e e e I e back e all right everyone uh I hope that everyone has made their way into the uh Master Class English room um please let me know if you all can hear me can everyone hear me yes yes uh there must be something going on with my son because I I can't hear you we can hear you give me a second let me figure out what's going on with my [Music] sound um let's see not sure okay let's do this let me let me put on my headsets and that probably will help um just give me a second I'm not sure why the sound is not coming out of my computer here but my headset should [Music] work all right uh let's try that again Mato you there or anyone is anyone there that can hear me I need to have a confir I can hear yes we can hear [Music] you all right let's get to this all right awesome awesome all right great uh so welcome to another Master Class my name is Dr Michael Smith I am uh one of the adun professors for ENB and um we are going to cover uh in today's topic uh entrepreneurship in the digital age digital world uh lecture number two uh if you missed the last one it's now available on uh YouTube and uh certainly you can go on to the NB student portal and search the master class search for entrepreneurship and lecture one will be made available is available there for you um now let me just kind of share my uh teaching style uh I'm going to go through these slides a little bit um but I really enjoy interaction uh asking some very um appointment questions and getting some feedback um so we can have more of an interactive um uh approach interactive um way of of learning and also being able to learn from you you know what your take is on uh this particular topic and uh this topic will address the understanding uh the concepts of a startup ecosystem in the digital age right uh so many things have changed and um we we dealt with last time the understanding that when you are an entrepreneur uh back in the day in a more archaic way um entrepreneurship was uh paper based um it was a slow process um it got to a place where it just took forever to kind of uh build things up even when you look at the current Uber and you look at Facebook and you look at all the ones that started from a garage or started small uh it took them a very very long time to get to where they are today I mean you're talking building Amazon from you know almost 253 years ago right to the place where it is today and what we're going to address today is the understanding that the use of Technology use of AI the use of tools and resources can hasten uh the entrepreneurship uh process um that can heighten uh the the the the the speed at which you can become an entrepreneur uh through the ecosystems that we are going to um that we are going to address all right um so what are startup ecosystems and how uh do they function right so let's start with this the characteristics of a startup ecosystem um pretty pretty similar to some of our uh previous ways that we did a entrepreneurship um you have to have a network of interconnected stakeholders right so typically your friends or a partner that comes with you um you have to include uh fellow entrepreneurs who may have gone before you that can give you mentorship and assistance um in learning some of the pitfalls and some of the triumphs and some of the ups and downs of how they themselves um became an entrepreneur and and and were successful in entrepreneurship uh you certainly want to have investors that's your funding whether by uh your own personal funding or a family friend or the bank okay again we go back to mentors uh same thing as fellow entrepreneurs or even mentors that are not entrepreneurs but they have business uh expertise uh they are experts in Risk Management they're experts in marketing uh they are experts in some field uh that can be of support to you in mentoring you uh through the process you definitely want to have support organizations sometimes there are for profits or nonprofits that can assist you all right and you definitely want to Foster Innovation and growth right startup ecosystems consist of various elements uh again funding sources talent pool incubators and accelerators educational institutions and a supportive regulatory environment so certainly uh when you are let's say for an example starting up a nursing home or you're starting up something in the health field or some kind of client-based uh organization uh there is always the local government your state your city uh and your federal government regulations that you must follow in order to be licensed in order to be credentialed uh in order to ensure that you have all of the paperwork and documents in place signed and certified in order for you to run uh your organization and certainly the benefits of a robust startup ecosystem uh would be a well-developed startup ecosystem can drive economic development in your local community uh create job opportunities attract investment and Fa facilitate knowledge exchange leading to overall societal progress so as you know uh there are entrepreneurs that will look at there is a need in their particular community and uh they bring uh all to Bear uh these things investors mentors stakeholders Etc uh to meet that need in the community well when that need is now marketed and we are now looking for economic development in the community to increase uh tax revenue uh to increase maybe a depressed neighborhood of low income Etc uh that kind of strong ecosystem can help bolster even the local community right uh Walmart comes in that's 500 jobs just to have to fill a 24hour Walmart and they come on in and put it into into the community or Uber come into a community and now you have multiple drivers within that community that are now going from lwi income to Middle income to even higher income because Uber has brought that entrepreneurship into a community all right the next thing I want to cover is functioning of the startup ecosystem startup ecosystems promote collaboration and networking among Entre R preneurs uh invest there needs to be a knowledge base um a sharing of resources uh so certainly uh very beneficial uh to the uh the startup of the ecosystem is a collaborative approach right but making sure now let's what very important