Are you ready to Jump with AI/ML? [Updated Session Dates]

[Update 6-Apr] New April Session Dates – Symposium RT is being scheduled on Saturdays for Bangalore & Chennai (21st & 28th April). 

Playbooks for Electrifying SaaS and more.

This is what we call the fourth industrial revolution…And companies are really transforming and bringing all these new technologies to connect with their customers in new ways.
Dreamforce 2017 Keynotes, Marc Benioff.

There is no doubt that Artificial Intelligence (AI), is one of the recent “tectonic” market shifts, creating a change in landscape, market, and opportunity. AI and  Machine Learning (ML), now in its eternal spring, has a deep impact on SaaS evolution. While the incumbent companies like Salesforce, Zendesk, Workday, have all invested heavily in AI, also global challengers across many verticals from Sales, BPM, CRM… to Security are focused on building higher order efficiencies and automation through AI/ML.

Over the last few years, our Indian SaaS entrepreneurs trumped the global SaaS growth by leveraging mobile first as there was no baggage of desktop, reduced sales & onboarding cost by perfecting the art of Inside Sales & Inbound Marketing, and efficient after sales support & service by leveraging remote success representatives. Our SaaS Mavens helped disseminate these leverages by sharing the best practices & modeling internal flywheels & experimentations. Many SaaS entrepreneurs successfully assimilated and got a significant boost in their growth journey. These levers are now basic table stakes for most SaaS startups.

AI has no breakthrough success stories, but it is helping create a level playing field – especially for our Indian entrepreneurs – to compete with global players and incumbents alikeStartups willing to make the jump, adapt AI into their products & business models to create meaningful differentiation, will experience a strong wind in their sails to leapfrog over the players who don’t.

Our entrepreneurs have a rare opportunity to be early adopters & global trailblazers. 

To take advantage of this our entrepreneurs ask very valid questions.

Q. Why & How should we entrepreneurs navigate this AI market shift? 
Q. How should we, given that we are untrained in AI, grapple with the 360° impact of AI on product, business, and technology?
Q. What AI leverage can we develop without requiring expensive investments for constrained resources? 

How do we enable our companies to create new AI playgrounds to analyze, surface, validate and develop higher order customer values & efficiencies?

AI Playbooks

Since adapting to the AI “tectonic” shift requires a new paradigm of thinking, we have launched a multi-step playbooks track focused on Playing with AI/ML for Indian entrepreneurs. In line with iSPIRT’s mission, our playbooks purpose is to help market players navigate market shifts. The goal is to bring the practitioner knowledge from AI Mavens AI-first entrepreneurs who are further ahead in their AI journey – to the AI-hungry startups and help them perfect the model of working with AI, get traction towards a meaningful AI-enhanced value, and become trailblazers for the community. If you are an AI-hungry startup who has either taken the plunge with AI/ML but early in your journey, or are actively looking to leverage AI/ML for your current products, then following the stepped approach below may help:

Step 1 – Attend an AI/ML Symposium RT – Getting prepared with Why AI and How AI. In our first kickoff session on 10-Mar, we had great discussions on AI data maturity, what can drive your AI approach, and more with our AI Mavens and ten startups (read more).

Step 2 – A cohort of startups from step 1 will be taken through multiple AI/ML Playbook RT for How AI – deep dives on topics to help with structuring an internal AI playground, competency with data product management, product positioning & branding, business model shifts, and more.
These playbook RTs will help the startups carve out a lean playground for rapid experimentation and analysis, with a 3-4 person team of a data PM, & engineers. The team, actively lead by the founder, runs regular sprints (business/product/engineering sprints) of experimentation and validation, and have review touchpoints at intervals with AI-Mavens and the cohort as a running group.
There is also an optional Tech Training Lab to build internal ML competency with a multi-day workshop with Julia experts.

Four startups have been initially selected for the cohort for the step 2 AI playbook RTs (Acebot, FusionCharts, InstaSafe & LegalDesk).

SaaSx5 – June 2018

We are working to set up the 5th version of our marquee SaaSx to engage with the larger SaaS startup community. We will definitely focus on the impact of AI/ML on SaaS and have workshops based on our momentum of the playbooks track on various topics above. Date & details to be announced shortly.

