Founded by an experienced team of healthcare and technology experts, Jaan Health has developed Phamily, the first artificial intelligence driven patient communication technology for use in Chronic Care Management and other reimbursable remote care services

Jaan Health

Med-Flamingo: a Multimodal Medical Few-shot Learner - Discussion, Acknowledgments, and References

Solution To Value Agregation

Who wouldn’t love getting twice as much out of their time? Listening to Podcasts and Audiobooks for me has been a great improvement in terms of how much I can learn and get exposed to while simultaneously performing repetitive or manual tasks. Remarks I am a Shanghai-based entrepreneur. My main work circles around E-Commerce / Advertisement Technology and I also do Startup Angel Investments in e-commerce, health, fitness, fashion, VR/AR, A.I., cryptocurrencies and entertainment. Hence, the list below strongly reflects my particular work focus mixed with adjacent topics (e.g. ethics and philosophy in Artificial Intelligence, robotics, life extension, etc.). Over time I subscribed to probably 7–10 more business related Podcasts than listed below but eventually eliminated them because of lacking quality or consistency, prioritization or simply because I had to free up time for new topics. Some relevant Podcasts I’d love to follow but just can’t find the time to fit in are e.g. or . NPR TED Radio Hour The James Altucher Show I excluded all non-English language Podcasts from the below list. I also excluded all private interest topic Podcasts I’m subscribed to. Lastly, I excluded China or Asia-related Technology / Startup / Entrepreneurship Podcasts as those are probably less interesting to people in the rest of the world. I might do a follow-up post on those specifically later. I recommend to subscribe to a wide range of Podcasts and activate automatic download / sync. The key then is to mark anything as “Played” (and set episodes marked as played to be automatically deleted) that doesn’t catch your immediate interest. For me, these are keywords in either the title & short description or names / companies / titles of the respective talk show guests. Don’t panic about too many unlistened episodes and the : no need to feel guilty for skipping and removing most of the downloaded episodes — they are merely suggestions and you can pick out only the most relevant. Depending on the particular Podcast I’d only listen to about 30% — 50% of their episodes, in rare cases 70%-100%. FOMO I’ve marked my approx. percentage next to the title below. This doesn’t reflect the overall quality of the Podcast, just the level of interest and relevance of the topics and guests for me personally. So without further ado here we go broken down by 3 categories: 1. Startups, Investing and Entrepreneurship The Kevin Rose Show (100%) Kevin Rose ( ) is known as one of the early “Web 2.0” icons, most notably as founder of Digg. After Digg he joined Google Ventures and now continues to be an active angel investor, company builder and Silicon Valley insider. He is best buddies with Tim Ferriss (see below) and they sometimes team up for the highly recommended “The Random Show” Podcast episodes. The Kevin Rose Show podcasts are infrequently published but highly relevant and insightful. https://twitter.com/kevinrose _Download past episodes or subscribe to future episodes of The Kevin Rose Show by Kevin Rose for free._itunes.apple.com The Kevin Rose Show by Kevin Rose on Apple Podcasts Andreessen Horowitz a16z Podcast (30%) Marc Andreessen ( ) is the infamous founder of the Netscape Web browser. He later started his own Venture Capital firm with his business partner Ben Horowitz. Andreessen Horowitz ( ) is one of the best performing VC’s in the history of institutional startup investing and their Podcast features a wide range of startups and industry verticals within the firms’ diversified investment focus. I tend to only listen to those episodes that are of relevance to my own industries. https://twitter.com/pmarca https://a16z.com/ _Download past episodes or subscribe to future episodes of a16z by a16z for free._itunes.apple.com a16z by a16z on Apple Podcasts Masters of Scale with Reid Hoffman (100%) Reid Hoffman ( ) was an early partner in PayPal, co-founded LinkedIn and then turned to become one of Silicon Valley’s most prolific and successful angel investors. His recently launched Podcast is the most well-produced and relevant out there when it comes to best practices for company building, (“blitz”-)scaling and featuring leanings from accomplished entrepreneurs. https://twitter.com/reidhoffman _Download past episodes or subscribe to future episodes of Masters of Scale with Reid Hoffman by WaitWhat for free._itunes.apple.com Masters of Scale with Reid Hoffman by WaitWhat on Apple Podcasts Y Combinator Startup School Radio (30%) / Y Combinator Podcast Y Combinator ( ) is the most well-known startup incubator & accelerator. It is also the most successful in terms of combined valuation of startups produced incl. several unicorns. The Startup School Podcast unfortunately hasn’t been updated since last year but some of