that you are protected right so let's say for an example uh Mr Mato decides to begin a uh an entrepreneurship he has a proprietary information he has a patent from the federal government he has a product that is going to work and you bring in all of the stakeholders your mentors your you know your partners other people ensure that you are protected so that when you begin to share your product and your entrepreneurship people don't steal and take uh your idea and go and emulate your idea uh with the same stakeholders the same investors go to a different bank you know all of that and next thing you know you're left holding the bag because they have taken your entrepreneurship idea and have become a millionaire from it so very important in uh those resources you want to have an attorney you want to have legal you want to have risk management you want to have those individuals that you can trust but can also ensure uh that your product and your entrepreneurship and your idea is also protected okay number two an effective startup ecosystem provides access uh to resources uh so you want to have a very good robust and well established and put together business plan okay business plan is is going to be uh the guide book uh for anyone looking at your product looking at you looking at your executive summary looking at your expertise looking at what you bring to the table uh your business plan you need to make sure is a solid quality business plan that the bank the investor the lawyer your fellow Partners Etc can come on board and say I want to support this okay um you want to also Foster a culture of innovation um Innovation meaning sometimes you have to look outside the box sometimes you have to uh walk outside the the norms and you have to be a risk taker and you have to look at ideas that may not be conventional uh but may be a little you know on the outside and that's okay because no one ever thought watch this no one ever thought that all of us no matter where you are in the world uh London Los Angeles New York Dubai no matter where you are we have lived eons and decades with taxis and you always think oh I come to the airport here's a taxi I pay the taxi I go from point A to point point B oh but what about a way that we can share by using my own vehicle with a company make sure I'm insured make sure I have a quality car and I can now rent out my own vehicle for individuals coming to and from the airport now you have Uber now you have Lyft right and it's a multi-billion doll industry yes there are RIS certainly of safety uh they the companies do try their best to make sure there's a background check there's a regular uh consideration of the driver that is that is that is presenting his service to the public to make sure that the public is safe and very minimal do we have any cases um where uh there is an Uber driver that is behaving in some kind of Nefarious way but look at that thinking outside the box right now we live in a world where now the taxis are now um they have competition okay and now uh your car being parked at the airport with hundreds of dollars a day or 60 bucks a day is now Antiquated because you could take an Uber drop you off come back the Uber takes you back home so these kind of innovative ways that you have to look at uh when you do your startup and your entrepreneurship all right um the next I want to do is sustaining startup ecosystems right so to remain relevant to remain up todate to remain in a place where you are competitive uh you must continuously evolve you must adapt to change uh you must look at the market dynamics you must always have at your finger tips technological advances one thing on an app or one thing on your cell phone or some new software or some new item how can I use that item to give my entrepreneurship in my product an edge an upper hand uh against my competitors okay you must always invol uh evolving uh moving forward and and don't never throw anything out put it all on the wall write it all down if something comes to you uh midnight while you're sleeping and you and you jump out of bed have a pad next to you to write it down because you never know what small thought what small thing what uh app what technology what idea can help you uh uh uh bring your product your entrepreneurship to the world okay very important I'm A diversity Equity inclusion and belonging expert and I really support anything dealing uh with Dei right deib and so the next one very important uh don't ever allow your implicit bias or any bias okay any racism any bigotry any misogyny anything at all that you think that you may have inside of you you got to let that go because there are times when you will bring on someone that is Hispanic someone that's black someone from another culture in your in your community someone who uh who's Muslim someone who's Christian whatever it is uh someone who is older that may have a little bit more experience someone who's young uh these Millennials can pop up technology at the drop of a hat and you may want someone who's 18 years old just fresh out of grammar school that has the the the idea to get to their age group their young age group okay so diversity and inclusivity is vital and important okay and certainly look globally right we want to make sure that we consider uh the digital age and the ecosystem uh from a global standpoint that that talent pool may come uh from all over the world all right so Global interconnectedness making sure you use your Facebook Global your Instagram Global okay any other platform that has a global reach you want to tab into okay um now let me let me uh begin or let me go to the next thing of the key elements of a successful startup ecosystem and I want to stop here and just kind of ask a a question um what do you all think uh is one of the major technological or most vital part um of what I just discussed an ecosystem that you should have if you look at what we just discussed your stakeholders your bank your partner technology diversity so on and so forth what do you think that if if you were to put together your uh business plan um you ready to go you're ready to launch what do you think would be out of all those things the most important aspect uh to