Archive for the ‘Technology’ Category

Blockchain Breaks New Boundaries: Insurance and Authentication

Tuesday, November 29th, 2016

Bitcoin dominates social media discussion about blockchain, but insurance and security are growing in the conversation. How are these frontiers being explored in the world of startups?

Blockchain Wordcloud

According to Market Realist, the U.S. insurance industry is worth $1.2 billion. The decentralized ledger technology of blockchain, which can instantly prove asset ownership, offers new markets to the industry.

For example, parametric insurance could be paid out automatically with blockchain technology given external triggers, such as earthquakes. One early implementation of this is the San Mateo-based startup Rainvow, which pays out in the event of poor weather.  TechCrunch has more about how blockchain is transforming the insurance industry.

Blockchain technology is also joining forces with biometric security. HYPR recently closed out $3 million of funding for a solution that addresses a weak spot in blockchain security by allowing transactions to be authenticated with biometric signatures.

Developer FYI

Tech Heads West

Friday, November 25th, 2016

A booming tech scene is not only transforming B.C.’s economy, but the lives of its citizens.

On March 14 – 15, the second #BCTECH Summit will showcase this transformation to an audience expected to number in the thousands.

“The tech industry continues to be a core driver for B.C.’s economy, and has grown by an impressive 14 per cent in the past two years,” says Shahrzad Rafati, founder and CEO, BroadbandTV, “Now is the perfect time for us to evolve beyond Silicon Valley of the North and collectively define who we are and what we stand for.”

Advances in the Internet of Things, artificial intelligence, augmented reality, cleantech, and autonomous vehicles will all be on the agenda, along with keynote addresses from thought leaders such as Ben Parr, author of Captivology, and IBM.

“There is incredible innovation happening in British Columbia,” says Shirley Vickers, president and CEO, BC Innovation Council, “And the #BCTECH Summit will showcase global thought leadership and position our province as a beacon of transformative tech for the world to see.”

Register for #BCTECH before December 20 to take advantage of early bird pricing, and use our promo code TechPORT100 to save an additional $100.

How Big Companies Can Make Innovation Successful

Tuesday, November 15th, 2016

Every company wants innovation to be a core value, but innovation doesn’t happen on its own.

That was the key takeaway of Kirstine Stewart’s talk at MaRS Verge in Toronto today, an event that attracted 175 people from 20 different sectors.

“Success needs to be praised, but failure also needs to be supported,” said Stewart. “If people don’t believe they can stick their neck out, they won’t.”

Kirstine Stewart is the chief strategy officer of Diply, a social news and content website. Prior to joining the London, ON-based company Stewart was VP of North American partnerships at Twitter.

“Somehow, we think of innovation as being scary and that we have to disrupt everything,” said Stewart.

Stewart believes that the key to taking fear out of innovation is building an environment of trust. 

There can’t be fear of negative consequences if a project or initiative does not have a successful outcome. Failure has to be supported in order to build trust with employees.

“When I worked in the U.S. this was part of their culture I wish Canada had more of,” said Stewart.

Jon Worren, Senior Director of Entrepreneurship Programs at MaRS says culture is critical to making innovation successful.

“People often come to us because they think something’s not working in their company’s approach to innovation and it usually comes down to culture,” Worren told TechPORTFOLIO. “Many corporates recognize that startups have set the model in how to build an innovative company culture.”

What else helps make innovation possible in both startups and large enterprise?

Innovation comes from all employees — not just the IT department

“Innovation doesn’t have a look,” said Stewart. “It’s not about being Steve Jobs in a black turtleneck.”

Tech companies earn a lot of media coverage for being harbingers of innovation, but they can also struggle to scale with it.

“They’re often based on founder culture, and that doesn’t always scale” said Stewart. “Transformation from a startup to a larger company means founder culture needs to expand so everyone feels like a founder of the business.”

Companies that spread power across an employee base are more likely to be successful with innovation.

Innovation might require structural changes

While Stewart was at the CBC, reorganizing the broadcaster’s approach to digital was one of the ways innovation was supported.

The digital team had been siloed and functioned like a hub, rather than being part of everything the organization did. Stewart said the CBC had to dismantle this hub and enable a digital-first mentality across the organization and in every department.

This move fostered innovation.

“You have to empower people with responsibility,” said Stewart. “It has to be embedded into every area of the business and not classed as just an innovation project.”