the past episodes are highly recommended to catch up with. Instead, Y Combinator recently relaunched a new Podcast under the name : . http://www.ycombinator.com/ Y Combinator https://itunes.apple.com/us/podcast/y-combinator/id1236907421?mt=2 _Download past episodes or subscribe to future episodes of Startup School Radio by Y Combinator for free._itunes.apple.com Startup School Radio by Y Combinator on Apple Podcasts Jason Calacanis — This Week In Startups (40%) Jason Calacanis ( ) is a tech journalist turned entrepreneur turned Angel Investor. He is well known for founding Weblogs Inc. and being one of the top Angel Investors and startup ecosystem developers in Silicon Valley. His TWiSt show produces almost 2 shows per week and is definitely the go-to Podcast for keeping up to speed on what is happening in tech investing and startups. I tend to skip the early stage startup founder interviews and general tech news round-ups and listen more to the episodes featuring investors and well-known, more later stage entrepreneurs. https://twitter.com/Jason _Download past episodes or subscribe to future episodes of This Week in Startups - Audio by ThisWeekIn for free._itunes.apple.com This Week in Startups - Audio by ThisWeekIn on Apple Podcasts NPR — How I Built This (25%) How I Built This is a Podcast about innovators, entrepreneurs, idealists, and the stories behind the movements they built, produced by American National Public Radio NPR ( ). I mostly listen to the tech related founders stories but there is huge value to be found across all industries featured. http://www.npr.org/ _Download past episodes or subscribe to future episodes of How I Built This with Guy Raz by NPR for free._itunes.apple.com How I Built This with Guy Raz by NPR on Apple Podcasts The 20 minute VC (25%) The Twenty Minute VC ( ) by Harry Stebbings is the worlds leading independent VC podcast featuring the likes of Guy Kawasaki and Brad Feld. It’s a great resource for anyone looking to work in the VC industry or looking to raise venture capital. http://www.thetwentyminutevc.com _Download past episodes or subscribe to future episodes of The Twenty Minute VC: Venture Capital | Startup Funding | The…_itunes.apple.com The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch by Harry Stebbings on Apple… Recode, Decode hosted by Kara Swisher (40%) Kara Swisher ( ) is one of the most prolific and longest-serving tech journalists and known for her hard-hitting interview style. Her guests are usually accomplished entrepreneurs, investors and corporate executives. I skip all politics and entertainment industry related episodes. https://twitter.com/karaswisher _We are unable to find iTunes on your computer. To download and subscribe to Recode Decode, hosted by Kara Swisher by…_itunes.apple.com Recode Decode, hosted by Kara Swisher by Recode on Apple Podcasts 2. Philosophy & Science With General Artificial Intelligence potentially approaching quickly and Virtual Reality worlds, self-driving cars and autonomous weapons already being a reality, the intersection of philosophy, ethics, the hard sciences and technology entrepreneurship become more important and relevant than ever. Waking up with Sam Harris (70%) Sam Harris ( ) is an American author, philosopher, and neuroscientist. He is known for his criticism of religion but has recently turned to more political, morality and neuroscience related topics with a significant focus on technologies such as Artificial Intelligence, Robotics and Biology. I only skip US politics and purely religion related episodes. Other than that Waking up is a classic podcast that comes highly recommended to audiences from any trade of life, not just technology entrepreneurs or investors. https://twitter.com/SamHarrisOrg _Download past episodes or subscribe to future episodes of Waking Up with Sam Harris by Sam Harris for free._itunes.apple.com Waking Up with Sam Harris by Sam Harris on Apple Podcasts Closer to Truth Podcasts (100%) One of my personal favorites, Closer to Truth is produced by Robert Lawrence Kuhn ( ). Kuhn is a neuroscientist by training, a corporate strategist investment banker and old China hand incl. a long time adviser to the Chinese government. He is also the creator and host of public television series Closer to Truth, which presents scientists and philosophers discussing fundamental issues such as cosmology, consciousness, philosophy and religion. A hidden gem and insider tip for anyone interested in widening their horizon in these topics. https://en.wikipedia.org/wiki/Robert_Lawrence_Kuhn _Download past episodes or subscribe to future episodes of Closer to Truth Podcasts by Closer to Truth for free._itunes.apple.com Closer to Truth Podcasts by Closer to Truth on Apple Podcasts The Future of Life (100%) The Future of Life Institute ( ) is a volunteer-run research and outreach organization that works to mitigate existential risks facing humanity, particularly from advanced artificial intelligence (AI). Its founders include MIT cosmologist Max Tegmark, Skype co-founder Jaan Tallinn, and its board of advisors includes cosmologist Stephen Hawking and entrepreneur Elon