The AI+SaaS game has just begun and it is the right time for our hungry entrepreneurs to Aspire for the Gold, on a reasonable level playing field.

Click to Nominate or Register a startup for the AI/ML Playbooks Track.

Dates & Venue

AI/ML Symposium RT #1 – 10th Mar (Sat) 2p – 5p Done (read more)
AI/ML Symposium RT #2 – 21st Apr (Sat) 11a – 2p @ Bangalore TBD
AI/ML Symposium RT #3– 28th Apr (Sat) 10a – 1p @ Chennai TBD

May the force be with you!

* All iSPIRT playbooks are pro-bono, closed room, founder-level, invite-only sessions. The only thing we require is a strong commitment to attend all sessions completely, to come prepared, to be open to learning & unlearning, and to share your context within a trusted environment. All key learnings are public goods & the sessions are governed by the Chatham House Rule.

Featured image modified from source: https://www.flickr.com/photos/jedimentat/7557276684

First AI/ML Playbook Roundtable – Playing With the New Electricity

This is a Guest post by Krupesh Bhat (LegalDesk) and Ujjwal Trivedi (Artoo).

AI is seen as the new electricity that will power the future. How do we make the best of the opportunity that advancements in AI technology brings about? With this thought in mind iSPIRT conducted a symposium roundtable at the Accel Partners premises in Bengaluru on March 10th. Accel’s Sattva room was a comfortable space for 20+ participants from 11 startups. There were deep discussions and a lot of learning happened through subject matter experts as well as peers discussion. Here’s a quick collection of some pearls, that some of us could pick, from the ocean of the deep discussions that happened there.

Products that do not use AI will die soon. Products that use AI without natural intelligence (read common sense) will die sooner.

– Manish Singhal, Pi Ventures

Starting with that pretext, it isn’t hard to gather that AI is not just a promising technology, it is going to be an integral part of our lives in near future. So, what does it mean for existing products? Should everyone start focusing on how they can use AI? Are you an AI-first company? If not, do you need to be one? After all, it does not make sense to build the tech just because it appears to be the next cool thing to do. If you are building AI, can you tell your value proposition without mentioning the word AI or ML? have you figured out your data strategy? Is the need driven by the market or the product?

Before we seek answers we must clarify that there are two types of products/startups in the AI world:

First, an AI-first startup – a startup which cannot exist without AI. Their solution and business model is completely dependent on use of Artificial intelligence (or Machine Learning at least). Some examples of such startups in local ecosystem are Artifacia and Locus.sh.

Second, AI-enabled startup – startups with existing products or new products which can leverage AI to enhance their offering by a significant amount (5x/10x anyone?). Manish has a very nifty way of showing the AI maturity of such companies.

The session was facilitated by several AI experts including Manish Singhal of pi Ventures, Nishith Rastogi of Locus.sh, Shrikanth Jagannathan of PipeCandy, Deepak Vincchi of Julia Computing.

Maturity Levels of AI Startups

After a brief introduction by Chintan to set the direction and general agenda for the afternoon, Manish took over and talked about the various stages of AI based companies. Based on his interactions with many startups in the space, he said there are roughly four growth stages where different companies fall into:

Level 1No Data, No AI: An entity that solves a business problem and is yet to collect sufficient data to build a sustainable AI business. The AI idea will die down if the company fails to move to state 2 quickly. Business may be capturing data but not storing it.
Level 2Dark data, No AI: The company holds data but is yet to build solid AI/ML capabilities to become an AI company. There is a huge upside for such companies but the data strategy needs to be developed and AI capabilities are not mature enough to be considered as an AI/ML company.
Level 3Higher automation driven by data and AI: These are the companies that have built AI to make sense out of data and provide valuable insights into the data using AI/ML, possibly with some kind of human assistance.
Level 4Fully autonomous AI companies: These are the companies at the matured stage where they possess AI products that can run autonomously with no human intervention.

Manish also noted that most companies they meet as a VC are in level 1 and 2, while the ideal level would be 3 and 4. He noted that AI comprises of three important components: Data, Algorithm & the Rest of the System that includes UI, API & other software to support the entire system. While it is important to work on all three components, oftentimes, the data part doesn’t get enough importance.

