Fitting your own oxygen mask first

Before I get into this week’s article, I want to stress that my reason for posting it is not intended to be self-serving, or self-aggrandising – I’m fully aware of such pitfalls, as captured wonderfully in The State of LinkedIn on Twitter. Instead, I hope it’s received as an example of paying it forward. And all starts with some advice I heard a number of years ago.

My erstwhile colleague, Dale Simpson, likes to use the following analogy when coaching his clients on career development, leadership and directorship:

“Be sure to fit your own oxygen mask first”

The reason being, how can you help others if you don’t take care of your own needs first? It’s not about being selfish, but about being present and able to serve others. It also recognises that in order to be useful, we need to work from a position of stability and resilience ourselves.

Dale also likes to use Maslow’s Hierarchy of Needs in his work. Both Maslow and the oxygen mask have clearly entered my own vernacular. A couple of weeks ago, I was listening to a neighbour at my co-working space talking about the work he was trying to do to help others become more resilient and overcome trauma. As the conversation went on, it was clear that his own circumstances were challenging, due to insecure accommodation, erratic income and other factors. He had also had to overcome a great deal of adversity and other challenges in his life.

I asked him if he had heard of Maslow – he hadn’t. I suggested that he consider what his own needs were, so that he would be better able to help others. A little while later, I went back to my desk and found the above note he had left for me.

I’m sure once he manages to sort out his own circumstances, he will be a fine coach and excellent mentor, because he was very certain of his purpose – he just needed to adjust his own oxygen mask first.

Next week: Steam Radio in the Digital Age

Startup Vic’s Pitch Night for Migrant and First Generation Founders

For their October pitch night event, Startup Victoria teamed up with the City of Melbourne and Victoria University to showcase migrant and first generation founders. With sponsorship and support from Stone & Chalk, Weploy, and Marketing Entourage, the panel of judges was drawn from Hatch Quarter, City of Melbourne, Victoria University and WellAware.

Pitches in the order they presented (websites embedded in the names) were:

HealTab

Describing itself as “Your Health Companion”, the founders proclaim (somewhat paradoxically) “we believe in meaningful human relationships via technology”. The idea behind this startup draws on the founder’s own personal experience of trying to find emotional, social and psychological support while undergoing a medical procedure. The team believe they have identified a marketplace solution that allows users to find comfort, support and companionship when they need help prior, during and after medical diagnosis, treatment and rehabilitation.

The founders point to the economic effect when patients are “no shows” for their appointments, and have designed a platform to help patients select health companions.
Users pay per transaction, of which Healtab take a 30% commission (based on their research of other marketplaces). It was not clear exactly how the payment, commission and disbursement of fees works, especially as companions get to set their hourly rates, which can range between $25 and $300.  Nor was it clear whether it is the patient who is paying, nor to whom. For example, I would like to have heard how this service fits in within the existing HICAPS payment system and health insurance (both Medicare and private health cover.

The founders say they are talking to health insurance providers, but given the fact that private health insurance is based on community rates, the ability to have such a wide range of user pricing within a policy may be severely limited. Moreover, since insurance policies are having to be regraded to reduce the complexity and confusion when trying to compare coverage, Healtab will have to figure out where their service will fit in terms of extras etc.

Asked by the judges as to how the platform establishes user trust and performs accurate patient/companion matching, the founders claim they are using psychometric testing, although no evidence was provided.

PT Mate

This personal training client management system includes a client app (to allow interaction with their trainer) plus a secure billing and payment system. Offering a freemium pricing model, including a 45-day free trial, the founders state that the costs are tax deductible for business users.

It’s not clear if the team have actually built an app – I have tried registering for a free trial on their website, but I cannot create an account. Overall, this pitch felt a little underdone.

One other point to note – the slide they team presented on competitor analysis was a little disingenuous, as it appeared as if none of the competitors offer any of the services PT Mate is providing. This underlines the need to present pitch information clearly, and think about screen resolution, images, diagrams, fonts and colours especially when projecting onto a large screen.

Undivide

Undivide offers an enterprise and SME solution for staff onboarding, training and compliance. Replacing existing manual and paper-based compliance systems, it claims to manage people, processes and tasks in one place.

Currently gaining traction within the transport & logistics industry, the business model is based on scale rate (per user per month) subscription plans.