Musk. The episodes are infrequently published but when they come out should be a must for anyone working in advanced technology. https://futureoflife.org/ _Download past episodes or subscribe to future episodes of The Future of Life by Future of Life Institute for free._itunes.apple.com The Future of Life by Future of Life Institute on Apple Podcasts StarTalk Radio by Neil deGrasse Tyson (15%) Science meets comedy and pop culture on StarTalk Radio hosted super star astrophysicist , where he and his co-hosts, guest celebrities and scientists discuss astronomy, physics, and everything else about life in the universe. I skip a lot of the regular episodes but there are many classics with relevance for technology and business such as episodes with Elon Musk or Ray Kurzweil. Neil deGrasse Tyson _Download past episodes or subscribe to future episodes of StarTalk Radio by StarTalk Radio for free._itunes.apple.com StarTalk Radio by StarTalk Radio on Apple Podcasts 3. Self Improvement / General Interest It is hard building and running your own business, which is why self-help and self improvement books, seminars and podcasts are probably the most popular among entrepreneurs. The Tim Ferriss Show (80%) Tim Ferriss ( ) is an American author most well known for his book “The 4-Hour Workweek” and recently “Tools of Titans”. Ferriss has been called the “Oprah of Audio” due to the influence and reach of his Podcast which had over 80 million downloads. It covers topics ranging from personal and character development, to exercise routines, nutrition and supplements, venture capital & angel investing and metaphysics. While I do recommend to take all of Tim’s and his guests’ output with a grain of salt he still runs one of the Podcasts I look forward to the most each week. I skip the mash-up Radio Hour episodes and rarely others with guests I am just not that interested in. https://twitter.com/tferriss _Download past episodes or subscribe to future episodes of The Tim Ferriss Show by Tim Ferriss for free._itunes.apple.com The Tim Ferriss Show by Tim Ferriss on Apple Podcasts Revisionist History (30%) Created by Malcolm Gladwell ( ), the journalist and writer known for (business) books such as The Tipping Point or Outliers. His Podcast focuses on learnings from history that anyone can apply to his or her own business or personal life. https://twitter.com/gladwell _Download past episodes or subscribe to future episodes of Revisionist History by Malcolm Gladwell / Panoply for free._itunes.apple.com Revisionist History by Malcolm Gladwell / Panoply on Apple Podcasts The Joe Rogan Experience (50%) Joe Rogan ( ) is an American comedian, sports commentator, martial artist and the ultimate dudebro. No list would be complete without the likely most popular Podcast out there. I skip all UFC, comedy and politics related episodes which still leaves me with a good 50% of highly interesting and entertaining content on fitness, nutrition, “supplements”, neuroscience, entrepreneurship and the occasional obscure but fun fringe theory episode. https://twitter.com/joerogan _Download past episodes or subscribe to future episodes of The Joe Rogan Experience by Joe Rogan for free._itunes.apple.com The Joe Rogan Experience by Joe Rogan on Apple Podcasts My Personal Listening Habits & Tips I listen to Audiobooks and Podcasts during my morning routine on workdays, sometimes during commute and biking and then approx. 3 hours in the gym per week. This brings me to about 7–9 hours in a week of additional time during repetitive / manual tasks where I can learn and get exposed to new and interesting topics or dive deeper into current areas of focus. As with all self-improvement the key is to make it a habit and stick to regular time slots. I use on my iPhone which is straightforward to handle. I tested third-party apps (popular ones being and ) but found them to have very few additional value added features. What I am missing the most is an aggregated commenting function or organized way to read other listeners comments and join the discussion on a specific episode. Currently, I’m jumping between the hosts Twitter, Facebook and Youtube profiles. Apple Podcasts Overcast Stitcher The 15 secs back and forward buttons are very useful to re-listen to important content or skip advertisements respectively (most Podcasts have 5–10 mins of ads in the beginning of the episode and sometimes in between). Speeding up Audiobooks or Podcasts stressed me out too much and I didn’t see any net benefit in it. Some third party players have functions to shorten the pause time between words or sentences but I did not find that particularly useful either. Most Podcast apps incl. the Apple iOS app have sleep timers which might be useful to know for some people. I personally don’t use that function as I either listen very deliberately or not at all. When I newly subscribe to a Podcast I always go back and review all the past episodes (in the “Feed” tab) to pick out the most interesting ones for manual download. What are your favorite tech & startup podcasts, why and what is your favorite episode respectively? Let me know in the comments!

