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Startup Festival 2017 @ Seoul, Korea

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The Korea Foundation for the Advancement of Science & Creativity (KOFAC) has been creating spaces and infrastructures to support individuals in Korea realize their creative ideas.  KOFAC along with the Ministry of SME’s and Startups have partnered up with 500V2 an ad agency company to launch Korea’s very first Global Startup Conferencecalled Startup Festival 2017.  This will be the largest government-sponsored startup event in Asia and will take place at CoEx in Seoul.

The conference will host more than 5,000 visitors, 70 speakers, 100 volunteers, 550 startups, and 40 media journalists from across the world for a truly global conference.

The Startup Festival will take place from Nov. 30th to Dec. 2nd in CoEx (Hall B), Seoul, South Korea.  They will bring together the leading startups, venture capitalists, accelerator programs, and speakers under one roof for 3 days.

The Startup Festival was created to bring the highest value to the startups that will be attending the conference.  This is why it will be important for startups not only in Korea but also in Asia to attend this conference.  The Startup Festival has gone all out to create an event that generates opportunities for not only the international VCs and founders but also the startups looking for investments or accelerator programs.

“There are a record-high number of investors and growth companies coming to Startup Festival 2017. We are expecting more than 800 startup-investor match making meetings,” says Donghyuck Kim, CEO of 500V2.

Some of the International Speakers of Startup Festival 2017 include:

startup festival

The matchmaking area at the conference will allow for a more personal setting for in-depth pitches and feedback between startups and investors/accelerators as well as startups and journalists.  The Startup Festival’s three main themes are “People”, “Asia”, and “Alliance”.

Why Should Startups Come?  

This will not be the average Korean Startup Conference.  There will be a large global presence in the form of accelerator programs and international VCs.  Not only will there be a chance for Asian startups to go global but there is a huge opportunity to get valuable feedback from some of the top investors and angels.  The accelerator programs that will be at the conference get hundreds of applicants to be a part of their program but only a handful get selected.  To have a one to one meeting with key members from these programs will go a long way into hopefully getting accepted.

Why Should VCs Come?  

The Asian startup ecosystem is booming.  Singapore, China, South Korea, Hong Kong, and Japan foster a lot of hidden talent.  Asia is very diverse, both in terms of its culture and its economy.  To be honest it is probably the most mature private capital market outside of the United States and Europe.  This is why most of the funding for startups are coming from Asia, mostly in tech startups.  The digital markets in China, South Korea, and Singapore alone is massive.  There is so much potential in Asia and VCs need to take advantage of it.

Why Should Journalists Come?  

The startups that might excite some Journalists might be the large presence of global AR/VR companies like WizDish, Kinicho, and Altergaze.  These three are some of the hottest up and coming startups related to AR/VR technologies.  They are also in talks with Melody VR and Gravity Sketch to come on board.  It will also be interesting to compare these companies to some of the Asian AR/VR companies.  Colopl NEXT VR Fund will be bringing their whole AR/VR gaming startups.  Visually this conference should be very entertaining.

startup festival 2017

For more information on the Startup Festival feel free to check out their site which is constantly being updated as they gather more speakers.  Promotion for the conference will start in early November, but for those that register early (Before Oct. 31st), the registration fee will be waived and there is a legit chance they will offer a startup a booth at the conference.  So it is critical that startups act fast and fill up those booths before the start of November when the Startup Festival begins their promotion.

http://www.sf2017.org/

Entrepreneurship

The Legacy of AIM

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On a cold February morning in 1997, America Online filed a patent for something that was to become the basis of hundreds of social tech startups.

They called it the “Buddy List.” It was the heart of the digital social structure that formed AOL Instant Messenger.

The first words of the patent abstract explained:

The invention implements a real time notification system that tracks, for each user, the logon status of selected co-users of an on-line or network system and displays that information in real time to the tracking user in a unique graphical interface.

If you were a 90’s kid, chances are you remember what a Buddy List was. You likely recall the AIM install CD, your screen name, and how much effort went into your carefully crafted away messages. You can probably reminisce about competing for time on the home computer so you could chat with your friends.

The world had never seen anything like it. And it captivated us all.

AOL Instant Messenger is shutting down for good, 20 years after it launched.

