The Maker Culture

Posted on January 31, 2017 by Content in Context

London’s newly re-opened Design Museum welcomes visitors with a bold defining statement of intent. According to the curators, there are only designers, makers and users. To me, this speaks volumes about how the “makers” are now at the forefront of economic activity, and how they are challenging key post-industrial notions of mass-production, mass-consumption and even mass-employment. Above all, as users, we are becoming far more engaged with why, how and where something is designed, made and distributed. And as consumers we are being encouraged to think about and take some responsibility for our choices in terms of environmental impact and sustainability.

Design Museum, London (Photo: Rory Manchee)

There are several social, economic, technological and environmental movements that have helped to define “maker culture”, so there isn’t really a single, neat theory sitting behind it all. Here is a (highly selective) list of the key elements that have directly or indirectly contributed to this trend:

Hacking – this is not about cracking network security systems, but about learning how to make fixes when things that don’t work the way that we want them to, or for creating new solutions to existing problems – see also “life hacks”, hackathons or something like BBC’s Big Life Fix. Sort of “necessity is the mother of invention”.

Open source – providing easier access to coding tools, software programs, computing components and data sources has helped to reduce setup costs for new businesses and tech startups, and deconstructed/demystified traditional development processes. Encompasses everything from Linux to Arduino; from Github to public APIs; from AI bots to widget libraries; from Touch Board to F.A.T. Lab; from SaaS to small-scale 3-D printers.

Getting Sh*t Done – from the Fitzroy Academy, to Andrea de Chirico’s SUPERLOCAL projects, maker culture can be characterised by those who want: to make things happen; to make a difference; to create (social) impact; to get their hands dirty; to connect with the materials, people, communities and cultures they work with; to disrupt the status quo; to embrace DIY solutions; to learn by doing.

The Etsy Effect – just part of the response to a widespread consumer demand for personalised, customised, hand-made, individual, artisan, crafted, unique and bespoke products. In turn, platforms like the Etsy and Craftsy market places have sparked a whole raft of self-help video guides and online tutorials, where people can not only learn new skills to make things, they can also learn how to patch, repair, re-use, recycle and re-purpose. Also loosely linked to the recent publishing phenomena for new magazines that combine lifestyle, new age culture, philosophy, sustainability, mindfulness, and entrepreneurism with a social conscience.

Startups, Meetups and Co-working Spaces – if the data is to be believed, more and more people want to start their own ventures rather than find employment with an existing organisation. (Under the gig economy, around 40% of the workforce will be self-employed, freelance or contractors within 5 years, so naturally people are having to consider their employment options more carefully.) While starting your own business is not for everyone, the expanding ecosystem of meetups and co-working spaces is enabling would-be entrepreneurs to experiment and explore what’s possible, and to network with like-minded people.

Maker Spaces – also known as fabrication labs (“FabLabs”), they offer direct access to tools and equipment, mostly for things like 3-D printing, laser-cutting and circuit-board assembly, but some commercial facilities have the capacity to support new product prototyping, test manufacturing processes or short-run production lines. (I see this interface between “cottage industry” digital studios and full-blown production plants as being critical to the development of high-end, niche and specialist engineering and manufacturing services to replace the declining, traditional manufacturing sectors.) Some of the activity is formed around local communities of independent makers, some offer shared workshop spaces and resources. Elsewhere, they are also run as innovation hubs and learning labs.

Analogue Warmth – I’ve written before about my appreciation for all things analogue, and the increased sales of vinyl records and even music cassettes demonstrate that among audiophiles, digital is not always better, that there is something to be said for the tangible format. This preference for analogue, combined with a love of tactile objects and a spirit of DIY has probably reached its apotheosis (in photography at least) through Kelli Anderson’s “This Book Is A Camera”.

Finally, a positive knock-on effect of maker culture is the growing number of educational resources for learning coding, computing, maths and robotics: Raspberry PI, Kano and Tech Will Save Us; KidsLogic, Creative Coding HK and Machinam; Robogals, Techcamp and robokids. We can all understand the importance of learning these skills as part of a well-rounded education, because as Mark Pascall, founder of 3months.com, recently commented:

“I’m not going to advise my kids to embark on careers that have long expensive training programs (e.g. doctors/lawyer etc). AI is already starting to give better results.”

Better to learn how things work, how to design and make them, how to repair them etc., so that we have core skills that can adapt as technology changes.

Next week: Life Lessons from the Techstars founders

A few rules on pitching

Posted on January 24, 2017 by Content in Context

As regular readers will be aware, I have watched a lot of startup pitches over the past 4 years: the good, the bad, and the plain ugly. Having experienced rather too many of the latter in recent weeks (the names have been withheld to protect the guilty…) I started jotting down a few practical rules on managing the technical logistics of your pitch.