A Tech Entrepreneur’s Favorite Podcasts & Listening Habits

Happy new year! 2024 is here and tech expectations are high for AI, especially Generative AI. 2023 has been the year of AI. Last year, truly entered our lives and stood to play a crucial role across several sectors, be it healthcare, logistics, education, financial services, and more. According to the , Generative AI is estimated to add $1.2-1.5 trillion to India’s GDP by 2030. In the roughly one-year timeframe since put generative AI on everyone’s radar, it’s caused wonder, fear, paranoia, and a lot of hype. With the year coming to an end, we have observed several developments through the months that passed in the realm of AI. Generative AI EY India report ChatGPT sought to know how AI impacted 2023 and what entrepreneurs expect in 2024. The Tech Panda GENAI Venkat Malladi, Co-founder & CTO, Vymo “One of the prominent trends in 2023 was the rise of generative AI, with companies focusing on leveraging its capabilities to drive innovation and growth. Generative AI has the potential to revolutionize various industries, such as agriculture, insurance, and language support. In 2024, we can expect further advancements in generative AI technology and increased collaboration between different sectors to harness its potential for interactive and immersive user experiences “In 2024, we can expect further advancements in generative AI technology and increased collaboration between different sectors to harness its potential for interactive and immersive user experiences.” Sanjay Sehgal, Chairman & CEO, MSys Technologies, Venture & Angel Investor While Gen AI continues to be the buzzword, it will have little to no impact on the IT industry which remains the core offering of Indian tech industry ” “While Gen AI continues to be the buzzword, it will have little to no impact on the IT industry which remains the core offering of Indian tech industry. The slowdown in the US economy may reflect even more in the IT industry next calendar year. ADVERTISING & MARKETING Prateek N Kumar, Founder & CEO, NeoNiche Integrated Marketing Solutions Pvt. Ltd “As the final curtain descends on this year 2023 my rear-view glance on advertising and marketing journey in India leads to a narrative with a tapestry of innovation, creativity, and deepened consumer engagement. From the surge of immersive experiences to the evolution of data-driven strategies, each chapter illustrates the industry’s resilience and adaptability within the diverse Indian market. Brands, embracing authenticity, wove narratives that harmonised with audiences in the dynamic landscape of the subcontinent. The year-end resonates with the triumphs of strategic storytelling. From the surge of immersive experiences to the evolution of data-driven strategies, each chapter illustrates the industry’s resilience and adaptability within the diverse Indian market “As I look through the windshield ahead on year 2024, Indian brands will prioritize digital-first strategies, leveraging AI-driven personalization and immersive experiences. Sustainability will be a key focus, with brands aligning with eco-conscious values. Influencer collaborations will continue to dominate, and innovative use of augmented reality in marketing will gain prominence, enhancing customer engagement and brand loyalty.” Sanjay Sehgal, Chairman & CEO, MSys Technologies, Venture & Angel Investor Adtech industry paired with AI driven recommendations & Gen AI is set to transform the landscape ” “Adtech industry paired with AI driven recommendations & Gen AI is set to transform the landscape. Targeted ads should get a major makeover with Gen AI where publishers can attempt to bridge the gap between advertisers and their potential customers. EDTECH Vaibhav Sisinty, Founder & CEO, GrowthSchool “In the year 2024, the landscape of edtech is poised for continued dominance by generative AI. The rise of technologies like Gemini, likened to OpenAI’s ChatGPT, signals a noteworthy advancement. These strides go beyond mere increments; they embody a transformative power, constrained only by the expansiveness of human creativity. This year unfolds with unforeseen breakthroughs in generative AI, consistently revealing its vast potential. Within the realm of education technology, this shift manifests as a move toward more individualized learning experiences, highlighting the imperative of AI literacy “Within the realm of education technology, this shift manifests as a move toward more individualized learning experiences, highlighting the imperative of AI literacy. As we progress, edtech will witness inventive approaches in seamlessly integrating AI into learning, ensuring education becomes more flexible and captivating than ever.” HEALTHTECH Balasubramanian (Bala) Sankaranarayanan, President & CEO, Thryve Digital Health LLP “One of the most important trends that we will witness in 2024 is the augmented usage of AI, especially Gen AI, in healthcare applications. “We have already seen how digital transformation enabled healthcare providers to achieve better patient outcomes in the wake of the pandemic, and now we are witnessing the democratization of Generative AI. While the AI LLM providers have been evolving their models to cater to specific industries including healthcare – we are still waiting to see which set of use-cases will ramp from Pilots / POCs to production scale. While the AI LLM providers have been evolving their models to cater to specific industries including healthcare – we are still waiting to see which set of use-cases will ramp from Pilots / POCs to production scale “While we see a lot of focus and investment on running Pilots around the Customer-facing “effectiveness” use-cases, we are also seeing a lot of interest in engineering and operations-facing “efficiency” use-cases – such as exploring the use of AI to drive automation of coding and testing, processing core business ops, as well as in areas such as