Innovations in Business: Creativity and Innovation as Resources for Growth

Summary

In this in-depth session on business innovation, the York Entrepreneurship Development Institute (YEDI) explores how creativity and innovation can drive market disruption and transform industries, particularly through the application of artificial intelligence (AI). The talk delves into how AI tools can be utilized by businesses to meet customer demands in more appealing ways, improve efficiency, and gain a competitive advantage. Through storytelling and strategic discussion, participants are encouraged to identify opportunities for disruptive innovation within their own ventures, emphasizing the importance of shedding limiting beliefs and embracing new technological tools. The session underscores the potential impact of AI on small businesses, outlining both the challenges and opportunities that come with integrating such powerful technologies.

Highlights

• Engaging storytelling was used to illustrate the concept of overcoming limitations. 📚
• The potential of AI in reshaping small businesses was a key focus. 🏢
• Real-life examples of disruptive technologies provided insights into innovation. 💡
• Interactive group activities encouraged creative thinking and collaboration. 🤝
• AI tools were discussed as means to improve operational efficiency and customer satisfaction. 🤖

Key Takeaways

• AI is a powerful tool for driving innovation and meeting customer demands more creatively. 🚀
• Identifying and overcoming limiting beliefs can unlock new opportunities for business growth. 💪
• Disruptive innovation often starts small but can significantly reshape industries over time. 🌱
• The session emphasized the importance of adaptability and agility in thriving amid market changes. 🤸‍♂️
• Participants brainstormed innovative solutions and learned to effectively pitch their ideas. 🎤

Overview

The session kicked off with an intriguing tale about a wise man's lesson on letting go of limitations, metaphorically represented by a 'small cow,' to foster innovation. This set the stage for discussing how AI can serve as a catalyst for business growth by streamlining operations and opening new avenues for creativity.

Participants delved into understanding the essentials of disruptive innovation, examining how it can make existing systems obsolete and create entirely new markets. Engaging discussions and case studies of companies like Google and Tesla highlighted the power of innovation to transform industries.

In lively breakout discussions, groups brainstormed practical ideas for leveraging AI in business. This hands-on approach not only fueled creativity but also taught participants how to craft compelling pitches for their innovative solutions, emphasizing effective communication and strategic planning.

Chapters

• 00:00 - 00:30: Introduction and Session Overview The chapter introduces the session's objectives, highlighting the potential overlap with previous sessions and emphasizing the coverage of planned content. The focus of today's session is on innovation.
• 00:30 - 10:00: Importance of AI in Business The chapter titled 'Importance of AI in Business' explores the role of artificial intelligence (AI) in fostering business innovation and creativity. It discusses ways to meet customer demands more effectively using AI tools, emphasizing how AI can impact businesses. The chapter advises on leveraging AI to boost business performance and maintain competitiveness in the marketplace. It begins with a story to illustrate these points.
• 10:00 - 15:00: The Story of the Little Cow In this chapter titled 'The Story of the Little Cow,' a wise man takes his disciple on a journey to a distant place, venturing into a forest. They walk for many hours as the narrative unfolds.
• 15:00 - 25:00: Disruptive Innovation in Business The chapter opens with an allegorical tale of an old, wise man in need of water who encounters a poor family living in a dilapidated shed. This setup serves to introduce the concept of disruption and how it can arise from unexpected or overlooked sources. The poor family's circumstances highlight how necessity and constraint can breed innovation or change. The narrative seems to set the stage for discussing real-world instances where businesses or industries have been similarly disrupted by seemingly small or overlooked entities.
• 25:00 - 35:00: Examples of Disruptive Technologies The chapter discusses examples of disruptive technologies and illustrates their impact by referring to a story about individuals living in survival mode in the forest. The story further develops when a character asks for water and is graciously accommodated, highlighting themes of kindness and survival. The hosts invite the travelers to stay overnight and share a meal, exemplifying hospitality and human connection amidst challenging environments.
• 35:00 - 45:00: Understanding Disruptive Technology and Adaptation In this chapter titled 'Understanding Disruptive Technology and Adaptation,' a wise man engages in a conversation with his host during dinner, questioning how the host manages to survive in a seemingly remote and resource-scarce environment. The host reveals that their survival hinges on a small cow that provides for their needs, illustrating a metaphorical understanding of how simple but reliable resources can support a family. This exchange highlights the themes of innovation and adaptation amid limited resources, akin to how disruptive technologies necessitate adaptation but can sustain and transform lives in unexpected ways.
• 45:00 - 55:00: Implications for Aspiring Innovators The chapter titled 'Implications for Aspiring Innovators' shares a narrative about survival and resourcefulness. It tells the story of how people use their resources, specifically milk, to produce dairy products and trade for other essential goods in a neighboring town. The lesson highlights the importance of adaptability and strategic planning in managing resources effectively for sustainability. As the story progresses, the wise man expresses gratitude for the hospitality received. Before leaving, he imparts a lesson to his disciples, urging them to take action and learn from the experiences encountered.
• 55:00 - 70:00: AI's Impact on Small Businesses The chapter explores the potential impacts of AI on small businesses, using a metaphorical story involving a small cow. The story describes how a master instructs their disciple to throw the small herd's only cow over a cliff. This act, despite seeming harsh and destructive, suggests a transformative process or lesson to be learned, implying that small businesses might face challenges with AI but may emerge stronger or more adaptive eventually.
• 70:00 - 85:00: Pros and Cons of AI Implementation In the chapter titled 'Pros and Cons of AI Implementation,' a disciple begrudgingly follows an old command to sacrifice a small cow by throwing it off a cliff. Feeling troubled and guilty many years later, he decides to revisit the family affected by this act. Lacking monetary means to repay them, he resolves to offer his time and skills as a form of compensation.
• 85:00 - 100:00: Strategies for AI Adoption in SMEs The chapter 'Strategies for AI Adoption in SMEs' appears to tell a transformative story or metaphor. A person revisits a location - a forest where he previously encountered a shed - only to find it drastically transformed into a vibrant area with a magnificent house and more. This change in scenery could symbolize the growth and transformation that AI adoption could bring to small and medium enterprises (SMEs). It suggests that what was once simple or underdeveloped can be upgraded into something thriving and well-structured through the right strategies. The chapter might delve into how SMEs can implement AI technologies to enhance their capabilities and optimize their operations, just like the magical transformation of the landscape from a shed to a grand house.
• 100:00 - 115:00: AI Case Studies in Small Businesses The chapter discusses AI case studies in small businesses. A story is shared about a person returning to a place they visited years ago with their master, only to find that everything has changed. The host recounts a tragedy that occurred the same day they left, emphasizing the unexpected shifts that can happen over time. This illustrates the broader theme of change and adaptation, relevant to how small businesses integrate AI solutions into their operations, facing challenges and transformations along the way.
• 115:00 - 135:00: Interactive Discussion on AI in Businesses The chapter titled 'Interactive Discussion on AI in Businesses' begins with a seemingly unrelated anecdote about a small cow falling off a cliff, which leaves the group in a predicament. The story transitions into a metaphorical exploration of how challenges in AI and business can lead to introspection and creative problem-solving. The group, faced with an unexpected situation, contemplates their existing skills and resources to adapt and survive, drawing a parallel with how businesses can innovate using AI.
• 135:00 - 150:00: Business Game Instructions The chapter discusses the story of an individual who developed carpentry skills, which eventually led them to become a leading provider of lumber. Over time, this person not only became successful in business but also became a major philanthropist, contributing to the community by building many houses and assisting in its development. The moral of the story highlights the importance of skill development and giving back to the community.
• 150:00 - 190:00: Group Presentations and Q&A The chapter titled 'Group Presentations and Q&A' discusses the metaphor of a 'little cow' inside each of us, which symbolizes the limitations we impose on our imagination, thinking, and skill development. The takeaway is to identify and overcome these personal limitations to enhance growth and capability.
• 190:00 - 194:00: Concluding Remarks In the 'Concluding Remarks' chapter, the speaker discusses the idea of 'getting rid of the small cow' as a metaphor for overcoming obstacles to enhance skills and creativity. The chapter promises that by the end of the session, readers will gain valuable insights into fostering innovation.

Innovations in Business: Creativity and Innovation as Resources for Growth Transcription

• 00:00 - 00:30 join us later on on online maybe in class so I hope that um we can still manage to do whatever we want to do um because we have quite a bit to cover so we can start yeah okay hi everybody um there are some things that may overlap with the previous sessions that we had but today's session is about in ation in
• 00:30 - 01:00 business innovation in business in terms of creativity how do we meet the customer demands in a more appealing and constructive manner with emphasis on AI tools and what is the impact of AI on your businesses how you can utilize that in order to boost your performance and be competitive in the marketplace okay uh I'll start with a story to share
• 01:00 - 01:30 with you A wise man once took his disciple and what continue I'm just bringing it closer oh they can hear me no they can hear you they can hear you this is the the sles oh okay thank you he took his disciple to a far away place and they started to walk in the forest and uh they walked for hours and hours and
• 01:30 - 02:00 hours the old man the wise man was tired and he saw a shade shed he saw a shed very you know poor shed and he said I want some water he knocked on the door and the guy opened the door they looked very poor family with three kids all in torn clothes the roof was leaking there was nowhere else to go around there they
• 02:00 - 02:30 were living alone in these forest and they uh were actually living in a kind of a survival mode and um he asked for water and the the the man the was kind enough to give him the water of course and he said listen this is it's getting dark why don't you stay overnight with your student and in the morning you wake up in the morning and go take your continue with your trip and he said you're very kind so he invited them for dinner with
• 02:30 - 03:00 whatever they had and during dinner the wise man asked the host how do you survive because I don't see anything here no commercial center there are no houses and the nearest town is so far away how do you manage to survive with your family and the host said you know what I have a small cow and she gives us every
• 03:00 - 03:30 day few liters of of um milk and with half of the milk we do dairy products and with the other half we go to the other town and we do exchange with other Essentials and commodities that we need that's how we survive and the wise men said I understand and thank you in the morning they woke up they thank the host for their hospitality and as they are moving the wise man told his disciples go go and
• 03:30 - 04:00 grab the old the not the old but the small little cow bring it to the cliff and throw her to her death so the disciples says what Master this is all they have how will they survive how will they get along if that you gonna you're going to kill the only thing the only asset they have the master said you will understand later on please do as I said so
• 04:00 - 04:30 reluctantly the disciple took the old cow the small cow bring her BR um brought her to the cliff and threw her to her death and uh many years after the disciple was feeling a lot of um you know um inconvenience and he said I want to go and visit that family and I want to pay them at least with my time because I don't have enough money I want to pay them with with my my skills and
• 04:30 - 05:00 ability and help them to buy another cou because he felt very bad about what happened so he went to the area and as he walks in the same Forest he realizes that the scenery changed completely so he try he's trying to find the same shed but he sees a magnificent house like I mentioned everything is so green lots of houses around and he was astonished so he knocks on the door where the shed was and the same guy
• 05:00 - 05:30 opens the door and he and he says to him you remember many years ago I was here with my master and we stayed over and you were kind enough to invite us in what happened everything is changed what is going on so the guy tells him I remember when you were here and the same day that you left a tragedy happened the small C right
• 05:30 - 06:00 the small cow that we had fell off the cliff and died and we had absolutely no idea what to do and then after a while we decided to think what other skills we can have in order to survive so the process of the thinking brought them to realize they live in a forest there is plenty of wood there so they
• 06:00 - 06:30 started to develop skills of carpentry so those skills brought them to be one of the largest providers of lumber and and the wood to build houses and that over over the years he became the Man became one of the largest philanthropies to the community he built so many houses and helped the community so what is the morale of the story here really the morale of the
• 06:30 - 07:00 story is is that every one of us has the little cow inside the little cow that limits our imagination that limits our thinking process that limits our capabilities and avoids us from developing additional skills so the Food For Thought in this story is that each one of us needs to find out what is there small cow and how
• 07:00 - 07:30 they can get rid of the small cow in order to boost their skills and creativity okay let's start with U so by The End by the end of this um session um you will gain valuable insights into how innovation
• 07:30 - 08:00 drives Market disruption and reshapes industries by understanding the principles outlined in uh the reading material and I hope you also covered some of that and in this session um you as aspiring entrepreneurs should be able to identify opportunities for disruptive innovation in your businesses and the industry learn from the success and failure your off established companies and we will
• 08:00 - 08:30 cover uh some of the case studies in this regard and uh and then we're going to touch about some of the other aspects of AI how AI impacts small businesses like yours and how we can Leverage the AI Tools in
• 08:30 - 09:00 order to gain competitive advantage in your Marketplace okay so what is disruptive technology so I want to take a couple of minutes I want you guys to take a couple of minutes and think uh without using hopefully external uh sources just with your you know uh current knowledge write down a
• 09:00 - 09:30 sentence or a paragraph that um reflects in your view of what is disruptive technology so let's take two minutes for that okay go uh volunteer to start Joseph yeah go ahead please um I believe uh disruptive
• 09:30 - 10:00 technology is um um we are in an everchanging world uh we our world is always changing so we are an never changing world and um so disruptive is when um there is a more efficient way of solving the problem that you are solving uh and someone finds that or or you find that okay so use the word efficient which is very good yeah I have two submissions online in the chat one from Tanya saying disruptive technology is
• 10:00 - 10:30 technology that makes another everyday system obsolete okay good I think I like that angle and I have there's another entry from Stephanie who says disruptive technology is an innovation that significantly Alters or displaces existing markets Industries or ways of doing business good good very good yeah okay Johnny you want try um disruptive Innovation they usually start small and
• 10:30 - 11:00 then gradually become bigger as the as you improve it what am I trying to say what I'm trying to say is that yeah usually it's an idea that becomes bigger because it becomes more targeted okay and then it yeah customer focus meeting the exact me okay okay good so you mentioned quite a important aspect
• 11:00 - 11:30 I want to touch um on some of the um explanations and um you can choose any of each uh really but one of the um explanations from Cambridge Dictionary is a destructive technology is the new technology that completely changes the way things are done this is based on K Bridge dictionary another um one is from Oxford which says
• 11:30 - 12:00 instructive Innovation is a specific technology that can fundamentally change not only established Technologies but also the rules and business models of a given market and often business and Society overall and I personally like the third one which is uh which says that the destructive Innovation is a groundbreaking product service or technology that transforms an existing Market or creates a new one by
