Startup – Startup Fortune https://startupfortune.com Startup News, Guides, Training and Entrepreneur Community Forum Sat, 25 Jun 2022 14:32:16 +0000 en-US hourly 1 https://wordpress.org/?v=5.8.8 https://startupfortune.com/wp-content/uploads/2020/08/ICON.png Startup – Startup Fortune https://startupfortune.com 32 32 How Clash of Coins is Redefining GameFi https://startupfortune.com/how-clash-of-coins-is-redefining-gamefi/ https://startupfortune.com/how-clash-of-coins-is-redefining-gamefi/#respond Sat, 25 Jun 2022 14:32:16 +0000 https://startupfortune.com/?p=4203 Blockchain games have been going through hard times in recent years. The hysteria around “crypto cats” has already passed, but true gamechangers of GameFi are yet to reveal themselves.

The way we see it, there’s an empty space between good fun playable games and GameFI an OneWayBlock studio decided to fix this gap, and on October 12th, they launched a new game – Clash of Coins. This has been in secret development for 2 years and has launched without an ICO, using their own efforts and enthusiasm.

On June 21 Juno Blees, the senior game producer of Riot games has started a discussion on her twitter about how damaging predatory P2W tactics can be in online games: “There are not really industry-wide incentives to make more ethical choices to protect players, especially in the mobile space, and I see very few studios doing so”.

We asked OneWayBlock founder what he thinks about it. 

Founder, Stepan Sergeev, was asked about what’s his studio OneWayBlock standing on this issue is.

“I agree with Juno Blees that there are some very bad studios in the playing field these days. Studios that came to the market to only make money, providing a good fun game for users is second to them. That’s why in today’s world one must not only look at the game but also at the studio that makes it. We, at OneWayBlock, chose to be “game first”. This way, even though we’re in public beta now, you know that you’re getting the real product in the end”  Stepan explained. 

About OneWayBlock

OneWayBlock is a gamedev company founded by cryptocurrency fans to make popular blockchain games more user-friendly and approachable to a large number of players. Over the course of three years, 26 individuals have been collaborating to put together wonderfully unique endeavors for the gaming market to enjoy. “The game comes first” is the philosophy that underpins their approach. The team is of the opinion that in the near future, it will be possible for indie games to thrive if they create products that successfully combine extensive functionality with in-depth blockchain-based gaming. 

About Clash of Coins

Clash of Coins is a massively multiplayer online real-time strategy (MMORTS) arcade game with support for as many as 100,000 players. The game features a fast-paced gameplay experience and provides players with an unlimited supply of fun and fury as they compete for control over the earth. Each player also has the opportunity to win daily prizes in Ether or BNB.

The in-game coin that may be earned via gameplay is the only currency accepted in the Clash of Coins shop, making it an essential component of the game’s economy. Players have access to a shop where they may purchase non-fungible tokens (NFTs), temporary privileged statuses, cosmetics, and a number of other things that have been issued in the format of non-fungible tokens. At this time, some of the products that may be purchased include one-of-a-kind avatars and different fighting animations, which are displayed when players engage in combat with one another. The high demand for a variety of personalization and customization tools among gamers provides reason to anticipate that the list of NFTs now available for purchase will almost certainly be enlarged in the not too distant future.

If you’ve ever played one of the more popular casual games in the world, such as Subway Surfer or Temple Run, then you’ll definitely like playing this game. Additionally, it is intended to imitate the map view that Plague, Inc. employed; the only difference is that this time, users are required to seize control of the planet by banding together behind a single guise that represents one or more cryptocurrencies.

Local growth

In May, a number of significant upgrades were implemented to the core mechanics of the game, and OneWayBlock started to work with its global audience by creating creative challenges for most active participants of the official chat and other 

This led to the acquisition of more than 20,000 users in only three weeks, which is a significant outcome for a game that is still in its beta testing phase, also noting the short amount of time it has been out there.