Look outside, speak up, and manage up

“No matter what size company you’re at, you have to look outside yourself,” said Stewart.

In her time at CBC and Twitter Canada, Stewart learned you have to remind people — who are often talented and have been with a company for a long time — that the world is changing.

As an employee, you also have to speak up even when you think your organization won’t listen: it’s your responsibility to bring ideas forward.

To overcome organizational limitations, Stewart said you have to manage up. Put yourself in your boss’ shoes and think about what he or she has to consider, what the consequences are, and find ways to eliminate risk for them.

“Risk is a scary thing to be signed up for,” said Stewart. “Manage expectations as well as fear of others.”

6 Essential Skills of Exceptional Entrepreneurs

Monday, October 24th, 2016

Think about what’s in front of you, not behind. It’s proven to keep you motivated, says Stanford lecturer and author Amy Wilkinson in a talk at this year’s IBM World of Watson.

Wilkinson’s book, The Creator’s Code, is based on more than 200 in-depth interviews with leading founders including those from PayPal, AirBnB and Tesla.

From her interviews she uncovered six essential skills every exceptional entrepreneur lives by:

If you want an example of how powerful these practices can be, you need only look at PayPal. The company spawned 13 men — known as the PayPal Mafia — who have gone on to found some of the most popular tech companies, including YouTube, SpaceX, LinkedIn, Kiva and Square.

IBM World of Watson is in Mandalay Bay, Las Vegas, until Thursday, 27 October. Follow TechPORTFOLIO on Twitter for up-to-the-minute coverage.

To learn about what Watson can do for your business, read more here.

Why Fintech Entrepreneurs Should Make Friends with Regulations

Thursday, October 20th, 2016

Want to change the world with your fintech startup? You have to work within the world you have, says MaRS‘s Adam Nanjee.

Regulation is a big part of fintech.

Regulations are not designed to obstruct you or keep the status quo. They protect the economy from harm.

One of the reasons why Canada’s banking system survived the financial crisis is that we have a highly regulated environment.

There’s no carte blanche for a good idea. Following the rules must be part of the DNA of a fintech startup.

The worst thing that can happen to a fintech entrepreneur is they build this great solution, they invest a tremendous amount of capital, and they hit the regulatory wall and get shut down. 

The good thing is, regulators are open to discussion. Adam Nanjee’s fintech hub at MaRS helps make initial connections.

What we’ve seen here in the Canadian landscape is that a lot of fintech startups are actually working with the regulators to develop their solution.

After all, regulators understand that rules that can’t be adapted and applied also can’t respond to change.

If we stifle with all regulations, how does innovation actually happen?

The right time for entrepreneurs to get regulators involved is before they start.

They are spending a lot of time with their lawyers, and their IP patent lawyers, and their regulatory advisors to build the right solution from the beginning.

In Canada, especially, to achieve any sort of scale, you also must work with banks and think beyond your borders.

Once you build a solution domestically, you have to invest capital to build out your solution internationally having that regulatory lens.

Each environment has different rules on reporting, retention of customer data, and risk.

It’s very different operating in Hong Kong than Toronto.

Fintechs that proceed past the idea stage have to then budget time and money around regulation.

As startups scale and raise that capital, you see a larger portion of their capital in fintech dedicated to that regulation component. 

Although the consequences of not working with regulators might be catastrophic…

You can go against regulation and get shut down, you can skirt around it, or you can work with the regulators.

…without them…

We’d have the wild wild west. 

Developers’ Job Guide: Smart Contracts and Blockchain

Monday, October 3rd, 2016

Blockchain and smart contracts are expected to drive the revolution in financial services.

The numbers suggest that’s happening. According to CoinDesk, $1.1bn was invested in blockchain and Bitcoin in the first quarter of 2016.

With this in mind, software developers looking for a new direction might want to take their skills to the blockchain.

Go forth and multiply

The core code for Bitcoin, the first application of the blockchain, is in C++. But that was 2009, and in 2016, you need to go with Go.

“I’ve heard it described as ‘what the developers of C would come up with after using Python for a decade on Google-scale infrastructure,” Ethan Buchan, CTO of blockchain app development firm Tendermint – which codes in Go – said in an interview. “I think that’s pretty much what happened.”