Do You Really Need Artificial Intelligence?

A whole bunch of solutions are smart because they are able to provide additional value based on past data. These are not AI solutions. They are merely rule based insights. Nishith from Locus added that there is nothing really wrong with rule based systems and in a lot of cases AI is actually an overkill. However, there are two cases where it seems apt for startups to look at AI for their predicament:

  1. Data is incomplete: An example of this is Locus who gets limited mapping for gps coordinates and addresses.
  2. Data is changing constantly: A typical case was of ShieldSquare where bots are continuously evolving and improving and the system deployed to identify them also needs to learn new patterns and evolve with them.

It is important to have clarity on your AI model especially when you communicate with your internal teams. Figure out what is the core component of your product – AI, ML, Deep Learning or Computer Vision.

What’s Driving Your AI Approach?

There are two major driving forces that can help one in deciding whether to AI or not to AI.

  1. PUSH: The internal force when decision can largely be taken if your business is sitting on a lot of useful data, may be as a side effect of your key proposition.
  2. PULL: The external market driven force where clients expect or ask for it e.g chatbots. We are already observing that AI can be a great pricing mechanism.

However, take great caution when using Customer data or Derived data, it depends on legal agreement with clients and can get you into legal troubles if it violates any terms.

Is Your Data Acquisition Strategy in Place?

Anyone interested in AI should have a data acquisition strategy in place. Here are a few points that can help you get one in place:

    • What data do you collect, How do you validate it, Clean it and store it for further analysis?
    • Surveys and chatbots can provide a steady stream of data if built correctly
    • Think of data as a separate entity (has its own lifecycle), it may help to think of it as a currency and plan how you would earn, store and utilise it
    • Capturing location, user interaction data can be insightful. This may include the interactions user has committed and the ones they have not committed (deleted/skipped/hidden)
    • It makes sense to invest time, resources and people to gather data properly
    • Have a unified warehouse (can start with economical options like Google Analytics and AWS)

It is also important to give some thoughts on how you are using aggregate data across the platform. In case, if your AI model uses a combination of customer specific data and the sanitised aggregate data available in the platform (“Derived Work”), then you should make sure that you have the permission to use such data. Without such clarity, you may run into legal issues.

Deepak Vincchi explained how Julia Computing is emerging as the programming language of choice for data scientists. The platform can process 1.3 million threads in parallel and is used by large organizations to crunch data problems.

In all this was an extremely engaging 3 hours without break. Guiding the session with real examples by Nishith, Shrikanth and also shared learnings from Navneet and others really helped bring to life Why AI and How AI. This symposium is part of an AI playbooks track was aimed at kickstarting cohorts of startups ready to jump with AI and help them get traction with AI, more will emerge on this shortly.

10 startups attended this mini-roundtable session – Acebot, Artifacia, Artoo, FusionCharts, InstaSafe, Klove, LegalDesk, Rocketium, Rubique, ShieldSquare.

Thanks to volunteers Rinka Singh and Adam Walker for their notes from the session and Ankit Singh (Mypoolin/Wibmo) for helping coordinate the blog post & note

* All iSPIRT playbooks are pro-bono, closed room, founder-level, invite-only sessions. The only thing we require is a strong commitment to attend all sessions completely, to come prepared, to be open to learning & unlearning, and to share your context within a trusted environment. All key learnings are public goods & the sessions are governed by the Chatham House Rule.

Featured photo by Matan Segev from Pexels https://www.pexels.com/photo/action-android-device-electronics-595804/

Playing with the new Electricity – AI/ML Playbook Sessions [March Update]

[Update 29-Mar] New April Session Dates – Symposium RT is being scheduled for Bangalore & Chennai (21st & 28th April). 

“Tectonic” market shifts happen every few years creating a change in landscape, market and opportunity. The most recent “tectonic” shift is the emergence of the Artificial Intelligence era. In just the same way electrification in the early 1900s transformed major industries globally, AI, Machine Learning & Deep Learning are poised to transform a multitude of industries, services & products.

It took 100 years from the discovery of electrical generator to electrification of industries. AI is doing this in a span of 70 years (from the time of the Turing Test).