The firm has the goal of surpassing the threshold of 200,000 by the end of the current year.

What makes OneWayBlock unique?

The distinctive detail of the company is its philosophy – put the product first.

OneWayBlock creates games for both itself and the people that play them. They are not interested in making quick cash.

They put forth their best efforts for the industry and do so while maintaining a positive attitude.

Their primary objective is to be one of the first 2.0 game companies that can fully concentrate on the synergy of innovative casual gameplay concepts with operational GameFi models.

The growth in the company’s market capitalization in the years to come will speak for itself, however, this will not happen in the absence of solid marketing.

Development vision for the next 12 months 

There are 2 directions in the company’s plans for the year: Gaming and Blockchain. The gaming direction consists of:

– Completion of work on the core components of the game;

– The launch of mid and high-game parts with the ability to upgrade buildings, merge NFT cards, and fully-fledged clan wars with dynamic battles;

– A move to a fully-fledged desktop client;

– The design of a mobile version.

The blockchain direction consists of:

– A range of collaborations with NFT collections;

– The launch of their own token and fully-fledged GameFi;

– Achieving the best possible user experience in terms of blockchain interaction. 

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6 Tips to Help you Build an Engaged Community Around your Project https://startupfortune.com/6-tips-to-help-you-build-an-engaged-community-around-your-project/ https://startupfortune.com/6-tips-to-help-you-build-an-engaged-community-around-your-project/#respond Fri, 20 Aug 2021 14:07:49 +0000 https://startupfortune.com/?p=3898 It doesn’t matter how large your business is – at the pre-seed stage, in the A-round of funding, or you’ve just launched a website and started working on attracting an audience. The main value of any project is its community. This is the driving force that helps find a vector for development and scaling, as well as motivates the players involved to set global goals and achieve them. That’s why, first and foremost, it is quite important to build friendly and trusting relationships with your users.

As a base example, we took the Phenom Ecosystem company, which gathers a large community around itself that actively participates every day in the development of products within the system, and which has a great influence on the vector of the company’s development. In this article, the Phenom Ecosystem will share with us the most important tips that have helped the company reach 40,000 users a few months after launch, and will help you gain the same tremendous support from your customers.

Step # 1: Transparency.

This is one of the most powerful factors influencing your customers’ loyalty. It’s not enough for them just to know your project well, it’s important to inform them about what is happening inside the company itself. Phenom Ecosystem users know everything, from the key company actors to the company’s goals and their success in achieving them. The project notifies its partners about the main goals and the speed of development, and thanks to feedback from them, they know what to add in the next iteration of product development. Thanks to this, all their goals are achieved 100%.

Step # 2: Interactive activities.

This is a powerful tool that works for engagement. Phenom regularly conducts drawings and bonus accruals, and always encourages their most active participants. It’s very important to do this not just when you need to get something back. Treat your customers like family and friends whom you’d want to please for their interest in your products and the company as a whole. After the introduction of interactive communication, the company increased its coverage in social networks and increased its activity on its Youtube channel by 1247% in the form of subscriptions, distribution of material, and comments. 

Step # 3: Events. 

For the community to be involved and active, it is important to be on the same page. On- and offline events help companies achieve this. Phenom regularly organizes events for all its users – from beginners to those who have been using their products for a long time and were among the first to register. It’s a great opportunity to exchange ideas and knowledge, and get news firsthand. If your project is international, think about the possibility of offline meetings in different cities and countries. A specific attribute of Phenom is Q&A sessions with the top people in the company around the world in both online and offline formats, as well as international Forums and Gala Meetings for all interested partners. 

Step # 4: A clear structure for bonuses.

This is one of the main ingredients of transparency that affects loyalty. Phenom Ecosystem users know all about activity rewards and feedback. Would you like to go to work without the understanding of what your salary will be? It’s the same with your clients, who will not be fully active without a full understanding of the bonus system. This gives you the added benefit of getting more suggestions for product improvements because your users will be motivated by this kind of system.