The founders claim the platform is configurable, and therefore clients don’t need their own developers. It is also filling in the gaps that many ERM systems don’t provide. The client data is hosted in local data centres or on virtual servers.

It would have been interesting to know if the founders have thought about an end user application. For example an app that enabling freelances, contractors and consultants to keep their credentials up to date so that they can easily share this information from a single source prior to each hiring, contract or engagement. Equally, it would be great to know which other industry verticals Undivide might be targeting.

Passporr

According to the founders, students who want to study English abroad face high upfront costs, and an expensive and complicated procedure, with high interest rates and fees. Passporr aims to change this by offering interest free loans to study English and vocational courses abroad.

Using credit risk and fraud analysis, Passporr is able to charge a $300 flat fee per student, to process loans of between $1000 and $3000 (the average loan size). It was suggested that Passporr takes part of the commission that student agencies receive from universities and colleges for signing up students to their courses. With students expected to repay the loan in 6 fortnightly repayments, the founders claim they generate a 10%-20% return in 3 months – but it wasn’t clear what actual interest rates they are using, or the cost and source of their funding.

Passporr stated that it is currently working with three student agencies (which act as a distribution channel? or as a lead source? Again this was not very clear), and is initially focusing on servicing students who are already on-shore in Australia.

After Australia, Passporr will expand to Canada, and the UK, for on/off-shore students.

On the night, the People’s choice was Undivide (which got my personal vote), while HealTab took out the judges’ prize.

Next week: Fitting your own oxygen mask first

Startup Victoria – Best of the Startup State Pitch Night

In support of Victoria’s reputation as “Australia’s Startup State”, last week’s Startup Victoria pitch night was designed to showcase four of the best local startups. Hosted by Stone & Chalk, the judges were drawn from Mentorloop, Brosa, Giant Leap Fund, Rampersand and Vinomofo.

The pitches in order of presentation were (website links embedded in the titles):

Code Like A Girl

Founded four years ago, Code Like A Girl’s stated mission is to bring greater gender diversity to the ICT sector (information and communications technology), within both the industry and education spheres. To do this, the founders say we need more female coders, which they plan to achieve via coding camps, internships, and community events. Positioning itself as a social impact enterprise, the business is active in four States, and 75% of interns are placed into full time roles.

To support the ongoing development of its “role ready” value chain and to prepare for possible overseas expansion, Code Like A Girl is seeking $1.5m in seed funding. Currently piloting the training model via education providers (RTOs, boot camps, universities, online code schools), the business takes a 10% commission on courses sold (held twice a year), plus it charges placement fees of $2k per person.

But the model is difficult to scale, especially as Code Like A Girl does not own or create the actual training content – it is acting as a sales channel for third party courseware, and providing platform for advocacy, engagement and influence. Its key metrics are based on things like social impact scores – such as 30% of kids return to boot camps. The panel felt that the community platform is a huge cost centre, and it might be preferable to try a TedX model, where Code Like A Girl provides branding and foundational support to build more of a network effect – but without its own curriculum, the business will still struggle to scale.

Seer Medical

The business claims to make epilepsy diagnosis easier, and is currently raising $14m for European expansion (UK & Germany). To improve current diagnosis, the model needs to capture time series data to distinguish epilepsy from other conditions, but do so faster, cheaper and more efficiently than current processes. Founded in 2017, Seer has already serviced more than 1500 patients via 200 clinicians.

Using the Seer Cloud infrastructure,  it can achieve diagnostic outcomes 10x faster than traditional methods, and the platform is using machine learning to train its algorithms. The service is subject to Medicare reimbursement, which has no doubt assisted adoption.

Asked by the judges if the platform could be used to diagnose other conditions, the founders mentioned cardio, sleep and other health domains. As for competition, this comes mainly from the status quo – i.e., hospital based services. With advocacy from neurologists, giving them access to customers, the founders have a strong track record in the research field, which helps to open doors with clinicians. Along with research partnerships, plus the public health cost reimbursement, data is the fuel of the business –  Seer even have access to some third party data on which to train their diagnostic.

