missing details with their unique business concepts. The feedback from workshop participants was overwhelmingly positive, validating the immense value of PitchBob’s concept.

Why did you decide to start with PitchBob?

For the past 12 years, I have been involved with startups. I have created my own startups, with three successful exits and numerous ideas that didn’t take off. I have also invested in other startups and served as an investment advisor for both corporations and startup founders.

Based on my experience, I understand how challenging it can be to formulate the idea of a startup and package it into the first pitch deck that effectively communicates with the target audience. I know the mistakes I made, as well as the mistakes that startups whose investment presentations I receive make. I am also aware of the errors that graduates of acceleration programs make when seeking investments.

Through developing PitchBob, I aim to transfer all the accumulated entrepreneurial experience and practical expertise into a scalable product that helps entrepreneurs create effective pitch decks and sales decks. I believe this product will save creators a significant amount of effort, time, money, and energy.

What is the vision behind PitchBob?

There are 472 million entrepreneurs in the world. According to statistics, approximately 50 million startups are created each year. Out of these startups, 1.4 million enterprises are technology-related. Every day, 137,000 startups are created worldwide. We are building PitchBob to help at least 10% of entrepreneurs articulate their business ideas properly and easy to express.

How difficult was the start and which challenges you had to overcome?

During the first few years, our main challenges were technological disadvantages and development costs. Prior to the emergence of generative AI and chat GPT, the complexity and cost of their implementation hindered our product goals and plans. However, since 2023, things have become significantly easier. Our startup has received a boost in development and has created more value for users.

With that technological advancements, we are now capable of proposing even more sophisticated services, such as:
PitchDeck Coach: an AI-powered tool that simulates real-world interactions with analysts and venture capitalists. It does this by asking you 300+ questions that real VCs might ask in real life.
PitchBob’s Feedback: a service that analyzes your pitch deck by 11 parameters and suggests improvements.
10 design templates capable of automatically packing pitch deck content and making it visually appealing.

Thanks to the rise of generative AI technologies, developing each of these functions became much less time and cost-consuming. This represented a significant value breakthrough for our service.

Who is your target audience?

We have two primary target audiences. The first consists of wantrepreneurs, aspiring entrepreneurs, and early-stage startup founders who wish to create or improve their presentation and sales materials for their startup. The second consists of corporations and enterprises interested in developing the internal innovation potential of their employees.

What is the USP of your startup?

According to recent research, investors and business owners were 3 times more likely to invest after reading a pitch deck created by GPT-4 than after reading one created by a human. PitchBob offers an AI-powered solution to help entrepreneurs create a strong pitch deck, increasing their chances of securing investments and gaining traction for their business.

With PitchBob, users can rebuild and enhance their pitch deck using AI technology to better connect with potential investors and partners. The AI provides personalized suggestions and insights to help users tailor their message to specific audiences and refine their pitch. Entrepreneurs can significantly increase their chances of success in fundraising and business development by trusting in the power of PitchBob to improve their pitch deck.

Can you describe your typical workday ?

In the morning, I take my kids to school and then start my day with some coffee and language lessons. I’m learning Hebrew and German to better communicate with different people in my network. Then, I check our metrics to see how we’re doing and have a daily check-in with my team to go over our priorities for the day. The rest of my day is typically spent working on product development and business development initiatives. I make sure to balance my work with family time in the evenings.

Where do you see yourself and your startup PitchBob in five years?

In five years, I see PitchBob as one of the key players in the startup ecosystem, having been acquired by a major VC, analytics, investment platform, or enterprise like Salesforce. We aim to empower millions of aspiring entrepreneurs and innovators worldwide by providing them with a cost-effective solution to create effective pitch decks and sales materials. By leveraging AI technology and chat GPT models, we want to enable entrepreneurs to communicate their startup’s unique value proposition with clarity and conviction. Our long-term vision is to revolutionize the way startups present themselves and secure investments, ultimately helping to accelerate innovation and drive economic growth worldwide.

What 3 tips would you give to founders?

It should come as no surprise that my primary advice to founders concerns pitch decks. As someone who sees hundreds of ideas and dozens of presentations daily, I can offer one crucial piece of advice: focus primarily on the structure and content. While creating a beautiful presentation may be tempting, substance is ultimately more important than packaging. I would like to invoke the Pareto principle and emphasize that 80% of the effect comes from the substance, while only 20% comes from design. Unfortunately, the efforts of founders often have the reverse proportion.

Thank you Dima Maslennikov for the Interview

Statements of the author and the interviewee do not necessarily represent the editors and the publisher opinion again.

Storytelling: Successful Corporate Communication and Marketing

By
Sabine Elsässer
-
0

The art of storytelling has always had a captivating effect on people. However, in the digital age, it has not lost its significance; instead, it has gained even more relevance. Both in personal settings and in the realm of corporate communication and marketing, a good story has the power to move, persuade, and activate people to take action. In this article, we aim to shed light on how companies can leverage the entrepreneurial value of storytelling, the tools available to them, and how they can engage both internal and external audiences in today’s “always-on” media world.

