As Artificial Intelligence (AI) technology becomes more commonplace in the business world, more and more leaders are realizing the practicality of using it to support their company operations. There are lots of ways that AI can be advantageous for all sorts of businesses, and according to reports, current AI adopters are most commonly using the technology for various marketing and sales strategies. Many are using AI these days for lead generation, customer service, and ultimately, sales.

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So, while these uses are fantastic ways to make money, AI is not necessarily saving companies money upfront. The high initial cost of this technology is one of the most common barriers to adoption, especially for startups whose budgets are tight as it is.

However, it’s important that owners look at the savings potential for AI over the long term. Here are three ways online startups can keep more cash in their pockets by investing in the latest machine-enabled technology.

1. Improving the UX of Your Website

Nailing the look and feel of a website is often a top priority for most online companies. After all, without a physical location, the website is essentially the storefront. While the price of launching an e-commerce website can range depending on its complexity, it often costs companies US$5,000 to US$10,000 to create a good one.

However, just because a website is launched does not mean it’s finished. The next step is to continuously make improvements and changes in order to optimize the UX for customers, a process that can take months to complete, which of course, costs a lot of money.

AI systems can streamline the UX optimization process by using machine learning technology to correct the weak points and snags that are causing people trouble. Using reactive processes, AI systems can observe consumer behaviour and make the necessary changes to reduce issues that are compromising the UX.

Many online companies understand the importance of recording customer information, but this data is completely useless unless it is working to generate conversions. AI can be used to translate this data into personalized experiences for customers by learning their preferences and identifying triggers that prompt action, such as call-to-action button placement or relevant content recommendations.

AI can also be used to speed up the testing process before final changes are implemented on the site. The US-based online clothing brand Cosabella used an AI software system to run their A/B tests on their website design. The process of comparing various design variants and reporting results can take months – or even years – but with AI technology, the process only took roughly 3 weeks. This saved the company copious amounts of money that would otherwise have been spent on design teams and heavy market research.

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2. Avoiding Expensive Bad Decisions

Bad choices can mean major losses for a new business. For example, making one bad hiring decision for a new employee who either does their job poorly or quits soon after being hired could cost even a small startup up to US$11,000; not to mention the amount of productivity that may be lost due to their shoddy work.

Also Read: 8 things to consider when choosing a mobile app development platform

For this reason, many companies are incorporating AI technology into their recruiting strategies to avoid bad hiring decisions. These tools can qualify thousands of applicants in a short amount of time by narrowing down the candidates based on experience, keyword usage, and skill matches.

Some systems even use AI-enabled personal assessment tests to measure each candidate’s strengths and weaknesses and report how good of a fit they would be with the company. This information can certainly help hiring managers to make more informed decisions when it comes to bringing new people onboard. A shocking 96% of HR professionals believe that AI will make vast improvements in talent acquisition and retention in the future.

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In terms of retail, an extremely costly mistake that can be avoided with AI is inventory management. Overstocking is a waste of resources; whereas running out of inventory could lead to lost sales. Finding the balance and knowing how much product to have in stock is usually a guessing game (more or less), especially for startups who have no past data to guide them.

AI tools that use predictive analytics can forecast inventory needs based on large sums of data, such as changes in the market and consumer behaviour patterns. From here, online businesses can use this information to drive smarter dropshipping strategies by preparing for future inventory needs far ahead of time and avoid any issues.

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Even the smallest inventory mistake can be quite costly to a new business. While it may not be possible to avoid every single bad decision, AI technology can certainly help startups to make smarter choices and avoid ones that could end up as expensive disasters.

3. Automate Time-Consuming Tasks

Time is money for any business; this is especially true for startups with lots to do and so little time. Little administrative tasks are necessary to keep an operation running smoothly, but they can eat up precious time that could be spent making sales or brainstorming better strategies.

Also Read: 8 proven tips for successfully scaling an e-commerce business

Because of this, many businesses opt to outsource tasks like payroll, accounting, and customer service. While this method certainly costs less than hiring another employee to handle the job, it can still be costly and produce meager results.

