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

Australia’s Blockchain Roadmap

The Australian Government recently published its National Blockchain Roadmap – less than 12 months after announcing this initiative. While it’s an admirable development (and generally, to be encouraged), it feels largely aspirational and tends towards the more theoretical rather than the practical or concrete.

First, it references the US Department of Homeland Security, to define the use case for Blockchain. According to these criteria, if a project or application displays three of the four following requirements, then Blockchain technology may offer a suitable solution:

  • data redundancy
  • information transparency
  • data immutability
  • a consensus mechanism

In a recent podcast for The Crypto Conversation, Bram Cohen, the inventor of the BitTorrent peer-to-peer file sharing protocol, defined the primary use case for Blockchain as a “secure decentralized/distributed database”. On the one hand, he describes this as a “total oxymoron; on the other, he acknowledges that Blockchain provides a solution to the twin problems of having to have trusted third parties to verify transactions, and preventing double-spend on the network. This solution lies in having to have consensus on the state of the database.

Second, the Roadmap speaks of adopting a “principles based but technology-neutral” approach when it comes to policy, regulation and standards. Experience tells us that striking a balance between encouraging innovation and regulating a new technology is never easy. Take the example of VOIP: at the time, this new technology (itself built on the newish technology of the internet) was threatened by incumbent telephone companies and existing communications legislation. If the monopolistic telcos had managed to get their way, maybe the Post Office would then have wanted to start charging us for sending e-mails?

With social media (another internet-enabled technology), we continue to see considerable tension as to how such platforms should be regulated in relation to news, broadcasting, publishing, political advertising, copyright, financial services and privacy. In the music and film industries, content owners have attempted to own and control the means of production, manufacture and distribution, not just the content – hence the format wars of the past in videotape, compact discs and digital file protocols. (A recurring theme within  Blockchain commentary is the need for cross-chain interoperability.)

Third, the Roadmap mentions the Government support for Standards Australia in leading the ISO’s Technical Committee 307 on Blockchain and DLT Standards. While such support is to be welcomed, the technology is outpacing both regulation and standards. TC 307 only published its First Technical Report on Smart Contracts in September 2019 – three years after its creation. In other areas, regulation is still trying to catch up with the technology that enables Initial Coin Offerings, Security Token Offerings and Decentralized Autonomous Organizations.

If the ICO phenomenon of 2016-18 demonstrated anything, it revealed that within traditional corporate and market structures, companies no longer have a monopoly on financial capital (issuance was largely subscribed via crowdfunding and informal syndication); human capital (ICO teams were largely self-forming, self-sufficient and self-directed); or networks and markets (decentralized, peer-to-peer and trustless became catch words of the ICO movement). Extend this to DAOs, and the very existence of, and need for traditional boards and shareholders gets called into question.

Fourth, the Roadmap makes reference to some existing government-related projects and initiatives in the area of Blockchain and cryptocurrencies. One is the Digital Transformation Agency’s “Trusted Digital Identity Framework”; another is AUSTRAC’s “Digital Currency Exchange” regulation and registration framework. With the former, a more universal commercial and government solution lies in self-sovereign identity – for example, if I have achieved a 100 point identity check with Bank A, then surely I should be able to “passport” that same ID verification to Bank B, without having to go through a whole new 100 point process? And with the latter, as far as I have been able to ascertain, AUSTRAC does not publish a list of those digital currency exchanges that have registered, and exchanges are not required to publish their registration number on their websites.

Fifth, the need for relevant training is evident from the Roadmap. However, as we know from computer coding and software engineering courses, students often end up learning “yesterday’s language”, rather than acquiring flexible and adaptable coding skills and core building blocks in software development. It’s equally evident that many of today’s developers are increasingly self-taught, especially in Blockchain and related technologies – largely because it is a new and rapidly-evolving landscape.

Finally, the Roadmap has identified three “showcase” examples of where Blockchain can deliver significant outcomes. One is in agricultural supply chains (to track the provenance of wine exports), one is in education and training (to enable trusted credentialing), and one is in financial services (to streamline KYC checks). I think that while each of these is of interest, they are probably just scratching the surface of what is possible.

Next week: Brexit Blues (Part II)

 

Startup Vic’s Secret Pitch Night

For its August meetup event, Startup Vic presented The Secret Pitch. Designed to highlight inequality in investment decisions, it combined voice-modulation software, and was a bit like The Voice meets Blind Date. Hosted at the Victorian Innovation Hub with support from Rampersand, LaunchVic, Stone & Chalk and Weploy, the Judges were selected from Rampersand, Light Warrior Ventures, AWS, Impact Investment Group and Venture Capital Exchange. By sitting with their backs to the presenters, and having to rely on only the slides and the disguised voices, the Judges had a limited idea of the identity of the presenters.