have as a part of your ecosystem oh you all are quiet any any any takers any answers today Innovation and continual Evolution I think it's fundamental nowadays okay that's great wonderful thank you Mato so Innovation and and uh what else did you say Innovation and continual Evolution and adapt to new technology like be always on top of what's new yeah right right yeah that's I mean one of the things that's so that's so important is is forecasting it's also very important knowing what is uh going to be ahead you want to be ahead of the ahead of the curve so anytime you have a chance to see a new technology a new thing coming up or there's a trend vit very important um I hear someone's radio in the background you want to say something answer that question no okay okay anybody else thank you Mato is am I saying your name right Mato mattio yeah that's right okay thank you all right any anyone else want to add to this discussion right you're looking at your entrepreneurship looking at your um at your startup you have an ecosystem that you're trying to put together uh Matteo mentioned Innovation and evolution anyone else want to add to the discussion what do you think is a vital part I think uh I think hire and develop the best also uh you said one more time let me let me um hold on one second let me just turn up my speaker here do you hear me okay go ahead say that one yes go ahead say that one more time yeah uh hire the best oh Talent yes yes hire the best talent yes very yes that's very very important because you want to be able to have individuals with a whole host of talent resources they are the top of their game the top of their field uh they are uh whether they have a degree or don't have a degree or they have experience in the field um 20 years or 15 years or even 10 years of working in the field um they are a subject matter expert uh that's important making sure that you have a talent a pool uh that is going to help you um bring your product forward you know to the world so very very important all right anyone else I'll take one more okay all right so let's move on so accessing to funding right so very important to your startup would be the venture capital and Angel Investors right access to funding from venture capitalist firms is very important it's crucial uh for your startup that's the reason why you want to have a good Financial uh business a business plan with a good Financial disclosure Within the business plan to kind of outline exactly how you're going to use every dollar every penny um to making sure that you um can let can show them how their investment is going to have a good return on their investment right they're going to invest in you they're going to give you X number of dollars and they're going to expect a return on that investment um as your product grows so you must have a good robust uh business plan uh that you can help scale and grow okay it it is necessary to provide a uh Financial Resources to fuel Innovation and development okay number number two you want to have uh government grants and subsidies right very very important there are times when you are plugging uh your entrepreneurship into something that the government does like renewal energy it could be human rights uh it could be anything at all uh that you are dealing with uh the human part of the world right uh Health Care uh anything like that and there are government regulations and there's Government funding uh that can help support that and so very very important is making sure uh as my friend said you're a large part and a very important part of your talent pool is someone who can go out there Shake every Bush turn every stone and be able to find the government grants and subsidies uh that you're going to need in order to boost your Financial Health uh boost your startup and enable them to to focus on uh R&D and marketing expansion okay uh very very very important okay research and development you know is very very important okay and then and then a little bit more riskier but um you know it's out there it does work is your crowdfunding platforms okay where uh you've seen many individuals come up with the product um they may not have the bank they may not have the government funding but they do go out to the public and the world um and go through crowdfunding platforms where there are incentives uh for you to sign up and be a part of um of of that product I remember years ago I uh had invested in uh there was a little little technology thing that you put on top of your digital camera and when you slide on top of the camera that little technology helps you take better pictures it it presets all the camera for you to take the picture Outside Inside head shots um sunlight Darkness whatever it was uh the system presets your DSL camera for you you could take better better pictures and uh they went through crowdfunding okay they they give you a a price they give you some incentives you could be number one or number 100 um and when the product comes out because you're a part of the team and investor uh you get these certain team t-shirts and access and online and all of that so crowdfunding is definitely an alternative Source um that allows your startup to uh to validate your ideas okay so very very important all right um the next thing is the supportive infrastructure okay you want to access a well equipped co-working space Okay so yes we understand that Amazon started out in a garage okay um Facebook started in a dorm room at Harvard okay but as they grew and you begin to get Space where you need a secretary you need cabinets with uh for for paper and pencils and pads you need a desk you need computers and all of that very important when you're doing your incubator when you're doing your collab oration that you find a nice creative environment conducive to growth and learning okay um Tech parks are very important and Innovative hubs uh there are Tech Parks all throughout the world you can actually um go into this little space area where people are looking at Innovative technology and using all these different tools and you attach yourself onto it right you rent a space you can collaborate with other individuals and learn from them how they are using