AI systems can automate many of these time-consuming tasks while still providing businesses with control over its inner workings. AI personal assistants can take on the task of scheduling meetings, following up with leads, and even payroll or employee onboarding. Customer service chatbots can handle common customer FAQ’s and issues in an instant, delighting customers and saving startups the cost of hiring representatives. Businesses that use AI to automate tasks like these save roughly 25 hours a month and report 14 per cent increases in productivity.

Conclusion

AI systems have lots to offer online startups on shoestring budgets. Thanks to its ability to gather, analyze, and learn, it can fix many of the costly and time-consuming issues that new businesses face. By using this technology, startups can not only save themselves time and money, they can provide a better experience for customers in the long run, too.

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This article was first published on May 9, 2018

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PepsiCo, the global leader in beverage and convenient foods, announces the extension of its deadline for applications to its earlier announced Greenhouse Accelerator (GHAC) program in the Asia Pacific region (APAC) to 22 March 2024. With only one week left to the deadline, interested startups across APAC can seize this opportunity to collaborate, achieve business growth, and drive positive change toward environmental sustainability.

Launched on January 25th of this year, the pilot-oriented program is dedicated to fostering the advancement of APAC startups specialising in sustainable agriculture, circular economy, and climate action. Dubbed the Greenhouse Accelerator, this initiative offers finalists exclusive opportunities, including personalised mentorship from PepsiCo along with access to the corporation’s extensive networks and resources. Through this program, participants can expect tailored guidance and support as they navigate the challenges and opportunities inherent in these critical sectors, aiming to catalyse innovation and drive positive environmental impact.

Also read: 9Unicorns to facilitate $110M funding for 20 startups at DDAY 5 with 1500+ investors

As part of the program, PepsiCo will select up to ten applicants in APAC, including China. These finalists will each receive a US$20,000 grant and gain access to PepsiCo’s networks, resources, and expertise. Finalists will have the opportunity to pitch their ideas and receive guidance to scale and grow them to fruition. The selected startups will also receive personalised mentorship to help improve various aspects of their business, including product development, supply chain, marketing, and more. Additionally, potential pilot and partnership opportunities with PepsiCo and its partners may also be unlocked in the process.

The winning startup will be announced during an event in Bangkok in September 2024 and will be awarded US$100,000.

Spotlighting sustainability in addressing environmental challenges

Amidst escalating environmental challenges in the Asia-Pacific, the imperative for collective action underscores the region’s sustainability pursuits. PepsiCo’s APAC Greenhouse Accelerator program, now advancing into its second year exemplifies this collaborative spirit. This pilot-oriented, mentorship-based initiative supports innovative startups addressing the circular economy, sustainable agriculture, and climate action. 

Since its inception in 2017, the Greenhouse Accelerator has included over 86 companies across the Middle East and North Africa, Europe and Sub-Saharan Africa, the United States, and APAC. To date, the collective revenue of the emerging startups has exceeded US$20 million. Last year, the program received over 100 applications across the APAC region, with Powered Carbon delivering the winning solution. Powered Carbon’s low carbon fertiliser solution which uses CO2 to cultivate bacteria, has since been tested on potatoes in PepsiCo China’s Guangdong Farm. Other notable finalists from last year include MEDS Venture (Singapore), Green2Get (Thailand), and Adiona (Australia).

Also read: Sustainable development through empowering commerce in Indonesia

For the second edition of its program, PepsiCo has partnered with Suntory PepsiCo Beverage Thailand, Suntory PepsiCo Vietnam Beverage, the National Innovation Agency of Thailand, and Circulate Capital. This collaboration will drive solutions for a comprehensive range of environmental challenges while cultivating a sustainability-minded generation of entrepreneurs.

Aligned with PepsiCo’s pep+ (PepsiCo Positive) strategy to create a sustainable food system, the Greenhouse Accelerator program aims to make a positive contribution to society by creating a chain of reactions that create a sustainable environment for everyone.