Step # 5: Communication of results. 

When you have already done a tremendous job of building a strong community, it’s time to publicly announce the results of your work. Advice and ideas should not only be encouraged with bonuses; it is important to show that all good ideas are actually implemented, and that the result works. Phenom analyzes all suggestions from users, submits them for discussion with the main developers (the main driving force here is the customer service department) and then announces to its customers that new functionality will be implemented soon. Releases of innovations come out literally every two weeks, thanks to a quick response to user requests.

Step # 6: A unique place. 

When you have managed to gather many loyal and active customers around your project, you can collect them all in one place. This can be a private chat or a channel where we advise you to regularly publish exclusive and profitable offers. The second channel is news, with future plans and goals announcements, along with announcements of coming events. Let’s add social networks here, where you can post entertainment content or news from all over the world. Phenom Ecosystem has a unique YouTube channel with a constant news digest, where the company’s Brand Ambassador talks about their plans and goals for the near future. This allows users to keep abreast of events and actively leave comments about them. It builds both general, and brand, loyalty when there is confidence in the success of the company in which you are involved. 

And finally, the main advice from the Phenom Ecosystem team: 

“Respect your customers more than they respect themselves. Give them more value than they expect. Always deliver on your promises and be as transparent as possible. ”

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Rikkei Finance Raises $5.6 Million to Build The First Open Lending Platform with Cross-chain Support and NFTs Collateralization https://startupfortune.com/rikkei-finance-raises-5-6-million-to-build-the-first-open-lending-platform-with-cross-chain-support-and-nfts-collateralization/ https://startupfortune.com/rikkei-finance-raises-5-6-million-to-build-the-first-open-lending-platform-with-cross-chain-support-and-nfts-collateralization/#respond Fri, 28 May 2021 14:33:56 +0000 https://startupfortune.com/?p=3831 Rikkei Finance is a Vietnamese DeFi startup, a team of industry experts who’re building a blockchain lending platform. They are using decentralised technology to innovate on old ideas like money lending, credit, and even insurance. The platform utilizes blockchain tech that enables cross-chain integration, meaning they can accept digital assets that operate on any blockchain network and render it at an equivalent rate, making them a real-time currency exchange network as well. 

We’re rapidly entering a brand new age of commerce. With the popularization of cryptocurrencies and the expansion of unique digital goods trading options such as open market trading and the emergence of NFTs, there is a new kind of money and a new way to manage it. Where there is progress that is this explosive comes chaos. Scams are rife and options may be limited to those who don’t understand what’s going on. The common people have to defer their decisions to expert opinions, and who can they turn to for something so unique? Thankfully there are already experts in this growing field who know how to keep things under control.

The team is already looking into new digital asset collateralization as well, including NFTs. Non-Fungible Tokens (NFT) are unique pieces of blockchain data, long character strings that represent a singular file or piece of data that registers it as a one of a kind unique digital entity. It’s the modern-day art trade, taking a one of a kind piece of art with a hand-made signature and printing number and giving it a value in which people invest and trade for. 

But it’s all digital. The keys are tied exclusively to accounts and their exchange across the blockchain can be tracked as they are traded from one person to another, along with the money that is spent to trade them, which adjusts the overall value of the object in real time. It’s safer than a standard paint and canvas print. 

“Since we got into the crypto ecosystem in 2012, our main strategy was to invest in people. What can be found in more than 60 projects I invested in is that they all have a team with strong technical, research and operational competency as well as a clear business mindset. Rikkei Finance is exactly what I’m looking for. We’re glad to support it. They’re building a decentralized system for frictionless borrowing of any tokens with cross-chain compatibility, allowing proper money markets to function and creating a safe positive-yield approach to store assets. I am looking forward to seeing their platform have a big impact in the DeFi ecosystem” adds Stelian Balta, founder of HyperChain Capital who’s a big supporter and one of the early investors in the project.