their technology to help bolster their entrepreneurship well that Tech Park is something that you can attach on to so very very important to help you facilitate um the growth you know of your uh of your entrepreneurship all right uh accelerator programs are also very important participation in accelerator program progs offers startups structured mentorship resources and access to Industry experts accelerating their growth trajectory right so there are times when there may be a nonprofit organization there may be a government agency there may be a private agency uh that has some kind of entrepreneur accelerator program where you apply for it you have a strong business plan you have a strong ecosystem of Partners investors and then they offer you all the tools you need within that accelerator program uh with a time frame listen we're going to give you these resources and within this time frame to 18 months we want these Milestones from 18 months to 24 months we want this Milestone by the time you blink 24 months to 36 months you're up and running and you have your product out there um doing you know very very very well all right um we're not going to go over this we've already addressed Talent pools um as as very very important um I'm the only thing I will add to this as you can read it uh and look through it is within those Talent pools Education and Training is is vital you want to make sure that whatever out there whatever certification uh whatever uh services that are there to help you increase your skills especially technology you know Microsoft Office you know um uh agile okay um you want to make sure you have your um what is it the black belt your you have your different black belts your risk management um you want to make sure you have all those things uh in place to ensure that you have all the skills and resources to bear when it comes to not only you the entrepreneur and the leader but also your talent pool all right and then making sure you share you know you share that knowledge okay all right so let's go to this next question okay how is digital transformation influenced the traditional startup ecosystem and what new opportunities and challenges has it created for entrepreneurs okay let's look at that question I want I want to have a couple of individuals um give me some feedback on this question right digital transformation influen the traditional startup ecosystem and what new opportunities and challenges has it created for entrepreneurs anyone want to want to jump in at that question nobody nobody wants to wants to help me out for example uh marketing now can be fully digital before it used to be you know offline and so marketing definitely is uh helping startup or making them interact with the word in a different way and digal I mean digital digital marketing after the digital transformation yes yes absolutely that's definitely a very I mean now uh you know paper is is almost you know thing of the past I mean they still have newspapers they still have magazines but you can reach a whole lot more people um through digital marketing now on Facebook on Amazon um on all of the social medias platforms they now have Google ads that you can do I mean digital marketing is now a huge Market um for getting your product out there all right anyone else anyone want to add some more to this what new opportunities and challenges has create has has been created for entrepreneurs um as a as a as a um result of the digital transformation that is happened in startups okay hello yeah I can say that um now um everything is connected and um diversity and Global Rich present valuable opportunities yes yes that's that's very important very very vital that um that you are no longer confined to the four walls of your house you're no longer confined to the 10 people that you know at the workplace you're no longer confined to the 15 people in your classroom right a lot back in the day you had a very small kind of group that you were limited to when it came to your entrepreneurship but now you can reach someone in Africa you can reach someone in Italy you can reach someone in Spain you can reach someone here in the United States and because it's all Global you now have a global reach to help you look at a product that may not work in your area but may work someplace else right you you now have a way in which your entrepreneurship uh can now be presented to more than just uh your government or your City or your professor or your friend uh now you can say listen I have this idea here's my business plan here's my idea here's my ecosystem here's my funding uh here's my bank um I want to go to Nigeria I want to go to South Africa I want to go to Spain and be able to maybe utilize this overseas uh when you look at Uber and you look at some of the other ones uh they're they're good here in the United States there's all they're all over but many of the market is in larger countries China and and India where Uber is doing a huge Market penetration um in other parts of the world because the idea of a shared writing system of I have a car and I want to use my car to make money by sharing my car uh to take people where they need to go that's everywhere now and so the global aspect is indeed um vital to uh your ecosystem thank you so much uh for for both of your input okay and let me also just add a couple things to that question uh while I have it on my mind um there's a couple things number one uh lower barriers to entry right digital tools and platforms um now have give you the reduced um cost and the complexities of starting up a business right so there's lower barriers you know back in the day you go to the courthouse you go to wherever and you got to get notorized you got to get all these documentations and you got to get it printed and you got to all and it cost to go to the library and it's 10 cents a page and it's 25 cents for color and all these different things that you have to do to get the document in place now everything is online you fill it out it gets submitted free you know so the low cost of Entry right we talked about global reach okay Innovative acceleration Technologies like blockchain iot and AI are driving new business models and services okay