But what it established lives on. AOL didn’t know it back then, and we don’t realize it today, but AIM is the father of our modern social web.

Don’t believe me? Let’s start with the Buddy List.

Buddy List

Think about what’s at the foundation of any social media you use today. It’s that list of other human beings. Followers, friends, whatever they’re called. Social media doesn’t work without these groups of real people and it all originated with the Buddy List.

The Buddy List was everything. Credit

The Buddy List was exactly what you’d think — your list of friends. You controlled who was on it. You could find new people through information they put in their profile, but you had to both agree to the connection — if you were on their buddy list, they were on yours.

The most important feature of the buddy list was the ability to see whether each person was online. This remarkable little feature created a way to “feel” that your friends were around. There was an intimacy and immediacy to it.

Being on someone’s buddy list meant something. Nothing had ever come along like this before AIM, where you had a digital group of connections tied to your real relationships.

Away Messages

If one of your friends wasn’t online, you’d see their “away message.”

AIM away messages.

Have you ever written a tweet or status update? Then you’ve gone through the same process AIM users went through to write away messages. It is the ancestor of those widely-used features.

The away message started as a set of three default options: online, busy, or away. But then AOL set up the ability to write a custom message and it quickly transformed into a way to express yourself to your buddies. From simple plans you had for the day, to quoting lyrics from your favorite songs, the away message let you broadcast anything to the world.

Profiles

The modern digital profile is quite a remarkable thing. In essence, it represents the notion that we can have a web persona that we completely control.

We’ve all agonized over the perfect profile pic or handle. We make conscious decisions about cover images and bios so that we present to the world exactly the image that we want.

That all started on AIM.

Some examples of AIM profiles.

The service let you choose things like an avatar, bio, fonts, and colors, but your biggest decision was your screen name. It could be anything from xXPunkRockPonyXx to InternetDiane. The possibilities of every alphanumeric combination allowed you to choose something meaningful, personal, and easily recognizable, so that’s what everyone did.

This kind of customization helped us realize how what an online persona could be.

Messaging

Online instant messaging hit a sweet spot. It was better than email and less formal than a phone call. It fit right in with what the rising generation wanted as a form of communication.

Chatting on AIM. Credit

It’s still something we can’t get enough of 20 years later. The underlying concepts of Facebook Messenger, WhatsApp, Slack, Discord, and Snapchat all began with AIM.

This is where communication and real human connection actually happened. Things like late night chats with your best friend about the latest music or deliberately worded conversations with that girl or boy you had a crush on.

It was all about the contact with other human beings over the internet in a real, direct, private, and personal way.

The Running Man

AIM could be considered the first social media superpower. It was a digital consumer tool used at an unprecedented scale, a household name.

It defined the social potential of the web for Americans. Perhaps more than any other product, AIM helped establish the internet as a place to hang out rather than a simple utility.

Entrepreneurs realized that, too. AIM was the starting point of an exponential trend in social web startups. Companies like Twitter, YouTube, Facebook, LinkedIn, Pinterest, and Instagram are some of the major players who have ridden that wave.

The running yellow figure of AIM’s logo seems fitting in retrospect. The idea of always on, always transmitting captured the feeling quite well.

Now the runner is passing the baton.

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About the Author

This article was written by Jordan Bowman.

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Entrepreneurship

Making Globalisation Work for Startups

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AI platform Globality is giving small and medium businesses access to broader opportunities.

Ina post-Brexit, “America First” world, protectionism seems to be back in fashion, and globalization has become something of a dirty word. Since the 1990s, global trade has helped lift over a billion people out of poverty, driven sustained economic growth, lowered consumer prices, and delivered unprecedented freedoms to much of the world’s population.

Still, middle-income earners have seen their living standards stagnate, while many of the great leaps forward in automation are destroying the jobs of those least able to cope, with vastly greater levels of disruption feared.

Large multinational companies still seem to be the greatest beneficiaries of a globalized marketplace. Small and medium-sized businesses, which constitute the bulk of the world’s economy and drive most job creation, find it more difficult to make valuable connections that can lead to international trade opportunities and contracts with large organizations.

This is due in large part to the outdated procurement process based on Requests for Proposals (RFPs), which is still the standard across most industries. RFPs are not only extremely time consuming, but such competitions are used as cover for a procurement decision that has already been made, so prospective smaller suppliers never really stand a chance.