data security, which has always been a critical focus for healthcare providers.” Harshit Jain, MD, Founder & Global CEO, Doceree “The year 2023 witnessed an incredible evolution within the life sciences ecosystem, fuelled by unprecedented advancements in digital healthcare initiatives. With pharma marketers becoming assertive about the potential of Artificial Intelligence (AI) in creating solutions better and effective than ever before, the year witnessed a strategic inclination towards making data-driven decisions across diverse marketing dimensions. As we step into 2024, the landscape will continue to redefine itself, embracing personalized strategies that leverage AI and targeted engagement with endeavours of heightened precision in reaching HCPs “The year also witnessed a massive shift in ROI towards script lifts over HCP reach. As we step into 2024, the landscape will continue to redefine itself, embracing personalized strategies that leverage AI and targeted engagement with endeavours of heightened precision in reaching HCPs. At Doceree, we are committed to spearheading this digital transformation, fostering fruitful global partnerships, and empowering the life sciences sector to achieve new milestones in a responsible, ethical and effective manner.” SKILLING Amit D Mishra, Founder & CEO, iMocha “The corporate landscape is set to undergo a shift towards Skills-First Transformation (SFT) in the year ahead. Driven by the escalating demand for tech and AI skills, organizations are likely to prioritize ‘power-user’ employees with multi-disciplinary expertise. HR and business leaders are increasingly recognizing the role of Generative AI in talent retention and management. Skills intelligence platforms are becoming foundational for AI integration and nurturing talent at scale “Skills-First Transformation is no longer an option but an imperative, with over half of the companies already on this journey, led by telecom, software products, and IT verticals. Companies focusing on SFT are already seeing early signs of higher revenue growth and a positive impact on talent. The foundation to achieve SFT will be about having a clear view of the skills within an organization that a skills intelligence solution offers. Skills intelligence platforms are becoming foundational for AI integration and nurturing talent at scale. The future of hiring will rely on SFT, where skills take center stage in strategic initiatives.” BLOCKCHAIN Shivam Thakral, CEO, BuyUcoin “The crypto market performance in 2023 has been really impressive. We have witnessed very encouraging numbers in terms of growth. The total market capitalization has increased by around 60% year-to-date. This growth was driven by factors like institutional adoption, DeFi’s rise, and NFT popularity. Bitcoin, the world’s largest digital asset by market cap is up by 155% at the time of writing, which makes Bitcoin one of the the best performing asset class of 2023. 2024 is likely to see continued regulatory developments, but with a focus on clarity, consumer protection and addressing specific issues rather than implementing a comprehensive framework in most jurisdictions “I think we will see a crypto super cycle in 2024. The mega events like Bitcoin Halving and ETF approval anticipation will play a key role in driving the momentum of crypto assets. US monetary policy and subsequent decisions on the interest rates by the US Fed will have a significant impact on market sentiment and risk-taking capacity of traders. Simultaneously, clarity on the regulatory front will attract institutional giants to start their digital asset journey. As predicted by banking giant Standard Chartered, Bitcoin will hit the $100,000 mark by the end of 2024. “I think the core focus of regulatory developments in 2024 will be to prevent illicit use of digital assets. Continued focus on combating money laundering and terrorist financing through crypto, with potential for stricter enforcement and harmonization of regulations across jurisdictions. The IMF-FSB synthesis paper will act as a guiding force for nations actively working towards regulating digital assets in their region. More countries are expected to explore or launch CBDCs, potentially impacting the role and regulation of cryptocurrencies. “Overall, 2024 is likely to see continued regulatory developments, but with a focus on clarity, consumer protection and addressing specific issues rather than implementing a comprehensive framework in most jurisdictions.” Om Malviya, President, Tezos India “The blockchain technology has captivated tech enthusiasts’ interest right from its inception. Several industries, including banking, finance, supply chain, and healthcare have embraced blockchain technology. From transforming finance to revolutionising education, blockchain has redefined the digital experience across various sectors. An exciting trend likely to emerge in 2024 is applications based on the fusion of AI and blockchain. The rapidly rising number of startups in this space are coming up with solutions for the existing pain points, making blockchain ever more useful and secure “From being an innovative technology, blockchain is now seeing greater adoption across different industries and sectors. Areas such as Enterprise Blockchain Solutions, Decentralised Finance (DeFi), Blockchain in Education, AI-integrated Blockchain Technology and Tokenisation of RWAs will be in focus in 2024. “As we explore these trends, 2024 is likely to be both transformational and promising for blockchain technology. An exciting trend likely to emerge in 2024 is applications based on the fusion of AI and blockchain. The rapidly rising number of startups in this space are coming up with solutions for the existing pain points, making blockchain ever more useful and secure. In the coming year, blockchain adoption is likely to pace up.” This article was originally published by on Navanwita Bora Sachdev The Tech Panda.