Rikkei Finance has attracted powerful names to its main team. Rikkei was founded by Dang Thai Hoa and Vu Thanh Tung. Its main Advisor is John Ng Pangilinan, who is a managing partner at Signum Capital and Luu The Loi, who is the CEO of Kyber Network. These two companies also helped secure Rikkei’s initial funding of $5.6 million. They also have experts from their end. Dang Bao Duc, Rikkei Finance’s CFO and a former Quantitative Researcher at Keebeck Alpha, is passionate about building a sustainable lending protocol with high-standard risk management that can enhance users’ experience and encourage greater participation. 

In the words of John Ng Pangilinan – managing partner at Signum Capital, “I have been privileged to be part of Rifi’s roadmap; from its conceptualisation to the development of Rikkei Finance Protocol. Rifi has continuously forged ahead, despite the overarching, global economic conditions. Hence we have participated in its fundraise because we believe in endorsing the future of Rikkei Finance. With every investment decision, it comes with the need to balance risks and returns, Rifi prioritises the importance of reducing users’ risk profiles whilst optimising sustainable investment returns. This was made possible, with the collaboration of an insurance protocol.”

Rikkei Finance has received funding from some of the most reputed investors in the blockchain industry, including HyperChain Capital, Kyber Network, Signum Capital, PNYX, X21digital.com, LD Capital, Tomochain, Kernel Ventures, Trade Coin VietNam, Coin98, Kyros Ventures (Coin68), YBB Foundation Limited, Ark Stream Capital and Inclusion Capital.

What’s unique about Rikkei Finance’s lending platform?

The vision of the RiFi team is to build a very safe, solid and convenient protocol that makes lending easy and secure. One disadvantage of the current interest rate model is it makes borrowing more cost prohibitive in periods of low utilization rate. RiFi’s multi-kinked interest rate model makes the lending platform robust and sustainable. 

The protocol lowers the interest rate to increase borrowing incentives and to encourage more people to step forward providing digital assets to lending, the platform rewards suppliers with RiFi tokens.

The protocol also ensures system sustainability through its 5-phase asset selection process, which employs a self-developed liquidity ranking system. Assets will be evaluated and ranked based on multiple liquidity metrics, then be further analyzed and entered into the voting section before being officially added into the pool.

The team envisions doing great things adapting to blockchain tech. Rifi.Lending will have more cross-chain compatibility and the Rikkei Finance team is working towards changing the world of digital assets. 

More details about the project can be found at: https://rikkei.finance 

Litepaper: https://rikkei.finance/litepaper

Twitter: https://twitter.com/RikkeiFinance

Telegram: https://t.me/RikkeiFinance


Media Contacts:

Ngan Chu

Rikkei Finance

support@rikkei.finance

https://rikkei.finance

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Healthcare Workers the New Catalyst to Change https://startupfortune.com/healthcare-workers-the-new-catalyst-to-change/ https://startupfortune.com/healthcare-workers-the-new-catalyst-to-change/#respond Tue, 23 Feb 2021 09:45:31 +0000 https://startupfortune.com/?p=3689 People have shown a lot of concern for their health in the time of pandemic. A lot of attention has been paid to health and safety both. One important thing people did was listening to doctors and healthcare experts. Their shopping habits are no longer the same. People are not giving into their impulses but paying more attention to the purpose of shopping. Purchase of products under the category of organic food and immunity boosters are no longer being bought because everyone is going organic nor it is out of impulse.

We have to give the credit of this change to health care experts. The main catalyst of this change are them and not the social media and advertising influencers. Recommendations by dentists, doctors, and other experts are also going to be influencing people in the near future as well.

Registered medical practitioners, nurses, and compounders are already becoming an influencer in the small towns and villages where people want to deal with COVID-19 sensibly. We all have seen how much the health workers have put into their services during these tough times and no wonder they are the ones who have seen the effects of COVID-19 very closely. The faith and influence that people are showing in them is very natural. Most of us used to receive some forwarded message or voice note in our whatsapp chat box by some expert in the field to help us keep safe and healthy, and even increase the immunity. Ayurveda, Homeopathy and other natural medicinal practices will be the next in line to influence people in living their daily life.