Go is an open-source language created by Google engineers to build servers. It’s designed to be lightweight, has good concurrency support, and supports quick deployment. This makes it particularly effective for decentralized tech like the blockchain.

Code choice is strategically important for startups. The primary codebase of Ethereum, which pioneered smart contracts, is written in Go. Distributed tools such as IPFS and Consul use Go too. Development is geared toward user needs: The most recent release, 1.7, was cut in size to accommodate Raspberry Pi owners.

Links
Go Documentation

Beginners’ luck

Beginners have an advantage when it comes to the implementation of blockchain-driven financial services.

“While the techies are working on big themes like scalability, to no avail so far, beginners should fill the gap of blockchain’s too-steep learning curve by working on making it more user-friendly to the mass,” Davide De Rosa, author of the popular blockchain tutorial Basic Blockchain Programming, said in an interview.

Meltem Demirors, Director of Digital Currency Group, writes on Medium that there are “tremendous opportunities” for women in blockchain technology, and that the industry should look outside of finance and technology to develop: “I’ve seen some of the best ideas come from diverse teams of people who have various backgrounds.”

Links
What is the blockchain?
PWC: Blockchain infographics
The idea of smart contracts
Basic Blockchain Programming
Women in blockchain tech

Experiment and learn

With developers in short supply, attitude, background knowledge, and demonstrated experimentation on the blockchain is more important than actual paid experience.

Tendermint’s Buchan says he looks for candidates “well versed in distributed computing, cryptography, and consensus science, though in general we are open to strong programmers with an aptitude for self-directed learning.”

Marc Warne, founder of London-based Bitcoin transfer site Bittylicious, says that candidates should experiment. “I’d just see what they’ve built on top of the blockchain, even just minor projects they might just be tinkering with, or fancy contracts.”

For your blockchain and smart contract developments, you should research current issues – such as the Ethereum hard fork – and be able to defend a position. “For a really entry level job, I might want to chat with them about ideas and ideologies,” says Warne.

Links
Quora: Best open source blockchain projects to contribute to
Wikipedia: Distributed computing projects

Networking

Follow on Twitter
Laura Shin (presenter of Unchained blockchain podcast)
Meltem Demirors

Communities
Meetup.com
Many cities have blockchain and Bitcoin meetups on the site, according to De Rosa.

Visa Testing Blockchain for International Payments

Tuesday, September 27th, 2016

Blockchain technology may make credit card payments cheaper and safer.

That’s the aim of a pilot program Visa Europe is launching with BTL Group, an effort billed as “a first-of-its-kind blockchain-based settlement system.”

Visa Europe announced its search for banking partners to participate in a “proof of concept” for international transactions using BTL’s interbit distributed-ledger technology.

Hendrik Kleinsmiede, Co-Founder and Innovation Partner, at Visa Europe Collab, wants to test international payments over blockchain technology between a hand-picked series of banks across different countries, to see if credit risk and transfer time can be reduced without compromising security.

“For me the opportunity is a fascinating and potentially very beneficial one,” writes Kleinsmiede. “Through the use of smart contracts and blockchains I believe we can create a fast, compliant and low-cost interbank payment and settlement service, with embedded regional compliance.”

Blockchain is a distributed ledger that keeps copies of every transaction made. One advantage is security – each transaction depends on the previous one. Amending previous entries requires the consent of all participants.

According to the Financial Times, if the project succeeds, it could present a threat to Swift, a 43-year-old interbank messaging system that handles 30 million requests a day.

Moving money cross-border can take at least three working days with Swift, and the system has been subject to its own security problems: earlier this year, malware was used to seal $81 million from the Bangladesh Bank through Swift – the hackers were only prevented from stealing more when a spelling mistake in a request prompted Deutsche Bank to investigate.

 

Coworking in the Cloud

Wednesday, August 31st, 2016

Coworking shouldn’t be limited to former factories with exposed brick and chunky wooden beams. Shared resources should also be leveraged in the cloud, particularly for early-stage startups with limited access to funds.

Sometimes referred to as multi-tenancy, sharing space in the cloud can give startups more development flexibility, but users need to manage expectations around security, reliability, scalability and serviceability.

“Networks underpinning a cloud deployment need a higher degree of automation, programmability and multi-tenancy versus traditional non-cloud buildouts,” Andrew Lerner, Research Vice President at Gartner, said in a blog post last year. “Further, there are multiple paths to achieving automation, programmability and multi-tenancy … it’s not SDN or bust.”