• 12:00 - 12:30 offering simpler more convenient and often more affordable Alternatives ultimately displacing established competitors and reshaping entire Industries so there are some key wordss that I wanted you to remember from this explanation if you decide to adopt this kind of explanation one is transformation the other is simpler convenient affordable and
• 12:30 - 13:00 reshaping these are key wordss in my view that demonstrate the essence of what is disruptive technology and we will touch some real life examples from my own experience and others to exemplify why they are disruptive so starting with the first um uh real life example from my own experience of a disruptive
• 13:00 - 13:30 technology uh when you look at this U image um let me try I will try um I don't know how many of you guys know two dimensional angiograms in uh Cardiology when a person has a heart attack or needs to have a stand inserted into his one of the arteries they used to have two dimensional Ang
• 13:30 - 14:00 geography why what is it used for what do you think is it used for what anyone has an idea if not I can explain so it is used for when the okay Stephanie yeah you need to be able to see the placement of the arteries so you can put a Cath and maybe doog exactly very good so they actually use the angiogram once the physician is
• 14:00 - 14:30 if you look here this is startup number two these are three startups was involved in startup number two is Cardiology the patient is here this is the CR AR you will see it later in the picture this is the physician standing in front of the patient and the screens are here so in the past the physician was looking at the two dimensional angiograms while inserting the catheter
• 14:30 - 15:00 into the femoral arteries going all the way to the heart the problem with that was what was the need that we identified the problem was that so many instances were ending up with bleeding internal bleeding because they the Physicians Interventional cardiologists did not have the eyes the 3D morphology of the vessel of the artery to see where the catheter is going EX exactly and many
• 15:00 - 15:30 times they used to rupture of course unintentionally but they used to rupture and then it's a really big mess when you have internal bleeding to save the patient and the area there so this is where we came in we develop a 3D system like a navigation system that allows the Physicians to see in addition to the two-dimensional angiogram the 3D morphology of the artery exactly
• 15:30 - 16:00 where the stenosis where the where the narrowing is giving and providing him Vital Information such as quantification of the stenosis the exact location and that way he can actually navigate surely and confidently to localize the stand exactly where he wants and this is how it looks like it's an animated uh you can see you can rotate that
• 16:00 - 16:30 360° providing all the Vital Information this is the C arm positioning where the patient lies so we provided all the information that he needs where and how to insert the catheter if there are curvatures tortuosity he knows where to go around and not Rapture The Vessel okay and this is the main aspect but there are other features of course and that was disruptive because nobody
• 16:30 - 17:00 worked before with three-dimensional reconstruction of the arteries okay and we installed that in most of the cats in the world the leading institutions and embedded that with the SE arms of the main manufacturers the O manufacturers whether it's Toshiba cens g g all the other
• 17:00 - 17:30 okay so uh this is one example the second is with intravenous therapy which is startup number three here this is a traditional way of providing gravity with a standard IV pole I think I mentioned this uh Venture before in the previous sessions and you can see how cumbersome it is to handle yourself to walk around the house and
• 17:30 - 18:00 even at the hospital setting and I was actually one of them and that's how I invented that product in the hospital setting to drag this clumsy PO with you when you're you know tripping with the with the with the wire and falling as I fell so it's a really headache whereas with the IV infusion device which is a very compact device mobile
• 18:00 - 18:30 uh you can leverage that to do things that you were not able to do okay so I want to show you a clip now yeah I want to show you a clip now about three minutes by the end with you um yeah no I think uh this kind of opens up like the the distributive Factor about this is it opens up the kind of doors to have that use Beyond
• 18:30 - 19:00 just in the hospital but could be Wellness clinics it could be recovery for I don't know um like as simple as when you go home um you can use it wherever walking around um and like I'm using the case of like if you drink too much you can get yourself IV but it's in that kind of sense where it has a wider use and um just more mobile making it more I guess usable elsewhere so it can vary in different Market instead of just strictly for medical purposes or and
• 19:00 - 19:30 that kind of recovery okay so you mentioned two things a variety of applications and Mobility that's what I heard right okay anyone else um Aran maybe yeah completely transforms this person's life like in so many ways One Mobility but it's also their identity
• 19:30 - 20:00 because they can associate less as a patient like as a captive patient and more as somebody who H has their life back so I think the transformation is external and internal okay good good which one t yes please um yeah I think also it's much safer because uh if you don't have like this rod with an IV on it then you can't trip on it you don't have all these like
• 20:00 - 20:30 wires everywhere you don't have to like take it with you um and kind of like you know squeeze into a small bathroom stall in the hospital or like you know try to navigate stairs in your house um it's just it is just much safer without having to have something additional yeah yeah absolutely go ahead uh Stephanie put in the chat when a patient has a port or a pic line
• 20:30 - 21:00 this allows the person flexibility with when and how they do IV infusions at home so the first part is when a patient has a port or p t or a pic those are surgical implants that allow you to connect directly to an IV line so doesn't have to go so it's somebody who is a chronic IV user for meds hydration yeah absolutely uh actually as
• 21:00 - 21:30 a matter of fact one of the things and mentioned safety here there is a clinical benefit here because I've seen myself many uh youngsters like you know children with IV is carrying these clumsy poses with them and you know kids they don't have enough patience sometimes they need to move and walk around and their parents are chasing them in the hospital there and what happens when they have an IV here in the in the arm and the the clumsy pole is is
• 21:30 - 22:00 there and they need to drag it with their IV line they have many times Rapture in the IV side that rupture can cause bleeding uh hematoma uh subcutaneous bleeding and some other complications uh it happens also to elderly people many people that are smokers used to go out maybe you've seen them outside the hospital and and hold the IV back in their hand because they don't want to drag this clumsy ho and
• 22:00 - 22:30 what happens when the IV bag goes below the Heart level in terms of gravity think about that right it's negative gravity because the heart is higher than the IV bag which he he smokes and he HS the IV bag like that that's why there is back flow of blood instead of inflow of infusion and that back flow the blood oxidizes at the the entry of the IV side
• 22:30 - 23:00 and creates complications later on which can be embolism that can detach and go in the blood string go to the lungs the heart or the brain and cause fatal injuries so there are other aspects of clinical benefits here but definitely uh you know you mentioned quite a few um Janet you want to mention something no okay anyone else before we move on
• 23:00 - 23:30 okay um do we need a break now or to early right it's a little to early so let's look at uh distra of Technologies um distructive Innovation as we saw uh earlier in some of the examples I mentioned we're talking about something that is simpler more convenient more
• 23:30 - 24:00 affordable uh to existing products and services uh established companies on the other hand typically focus on sustaining Innovations which improve existing products for their current customers when we look at um established companies and um how often they are hesitant to invest in um destructive Innovations because
• 24:00 - 24:30 they may cannibalize their product lines or serve markets that are initially small or unprofitable so ignoring disruptive Innovations can lead to downfall of these companies as new competitors gain Traction in the marketplace successful innovators understand the hidden needs of customers and create
• 24:30 - 25:00 solutions that address this needs in new and unexpected ways destructive Innovations often arise from targeting under serve or Overlook customer segments just to mention some of the well-known examples of destructive Innovations we discussed in the previous sessions like maybe you guys want to say
• 25:00 - 25:30 we discussed them these big Brands you remember those like Netflix Blackberry Blackberry was duped definitely but the they are an example of um similar to Kodak you remember what happened to Kodak we cover this case study before they didn't want digital yeah exactly they vanished because they
• 25:30 - 26:00 fell on the on the watch they they they fell asleep on the watch yeah um and and we covered that and apple was not the first one to come up with the iPhone really the touch screen and all this concept it was already there but Apple was more oriented to customer uh um customer feedback and the exactly met the needs that were evolving at the time in the marketplace whereas Blackberry
• 26:00 - 26:30 was very cocky in my view and they fell asleep yeah there was a movie by the way about Blackberry I don't know if you saw that yeah uh which reflects quite um genuinely I would say what happened in real life and I would encourage you guys to look at that but um um okay uh so what is the importance of adaptation and
• 26:30 - 27:00 Agility I mean uh we're looking here at a variety of options because there are established companies and there are smaller companies they are not moving in the same Pace established companies are more Kimbers some more slow to move in react whereas smaller companies which you are one of them are more faster to react more agile so established companies are willing to
• 27:00 - 27:30 adapt and embrace destructive Innovations even if it means challenging their existing business models so this is something very important now flexibility and Agility are crucial for surviving in a rapidly changing market and I mentioned earlier Kodak which I think you remember that case study and I do encourage you to go back and look what happened with CCT why
• 27:30 - 28:00 they vanish from the marketplace being from a market leader to non-existent basically okay um so when we look at some of the uh examples we have we definitely can see something from nature and this is pretty much a role model for us um in this case what you see here size in this case is not necessarily
• 28:00 - 28:30 decisive a decisive Factor uh this is in real life this is a real life snapshot uh taken from nature a big Predator trying to chase and intimidate a small animal the smaller animal is clever agile and quick to respond uh he recognizes the thread the Puma on the other hand gives up on his prey as he failed to catch it because
• 28:30 - 29:00 it's too quick and he couldn't catch it right suddenly there is a Twist in the plot what is the twist in the plot the animal that was chasing the the big animal was chasing the small animal now the small animal is chasing the big animal and this happens many times in our competitive environment we are seeing smaller
• 29:00 - 29:30 companies POS big threat on bigger companies only recently I don't know if you heard the news uh whis which is a cyber security Israeli company was acquired by Google for $32 billion which is unprecedented in terms of local isra market exits but why did it buy WS of course Google could have developed something of their own but they are too big and less agile to respond to Market
• 29:30 - 30:00 needs so they decided to buy them and we'll cover later on one of Google's Acquisitions other ones uh why they did that there are strategic decision in that but the reason that this small company that was established only four years ago and they got an ed of $ 32 billion the reason that they caught the attention of Google because they POS a
• 30:00 - 30:30 threat to Google Google was behind of the others the cloud services and the cyber security whether it's apple or Amazon or or Oracle all these guys are big competitive uh uh uh you know threats to Google and Google was behind in order to gain momentum and and be in the marketplace be uh noticeable they had to be in the cyber security and the cloud
• 30:30 - 31:00 services that is the main reason that they involved recently very recently whis for $32 billion okay so this example of uh nature as a role model shows us you do not need to be intimidated by bigger companies because if you have something very creative very unique very disruptive you can manage to pose still a threat on the bigger company and then you decide if you want to be
• 31:00 - 31:30 acquired join venture or direct compete with them which happens also and this is another case of Google case study uh I mentioned uh a minute ago this is uh and we can share actually the case study with them with the PDF and um I have for you J here
• 31:30 - 32:00 so do you have guys the PDF in front of you did they have it yeah it should be on canvas okay so I just want to go over with that and um there is uh obviously many of you know ways the
• 32:00 - 32:30 navigation system right way was a company that was um acquired by Google I think was in 2013 uh it was founded in 2005 it gained momentum tremendous momentum uh in the local Israeli U Marketplace and then internationally and uh in um in uh 2013 Google bought them and at that time it was a lot of money of
• 32:30 - 33:00 course for $1.15 billion now you would you would ask and say okay but why Google needs another navigation systems whereas they have their Google Maps right I mean uh does that make you wonder so if they bought ways they should have integrated that into their system by now after 12 years right but they did not now so does that make you wonder what
• 33:00 - 33:30 was behind the decision of Google to acquire ways while not integrating them and keeping them as a separate unit not integrating them into the local Google Maps navigation system actually they were kind of competing with each other the difference is that waste is based on input from users whereas Google Maps is based on the GPS signal that is provided
• 33:30 - 34:00 by the device so it's indirectly providing the signal whereas users are reporting what what's happening in the road Etc in addition to the GPS signal so it's a different slightly different concept but why what I want you to realize is the reason why Google acquired way and if you go to the second page you will see that the Strategic
• 34:00 - 34:30 decision behind Google Google's acquisition so I I segmented that into two sections pros and cons when we look at the pros preventing competition is the number one Google Google's acquisition of ways prevented competitors from acquiring the Innovative mapping service which posed a threat to Google's dominance in the navigation Market okay and then um the conss we can uh
• 34:30 - 35:00 certainly see that there are integration challenges whether it's technical or by decision that's you know debatable but definitely there were some to concerns from Google side and the fact is that after 12 years they did not integrate ways into the navigation system means that sure they're going to have that in the future in my view but what the main
• 35:00 - 35:30 reason they purchase ways is to eliminate them from having been been acquired by competitors and this is the main strategy of Google by the way I think the last acquisition of wh W and whiz similar uh is because they wanted to do the same and uh not only that as I mentioned because they are far behind cloud services and cyber security that's
• 35:30 - 36:00 the main reason I think they also purchased wi so when we look at disruptive versus Innovation the last um section on the second page you you can see that ways introduce distructive Innovation by leveraging crowdsource data and realtime updated updates to challenge traditional navigation methods that was the disruptive aspect that's why it gained so so much popularity and sustaining Innovation
• 36:00 - 36:30 when with our Google Maps we talked about Google Maps represents sustain Innovation continually improving upon existing mapping services with features like street view and turn by turn navigation which uh Wes at the time didn't have that I mean I'm using here in Canada Google Maps work convinent for me but when I'm at other places like in Israel I use um I use W because everybody using them so the more feedback the ways users provide the more
• 36:30 - 37:00 accurate the system is which is not the case with Google Maps by the way Google Maps is based on a signal from the device itself so looking at this case study there are a few things that you can realize a smaller company that became very attractive with Innovative approach became a Target to be acquired by a huge giant like Google but not because they wanted to use the product
• 37:00 - 37:30 necessarily they kept it as a separate unit because they wanted to eliminate the option of Weights being acquired by competitors and they do still dominate the navigation Market as you will as we we all know okay in the last page you have key takeaways I would encourage you to go over that and there are references also at the bottom we can if you would like get more insights as to uh the details
• 37:30 - 38:00 of the of the purchase and the other strategic decisions behind that so uh you have the uh you have the you know details on that in the last page but um this is an interesting case again showing smaller companies threatening bigger companies any other question before we move on about this case study anyone