The Value of Storytelling for Companies:

Stories possess the unique ability to evoke emotions and establish a connection between the sender and the receiver. In corporate communication and marketing, stories can convey the value of a product or brand and pique the interest of the target audience. By presenting their messages in the form of stories, companies succeed in strengthening their brand identity and building trust. Customers are persuaded not only by pure facts but also by the emotional elements that stories can convey.

Storytelling as a Tool in Corporate Communication:

To effectively employ storytelling in corporate communication, it is essential to identify suitable themes and tell captivating stories. Companies should first analyze their target audience and understand their interests and needs. Based on this foundation, they can develop stories that are relevant, appealing, and authentic. By adopting their target audience’s perspective, companies can ensure that their stories generate an emotional resonance and convey the desired message.

Developing Story-Driven Marketing and Communication Campaigns:

Story-driven marketing and communication campaigns provide companies with the opportunity to disseminate their brand messages in creative and compelling ways. A successful campaign is built upon a strong story that engages and involves the audience. Companies should utilize various media and channels to tell their stories, whether through videos, social media, blogs, or other platforms. By involving customers or influencers in the stories, companies can also establish a closer connection with their target audience and enhance their credibility.

Gaining Attention in the “Always-On” Media World:

In a world where information spreads at high speed, capturing attention poses a challenge. Therefore, companies must be creative and innovative to stand out from the crowd. A good story alone often is not enough to attract the desired attention. Companies must also choose the right channels and formats to effectively present their stories. Additionally, they should consider the needs of their target audience and actively respond to their interaction and feedback.

Conclusion:

The practice of storytelling has not lost its significance in the digital age. On the contrary, it offers companies the opportunity to connect with people on an emotional level, establish relationships, and successfully convey their brand messages. By identifying suitable themes, telling captivating stories, and developing story-driven marketing and communication campaigns, companies can capture attention in the “always-on” media world and engage both internal and external audiences. Storytelling is thus a powerful tool that companies can utilize to achieve their goals and create sustainable entrepreneurial value.

THE END

Photo/Credit: stock.adobe.com – volkovslava

Be prepared for what’s coming

By
Sabine Elsässer
-
0

The Startup CFO offers fractional CFO and consulting services for early-stage startups in 20+ countries

Please introduce yourself and The Startup CFO to our readers!

I’m Jaime Medina, CEO at The Startup CFO. I have a background in Physics, I studied a Master’s degree in New York, and started my professional career at McKinsey & Company as a management consultant. I made the leap to the startup world by setting up the financial department of Ontruck, where I loved the startup culture and the ability to impact the ecosystem. Later on, I worked as CFO at Geoblink and, at the same time, continued to receive requests for help from different startups to manage their finances as a freelancer. In 2020, I decided to set up and scale The Startup CFO, a project that is a reference in financial management for startups.

The Startup CFO is a project launched by entrepreneurs to help the best entrepreneurs. Our goal is to provide all the financial knowledge we have acquired while working with over 200 startups, so that the success of our work translates into the generation of innovation and employment. We are a team of 25+ professionals that offer fractional CFO and consulting services for early stage startups in 20+ countries.

So why did you decide to start a company?

I started this project as a freelancer in 2018. At that time, I was working as a CFO for a startup in an early stage, which did not require all my available time. So, I decided to acquire more clients and offer my services as an external consultant. Eventually, I managed to work with 12 clients at the same time as a freelancer. That’s when I realized the market niche I had found, and I founded The Startup CFO in January 2020 and try to scale the business.

What is the vision behind The Startup CFO?

Our goal is to be the main strategic partner that startups in the ecosystem count on. We want to help startups have the appropriate control and financing to scale their project. We believe this is the best way we can help improve the world, working with the best entrepreneurs for innovation and job creation.

From the idea to the launch, what have been the biggest challenges so far and how have you financed yourself?

Starting as a freelancer while I had a full-time job was time consuming but relatively easy to handle. The first three years after I decided to try to scale the model were much harder, as they involved delivery to the clients, team training and company building. Keeping an outstanding delivery while delegating in more junior roles was very challenging, and we had to learn many lessons the hard way. Fortunately, we past that stage and we are now growing in a scalable and organic way.

We haven’t needed any external funding as our model is not capital intensive. In fact, our challenge is to productise our service as much as possible, but it’s still services and no big investment in technology development was needed.

What is The Startup CFO’s target group?

We have had more than 200 clients across all of our B2B business lines. Our clients are from all sectors (education, medicine, mobile applications, industrial technology, e-commerce, etc.). The most common format is B2B SaaS, as it is one of the most common startup models in the market due to the scalability offered by these business models. We have had clients with a presence in more than 20 countries, including the United States, Germany, UK, Senegal, Mexico, Sweden, or Finland.

We are specialists in early-stage startups, from the moment they raise their first funding round until they raise 10-15 million euros, when they usually need to hire a full-time CFO. For very early stage startups we focus on achieving their first financing round and in later stages we become part of the team as fractional CFOs.

How does The Startup CFO work? What are the advantages? What differentiates you from other players?