The companies have already rolled out thousands of products and variants to cater to the changing consumer demands. Pantanjali selling amla candies, ice cream brand Naturals selling anjeer ice cream, oats energy bars and even Yakult have been into the market for a long time. But now consumers will pay more attention to them, even though they might have avoided them in the past. For brands, this will be an opportunity to leapfrog their product innovation. Changing times demands a lot from us and is creating a lot of opportunities for us.

Dubai News UAE News

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New Indian Startup to Launch Kids Focused Fintech https://startupfortune.com/new-startup-to-launch-kids-focused-fintech/ https://startupfortune.com/new-startup-to-launch-kids-focused-fintech/#respond Mon, 25 Jan 2021 08:08:12 +0000 https://startupfortune.com/?p=3541 After a two-year-long sabbatical, former senior vice president of Paytm Shankar Nath has turned an entrepreneur. Along with Paytm alumnus Ankit Gera, Nath has co-founded Junio. This would be the second entrepreneurial gig for Nath.

According to its website, Junio is a kids-focused smart card that lets children make digital and physical purchases. It also acts as a credit card and imparts financial discipline to children. Other than that, it allows parents to control smart cards through the app wherein they can create in-app chore lists and tie them with perks. The app also enables instant fund transfer, notifications and flexibility to cancel the card at any moment through the app.

The app is yet to be launched and it will go live in a few weeks from now. Nath and Gera have no plans to raise funds in the immediate future.

Nath has served as a chief marketing officer or CMO at Paytm for about five years. He was on sabbatical for two years after moving from Paytm. However, Gera spent over four and a half years at the SoftBank-backed firm.

Kids-focused fintech and neo-banks are a new concept in India, but they have been evangelised by several startups in the US and the West. Junio would also compete with Sequoia-backed FamPay. This Bengaluru-based firm was established in 2017 and had raised $4.7 million in a seed funding round from Y-Combinator, Sequoia India, and Global Founders Capital.

Step and Paris-based PIXPAY have also been building kids focused banking solutions. The kid focused banking might turn into a big investment in future, seeing the range of investments and fundi it is receiving.

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Beloit All Ready to Start Fall 2020 gBETa Cohorts https://startupfortune.com/beloit-all-ready-to-start-fall-2021-gbeta-cohorts/ https://startupfortune.com/beloit-all-ready-to-start-fall-2021-gbeta-cohorts/#respond Sat, 16 Jan 2021 14:43:52 +0000 https://startupfortune.com/?p=3534 Beloit has announced five companies from the area selected for its Fall 2020 gBETA cohorts.

The startups include: Aktibo Athletics CEO Johann Hayag, GLW Nicholas Shepherd, QwikTrips CEO Shanta Lana Hereford, Safepro CEO Paul L. Eckert, and Thriveific CEO Jerrick Hakim.

The gBETA Beloit Fall 2020 cohort is the eighth program held since the gBETA Beloit program launched in 2017.

A company called gener8tor provides programming to gBETA. Gener8tor builds startup programs throughout the country. It’s a sponsor-led program to train, assist, and support entrepreneurs.

IronTek and Hendricks Commercial Properties sponsor Beloit’s gBETA with programming free for the entrepreneurs. gBETA Beloit is held twice per year, each time with five companies from across all industries and business models.

“Irontek is excited to welcome these five local startups to our eighth gBETA Beloit cohort,” said Erin Clausen, Investment Manager at gBETA sponsor Irontek, the Beloit incubator and tech hub. He further said, “This program has had an amazing impact in our community over the last four years and we look forward to working with these founders and their teams as we continue to grow innovative businesses here in Beloit.”