The pitches in order they presented (websites embedded on the titles):

FRDM

Described as “your closet in the cloud”, and dedicated to “making fast fashion sustainable”, FRDM is subscription-based service for “shared” clothing – customers borrow and return each item after use. Apparently, we are  buying more clothing but using it less.  The circular model is set up to break down and recycle garments over a three year lifecycle. it’s an emerging, but competitive space – competitors include Glam Corner, Le Tote, and Unlimited. Asked about their approach to circulation and cleaning, the founders assume three “wears”  with a 30% margin per customer but admit that they are still lacking some logistics experience. The goal of having items delivered on time, in the right place and in an acceptable condition is still being developed. Firmly aimed at women aged  22-28 years old, I suggest FRDM think about a their name, as my search revealed at least two similar URLs – https://frdm.co and http://frdm.io.

Assignment Hero

I have covered this startup before. It’s positioned as a collaboration platform for tertiary students. When it comes to team project work, there appears to be a disconnect between prescribed apps (Dropbox, Facebook Groups, Evernote, Google Docs, etc.) and the activity notifications and alerts they generate – in short, too much “noise” which overwhelms the students, which gets in the way of them completing their tasks.

Offering a dashboard, the platform is natively integrated with Google Docs. Users can track individual contributions to each document (based on time spent, and using track changes). To me that system is very easy to game – what’s to stop users simply editing for the sake of boosting their rating? How does it deal with plagiarism and copyright abuse? How does the app evaluate the quality, depth or rigour of contributions? Who owns the content that is uploaded to the platform?

Claiming to be signing up 42 new users every day, with repeat users, the founders offer a B2C model – providing access to suggested solutions via on-demand student services and products, and charging a 30% commission on each sale. Student sign-up is free, but the platform can recommends products to users. There is also an SaaS offering for universities, established via paid trials. But the B2B model is a long sales cycle, with the goal being annual licensing fees. Asked how about the viability of the Google relationship, the founders explained they tried using their own document editor, but customer  preference is for Google (and Microsoft) products.

Asked about how Assignment Hero compares to other collaboration tools such as Atlassian’s JIRA, Trello, Confluence, Slack, etc. the founders suggested that these are aimed more at enterprises, and that their own UX/UI is sexier than existing education tools such as Blackboard. As with all such platforms, the key is to enable users to manage the project, not manage the project management software….

Book An Artist

This two-sided market place is designed to help clients to find or connect with an artist. According to the founders, finding the right one is hard. Instagram’s search function is not location based, and the platform is dominated by big names.

With 80 artists on board, Book An Artist charges a 10% commission, and has completed around 40 transactions with an average ticket size of $2,200. Traction has been achieved via referrals, influence programs, SEO and Google Ads. Initially focused on commissions for murals and graffiti works, the founders plan to expand into sign writing, textiles, illustrations, mosaics, installations and calligraphy. With a presence in the UK, Australia and New Zealand, the founders are seeking $500k in funding. Currently using external agencies and contractors to handle administration, the funding will largely be allocated to marketing to drive engagement.

Although the commissions appear to be at a higher price point compared to other creative market places, what prevents platforms such as  Fivr,  99Designs or Canva moving into this space? Also, how does Find An Artist handle things like copyright, IP licensing, attribution or planning permission for external works?

Aggie Global

This is a food sourcing platform, connecting small farmers to large markets. Because of current market structures and procurement processes, businesses often can’t “see” what produce is available to them locally. Based on the founders’ experience in Fiji, where the local economy ends up having to import food to feed tourists, they have run an actual in-market pilot program, but are still building the e-commerce platform.

The results of the pilot achieved a 6x increase in both farmers’ income and hotel cost savings. Tourism is the 1st or 2nd largest industry in 20/48 developing countries. Importing food to satisfy tourist demand is therefore an issue.

For farmers, the service offers a freemium model, while businesses pay a 5% transaction fee and an annual subscription. Currently researching other markets, managing the supply chAIn for quality control, provenance, organic certification etc. is critical. The MVP aims to get farmers keeping proper records via face to face training, and gaining recognition for existing farming practices.

Asked about the cost of data connectivity and access for farmers in remote locations, the founders explained that data is stored offline and uploaded periodically. They are also investigating the use of AI/ML for predictive supply and demand. They also need to manage timely delivery as well as tracking environmental and climate data.

Part of the solution lies in making sure there is appropriate produce for the market, while matching local cuisine to tourist expectations. Too often, local chefs try to emulate western menus, so they need to help develop alternatives and foster innovation.

Maybe the Startup Vic organisers were saving the best til last, as Aggie Global took out the People’s Choice and was declared the Overall Winner by the judges.