What to Expect from the AI Industry in 2024

THE DEATH OF JEAN

In today’s digital world, consumers are more discerning than ever. Bad user experience, or a product that simply misses the mark, will lead your users to flock to your competitors in a heartbeat. The best way to avoid that nightmare is to focus on your product from the get-go. It’s something we advocate at Altar, and we’re not alone. In recent years, startups have been putting more and more focus on products, showing an as a result. increased demand for product managers While developing a recent content series, I sat down with a number of entrepreneurs to discuss their startups. The Startup Journey, I’ve taken a lot of lessons away from these conversations, and today I want to share seven key takeaways, specifically on the product. 1. Know Where Your Product Is & Where It’s Heading It was with Christian Nothacker that this first lesson came to the forefront of my mind. during a conversation We were discussing his fintech, PrestaCap. His startup focussed on helping small business owners overcome major inefficiencies when in the financing process offered by traditional banks. He heard stories of small business owners queuing at the bank with paper applications and having to wait five days for a response. Banks had fallen asleep at the wheel. So he stepped in, digitalized the process, and built a better solution: “If your product is no good, your clients will eventually go somewhere else. It’s very important to know where the product is today and the direction in which it’s heading. If you don’t know these things, it’s extremely difficult to keep your product relevant and up to date.” It was this focus on product relevance that led to PrestCap being successfully acquired in just five years for $20M. 2. New Products Must Show Immediate Value Our attention spans are getting shorter. that the average attention span of an adult is shorter than a goldfish’s, at around eight seconds. Studies show It’s critical, therefore, that you show your users value as quickly as possible. Something I recently with serial entrepreneur and product expert Joe Procopio. talked about Here’s how he put it: “Your core product has to give the customer a quick understanding of why they need your product. And it has to do this flawlessly. Remember your product won’t work if your customers can’t see any value. As you build your product, focus on providing the most value with the least friction.” In other words, ensure you build features into your product that pique your users’ interest quickly and effectively. And, importantly, communicate it clearly. 3. Keep Things Stupid, Simple, Crystal Clear As a company, when we talk to entrepreneurs about building an MVP of the first iteration of their product, we always begin the process with a simple exercise: Creating an elevator pitch, to sum up, the startup’s value proposition. We do this because the first step in providing users with “the most value with the least friction” comes in the form of sharing your value proposition with them. Something Jan-Philipp Kruip and I . Jan-Philipp founded FitSense, a B2B health and fitness fintech startup that is being used by some of the biggest multinational insurance companies in the world. discussed recently When I asked him for his advice on the product, he told me: “Focus on getting the value proposition incredibly clear. If your grandma doesn’t understand, it’s probably not clear.” Crafting a clear message on what you’re trying to provide takes a lot of time. But it’s very important.” A clear, well-communicated value proposition will help you in a number of ways. Firstly, it will entice your early adopters to use your product. Secondly, if you begin to get lost in a sea of features you’d love to see in your product, your elevator pitch can serve as your north star. If you ever question if a feature will prove useful, you simply need to refer back to your elevator pitch to quickly know if it aligns with your value proposition. That being said, you won’t necessarily nail the value proposition the first time around. You may find you need to pivot to succeed. 4. Be Prepared to Pivot if Needed It was in a with serial entrepreneur Yaron Samid when this particular lesson came to light. discussion He founded BillGuard, a multi-million dollar fintech startup. The first iteration of BillGuard was a “set & forget” security app that identified fraudulent activity on your credit card. And while Yaron and his team received interest for this product, no one seemed to be bothered enough about the problem to take action. More than that, they had issues with their CPA. The solution? They pivoted the product: “Early on, we realized our Cost per Acquisition (CPA) was going to be too high; so we pivoted to a B2B model. We tried to sell the technology to the banks. However, the sales cycle for banks is very, very long. It’s painful. The kind of pain I wouldn’t wish on anybody. Simply, we were not set up to just sit there and wait for the banks to deploy. So, after two years of investing in a B2B marketing and sales team, with pilots in major banks, we made one of the hardest decisions we had to make.  