As regulations around data security evolve in an age of near-daily headlines about hacking, developers, founders, CTOs and CIOs need to know what the cloud coworking options are.

For more on this, learn about the four key design considerations for a multi-tenant cloud.

IBM Cloud Resources

Click here for a free IBM Bluemix trial.

To apply to the IBM Global Entrepreneur program, click here.

Tech Sector Sidesteps “Great Reckoning” for Startups

Monday, August 29th, 2016

Startups in the tech sector have defied expectations of a “great reckoning.”

Citing Evernote, Zirx, and Bannerman as examples, The New York Times explains how tech startups have largely responded to alarm bells set off by investors, with the following results:

  • Many companies have narrowed their focus to the most profitable customers.
  • More new enterprises are leveraging artificial intelligence, robotics and virtual reality, “creating potential areas of growth for Silicon Valley technologists to build on next.”
  • Elimination of some employee perks. For example, Evernote ditched free housekeeping services.

“The startup world did heed the warnings,” Max Levchin, chief executive of lending startup Affirm, told the NYT. Levchin was a co-founder of PayPal.

Related stories:

Bluemix Case Study: Kiwi – A Motion Sensor for Developers

Wednesday, August 24th, 2016

As hackathons proliferate, the value of winning one declines.

That is, unless you turn your winning hack into a startup that attracts $2.5 million in seed funding, as Kiwi Wearable Technologies co-founder and CTO John David Chibuk did. The first iteration of Kiwi’s technology, a heart rate sensor app, was the result of a victory at AngelHack Toronto 2013.

Kiwi produces intelligent motion capture technology that analyses speed, direction, angle, and torque. The company is targeting developers looking for an easier way to integrate these functions into a variety of products.

“We found there were a variety of different products on the market that all offered a form of step counting, or different types of motion classification,” Chibuk says. “However, the software was not available for other developers or people who actually wanted to make a product.”

TechPortfolio_Twitter_Quote---August24

The device accepts development on several platforms. SDKs are available for iOS and Android, as well as for open-source electronics platform Arduino and JavaScript.

Kiwi aims to form partnerships, completing pilots for consumer and industry applications with potential use cases in sports, healthcare, and in the industrial internet of things. Pilot projects so far include integration of sensors on forklifts at a car parts distribution center.

“The aim for this pilot was to determine down time optimization – when there is a piece of equipment not being utilized, and to improve the floor workers’ schedule,” Chibuk said.

To test in the sporting arena, Toronto-based Kiwi picked lacrosse, the national summer sport of Canada, and worked with Silicon Valley-based sports wearable technology startup Snypr to capture movement of lacrosse throws and see how players’ forms developed and improved over time.

“The purpose is player performance enhancement, to see the nuances in their movement,” says Chibuk. “They can undergo different training schedules and see when they’re performing best, or when they need to alter their routines to perform better.”

Kiwi Wearables was also part of the Cannes Lions Innovation Festival 2016. Soccer players wore wristbands that recorded each kick and touch of the ball. The data was processed by Watson, and donations to charity were made for each movement.

And Kiwi has strong support in other respects. FounderFuel is Kiwi’s main seed investor, and the company counts GoInstant’s Jevon MacDonald as an advisor. MacDonald gained prominence in Canada for selling Golnstant to Salesforce in 2012 for a reported $70 million.

IBM Bluemix is an integral connector in Kiwi’s technology. The cloud platform “allows for a lot of variety of APIs to be integrated quickly together,” Chibuk explains. “There’s a good methodology for distribution and hosting applications.” The device sends the recognition events to Bluemix, storing them and interfacing with an online presentation layer for clients.

One key aspect of Kiwi is the importance of accurate motion data at source. The more that data is converted and its format is changed, the more the quality degrades, particularly if the data is being captured in real time. Everything is classified on the device.

Developing for industry and the consumer market means different emphases. For the former, accuracy and high performance; the latter, keeping the cost of the parts down. “It’s the same mathematics, it’s just what’s computationally available in each of the use cases,” says Chibuk.

Kiwi aims to launch its first developer-focused product by the end of this month.

Click here for a free IBM Bluemix trial.

To apply to the IBM Global Entrepreneur program, click here.