AI/ML has gone through many winters and is now in its eternal spring. It portents a new framework for startups to navigate and evolve from an internet era startup into an AI era startup.


Every new era shift begins with a lot of smoke and hype before it is well understood. iSPIRT ProductNation & Julia are launching a set of AI/ML playbook roundtable & workshop sessions to dispel the hype around AI, and help bring a pragmatic mindset & process change necessary for product startups to leverage AI/ML. We believe AI is not just a technology shift. It is a combination of product, business, and technology shift. Adapting to it requires a new paradigm of thinking to build a viable value strategy. This needs to be done mindfully and in context of the value you offer to the customer, do not rush in with the AI hype.

These multi-step playbooks are for all categories of startups regardless whether they are AI-First or SaaS, and MarTech, FinTech, HealthTech or any other <Domain>Tech category, startups who are looking to deliver a higher order value to their customers by leveraging and applying AI models with their data.

Since AI/ML is still in its early years there aren’t any proven success playbooks. Hence these deep sessions will bring together AI experts, AI Mavens (entrepreneurs who are more ahead in their AI journey), iSPIRT Mavens, and selected startups, to discuss & share their insights, challenges & learnings on the mindset shifts outlined above and best practices adopted. The 2-step playbook roundtable sessions focused on founders (+1 typically CXO) and a hands-on lab workshop are a sequence of:

    • AI/ML Symposium RT (step 1) – An invite-only 3 hour mini-symposium playbook with AI/ML experts, first mover AI leaders & Mavens from our startup community and 10-15 invited startups, focusing on Why AI/ML? What was the higher order value being created? How to identify the opportunities to leverage AI? What do you need to get started with AI (if not already running)? Data needs for AI/ML investments… The shared awareness created in this session, combined with the commitment by startups to articulate their AI/ML opportunity, and detail their approach will lead to the next AI/ML roundtable.
    • AI/ML Playbook RT (step 2) – Startups at similar AI readiness from the Symposium will be invited for a 5-hour deep-dive roundtable discussion on the AI/ML challenges in the context of the startup domain, effectively going through their AI/ML readiness & approach (a review & teardown). Topics would emerge from the Symposium RT and could cover data collection & modeling strategy, AI transformation algorithms, Business model innovation, Success metrics… This session is restricted to 5-6 startups (having similar AI needs) per roundtable and an AI Maven to facilitate the topics & discussion. Possible outcomes for each startup would be to develop an action plan/checklist for next few months of execution. Additionally, startups can identify a tiger tech team to go to the AI/ML Training Lab to get traction for their checklist…
    • AI/ML Training Lab with Julia Sandbox (optional) – A 3+ day workshop intended for the 3-4 person tiger tech teams (CTO, Engg, Data guy, PM…) from each startup. The workshop will help focus on building competency, getting traction & executing implementations related to the checklist developed at the roundtable.

For the first set of these playbooks, we are inviting nominations/applications for startup founders (+CXOs) who are either directly focusing on AI-based opportunity or have started integrating AI/ML as a core strategy for their product growth/success. Please provide your nomination for startups you believe should be part of the first series of the AI/ML playbooks. If you are a startup and interested to be part of this please register below. On final approval, an invite confirmation will be sent via email.

Please submit your nominations here. A registration link will be sent to your nominee.

Dates & Venue for the first of the series:

AI/ML Symposium RT #1 – 10th Mar (Sat) 2p – 5p Done
AI/ML Symposium RT #2 – 21st Apr (Sat) 11a – 2p @ Bangalore TBD
AI/ML Symposium RT #328th Apr (Sat) 10a – 1p @ Chennai TBD
AI/ML Playbook RTApr-TBD (Sat) 11a – 5pm @ Bangalore TBD
AI/ML Training Lab w/ JuliaApr-TBD @ TBD (Bangalore)

While the sessions are in Chennai/Bangalore, we believe this topic is of emergent interest to startups across the country and would invite all to register.

AI Mavens

Ashwin Ramasamy – PipeCandy
Manish Singhal – pi Ventures
Nishith Rastogi – Locus.sh
Shrikanth Jagannathan – PipeCandy

Cost

All iSPIRT roundtables are pro-bono (read below for how that works)

This series of playbooks is being setup by active support from our Mavens & Volunteers – Ankit Singh, Deepak Vinchhi, Karthik KS, Praveen Hari, Ravindra Krishnappa, Sandeep Todi.