To pivot back to a consumer app. This meant letting go of some amazing talent we had brought in to sell to banks.  They just weren’t the right fit for a consumer business model. It was heartbreaking. We completely redesigned the product and built a personal finance app as opposed to a “set & forget” security app.” It was these pivots that led them to success. That being said, not every successful startup needs to pivot. Take the entrepreneur in the next lesson, for example. 5. Don’t Build For Your Market, Build With Your Market When Illit Geller , TradAir, you can imagine my surprise when she told me she didn’t start the business with a specific idea in mind. told me about her startup Instead of brainstorming ideas, she and her founding team went out into the market and talked directly to an industry they knew very well, asking for their biggest pain points. She told me how it was this tactic that led to the initial success of the product: “It’s important to be out in the market and talk to the actual players to have them as true partners in your product evolution. That’s basically what we did. And, because we developed our fintech product with the market, in partnership with a bank, the initial release of the MVP was spot on.” A good strategy if you ask me. In its most recent funding round, TradAir raised $11M. But it wasn’t just the people she talked to in her chosen space that led to Illit’s success. It was her deep knowledge and experience of the industry she was tackling. This leads me to the sixth lesson on the list. 6. Focus on a Space You Have Experience In There are no two ways about it. Your chances of success are higher if you have some knowledge and experience in the industry you’re going into. Something is a strong advocate of: unicorn founder Alex Tonelli “I can’t emphasize enough for new entrepreneurs the concept of starting halfway there. You ought to be careful when it comes to the products and the problems you dive into. Having authenticity to a problem is paramount. People can get stuck into this religion of Lean Startup and convince themselves they can learn about any problem and build the perfect product to solve it. Simply put, it’s not that you can’t build a successful product in a space you know less about – but it’s going to be a lot tougher.” More than experience in a chosen industry, you should have some knowledge of product theory and reasoning. And if you don’t, you should consider onboarding someone who does. 7. Don’t Underestimate the Importance of a Strong Product Team In the excitement of building a startup, it’s easy to get carried away. Especially when it comes to the features, you build into your product. This can often lead to a snowball effect, where every new exciting idea gets thrown into the development pile to be built as soon as possible. Suddenly, your product is getting bigger, more confusing, and less valuable. A product team can be a great gatekeeper to avoid this headache. In a , serial entrepreneur Garrett Gafke summed up the importance of product people perfectly: recent conversation “A good product person will hear someone from the company say: ‘We need to build this feature for the platform; it’s a must-have!’ And turn around and says things like: ‘Great! Is it deployable across all customers? Is there revenue to be generated from this feature? Does it help to improve the users’ experience?’ It’s really important to lay the foundations of a great product team so you have that point of view. It ensures your product truly serves your users. Remember, nowadays; it’s simply not enough to recognize an inefficiency and build a solution you think people need. You need to be able to show your vision and tell your story so well that people don’t just understand it. They feel it, recognize it and ultimately internalize it.” All of this to say, don’t underestimate the importance of a product team when building your startup. Wrapping Up In today’s business landscape, where a short time-to-market is vital, it can be tempting to jump into the development stage as soon as possible. But there’s no point building quickly if nobody actually wants what you’re building. Instead, take a breath and focus your attention on . structuring your product reasoning Taking the time to do this now will increase your chances of a successful launch in the future. Thanks for reading.