Joel Hyatt cofounded Globality to prove that technology could be the missing link to make globalization work for more businesses. By providing a matchmaking platform that connects big clients–Fortune 500 companies spanning financial services, pharmaceuticals, food and beverage, consumer goods, and other sectors–with a diverse pool of providers, he wants to help those small and medium-sized companies land contracts that would otherwise be out of their reach.

He served as the national finance chair for the Democratic Party during Al Gore’s presidential campaign in 2000, and after the election, partnered with Gore to start a media company that they sold in 2013. When Hyatt started Globality in 2015, Gore became an investor. The company has since raised $35 million in their latest funding round and embarked on a major expansion of its platform that uses artificial intelligence to match the small clients with big contracts all over the world. So far, over a dozen fortune 500 companies and over 40 multinational corporations have signed up on the client side, and its SME (Small and Medium Sized Enterprise) Service Provider Network covers every continent and more than 100 countries.

The platform is made up of three main elements, explains Globality CTO Ran Harpaz: The first gathers information from the client, helping them to determine what their real needs are. The second matches them with the best service provider to fulfill those needs, and the third helps build the relationship by fostering collaboration between the two parties.

For the first part, the client answers a detailed Q&A devised by their experts. Their algorithms then extract a variety of data points from those clients using NLP (Natural Language Processing) and continues to build upon that in a constant learning loop. It takes all the information from the questions it asks of both client and providers during the matching process to suggest a shortlist of possible matches, which is then reviewed by an industry expert consultant at the final stages.

This AI-powered consultancy model effectively harnesses the best of both worlds, according to Harpaz, as it scales the nuanced, sector-specific expertise that traditionally comes at a prohibitive premium. By leveraging machine learning to recognize interactions–often spotting patterns in the data that might not have occurred to a person and using that in the matching process–this high-level human know-how becomes accessible to companies without multimillion-dollar consultancy budgets at their disposal.

“At every step, the system is collating feedback from both sides, learning from signals that tell it how the match is actually working in practice by prompting them with questions based on interaction data,” Harpaz says. “This systematic approach to human knowledge representation effectively gives people superpowers, by taking that magic sauce of human interaction and knowledge, and making it possible to apply that consistently and at scale.”

Although this process is building toward ever more efficient automation, Harpaz says that they will always need a human expert to look at those matches with a strategic eye and make the final decision on the most suitable pairings. “What Globality is doing is making high-level knowledge and expertise accessible to a much larger pool of companies and people, rather than only the large corporations who have been traditionally able to afford the services of consultancy firms,” he explains. Globality’s pricing model is usually free for client companies, with suppliers being charged a percentage of the contract’s value, but only once they receive payment themselves for the services they provided.

Waqqas Mir, a partner at Axis Law Chambers, a law firm based in Lahore, Pakistan, is one of the suppliers using Globality to reach international clients. Mir feels that law firms such as his in developing countries often lose out on such business because of their size. Being on the platform, however, gives them the opportunity to open up new channels of communication, which he believes provides great value in the long term. “That allows you to begin a relationship and remain on their radar,” he explains. “The whole thing is motivated by a desire to ensure a more inclusive global economy.”

Globality matched a Fortune 50 company with South African marketing agency Colourworks. The company had to find service providers who were Broad-Based Black Economic Empowerment-certified by the South African government. “So we worked backwards from that, looking at all the providers who matched the certification criteria, and narrowing it down from there,” Harpaz says.

Since winning the Africa account, the agency has continued to use the Globality platform to connect with their new client on a global level, and are now exploring the possibility of working with them in Germany. “In this day and age, it is so easy to do business online or over video conferencing, so distance is really not a barrier,” says Lexy Geyer, account director at Colourworks.

Enabling smaller companies to become “micro-multinationals” means they will in turn fuel job creation and economic growth throughout the developed and developing world. Globalization and AI are often portrayed as inevitable waves of disruption that will leave chaos and inequality in their wake and ultimately make much of humankind and their skills redundant. But if platforms like Globality continue to create opportunities for diverse smaller businesss in this global marketplace, perhaps globalization can become a force for good.

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About the Author

This article was produced by Alice Bonasio.

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