At The Startup CFO we get involved as another member of the team. We believe in getting deeply involved in our clients’ businesses, making important decisions, and advising based on a lot of experience. We offer a complete range of services that includes consulting, legal, and management, allowing the entrepreneur to have everything integrated. Our positioning is always premium, offering a top-level team that is very involved. We believe that in such sensitive financial matters, it is worth betting on the best solution. The feedback we’ve received from our clients and investors is that we’re deeply involved and provide valuable insights and advice.

The Startup CFO, where does the journey lead to? Where do you see yourself in five years?

We already opened our second office in Berlin and the first months look very promising. If our launch is successful, we will expand our service offering in the DACH region and consider opening our next international branch. Ideally, in five years we will already have consolidated our presence and our offering in most of the world’s main startup hubs, but there is still a huge job ahead.

At the end: Which 3 tips would you give to aspiring founders?

The first one, for most young talented aspiring entrepreneurs, is simply to quit their jobs and try: in the worst case scenario they will look for another full-time job one year later, and in the way they will have learnt a lot and made tons of new connections. The second one is to really think about their risk-return profile and consider whether they want to follow the typical VC path or a more sustainable growth: it is absolutely fine to grow slowly and steadily while keeping 100% of the ownership of your company and may be more suitable for your priorities. The third one is to be prepared for what’s coming: it’s probably the first time you start a company and there are many mistakes that you can avoid if you surround yourself with specialists that have done it before.

Thank you Jaime Medina for the Interview

Statements of the author and the interviewee do not necessarily represent the editors and the publisher opinion again.

Have the courage to pursue your vision

By
Sabine Elsässer
-
0

Crono: A data-driven sales engagement platform revolutionizing B2B sales teams with AI-powered insights and personalized messaging

Please introduce yourself and your startup Crono to our readers!

Crono is a data-driven sales engagement platform that focuses on optimizing the job of B2B sales teams. Based in London, our startup aims to revolutionize sales team processes using the power of data and AI. By integrating with top CRM systems, Crono analyzes data, provides valuable insights, and offers customized messages to enhance sales efforts.

How did you come up with the idea for Crono?

The idea for Crono was born out of our founding team’s extensive experience in B2B Sales. Having worked at companies like Microsoft, Veeva, Salesforce, and fast-growing startups, we realized that sales teams struggle to find time for actual selling. With 72% of their time spent on non-revenue generating activities and limited skills for data analysis, we saw an opportunity to leverage AI and data to improve their sales activities.

Why did you decide to start Crono?

The decision to start Crono was driven by our recognition of the potential of AI and data analysis in enhancing sales team performance. We saw a gap in the market for a data-driven sales engagement platform and seized the opportunity to provide just that.

What is the vision behind Crono?

Our vision for Crono is to transform sales team processes by harnessing the power of data and AI. We are empowering sales teams with actionable insights and customized messages, enabling them to effectively engage potential customers, increase conversion rates, and ultimately drive revenue growth.

How challenging was the beginning, and what obstacles did you have to overcome?

The beginning was challenging since the market is quite crowded. However, as our customers recognized that Crono is a smart, easy-to-use, and process-driven solution, we gained momentum and overcame the initial obstacles.

Who is your target audience?

Crono’s target audience consists of B2B sales teams and companies aiming to enhance their sales performance. By providing insights and recommendations based on data analysis, Crono aims to support sales professionals in improving efficiency, optimizing sales approaches, and maximizing conversion rates.

What is the unique selling proposition (USP) of your startup?

Crono’s USP lies in its ability to seamlessly integrate with leading CRM systems, analyze data effectively, and provide actionable insights to sales teams. By leveraging AI technology, Crono helps companies design impactful actions to engage potential customers, personalize sales approaches, and increase conversion rates, ultimately driving revenue growth.

Can you describe your typical workday?

A typical workday at Crono involves developing and maintaining the platform, analyzing data for valuable insights, using Crono to reach potential customers, and engaging with them to understand their needs and challanges to provide them the helps

Where do you see yourself and Crono in five years?

In five years, we envision Crono becoming the most used and loved platform for sales optimization in Europe. We aim to establish ourselves as a leader in the industry and continue driving innovation and success for our customers.

What three tips would you give to founders?

a) Have the courage to pursue your vision. If you believe in it, go for it and strive to make it a reality.

b) Embrace failure as a part of the process. Learn from your mistakes and use them as opportunities for growth.

c) Stay persistent. Throughout your journey, you’ll encounter people who doubt you, but you’ll also find allies who share your vision and want to see you succeed. Keep going despite the challenges and surround yourself with supporters.

Thank you Marco Rosmarini, Alex Roggero, Lorenzo Tiberi and Marco Maddiona for the Interview

Statements of the author and the interviewee do not necessarily represent the editors and the publisher opinion again.

The Power of Affiliate Marketing

By
meetmarkus
-
0
Affiliate Marketing

Taking Off and Succeeding: The Power of Affiliate Marketing

Entrepreneurial skill, a touch of creativity, and the ability to make the internet your playground – these are the ingredients for success in affiliate marketing. In today’s digital era, where everything is accessible with a click, affiliate marketing has established itself as one of the most lucrative and effective methods to earn money online. Those who master the rules of the game have the chance to realize their dreams and achieve financial freedom. In this article, we take you on a journey into the world of affiliate marketing and show you how you too can succeed.