• 38:00 - 38:30 okay so what are the implications for you as aspiring innovators um understanding the principles of destructive Innovation can help you as uh you as aspiring uh entrepreneurs identify opportunities to create new markets or disrupt existing Mar by focusing on addressing unmet needs
• 38:30 - 39:00 and leveraging emerging Technologies young innovators like yourself uh can build successful startups and compete with established players as we saw with ways now this way you can cultivate a mindset of agility and adaptation to stay ahead in a rapidly evolving Market
• 39:00 - 39:30 now this um this is a good uh template that summarizes the most successful business Innovation practices and I do encourage you to review that in more detail later on but I will me mention uh just a few uh in this respect embracing um embracing emerging Technologies like for instance AI which we are going to talk about later on
• 39:30 - 40:00 specifically generative AI you need to think how you can use use this tool directly and indirectly to enhance the value proposition for your Target customers and markets okay um great okay let's have a great let's have a 10 minute break guys
• 40:00 - 40:30 hopefully the somebody that was driving will be uh he will be in in the office or in the room he can join us yeah is he's there he's right there okay am here you got it okay awesome yeah got okay 10 minutes break so we we'll be back at 6 uh 32 32 yeah 63 632 okay
• 40:30 - 41:00 okay we are back now we're going to continue with u with uh what is the impact of AI on small businesses like yours now artificial intelligence or as we call it AI sorry uh started only a few years ago
• 41:00 - 41:30 and has taken the World by store with this exponential growth and impact disrupting nearly uh in every every Market every aspect of our lives and it's still going on right um when we look at the general workflow of AI the AI environment as you can see in the diagram we see that there is an input flowing
• 41:30 - 42:00 from one side through either sensors or and and there is traditional programming or machine learning then there is a computational analysis during the process which results in an output that impacts the environment and uh feedback from the environment is fed is fed and and and log back into the
• 42:00 - 42:30 system to enter an optimization process until the desired outcome is achieved so this is pretty much the inflow computational process outflow okay some of the enablers that allowing us to happen um that allows us to uh for that to
• 42:30 - 43:00 happen is computational power so when we talk about AI we need to differentiate between the main categories uh traditional Ai and AGI as we call it artificial general intelligence along with generative AI okay traditional AI also called predictive
• 43:00 - 43:30 AI depends on explicit programming it focuses on analizing historical data and making future numeric predictions whereas AGI artificial general intelligence versus generative AI is quite different and disruptive in its nature ngi is a type of AI that understands learns and applies knowledge to various
• 43:30 - 44:00 tasks it can adapt to any situation and perform any intellectual task a human can like AI like the AI um seen in science fiction for instance you've seen movies that humanoids are talking and doing exactly the same as humans are acting and behaving and thinking um when ngi materializes and becomes
• 44:00 - 44:30 available it's still in progress by the way AGI will be extremely destructive and beneficial yet it will also pose extreme risks and dangers to society and our planet so it depends on the regulation depends on how we're going to use it right um currently although significant progress has been made in terms of
• 44:30 - 45:00 developing the AGI it is still working progress so in today's session we're going to focus on gen AI which is a generative AI which is the more practical approach that is already driving and revolutionizing Innovations changing our lives nearly in every aspect as I mentioned it allows computers today to produce brand new outputs by harnessing the power of machine learning especially deep
• 45:00 - 45:30 learning to craft fresh and original content and you use many of the tools I believe so far and you know U what I'm talking about so today with open AI Google's gen and or co-pilot to mention just a few from the T of the new AI models adding up rapidly uh such as you know uh the recent Sora if you uh recall that uh
• 45:30 - 46:00 takes to video model just to name just a few you know there are already these models are already revolutionizing a variety of Industries and impacting our lives uh as we speak so starting from designing the generate and generating new fresh and creative content autonomously uh to to to boosting productivity and improving efficiency
• 46:00 - 46:30 leading to accelerated customized Innovation so this is something very important because those tools today especially for small businesses create added value that did not exist until a few years ago so let's look at what is the impact on operations and organizational behavior
• 46:30 - 47:00 basically AI streamlines operational process through automation reducing cost and enhancing efficiency so organ organization wise AI enables smes to decentralize decision making and allows fostering agility and responsiveness to the market dynamics okay
• 47:00 - 47:30 artificial intelligence equips you as small business owners with real time insights enabling proactive decision making and Rapid adaptation to changing market conditions and we're going to cover soon uh some of the case studies I prepared for you of small businesses how they use AI how they embedded Ai and the and the AI tools into their platforms in order
• 47:30 - 48:00 to gain momentum in the marketplace however managing AI implementation requires strategic planning investment in Talent Development and addressing ethical and Regulatory considerations and this is as business owners you need to bear that in mind so let's look at the pros and cons later
• 48:00 - 48:30 on the cons of of the AI for small businesses uh first is enhancing efficiency and productivity AI can automate complex tasks and processes leading to increased productivity and cost savings dramatic cost savings I don't know if you heard um even video companies that started to use that of course like Amazon uh they are shutting down their
• 48:30 - 49:00 operation in Quebec laying off 1700 employees I don't know if you've heard that but this is very recent news of course the Canadian government is opposing that and with their own kind of retaliation and it's still not over not the done done deal but it all started few years ago when the layoffs of the bigger companies were in tens of thousands basically whether it's Microsoft or Google or or
• 49:00 - 49:30 meta uh they they they are reducing the workforce because so many applications that they used to have human based are now done with AI the second aspect is improve decision making AI systems can analyze vast amounts of data and provide actionable insights in real time enabling small businesses like yours to
• 49:30 - 50:00 make more informed decisions now this capability enhances competitiveness and enables smes to respond quickly to Market changes and customer demands and we will see the case studies later on how uh those case studies um took advantage of the AI platforms they embedded into their system third is innovation acceleration AI
• 50:00 - 50:30 facilitates rapid prototyping experimentation uh and Innovation by generating novel ideas designs and solutions smes like yours can leverage AI to stay ahead of the curve develop unique offerings and differentiate yourselves from the marketplace looking at the con of
• 50:30 - 51:00 AI cost and complexity of implementation um integrating AI Technologies into existing systems can be expensive and complex in some cases especially for Budget limited so it depends really what is the scope of the integration you're looking at there are things that are very budget friendly but there are things that are much larger scale and it requires more
• 51:00 - 51:30 resources training Personnel to effectively utilize AI tools and managing the transition process requires significant investment and expertise as well the the second one is ethical and Regulatory concerns AI as I mentioned earlier raises ethical considerations regarding data privacy um algorithmic
• 51:30 - 52:00 bias uh and and potential job displacement I just mentioned that few examples of the big guys smes need to navigate regulatory Frameworks and ensure responsible use of AI to maintain trust and compliance with legal requirements the third one is dependency on external
• 52:00 - 52:30 providers smes like yours may become dependent on external vendors for AI Solutions leading to concerns about vendor Lo in and lack of control over critical business processes ensuring transparency accountability and Security in partners ships with AI
• 52:30 - 53:00 provides with AI providers uh is essential for mitigating those risks so I would encourage you when you are approaching to integrating and embedding AI Tools in your system looking at the bigger picture of all these aspects so not to fall into the Trap later on because you will already be investing enough money and resources you don't want to be in a position to go
• 53:00 - 53:30 back and reverse that again we're talking about smes with limited budget right so what are the considerations and strategies for smes when looking to implement or apply AI tools first is awareness and education smes should invest in understanding the capabilities and limitations of AI some
• 53:30 - 54:00 of that we mention now as well as the implications for their business operations continuous learning and improving employees skills are crucial for maximizing the benefits of AI adoption and mitigating risks so training is key selecting the right Talent is important and having the right methodology to transition those
• 54:00 - 54:30 employees into the uh into the workforce is is crucial strategic Partnerships and collaboration collaborating with technology partners and Industry peers can definitely help smmes like yours access AI expertise share the best practices and uh mitigate implementation challenges building ecosystems of
• 54:30 - 55:00 innovation Fosters knowledge exchange and creates opportunities for co-creation and shared values the third one is ethical and responsible AI practices smes should prioritize ethical considerations in development and deployment of AI systems they need to
• 55:00 - 55:30 ensure thess transparency and accountability it's going to be wilder as more and more AI tools are entering the marketplace and it's going to be very wild really to navigate yourself that is why these things would be key to ensuring that you are providing your customers with the right
• 55:30 - 56:00 transparency and accountability another aspect is implementing robust data uh robust um data governance and Frameworks following regulatory requirements are essential for building trust with stakeholders so you will need to raise funds uh I imagine in some stages of your evolution stakeholders have in their
• 56:00 - 56:30 mind um accountability and fiduciary responsibility especially if they are going to be part of the board or directors and so they will be looking at this kind of governance and regulatory requirements and accountability issues okay so this uh let's look at now we can share them with the p share with them the PDF and look at the case studies
• 56:30 - 57:00 that we have B studies it it should be on canvas so how many we have two here this is for you the real life case
• 57:00 - 57:30 studies so um is it yeah there were two or wasn't one no it was it was just one and then I printed a bunch of the first Pages it's okay I have it here that's the business game so okay so I have um you want to look at the PDF or like to use that okay so if you guys have access to the PDF here um again there are quite a few that
• 57:30 - 58:00 I uh pil up for you guys we're not going to cover all of them of course I have two examples after these slides that I will emphasize but and and we as we discussed and I mentioned before the case studies of the well-known and established companies like Netflix Tesla uh uuber and and airbn uh as we mentioned just to name a few um
• 58:00 - 58:30 but what matters to you as small business owners is to study and learn how smes like you manage to use the leverage manage manage to use and leverage disruptive Technologies like AI to transform their businesses and provide enhanced value for their customers and this is exactly what this EXA examples here and show
• 58:30 - 59:00 um so in this PDF I have put many case studies and snapshots and again if you want to increase your knowledge about the specific um U companies you have links inside in the PDF of and these small businesses use AI in a variety of business applications and industries uh I encourage you to look into that and see see what applies to your own specific scenario to make it
• 59:00 - 59:30 easier for you I have uh segmented each case study into four main highlights the need how to train the model integrating the tool and examples of how it impacts the SM performance so here I will touch on the first two main case studies but I definitely encourage you
• 59:30 - 60:00 to look into that and certainly something may apply to you more than one case here okay try okay so um the first one is Clear View Clear View AI um I've also highlight Ed that for you in the document they are here just
• 60:00 - 60:30 want to go over that so what is the background of Clear View Clear View is a technology company specializing in facial recognition software the need uh emerged from enforcement agencies that were challenged to identify the faces of suspects and and based on the footage of of the of the videos and that's where they came in so their platform
• 60:30 - 61:00 allowed enforcement agencies it made tremendous impact and it allowed enforcement agencies to significantly improve their ability to identify and upperhand suspects increase efficiency in criminal investigations and um dramatically increase the number of arrests based on those uh footages and ability to identify their faces eventually more Public
• 61:00 - 61:30 Safety okay second one is Fresh Harvest Farms Fresh Harvest Farms is a producer of organic U produce and and supplier of supplier they pater for the restaurant industry and grocery store uh what the challenge they faced is uh
• 61:30 - 62:00 was in optimizing the crops and yields and uh forecasting demand they didn't know they didn't have the right tools to leverage that and how to manage inventory control and efficiently the impact of implementing the AI provided them with higher yields and optimization of the process reducing weight and increasing profitability they also could better
• 62:00 - 62:30 anticipate and make proper forecast anticipating customer needs and make proper forecast and improve customer satisfaction and loyalty eventually the third aspect is that they could manage well inventory control and be able to tailor for their individual for individual customers tailor specific offerings based on their preferences this is something they did
• 62:30 - 63:00 not have now a small company like that leverage their capabilities tremendously and gaining momentum retaining customers and increasing reach to the marketplace okay um so we can take a break uh that's fine uh do
• 63:00 - 63:30 you guys have any questions by the way about your businesses how do you think maybe we can have an open discussion now because I know some of you are beyond the ideation stage I remember that from the previous sessions maybe we can have an idea about you know how you think what you've heard about AI based on some of the case studies which you will learn obviously later on I would like to hear some of you how you think you can leverage AI
• 63:30 - 64:00 into your existing uh businesses who wants to start uh Erin yes go ahead please yeah I feel really challenged by this um and overwhelm because I have no idea how to do it and the learning curve seems so massive on top of all the things that go in with a business um but so I'm in learning I'm in learning and training industry particularly like idea is um assisting nurses and doctors with microlearning
• 64:00 - 64:30 and on the job training which often times is people being like I don't know this say for example I need to understand about this chronic disease um or I need to understand about a particular community and their experience with this disease what do I do and so AI Revolution with when it comes to edtech means that instead of a class like this where we get presented with a certain set of knowledge you're a human being in the world wanting to know anything and
• 64:30 - 65:00 you're not just asking AI for an answer AI is serving you up with a completely personally wrapped curriculum where IT addresses your particulars not only what you need to learn but how you learn how fast you learn what your learning challenges are what you're good at um and there's even like and there's big huge startups um in the states that are revolutionizing Elementary education basically half the day is like kid half
• 65:00 - 65:30 the day is kids using AI to study for things that they have to know academically and just like blowing the blowing like test scores out of the water um and doing it way faster and more efficiently than public education does and then the other half of the day they're learning how to start businesses when they're like eight years old so um I kind of wish I was growing up as a kid now and at the same time um I have to
• 65:30 - 66:00 learn how to think about curriculum differently and also like how to access this technology to even be able to use it so that's where I'm at do you do you currently have a practical um thoughts about how you can and what kind of AI tools you can use in order to promote your business out of the variety of tools that we have today some of which we mentioned like U chat GPT or there are variety of models by
• 66:00 - 66:30 the way like Cloud I don't know if you guys know Claud uh or um you know uh so many others that are addressing images text video and combined together as well do you have any uh direction as to what kind of tools you would like to use well I mean you can use all of those for Content generation say like you have to create online content you can do it way