The art of pitching (Source: Scientific American, via Wikimedia)

Rule #1 Check Your Tech

That’s everything from the computer drive/USB to the projector and screen, from the mic to the PA, and all cables and connections in between. As in most things, the last mile in the delivery chain can seriously let you down. Plus, simply knowing how to hold and use a mic would be a bonus!

Rule #2 No Videos

Yes, I know videos can be “cool”, but in a pitch setting they end up being a distraction, and I feel that the use of videos can be a cop-out – like you couldn’t be bothered to prepare a proper deck. (Remember those lazy teachers at school who would prefer to show some ancient “educational film” rather than actually teach their subject?)

Plus, embedded web links and the myriad of different formats and hardware compatibility mean videos are notoriously prone to fail. Leave them out.

(As regards the use of live demos or live website connections, this really depends on the nature of the pitch event, and how reliable the technology is. While I have seen some great examples of live app demos, equally, I’ve seen otherwise good pitches derailed by slow internet connections…..)

Rule #3 Check Fonts, Colours, Slide Transition & Automation

As with video compatibility, different slide formats will likely render differently from device to device, from projector to projector. My suggestion is to create your deck with one of the most commonly-used software formats (i.e., not necessarily the latest open source graphics package that no-one else has heard of…), use universal fonts and colours wherever possible, and keep slide transition and animation simple.

Rule #4 Block audio interference over the PA

One recent pitch event I attended was beset with tech problems, including noise from another source that cut into the PA. This was not the fault of the teams pitching, but their presentations suffered as a result. Some simple planning, like making sure the PA is a closed loop or that wireless equipment isn’t on an open channel.

Rule #5 Clickers

Anything that keeps the tech “invisible” is a bonus, and a remote clicker can really make a difference for presenters who don’t have to stand behind/near a laptop or steer via a mouse. But, like all the other bits of tech, not all clickers are equal, and so a bit of familiarization is in order. And used poorly, they can become a distraction, or worse, a prop that becomes like a crutch. Again, it’s about the last mile of delivery, and making sure the tech has been tested in advance.

Rule #6 Know Your Audience

This might seem obvious, but as well as understanding the event format (and any competition rules if applicable), find out who you will be pitching to: is it an audience of fellow startup founders, or investors, or potential customers? What might be the general level of awareness for your industry, product or business model? Who are the judges? Who do you need to impress most? What would be the most important contact you could make as a result of your pitch?

Rule #7 Make The Organisers Accountable for the Tech

In all of this, there is a huge responsibility placed on hosts, venues and tech support at startup events to make sure the technology is there to help, not hinder, the pitch presentations. While organisers can’t necessarily determine the quality of the content, or the presenters’ performance, they can make sure each pitch is competing on a equal tech basis.

Ideally, presenters should all be using the same PC or device, to reduce changeover time and equipment errors. Even better if the decks can be loaded in advance, and each presenter is given time for an AV check beforehand. I also recommend event hosts and venues consider using monitor screens placed in front of the presenters, so they don’t have to keep looking over their shoulders at the big screen – this is especially helpful in large audience settings.

Finally, if the format requires more than one person at a time to be speaking, please make sure they each have a separate microphone……

Next week: The Maker Culture

The FF17 Semi Finals in Melbourne

Posted on January 17, 2017 by Content in Context

As part of the recent Melbourne Startup Week, Next Money hosted the Melbourne heat of the FF17 pitch contest, to decide which local FinTech startup will compete at the FF17 finals in Hong Kong later this week.

At the outset, I should declare an interest, as I myself was one of the pitch contestants, but hopefully that doesn’t preclude me from commenting on the event. The competing startups were as follows (as listed on the event Meetup page):

AirWallex

This payments solutions provider has featured in my blog before. Since the last time I saw AirWallex pitch, the market for cross-border remittance and payment solutions has drawn a lot of attention. First, the growing opportunity for exporters to market products and services to Chinese consumers and tourists means that payment platforms like AirWallex (and others like Novatti, LatiPay and Flo2Cash) are partnering with Chinese payment gateways such as WeChat Pay, AliPay, JDPay and Union Pay). Second, cross-border remittance services has become a key use case for Bitcoin and other digital currencies (as evidenced by the recent partnership between Novatti and Flexepin).

Analyst Web

Still in private beta, Analyst Web is aiming to disrupt the market structure (and payment model) for equity research. By enlisting qualified CFAs to write bespoke investment reports on listed companies, then distribute them via subscription services, Analyst Web claims to be bringing quality, objectivity and value for money to this investor service. Currently, investors have to rely on either brokers (who may offer “free” reports to their clients under soft dollar arrangements) to provide research on individual stocks; or subscribe to independent research houses (such as Morningstar). Typically, neither brokers nor the research houses cover the full market – tending to focus on the bigger stocks and those included in benchmark indices. Of course, companies themselves use investor relations services to issue commentary on their market performance and prospects, but these communications perhaps lack objectivity. There are also other models, such as the ASX Equity Research Service, whereby research providers are “sponsored” by the stock exchange to provide reports on qualifying companies to boost market coverage. Some of the challenges Analyst Web will need to overcome are: investor willingness to pay for research; market credibility and acceptance of their reports; and sustainable financial models that appropriately compensate the analysts without compromising independence and objectivity.

