Antler Virtual Demo Day

As with other virtual demo days I have attended this year, it was remarkable to hear how far the teams in Antler’s Sydney Cohort #3 had progressed in light of the current pandemic and associated lock-down restrictions.

Each participating team was categorised into an industry sector:

Consumer Tech

Remote Social is designed to connect remote and hybrid teams. The ethos is that with the shift in working patterns (heightened by the current pandemic) corporate culture and organisational engagement are “at risk”. The solution aims to foster socialisation and build culture through curated games and activities. Claiming to have generated over 200 organic signups, including team members at big tech brands, the founders are adopting a “bottom, land and expand” customer acquisition strategy. In addition to a seat-based subscription model, the platform will also offer a revenue share for marketplace providers.

Coder One claims to be “the home for AI sports”. The team describe their project as an API platform for AI games, with unique combination of AI and e-sports. The goal is to make AI and programming more accessible via an AI Sports League, where bots compete, programmed by developers. With more than 250 registrations for an upcoming competition, the team are also looking to secure sponsorship deals. The commercial model has three components: free access to programs for developers, individual subscription fees to access games/tournaments, and corporate fees to access talent for potential recruitment.

Feather is an online platform which enables instructors and creators to deliver and monetise their digital services. According to the founders, existing tools are not fit for purpose, complex or clunky. Initially targeting yoga teachers, the solution will sell tiered subscriptions, plus take a small revenue share. The team also see themselves as part of the “creator economy”, but I was confused by the name – is it a deliberate attempt to suggest a link to Dumbo Feather magazine? Plus, there was some feedback that the platform may be vulnerable once tools like Zoom start putting up more pay walls.

Tactiq is a tool to “capture valuable insights from remote meetings”. The founders claim it can be used with any conferencing software, and is platform agnostic (although currently limited to a Google Meet via a Chrome Extension). The product, essentially “speech to text plus”, also generates AI assisted summaries, and the team has attracted over 100,000 users from around 4,500 organisations. Pricing is $9 per user per month, plus $20 per month to access team functionality. While the team appears to know and understand their target users, they were questioned about privacy and security issues. Although the transcription content is not stored on the platform, my experience of other similar tools is that once they are integrated, they have a tendency to “take over” and insert themselves, unprompted, into e-mail and calendar applications – “you seem to have a meeting now – would you like me to record it?”

SaaS

Upflowy wants to help B2B companies improve their customer conversion rates. Intended to be a “no-code” sign-up engine, the team explained that from their experience, in-house developers tend to focus on product features, rather than improving the sign-up experience. Typically, in-house sign-up optimisation is slow, expensive or totally non-existent – the key issues being scaleability and reliability. Essentially a form builder, the solution enables A/B testing, and claims to deliver a 40% improvement in conversion rates (compared to 17% improvement achieved with other optimization tools).

Flow of Work Co is positioning itself as the “Future of Work SaaS”. With a mission to help companies to retain the best people, it is HR tech using AI in the form of a smart matching engine to identify in-house talent, based on proprietary ontology. It also helps employees to find development resources, as well as to match projects with in-house talent. According to the founders, talented staff leave because they are bored or lack career development. With an initial focus on software companies, the team then plans to tackle the financial services sector. The team was asked about integration with existing HR tech stacks, and how they ensure objective assessment of competing project candidates – but it wasn’t so clear how they achieve either.

Portant is an end-to-end project reporting tool, designed to be a “consolidated single source of truth”. Asked why existing project management tools don’t work, the founders identified a number of factors: teams are using different tools, the process is often repetitive and/or highly manual, or project tracking typically relies on data from different sources. The team have launched an MVP on Google Workspace Marketplace, and will soon launch on Microsoft AppSource (and appears to use AWS Comprehend as the analytical tool?). There is an SaaS pricing model, and content privacy is ensured via end-to-end encryption plus the use of private keys.

StackGo helps clients achieve stronger B2B sales via SaaS marketplaces, rather than relying on direct sales. However, the initial setup costs and effort required to connect to existing SaaS marketplaces can be daunting. With an approach based on “build once, deploy many”, StackGo enables users to connect to multiple SaaS marketplaces via a single solution. However, the team, did not explain what the setup costs are for StackGo nor were they very specific about the price range or typical sales value their clients achieve – “free to hundreds of dollars per month”.

EdTech

GradVantage wants to reduce the cost of getting graduates job ready, and reckons it can save employers $30k per new hire. Offering a personalised learning experience for each user, the founders have adopted a “Slack” model – team first, then enterprise sale. Acknowledging that the EdTech sector is crowded, the team think their point of differentiation is the fact that they are a career-entry solution, and not in the K-12 market. The focus is on tech talent and SaaS vendors. Employers pay per learner, and the platform saves time and reduces on-boarding costs. Typically, 30% of program content is about tech applications, and 70% on how to use the tech. A more fundamental issue is the huge gap between university courses and actual job requirements.

HealthTech

eQALY is an integrated tech platform that enables the elderly to achieve a higher quality of life in their own home, by predicting their individual needs in advance, and identifying the right Home Care Package funding (which can be worth up to $26k). Using 360 degree data inputs, a risk model, and a proactive care plan, the product takes into account client needs as well as family concerns, plus financial considerations. Although the aged care industry is regarded as being slow to adopt new technology, the founders plan to focus on aged care organisations, who will then distribute predictive data and analytics to care providers and managers. The platform is tech agnostic but IoT devices, AI tools and virtual assistants can be integrated, plus new voice analysis technology is emerging that can monitor client well-being, and
all of the activity monitoring tech is passive. meaning the end user does not have to worry about learning new applications.