To ensure meaningful engagement with the gener8tor team, network and other resources each gBETA cohort is kept small. Participants receive intensive and individualized coaching and access to gener8tor’s national network of mentors, customers, corporate partners and investors.

The design of the program is to help startups gain early customer traction on their product and establish metrics that can make them competitive applicants for equity-based accelerators or seed investment.

The 10 Fall programs kicked off on Thursday, Oct. 1. Due to COVID-19, the Fall 2020 programs are all being held virtually. The startups will work with the gener8tor team for seven weeks to meet mentors, gain customer traction, and pitch to investors.

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Cloud Computing for Startups, It’s an Investment not Expense https://startupfortune.com/cloud-computing-for-startups-its-an-investment-not-expense/ https://startupfortune.com/cloud-computing-for-startups-its-an-investment-not-expense/#respond Fri, 15 Jan 2021 18:05:11 +0000 https://startupfortune.com/?p=3662 Taking the early steps right is everything, when it comes to building a business. For new founders, optimising company resources and costs becomes as important as executing things well. Hence, it is high time to realise the importance of technologies like cloud computing in solving the challenges of new startups and help them lay a strong foundation for their business in a highly sustainable way.

Cloud computing is the delivery of computing services that include servers, storage, databases, networking, software, analytics, and intelligence. These services are being offered over the internet to offer increased flexibility of resources, lower infrastructure costs, and improved ability to scale.

There have been many benefits seen and experienced when working in a cloud computing environment:

The new development resources are always only a click away.
There is a dramatic increase in the agility and speed of execution for your business since the cost and time it takes to develop is lowered by a significant margin.

Cloud helps you eliminate guesswork from your infrastructure capacity needs, while at the same time making it more flexible for you to experiment and make iterative decisions.

From dynamic compute power to storage, the cloud offers you complete flexibility in choosing the right amount and type of resources for your stack.
Cloud computing needs minimum investment to get you started. Looking for cost reductions as well as improved scalability and reliability a cloud solution can reduce a startup’s infrastructure costs.

But it is important to choose your cloud services provider carefully, you need a responsible one not just a famous network

Whether it is building, growing, or scaling, your cloud provider should be able to support you at all stages of your startup’s journey.

Your cloud services provider should also be able to offer you resources and community so you can learn from how others have been able to fix the problems you have.

Make a careful consideration about the customer support. If you’d need assistance, would you be able to get it quickly, and on the channel of your preference?

What you should look for is having a dedicated resource, in addition to having the usual channels. Also make sure to choose a cloud provider that offers native integration to other market-leading products.

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Avoiding Common Startup Mistakes to Become Uncommon https://startupfortune.com/avoiding-common-startup-mistakes-to-become-uncommon/ https://startupfortune.com/avoiding-common-startup-mistakes-to-become-uncommon/#respond Sat, 09 Jan 2021 04:43:00 +0000 https://startupfortune.com/?p=3643 Startups put a lot of pressure on their leaders to make the right choices. It’s a stressful position to be in. But there are a few key strategies that will help you focus on what matters.

Be ready to change

Being an entrepreneur you need to be always hungry for feedback and be ready to change. It is one of the most important ideas that you can grab and especially as a technology leader. The one who is willing to change will evolve the business. In the early days the scope of change is massive as you are more flexible with it. Making small and large changes enables ultimately finding product-market fit.

Find your product-market fit 

Modern cloud deployment platforms give you the ability to get your ideas in the hands of users. With tools like this, you can focus entirely on building your product as users are interacting with it, so you can learn from those users as quickly as possible.

Don’t make it a secret 

Startups used to build their product in secret, and won’t show it to anyone for fear someone else will steal their idea. But we have to accept the fact that people are not sitting around, just waiting for a great idea they can steal and then build. Our idea is not just ours. There might be other people who are working on similar lines. The best thing you can do isn’t to work on it in secret, but to build it, and get it in front of customers as fast as possible. 

