Entrepreneurship & Innovation

Mohammad Anas Wahaj | 27 apr 2016

Financial services industry has vast amount of consumer data and firms can utilize analytics to gather purposeful insights for better customer relationships and business success. Consumers are now more digitally connected than before. But according to Boston Consulting Group, despite the huge availability of data and better analytics tools, banks are far from realizing big data's full potential. Some of the reasons are - Competing priorities like regulatory changes that happened during financial crisis; IT complexity due to multilayered systems and siloed data; Lack of coordinated vision. Jim Marous, Co-Publisher of The Financial Brand and Publisher of the Digital Banking Report, suggests steps that traditional banking and financial institutions can take to take advantage of consumer data and analytics - (1) The Partnership Between Banking and Fintech: A win-win is created by combining data and technology skills of many of the entrepreneurial financial technology firms with the data from the larger legacy firms. (2) Removing Friction from the Customer Journey: Focus on providing better digital experience at each step of customer interaction by leveraging advance customer insights that go far beyond simple demographics to include channel preferences, lifestage insights and even geolocational information. (3) Making Data Actionable: Beth Merle, VP of Enterprise Solutions at Epsilon, says, 'Banks need to stop talking about gathering big data and starting using big data to make a difference for the consumer. We need to see the integration and synchronization of data sources, enabling real-time determination of relevant data points for analysis, communication, and decision making, the 'trifecta' of big data. (4) Introduction of Optichannel Delivery: Financial organizations have to go beyond multichannel and omnichannel strategy and provide 'optichannel' experience by delivering solutions using the best (optimum) channel based on the customer's need and preferred channel. In the future, the integration of processes from the consumer's perspective is foundational to the optichannel theme. According to Nicole Sturgill, Principal Executive Advisor for CEB TowerGroup, 'Rather than looking at channels independently, banking needs to develop and provide financial tools that are integrated in daily life.' (5) Exploring Advanced Technology: Jim Eckenrode, Executive Director of the Deloitte Center for Financial Services, says, 'By enabling the collection and exchange of information from objects, the IoT (Internet of Things) has the potential to be as broadly transformational to the financial services industry as the Internet itself.' In the process of leveraging customer data legacy firms face multiple challenges that they need to overcome to reap financial benefits and establish data and analytics expertise that would be hard to replicate by competitors. Some of these challenges include - Lack of talent; Lack of resources; Lack of urgency. Despite advanced data analysis being one of the top challenges mentioned in the recently released State of Financial Services Marketing, only the largest regional and national banks (over US$ 10 billion) ranked improving data and analytics capabilities in their top three priorities (47%), compared to community banks and credit unions (only 8%). Read on...

The Financial Brand: Data Analytics Critical to Success in Banking
Author: Jim Marous

Mohammad Anas Wahaj | 25 apr 2016

According to a recent study by Prof. Leanne Cutcher of the University of Sydney Business School, a leading expert on intergenerational employment, ageism in the workforce is built on a faulty premise and the most innovative companies are the ones where the age of employees does not matter. Prof. Cutcher says, 'When we say baby boomers are not good with technology and Generation Y don't have enough experience, it becomes a self-fulfilling prophecy. Because people who have good ideas then don't share them because they have been told they are too old. But you are just going to replicate the same ideas where you start labelling people as either too old or too young for a role. Where that is happening, it is stifling knowledge exchange.' Michael Shaw, Executive Vice President Healthcare at Siemens Australia, comments, 'Siemens takes the best people for the job. Personally, for me it's not important if the person is in their 20s or in their 60s, I am simply looking for the best minds with the best attitude.' Another study by Australian Seniors Insurance Agency (ASIA), based on survey of 1200 people across Australia, found that age discrimination at workplace is rife. According to the study, close to half the Baby Boomer respondents claimed they have been turned down for a job since they turned 40, and 3 out of 5 people over 50 said that they faced substantial obstacles in attempts to find a job. The research also found that more than 3/4 of Baby Boomers adapt well to technological innovations, and 73% are actively seeking training opportunities. According to Simon Hovell, spokesman for ASIA, 'The findings point to what many organisations, academics and economists have known all along - Baby Boomers are a real asset to the workplace.' Read on...