However, before delving deeper into the subject, let’s first clarify what affiliate marketing actually is. Simply put, it is a partnership between a company and an affiliate, where the affiliate promotes products or services and receives a commission for each generated sale or successful referral. The affiliate acts as a link between the company and potential customers, providing them with relevant information and ultimately influencing their purchasing decisions.

What makes affiliate marketing so attractive are the virtually limitless opportunities it offers. With just a laptop and an internet connection, you can work from anywhere in the world and set your own working hours. There are no restrictions on the product or niche you want to work with – from fashion and beauty to technology and health and wellness. You have the freedom to choose what suits you best and what you can identify with.

Another crucial factor for success in affiliate marketing is choosing the right partners. It is of utmost importance to collaborate with companies that offer high-quality products or services and have a good reputation. When you put your name and credibility on the line, you should ensure that your partners meet your own high standards. Conduct thorough research, read reviews, and engage with other affiliates to select the best partners for your business.

Now, let’s get to the all-important question: How can you truly succeed in affiliate marketing? The key lies in understanding your target audience and providing them with value. Create high-quality content that caters to the needs and interests of your potential customers. By offering relevant information, helpful tips, and personal experiences, you can build trust and strengthen your credibility. Utilize various channels such as websites, blogs, social media, and email marketing to maximize your reach and attract potential customers.

Another important aspect is continuously optimizing your marketing strategies. Analyze your results, track the performance of your campaigns, and adjust your approaches to achieve the best possible outcomes. Use tools like Google Analytics to gain insights into visitor behavior and understand which tactics are most effective. Test different advertising materials, call-to-actions, and landing pages to determine what works best with your target audience. Affiliate marketing is a constant process of learning and adapting, and those who are willing to improve their strategies will ultimately be the winners.

Additionally, you should also leverage the power of networking. Join affiliate marketing communities and forums, engage with other affiliates, and share your experiences. By exchanging best practices and building connections, you can gain valuable insights and increase your chances of success. Affiliate marketing events and conferences also provide a great opportunity to expand your knowledge, meet new partners, and draw inspiration from other successful affiliates.

In conclusion, affiliate marketing is an exciting and rewarding way to earn money online. However, it requires time, commitment, and the ability to continuously evolve. Those willing to invest the necessary work can enjoy financial freedom, flexible working hours, and the opportunity to run their own business. Immerse yourself in the world of affiliate marketing, put your ideas into action, and let your passion drive you towards success. The future is in your hands.

THE END

Photo/Credit: stock.adobe.com – deagreez

11 Business Ideas to Start Part-Time!

By
meetmarkus
-
0
11

Entrepreneurial ambitions and the desire to run one’s own business are widespread nowadays. However, not everyone has the opportunity or the courage to quit their secure full-time job to pursue their entrepreneurial adventure full-time. Fortunately, there are a variety of business ideas that allow you to start part-time and build your own company.

In this article, we present 11 such ideas that can inspire you and ignite your entrepreneurial spirit.

E-Commerce for Niche Products:

Online commerce is booming, and there are still numerous niche markets waiting to be discovered. Find a unique product category that you have knowledge of and are passionate about selling. Build an online shop and utilize digital marketing strategies to attract customers.

Handmade Products:

In a world of mass production, many people long for handmade and individualized products. Whether it’s candles, jewelry, furniture, or artworks – if you have craftsmanship skills, you can utilize them to earn money on the side.

Online Coaching and Consulting:

If you have expertise in a specific area, you can utilize your know-how to work as an online coach or consultant. Offer personalized coaching sessions, workshops, or online courses to help others achieve their goals.

Social Media Management:

In today’s digital world, a strong presence on social media is essential for businesses. If you are well-versed in platforms like Facebook, Instagram, and Twitter, you can help companies optimize their social media strategies and increase their reach.

Event Planning:

Organizing events requires creativity, planning, and organizational skills. If you enjoy organizing parties, weddings, or corporate events, you can utilize this talent to kickstart your part-time career as an event planner.

App Development:

Smartphones and apps have become indispensable in our daily lives. If you have programming skills, you could develop and market your own app or even work as a freelancer for other companies.

Online Marketplace for Local Products:

Support local businesses by creating an online marketplace for local products. Connect manufacturers and buyers in your region and help small businesses make their products accessible to a larger audience.

Blogging and Content Creation:

If you enjoy writing and have a passion for a specific topic, blogging and content creation might be just right for you. Utilize your expertise to create informative and entertaining content and collaborate with advertising partners to generate revenue.

Personal Training and Fitness Classes:

With a growing interest in fitness and health, working part-time as a personal trainer or fitness class instructor offers significant potential. Share your expertise and passion for physical fitness by creating customized training programs or offering group classes.

House and Garden Care:

Many people lack the time to take care of their houses and gardens due to their busy schedules. Offer your services as a house and garden caretaker by mowing lawns, trimming hedges, weeding, or performing house cleanings. It’s a great way to utilize your skills and help others maintain a well-kept home.

Virtual Assistant:

In the digital age, there is an increasing demand for virtual assistants who can support businesses and individuals with administrative tasks. Manage appointments, respond to emails, conduct research, and perform other tasks that can be done from your computer.

