deepestkryptonitewonderland

[deepestkryptonitewonderland]

How Artificial Intelligence is revolutionizing the startup industry

Throughout history, the world has witnessed 3 industrial revolutions

There was the first industrial revolution which began in the 18th century which was centralized on the usage of steam/water as power. Then there was the second industrial revolution which began in the 19th century through the discovery of electricity. The third industrial revolution came in the 1970s with the era of partial automation and computers began.

Currently, we are in the midst of the fourth industrial revolution which is driven by artificial intelligence.

What is significant about artificial intelligence?

Artificial Intelligence gives machines the power to think, learn, and act as a human could, which means they can understand the world around them, learn, and make decisions, and then take the appropriate action. To do all of this AI needs data and lots of it for that matter. And the reason AI is part of the Fourth industrial revolution is that we have data, due to digitalization we have data more than ever before.

AI was invented in the 1960s and it is evolving ever since, now AI can take real-world financial decisions, chat with people, play games against humans, and work hand in hand with them. You would find an AI-driven system behind all the real-world applications. AI works in a sense-think-act cycle with the environment. Artificial Intelligence senses/takes in the data provided to it, makes a decision based on the experience, and finally performs an action affecting the environment.

It takes the data in the form of images, videos, sound, text, etc., analyses this data using AI algorithms, and delivers AI-powered solutions. The figure shows the sense-think-and-act cycle for an AI.

Start-Ups and Artificial Intelligence

The technological advancement in artificial intelligence has increased machine interaction, business models, and the living standard of humans.

The adoption of AI is resulting in a world that is smarter and innovative. Screening technologies for cancer at Freenome, self-driving cars detecting traffic, face recognition on pictures for friend’s tag suggestions at Facebook, sorting in our email, and the recommendation for online shopping are some examples of AI technological innovations present in our lives. Artificial intelligence is spreading through the market, it is necessary for the companies to perform R&D with their product and service. This new necessity is impelling businesses, entrepreneurs, and investigators to use AI to uplift their business, new strategies, new business models, and new sources for business value.

According to International Data Corporation (IDC), the worldwide spending on cognitive and Artificial Intelligence systems will increase prominently from ₹8 Thousand Crores in 2017 to approx. ₹43 Thousand Crores in 2021. With this increased funding amount, AI is likely to be involved in more sectors. Thus, it becomes necessary for R&D to research the functioning of an AI in different sectors in modern businesses.  AI adoption by the companies will lead to the shaping of the business contexts. Prior awareness about the possibilities of AI would help society in adopting the AI-driven system.

AI and other businesses

Technology is reshaping all businesses. AI is pacing up, your business is going to have to get smarter. Every business is going to have to get smarter – from small start-ups, MSMEs to global corporations, and even traditional businesses. In the Indian market, businesses of different shapes and sizes will be impacted by this revolution.

Such a traditional sector like agriculture is undergoing some huge changes, in which AI is being used to intelligently plan what crops to plant, when, and where, to maximize harvests, which exponentially increases the efficiency of the farm, aeroponics is an artificial driven system with which crops or plants grow without soil or aggregate medium also referred as hydroponics or landless farming. AI can help farmers keep track of soil and weather conditions, and the health of crops. Data is even being gathered from farming equipment, to improve the efficiency of machine maintenance. Innovations of such intelligent machines are developed that can help in identifying and delicately sort cucumbers, picking up ripe soft fruits, and pinpoint pests and diseases.

This is the impact of Artificial Intelligence. All industries are evolving rapidly. Innovation and change are the new norms. Those who are unable to adapt to AI to improve their business – whatever the business – will struggle to compete.