The Sydney Morning Herald: Companies that use older workers are the most innovative - New research
Author: Anna Patty

Mohammad Anas Wahaj | 22 apr 2016

To build human-like machines that can demonstrate ingenuity and creativity, the race is on to develop next generation of advanced AI (Artifical Intelligence). AI is already tackling complex tasks like stock market predictions, research synthesis etc, and 'smart manufacturing' is becoming a reality where deep learning is paired with new robotics and digital manufacturing tools. Prof. Hod Lipson, director of Creative Machines Lab at Columbia University, has embarked upon exploring a higher level of AI and develop biology-inspired machines that can evolve, self-model, and self-reflect - where machines will generate new ideas, and then build them. To build self-aware robots is the ultimate goal. Prof. Lipson explains, 'Biology-inspired engineering is about learning from nature, and then using it to try to solve the hardest problems. It happens at all scales. It's not just copying nature at the surface level. It could be copying the learning at a deeper level, such as learning how nature uses materials or learning about the adaptation processes that evolution uses...We are looking at what I think is the ultimate challenge in artificial intelligence and robotics-creating machines that are creative; machines that can invent new things; machines that can come up with new ideas and then make those very things. Creativity is one of these last frontiers of AI. People still think that humans are superior to machines in their ability to create things, and we are looking at that challenge.' He is working on a new AI termed as 'divergent AI', that is exploratory and involves creating many new ideas from original idea, and is different from 'convergent AI' that involves taking data and distilling it into a decision. ON SELF-AWARENESS IN AI: He says, 'Creativity is a big challenge, but even greater than that is self-awareness. For a long time, in robotics and AI, we sometimes called it the "C" word-consciousness.' ON AI IN MANUFACTURING: He comments, 'When it comes to manufacturing, there are two angles. One is the simple automation, where we're seeing robots that can work side-by-side with humans...The other side of manufacturing, which is disrupted by AI, is the side of design. Manufacturing and design always go hand-in-hand...When AI creeps into the design world through these new types of creative AI, you suddenly expand what you can manufacture because the AI on the design side can take advantage of your manufacturing tools in new ways.' ON TWO COMPETING SCHOOLS OF THOUGHTS IN AI: He explains, 'There's the school of thought that is top-down, logic, programming, and search approach, and then there is the machine learning approach. The machine learning approach says, "Forget about programming robots, forget about programming AI, you just make it learn, and it will figure out everything on its own from data"...I think the machine learning approach has played out perfectly, and we're just at the beginning. It's going to accelerate.' Read on...

Singularity Hub: The Last Frontiers of AI - Can Scientists Design Creativity and Self-Awareness?
Author: Alison E. Berman

Mohammad Anas Wahaj | 16 mar 2016

Organizations invest money, time and efforts in branding to build their credibility and reputation. In the online world with expanded global reach, social media and changing dynamics of customer relationships, there are further challenges that the organizations face to keep and sustain their brand image. Moreover there are also steps that are required before embarking upon creating and developing a brand. John Lincoln, Co-founder and CEO of Ignite Visibility and professor at University of California San Diego, explains 8 branding mistakes that should be avoided for brand value and business success - (1) Not Getting a Trademark. (2) Not Vigorously Searching Google and Doing Proper Research. (3) Not Coming Up With a Good Domain Name. (4) Picking a Name That Competes With a Well-Established Brand. (5) Picking Color Schemes and Visuals That Aren't Relevant to What You Do. (6) Not Checking Cultural References Around the Name. (7) Not Checking the Name's Translations in Other Languages. (8) Check Potential Stigmas Associated With the Name. Read on...