To make a difference in the environment and empower a greener future, apply today for PepsiCo’s Greenhouse Accelerator program – APAC Edition. For inquiries and application details, please visit the official program website at: http://bit.ly/ghac2024. 

About PepsiCo

PepsiCo products are enjoyed by consumers more than one billion times a day in more than 200 countries and territories around the world. PepsiCo generated more than $86 billion in net revenue in 2022, driven by a complementary beverage and convenient foods portfolio that includes Lay’s, Doritos, Cheetos, Gatorade, Pepsi-Cola, Mountain Dew, Quaker, and SodaStream. PepsiCo’s product portfolio includes a wide range of enjoyable foods and beverages, including many iconic brands that generate more than $1 billion each in estimated annual retail sales.

Also read: SAFE STEPS D-TECH Community Hub is leading the way to a resilient future

Guiding PepsiCo is our vision to Be the Global Leader in Beverages and Convenient Foods by Winning with pep+ (PepsiCo Positive). pep+ is our strategic end-to-end transformation that puts sustainability and human capital at the centre of how we will create value and growth by operating within planetary boundaries and inspiring positive change for the planet and people. For more information, visit www.pepsico.com, and follow on Twitter, Instagram, Facebook, and LinkedIn @PepsiCo.

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This article is produced by the e27 team, sponsored by PepsiCo

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Open Metaverse and Web3 giant Animoca Brands has invested an undisclosed amount in Param Labs, a gaming infrastructure startup based in the UAE.

The partnership strengthens the two companies’ existing partnership to accelerate the development of Param Labs’s scalable Web3 infrastructure and expand its ecosystem, which boasts over 50 IP partnerships with notable brands, such as GameStop, Pudgy Penguins, and Mocaverse.

Also Read: Animoca Brands to drive Web3 initiatives in Saudi Arabia’s NEOM City

“With our new funding, we’ll continue to invest in building out and scaling our current products while also advancing our ecosystem initiatives and fostering community involvementm,” said Anthony Anderson, founder and CEO of Param Labs.

With this deal, Animoca has also expanded its presence in the MENA region, following a partnership with NEOM to drive Web3 in the region and with King Abdulaziz City for Science and Technology to establish a physical office and Web3 hub in Riyadh.

Param Labs develops video games and infrastructure to power the next generation of gaming. Its flagship Web3 multiplayer third-person shooter game, Kiraverse, allows players to compete, earn, and trade digital assets like characters and skins. Kiraverse is designed to promote digital ownership and user-generated value, leveraging Param Labs’s innovative technology.

Param Labs is also actively constructing technology to equip developers with the necessary tools to elevate their users’ blockchain-based experiences effortlessly. Additionally, its Pixel-to-Poly service enables users to transform 2D images into 3D playable in-game characters, compatible with Kiraverse and popular Web2 titles, including Grand Theft Auto V and Fortnite.

Also Read: Animoca Brands invests in Singaporean Web3 entertainment startup Imaginary Ones

Yat Siu, co-founder and executive chairman of Animoca Brands, commented: “Both Animoca Brands and Param Labs share a vision to redefine the gaming landscape and the open metaverse by leveraging the power of shared network effects.”

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Fintech Nation and its venture capital arm Fintech Nation Fund are appearing on Mediacorp’s business reality show on Channel News Asia, The Big Spark. In their appearance, which happens on March 15 to 22, the organisation will evaluate and potentially invest in startups from a pool of 24 contenders in the fintech, ESG, edutech, Artificial Intelligence (AI), Software-as-a-Service (SaaS), and health and wellness.

Fintech Nation Co-Founder Vanessa Ho, who had previous experience in the media and entertainment industries, believes participating in the programme will give startup founders advantages.

“The experience that founders will go through of being in front of the camera and a huge audience is a good training for them,” she says in an interview with e27.

“In my experience, founders who go to the public will eventually become very media-friendly … it will benefit them in future fundraising opportunities or when speaking to clients.”

Describing itself as a not-for-profit grassroots platform, Fintech Nation was founded by Varun Mittal to bring together the fintech community, regulators, investors, startups, and corporates.