P.S. Some great material for pre-reading

I strongly recommend all to go through many of these.

* All iSPIRT playbooks are pro-bono, closed room, founder-level, invite-only sessions. The only thing we require is a strong commitment to attend all sessions completely and to come prepared, to be open to learning & unlearning, and to share your context within a trusted environment. All key learnings are public goods & the sessions are governed by the Chatham House Rule.

* The Julia team is on a social mission to train a large number of people in India to develop grassroot skills and competency with AI & ML.

+Feature image from https://www.flickr.com/photos/gleonhard/34046647175/

Call for Volunteers: FinTech Leapfrog Council [FTLC]

iSPIRT’s FinTech Leapfrog Council (FTLC) is an initiative designed to help incumbent, government-owned banks make the transition to an era of cashless, presenceless and paperless transactions enabled by India Stack and other emerging technologies.

At iSPIRT, our belief is that banking will change more in the next five years than it has in the last 50 years. For a variety of reasons, the changes happening in India will follow a path that is very different from other countries. Indian Banks, therefore, have two choices: Create a new playbook to deal with these changes, or stick to the old rulebook and risk being disrupted.

Over the last two years, FTLC has been helping SBI, Axis, BOB and IDFC Bank create new playbooks in six orbit shifts that will help banks successfully transform themselves. These six orbit shifts are:

  1. Fee-based Payments to UPI and Payments as a Service
  2. Closed Billing Systems to Bharat Bill Payment System (BBPS) and Billing as a business  
  3. Asset-based lending to (Cash) Flow-Based Lending
  4. Closed Pipe Architectures to Open APIs and Platform Banking
  5. Core Banking Systems to Internet Architecture and Transaction Engines
  6. Data Silos to Consent-based Data Sharing

These FTLC banks have major government shareholding and comprise more than 30 percent of the Indian banking system. Therefore, helping them create these new playbooks is a mission of national importance.

FTLC works with the CEOs and leadership teams of these banks through a series of quarterly workshops and customised workshops in the above-mentioned areas. Some of the industry leaders who spoke at FTLC workshops to facilitate these orbit shifts are:

  • Shamir Karkal, Head of Open APIs at BBVA Bank, Spain, and co-founder of Simple Bank
  • S Ramakrishnan, former Chief Data Officer of Citibank
  • Prof. Saras Sarasvathy of the Darden School of Business
  • Nandan Nilekani, Non-Executive Chairman, Infosys
  • Sharad Sharma, Co-founder of iSPIRT & Ex CEO – Yahoo Inc, R &D. 
  • Sanjay Swamy, Managing Partner of Prime Ventures.

We are looking for an anchor volunteer who can work closely with the FTLC banks to ensure that they are making progress on these orbit shifts, and gradually take my place at FTLC.

For me, being the anchor volunteer for FTLC has been rewarding in many ways. The opportunity to work with other volunteers whose work is reshaping the fundamental nature of banking in India has been very exciting. The opportunity to work with some master strategists who can see the big picture without losing focus on the nitty-gritty details of execution has been awe-inspiring. Seeing young volunteers take on crucial roles and excelling in it has given me great hope for the future of our country. And finally, the fact that iSPIRT’s work is helping India create a world-class digital infrastructure is something that fills my heart with great pride. I had initially signed on as anchor volunteer for FTLC for one year, but the work was so interesting that one year became two before I realised it! We are now looking for a volunteer who can replace me, but start off gradually as a volunteer-in-training.

As you probably know by now, it is difficult to become an iSPIRT volunteer, but easy to cease being one. The arduous process of becoming a volunteer allows each side to feel each other out. We want you to get into volunteering with your eyes open. As part of this counter-intuitive mantra, we let you hibernate without any hesitation. This enables you to make soft promises that you can keep.