 Funding AI

Momentum began to shift in 2011 when AI venture capital investments saw a significant jump in the sector from ₹200 crores in 2011 to ₹1000 crores in 2016 and it was 1 lakh crores last year, signifying maturing capabilities and growing investor confidence in that domain. An Increase of investments into artificial intelligence continued in 2020 with funds growing by ₹ 1000 crores from January to July, despite the slowdown caused by the COVID-19 pandemic. Currently, the Indian AI market is valued to be more than ₹1000 crores in August 2020 and this is the midst of the COVID pandemic, AI has much more to offer. Also, SMEs and AI start-ups are now pacing and scaling up with new technological solutions. Hence, we can say that all the industrial sectors are witnessing an accelerated adoption of AI technologies to ensure business growth and development.

 AI and India

Advancement in AI is the highest priority, many R&D departments are working on them. AI has far more potential than we have right now, especially in the medical field. Healthcare start-ups are an important factor to our medical services and can provide significant help in the post-covid-crisis also some medical start-ups have received funding in 2019, such as Babylon Health, Tempus, and Freenome, which provide remote health check and diagnosis, cancer treatment with a simple blood test, and delivery of therapeutics.

The Government of India is now taking a keen interest in developing the sector and to create a robust public AI infrastructure for all. The Ministry of Electronics and Information Technology (MEITY) has been working on a proposal for the National Mission of Artificial Intelligence. This project boosts the use of AI in India and was estimated to cost around ₹2000 crore. AI-based solutions like water management, pest control, and crop insurance are being developed. ICRISAT has developed an AI-powered sowing app, which utilizes weather models and data on local crop yield and rainfall. This led to a 10 to 30% increase in their harvest. The central board of secondary education has introduced AI into the school curriculum, starting out Python programming language and some prior knowledge of algorithms to ensure that students passing out have the basic knowledge of data science, machine learning, and artificial intelligence.

The market for artificial intelligence in India is growing continuously. This can also be determined from the fact that the number of people looking for jobs in this field is witnessing a stark rise. Job search in the AI market has risen to 106% from June 2019 to June 2020. 

Customer communication made easy

Customer interaction is the most basic form of communication between a company and its customers. Every single interaction between both of them is a new opportunity for the company to understand and satisfy customers and retain them. In the conventional process, customers used to interact with the employees of the company, holding the position of retail shop executive, salespersons, cashiers, customer relationship managers, etc. for all their needs, products, and services. The integration of AI to fill up the communication gap between the customers and the companies. This evolved customer interaction from human-to-human to human-to-machine. Intelligent Chatbots and virtual assistants are some intelligent ways adopted by companies to make communication an easier experience. These new ways are very user friendly, are efficient in solving delays, human errors, and gives out almost immediate personalized responses to the customers. Following are some of the examples of companies with their AI-driven chat boxes 

Google duplex: For making real-world calls

1-800-Flowers: Order flowers

North face: Product selection

Spotify: Discover weekly playlist

KFC: Facial recognition for order prediction

Currently, the most advanced conversational agents can automate simple, repetitive, low-level tasks and queries. However, developers are on their progressive path to make them capable of performing complex tasks, understand language emotions and more importantly the problems, and thus deliver an efficient and satisfactory/contented experience to the customers. Several global market intelligence firms have conducted various surveys and performed research activities to analyze the present and future of AI-based customer interaction.

Following are some examples of Indian Artificial Intelligence –

Niramai Health Analytix

NIRAMAI is developing a novel software to detect breast cancer at a much earlier stage than traditional methods or self-examination.

CropIn

CropIn is an intuitive, intelligent, self-evolving system that delivers future-ready farming solutions to the entire agricultural sector. 

Niki.ai

Niki is bringing the household consumption of Bharat online by building the digital localized agent for 500 million new internet users.

The market is full of people trying to make it big in the game. And since there is a ton of competition out there you better want yourself to be ahead of others. That is why research and read as much as you can.  We at insellers, have been doing a lot of research and carrying out the implementation with our clients. We tell you the not so often talked about inspiring reverie to real stories of SMEs and startups, to inspire the Entrepreneur in you. Check out our website for more amazing blogs like this.