• 66:30 - 67:00 faster but the thing that I'm partly talking about is say I have an online learning platform I have to be able to set it up so that somebody asks the question and they get a course that's tailored specifically to them so it's almost like the learning options are Limitless and so I I I literally don't know how this stuff works and I feel like I'd have to get like an AI Sant um who's well versed in learning space to help me figure it out um yeah
• 67:00 - 67:30 so I don't know I really literally don't know what you use to create that kind of um competitive Ed okay okay thanks for sharing um I'll just give you um the the your time to speak I want you the others please think about that while Tanya is going to be the next because I would like you to start start rolling the wheels in your mind as business owners remember the small cow story I hope all
• 67:30 - 68:00 of you heard maybe one of you came later what is your small cow you need to eliminate the small cow and make sure that you are going beyond your limitations and the AI can help you do that so I want you to think how you can use the tools that are available today and every day every every week they are adding more and more of course and it's a jungle as I said but what do you need
• 68:00 - 68:30 today in order to start thinking about constructively about implementing AI into your small businesses okay so I want I would like your input about that and uh next is TA please go ahead um yeah so I mean I know a few uh business owners who use a I like every day pretty much um for example uh I have a friend who owns like
• 68:30 - 69:00 a small independent grocery store that sells like um Specialty Foods like imported foods and for their website every time they have a new product instead of kind of like thinking of a description AI just does it and they just say like a few key words and then it's taken care of um or for example A friend of mine has like a therapy business so once a week she's
• 69:00 - 69:30 like what's the latest news and this like and Innovations in the industry AI like gives her a list and like helps with like composing a blog post about it so like once a week There's a blog post um or like for me for example listing art that I make online again like the description uh like filling out all the fields uh helping me figure out how to
• 69:30 - 70:00 price certain things uh and kind of like finding comparative products and prices so that I know you know that I'm not overcharging or undercharging um so like yeah like really eliminating the small stuff is what I'm focusing on right now because I'm very skeptical about um like Ai and using it for bigger things but that's just me uh so but the little
• 70:00 - 70:30 things for sure because you know one paragraph I can edit but you know I wouldn't have it write a book for me yeah great uh the examples you gave of your um friends and colleagues how much resources they have to put into implementing that can you do you have an idea or like zero zero okay so they just say it's part of the process like AI is
• 70:30 - 71:00 already integrated into like the platforms that they use so they just you know it's part of it yeah and that's great because I want the others to hear this self testimony that not always when you're implementing AI you need to have larger amounts of money or resources it can be done easily as that example and that's why you need to map out the applications the AI
• 71:00 - 71:30 applications what is exactly you're looking for and how you can implement it based on the scope of where you want to go then start budgeting yourself but many things can be done with minimal investment and resources who is next I um I just want to say that I actually started this business based on the course that I took in 2022 I went back
• 71:30 - 72:00 to school and I took AI course implementation AI in healthcare and that's how the whole idea came to me that a lot of processes that at the time I was doing in a hospital manually um it can be done um quickly there more efficient and it doesn't really need a lot of
• 72:00 - 72:30 resources um and that's how basically I left my job and I churned my whole experience which is like 2 and a five years of experience I turn it to digital right okay and I remember that your business model is about optimizing the process and making it easier for your customers to reach a decision in a timely manner with least amount of resources is that correct
• 72:30 - 73:00 yes right okay thanks for sharing that um Alex you haven't spoken I think or maybe have you but maybe we can hear sure in terms of AI for mine obviously mine is about connecting artists and also helping them expand their song so the two ways I can imp AI would be in terms of mixing so helping those artists be able to identify based on Trends
• 73:00 - 73:30 let's say like frequencies Etc on how to change the song for the better or suggest in terms of algorithm suggest other artists who would be ideal match whether it's based off a preset criter that I would put in but that's kind of how I see AI playing within there okay cool is there any other aspect of AI that you haven't tapped on that you think you may need uh to to uh
• 73:30 - 74:00 to materialize that plan or you already have the tools in place and you just need to figure out how in terms of tool you're saying tools that I need to impl for that to happen or other tools I want to have ai tools currently available do you think what is uh whatever is available currently do you think that's enough for you to materialize your plan or you need additional things that you haven't explored or
• 74:00 - 74:30 found um in terms of what's out there there are some options that I'm looking to in terms of like let's say Partnerships that would be ideal to help start that but um I I would have to definitely like make my own thing to kind of better suit my needs and be more specific to the artist industry or related to music that can really leverage that for the users of my platform right okay okay cool um
• 74:30 - 75:00 BAGI yeah so I think right now uh I mean it won't be applicable but still I'm just using for market research purposes because my business is still in the ideation phase I have not established or done the process yet but overall I would say for the analysis is aspect and for the research aspect and as well as for the you know basically with whatever the
• 75:00 - 75:30 course materials I have I use the AI and I get valuable insights from it from uh different categories and even financials I was able to get get a perspective of how things run in the outside world right without the industry knowledge and all those stuff remind Mei your uh business oh yeah sorry uh it's a Quick Service uh restaurant that specializes in selling Indian food it's basically
• 75:30 - 76:00 like McDonald's KFC but they sell Indian for so it's a fast food yeah yeah that's and um is it going to be in a POS like or it's going to be uh delivery is is it going to be actual branches yeah but I first I yeah it's going to be I was thinking of more of franchise the branch once it's become popular that's the idea but right now it's just that uh it's really hard to
• 76:00 - 76:30 find a chef to do all those stuff right so yeah right right okay it's interesting how you guys can integrate AI tools Janet is also in the restaurant business maybe we can hear from you Janet how do you think you can Implement AI I mean BAGI is also in the same category basically you know what I discovered recently L AI can actually help you um curate the menu it's so
• 76:30 - 77:00 weird so I was talking to the computer I'm like how do you know Filipino food but yeah so it just it's crazy what AI can do because I attended the four-week U training here right right right um so it was yeah it's it's so powerful it's actually a little scary cuz it knows a lot the amount of knowledge they the amount of knowledge phip food Yeah well yeah just in there's so many information
• 77:00 - 77:30 out there that that you can actually extract from AI uh that you can use to um to enhance your business but again at the same time you know all the knowledge is pretty scary how can you automate that into your business basically just because AI is about automation right I think for the food business and I could be wrong with with other and how they they want to use or utilize this technology this can be very helpful when
• 77:30 - 78:00 it comes to um creating uh Flyers let's say or posters and even rotating weekly menus because um it makes it easier you know with with just a few clicks here and there um you mentioned about CLA you mentioned about all the other stuff um they can actually create images when you describe something they can actually
• 78:00 - 78:30 create it for you so it makes it easier and I think in fact um it makes or it can reduce your marketing cost um with that because if you hire someone who knows how to do it um or or even if you know how to do it you can just spend some time uh to do it by yourself and reduce the amount of labor um attached to your marketing and promotion I think it can do a lot of
• 78:30 - 79:00 things you just need to be able to understand every because there's so many there's so many um uh apps attached to the AI and each one of them has a specialized they have their own Specialties basically so if I remember correctly I think chat uh Claude and I think one more uh they they're more for writing and then putting together
• 79:00 - 79:30 content creation content creation exactly so the reason I wanted you BAGI to hear uh Janet is first of all uh it applies to all you guys and Erin mentioned that they think she needs more knowledge and she because of the variety of applications out there we are getting lost so definitely Janet was in a workshop of AI Workshop which I also encourage you guys to tap into because that narrows down the options what you
• 79:30 - 80:00 have specific to your needs there are thousands of applications I mean you cannot go start and filter out so you need to narrow it down basically but it starts from what is your goal so if Balaji you're in the same space as Janet with food industry she mentioned two things that you can think of she mentioned menu rotation and content creation which is more appealing to your target audience for instance now you need to think how we can leverage that
• 80:00 - 80:30 to increase sales to increase reach to your target audience how can you be more appealing in terms of the food preparation the food layout the the the marketing she mentioned uh you know the promotional activities you are doing differentiate yourself how you can do that and with minimal cost and these are the tools that AI can provide you because as you said you're still in the
• 80:30 - 81:00 ideation process obviously at this stage you are limited you have limited resources and what I want you guys to focus on is not to say okay there are AI tools and go figure out no you need to think start where you want to go and what tools from the AI wild forest you have there what tools you can start using today with minimal resources this is important okay we can hear maybe I'm
• 81:00 - 81:30 here yeah so we use AI for uh mainly for uh coding uh coding parts so that helps us significantly other than that uh currently we're trying to integrate uh integrated into our customer service um so to answer like uh to some extent like up to two to three minutes but uh it's a bit costly at this moment uh it requires
• 81:30 - 82:00 us to request apis uh every time uh we're just trying to see like uh whether having a customer support is uh cheaper or uh just using AI [Music] um you're talking about AI bought for customer service correct correct yeah we just give it like some uh uh instructions and then just uh up to up to some points uh it can just answer
• 82:00 - 82:30 like uh similar questions and then uh if if the customer is not satisfied uh then they can just uh redirect it to our uh support uh people and uh the other thing that I was uh thinking about Janet and uh uh bag's businesses was to they can uh take orders using uh uh butts uh so like they they can uh they
• 82:30 - 83:00 can use AI to place orders and you know communicate with the uh with the customers so that's just uh something they can uh they can benefit uh for their businesses yeah that's a good point and definitely I encourage you to help each other here in brainstorming uh and that's a great point you mentioned because lack of resources you don't have Outreach to so
• 83:00 - 83:30 many other you know uh vendors that can really reach out to your target audiences intermediaries and with Bots you can have your online platform entering order sending out and of course you need to figure out the logistics of course which is physical Logistics but still the ordering process can be definitely automized by AI correct okay exactly Omar yes
• 83:30 - 84:00 sir so the car dealing I think you were in the car car dealership right I I am in the car business but I changed my business to real estate to what sorry real estate selling real estate oh that's an interesting change when did it happened uh I think it happened last November okay okay so it was after our previous session so okay that's
• 84:00 - 84:30 interesting uh so real estate in what in what aspect basically um selling Canadian residential real estate so that's what I'm doing okay uh is there any Edge that you can use the AI for that purpose uh yeah for advertising um so for example sometimes we get objections that are you know it's just hard hard to answer on the spot so at that point in time we just quickly plug our phones and put into chat GPD and get a kind of a
• 84:30 - 85:00 response so it helps with coming up with a creative way for handling the objection um and it also helps with coming up with um advertising scripts um which are not too hard but also soft and subtle uh which make a difference uh listing houses when we're listing houses we definitely use AI uh helps to elaborate um the property in in a very
• 85:00 - 85:30 uh unique way um so these are the aspects where we can use it um but in other than that I I don't see how it can how we can leverage AI with real estate unless it's unless the whole buying aspect of real estate becomes like digital you know um then maybe um but I don't something that's we're very Curr when you say digital currently it's online the MLS is online I mean uh we
• 85:30 - 86:00 have access to the data not me as a customer but uh you you're are you a realtor or uh yeah Li you have access really to the MLS I think what is missing in again it's my view maybe what is missing in the NLS system is the exact uh uh meeting meeting the exact requirements of the customers but they have their own templates of how many bedrooms how many washrooms how many
• 86:00 - 86:30 these how many that but people are looking things beyond that which are nonexistent there and that is why my view they need to apply this platform to our modern times which with AI can meet the exact requirements of customers especially in the search process whether it's renting or uh purchase so uh on on that note uh I was thinking of um I mean so selling real estate is a
• 86:30 - 87:00 very aesthetic uh like there's a huge aesthetic aspect to it uh especially with residential real estate but when it comes to commercial real estate it's more so about the return on investment and the location so in one circumstance AI could be used is uh we have about I don't know 25 to 30 years of real estate transactional data there's a lot of history on everything and if that data can be combined into something that could potentially project future uh
• 87:00 - 87:30 appreciation of real estate and based on like say for example a platform where you could input um you know inflation rates uh you could input um you know uh Cur currency exchange rates various things various economic factors and then you select a geographical location and based on the next 5 to 10 years it would highlight what would be the projected return on that based on the history right uh and the immigration positive
• 87:30 - 88:00 and negative immigration that's taking place so but there's no such calculative uh tool as such and I think that would be something cool let say if I as a if I as a real estate developer want to build something for the community I want to see which areas would be more promising and then I plug in these data and the software just tells me like hey you know what this is a great spot buy here now 50 years later it'll be like you know so that's AI could come in to use but um that would be something for commercial
• 88:00 - 88:30 real estate um for residential and you know yeah so maybe in commercial it's more U prevalent but uh for residential I saw in Zolo you know Zolo right uh zolo.ca they do provide their market trends based on extrapolation and that's interesting to knowe I don't see that in the MLS by the way realtor.ca but you do see that in zodo so you have now a fresh brand new idea
• 88:30 - 89:00 now to develop something of your own maybe a platform and you know run with it because that is a need I'm talking about needs identify where are the pain points for me as a customer this is a pain point I don't want to address standard fields and and and you know brackets of how many this how many that I want to have something custom to my own needs and that in my view what human Realtors are trying to do today and it's
• 89:00 - 89:30 falling in between the seats in my view because you know how many customers they have attention they need to follow up Etc whereas with AI you can have it automated on the fly yeah right yeah so that's an added value sorry you were talking you wanted to say to add in something uh we're very past the the topic but I was going to say that a lot of people are using AI for
• 89:30 - 90:00 staging yeah to put uh like instead of buying furniture moving it putting it right like like they're they're using AI to um stage Furniture digitally that's awesome I've actually had much the reality right when they come the house right there's there's some drawbacks I've never I'm not real estate agent nor do I know but my totally agree yeah saying using that actually I've
• 90:00 - 90:30 seen where AI staging is there and what it does is when you go into the property with your client showing them the property the image that they had in the mind when looking at the property online versus reality is just such a big negative that unless it's um unless it's location unless it's the the the technical aspects of it it it wouldn't help sell and so when people commit to buying a property it's a very emotional