Also Read: Daniel Tan: Banker turned fintech founder, finding opportunity in crisis and market inefficiency

Started in 2020 with the development of the Fintech Nation book, it supports access and scaling talent, capital, policy and venture development in Singapore. It has recognised over 250 individuals through the Fintech 65 platform and invested in multiple startups through the Fintech Nation Fund.

In supporting the fintech startup ecosystem, the organisation has worked closely with the Monetary Authority of Singapore (MAS) and Elevandi on various initiatives. It also has a role in events such as the Fintech Festival Investor Summit and Singapore Fintech Festival (SFF) Investor Hours.

According to Ho, Fintech Nation has three pillars of activities: Investments, community, and thought leadership.

“We invest in early-stage Southeast Asian companies, usually in the pre-seed and seed stages. Our domain expertise is in fintech, but we are sector-agnostic. So we have done deals across other sectors such as health tech, gig economy, and platforms,” Ho says.

Fintech Nation looks at different factors in assessing a potential investment, including a company’s Blue Ocean strategy. “We look at companies that are not fighting incumbents to find a niche space,” Ho stresses.

The organisation’s portfolio companies included crypto company Triple A, employee wellbeing platform Choys, health screening platform Mito Health, and financial services infrastructure provider Finfra.

However, the community and thought leadership pillars are where Fintech Nations sets itself apart.

Also Read: Is voice the next revolution in fintech?

“The part where we are different from other funds or VCs is that we spend a lot of time doing grassroots initiatives such as community events … We bring players from corporates, startups, investors, and regulators together whether it is for investment purposes, business opportunities, or knowledge sharing,” Ho explains, adding that the organisation also does nomination events and publishing books and reports with notable names such as Singapore Fintech Association.

This year, in addition to bringing back its flagship programme Fintech65, Fintech Nation wants to invest in more companies, doubling last year’s number of five.

“Many of our portfolio companies are going out to other markets; they are looking at the Middle East and Southeast Asia. So, we want to work with trade organisations such as government associations or the SG Innovate of their countries–to see how we can help market entry for our companies as well,” Ho closes.

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Image Credit: Fintech Nation

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As the world gets more digital, education is undergoing a revolution with new tools and approaches to enhance student learning. Education veterans Neo Zhizhong and Alicia Cheong began as private tutors over 10 years ago. After university, they founded School Plus in 2007, offering tailored math and science lessons. Despite early success, scaling became a challenge due to limitations in manpower and time.

“Personalisation was notoriously difficult to scale because of the growing number of students at the learning centre. Tailoring the experience was also a highly manual process that required extensive time and energy,” noted Zhizhong.

At this point, Zhizhong and his team knew they had evolved beyond their brick-and-mortar education centres to meet their vision of accelerating student learning. The scale of opening more centres would not be comparable to a technology-led approach. Going fully digital was the fastest way to achieve their vision.

Therefore, they launched Geniebook in 2017, an edutech platform that uses machine learning and human teachers to personalise each student’s education.

“Our next challenge then was bringing this product to the masses. As we rolled out the Geniebook platform to the public, the team sought and received feedback from both students and parents on how the apps could be improved. Doing so allowed Geniebook to rapidly iterate its products in tune with what its users desired, ultimately aiding the goal of creating a more scalable service,” said Zhizhong.

Today, Singapore-based Geniebook leverages a trifecta of artificial intelligence, live streams, and chatrooms to turn the educators’ dream of personalised learning into reality and drive measurable improvements in students’ performance.

Empowering learning: Geniebook’s suite of solutions

Leveraging AI Geniebook’s learning ecosystem offers a personalised experience where students can practice with tailored questions, attend classes, and seek clarification within the same platform. With real-time grading and support from dedicated advisors, Geniebook provides comprehensive learning solutions, including:

• GenieSmart: The AI-personalised worksheet generator harnesses proprietary AI technology, analysing over one million data points to recommend questions tailored to maximise student improvement. Questions dynamically adjust based on students’ mastery of each topic, with over 300,000 aligned with the Ministry of Education (MoE) syllabus. Expert-crafted explanations accompany personalised reports on student performance. Additionally, the AI-marking feature covers 80 per cent of all P3-P6 Science Open-Ended Questions (OEQs), providing immediate feedback.