[deepestkryptonitewonderland]

[deepestkryptonitewonderland]

Impact of change in US government on India

Check out at https://insellers.com/blogs/business/impact-of-change-in-us-government-on-india/

[deepestkryptonitewonderland]

Is Your Startup Venture Investable?

Features of Good Startups :

In the last few years, India emerged as one of the countries having the 3rd largest Startup ecosystem in the world with consistent annual growth of 12 – 15%. With having Startups around 50,000 in 2018, India is witnessing at least 2-3 startups every day (Source). The world witnessed at least 1-3 startups per second. But how many startups became successful in the market? According to a report, out of 10 startups, just only 1-2 startups entered the success zone. So, what makes those 2 successful startups different from the rest? Because no one invested in those 8 startups.

Startups need investment for technical support, Marketing Research, Marketing, Legal and Professional Advice. Now the question arises, what are the parameters that made the investor invest? The question that will hit on the Investor’s mind at the time of investing in your startup:

  “Is your startup good enough to invest in?”

 Business model:

The business model makes a heroic role for an investor to determine whether he/she should invest in your startup or not, as the entire concept of your startup lies within this. It should catch the eyes of the investor. New ideas and innovations are always welcomed by the investor. Also, using the existing ideas or technology with the addition of some innovation and features is appreciated.

 Customer’s need:

An investor always wants profit. To get profit, you should start a startup keeping in mind the customer’s needs. This can be an idea that solves the problem of the daily needs of the customer. For example, decades ago, people in India had to wait for Taxis, but now apps like OLA reduces all that time as now it can be booked from anywhere.

Marketing

Marketing plays an important role in any startup. If you are providing a service but people are unaware of that, then you will not get any profit. Hence if marketing is good, it will automatically catch the audience’s attention and will subsequently lead to profit and gain investor’s attention.

Team

If your team consists of members with perfect knowledge and ideas, then no investor will hesitate to invest in your startups because they know your team will be able to cope with any difficult situations, if it arises.

Uniqueness

The uniqueness of your business idea will make your path to success easier because there is no competitor in your area. Hence people will depend on you for services. More chance of service means more profit. Hence investors will try to reach you.

For example, according to a report released by Central Pollution Control Board (CPCB) in the national green tribunal, India generates about 101 metric tons per day (mt/day) of covid-19 related biomedical waste. This quantity is in addition to the normal biomedical waste generation of about 609 mt/day. One of the best ways to utilize this waste is to prepare bricks from it. This idea is very much unique and hence will attract investors.

 Timing

Timing plays a very important role to excel in any area. Hence if your startup is launched at proper timing, it will benefit you. For example, before Lockdown was imposed Worldwide, only a few people knew about Online Meeting Platforms like Zoom, Google Meet. But today we are completely dependent on these platforms. Since according to the latest trend, Investors will try to invest hence if your startup is something that walks with the latest trend then it will catch more investment.

 Healthy competition

Knowing the competitor and their weakness is the trait of a good startup. For example, education platforms like BYJUS, VEDANTU, TOPPERS, UNACADEMY are leading, All these platforms have the same objective, – to spread education but what made them different is the unique features that they added. Some features that BYJUS offers may not present on any other platform or vice-versa. This competition helps them to grow.

 Dedication

Investors will always want to invest in that startup, which looks more dedicated to providing services. Just like always remember a singer singing a song in different movies on a regular interval of time, rather than remembering someone who used to sing once or twice in a year. In the case of Startup also, if you are providing service with consistency then the profit will be also inconsistent. Hence, it will attract Investors.

Scalability

 If you want to catch the eye of the investor, then start your business with a scalable idea. The idea of scaling deals with whether your fixed cost is high or low, if you can add more customers to your business without increasing the cost, your business is said to be scalable.