• 90:30 - 91:00 purchase it has to hit like from a residential perspective it has to hit them in the heart and so staging if it's done virtual yeah makes sense for like rentals but when it comes to like selling real estate it actually makes sense to do a proper staging know what yeah yeah seen is a great idea uh but as long as it matches reality because the dissonance can be so huge that people are coming to see the place and they are completely disappointed right everything
• 91:00 - 91:30 looks shiny on the picture but in reality it has to match right um Anna what about you uh okay so for so for my business uh I will um use AI as Janet mentioned for menu creation but not for main recipes and positions in the menu but for some um customization adjusting to
• 91:30 - 92:00 personal needs of my clients because uh they may there may be some intolerance for milk for example or regular flower and um we need to come up with something new to to use some different ingredients not to um fail the original recipe and taste that should be so are you in the food
• 92:00 - 92:30 industry as well Anna yeah food industry so okay so that's an interesting point because recipes I mean there is an app I don't know if you know that let's say you have in the fridge few items and you don't know what to do with that you click into the app whatever you have leftovers and the app actually prepares recipes for you what you can do with that yeah sure yeah exactly and that's
• 92:30 - 93:00 that's cool I think because you know somebody that is not really versed into the kitchen culinary uh things uh he needs to understand should I toss it or should I use it what can I use it for and that's a great tool but for you you mentioned about recipes that have aspects of allergies or uh some other safety issues which certainly can be incorporated into an a simple not
• 93:00 - 93:30 complicated AI tool that you can leverage in your in your business right yeah yeah okay awesome um who didn't talk here um Joseph and then we're gonna go with profan yes Professor uh for me AI is almost everything I am in the AI industry so it is everything so writing from writing emails to coding to uh automating tasks
• 93:30 - 94:00 to assigning tasks to um Can band boats to um uh G chck already use you already use these tools on these applications you just mentioned um for the team for the for um assigning work for the team um we also have of develop ERS and um you know Engineers so when we build websites or uh recently we are working
• 94:00 - 94:30 on a um um a personal um AI which is like um like a customer care executive so we are able to create a Persona like let's say if um Janet needs um someone to pick up the phone and talk so what what I can do is um uh record Janet's voice and then I would train an AI model to actually talk like Janet so the voice and the pronunciation will be like Janet
• 94:30 - 95:00 and um you're have a and and also and then we uh attach it we we give it certain uh Persona uh as to how to answer and what to answer and then we connect it to um uh chat GPT or any CLA or any kind of AI that that is required for the process it's hea compliant and all that so uh once that is done we give it a phone number too and so if you call Janet's um restaurant
• 95:00 - 95:30 so Janet picks up but it's not Janet actually so uh the um the AI Persona that I created will talk like Janet uh with the knowledge database of Janet and also the capability of AI so it's good at prompting it's good at uh giving uh feedbacks or even um um cracking jokes or can even set limits and also there's a call transcript of what's happening and um and it's it's you know we
• 95:30 - 96:00 compliance hea and all that is is also there so um yeah that yeah it's interesting it's AI is evolving and um there's lots to do in that area you probably are more advanced as far as I can tell than the others by using or implementing AI I was I wanted to ask you maybe just because we learned from each other in this uh in this uh you know brainstorming and and uh uh maybe you can share one aspect of AI module
• 96:00 - 96:30 that you implemented share how it started what purpose did it do for you and what kind of resources you had to use in order to implement that so the others can really understand from real life experience like yours what it entails to do that okay so um yes Professor let's let me think about um let me think about um uh my friend here um Amir so um he was talking about
• 96:30 - 97:00 a uh chat bot so that's that's pretty uh that's pretty prevalent these days so let's say a chatbot so this is something which um a lot of people would like um some of the web developments that we are doing they need a small little chat icon in the corner which kind of pops up and says hey welcome and then you chat with it you can do that so this is uh a simple um tool that people can Implement into their websites or into their um
• 97:00 - 97:30 even their WhatsApp their business WhatsApp or whatever so what what they can do is um let's say you have a FAQ so you have um set of information that your business holds and you you constantly have customers or clients calling you uh to get the Redundant information so it's hard for you to actually uh hire a full-time employee and um have them just to answer calls so uh you know 9 to5 you
• 97:30 - 98:00 you pay them so instead um what they can actually do is um give me all the data that they have because if you hire someone you kind of train them with some kind of data so you some kind of information about your um your industry so if you give me that data I will train an AI model which is available 24/7 not not 9 to5 and also from multiple channel so um um we are even able to conduct uh an interview based on uh a chatbot so uh
• 98:00 - 98:30 we Implement that and and this is something which um which is customizable to each business uh so this is like a template I'm talking about the application is endless so um interject Joseph what is the level of technical proficiency required to do exactly that to train the AI model and Implement that because many of the your
• 98:30 - 99:00 your peers here possibly they don't have this technical knowledge does it require something that they need to hire these other services or they can do that themselves or what kind of resources they need to put into that so it is um if they want to do it by themsel um well it'll take some um effort it'll take some some um technical effort to uh kind of put together things and um also make it compliant with the um information you
• 99:00 - 99:30 know with the loss uh it will be higher better to hire but if they want to do it by themselves um we can actually use um simple chat Bots that um I think if I'm not wrong I think WhatsApp for business or or something like that provides uh kind of a chat uh chat setup where um businesses can auto reply so um those those can actually uh those things can
• 99:30 - 100:00 actually help but talking about how much of um experience they need I think they would need a little bit of knowledge uh professor at least in prompting at least in prompting the AI to say that um this is what you will have to say and this is not what you'll have to say um at least in that aspect uh there is some kind of um um a technical knowledge that you need and um the other thing is bug fixing so AI is not perfect uh it is not
• 100:00 - 100:30 a human it can never replace a human is my is this how I take it uh some people might might disagree but um it's it's never a human it's it's just an if else code so um the only the problem is you will never know what mistake AI would do at least with a human you can understand what mistakes they do so um for the level of expertise I think it's easy to start with AI it's very easy to start and deploy something but to actually uh
• 100:30 - 101:00 get it perfect you need to understand bug fixing which will need a lot of uh expertise uh but just to start it's it's it's very easy um there are plenty of programs that will help you start um so you mentioned you mentioned important things and uh I do encourage you uh whoever wants to start implementing the AI to get some basic knowledge in a workshop by the way Yeti provides that Workshop here free of I think it's fre
• 101:00 - 101:30 of CH whoever is in the course uh to understand how to create prompts what are the essentials and the ingredients in order to create prompts uh and as Joseph mentioned it's a skill but it can be learned you don't have to have a degree to do that it can be learned in a workshop okay and rightfully mentioned about AI is not perfect I can share with you my own experience I was I was dealing with an AI CH GPD I think it was
• 101:30 - 102:00 uh about tax calculation and uh I found out an error in basic math Aid now imagine that you have a wealth of information prepared by AI or analyze or process how can you really check the AI That's but I it was only a page I went through the details of the calculation and I found the basic error
• 102:00 - 102:30 math error they arithmetic you know so I told him you made a mistake and he said oh I'm sorry you're right so they confirm that they made a mistake so I definitely agree with you that we need to be able to check but if you're talking about the wealth of information databases that's going to be pretty hard to check and maybe other AI tools will be developed by the way to audit other AI moduls that will make
• 102:30 - 103:00 sure that they are in line with what you are expecting so yes and and uh AI is uh like lot of people see AI as um a very intelligent um substitution but actually in my opinion it is um it is a substitution for something which is non-intellectual so if if there's a redundant task AI it is good to uh use AI like like booking an appointment uh booking a uh let's say
• 103:00 - 103:30 booking a call appointment and someone just calls you and says hey I want to book an appointment for 10 p.m. tomorrow so that's an easy task so you can use AI to uh efficiently do that so we actually work we actually have a team which uh Builds an application for that so uh that is easy however um having something which is intellectual or or processing something that is um that needs a lot of um human um how do I call it uh creativity or in in intellectual uh
• 103:30 - 104:00 capacity um is something that AI is um being trained on uh but people usually look at it as uh something that's very intelligent so if our mindset changes to AI being just a small school kid then the use is actually easy yeah yeah I whatever is related to data mining uh machine learning and deep learning is currently available with the with the
• 104:00 - 104:30 generative AI but what you mentioned about mimicking human mind and and the behavior and thinking which is more about the emotional aspect as well psychology this is part of the artificial general intelligence the AGI I mentioned earlier which is still progress of course but I think when it's going to be available at least in the basic form it's going to be completely disruptive in every aspect and even now
• 104:30 - 105:00 they are having humanoids I don't if it's not humanoids but it's like humanik machines that are speaking fluently with you having a great conversation joking and everything imagine with AI how it's going to be in a in few years time so they are thinking about by 2030 to have humanoids like that or socalled humanoids right uh parula you the last one before we go to
• 105:00 - 105:30 the break and thank by the way thank you so much Joseph for sharing your experience from real life practices how you are handling AI I think some of the peers here may have found it very useful hopefully go ahead Gil well I have a nonprofit Venture which is a digital platform so there are several aspects where AI can be used but it is still in the initial phase uh to start with like even looking at when
• 105:30 - 106:00 when you're looking at U grants uh which are required for nonprofit basically you can go to ontario.ca or you can go to the federal site and look at all the applications which are available and based on the website which is available for my Venture I'm able to actually look at u u identify which are relevant to the uh nonprofit and basically based on the criteria of the nonprofit We are able to actually look at creating um creating
• 106:00 - 106:30 the application which is in line with the requirement so those are some of things which are easily done in addition to that in future what I'm looking for it is a digital platform where we looking at seniors would be aging at home but basically we are going to pair care caregivers with the seniors and at some point of time when you're trying to pair care caregivers with the seniors we looking at what are the geographical locations of the um caregivers which are
• 106:30 - 107:00 in line with the requirement of the seniors what are the cost structures whether it is going to be paid by the insurance or um so a lot of things which are required are identified but they can be all outsourced like in in the digital platform where those Services can be performed just like how Uber is able to pair two groups together H yeah that's a lot a lot of possibilities by the way in that field for AI uh just to mention uh
• 107:00 - 107:30 regarding can we show the drawing uh here the my drawings yeah so you remember the IV infusion that we talked about earlier there is an aspect of AI in your view in your field when somebody is getting IV infusion at home and in what way you can use that system with AI modules to
• 107:30 - 108:00 increase safety accessibility and clinical outcomes so that's what we are doing basically we're thinking about interfacing biof feedback such as vital signs when the patient is touching the device immediately is getting Vital sign signs vital signs are uploaded to the cloud services with an AI model that analyzes the risk
• 108:00 - 108:30 management of that patient so for instance if that patient which is in many cases 80 or more years old feels very bad at that point in time while he's getting the IV infusion at home not in the hospital setting at home then the AI will generate an out put to the clinician or the family member depends who is on the list of emergency list saying that the patient is about to
• 108:30 - 109:00 let's say drop down with the blood pressure or it's fame or he needs immediate attention Etc so preventative measures can be applied this way by inputting by the sensory input of this device to predict what's going to happen to the patient immediately or in in a short while so this is in a home care setting by the way and I think that applies definitely to what you said
• 109:00 - 109:30 profa uh in with other devices as well that is very true so to large extent what I believe like there all aspects U there are several aspects where AI can be used but some of the challenges what we have is like how much is too much and how much should you focus because once you start focusing on AI that you can instead of converging you will diverge and there are a lot of resources which could be spent and basically the focus should be on getting a minimal
• 109:30 - 110:00 viable product looking at agile processes and focusing on keeping your main thing as a main thing by utilizing AI to optimize your processes yeah awesome thank you so much and I think us yeah okay because I don't see no I'm still here yeah no she she wants okay yeah Stephanie please go ahead so I think the
• 110:00 - 110:30 so iPods is a nonprofit where we're creating awareness for a cardiac condition developing supporting programs and then researching integrating AI into the supporting programs would be very easy to do but I think at this point just because we don't have enough knowledge we cannot train the AI model to be useful so what we're looking at is integrating AI into the research um division of
• 110:30 - 111:00 iPods okay makes sense yeah thank you and you have a time frame for that uh we're looking at opening up the research component in the next 3 to five years as soon as we start collecting data then AI will be integrated immediately very good very good bear in mind I think the that time frame there will be very different AI tools actually within even two to three years so of course it will follow up and and uh pick
• 111:00 - 111:30 up whatever you need but whatever is accessible today may be completely different than the tools you're going to have in two three years yeah okay okay guys I love this session of brainstorming and sharing personal experiences we're GNA go for a break for 10 minutes after which we're going to have an exciting business game we're going to split into three groups we're going to have some fun and uh exploring uh you
• 111:30 - 112:00 know new directions of new technologies with AI and uh come with good energy we're gonna split the these two guys here are going to join you so we're going to have three kind of online groups and uh we're gonna proceed and there is a prize for the winners so stay tuned see you back in uh uh 7:55 right I think yeah okay
• 112:00 - 112:30 guys back sorry delay with few minutes here we have some technical issue okay should I join in in Zoom just one second oh you can join in Zoom you can do the same or yeah than you Jo the zoom okay um so is everyone back let me
• 112:30 - 113:00 see Anna is not back yet oh now she's back okay good and um okay awesome so I think everybody Joseph is not back so we'll wait for a second can you ping him okay guys good so now we are going to have some fun with everything that we've learned um we can share with them the
• 113:00 - 113:30 PDF right um destructive Innovation business game uh so you can see that I have copies for you here if you want okay so do they
• 113:30 - 114:00 have should have they should be on Cana you guys can see the PDF just let you know raise your hands if you can see the PDF okay only braa can see that it's a disruptive Innovative Innovation business game yes it's on canvas okay so you should be able to see
• 114:00 - 114:30 that now I'm going to go through the instructions H so U follow with the PDF with me um so get ready to unleash your creativity and entrepreneurial spirit in the disruptive Innovations challenge in this fast-paced and exciting game you will working three you need to M okay s uh in this fastpaced um and
• 114:30 - 115:00 exciting game you will work in three groups to brainstorm develop and Peach a fictional disruptive technology idea that leverages the impact of AI on small business ventures each group will have 25 minutes to brainstorm collaborate and prepare their pitch and remember the goal is not only to come up with a groundbreaking idea