Proviso

Proviso has also been mentioned in my blog before, and they continue to impress with their solution to take friction out of the documentation processes for loan origination, and their ability to secure more financial institutions as clients. In my previous commentary, I noted that Proviso risked being disintermediated by an industry-owned utility. While I still think that is a possibility, I also see that the combination of Blockchain solutions (for distributed ledgers and bank data feeds) and more open APIs for financial data and account information may mean that customers themselves may be empowered to drive the process, since it will be easier for them to demonstrate their creditworthiness and establish their cashflow status, but also have better control over the disclosure of their data.

DragonBill

DragonBill, an invoicing solution for SMEs, is yet another of the FF17 contestants to appear in my blog, most recently when they presented at Startup Victoria’s regular pitch night. In addition to offering both direct payment and escrow options for micro-businesses and sole traders, DragonBill continues to mine an interesting niche market among sports clubs and associations – the reason being that many club members are themselves sole traders. As part of its future developments, the business is scoping a solution to help clients manage their superannuation obligations, and to provide informed advice on cashflow management.

BreezeDocs

Similar to Proviso, BreezeDocs is a document automation solution for lenders, although currently focusing on mortgage origination. And like Proviso, at the heart of the solution is the ability to streamline the extraction and processing of data from customer documents. On top of a core OCR capability, BreezeDocs also claims to be using machine learning to train their systems on different document types, formats, structure and content. Despite the use of ETL processes within financial institutions, the disparate nature of financial products and documentation; the way customer, product and transaction data is often maintained in different systems; and the fact that customers will often have accounts and products with different providers can undermine the need for standardised processes.

Vestabyte

As I commented in my previous blog, equity crowding may be about to come into its own as a way to connect investors with entrepreneurs and startups. Vestabyte are certainly enthusiastic exponents of this method for raising capital, but legal constraints mean that their platform still has to operate under a unit trust model, rather than offering access to investments in the form of direct shares in specific assets, companies or ventures. This may change if the proposed legislation can get through Parliament, although it’s far from being a done deal. But in the absence of formal legislation, it sounds like a great opportunity for a FinTech startup seeking funding to test ASIC’s first licensing exemption under its sandbox regime….

coHome

By their own admission, coHome is very much a nascent business – one that is still defining its customer offering. At its heart, this shared ownership service provides a matching service for aspiring property owners, along with some standard documentation for a co-ownership agreement, known legally as a tenancy in common. With multiple parties to the property transaction and mortgage application, coHome aims to streamline the process, make it easier for buyers to connect with other interested parties, and provide customers with appropriate legal safeguards. It’s clearly an admirable objective, and one that deserves to gain attention. But monetizing the service may prove challenging, unless coHome takes a commission from the mortgage providers, lawyers and conveyancers?

BugWolf

Not strictly speaking confined to the FinTech sector, nevertheless BugWolf, a tool for managing user-acceptance testing, has managed to gain traction with at least one of Australia’s Big 4 banks. Using gamification, competitions and other techniques to recruit, engage and manage teams of testers, BugWolf claims to support all aspects of functionality testing across software, websites and mobile apps. Combined with robust reporting and analytics, BugWolf can also help clients achieve shorter product development cycles.

Brave New Coin

I joined the team at Brave New Coin (BNC), a provider of market data for digital assets, in early 2016. So, it was the first time I have pitched, outside of hackathons, client presentations and sales conferences. And the fact that BNC was a last-minute confirmation for this event made it an even more interesting experience. Established about 3 years ago by a team of founders with an interesting mix of publishing, Bitcoin and full stack development experience, BNC has built a suite of data APIs (market prices, indices, exchange rates and analytics) for Bitcoin and most other crypto-currencies and Blockchain assets. While the APIs are typically used by developers, the growing interest in digital assets among brokers, investors and asset managers means that market data on these new asset classes is in demand, and BNC is busily building distribution partnerships and subscription deals with traditional brokers, market data vendors and exchanges. Recent price fluctuations for Bitcoin may suggest continued speculation in this currency, but the launch of investable and tradeable products such as CFDs, futures, ETFs and other derivatives also suggest that digital assets are starting to achieve broader market acceptance.