Retail and E-Commerce

The One Two is a very specific, and very targeted, D2C solution offering a hyperpersonalised service for fitting and buying bras. According to the founders, current customer experience suffers from ill-fitting products, poor product design, bad materials, and inadequate size configurations. As a result, customers feel overwhelmed and give up. The basic product IP has been tested, along with an on-line measuring and fitting tool, combining to provide better customer diagnosis and product tips. The team have already secured a startup partnership with a global lingerie manufacturer and distributor.

m8buy did not make much sense to me. Maybe I’m the wring demographic, but why would anyone want to “shop online with [their] friends”? Describing itself as “a social layer on any e-commerce store”, it feels like this is aimed at the “buy now, pay later” audience.
According to the founders, merchants will only pay a commission (“low single digit %”?) on successful sales. But it’s not clear whether this is a group buying service, a discount marketplace, or a loyalty programme, nor how it will be differentiated within the Shopify marketplace.

PropTech

Sync Technologies is a digital solution for construction industry – with the tag line of “turning data into insights”. The problem being addressed can be summarised as follows: 1) Building
sites are fragmented and complex 2) Progress reporting and bottleneck identification is poorly done 3) 12% of a typical job has to be reworked 4) 80% of projects are late and/or run over budget. Using a digital twin concept, the solution aims to provide a “single source of truth”, and the team are already working with some key firms, and have 2021 forecast revenue of $2m.
Key obstacles to overcome are entrenched on-site behaviours, and slow the tech adoption across so many stakeholders in the construction industry. The founders claim to have identified the solution via their Construction Assistance System which offers better project and status visualisation via the digital twin.

Next week: Version / Aversion

The Finnies

The third annual FinTech Australia awards were celebrated in Melbourne last week, following the organisation’s relocation from Sydney during the past 12 months. Any concerns the organisers and sponsors may have harboured (given the switch in geography) were easily allayed, as the event was sold out, with over 300 guests in attendance.

The overall winners were definitely B2C brands – challenger banks, consumer lenders, payment providers – with Airwallex, Afterpay (which despite some recent negative press was named the FinTech of the year for the third time) and Up Bank taking out more than a third of the awards between them.

Despite the 30 per cent increase in the number of entries (over 230 in all), it did feel like the Fintech community is still something of a village, as several award presenters were themselves presented with awards. Maybe something for the organisers to think about for next time, as it’s not always a good look when winners end up presenting to each other.

On the other hand, the organisers are to be commended for the running order – unlike some industry events, the awards were all presented in a single session, and not dragged out from soup to nuts. It was also a great decision to use the Victorian Innovation Hub as the venue, as well as have grazing-style catering instead of a sit-down dinner. And the choice of live band was excellent, as past, current and future bankers cut a rug.

Next week: Brexit Blues

 

An open letter to American Express

Dear American Express,

I have been a loyal customer of yours for around 20 years. (Likewise my significant other.)

I typically pay my monthly statements on time and in full.

I’ve opted for paperless statements.

I pay my annual membership fee.

I even accept the fact that 7-8 times out of 10, I get charged merchant fees for paying by Amex – and in most cases I incur much higher fees than other credit or debit cards.

So, I am very surprised I have not been invited to attend your pop-up Open Air Cinema in Melbourne’s Yarra Park – especially as I live within walking distance.

It’s not like you don’t try to market other offers to me – mostly invitations to increase my credit limit, transfer outstanding balances from other credit cards, or “enjoy” lower interest rates on one-off purchases.

The lack of any offer in relation to the Open Air Cinema just confirms my suspicions that like most financial institutions, you do not really know your customers.

My point is, that you must have so much data on my spending patterns and preferences, from which you should be able to glean my interests such as film, the arts, and entertainment.

A perfect candidate for a pop-up cinema!

Next week: Life After the Royal Commission – Be Careful What You Wish For….

 

Big Data – Panacea or Pandemic?

You’ve probably heard that “data is the new oil” (but you just need to know where to drill?). Or alternatively, that the growing lakes of “Big Data” hold all the answers, but they don’t necessarily tell us which questions to ask. It feels like Big Data is the cure for everything, yet far from solving our problems, it is simply adding to our confusion.

Cartoon by Thierry Gregorious (Sourced from Flickr under Creative Commons – Some Rights Reserved)

There’s no doubt that customer, transaction, behavioral, geographic and demographic data points can be valuable for analysis and forecasting. When used appropriately, and in conjunction with relevant tools, this data can even throw up new insights. And when combined with contextual and psychometric analysis can give rise to whole new data-driven businesses.

Of course, we often use simple trend analysis to reveal underlying patterns and changes in behaviour. (“If you can’t measure it, you can’t manage it”). But the core issue is, what is this data actually telling us? For example, if the busiest time for online banking is during commuting hourswhat opportunities does this present? (Rather than, “how much more data can we generate from even more frequent data capture….”)

I get that companies want to know more about their customers so they can “understand” them, and anticipate their needs. Companies are putting more and more effort into analysing the data they already have, as well as tapping into even more sources of data, to create even more granular data models, all with the goal of improving customer experience. It’s just a shame that few companies have a really good single view of their customers, because often, data still sits in siloed operations and legacy business information systems.

There is also a risk, that by trying to enhance and further personalise the user experience, companies are raising their customers’ expectations to a level that cannot be fulfilled. Full customisation would ultimately mean creating products with a customer base of one. Plus customers will expect companies to really “know” them, to treat them as unique individuals with their own specific needs and preferences. Totally unrealistic, of course, because such solutions are mostly impossible to scale, and are largely unsustainable.

Next week: Startup Governance