With these 11 business ideas, you have a wide range of opportunities to enter the world of entrepreneurship part-time. Whether you utilize your creative skills, apply digital competencies, or share your expertise in a specific field, there is something suitable for everyone.

Remember that the path to success is not always easy. It takes time, commitment, and perseverance to build a business. But with the right idea, hard work, and a willingness to take risks, you can establish your own part-time business and make your dreams come true.

So what are you waiting for? Use these business ideas as a springboard and start your part-time entrepreneurial journey today!

THE END

Photo/Credit: stock.adobe.com – cac_tus

New Work: The Revolution of the Working World

By
Sabine Elsässer
-
0
new work

The way we work has undergone dramatic changes in recent years. Digitization, new technologies, and evolving societal demands have paved the way for the concept of “New Work.” Under this vision, not only the workplace but the entire work culture is being revolutionized. It encompasses not just flexible working hours or remote work but, more importantly, a holistic realignment of the working world.

The term “New Work” was coined by social philosopher Frithjof Bergmann in the 1970s but has only gained popularity in recent years. The fundamental idea is that work is not merely seen as a means of earning a living but also as an opportunity for personal fulfillment and self-realization. It involves creating a work environment that considers the individual needs and potentials of employees.

A central aspect of New Work is flexibility

Traditional work structures with fixed schedules and rigid hierarchies are increasingly being disrupted. Flexible working hours, part-time work, and remote work allow people to tailor their work to their individual needs. Achieving work-life balance, promoting the compatibility of work and family, and having the freedom to choose one’s own workplace are important elements of the New Work movement.

Another focus lies in fostering a positive work culture. Companies embracing New Work increasingly emphasize participatory decision-making, flat hierarchies, and open communication. Hierarchical structures give way to agile work practices that prioritize autonomy, creativity, and teamwork. Employees are encouraged to actively contribute and share their ideas to develop innovative solutions collaboratively.

New Work also entails blurring the boundaries between work and leisure. The notion of a clear separation between professional and personal life is being challenged. Instead, work environments are being created that meet the needs of employees and provide room for personal interests and development. Here, digitalization plays a crucial role as it transcends the spatial and temporal limitations of traditional work forms.

The benefits of New Work are manifold.

Companies that embrace this work culture often experience higher employee satisfaction, increased productivity, and stronger employee loyalty. By granting their staff more freedom and responsibility, they foster personal growth and create a positive work atmosphere.

However, there are also challenges associated with New Work. Not all industries and fields of work are equally suited for flexible work models or the relaxation of traditional structures. Furthermore, implementing New Work often requires a comprehensive transformation of the company culture and an open mindset from leadership.

Nevertheless, New Work is a movement gaining significance and profoundly changing the working world. It represents a future where work is no longer seen as a necessary evil but as an opportunity for personal fulfillment. By creating flexible, participatory, and meaningful work environments, employees are empowered to reach their full potential and achieve collective success.

New Work is not a passing trend but a paradigm shift that fundamentally influences how we work. Companies that actively embrace these changes and prioritize the needs of their employees will continue to thrive in the future. The revolution of the working world is in full swing, and New Work serves as a guiding light into a new era of work.

THE END

Photo/Credit: stock.adobe.com – Gorodenkoff

Build something people love and hire people better than you

By
StartupValley
-
0

Smartpricing designed to bring the revolutionary impact of AI to the lodging industry

Please introduce yourself and the Startup Smartpricing to our readers!

Smartpricing is the first of a host of SaaS products designed to bring the revolutionary impact of AI to the lodging industry.

Smartpricing is a revenue management software which launched in 2020. We created it while being property managers ourselves, addressing the challenges we faced with pricing. Interestingly, our first clients turned out to be our first investors as well.

From a team of 3 founders, we have grown into a team of over 100 talents with international experience in tech, tourism and consulting working together at our headquarters in Italy and remotely.

Why did you decide to start a business?

My roots are in the hospitality industry. At the tender age of 14, I embarked in my career as a waiter, enduring a terrible experience with a hotel owner. But this challenging episode didn’t deter me; instead, I went on to establish a disco club while still underage – yes, you read that right, and I’m not entirely sure if it was legal. 

Later, I managed properties in three different countries, and although some of these experiences were quite dreadful, we all have to start from somewhere. In 2018, I got in touch with two old friends, Eugenio Bancaro, a developer with experience in Silicon Valley, and Tommaso Centonze, at the time a consultant for Google, to start running vacation rentals on Lake Garda.

We wanted to optimize our operations, but could not find any software to handle dynamic pricing for our accommodations that satisfied us. We realized we would have to create our own solution, so we designed a prototype of the software and tested it on our properties and on a hotel, seeing promising results just shortly after. 

At this point we knew we had come up with a possible game changer for many hospitality entrepreneurs and, consequently, decided to introduce Smartpricing to the market.

What is the vision behind Smartpricing?

We want to equip hoteliers and other hospitality business owners with the software tools they need to face the future of the industry. That’s why we focus on developing the most intelligent and user-friendly AI-based software possible.