BankVault

Unlike other solutions to defeat hackers and hoaxers (e.g., anti-virus software, spam-filters, VPNs and proxy servers), BankVault uses virtual machine technology to protect customers’ bank details when they transact online. This means a “new and instant” machine is created for one-time use only, each time a customer launches the BankVault service. Offering both individual subscriptions and enterprise solutions, the business is in the process of launching in the USA.

Conclusion

The winner, based on the judges’ votes, was BugWolf, which came as something of a surprise to a number of the other contestants, myself included. Without wishing to sound churlish, this event was supposed to be about the future of finance (hence FF17…), so it would seem reasonable that the winner would be based in FinTech (as opposed to TechTech?). The result (although highly deserved and based on an impressive pitch), also reinforced my sense that this event did not draw the “usual” FinTech or startup audience in Melbourne, based on the many pitch nights and meetups I have attended over the past few years. From my perspective, neither was it an investor audience, nor a capital markets audience, meaning I wasn’t really sure who I was pitching to. I’m hoping that the organisers will reflect on this event, and look to make some changes for next year.

Next week: A few rules on pitching

What might we expect in 2017?

Posted on January 10, 2017 by Content in Context

On a number of measures, 2016 was a watershed year. Unexpected election results, fractious geopolitics, numerous celebrity deaths, too many lacklustre blockbuster films, spectacular sporting upsets (and regular doping scandals), and sales of vinyl records are outpacing revenue from digital downloads and streaming services. What might we expect from 2017?

Detail from “The Passing Winter” by Yayoi Kusama [Photo by Rory Manchee]

Rather than using a crystal ball to make specific predictions or forecasts, here are some of the key themes that I think will feature in 2017:

First, the nature of public discourse will come under increased scrutiny. In the era of “post-truth”, fake news and searing/scathing social commentary, the need for an objective, fact-based and balanced media will be paramount. In addition, the role of op-ed pieces to reflect our enlightened liberal traditions and the need for public forums to represent our pluralist society will be critical to maintaining a sense of fairness, openness, and just plain decency in public dialogue.

Second, a recurring topic of public conversation among economists, politicians, sociologists, HR managers, career advisors, bureaucrats, union leaders, technologists, educators and social commentators will be the future of work. From the impact of automation on jobs, to the notion of a universal basic income; from the growth of the gig economy, to finding purpose through the work we do. How we find, engage with and navigate lifelong employment is now as important as, say, choosing high school electives, making specific career choices or updating professional qualifications.

Third, the ongoing focus on digital technology will revolve around the following:

The Internet of Things – based on a current exhibit at London’s Design Museum, the main use cases for IoT will continue to be wearable devices (especially for personal health monitoring), agriculture, transport and household connectivity
Fintech – if a primary role of the internet has been for content dissemination, search and discovery, then the deployment of Blockchain solutions, the growth in crypto-currencies, the use of P2P platforms and the evolution of robo-advice are giving rise to the Internet of Money
Artificial Intelligence – we are seeing a broader range of AI applications, particularly around robotics, predictive analytics and sensory/environmental monitoring. The next phase of AI will learn to anticipate (and in some cases moderate) human behaviour, and provide more efficacious decision-making and support mechanisms for resource planning and management.
Virtual Reality/Augmented Reality – despite being increasingly visible in industries like gaming, industrial design, architecture and even tourism, it can feel like VR/AR is still looking for some dedicated use cases. One sector that is expected to benefit from these emerging technologies is education, so I would expect to see some interesting solutions for interactive learning, curriculum delivery and student assessment.

Fourth, and somewhat at odds with the above, the current enthusiasm for the maker culture is also leading to a growing interest in products that represent craft, artisan and hand-made fabrication techniques and traditions. Custom-made, bespoke, personalized and unique goods are in vogue – perhaps as a reaction to the “perfection” of digital replication and mass-production?

Fifth, with the importance of startups in driving innovation and providing sources of new economic growth, equity crowdfunding will certainly need to come of age. Thus far, this method of fund-raising has been more suited (and in many cases, is legally restricted) to physical products, entertainment assets, and creative projects. The delicate balance between retail investor protection and entrepreneurial access to funding means that this method of startup funding is constrained (by volume, amounts and investor participation), and contrary to stated intentions, can involve disproportionate set up costs and administration. But its time will come.

Finally, as shareholder activism and triple bottom line reporting become more prevalent (combined with greater regulatory and compliance obligations), I can see that corporate governance principles are increasingly placing company directors in the role of quasi-custodians of a company’s assets and quasi-trustees of stakeholder interests. It feels like boards are now expected to be the conscience of the company – something that will require directors to have greater regard to the impact of their decisions, not just whether those decisions are permitted, correct or good.

One thing I can predict for 2017, is that Content in Context will continue to comment on these topics, and explore their implications, especially as I encounter them through the projects I work on and the clients I consult to.

Next week: The FF17 Semi Finals in Melbourne

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