Liven

A dining rewards app, Liven is also bringing a behavioral gamification layer to a real world use case. Currently, there is a poor linkage between loyalty programmes and gamification. So, Liven has launched a universal reward token (the LVN token) for use in a digital/real world context.  The details were scant, and the status of the LVN token sale is unclear, but it seems users can earn LVN tokens from completing certain “missions”. The token (using a standard ERC 20 token format on the Ethereum blockchain), is designed to be interoperable and fungible (but Liven does not yet appear to use blockchain in its end user app or merchant point of sale solution).

The said merchants pay a 10-25% commission on app-based sales, of which upto 40% is paid back to the end user in the form of LVN tokens – if I got the maths right, Liven itself is securing $15 profit on every $100 of sales. Currently only available in Melbourne and Sydney, the judges wanted to know what the appeal is to merchants. According to the founders, users typically spend more in an average transaction when they use the app. It also seems that the app only works in brick and mortar restaurants, cafes and bars. The path to scaling will be via channel partners such as PoS systems.

Although not yet deployed, in future, it was suggested that users will be able to pay in any crypto – which raises all sorts of questions about the tokenomics of the LVN token, and whether LVN will be subject to exchange rate volatility (and even token speculation) or act as a stable coin; if the latter, what will it be backed by or pegged to?

Phoria

Phoria is in the business of extended reality technology (XR). Started in 2014, Phoria was an entrant to the Melbourne Accelerator Programme (MAP), with the stated goal of moving VR into a mobile experience (“democratize VR”).  Having gained some clinical VR research experience, Phoria has since worked on commercial projects such as “Captured” (turning a 3D scan of a building or structure into a Digital Twin), “Rewild Our Planet” (a Singapore-based AR experience), and various art installations museum exhibits.

Phoria is commissioned by tech and media brands to create XR content. It has developed a SaaS model, whereby it can turn real space into virtual space (“virtualising internal space”).

The judges wondered where we are along the cycle of mass adoption vs peak hype. In response, the founders mentioned that the first wireless headsets are now available, although consumer-facing mixed reality hardware is still 3-5 years away. With a growing customer base in engineering and architecture applications, Phoria’s main focus is on spatial information.

After the votes were counted, the People’s choice was Seer Medical, who also won the overall prize.

Next week: 30 years in publishing

Recap on the New Education

My series late last year on the New Education (Agility, Resilience and Curiosity) prompted several comments from friends and acquaintances, a number of whom work as teachers or in the broader education sector.

Some of the feedback expressed frustration with the rigid structure and expected learning outcomes of current curricula – some teachers feel constrained by what/how they can teach. Rather than taking into account the holistic learning needs of students, most primary, secondary and even tertiary education is fixated on quantitative results, much of it geared towards formal STEM subjects. Whereas, in early childhood education, there is more of a focus on well-being and resilience, along with core learning and life skills. (But of course, if that resilience, agility and curiosity is not re-enforced at home or sustained beyond the classroom during those formative years, it may be a wasted effort….)

No doubt STEM subjects are important (to build the core technical skills we need for the future). Just as important is the inclusion of the arts (STEAM), for without creative skills, it becomes harder to interpret and then apply our technical learning to new situations. And let’s not forget the importance of play, even in a learning environment. A friend of mine provides extra-curricula classes in coding and robotics to primary school children. She finds that once the students have grasped the basics, unless they remain curious and are willing to explore what they have learned through play, they can’t progress to adaptive tasks such as creative problem-solving or identifying bugs in their programs. So they get bored and frustrated. The situation is not helped by many parents who want to know when their 10-year old “genius” is going to get to degree level computer science….

At the other end of the age spectrum, it’s clear that if we stop learning, and if we stop being curious, our agility in adapting to the career demands of the new world of work will be seriously depleted. The need to pursue our goals, passions and interests was explored in a recent discussion about late stage career transition on ABC Radio National. A major point being that if don’t put effort into managing our career, someone else will decide our future for us. Or we end up resenting the work we do. Similarly, I get frustrated by some former colleagues, who reach out to me for advice on how they can find their next work opportunity. When I explain my own recent journey, how I participated in a number of weekend hackathons, joined various meet-up groups, and attended numerous networking events, they say things like, “That sounds like hard work” – well, of course it is, otherwise it wouldn’t be worth doing.

The final word on curiosity should go to style icon, Iris Apfel. She maintains that being curious, and having a sense of humour, are vital to our existence. In fact, she goes as far as suggesting that she doesn’t have time for people who are not curious.

Next week: Manchester, so much to answer for…