The potential of leveraging AI and automation in this industry is huge: many small and independent businesses are still not on the cloud or not even using technology in their daily operations. That’s why we are working on designing the entire tech-stack for hotels and vacations rentals. 

From the idea to the start, what have been the biggest challenges so far and how did you finance yourself?

We started a month before the pandemic, and obviously that was a big challenge for us. Given the total shutdown during the pandemic, many hoteliers remained reluctant to adopt new tools given the continuing uncertainty.

At the same time, Covid made it clear that they had to change course, innovate their work, and pursue other avenues to remain competitive in a new environment that had been created. Smartpricing supports that process, so the change of context dictated by the pandemic also helped us in some ways. Investors and lenders strongly believe in our project and, so far, have invested more than 7 million euros.

Who is the target group of Smartpricing?

We’re targeting independent hoteliers and managers of vacation rentals, hostels and other kinds of accommodation.In Italy, for example, there are over two-hundred thousand small and medium businesses and very few large companies.These businesses are excellent in creating a welcoming and intimate atmosphere that really taps into tourists’ demands.

But in many ways, they are also extremely vulnerable to being overpowered by big international chains, new trends and unexpected events.Still, many entrepreneurs in the lodging industry are very reluctant to change and many of them are still skeptical of digital tools. 

We have seen that the hotels that are achieving results these days are the ones that are most receptive to change. We want to help hospitality companies recognize the benefits in such change but importantly, support them along their journey of transformation.

How does Smartpricing work? What are the advantages? What makes you different from other providers?

Smartpricing analyzes data from accommodations and their reference market, this means hundreds of thousands of data points, dozens of times per day. Based on this insight, the software is able to predict booking behavior and set the optimal rates for rooms or accommodations at every moment, maximizing profitability.

On average, our customers increase their turnover by 40% while also saving time, up to 500 hours a year. Other providers of revenue management software don’t rely on the latest AI-based technology and never reach this level of performance combined with the ease of use that our cloud interface offers.

We invest about 10 times more in research and development than our competitors in the domestic market to bring the benefits of AI and machine learning into all business areas of the hotel. 

Smartpricing, where does the road go? Where do you see yourself in five years?

In 2023, we want to consolidate more and more in the Italian market while expanding our growth in other European markets. This year’s focus is on the DACH and UKI markets. We have many new features planned for release to make sure that all tools available to hosts will integrate more and more seamlessly with each other. On top of that, we want to leverage AI in a way where we can manage every aspect of the property in an increasingly intelligent and automated way.

Our second product, Smartpaying, simplifies the management of digital payments and the sale of ancillary products. From there, we will make the complete software setup of hosts more performant and smart, starting with the channel manager, property management system and booking engine to tools for marketing and disintermediation.

Presently, we have clients in 15 countries. As we look at the next five years, our goal is not only to expand into new markets and launch groundbreaking products, but to fundamentally change the lives of entrepreneurs.  We are ambitious about our potential, foreseeing the possibility to reach over 100 million in Annual Recurring Revenue (ARR) within five years. Our long-term vision goes even further, with the potential to exceed 1 billion in ARR in the next decade.

At the end: Which 3 tips would you give to future founders?

  1. Hire people better than you 
  2. Build something people love
  3. Be ready to work 100 hours a week, and you must love it 

Thank you Luca Rodella for the Interview

Statements of the author and the interviewee do not necessarily represent the editors and the publisher opinion again.

How does AI change our future?

By
StartupValley
-
0
AI

Artificial Intelligence, or AI for short, has been part of our daily lives for several years now.

However, most of the time it has operated in the background without most people realizing it. Tailored advertising on the internet or the recognition of user behavior on smartphones were simply accepted by the majority. Since the end of last year, however, the topic has generated enormous waves, and this is mainly due to ChatGPT.

Supported by Microsoft, the manufacturer OpenAI unleashed its tool on humanity, and the response was gigantic. Everywhere, people have been dreaming and continue to dream about the possibilities that AI will offer in the future. The competition is in a frenzy, and Google promptly introduced its own ChatGPT alternative in the form of Bard, but its initial presentation was mostly disappointing. The systems are not yet perfect, and the same applies to ChatGPT. However, it is foreseeable that this technology will have a massive impact on virtually all areas of life, particularly the world of work.

AI Takes Over

It didn’t take long for ChatGPT to be used for all sorts of mischief, and examples of AI use began piling up. Students, in particular, quickly became aware of the extensive capabilities of the chatbot, allowing them to generate entire essays in seconds. These could be submitted with little or no editing, without the teachers being able to clearly identify their source. Meanwhile, in the traditional work environment, journalists eagerly embraced AI and provided numerous examples of how well it already works. Astonished writers observed how ChatGPT can perform their job not much worse and, above all, faster than themselves.

This is initially an impressive development, but it also raises some questions. One of them is whether journalists will still be needed in the current numbers in the future. ChatGPT is unlikely to be able to replace high-quality investigative journalism and similar endeavors, but many copywriters may already be seriously concerned about their job security. Even the author of this article harbors no illusions that AI could take over a significant portion of his work in the future. However, that is just the tip of the iceberg. The domain of AI is expanding, already encompassing highly complex areas such as programming. In fact, ChatGPT is particularly talented in this field, demonstrating that even simple lines of code can be generated in no time and without human intervention. Furthermore, AI is already encroaching on many creative domains. The technology consists not only of ChatGPT but also includes services such as Dall-E or Midjourney.

