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  • Essay / Lean Start-up Management

    Active Intelligence Pte Ltd (Active.ai) is a Singapore-based private fintech organization specializing in artificial intelligence. Their R&D division is located in Bangalore. This startup-turned-business uses NLP (Natural Language Processing) and ML (Machine Learning) as tools for banks to interact and chat with customers via messaging and voice. The company has not yet grown in terms of number of employees. The current number of employees working is approximately 51 to 100. The total funding the company has received to date is approximately $11.8 million. Its CB Rank (this is an algorithmic ranking given to the top 1,00,000 most active companies) is 31,309. Active.ai has built an advanced and sophisticated AI platform that can be deployed for financial institutions, insurance companies and capital markets. Triniti, their AI engine, was designed to create meaningful and intuitive end-user engagement across multiple openings such as messaging, voice and IOT devices. With advanced conversational AI, we see an exciting opportunity to create natural dialogue and more meaningful connections with people in their everyday micro-conversations. How does the start-up understand “INNOVATION” in the broad sense: > The main motivation of the start-up is to engage its customers through micro-conversations with their banks. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an original essay In this way, they want to develop an intelligent, agile, robust and flexible working environment. > Their main motto is openness, which helps them to better serve their customers. Their entire operation is completely transparent and open to all kinds of feedback that helps them improve their service. > They quote “Innovation is what motivates us; it sticks with us and our customers.” They innovate by partnering with customers and colleagues who are tied to win. “Isolated ideas are not innovation.” So, they have broad discussions, brainstorming and ideation sessions that give them a greater chance of paving the path to success. > They are attentive and always open to the challenges and opportunities of the business ecosystem. Their activity is based on listening to the needs and requests of their customers. > They are also “smart risk takers”, as they call themselves. They lack resources such as capital, people, work space, time, etc. and simplify their process model to optimize resource utilization to thrive much longer than expected. > Their employees' business cards do not have the designation written so that they can interact with each other without feeling inferiority complex and also without hierarchical barriers. This allows the team to share ideas and solutions without fear. > They distributed their inventory to each team member in their organization. This distribution is not linked to title or previous experience. It is purely based on merit linked to the performance of employees, the team and the company. > Working hours are flexible. Employees can work any number of hours per day, with a minimum of 4 work days per week. Additionally, they do not have a vacation policy but they encourage their employees to take 15 days off to spend time with their families. This also helps in increasing the productivity of the company. There is no sickness policy.The company wants good health for its employees and wants them to recover without stress. I would like to quote some of the text cited by the company: a) We live in an age of 140 characters or less, let's make everyone count. (related to Twitter!!) b) Isolated ideas do not constitute innovation. It is absolutely true that anyone who creates a new product or business under conditions of extreme uncertainty is an entrepreneur. An entrepreneur is a person who creates one or more businesses, taking financial risks in the hope of making a profit. So, anyone who starts a business or launches a new product that has the potential to turn into a business at some point is an entrepreneur. Furthermore, uncertainty lies in the terms of risks, profits/profit margins, success, product launch, public attraction, etc. Even after experiencing these uncertainties, those who dare to step up their efforts and pave the way to success are the real and true examples and idols of the word “entrepreneur”. They define and convey the true meaning of the word. I also agree with the idea that a start-up is a human institution designed to create a new product or service under conditions of extreme uncertainty. It doesn't matter if the size of your new startup is extremely small, what matters more is that the startup moves forward on the path of innovation and creates a new product that will help a sect of people. -up that I chose is “Active.ai”. It started out as a small organization with around 6-7 members initially. Even today, the workforce is between 70 and 100 people. But his main goal was to hear the needs of his customers and colleagues and help them with solutions. They came up with an innovative idea to integrate Artificial Intelligence (AI), Machine Learning (ML) and Natural Language Processing (NLP) into mobile apps to help people by suggesting answers to their industry-related problems banking. The application could also be used in financial institutions, insurance companies and capital markets outside the banking sector. The main objective of the application is to receive user questions, analyze current trends in the field related to user questions and provide them with a solution. In the beginning, the organization started with a genuine motivation to help others and now it has transformed into a business with funding received in millions. At first, they did not have profit as the main ideology for their start-up, but then the odds favored them. This start-up turned private company can be classified in a tertiary sector (provision of services). It can be said that Active.ai is a service providing company. The initial service provided by the startup was limited to the banking sector only, but it now also covers other financial institutions, insurance companies and capital markets. The start-up also gives its customers the opportunity to show them the services that the company offers. For this, a form has been created by the company on its main website titled “Request a Demo” where users can provide their contact details and the company will contact them for the exact type of service demonstration they wish to attend. To me, a startup can be defined as how today's entrepreneurs use continuous innovation to create radically successful businesses. The winning strategy in any startup business is “Think big but start small.” Zappos CEO Says: “Pursue the Vision, Not.