If you are interested in being a volunteer for FTLC, contact me at venky@ispirt.in or community@ispirt.in

Action For India’s 6th Annual Forum invites FinTech startups

Action For India’s 6th Annual Forum invites FinTech startups
Just about two months ago, the nation attempted the massive ‘demonetization’ initiative at an unprecedented scale to clean-up illicit money and move towards greater economic equity and justice. As a consequence, the realm of digital money management and transactions saw a burgeoning growth and needless to say, this accelerated the vision of ‘Digital India’, the India where technology and digitization makes every facet of life for a common man, easy and empowering. This is becoming a global phenomenon as a recent report from Accenture found that global investment in FinTech has skyrocketed from $930 million back in 2008 to over $12 billion by the beginning of 2015.
Alongside digital payments, the nation also takes pride in harboring FinTech initiatives working wonders on the ground, in the areas of banking for the unbanked, micro-loans, credit-free schemes, micro asset-management, and a portmanteau of other technology-powered solutions/models that are serving the unreached. Recognizing these FinTech entrepreneurs, the 6th edition of Action For India Forum, is on a mission to help Indian social innovators overcome barriers to scale and achieve greater impact.
Though this exclusive invite-only event (taking place on January 24th & 25th, 2017 in New Delhi) that brings together 100 leading social innovators (with FinTech as one of the six sectors of focus) along with 100 “influencers” (from the realms of impact investment, philanthropy, government, technology and public policy), it aims to bring together a stellar set of handpicked start-ups and provide them with a platform to further partnerships, investment and growth. The applications to be a part of the esteemed Forum, are still open for all the promising FinTech startups.
The form can be found here: goo.gl/9xdqfn
It is at this event that the most promising social entrepreneurs are selected to be a part of a two-week all-expense- paid trip to Silicon Valley through the Silicon Valley Challenge (SVC).
You can find a post-event update on AFI’s 5th Annual Forum here: http://bit.ly/1U35zdE & details of the upcoming AFI Forum 2017 here: http://actionforindia.org/afi-forum-2017/.
You can reach AFI via email at afiforum2017@actionforindia.org or call +91-72040-24529.

 

When to open the purse for that Blockchain-y project of yours?

Blockchain, Blockchain ! The buzz continues to spread from coffee machines to boardrooms. Everyone I speak to nowadays is eager to know how to leverage Blockchain tech and what’s in it for them.

A key question in front of us as solution providers is when to choose Blockchain (and when to stick to relational databases) and more importantly which use case to fund/invest.

Based on my experience of Blockchain technology, if your use case meets all the conditions below, using a Blockchain makes business sense:

  1. A Shared Database: A Blockchain is a distributed ledger. The data contained in a Blockchain is replicated across all nodes within the network and is therefore shared. First step would be to determine if there is a genuine need for data sharing across the entire network.
  2. Multiple Writers: In a Blockchain, the database is written by multiple writers simultaneously. These writers could be a bank’s customers initiating payments, traders trading in a exchange, ATM/POS transactions, multiple companies updating their records in a government portal etc.
  3. Lack of Trust: Does your use case involves multiple users that trust each other? Let me ask it differently. Is one user willing to let other users modify the database entries it owns and is he/she blindly trusts the ‘read-only’ information provided by other users? If your answer is a clear NO, then Blockchain can be the answer. But everyone trusts a Blockchain as transactions are confirmed by ‘autonomous’ nodes (that do not trust each other) and considered immutable.
  4. No need for a central intermediary: If all we needed was a solution that let’s multiple non trusting writers update a shared database, then having a central intermediary that is trusted by all writers could have solved the problem. Everyday we interact with such central intermediaries e.g. Uber, commuter train companies, our banks, government etc. Govt issues us identity documents that are acceptable to all, a bank’s confirmation on a successful transaction is treated as a gospel of truth. Blockchain removes the need of having a central intermediary by its inherent design of immutability, block confirmations, distributed consensus. The transactions performed on a blockchain can thus be trusted by multiple writers who do not trust each other but trust a Blockchain. Do you really need disintermediation and does not having one makes it cheaper , faster , more efficient for your customers.
  5. Transactions Linkage: It means that transactions created by different writers often depend on one other. For example, A sends some money to B who in turn sends it to C. So, C’s balance is dependant on A. Because of this dependency, the transactions naturally belong together in a single shared database. Taking this further, one nice feature of blockchains is that transactions can be created collaboratively by multiple writers, without either party exposing themselves to risk.
  6. Authoritative Final Transaction Log: All nodes agree to the contents of this log. For a new node, downloading the entire previous blockchain is a starting point. If a node is down for some time, it can download the incremental blockchain to know the latest contents of Blockchain. In a peer-to-peer database with no central authority, nodes might have different opinions regarding which transaction to accept, because there is no objective right answer. By requiring transactions to be “confirmed” in a blockchain, we ensure that all nodes converge on the same decision.
  7. Guaranteeing the represented assets: Who stands behind the assets represented on the blockchain? If the database says that I own 10 units of something, who will allow me to claim those 10 units in the real world? Who do I sue if I can’t convert what’s written in the blockchain into traditional physical assets? Is it going to be a bank, a stock exchange, a mineral company? It all depends on the type of asset that is recorded on the Blockchain.