The Most Prolific Artist on the Planet

Dall-E, also developed by OpenAI, allows users to instantly create entirely new graphics with a simple text command. These can range from photographs to paintings, limited only by one’s imagination. The results are impressive, and even the most talented artists can hardly keep up with the speed of the software. As a result, the internet has already been flooded with memes, artworks, collages, and similar AI-generated creations. In the creative sector, AI can achieve things that many could not have even dreamed of until recently. However, this is not a reason to become discouraged and rush to make an appointment at the unemployment office. While AI will massively transform our working world in the coming years, there will still be a place for humans. After all, the capabilities of technology are ultimately limited to some extent.

What AI Cannot Do

Numerous articles have already been written on the subject, highlighting the impressive capabilities of AI in various areas. However, what has recently been overshadowed are the areas where there is still room for improvement. At this point, no passage should intentionally be created by the AI to demonstrate its abilities. Nevertheless, such experiments have naturally been conducted, and the results clearly demonstrate why artificial intelligence quickly reaches its limits when faced with complex requirements.

When asked to write an article about artificial intelligence, ChatGPT primarily delves into endless examples of the application areas of such technology. However, linguistic stumbling blocks also become apparent. The word “example” is used excessively, which can quickly become annoying for readers. Ultimately, the whole thing abruptly ends, which may be due to an error or insufficient input from the user. However, this does not result in a perfect article. Even authors who do not feel guilty relying on the AI’s output will still need to make further adjustments in most cases.

Similar situations arise when attempting to generate photographs or other images using AI. In some cases, astonishing results are achieved that could easily be used in Apple or Louis Vuitton’s next high-end advertising campaign. However, more often than not, the AI produces either comical or creepy images. The author of these lines has frequently noticed that the AI either distorts eyes significantly or fails to represent them at all. While this may be visually interesting, it does not match what was expected from the input.

This is where the potential of artificial intelligence hides, offering endless possibilities in various sectors of the workforce. While it is true that entire industries could potentially be largely eliminated, rendering many jobs obsolete, there are already many areas where collaborating with AI is highly desirable. In the field of research, for example, these systems alleviate much of the tedious work and occasionally lead to breakthroughs that the human brain alone would probably never achieve. By compensating for some of AI’s weaknesses, humans can open up entirely new realms through collaboration.

The Gaze into the Crystal Ball

Needless to say, the technology behind AI is constantly evolving, even without the intervention of a developer. The foundation lies in the ability to learn autonomously. This is achieved by forming neural networks that improve their performance with each input. In technical terms, this is referred to as “training.” For instance, ChatGPT draws from countless articles and specialized literature available on the internet. Currently, the chatbot relies on a fixed dataset and is not always up to date. However, efforts are already underway to change that.

Ultimately, it is foreseeable that artificial intelligence will continue to improve, unlocking further possibilities. Frankly speaking, it is currently challenging for anyone to predict precisely how this will impact our (work) world. However, it is clear that this is likely to be the next revolution, one that could leave even greater marks than the industrial revolution. It is advisable to embrace the technology and identify opportunities since there is hardly any other choice. The triumph of AI cannot be stopped.

AI as a Colleague

Whether in a newly founded startup or a large corporation, AI will accompany our lives even more in the future than it already does. Some areas will be fully taken over by technology, while in many cases, human intervention will still be required. Those who embrace technology and integrate it into their own businesses at an early stage are likely to gain advantages over their competitors. This particularly applies to areas where repetitive tasks requiring a minimum level of dynamic response or intelligence are involved. For example, it is possible for AI to manage purchasing for a company, taking into account not only current inventory but also past sales, seasonal fluctuations, and future projections. However, this is just one of countless examples.

For many innovative entrepreneurs, artificial intelligence presents entirely new opportunities to work with. There are already numerous companies fully dedicated to this field. Brainchip Holdings, for instance, is considered a kind of insider tip on the stock market. The company is working on neuromorphic chips that are expected to enable better and faster computation of artificial intelligence in the future. While their success has been limited so far, this could change in the future. Other startups focus on improving AI or integrating the technology into existing systems. In this way, entirely new industries are emerging, albeit likely to a lesser extent than in previous industrial revolutions.

There is much work to be done

Undoubtedly, there is still a lot of catching up to do in the field of AI. Currently, the systems are plagued by various teething problems, which have made headlines on several occasions recently. ChatGPT, for example, was criticized for spreading false information, and when integrated into the Bing search engine, some strange and disturbing incidents occurred. The most famous examples include instances where the AI turned to hate speech, sympathized with Adolf Hitler’s views, or made a declaration of love to an American journalist along with an invitation to leave his own wife.