Huffington Post: 8 Branding Mistakes That Can Result in Major Setbacks
Author: John Lincoln

Mohammad Anas Wahaj | 29 feb 2016

According to World Health Organization (WHO), air pollution has become the world's biggest environmental risk, linked to over 7 million deaths a year. A global team of scientists (Farid Touati, Claudio Legena, Alessio Galli, Damiano Crescini, Paolo Crescini, Adel Ben Mnaouer) from Canadian University Dubai, Qatar University, and the University of Brescia (Italy), have developed a technology, known as SENNO (Sensor Node), that enables high-efficiency air quality monitoring, to help promote a cleaner environment and reduce the health risks associated with poor atmospheric quality. The technology promises to make air quality monitoring cost-effective. The research paper, 'Environmentally Powered Multiparametric Wireless Sensor Node for Air Quality Diagnostic', was published in Sensors and Materials journal. Prof. Adel Ben Mnaouer of Canadian University Dubai (CUD), says, 'Sensor networks dedicated to atmospheric monitoring can provide an early warning of environmental hazards. However, remote systems need robust and reliable sensor nodes, which require high levels of power efficiency for autonomous, continuous and long-term use...Our technology harvests environmental energy...it optimises energy use by the sensory equipment, so as to function only for the time needed to achieve the operations of sensor warm-up, sampling, data processing and wireless data transmission, thereby creating an air quality monitoring system that measures pollutants in a sustainable and efficient way.' Read on...

The Gulf Today: Dubai professor develops innovation to combat increasing air pollution
Author: NA

Mohammad Anas Wahaj | 07 feb 2016

Team of researchers from University of Illinois at Urbana-Champaign, Prof. Dipanjan Pan (Bioengineering), postdoctoral researchers Manas Gartia and Santosh Misra, along with Dr. Leanne Labriola, an ophthalmologist at Carle Foundation Hospital, are collaborating to develop a portable sensor that can quickly and inexpensively detect whether the eye injury is mild or severe. The device measures the levels of vitamin C in the fluids that coat or leak from the eye. According to Prof. Pan, 'The sensor takes advantage of the fact that the ocular tear film - the viscous fluid that coats the eyeball - contains low levels of ascorbic acid, which is just vitamin C, while the interior of the eye contains much higher levels. So the concept is, if there is severe damage to the eye that penetrates deeply, the ascorbic acid will leak out in high concentration.' Dr. Labriola says, 'The new device will change the standard of care for evaluating eye traumas. This technology has the ability to impact a large number of patients, particularly in rural settings, where access to an ophthalmologist can be limited.' Researchers suggest accident sites and battlefields as other places where the device will be of great use as chances of eye injury are high there. Prof. Pan comments on the new engineering-based medical college coming up at UIUC, 'This is a perfect example of physicians and engineers working together to find solutions to current problems in healthcare.' The team is further collaborating with a U of I industrial design professor to build a housing for the sensor that will be portable and easy to use and have founded a startup to bring the device to market. Read on...

Illinois News Bureau: Portable device can quickly determine the extent of an eye injury
Author: Diana Yates

Mohammad Anas Wahaj | 31 jan 2016

Good designers often seek a balance between comfort and fashion while designing their clothes. They design to improve human lives. For most people jeans provide comfort and also fulfil their fashion quotient. Professor Elazer Edelman, a cardiologist and director of Harvard-MIT Biomedical Engineering Center, is going a step further and utilizing scientific approach to create 'FYT Jeans', that are designed for health and comfort. These jeans, developed in collaboration with designers from Portugal, are particularly suited for people who sit for long hours, like office workers. Initially the project was targeted for wheelchair dependent people, to provide them safe clothes. According to Prof. Edelman, 'There are a variety of modifications to the design around the knee...The zipper on the back is a very important and innovative design.' FYT Jeans don't bunch up behind the knee. He further adds, 'It's extra material, extra pressure. It's uncomfortable and it can actually be unsafe. It's everything from a little irritation to when people have diabetes or poor circulation, developing sores that never heal.' While explaining the future of healthy clothings, he says, 'You could certainly embed all kinds of sensors in them, and you could even give something, or embed something that was itself therapeutic.' Read on...