Conclusion: If your use case fulfils the all of the above criteria, using a Blockchain makes sense. Go ahead and invest in it, Blockchain is worth it.

(Disclaimer: Inputs from Gideon. Views expressed are personal and may not necessarily reflect views of my employer.)

Guest Post by Gaurav Singhai, Sopra-Steria

The fundamentals that help us grow more than 100% every quarter

At Mypoolin, we have a consistent and strong belief that a very significant aspect of building a business is keeping the fundamentals strong. The fundamentals are not just the core pillars for making the company stand as an entity, but also serve as defining the form as the firm emerges from its initial amorphous self. When we started the venture last year, we had some basics and an initial direction in mind, but we could not define those at that time.

For the first timers, we are the social payments product company of the country. We enable seamless peer to peer transactions and group transactions for all use cases, varying from movies to events to parties to outings to rent and more. Over the past 12 months, the product has grown both qualitatively and quantitatively. Starting from transactions just worth a few thousands per month to achieving a high growth rate currently, we are intent on making this product an integral part of your social lifestyle.

Mypoolin1

Let us dive into the fundamentals that continue to shape us –

Tackling a big problem

The reasons big problems are so important to be solved, is that once you solve them, half of the battle (or even more) is won. Not only does it ensure that the product can deliver, it also incentivizes the user by default to explore and use the same. Once you hit a raw nerve and resolve a crucial pain point, you ensure that the barriers to adoption are now as low as they can be, from the point of view of motivation of the user. And at the same time, when the vision is big, everyone in the team is driven as well to execute on it and be a part of it.

MyPoolin2

Simplifying a challenging solution

Well, it is one thing to say and another thing to build on it. After defining the problem and realizing the challenge in front, we started iterating on the product and building it piece by piece. All along some factors and pointers helped us in defining the direction of the product –

  • What exactly does the consumer desire? (Putting ourselves in their shoes)
  • Does our solution present itself in its simplest form? (Analyzing)
  • Are users really feeling empowered by using it? (Observing and tracking)

Mypoolin3

The above pointers will answer that whether the customers have the necessary ability to utilize our solution or not. And at the same time, since we are combining two domains of the internet viz – social network and payments into one; the product tends to become intricate in terms of its engineering. This in turn makes sure that the ability of the team is tested as well to its full potential for making the product really polished.

Discipline, Focus and Fun

Another key fundamental in running a growing company, especially in the complex and sensitive infrastructure of payments, is the presence of discipline and focus. This applies to both the phases-

  • Developing the product as well as
  • Tracking the analytics and output

Mypoolin4

At the same time, fun is always a part of the equation and the hidden gem at times for everyone to appreciate the mission as a team. In fact, the point of fun trickles everywhere, including our product as well which portrays the statement of ‘Payments made fun’. Traditionally, payments have been a painful and mundane part of our lives, but not anymore. Time to make them cool….

Wish to join one of the fastest growing ventures in the intricate, growing and powerful domain of fin-tech? Ping us directly at hello@mypoolin.com

Cheers

Team Mypoolin, Rohit Taneja. 

 

A corporate wallet to simplify business payments and expense tracking: The Happay Story

B2C wallets like Paytm and Mobikwik are known well enough. The B2B wallet story, however, is still in its nascent stage. Happay is that wallet which helps companies manage their expenses through employees, using corporate wallets.