7 Key Product Lessons I Learned Interviewing Successful Entrepreneurs

Amid the economic shroud, some industries just keep on profiting, even with a global pandemic raging. From software and hardware to pharmaceutical and online retails, many sectors could wrestle for the title of the most profitable industry. In this slogging thread, our community shared their guess on the most profitable industries at the moment. This thread by Mónica Freitas, Jack Boreham, Sara Pinto, Abeer and Cris Silva occurred in slogging's official #random channel, and has been edited for readability. Slogging Mónica Freitas Jan 17, 2022, 12:01 PM What industries right now do you think are the most profitable? Jack Boreham Jan 17, 2022, 1:28 PM NFTs without a doubt! Mónica Freitas Jan 18, 2022, 11:29 AM Jack Boreham, my understanding of NFTs is that it is still a "niche" industry. So what makes you think that it would be one of the most profitable industries worldwide? Jack Boreham Jan 18, 2022, 2:16 PM Well, if you buy the right ones and have the money, some of them will go to the moon! Jack Boreham Jan 18, 2022, 2:16 PM The hype is so high right now. Jack Boreham Jan 18, 2022, 2:16 PM Anything will sell. Sara Pinto Jan 18, 2022, 4:01 PM Mónica Freitas, I think that maybe the online shopping industry. Most people I know prefer to do their shopping online over going to stores. Plus, we have websites for every single topic with all the products we may need (clothes, furniture, household appliances, computers, and so on). We can even do our grocery shopping online and receive the products at home. Mónica Freitas Jan 20, 2022, 8:58 PM Jack Boreham, this news has been around about NFTs losing value really quickly. Do you think that can affect the general NFT market? Mónica Freitas Jan 20, 2022, 9:03 PM Sara Pinto, oh, that's a good one. I'll read some recent data about online retail that increased by 6 to 10 percent during covid-19. This comes as no surprise, but what I find the most interesting about this is how small businesses managed to grow online during that same period. With the lock dows, people were spending more time on their phones, which increased the chances of getting ads or coming across accounts of small businesses. Jack Boreham Jan 21, 2022, 4:41 PM Mónica Freitas, some are, but a lot are not. It's basically gambling right now 😂 :smiling_face_with_tear: 1 Jack Boreham Jan 21, 2022, 4:42 PM I would probably also say gaming, the margins on some of the titles nowadays are bloody ridiculous. Abeer Jan 23, 2022, 9:21 PM Mónica Freitas, my first thought was AI/ML as it’s growing frighteningly fast but thinking about how fast the tech industry is evolving, I’d probably say Security is extremely profitable and will be even more profitable as time goes by. Mónica Freitas Jan 24, 2022, 11:39 AM Jack Boreham oof, that's not very reassuring to people starting to invest in NFTs. Mónica Freitas Jan 24, 2022, 11:43 AM Jack Boreham, I'm with you on that. I think gaming, along with the entertainment industry in general, is probably one of the most profitable ones at the moment. Mónica Freitas Jan 24, 2022, 11:43 AM Jack Boreham, how do you think VR will change the gaming industry? Do you believe it's already impacting revenue streams worldwide? Mónica Freitas Jan 24, 2022, 11:48 AM Abeer, I think AI can be highly profitable a few years into the future, though I'm not sure it would be on the very top worldwide. But as for security tech, that's a great guess. It has been used for years, and it is still in demand. We're even seen bots being built for security, and virtual home assistants develop to include security directives, so it's a big one for sure. Jack Boreham Jan 24, 2022, 6:05 PM Mónica Freitas, I don't at the moment. I believe when the tech improves, and it gets associated with the metaverse it will change gaming. Mónica Freitas Jan 25, 2022, 11:58 AM Jack Boreham, I do wonder how the metaverse will merge gaming and entertainment in one platform. Cris Silva Jan 25, 2022, 12:06 PM Mónica Freitas, I think the pharmaceutic industry for sure - especially with COVID 19. Everyone needs medicines for whichever health condition, so pharmaceutic companies can set their own prices (not entirely, of course, but they do have a say in it). Mónica Freitas Jan 26, 2022, 11:33 AM Cris Silva, that's a great guess. The pharmaceutical industry has certainly seen its role increase in importance these past few years. Yet, even without covid, pharmaceuticals were still highly profitable. Do you think there's a downside to having so much profit to be gained out of medication? Sara Pinto Jan 26, 2022, 1:22 PM Mónica Freitas, yes! The great thing about the internet is that it's open to almost everyone, and it brings so many opportunities to grow! Mónica Freitas Jan 27, 2022, 9:04 PM Sara Pinto, so true! Hopefully, it will keep giving opportunities to small businesses. Cris Silva Jan 28, 2022, 12:10 PM Mónica Freitas, maybe. If there is a point at which the pharmaceutical industry prioritizes profit over health safety. Hopefully, we don't get to that. Mónica Freitas Jan 28, 2022, 1:22 PM Cris Silva, that'd be a dark reality indeed. Hopefully, we'll keep working towards health instead of profit. Mónica Freitas Jan 28, 2022, 1:28 PM In other news, I found out Insider Monkey's take on the top five most profitable industries. In first place, we have Software (System and Application), followed by Computer Peripherals and Drugs and Pharmaceuticals. In fourth place, Oil and Gas Industry and Household Products close the top 5. https://www.insidermonkey.com/blog/5-most-profitable-industries-in-the-world-in-2021-946645/

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