• 115:00 - 115:30 but also to have fun and think outside the box so I will go through the three groups then we will make a ruffle we will split you guys with three different groups each group will have their own task and then we will proceed group one are the innovators the uh brainstorming uh breakthroughs instructions the the task of this group
• 115:30 - 116:00 is to brainstorm and choose the disruptive technology idea out of the following options below that utilizes AI to revolutionize the specific industry or business process the focus is on identifying pain points or inefficiencies in existing systems and propose innovative solutions that leverage AI to address these
• 116:00 - 116:30 challenges this group needs to be creative think outside the box and uh does not need to be afraid to take risk with their ideas for when presenting the selected idea to The Innovation to the innovators group you will need to use Clear con and compelling arguments on why you propose that idea out of the others so this is
• 116:30 - 117:00 group number one so um I will list now the three different technologies that you will this group will need to choose from okay the first one is virtual personal stylist the idea develop an AI powered virtual person personal stylist platform that uses machine learning algorithms to analyze users fashion preferences body types and
• 117:00 - 117:30 current trends the platform provides personalized styling recommendations including clothing accessories and styling tips tailored to each user's individual preferences and lifestyle the impact this disruptive technology could revolutionize the fashion industry by offering a personalized shopping experience reducing the need for physical retail stores and minimizing the environmental
• 117:30 - 118:00 impact of fashion production and consumption second technology is a healthc care companion robot the idea is to create an AI powered healthcare companion robot designed to assist elderly individuals and patients with chronic conditions in managing their health and daily activities their robot
• 118:00 - 118:30 utilizes natural language processing and machine learning to provide medit meditation reminders monitor Vital Signs offer emotional support and con connect users with Health Care Professionals when needed the impact the disruptive technology has the potential to trans form the healthcare industry by improving patient outcomes reducing health care costs and alleviating
• 118:30 - 119:00 caregiver burden this is group two this is second Technology Group one still I'm listing now the Technologies and then we're going to have this second group description so um the this dtive technology potential has the potential to transform healthcare industry to uh by improving patient outcomes reducing healthcare costs and alleviating caregiver burden it enhances access to healthc care services and promotes
• 119:00 - 119:30 independent living for aging populations the third technology you need to choose from is AI powered smart agriculture the idea is to develop an AI powered smart agriculture system that combines Internet of Things sensors drones and machine learning algorithms to optimize crop management irrigation and test control in farming operations the system collects real time
• 119:30 - 120:00 data on soil moisture levels weather conditions and crop Health enabling Farmers to make datadriven decisions and maximize yields while minimizing resource usage and environmental impact the impact for this technology would be to disrupt and revolutionize the agriculture industry by increasing efficiency sustainability and resilience to climate
• 120:00 - 120:30 change it enhances food production and security reduces waste and promotes environmental stewardship in farming practices so these innov innovative ideas offer exciting opportunities for disruption and transformation across various industries from fashion and health to agriculture you can brainstorm on which idea resonates most with you and has the potential to for significant
• 120:30 - 121:00 impact then further develop and refine your chosen concept during the brainstorming breakthrough section of the game so all this needs to be dealt with group number one the innovators group number two are The Visionaries The Visionaries are the the ones that are responsible for Designing the future and the instructions are once group one has generated and
• 121:00 - 121:30 selected a destructive technology idea your task is to develop a detailed plan for implementation consider factors such as target market feasibility scalability and potential impact on the industry remember to use Concepts from the previous two sessions we learned about early stage marketing for businesses and um and the others the third one is
• 121:30 - 122:00 design a compelling pit presentation that effectively communicates the value proposition of your disruptive technology group number three are the entrepreneurs the peach they need to um they need to uh device um needs to focus on um on on the selected destructive technology idea and
• 122:00 - 122:30 they need to present that to a panel of Judges which is basically the rest of the class we're going to act as judges um the pit should be persuasive concise concise and captivating highlighting the unique value proposition of your idea and its potential impact on small business ventures be prepared to answer questions and defend your idea against potential
• 122:30 - 123:00 challenges or objections from the judges overall time allocation is going to be 5 minutes for group one to brainstorm and select the technology 10 minutes for group two to design the future basically to have a strategy and implementation plan this thir and and another five minutes for group three to prepare the peach perfect I need additional five minutes
• 123:00 - 123:30 will be for q&as and feedback based on which we will have a voting system on the screen and each group will vote for the other two groups as to Performance how did they behave how did they do their task and the winner based on the totos will be awarded a prize Cy of Yeti which is a very nice one actually and then you can choose the person from that group
• 123:30 - 124:00 because it's an individual price it's not for it's not like it's one you can choose who is going to have that uh your choice in the group okay so additional instructions each group will appoint the spokesperson to present their idea and teaches to the class you are all encouraged to actively participate and collaborate within each group while staying focused on the task throughout the game after each pitch has
• 124:00 - 124:30 um have been presented there will be time for a few minutes for questions and feedback from the judges and classmates to Foster discussion and reflection on the innovative ideas presented each group will vote as I said for the other two groups based on the voting temp play the winning group will win a prize okay and at the last page you have the voting um voting diagram
• 124:30 - 125:00 and the criteria there based on the three groups is the Innovation presentation from 1 to 10 the marketing strategy how was it from 1 to 10 how was the pitch delivery from 1 to five and um Q&A from 1 to5 we will make the totals and then actually there is there is something we need to change the teach also 1 to 10 so we're
• 125:00 - 125:30 going to change the teach delivery from 1 to 10 so it will be equal for all groups okay uh these are the instructions is there any question before we do the ruffle and select the groups and we allocate you guys any questions with regard to the instructions um yeah sorry you said group one group two group three have all different phases of this or do you mean that each group is going to select one
• 125:30 - 126:00 of the items from group one and then we're going to split up and do the three stages together okay so so uh so I will explain we are going to do a ruffle I have here numbered uh three pieces of paper numbered 1 2 3 three so each onean will allocate the groups online we have three groups four four and five
• 126:00 - 126:30 each group will have its number the number let's say the F group number one will be the innovators they will be in charge to selecting the Technologies I listed three Technologies they will need to present that to the class why they selected the Technology based on the criteria once they selected then group number two who will be chosen they need to start developing the strategy of of the of the kind of a business plan right
• 126:30 - 127:00 how to Market that and the group number three that will be selected will take that strategy and develop a pitch to present to the judges to the class basically so each one has their own task and at every stage of of each group's task we can ask questions we as class and judges we can ask them questions and we they will be judged based on the quality of the FAQs they provided to the
• 127:00 - 127:30 class and the judges and they will be voted for by the end of the session okay does that answer your question Dan so we're not going into breakout rooms we're just gonna watch each other do each stage so the breakout rooms will be U actually can we do that uh like while we are all hearing each other if if we're doing each phase together and we're brainstorming together I think it would be ideal if we were all just hear
• 127:30 - 128:00 present but there will be groups but we can hear each other right um I guess we would manually select the groups and then everybody would just know what group they're in okay so without uh splitting them basically okay how we going to do that by random numbering or I I keep randomize groups okay soan will help us random so and thank you for making that awareness Tanya because uh that's the
• 128:00 - 128:30 first time I try with some most of the people online with this we are going to have interaction we're going to hear when group number one thinks we're going to hear them they're gonna brainstorm and you can also participate in that same thing with the other groups as well but the task will be their task basically to select the technology and group number two when they develop the strategy group number one and group number three can also cheaping and help and and present that and same thing also
• 128:30 - 129:00 with group number three okay so now I I have three groups now you have three groups with names they know that already no I I'll I'll tell them right now okay okay so I'm going to announce the group uh please remember which group you are in for group one I have Anna yakova I have prula Joseph and Stephanie so that that's group one everybody everybody got that okay you guys heard
• 129:00 - 129:30 that so group two is bology Aaron Omar and Tanya okay group three is Alex Amir Janet and suzan I'll throw myself in so you want to join really I have to go check on so I'll join now okay does
• 129:30 - 130:00 anybody not know what group they're in does anyone didn't get a sign to a group everybody got a sign okay I think everybody got a sign it would be nice if we can add the numbers on the screen some no there is no other way I I'm I'm just not sure how okay so now I have these three uh so um jenet do you want to help me here you want to be my helper okay so there are
• 130:00 - 130:30 three uh so that we see that everything is done fairly what is this this is the group number one two so group number two that's two huh so group number one gets t two we could just do the uh like group number one does pass oh you already assigned them yeah that's what I'm saying okay you already assigned them okay okay I was okay so group number one is the innovators can you raise your
• 130:30 - 131:00 hand so I would know who are the innovators two only two no there's Anna and also Stephanie oh okay so Stephanie is with them so one two and be four right yeah I have I have the list here so it's an yakova prula Joseph and Stephan okay so Anna okay so group number one are the innovators so starting now you have uh
• 131:00 - 131:30 you know the time allocation starting now you have 25 minutes to complete the whole assignment everybody can hear each other I encourage to remove the phone the then unmute yourself and uh start brainstorming uh the the assignment mandate is given to the group basically but the others can help them to understand at the by
• 131:30 - 132:00 the end of the five minutes allocation or it was the five minutes allocation for group one you will be asked questions group one you will have to have a spokesperson that will present your selected technology to the other group to the to the team and then we will will be able to ask you questions based on your selection same thing goes to group number two and same thing goes to group number
• 132:00 - 132:30 three okay is this uh clear are we clear good so starting from now it's 8:20 8:21 so you have five minutes to select the technology go I like the virtual personal stylist
• 132:30 - 133:00 option okay I was thinking about healthare well the healthcare companion robot I mean this is Consolidated into one place but your Apple watch monitors your vital signs you can set you know remind to do meditation whatever take your medication all of these other things so it's not like it's a completely novel and you have headphones so The
• 133:00 - 133:30 Stylist what would you think about the stylist to be I I just you know the movie Clueless popped up in my mind where she had a computer generation of outfits and it pre-selected things based on you know the inputs that she's putting in uh I think I read something recently it's like you wear only 20% of your closet so you're buying a lot of content but it's not getting
• 133:30 - 134:00 used I see U Tanya okay so you think uh virtual okay um Anna and who else is here raula what do you think of man well I would prefer healthare
• 134:00 - 134:30 because that's a need of an hour and um I believe like in our group you me Stephanie all of us are part of the healthare Stephanie is probably more of a hair stylist I mean if you guys want to do Healthcare by all means but it just it doesn't seem that Innovative or that disruptive based on what's currently on the market if we're looking for a disruptive
• 134:30 - 135:00 innovation then there would need to be additions to that like when I first read the title healthcare companion robot I was like that's cool but it would have to be like my personal assistant like it does the laundry for me it goes and you know helps me actually do physical tasks oh we'll add it to the robot okay all right so Stephanie says virtual braa Healthcare Anna what's your take on
• 135:00 - 135:30 this I can already guess we can't hear you we need a chatbot for Anna Anna we can't hear you maybe your headphones are not
• 135:30 - 136:00 plugged in maybe you can just unplug the headphones and use the normal mic okay in the interm Tanya what are you thinking uh hear me now yeah we can hear you now okay I said that Healthcare may be more interest healthare okay all of you are healthare
• 136:00 - 136:30 so you say Healthcare Anna yeah what's the reason uh because there are a lot of ideas that you may Implement do something okay I thought you'll go for hairstyles but okay that's fine there are a lot of problems that maybe I'm also health agult so it's three against two majority ones so let's just do the
• 136:30 - 137:00 healthcare so we can go through that all right okay okay here are three so what do we do now okay so maybe you can explain why this is a disruptive innovation group one has one minute left because they started at 8:21 and uh who said five minutes okay left
• 137:00 - 137:30 okay you guys need more time yeah sorry um I get you I didn't get you was that again so the first phas has five minutes and uh started at 8:21 do you guys feel like you need like two more minutes you need minutes yeah sure we'll take another two minutes okay so you got extra couple of
• 137:30 - 138:00 minutes okay sure thank you will that right okay so uh what are the the creativity uh that we can bring in right the first thing is um I can think of a robot which um can help um um to get up to to sit down and to um you know go to their bed and you know come up so that's the robot I can I
• 138:00 - 138:30 think it' be kind of important to include medication adherence and if somebody's not adhering to their medication guidelines um then that would be reflective in their symptoms and maybe limited healthare access so this would Bridge some of the gaps ad and reduce caregiver burden because now simple tasks can be overtaken by AI or okay let's do this uh so it it will
• 138:30 - 139:00 it will record the medications that the patient is taking and also have a Wi-Fi to to uh connect with the uh family members to um give them a report of how many medications or what are taken or what are not taken what's missed and what's not missed okay that's red and green to to show that so I'll just note that down red again Wii and blue will obtain S card and uh sorry will it contain SIM card
• 139:00 - 139:30 because the member can be outside right home and yeah it'll probably be done electronically and so it should also have emergency alerts so whether medication has taken maybe symptoms at a certain point Biometrics are not accurate okay and also is a a mechanical robot which helps people get up and sit down and do things on their own they go to the
• 139:30 - 140:00 washroom and all this stuff so I'll just add a mechanical aspect and then maybe there's a virtual doctor connection as well oh that's great okay virtual doctor and um okay well cost so I guess looking now at the impact Let's uh let's also uh add a NLP natural language processing NLP and U and use um emotion analysis which is sentimental analysis
• 140:00 - 140:30 basically maybe it can include like emotional and cognitive support So engages users in conversations to help with memory exercises maybe relaxation and just you know being a friend all right okay guys um so we are minutes done right yeah it
• 140:30 - 141:00 okay so let's see let's see how things are um cooking up uh on your side team number one who is the spokesperson to present the selected technology to the group Joseph Joseph all right it's me uh Ronnie so we
• 141:00 - 141:30 are looking at a AI powered uh robot and uh some of the things that we are uh looking at are um one is uh strength which is mechanical support for the patient so the AI robot would be able to uh pick up the patients and then put them out of their bed and get them where they want to go so uh that is the first support and second is um emotional support so we are using uh NLP natural