scalability is also big digital infrastructure okay um allows startups to scale operations quickly you put something on Etsy you put something on Amazon you put a product on somewhere and it's not just here but now it scales up globally and all of a sudden you have people all over the world buying your product okay datadriven decisions access to Big Data and analytics helps making informed decisions so now uh you can just plug the information into AI plug it into a data software plug in uh demographics plug in expectations plug in cost analysis plug all this data in and the data will kick back to you a report that says I will now make my decision based upon the results of this datadriven okay information okay another thing you're going to get is remote work oh that's big right you I'm I'm here now working as a professor teaching you all remotely and flexibility and hiring your talent from anywhere in the world is also something uh that has transformed uh the startup ecosystem okay and I can go on and on cyber security risks a market saturation uh rapid Tech technological changes all those things are uh vital and important to the Eco startup ecosystem startup okay all right let's go on to the next thing let's see where were we all right so the next one is enhancing connectivity and collaboration right digital technology enables startups to connect with a global audience all right virtual team building and remote work is vital and important uh crossborder Partnerships we've dealt with that you can go anywhere in the world and you can have networking all over the world so you're not you're not con uh find to just your uh neck of the woods okay um rapid uh empowering Innovation and disruption right rapid prototyping and Agile development uh digital technology enables startups to rapidly prototype and iterate on their ideas fostering a culture of Agile development and Innovation fast right whatever your idea is it gets out to the world you don't have to wait six months you have to wait a year right if it's a good product it'll scale up and it can be rapidly uh developed uh from a prototype into uh production immediately because there are so many um opportunities for you to take your product and go from what's in your hand to mass production very very quickly okay uh again we dealt with the startups having Advanced access to analytics and big data we just dealt with that okay and of course digital ecosystems allow startups to integrate uh with AI and blockchain and driving uh Innovation across Industries so very very important okay um another very very important aspect of this is making sure that whatever you do uh online however you decide to use your entrepreneurship uh to get globally to go globally you must must have a robust cyber security and data privacy software and infrastructure right you and I can can spend the rest of the class in the next five years talking about many of the industries uh credit bureaus and those industries that sell your data and have a data breach and now people's personal information has been released to uh the black uh Market in the dark web uh you want to make sure that you have um a robust cyber security and data privacy uh uh infrastructure in order to protect not only you protect your finances protect your proprietary information but also protect your uh customers all right um same thing adapting to Rapid technological changes very important excuse me um Market saturation and digital competition um the digital technology has led to Market saturation and intense competition posing challenges for startups to differentiate and gain market share in a in a in a crowded digital landscape so again just be mindful of that that you have a market saturation and digital competition that uh whatever you do in the technological world you're going to have competition okay I'm sure that many of you all um in the master's program have gone through uh the understanding of your SWAT analysis so make sure that you do a SWAT analysis your strengths your weaknesses your opportunities and your threats okay vital vital vital uh that even with that swall analysis that SWAT analysis uh must be included must be married and connected uh to the digital technology and the digital world okay now we're going to go to our next question right the challenges uh and the opportunities in the digital in the digital um startup digital age of startup of a startup ecosystem uh so here's my question what role do social media and digital marketing play in the success of modern startups and how can can entrepreneurs leverage these tools effectively that's a good question I hope I have a good conversation over the next few minutes um it's going fast it's already 11 here 11:42 so we have just over 18 minutes but let's have a good conversation what do you think about that question social media and its impact on digital marketing and the success of modern startups anyone want to jump in no one no one wants to jump in and add to this conversation uh yes sure can uh can I say something sure absolutely yes yeah I think uh social media have played a essential role nowadays for digital marketing because now if you have like some small product then you can position to promote it in a special area like regionally or even like that rather in the past that as you mentioned that you need like a newspaper or other different type of marketing and right now it's very easier for the any entrepreneur that have a good idea that SC do it with the social media and also as you mentioned like uh Crown fund funding or other also other types of uh promoting for your idea yes yes absolutely um let me apologize to muhamed I I just saw the chat and I saw your hand raised uh almost 20 minutes ago so I do apologize uh Muhammad do you have anything to add to this question I missed the last question but if you want to add to this one okay all right I I apologize for that anyone else want to add to this question what rle the social media right I'm come on many of you all are on Facebook you have some kind of social media what what do you see as a benefit yes hello may I uh answer I think that uh social media and digital marketing um very important for startup success uh they provide