Varun Rathi and Anshul Rai were classmates at IIT Kharagpur. They worked for 2 years before they started up. After toying with different business ideas, they zeroed in on payments, and thereafter, quit their jobs.

Happay started as a platform for splitting payments or transfer money through its wallet. However, the team, even with over 2 lakh registered users, was unable to find a good revenue model. They pivoted to address B2B payment management hassles. They have tied up with Ratnakar Bank to issue corporate cards which double as expense management system for the company. The companies can issue these cards to all their employees, and, at the back end, track, or even cap the permissible amount for each card.

Here is an excerpt from Varun’s interview with iSPIRT:

Why did you Startup?

VR: “I come from a business family and so, I think I inherited the urge to start something of own business. It was different from a typical Marwari business, because I wanted to make a technology business that was scalable”.

Why did you choose to address payments?

VR: “The payments market in itself is globally very large and scalable. So even if you solve a small problem in payments, it can go big.

Last 5-10 years have seen a lot of sourcing through wallets. So we thought this was the problem we should solve. Our solution was quite a hit between students and young professionals. However, there was no strong revenue model. Also, we had to go to all vendors and get them to accept those payments through our instrument, which was proving difficult.

On the other hand, a lot of businesses would come to us looking for payments solution. There was no product that would address their issue. So we decided to pivot.”

You decided to pivot from B2C to B2B. What were your major challenges?

VR: “First biggest challenge was to unlearn whatever we had learned and focus exclusively on talking to customers which we didn’t do with the first product.

The first product seemed more intuitive to the team, as we ourselves were the customers. This time around the team talked to over 1000 customers to understand their problems.”

As for aligning the team, Varun shares, “Our team was very young, with no one with more than 2-3 years of experience. So they were open to learn new things. Besides, it took us 9-10 months, to come up with the new product. This gave enough time to the team to align themselves.”

Next challenge was in terms of requirements of the business. “With a B2B product, we realized that businesses needed handholding at every step. Where we scaled to 2 lakh registered users with just 5 members in the team, this time around, we ended up hiring for different teams, taking the number of employees to about 100.

We hired the first person that could give a demo to the customers. Then we needed someone for lead generation, as the product does not automatically reach the target audience. Even after a customer is acquired, we needed to hire for relationship management and customer support. The customers even after signing up would not take the next steps themselves.”

What are the challenges in coming up with an expense card? Why have other expense management companies not done it?

VR: “ Getting such a card and its integration in place, is a difficult process. It requires a license, partnership with the bank, a certification with VISA, and a strong technology team to support all of it. It takes about a year to complete just the processes.

We were in the business of payments, from the start. So our initial aim was to develop applications over the payments platform. We first solved the payments problem and then later on built expense management software over it. Other players made the software and started selling it. They never had the intention of going deeper into the payments problem.”

How is scaling a B2B business different from a B2C?

VR: “There are both pros and cons. B2B is slow and time taking but steady. There are some safe landings in between, so I cannot go down all of a sudden, as is the case with B2C. I can become an overnight success in a B2C product, with maybe some good PR but that can go away in a second, as it is very fragile and there is a lot of competition. In B2B, customers don’t sign up that fast, but they give you time. Once you have their trust, even if something is not perfect, they give you a month or 2 to make it right. That gives more stability to the business.”

What are the 3 things you wish you knew before you started?

VR: “Launch soon: One mistake we made was not launching the product soon. We, like most other companies, were trying to build a perfect product. But the sooner you take it to the customer; the steeper is the learning curve.

Talk to your customers: We assumed what our customers needed and built the product around it. Customers don’t know what they need till they see it. So let them see it.

Making the team will take time: Time required in hiring and nurturing team is very high. It takes almost 50% of our time. We didn’t account for it from the start and this has come across as a major learning.

What is your advice to other people starting up right off the college?

VR: “Understand the market first. If you start fresh out of college, you can take more risk. In terms of technology, you can stretch your limits, as you don’t have any responsibilities. But scaling brings problems. Hiring, building and managing the team and responding to the market needs more finesse. Understand the market so that you have at least some idea of how to respond.”

Corporate wallets address a very crucial bottleneck in managing expenses in an organisation. We wish Varun and his team at Happay, all the success.