• 141:30 - 142:00 language processing and we are going to use uh lm's large language models uh to uh Analyze That and so that we can get some um um emotional analysis which is sentimental analysis uh we can use pictures and we we can use uh Imaging and U um words so that uh with that we will assess the uh emotion of the patient and share it with their family and friends so that we can alert them if there's a suicide attempt or if the
• 142:00 - 142:30 patient is not well that's the second which is emotional support third one is uh virtual dock uh support so in case the patient is not um well or needs um kind of any kind of an emergency if there's a fall or if there's any uh kind of an emergency this robot would be connected with the caregiver and alert the doctors caregivers and nurses or whoever is supposed to be alerted and to get the uh immediate support and the
• 142:30 - 143:00 fourth one the last one is that um we give it um medication adherence um um strength so what it does is it monitors the vitals and also it will um record the uh uh medications taken by uh the patients using uh wish technology and using uh the the different um image Technologies and also create a database of what medications were taken at what time and also what were the vitals and
• 143:00 - 143:30 if something falls out of range this can be um sent via Bluetooth or Wi-Fi to their relatives and also maintain a database in the um in the um uh hospital records so with all this what we are achieving is number one we have a lot of data so it's better patient out come number two is um we can detect um emotional stress or anything in advance so it reduces uh health care cost and
• 143:30 - 144:00 number three is that it will uh reduce caregivers burden because uh the P the robot is also able to pick the patient and drop them or you know help them mechanically to get from one place to another so um this is what is the U robot that we are thinking of okay great uh points Joseph thank you for that um Can this can I see that this is not
• 144:00 - 144:30 function okay so I hope you can see me I cannot see you currently there is a technical uh uh glitch but um can you I hope you can see me and hear me yes can you we can see you and hear you yes okay um one question does anyone have a question to Joseph with regard to the selection or the or the arguments he made why he selected and what he said there the one has has a question to Joseph in team
• 144:30 - 145:00 number one so I cannot see whoever has a hand raised oops hand raised so I cannot see that story but uh I can hear you so please go ahead T um yeah I have a few questions number one can technology really be disruptive if it's not coste effective because to me a
• 145:00 - 145:30 robot who can like lift you up do your laundry administer medication um provide emotional support doesn't sound cheap to me additionally I also don't think that we have the kind of capability to create a robot like this or AI assistant because a lot of people not just ones with like conditions like Dementia or like other mental health issues are combative and they do not want to take medication so
• 145:30 - 146:00 like what happens then what happens when they like knock the robot over because they don't want to be dealing with it what happens when you know they have like a seizure for example um like not all seizures are like you know someone lying on the floor and convulsing sometimes it's like are just not there um so you know in this hypothetical situation even if the robot was like a
• 146:00 - 146:30 reality a it's way too expensive and B like you know it can't actually replace the human aspect of that and either it needs to be limited in functionality or it needs to be you know 50 years in the future because we simply do not have the technology to provide something like this great
• 146:30 - 147:00 question um with the answer so yes it's early iterations of any new technolog is going to be expensive look at Elon musk's robot I think I forget the pricing on that but it's fairly expensive but when something is in market for for a substantial amount of time as there's more competition and things of that nature costs eventually come down look at the first you know iPhones or apple watches and eventually
• 147:00 - 147:30 the costs come down as newer generations and newer technology new Innovations happen so can I add to what so overall if you actually look at the compute power is increasing and the computer cost is decreasing so over a period of time so we are in the dynamic world where we looking at AI has changed the landscape and it is really Dynamic
• 147:30 - 148:00 over a period of time we'll be able to see that what changes has happened in last 50 years we'll be able to see those kind of changes happening in next two to three years with AI and with that disruptive of we our vision is that if we don't use AI then we will be able to otherwise we will be able to look at the traditional ways which are going to become more and more expensive by using AI it is going to become more and more cheaper over a period of time and therefore um this is going to help overall healthare reduce the cost by
• 148:00 - 148:30 using the less compute power the huge compute power at less compute cost um so and uh I just want to support my team and U Stephanie and braa and I I'll address your questions one by one uh uh Tanya so your concerns are really good really uh true whe what's the cost is it is it going to be effective and number two do we even have the technology to
• 148:30 - 149:00 build this right now so I'll just address these two just like how raula and Stephanie were talking about uh one is that um these are achievable number two is that whatever I said are not from are not from my imagination these are things that are available right now so um if I want to give you a a rough price of how much it would cost after commercial um um being commercialized I could say it could cost
• 149:00 - 149:30 somewhere between $25 to $30,000 that's it uh it's a rough price but still it at this cost I think it is able to replace um AER uh much more effectively than uh than a human because you pay a caregiver for eight hours this is going to work three shifts and uh they don't need lunch breaks as well so
• 149:30 - 150:00 uh cost wise um I can see it makes sense maybe because I'm in this world I mean this AI World prop I see that or it it it does make sense and number two if is it achievable is another question um if you if you take off the mechanical part which is still achievable um the data part and the the part where uh building an llm llm and recognizing data recognizing uh visuals and um and making
• 150:00 - 150:30 sure this um all these technology is available today uh in fact if this is a project I would be happy to start so um these Technologies are not new to the world and um like profo was telling when we start building this by the time we end it maybe in a year or so we would get much further than what we are even thinking so okay guys I want to uh the
• 150:30 - 151:00 the five minutes of the Q&A passed already uh more than couple of minutes ago but um great questions that you guys asked the group number one and great answers also I might say Joseph and prula and Stephanie uh thank you for that I think uh you mentioned you mentioned Joseph now when when you were talking about the cost you were referring to the total cost of ownership
• 151:00 - 151:30 basically not something specific but overall picture which I agree with you should reduce dramatically the overall total cost of ownership and that's why it's more cost effective in this way when you're are combining all the parts of human labor that you're replacing the breaks that you were referring to the automation of the process all these combined create the total cost of ownership okay uh one question I had and
• 151:30 - 152:00 please be concise with that is since it's a medical device there are regulatory issues associated with that have you considered what are the regulatory Pathways ahead of you yes so we be we would be looking into ISO probably entry to Market would be USA so we would have to get FDA clearance and this would probably be maybe a Class 2 class three medical device and then if
• 152:00 - 152:30 we're going to sell in Canada we would have to get certified through Canada health and then we would look at European standards because many of the countries in Africa require European standards as do South America okay that that's an important aspect that you mentioned Stephanie because group number to that will now start focusing on the strategy has to take that input into consideration because class two or even class three
• 152:30 - 153:00 device to those that are not aware require uh clinical studies and clinical studies means budget means resources means time frame so please bear that in mind whatever group number one gave you now based on that group number two is going to focus on building the strategy be concise straight to the point and then you have 10 minutes to develop that strategy we're gonna have another few
• 153:00 - 153:30 minutes for of Q&A after that and then move on to group number three okay now you start 2:40 yeah until uh uh 8 uh 8:50 you have time go ahead Okay so we've got a robot that does uh replaces a caregiver essentially uh for the Aged Community uh just a question does it only focus on aged cares uh like aged population or is it
• 153:30 - 154:00 for General it's for people with chronic illnesses as Welles like anybody who needs a caregiver so now um North America is a very regul regulated market um and unless um I guess with the cost of 25,000 20 $25,000 this is not a cost that um you know a lot of people can afford uh it is very expensive uh I
• 154:00 - 154:30 highly doubt insurance would uh support this so uh what we could do is we could in fact go to uh lesser regulated markets like the Middle East in Africa uh we could go to like but if you consider that that it's just the affordability of the pricing right so it's more more of who can buy the product that's what you got to understand like if you try to sell it in the market who never going to buy that then there's no use in the product so if the product works uh so let's let's look
• 154:30 - 155:00 at it this way like if the product actually works right imagine you you have this now it's a functioning product um just going into states in North America without having say we don't get the funds to develop uh to go to clinical trials because the amount of Investments you're going to need or raise funds to get there would be you know challenging so to go to market as fast as possible once you have a ready product what you could do is you could create like social media videos uh and
• 155:00 - 155:30 video campaigns uh and promote these into you know through influencers across um different regions right um like I would say focusing on Middle East Africa now the or India like these are huge markets where age population is equally um getting affected with chronical illnesses but here the thing is um because of lesser regulations it would be easier to um get the product penetrated into the market plus resources that people have on those
• 155:30 - 156:00 markets a little bit different to the resources that people have in North America in terms of a general population like a middle eastern family with an aged um you know um person might be able to afford this uh without let's just get someone else a chance to speak for a sec Erin why don't you go next um I was thinking about the cultural a thing around like keeping parents at home um uh versus like
• 156:00 - 156:30 um parents or people who need care into facilities so um I kind of like what Omar is saying um and I think we should think of a social in terms of scalability we should think of a social entrepreneurship model where we are getting um we're getting help to people who can't afford this but there's a lot of people who would pay for this $35,000 for long-term chronic care support is like nothing compared to
• 156:30 - 157:00 losing your salary for a year and your career and your time with your family like so I think a lot of people are going to buy this at 35,000 also go ahead T sorry I also think that our initial customers are probably going to be hospitals and kind of Health facilties like old Care Homes and like you know Intensive Care Unit uh in a hospital because a it's a great way to kind of
• 157:00 - 157:30 test the capabilities and develop more functionalities as we see what people actually need with hopefully consultations from Human Health Care providers who can say this is a problem this can be improved like with people who are actually doing this because I feel like as a group we're all speaking with no experience from taking care with of someone with these needs and I know people who do and the need like we're
• 157:30 - 158:00 not covering the needs that are actually needed so that's just my two cents I think we're gonna have a problem going after the health care organizations like rehab facilities and stuff because it's highly unionized there's a labor issue there's a risk management issue so um you're going to have to have some kind of ins Insurance connected to this thing for home health um there might be I think for our Target clients it might be um people who can be early a doctors who are at home already or can provide like
• 158:00 - 158:30 some kind of supplementary um care just to make sure this is like going okay as a test Market I mean I just have something the reason uh first thing is I want to say like the changes it's going to bring in the industry is like it's going to be humongous because of all the psws personal support Brokers they might be out of job if suppose this product is being built and second thing I just want to say because earlier the group one was giving lot of features
• 158:30 - 159:00 about the product and it has to go through a lot of testing and whatnot uh is it even realistic to even build that many features in this product that's my question I'll I'll revise it back to what we're discussing here is a marketing strategy not whether the product is functional or not at this point in time the product is already functional like it's past that it's past its development and everything now we're looking at marketing the product um so how do we Market it what so we need to figure out a segmentation uh for this
• 159:00 - 159:30 who are our segments then we figure out our target market and then how we're going to position it because each market would be like to ideally it would be uh more effective to have a different positioning for each target market and then how do we um promote promote this so yeah I mean strategies yeah I was saying like so if if then I would just say one thing like how can we promote it positively so that the psws we don't piss off the psws
• 159:30 - 160:00 that's what well something the thing is that right now there's a huge shortage of kind of healthcare workers in general and there's only going to be more shortage later on and if you can offload tasks like you know physical tasks like laundry lifting people taking them on walks helping them go to the bathroom giving them baths like those T like cleaning up
• 160:00 - 160:30 after after them like those tasks can be offloaded to robots I guess um but you know administrating administering medication uh maybe monitoring Vital Signs like and adjusting according maybe those can be left to the humans because they can actually see and sense when someone is in distress or if someone needs a different course of
• 160:30 - 161:00 treatment inter with your permission you have two minutes uh just a just a tip to you guys the strategy people um because it's a class two medical device or class three as you guys mentioned think about collaborations think about Partnerships these are the fastest way to Market entry so in your
• 161:00 - 161:30 pitch what I would like the spokesperson to say is that what are their plans in this direction who they targeted as initial early adapters of this technology and who they going to partner with in order to push this product into the market in terms of initial recognition and adaptation so this is something that I do recommend you to think about and you have less than two minutes about that so what we could do is we could partner out so there we have
• 161:30 - 162:00 two categories we have B2B and b2c so um on B2B side we've got our hospitals we got our clinics we got places institutions like old age care homes and then on the consumer side we've got just people who want to retire at home right or or or are being taken care of at home so for the B2B obviously we're going to need a more um uh direct marketing uh strategy whereas for BTC I would say like something viral like we create viral
• 162:00 - 162:30 content or we invest in viral content to push that like across um marketing channels social media channels I think that would get the word out um and then um we could have like sales teams um you know orders and closing deals okay I think we're done with the 10 minutes allocated um who is the spokesperson that is going to present
• 162:30 - 163:00 the strategy to the team from group two who is the spes person oh we haven't decided okay I can go um okay so okay so just to be clear that we can do be be
• 163:00 - 163:30 concise the focus on your target markets how you going to approach the market what kind of resources you're going to need okay who are the partners you're going to deal with and identify the pain points with relation to the Target markets okay um the we're looking at the consumer
• 163:30 - 164:00 Market uh and then we're also looking at the B2B Market um the target audience for Consumer Market is obviously um aged population that have chronic illnesses um in Canada um and in North America so uh the way we would approach this is largely um through advertising um the pain points that these like it it
• 164:00 - 164:30 needs to be highlighted that the pain point for this type of population is having access to healthare fast right uh at the time when it's needed um if if I have uh if say I as an age care person with a chronic illness have um somebody with me at all times uh monitoring uh my vitals and monitoring my um like facilitating uh Mobility um it would it it can be lifesaving uh at the time when
• 164:30 - 165:00 when it's needed uh often uh a lot of debts take place or uh things um are irreversible uh if the treatment's not provided uh in due time right so if it can be provided in time it can be life-saving uh for the population not just that but it can also be very convenient given the access to healthcare how challenging it is um and the um the the need the the cost of