Plan – B

If your Startup does not have Plan B, you cannot succeed. Having a plan B doesn’t mean you are accepting your defeat, but it means you have a clear intention in your life. it is the characteristics of a successful entrepreneur. Flexibility is the key to success in a business. If you don’t have plan B, you will lose, just like when you put all your eggs in one basket you lose them all. Plan B is something that saves us when our main plan doesn’t work. Having multiple plans makes you more creative. Let’s take a look at the journey of PayPal. The company PayPal was started to serve as a mobile encryption platform. They change themselves to Mobile Payment Company. Then they launched new features that offer a Combination of Mobile and Website Payment. Today, PayPal is an Email payment company. They never shifted their focus from their business model that is based on operating payment systems but they change the nature of their business multiple times.

 Hence we can conclude that to have a good startup proper research and knowledge about that particular field is very important. We can’t cross the sea just by standing at the beach and seeing it. To build an empire, one should have the motivation, dedication, passion and positive attitude towards goals. Your startup should be prepared in terms of strategically as well as financially. As told, “It took a miracle to get investment if investors are not impressed with the team”. In order to impress the investor, the features mentioned above are really important.  For more amazing articles check out Insellers.

[deepestkryptonitewonderland]

Fantasy Games Growth In India And Globally

The landscape of fantasy games in India has evolved into a new phenomenon in the past 2 years. This can be in proportion to the surge in digital usage, especially due to the introduction of cheaper data plans and better connectivity offered by the budding telecom industry. The ease created by Artificial Intelligence and Data Science has affected not only the tech world but also the way people visualize and think. The outside edge created by the development helped the entry of fantasy gaming into the sporting world. Nowadays people don’t rate players by their physicality or charm. The 21st-century sporting world revolves around statistics. These statistics create the foundation for these so-called fantasy games.  

The fantasy sports landscape in India has witnessed a significant transformation since its launch nearly two decades ago. ESPN-Star Sports launched its ‘Super Selector fantasy game’ in 2001, which proved to be a pathbreaker for the association of e-games with sporting fans. The format of the game involved people registering their teams for free, with the contest duration ranging from a month to any specific league. Over the years, several monumental tournaments such as EPL, UCL, ICC events, and IPL, developed games where people could manage their teams for specific tournaments.

EMERGENCE OF THE SPORTS LEAGUE REVOLUTION

The surge of multiple sporting leagues in India over the last few years has increased opportunities for users to engage in fantasy sports. While the Indian Premier League remains the prime sports phenomenon in India, both from sporting as well as a fantasy sports point of view, the emergence of these new leagues ensures that users can engage with multiple sports throughout the year. The structuring of teams based on regional geography with the presence of exceptional players from both, the regional and international arena ensures maintaining a die-hard fan base and an active audience for the leagues.

Prominent organisations like Dream11, MyTeam11, Halaplay, 11Wickets, Starpick and Fantain have partnered with official sports leagues as their fantasy sports game partner. Dream11, the leader in this segment with 90 per cent of the total market share, is the Official Fantasy Game Partner of the International Council of Cricket, Pro Kabaddi League, Indian Super League, Caribbean Premier League, International Hockey Federation and Big Bash League. Apart from these operators, prominent leagues like Indian Premier League run their own official fantasy leagues.

AN OVERVIEW OF THE FANTASY GAMING MARKET

Indian online fantasy sports industry has experienced colossal growth in recent years. According to the FIFS-KPMG report, in the year 2016, there were less than ten companies in this segment. Today there are more than 140 companies. The market has grown 9 times, from Rs 1,743 crore to Rs 16,467 crore in the last 4 years. Fantasy sports companies were also the fortunate beneficiaries of over 2.5 thousand crores in revenue while the government made 776 million in tax revenue.

Fantasy sports play an increasingly important role in connecting fans to their favorite sports. The young and enthusiastic sports fan base are hooked on to this virtual game and are increasing rapidly. The user base of online fantasy sports platforms, including Dream11, has grown from 20 lakh in the year 2016 to 9 crores in the year 2019. With increasing participation, the earnings of the players are also growing tremendously. In the last year alone, fantasy sports gamers took home rewards worth 14 thousand crores.