Also Read: The solopreneur boom: How Finna is empowering the future of work

• GenieClass: Real-time online lessons feature experienced educators, including MOE/NIE-trained teachers, delivering interactive sessions with demonstrations and experiments. Weekly live classes accommodate flexible learning schedules.
• GenieAsk: The community platform enables real-time chat (Monday to Friday: 3 to 9 PM, Saturday and Sunday: 10 AM to 7 PM) and private messaging with teachers for instant doubt clarification and homework assistance.
• Learning rewards: The Bubble Store motivates independent learning with over 5,000 kid-safe items for redemption. Gamification elements, including achievement badges, streaks, and leaderboards, promote continuous engagement.

“We have been ahead of the curve in integrating AI into our business. At our core, we have been harnessing the power of AI for education since we started in 2017, well in advance of the AI boom we have seen in the last two years. To remain competitive, we are continually innovating and planning exciting developments for the future. Looking ahead, we see the immense potential of AI, especially generative AI, to revolutionise education and learning. The true power of AI lies in its ability to deliver measurable outcomes. By leveraging AI in strategic and innovative ways, we are poised to shape the future and unlock opportunities for success,” said Zhizhong.

Financial sustainability and growth: Revenue model and funding success

Geniebook operates on an annual subscription revenue model, offering packages for English, Chinese, Maths, and Science subjects tailored to students from Primary 1 to Secondary 4. Each subject subscription costs SG$270.48 per month and grants access to GenieSmart, GenieClass, and GenieAsk, along with associated learning rewards from the Bubble Store.

The company’s educational consultants also offer a complimentary Strengths Analysis to assist prospective parents in better comprehending the value of the learning ecosystem and how it aids their children in addressing specific learning gaps. Beyond that, learning advisors actively support users throughout their subscription period, ensuring maximum learning and academic improvement on the platform.

Most recently, Geniebook secured US$16.6 million in Series A funding led by East Ventures and Lightspeed Venture Partners, with participation from notable angel investors including John Danner (Founder of Dunce Capital), Gaurav Munjal and Roman Saini (Founders of Unacademy), Kunal Bahl and Rohit Bansal (Founders of Snapdeal), and senior executives from Grab, Shopee, and Gojek.

Also Read: Rayo: Transforming web accessibility worries into confidence for people with disabilities

With this funding, Geniebook’s total raised amounts to US$18 million, following its previous US$1.1 million pre-Series A round in 2019 from Apricot Capital.

Leading innovation in education: Geniebook’s future endeavours

Zhizhong noted that Geniebook aligns with Singapore’s Ministry of Education’s focus on nurturing joyful learning while highlighting the company’s commitment to continuous innovation, particularly by developing new AI modules and innovations to personalise further the learning experience for a wider range of students.

Harnessing large language models (LLMs) as a foundation, Geniebook is prototyping a Composition Grader capable of instantly assessing essays, providing feedback on grammar, vocabulary usage, text flow, and a preliminary score.

The company is also prototyping a Hints system designed to encourage ongoing student learning by providing targeted advice on demand, especially when attempting to answer challenging questions on GenieSmart worksheets. These marking tools, alongside ongoing advancements in AI, aim to accelerate student learning and improvement.

Geniebook is currently developing Geniebook CAMPUS, a hybrid model that merges online personalisation with offline instruction to create an engaging classroom environment, aiming to revitalise the traditional tuition formula for a post-pandemic world.

“As our children grow up, their ability to learn quickly and to adapt will remain essential for success. We are proud to offer a platform that empowers students to take control of and accelerate their learning,” remarked Zhizhong.

Geniebook has evolved from traditional tutoring to a tech-driven platform aiming to revolutionise education, leveraging AI technology to personalise student learning alongside human instructors. Its focus on innovation suggests continued development in AI-powered education, shaping the future of learning for students in a digital age.

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Image credit: Geniebook

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