cost effective promotion uh brand visibility and uh it could directly engage the customer and I think that uh uh startup companies uh can use very effective uh data analytics to understand their audience uh and uh they can build uh the loyal customer base base by uh providing um very good content related to their business yes yes absolutely that's uh you made a very good point that um one of the major parts of Entrepreneurship is uh to know your customer right to know uh the target are you are you trying to Target Millennials are you targeting the elderly are you targeting the the working class males Fe emails um Etc and social media and data analytics can be vital and helpful uh when you put your survey your question uh you may give a free sample and you want to get reviews uh from that free sample whatever it is uh you want to be able to collect that data to help you make better decisions on the product and so absolutely um the role of that social media is vital thank you so much for your uh for your input all right all right there are some challenges in digital Aid startup ecosystem right there are some challenges the number one uh and we're going to go through these very fast because I've only got about 14 minutes um Financial constraints and funding struggles uh is is is real uh because many of us are just regular uh blue color and middle class workers nobody here is a is a millionaire I and if you are uh that's great for you uh but most entrepreneurs uh don't have a million dollars and so you try to get money out of your own pocket you try to persuade the bank you try to persuade your friends to give you try to persuade your partners to invest and uh then from that you're trying to get the government or a nonprofit or someone to invest and to give you the startup Capital that you need in order to uh to bring your product and your entrepreneurship uh to fruition and so the funding and the financial constraints are a real issue okay I don't see technological advances as a a major challenge because it's it's all right there and available but yes there are some places um where a person may not have um in certain countries access to Technologies I mean I'm working with a guy um that's doing one of our startups okay in the Essential Oil Business um he's working on a website um he's 19 years old uh he is smart he is sharp uh he's young he is a uh a Generation Z I think it is um but he doesn't have a computer so we had to purchase a computer computer here in the US and ship it to him for him to have all the Technologies all the Microsoft all the web camera everything you need in order to for him to help us uh to build up our entrepreneurship so there are times when technological just as something as simple as a computer or a cell phone uh may not be accessible uh to someone who is doing a startup all right um Market saturation the digital age has led to a saturated Market with intense competition so now what you have to work on is what makes you unique What Makes You Different what makes your product your mission you yourself your team uh your entrepreneurship Stand Out Among the rest and that's something that you have to isolate down to a to a to a to a great um little component that will help you Step Up Above the Rest so that your entrepreneurship and your product uh stands Above the Rest but you're G to have immense competition there's not really now in 2024 anything that's new until someone comes up with new we didn't think that a uber would be something new seven eight years ago but it is right what what's out there new now what what's the next Generation going to demand what app uh what social media what connection what product What car what shirt you know what tie what glasses you know is going to be something that comes up that's new that you can say I can overcome uh the intense competition um and then last here on this slide your regulatory right uh very very important sometimes you'll get a response from the state a response from the government they'll just say no and that's it we're just not going to give you the license we're not going to give you the certification your product does not meet our needs whatever it is and there are times when uh you just have to find a way to get around the hurdle of that Regulatory Compliance when you're dealing with people anytime you're providing a service mental health a product anything to the human race to people you're going to have the state or someone stepping and say we have to give you a license or something in order to protect uh the public good and sometimes they'll say no and when they say no what next because you need that license you need that certification you need that document to move forward so very very important that you are mindful of that okay all right opportunities in the digital age startup ecosystem so startups can leverage digital platforms to access Global markets we've dealt with that um you can be presented opportunities for S to innovate and disrupt traditional Industries we dealt with that making sure uh that whatever you do you want to also disrupt right don't think out Inside the Box don't don't think that this is the only answer but that I have an idea that can maybe help streamline this product this process I have an answer a product that may help uh there are operations for an example that happen all the time people go to the hospital and they have all kinds of tools and all kinds of uh resources in the hospital as you're going through surgery and every day somebody is coming up with a better scaer uh a better uh suction a better tourniquet a better blood pressure cuff a better something so always consider that uh you can disrupt that traditional industry with something new all right um startups can benefit collaboration and partnership and establish companies uh gain access to resources expertise and Market insights and as um Mato said earlier you want to be flexible okay you want to have Innovation you w to diversify you want to make sure that you bring to bear everything at your disposal and not be so rigid and so traditional because it's always someone who is non-traditional thinking outside the box that becomes that Bonaire that billionaire uh with