THE FANTASY SPORTS ALGORITHM

Fantasy sports games require the user to select a team based on the application of their knowledge of the sport which involves the performance analysis of the players. It requires users to have an understanding of the game and a judgment of the performance of the selected players over the others.

There are various elements which are characteristic to the game format which require thorough research and analysis to win the game. For example, some features like team selection with the same number of players as in real life team sport, a restriction on the number of players that can be selected from each team, the continuation of the game for at least the duration of the relevant match in real time, an upper limit on spends to select the team and prohibition from changing the team structure after the start of the real time sports match ensures the predominance of element of skill in the game.

THE TRANSPARENCY OFFERED BY FANTASY GAMES

Fantasy sports platforms offer complete transparency to customers in their monetary transactions. All transactions happen through safe and verified payment gateways, which allow greater reliability to users. Fantasy sports platforms require users to provide their personal information such as bank account details as well as address proof before they can withdraw their earnings. This provides a method of tracking the source of money, in order to verify the legality of the source

A regulated and supervised environment ensures that players have the option of approaching the law in case of any dispute regarding the functioning of the game. Fantasy sport platforms also prohibit their own employees from competing in such games to ensure assurance and reliability to their users. Users found to be using automated bots are automatically disqualified from competing. 

CHALLENGES AHEAD FOR THE INDUSTRY

The tournaments that the fantasy games are based on currently are specialized and happen only at a national or an international level rather than locally. Tournament organizers struggle to find support from both local sponsors and sports associations. For the sport to truly gain outreach, adoption at regional levels can pave way for success in the future.

Due to the stereotypes stacked against competitive gaming, many brands are still not willing to associate themselves with these online fantasy games. These stereotypes are often related to the demographic of the e-sports and the definition of ‘quality content’, which varies from game to game and may not be completely related to audience approval.

In the recent ruling of the High Court of Punjab and Haryana in the case of ‘Shri Varun Gumber vs. Union Territory of Chandigarh and others’ in 2017, it was held that playing fantasy sports of the type under consideration in the case (i.e. a Dream11 game) involved a substantial degree of skill and did not amount to gambling. The Court held that ‘the element of skill’ had a predominant influence on the outcome of the game under consideration, which had the format discussed above. The Court judged that the above format, as offered by Dream11, constitutes a ‘game of mere skill’, and that Dream11 is a legitimate business activity protected under Article 19(1)(g) of the Constitution of India. This clarification of the legal status of the fantasy sports format has helped boost the overall fantasy sports market in terms of a larger number of platforms entering the market with similar formats and also leading to widespread user adoption.

To bring in the true essence and motive of the industry, strong and effective marketing campaigns should be conducted nationwide and locally to introduce the audience to the game platforms and allow themselves to enjoy its interface, with a similar spirit they have towards the sport. Through analysing the current scenario, the success rate is phenomenal and the future will witness a steady growth for the industry.

 Check out more interesting information on Insellers

[deepestkryptonitewonderland]

Effectiveness of Social Media in Sales for a Growing Business

According to a study, the number of social media users equals 42% of the world’s total population. Another research shows that users spend about 2.5 hours a day on social media. 73% of online marketers agree that implementing a social media marketing strategy for their businesses has been effective.

These are some of the statistics illustrating the rise of social media and its effectiveness in sales. Social media can help in every part of the sales process, right from understanding the customer and lead generation to closing the sales and sales follow-up. Growing businesses can leverage social media by reaching out to their prospective customer segment through appropriate online platforms.

Choosing the Platform

First of all, a marketer should answer:

Who are your target customers?

How could you reach them?

What are your goals?

The answer to the above three questions would help determine which social media platforms would be the right choice to reach potential customers. For instance, while Instagram would be a good choice for targeting youngsters, LinkedIn would be a better choice for targeting professionals.

Another way to know the appropriate social media platforms for the business could be by making Buyer Personas. Developing just 3-4 Buyer Personas would help better understand the geography, age, interests and online behaviour of the potential customers. They would help determine the best suited social media platforms to reach the probable consumers.