• 165:00 - 165:30 having um uh um a caregiver at all times um and and the caregiver is not always um with you all the time I mean they have a family to go to to as well but in this case a robot would be with you for the entire um 247 um so the pain point is generally um uh like the the pain point that which is being addressed is um the uh immediate access um to a caregiver
• 165:30 - 166:00 right um that's the main point and the way we would uh Market this I think is social media advertising would be the most cost- effective way of getting it out uh getting the message out and then um radio advertisements and if if when targeting consumers uh because it is a consumer product um right uh for B2B uh we look at partnering with uh Distributors uh we'd look at Channel Partners um in different areas um in
• 166:00 - 166:30 different regions um to promote this um Age Care Homes would be another um where caregivers are often needed all the time um so if uh and there are um a lot and like there's a huge uh number of uh Hare institutions in North America which would Avail um this robot um given that the cost of the the salary and average salary of a personal support worker is
• 166:30 - 167:00 about anywhere between 80 to 990,000 a year um having a robot for 35,000 would be much more cost- effective um so I think we can save is up but you made the very good points in with regard to what kind of pathway you're going to choose to market the product you said consumers and B2B and these are two different paths
• 167:00 - 167:30 but two viable paths definitely and time frame is different with each right uh there is a clinical uh pathway that you need to overcome uh which you need to address of course and it takes time mark in a product that is not approved to the consumer uh segment is not viable unless you have clearance from the FDA from Health Canada and other regulatory uh
• 167:30 - 168:00 bodies so this is something to take into account as well you mentioned about pain points which are very relevant also because uh the trend understanding market trends there is a huge migration from the hospital setting into the Home Care setting I don't know if you noticed that but in the past 10 15 years hospitals are migrating patients they want to keep less patients in the hospital setting and move them to the
• 168:00 - 168:30 Home Care setting imagine people that need care what this medical robot companion can provide and Beyond the clinical aspect there is an emotional aspect as well so imagine the possibilities there subscription there B so many other options to scale your business right uh integrating with call centers integrating with the other service providers because you're going
• 168:30 - 169:00 to have a hub this medical companion is going to be a hub interacting with the patient providing other services so there are so many other options to go there but great points and uh let's move on now to group number three the group needs to finalize the pitch the pitch has to be concise straight to the point describing what is the product what are the pain points why they're choosing the
• 169:00 - 169:30 target market they chose how they're going to Market it what is this scalability and what is the budgeting they need for that of course there are many other aspects but within the time frame you've been doing so far great it's in real time it's not easy to do what you are doing so let's focus now on the last five minutes preparing the peach there's going to be some Q&A after that and then we're GNA have a voting
• 169:30 - 170:00 Okay Go part of yeah we're are you able to hear them yeah no we're chatting oh you chat hi I'm part of group three as am I okay same okay so do you w to start with the problem problem and pain yeah pain points okay let's see so
• 170:00 - 170:30 problem pain point is elderly with the chronic disease can't leave alone they need because their situation needs continuous monitoring um that basically is going to be problemist St that's not a only a statement the other thing that we need to consider we need to also emphasize on the fact that there is a shorted shortage on caregivers and we are going
• 170:30 - 171:00 to sell our robots to compensate that uh shortage yeah that's that's true so wait our cost is 30k right because this would be a pain point of what the cost points from caregiver which is consistent payment versus a onetime fee of a robot so it's 30k yeah yeah so the problem is the problem that we're facing is not the uh people it's just
• 171:00 - 171:30 the shortage of the thing or is a combination I think it's a combination yeah combination yeah shortage also affects the price so when there are not so many people who are willing to be the caregiver like the price goes higher so by offering this new technology we can bring the price uh
• 171:30 - 172:00 lower yeah so the the problem statement basically is Elderly with chronic disease can't live alone um because of their they need continuous monitoring and also short AG of um psws and Healthcare Providers to take care of them at home so basically it's kind of two
• 172:00 - 172:30 problems yeah um the uh the market size um so I was thinking hug about some of the questions that uh other classmates asked uh regarding the price point so as Alex mentioned if we just uh say okay over like over two years or one year or whatever year the the money that you're
• 172:30 - 173:00 paying for your caregiver can be equal or even less than this one so and we provide you with like five years of guarantee guaranteed support so that can also add to the um uh make them more like certain about this purchase also we can provide them with like uh some installments let's say 10K 15K down payment and then they can just uh um pay like uh like, per month
• 173:00 - 173:30 and then they can be like have the robots uh uh for themselves so that's uh yeah I think we come at this from way as for example if you get a um say an overnight like um not a nurse usually people stay over our nurses they're like um the hell are they called they're caregivers but they're not technically
• 173:30 - 174:00 nurses not certified in that regard so we can piture in the way that the person that uh is taking care of you the person that's watching you is going to be someone who would have the same knowledge as the doctor they could diagnose you on the spot at the same time it's leveraging that you can pay XYZ Which is higher over time time for someone who's less qualified or have a doctor 247 your home for this onetime fee or could be upgrades as we roll up various things maybe that could be like
• 174:00 - 174:30 how Tesla does the description after you buy the car there's plenty of things to upgrade from there but at least the starting thing should be that comparison showing the contrast there yeah I agree okay so how about the we we use that as value proposition yeah exactly so that is the value position so the technology itself is a a AI powered um um robot with the robot with the
• 174:30 - 175:00 ability to monitor uh the medication and give personal support and what else that is the technology if we're pitching to someone I think again when I think of the word robot I think of like a boxy mechanical thing I think if we're going to touch on this person take care of your elderly parents whatever it might be you have to emphasize it's personable it's it's not something that's scary it's very
• 175:00 - 175:30 humanlike yeah um so or maybe we can call it thread it what call it we just can give it a name so like thread or yeah sure just name or Maria or whatever just give it the name and when we introduce it we say oh this is the threat is doing this
• 175:30 - 176:00 this this and now when it comes to value proposition um we can say uh our solution help early to live independently by using AI uh powered personal uh AI I mean even if you want we don't want to use AI power but um by providing continuous monitoring emotional support that would be the
• 176:00 - 176:30 value proposition and then the technology um we talk about the how is uh monitoring and okay so then then we go to the business model okay guys time's up five minutes pass uh you made a very good arguments during the discussion I would like you to appoint a spokesperson that is going to present the peit with the relevant
• 176:30 - 177:00 points that we discussed who is going to be doesn't matter Alex you go just put something on the go you know it's my specialty okay I can go whenever you guys are ready it all right so it's no secret that the biggest population that has ever been is approaching the age that
• 177:00 - 177:30 they need care it's um our parents your parents it's a common thing that we all share when it comes to that point money is obviously something that's going to be you know their money your money money is going to be a high point that everyone has to consider and when you think of your parents alone in a home or your parents that need help that you might not be able to provide we come in with Craig Craig isn't just a overnight nurse but someone who's there for the long term someone who is not just a
• 177:30 - 178:00 person that can watch them but someone who can take care of them at the same time diagnose them on the spot for only $330,000 with increments of our various updates in the future comparison to an overnight nurse that could be up to 300 for one day it's a no-brainer what we offer as a personal robot that again you can leave the house feeling confident and happy that this person will our person Craig will not
• 178:00 - 178:30 just take care but help them live a better life than when they first okay the last part the closer I'm not sure of but that's more or less the gist of okay good good so uh questions to the Peacher uh anyone can participate in asking questions any questions to yeah Joseph go
• 178:30 - 179:00 ahead no Ronnie that was a thumbs up for oh okay sorry any other questions to I have a question to Alex so you mention sorry you mention you mentioned some of the some of the pain point what how are you going to scale the business uh if you want let's say investment from this forum let's say you are pitching to investors how you going to make money and if I'm going to invest
• 179:00 - 179:30 how I'm going to make to see my return uh you know Roi and how you gonna scale your business so you're saying this from a venture capital person I'm pitching towards is that who you would be in situation yes correct yes okay um so the cost to develop this machine um that we've seen through various trial and errors and various sourcing from different countries um because we are trying to start in um I
• 179:30 - 180:00 think it was South Africa Omar was saying before um but from various different um ways that we kind of lowered our price in different vendors um our cost to produce this thing is only 10K that's our starting cost and we're selling it now for 30k per person and this doesn't include the um various updates we're going to have so whether that's um more in-depth conversation more personal instead of just being that you know um robotic doctor quote unquote
• 180:00 - 180:30 so when you invest in this you're seeing um a times two kind of uh double on your money just from the start of again the first cost now we start scaling that through Word of Mouth various different Pathways um utilizing social media media being it's a very big Trend right now looking at Tesla's robots and that I guess gauge from there um we think that we could scale this quite fast and with our margin within there we feel that
• 180:30 - 181:00 it's you should be confident in that I think I addressed that okay what what are the geographical markets you're going to focus on initial phase yeah um North America for sure um we have access to various Technologies um within can itself we can leverage um the free healthcare so the government spending so selling towards the government B2B as well as in
• 181:00 - 181:30 different markets like us for um b2c but that will be our testing phase to kind of vett it out more um and then expand to um Europe which has a great aging population different kind of Lifestyle but in the same vein um and then again towards South Africa Etc where AIDS Etc is very prevalent so yeah any IDE distribution networks and OEM
• 181:30 - 182:00 Partnerships what was that sorry do you have any ideas or intentions to have distribution networks and uh OEM Partnerships ohem original equipment manufacturers Partnerships um OEM Partnerships I'm drawing a blank on that but we would have local production in the various places we do produce to kind of uh speed up our ramping up in the various areas so we in
• 182:00 - 182:30 Europe we would have various sourcing Partners as well as their own plants there so it's not always shipping from across let's say uh the continent it's made there and then um so we can kind of scale faster and kind of give more technical support to those who need it as well um so taking that local kind of feel to Global markets okay awesome very good job for all you guys really I mean I think H it
• 182:30 - 183:00 was in real time you did an amazing job brainstorming touching the right points of course you can expand on every every item that you touched on but I think that you manag to do well taking a concept selecting out of a few and start starting to realize how we can turn that into a living business based on the technology the strategy and how you going to Market that into the into the
• 183:00 - 183:30 audience target market and also understanding what are the Milestones that you can face especially in regulatory uh uh Pathways in order to reach your uh goals over time and I think that's important to have in mind and you learned I think what you can do today with AI that two years ago was really something imaginary so AI today
• 183:30 - 184:00 is something that can tremendously transform our lives today in two years now completely different and uh that's a given so now we're going to move to voting you have the voting table here I want each group to vote for the other two groups not for themselves and provide that uh let's say take a minute you don't need to have too much time about that you have the criteria on the
• 184:00 - 184:30 table so you have the Innovation presentation group one how was it and uh group two how did they do the marketing strategy and group three how did they do the pitch delivery each one made their own FAU so you can can mark it from 1 to five and then we're going to make the totals and whoever wins there is a price so 1 minute and we'll hear your
• 184:30 - 185:00 votes or can you hear me yes so let's have the votes for group number one from groups two and three and then the others so group two can you please provide the voting for sorry group uh group one can you please provide the voting for group two and group
• 185:00 - 185:30 three group one who is the spokesperson I'm sorry it's me so uh group one gives um no no you are you are group one right yeah yeah I'm group one so we give uh Innovation we give uh um four for group two and six for group three Innovation Innovation two four group two gets four four group three gets
• 185:30 - 186:00 six down under four group three gets six marketing uh two gets five three gets six five and six marketing pitch five and six Q&A for 4 and six oops pitch five and six Q and A U sorry Q&A is for Five Points so it's uh two and
• 186:00 - 186:30 three that's correct it is yeah Joseph is that correct it is correct okay good uh group uh two please provide your voting for group one and three all right so for group one um we decided uh so for the uh Innovation it's two and marketing yeah
• 186:30 - 187:00 two marketing it's marketing it's three each delivery was four and the Q&A was two two okay uh on group three uh Innovation is uh seven uh marketing is seven pitch delivery is uh
• 187:00 - 187:30 six and then Q was uh four uh no uh yeah four four okay okay group three uh please provide the voting for group one and two yeah for group one we'll do four for Innovation four for
• 187:30 - 188:00 [Music] marketing uh pitch we'll do five and feedback will do um two okay um for group two we'll do um Innovation will do five marketing will do five pitch five Q&A
• 188:00 - 188:30 three okay so um we're looking at these totals here so six and 7 13 13 + 9 is uh 22 22 and 4 26 26 Ronnie 26 26 right yeah 26 group 29 and uh 34 right group three is
• 188:30 - 189:00 45 oh this is 45 yes this is 34 34 so this is 45 it is all right so I think we have the winner group three great job for all of you guys I mean you did a very well uh business challenge this is a prize compliments of ye I don't know if they can see it from this camera or this
• 189:00 - 189:30 camera okay very nice thos you decide who's going to get it from your own group of course we're GNA label it for you guys uh and this is a very nice compliment of feting you all deserve more than plenty of this but I really enjoy the business game if you want to tell me the name I can save it with ell run here and next time you guys come you can pick it up okay you have a name for
• 189:30 - 190:00 now or not yet I have one like this so I don't want it because I have exactly the same one oh you have it okay so group three who Alex you were group three no you were the teacher yeah what is that that's a yei Theros oh cool yeah are you guys okay with
• 190:00 - 190:30 Alex all right so I'm gonna leave it for you Alex to pick it up here so thank you so much for uh taking part actively in this session and the business game I really appreciate your uh you know uh passion and the brainstorming that we had and I hope you did learn something uh in addition to the regular mainstream
• 190:30 - 191:00 marketing today with interacting with each other uh I hope that the last three sessions I had with you were uh beneficial to you guys I enjoyed uh being with you in this term uh and hopefully you will be able to take that and leverage to your to enhance your businesses if you need anything in respect of any advice uh you also have my
• 191:00 - 191:30 um this is a quote from uh uh Steve Jobs it's not faith in technology it's faith in people it's all about you guys not about the technology we talked a lot about AI today but in the end it's all about you the entrepreneurs okay so if you need any kind of uh assistance advice you're welcome to reach any kind of suggestions you may want to pass over uh so you have my email address you're welcome to uh contact me so I wish you
• 191:30 - 192:00 the best and I enjoyed being with you in this year so hopefully we'll meet each other again when you are successful enough to enjoy and invite me into your business maybe okay so take care and than so much thank you thank you you