Next week: Recent Notes from Europe

Startup Vic’s EdTech Pitch Night

As part of its ongoing series of pitch events jointly organised with LaunchVic, Startup Victoria last week hosted the latest edition of its EdTech Pitch Night. Facilitated by General Assembly, Weploy, Marketing Entourage and VUInnovations, a quick audience survey at the start of the evening revealed that for 50% of attendees, this was their first Startup Vic event.

The panel of expert judges was drawn from Impact Generation Partners, Xplor, MAP and Education Changemakers.

The pitches in order of appearance were (websites links embedded in the names):

Studychatr

Tag line: “Improving student experience and graduate recruitment”

Many students report that they feel isolated, confused, and lack both a sense of community and a clear career direction. On the latter point, traditional recruitment firms and employers want to target emerging graduate talent, which can be expensive. Studychatr wants to make the hiring process easier for both employers and students.
Users gain access to a knowledge hub, through which students can earn Kudos points and StudyCoins for helping other students, and acquire micro-credentialing credits for their course work.

The service is free to students, whereas recruiters and employers need to pay via job ads, advertising, talent search, and student consultancy (essentially a Sideracket/Upwork/Freelancer/Airtasker-type service that enables companies to commission students to undertake research and other tasks).

With students wary of using existing college-provides LMS and campus portals, and placing less trust and reliance on “free” social media services, Studychatr has managed to strike partnerships with student societies as the key to on-boarding users, with 1,000 user sign-ups in the past 6 months.

Part of the employer/recruiter strategy is help them overcome the challenge of filtering candidates.

The judges were keen to know more about what the app measures – e.g., number of user posts, level of engagement, quality of study materials, depth of the collaboration – and how the AI model works in this context, and to what degree the platform moderates content, collaboration and communication. They also commented that the founding team and their advisors could probably benefit from some further diversity

InquiBox

Tag line: “Experiential learning through play”

How do parents access STEM tools? For InquiBox, the answer is a subscription service to curated educational activity boxes, plus a web platform. Costing A$29.95 per month, and launched in December 2018, the business is experiencing MoM active subscriber growth of 47%.

The judges wondered whether the content comprised unique materials or a compilation of preexisting components, what was in the online content, and what % of the items were Australian made? They also asked if there were any teachers on advisory board, and whether the STEM themes are integrated, given that the core subjects are taught as separate disciplines.

Based on subscriber feedback and the churn rate, some parents felt that the product was too early in their child’s education, or the boxes were too frequent, so there is an option to skip a month and to only select the topics of specific relevance. In future, there may be on option to track a child’s progress via the web application.

Sales have largely come from word of mouth referrals, but the team are planning to forge partnerships with schools, and link content to the curriculum, and develop engagement with the parent community.

RocketShoes

Tag line: “A next-generation education platform”

The founder pitched this as “an education platform where students own their own content”. Using a combination of Blockchain technologies (primarily IPFS for file storage, and NEM for assignment submission and time stamping) students can upload and manage their own content, and retain ownership of their data (unlike other open-source tools, some proprietary LMS and most social media platforms).

The judges asked who is responsible for moderating the content. While it can vary by jurisdiction, the obligation can largely lies with parents and education institutions, although in some cases it may be the students themselves.

The judges were also keen to understand the revenue model – in essence the schools pay, but if content proves to be more popular as measured by IPFS usage, the fees can be reduced. While something of a personal mission for the founder (hence the lack of detail on the commercials), a sensible decision has been made to adopt an API approach, whereby RocketShoes can plug into an existing LMS, and bridge different applications and platforms.

TALi

Tag line: “Happier kids start here”

This is a game-based cognitive training tool for children with learning difficulties, such as ADHD, ASD etc. It is designed to enable early detection and prevention. The tool has been patented, and uses touch-screen access and gamification to leverage the principles of brain plasticity muscle memory.

Key areas of focus are core cognitive functions of Selection, Inhibition, Focus and Control. The process is designed to be both repetitive and intensive. The game adapts to the child’s individual level. Claiming to be clinically proven via medical trials (of which TALi owns the research data), the TALi Train application has been classified as a Grade 2 medical device in the USA. Next up are TALi Detect (pre-school) and TALi Maintain (to extend the child’s development levels).

Distribution is via parents, healthcare and other service providers, and schools; it also has NDIS status in Australia. The tool is designed to be used 25 minutes per day for 5 weeks and can be implemented direct in schools, or in the home (under parents supervision). The key age group is 3-8 years old, before children with relevant learning difficulties are typically prescribed medication such as Methylphenidate (Ritalin).

After the votes were in, and once the judges had deliberated, the people’s choice was TALi, while the overall winner was InquiBox.

P.S. Startup Vic and Victoria University Innovations departments have joined forces on “Found”, a survey-based research project designed to “uncover hidden truths of the founder experience”, the results of which should influence the overall eco-system. Interested founders can apply to participate here: www.found-ed.com.

Next week: Pre-election Musings