An initial step for building an online presence could be creating profiles for the business on the different social media platforms and networking and building connections with customers. Another possible way could be giving online advertisements on the various social media platforms. Companies spend about 11-12% of their marketing budget on social media. However, it may also vary depending on the size of the company.

 Effectiveness of Social Media

Social media can turn out to be a new platform for closing saless for growing businesses. It can enhance the sales performance by helping to understand consumers better, easy communication and feedback from customers and access to such a large audience. To give an idea of the extent of reach through the various social media platforms, the monthly active users for some of them are: Facebook has 2.6 billion users, YouTube has 2 billion users, Instagram has 1 billion users and LinkedIn has 660 million users.

Creating a social media page for a growing business could benefit it by attracting a wide audience for the business within no time. It is the most profitable digital marketing platform to increase business visibility and brand awareness. Social media is also the most cost-effective way to promote products, as creating an account is free for most social media platforms. The paid social media advertising can cost roughly between $200 and $50,000 per month. By investing a small amount of money, the growing businesses can increase their conversion rates and get a high return on investment.

With 2.6 billion monthly active users, Facebook is a great advertising channel for any growing business. The average monthly expenditure on Facebook advertising varies between $200 and $1500. The minimum budget required for advertising on Facebook is approximately $1 per day for impressions, $5 per day for clicks, likes or views and $40 per day for conversions. Facebook advertising is becoming more competitive as more businesses invest in it.

With 1 billion monthly active users, Instagram provides a higher engagement rate than Facebook users. The average monthly spend on advertising on Instagram is similar to that of Facebook.

YouTube users watch more than one billion hours of video in a day, on average. It offers an excellent platform for growing businesses to reach youngsters. The average monthly spend on YouTube advertising varies between $200 and $1500. The minimum budget required for advertising on YouTube is approximately $10 per day.

With 660 million monthly active users, LinkedIn is the leading professional social media platform. It is a useful lead generation platform, especially for Business-to-Business (B2B) organisations. The average monthly spend on LinkedIn advertising varies between $200 and $1500. The minimum budget required for advertising on LinkedIn is approximately $2 per click and $10 per day. Advertising on LinkedIn can help growing businesses reach valuable leads as well as hire the best candidates.

 Measuring its Performance

With social media platforms gaining more importance, marketers also need to quantify their contribution to gwros. According to a study, 44% of the Chief Marketing Officers (CMOs) agree that they have not been able to measure the impact of social media advertising for their businesses. 28% of the marketing agencies say that they struggle to measure the return on investment (ROI) of their social media expenditure. Even though many may not be able to quantify the impact, most marketers still agree that social media advertising helps their businesses. Also, there are some key metrics that serve as performance indicators of the businesses’ social media pages and advertisements.

Some of the key metrics to measure the performance of growing businesses’ social media pages could be the number of likes, comments, shares on the different posts shared, giving an idea of potential customers’ engagement. Its reach could be checked through the number of followers and profile visits for the business’ account. The number of times the brand is mentioned in any post on social media would also serve as a performance metric. Moreover, a growing business may also keep track of the number of social media referrals received.

The metrics used to check the performance of social media advertisements are Click-Through-Rate (CTR), Engagement rate, Amplification rate, Social Media Referrals, Bounce Rate, Conversion Rate and Cost per Conversion. Most of these metrics are available when publishing an advertisement. These metrics provide a holistic view of the performance of the advertisements. The social media advertisements that perform well on these metrics should be continued further and the rest may be removed.

The presence of the growing businesses on social media is now more important than ever before and it can be understood only when the businesses start using it. It is cost-effective, gives real-time performance measurement, can be changed quickly and provides significant conversion rates. It can give a significant push to the growth of businesses. Lastly, given the competitors might already use social media marketing, the growing businesses should start using it before their competitors take away their potential customers.