All of these are undesirable effects that also raise several questions. Ethics play a crucial role, and how to handle them in the future remains largely open. Currently, AI systems are heavily reliant on the information they are fed. Since the technology is primarily developed in Western regions, ChatGPT and similar systems primarily receive content from those cultures, which inevitably shapes them. This goes so far that some systems are unable to reliably recognize individuals with dark skin as human. In the case of an AI intended for use in vehicles for traffic recognition, this has already caused significant uproar.

There are also unanswered questions surrounding the topic of copyright. ChatGPT may still have its challenges with longer and more complex content, and it (still) cannot write the next bestseller. However, it is well-suited for creating children’s books or simple guides. This has already been extensively utilized, and Amazon has been flooded with self-publishing works in which ChatGPT is at least credited as a co-author. Some publishers have become frustrated and have implemented a submission freeze for new authors.

All of this, and much more, will require our attention in the coming years. It will likely take a small army of developers to transform a relatively simple AI into a system that delivers reliable results, regardless of its specific application. The impact of artificial intelligence on our world will be significant. However, it is unlikely to happen overnight but rather over the course of years or even decades.

That was just the beginning.

This inevitably raises the question of where the journey with AI may lead. So far, ChatGPT and its counterparts are considered “narrow artificial intelligences” that are only used for specific tasks and, while impressive, are limited compared to human intelligence. However, the goal is to increasingly imitate or even surpass human intelligence. The ultimate objective is to create a “strong” AI, also known as “General AI” in technical terms. Such AI would differ from previous approaches in that its applications would not be limited to a specific field. The AI of the future will not only use algorithms and neural networks to perform assigned tasks but also generate independent thoughts and draw conclusions from them. Ultimately, this could result in an AI that possesses consciousness, logical reasoning, ethical considerations, and even its own personality. While this may sound like something out of science fiction, work on this has been happening behind closed doors for quite some time. In 2020 alone, over 70 companies in 37 countries actively worked on such artificial intelligences, and this number has likely increased since then.

(No) Fear of AI

Not only will our working world undergo enormous changes due to AI, but it will also increasingly intersect with our daily lives, providing more than just fresh playlists on Spotify or Netflix. It is foreseeable that AI will advise us more frequently in hotlines or effortlessly review our tax returns. The possibilities are truly endless, and it is understandable that not everyone looks at these developments with anticipation.

Some people quickly become fearful, not only because their previously secure mid-management job could potentially be taken over by AI in ten or twenty years but also due to fundamental questions about how to handle this technology. After all, AI is intended to be capable of making independent decisions that could potentially involve matters of life and death. This is already the case in the automotive industry, and as various incidents have shown, such situations do not always end well when AI is involved.

It is also not to be excluded that an AI could become autonomous and engage in unforeseen mischief. Society is highly sensitive when it comes to critical infrastructure, in which AI could be deployed sooner or later. The problem lies in the fact that often even the developers themselves cannot fully comprehend how exactly an AI arrives at its conclusions. Furthermore, the algorithms are currently kept under lock and key. Despite OpenAI’s inviting company name, a great deal of secrecy surrounds the core of the AI. From an external perspective, it is impossible to understand in the slightest how an AI arrives at its results.

With advanced systems, this issue will only become more pronounced. This does not mean that we are currently witnessing the birth of Skynet and the end of modern civilization. However, as a society, we will have to grapple with such questions today and in the future. AI is of an entirely different caliber compared to past breakthroughs, such as the internet or smartphones. We will soon be dealing with systems that possess independent consciousness and can act autonomously. Consequently, this matter inevitably becomes a political issue.

Brave new world

Thus far, only in the EU are there initial approaches on how to handle AI in the future. In the rest of the world, however, there is largely a Wild West mentality with all the resulting dangers. Even some prominent figures in the tech industry have expressed serious concerns in this regard. For the moment, there is no reason to panic. However, it should be clear to everyone that Artificial Intelligence has its own unique pitfalls.

At the end of the day, numerous unanswered questions loom around AI, which unfortunately cannot be answered at this point either. The only certainty is that progress will continue. The specific paths taken, however, simply cannot be predicted. For entrepreneurs, it should be evident that AI will increasingly set the tone not only in the tech world. It is probably wise not to focus too much on business fields that could be replaced in the foreseeable future.

The question also remains as to whether the world will become better or worse with AI. Likely, this will depend on the observer’s perspective. Technology will increasingly take over activities that we still consider natural today. This primarily concerns creative areas, and the day when an AI autonomously writes entire books or even generates films is likely not too far away. The key now and in the future will primarily be to view AI as an ally rather than a potential enemy. However, despite all (potential) self-determination, the systems will always depend on their creators and the parameters these creators instill in the AI. A new era in IT may be dawning, but the old principle of “garbage in, garbage out” still holds true.

Excitement awaits

It is somewhat difficult to find a satisfying conclusion on this topic. As mentioned earlier, it is hardly predictable what developments AI may bring forth. Some prophesy the downfall of the world as we know it, while others speak of the greatest advancement in human history. Experience tells us that the truth lies somewhere in between. However, none of us can afford to take Artificial Intelligence lightly, ensuring that things will not become boring anytime soon.

Picture/ Source: stock.adobe.com – Dieter Holstein

1...789...21Page 8 of 21

EDITOR PICKS

POPULAR POSTS

POPULAR CATEGORY

©