CBS Local: MIT Professor Designing Jeans Made For Sitting
Author: Kathryn Hauser

Mohammad Anas Wahaj | 28 jan 2016

According to a study, pharmaceutical promotional and marketing expenditures, that include direct-to-consumer advertising (like TV ads), promotions to physicians, journal advertising, distributing free samples etc, increased from US$ 11.4 billion in 1995 to US$ 28.9 billion in 2005. But a recent research study titled 'Does Increased Spending on Pharmaceutical Marketing Inhibit Pioneering Innovation?' by professors Denis Arnold and Jennifer Troyer from University of North Carolina at Charlotte, found that the more pharmaceutical firms spend on marketing drugs, the less likely it is that the firm will produce breakthrough drugs that offer major advances in treatment. Conversely, the more pharmaceutical companies spend on research and development, the more innovative are the results in terms of the development of pioneering drugs according to FDA classifications, i.e. drugs that will improve public health. Authors of the study comment that the research has important policy and ethics outcomes. Prof. Arnold says, 'This article is the first using empirical data to demonstrate that aggressive marketing of pharmaceutical drugs and truly innovative new drug development are at odds. The current patent regime, that provides equal patent protection for drugs regardless of their innovativeness, can be manipulated by firms to increase sales and drive up costs for society without improving public health.' According to Prof. Troyer, 'The effects of increased spending on R&D are large for pioneering drugs. For firms producing at least one pioneering drug over the period (1999-2009), increasing permanent R&D spending by 1% results in an almost one pioneering drug approval per firm.' Read on...

UNC Charlotte News: For Pharmaceutical Companies, More Marketing Equals Less Innovation
Authors: Kirsten Khire, Buffie Stephens

Mohammad Anas Wahaj | 26 jan 2016

Social entrepreneurship takes initiatives to solve world's complex social problems through creativity, innovation and passion. Education and healthcare are two areas that require huge amount of resources and efforts to improve quality and access. In a number of cases various government, non-government and private organizations have to pool their resources and efforts for better outcomes in education and healthcare. Richard Barth, CEO of KIPP Foundation (US-based Education Social Enterprise), and Jonathan Jackson, Co-founder and CEO of Dimagi (Technology and Healthcare Social Enterprise that operates globally), explain how their two organizations are finding common ground, pooling their expertise and resources, utilizing technology and collaborating to find solutions to uplift their communities. Through their experience the organizations have observed that education and healthcare are substantially connected to each other. They explain, 'Dimagi and KIPP learned that the same child struggling with poor health is often unable to access a good education. There's no single solution that will improve their quality of life, and we can't fully address one challenge at the expense of the other.' This prompted the organizations to invest in each other's areas of expertise. Dimagi is branching out into education, and KIPP is incorporating healthcare into its approach. Since their interactions and relationships with communities in which they operate are central to their work, therefore, their collaboration will play an important role in effective application of solutions. The collaborative and partnership model can be applied by social enterprises working in different areas to maximize their impact and save efforts and resources. Read on...

The Seventy Four: Social Entrepreneurship - Connecting the Worlds of Education and Health Care
Authors: Richard Barth, Jonathan Jackson

Mohammad Anas Wahaj | 30 dec 2015

The technology-enabled interactions of consumers and businesses have provided opportunities to capture data and utilize analytics to improve business processes and enhance products and services for customers in variety of industries. The analytics industry ecosystem is mushrooming with numerous vendors, from niche providers to one-stop solutions that include capture, storage, access and study of data for valuable insights. Suhale Kapoor, Co-founder of Absolutdata Analytics, captures various aspects of the analytics industry and its evolution in 2015 and explains what are the expected trends in the year ahead. Trends in 2015 - Growth of new startups and digital marketing tools; Increased use of analytics and Business Intelligence (BI); Rise in use of social media and social advertising on mobile; Rapid expansion of Internet of Things (IoT); Video content; Content marketing and predictive analytics; End-user experience and integration of online and offline content to improve service standards. Trends for 2016 - Shift towards cloud; Streaming architectures will hasten data computations; Visuals will come to rule; Data integration tools will assume more importance; Centre of Excellence (COE) will equip a business in understanding the peculiar needs and challenges for a data scientist; The Internet of Things (IoT) is all poised to bring about a data revolution; Non-analysts will start to dabble in data. Read on...

DATAQUEST: The Analytics Sector - Emerging trends and forecast for 2016
Author: Suhale Kapoor

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