their product all right uh let's let's let's ask another question real quick before uh we go to the next slide I want to get to last question and I and and um these are just two slides that we'll deal with um adaptability we dealt with that already customer Centric approach um knowing your customers data driven and the last one of course is risk management um resilient supply chain um sustainability and practices your social impact all right those are very very important to resilience and sustainability in the digital age our last question is this in what ways can startups utilize data analytics and artificial intelligence that's another big thing I wanted to wait till the end to get to this right AI is a huge market now and AI uh is something that can be absolutely used to help you uh to gain the Competitive Edge uh in startups so let me ask that question in what ways can startups utilize data analytics and artificial intelligence to gain a Competitive Edge in their respective Industries who wants to jump at that one today anyone anyone want to jump come on help out the professor oh well I guess they need uh a lot of money and to invest in uh people that know how to use these Technologies um but I think about I'm thinking I don't want to advertise a company but uh I think like uh Microsoft and Amazon they provide service for businesses that can also allow them to leverage the AI potential like Azure cloud and and stuff like this so but you need yeah you need money for that and you need a people that know how to use them yes absolutely and that's a good investment you want to invest that those funds you know one of the major Investments is professional development right you have your team somebody's lacking in some some certification absolutely you want to make sure that they have uh the education to help you with um with moving forward yeah um surge yeah I I'm sorry I'm not on camera today um a lot of a lot of utilization uh I mean we use a lot of AI both for market research um idea validation I mean it's just mind lling that you can just ask a question and say okay give me some market research with uh supporting supporting arguments and uh links to data sources for this or that and you you get a complete report in seconds um but also use it for mind mapping um basically Divergent thinking I mean you you mentioned earlier kind of about um uh looking into making sure that all areas are explored and uh mind maps are very good for that and there's some great AI tools for that yeah absolutely absolutely yes any anyone else want to add to that thank you so much that is indeed uh vital I mean I've we're using AI now you know just in that very same thing uh working on just asking a question give us an idea uh give me an outline uh give me a a a a you know even even asking AI to give you a template of something you know a template that gives me um how do I write a grant how do I uh write a business plan and AI will dish out for you excuse me those documents to help you right through on the spot within seconds right um AI can give you personalized customer experiences AI can forecast demand and manage inventory okay AI can help healthare in Diagnostics and personalized medicine okay um you can have data analytics for inventory and management and personalized marketing um uh uh campaigns that could be used to Ai and AI can also help you with fraud detection and risk management so there is a whole lot of stuff that you can leverage uh both technology and artificial intelligence um to help you as you uh promote your entrepreneurship and promote your product all right any other any other comments we have two minutes left I'll take one more comment on the way that Ai and data analysts can give you a Competitive Edge I I think that uh you can you hear me yes yes go ahead I think I think that uh data and AI can can help startup to to customize their services so they they can help them to know more their CL their customers so and to customize their services uh to have the right data in the right time can also enable them to to respond quickly to the Market changes for example so they dat I can can give them more more more more winning Point points if I can see that to right absolutely yes yes that's a great Point AI can definitely give you an advantage uh when you look at U Market penetration it can give you access to resources that can help you uh with like I said Staffing and and resources um uh even AI can help in technology you don't even even know exist right you could just ask AI hey I want to be able to do this one thing what can I use to help me stream line and do it faster you know so something that usually takes a year or six months you can have it done in seconds okay and then our last slide as we get to the last um minute of our of our class is this right transparency and data privacy uh there are some ethical considerations okay just make sure that you're upholding transparency and prioritizing data privacy um as crucial making sure that you're using AI in an ethical way okay once again diversity Equity inclusion is vital and then making sure that you are um uh social that your community engagement and social respons responsibility okay and engaging with the community and embracing social responsibility initiatives that strengthen uh the ethical Foundation of startups in the digital age uh strengthening you strengthening your partners your stakeholders and strengthening your community and strengthening the world all right okay we have come to the end of this presentation listen thank you all so very much uh for your input I know that I put many of you on the spot but that's how I am I I like to engage in a conversation and and get your feedback and I appreciate all of you uh just look out for part three of our entrepreneurship in the digital age um anded will make the announcement so listen again I'm Dr Michael Smith thank you all so very much and you all have a wonderful wonderful day thank you so much you all right thank you bye bye thank you so much thank you very much byebye anytime you're welcome you're welcome byebye everyone now I have to learn how to close the meeting let's see uh let's see let's see where do I [Music] [Music] h e e