Build business plan

Build three step planning. You need to plan your next step, build it, and get feedback. If needed, amend the plan. Repeat it all wherever and whenever needed. You’re always wrong about something or the other in your business. Your only strategy at this point is to be wrong as fast as humanly possible so that you can find out what right is and start building the right thing.

Keep the cyclic order of building, executing, and getting feedback at whichever stage it is needed. It’s only in the feedback cycle that you’ll learn where you’re wrong and start to get right. 

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London to Invest in Startups to Revive the City https://startupfortune.com/london-to-invest-in-startups-to-revive-the-city/ https://startupfortune.com/london-to-invest-in-startups-to-revive-the-city/#respond Fri, 25 Dec 2020 18:06:12 +0000 https://startupfortune.com/?p=3543 The City of London intends to invest in tech startups and attractions like outdoor gyms. This investment is to revive a financial hub devastated by staff working from home which is deeply affected due to the global pandemic Covid-19.

A five-year plan is released by the self-governing district that calls for renewal. The decision is taken at a time when traditional ways of working are being upended by the pandemic. To make socially distanced commuting viable, it will permanently expand thoroughfares which are only dedicated to walking and cycling and provide inexpensive space for creative company incubators and art hubs.

Catherine McGuinness, the City’s policy chair, said, “I’m very concerned in the short term about the lack of footfall we are seeing.” She further said, “We are hearing from businesses a real wish to get people back to the City, so that creative sparks can fly and company spirit can endure.”

Covid-19 has hurt centers that relied on a high concentration of office workers to sustain urban life. Right now it has few full-time residents and less emphasis on the shopping, cultural and nightlife attractions which are seen in other London districts.

By 2025, the City wants to boost weekend and evening visitors by half. Although curation, possibly, and subsidies might be needed to break up the office dominance. One of the recommendations suggested a skateboarding park that could help make the district a place that attracts people from all generations and backgrounds. The Miami’s Wynwood art district is also considered as a potential model.

Lord Mayor of London William Russell said, “The capital’s success throughout history has been a story of constant reinvention. It is more important than ever that London adapts quickly to today’s challenges so that it remains a place where people want to work, live and visit tomorrow.”

Recent article: https://startupfortune.com/dubai-based-entrepreneur-aqsa-abdullah-takes-the-pain-out-of-the-complex-business-setup-process-in-the-emirate/

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Betalab Announces its “Fix the Internet” Startups https://startupfortune.com/betalab-announces-its-fix-the-internet-startups/ https://startupfortune.com/betalab-announces-its-fix-the-internet-startups/#respond Wed, 14 Oct 2020 09:35:36 +0000 https://startupfortune.com/?p=3487 Startup studio Betaworks had announced that it was partnering with James Murdoch’s Lupa Systems to create a new program called Betalab, to fund and mentor early-stage startups that would try to “Fix the Internet.”

Betaworks is unveiling the first four startups selected. They are:

Savepoint: a mobile games company that uses game mechanics to improve players’ lives.
International Persuasion Machines: a cybersecurity company building tools to assess and combat algorithmic manipulation and other forms of platform abuse.
Synthetaic: a data company trying to eliminate edge cases by developing high-quality data for machine learning.
Nth Party: a company that allows customers to exchange encrypted data sets without decrypting them.

The general manager of the Betalab program, Danika Laszuk said that this will be the firm’s first virtual startup program and they kept it smaller than a standard Betaworks Camp cohort deliberately. But Betalab has kept its applications open and it is planning to welcome a new cohort of startups in the new year.

The internet has eroded privacy and spread misinformation but Laszuk assured that the team is looking to tackle these problems with “the optimism of technologists.” She believes that there are “a lot of people with great ideas and the wherewithal to build them and fix things in the world.”

Laszuk said that the Betalab approach focuses on properly aligning incentives: “We are biased towards the product being the thing that technologists are building. We’re not excited about businesses collecting data to figure out what to do with it later.”

According to her the goal is to support “the internet as it exists today and get all the benefit of the internet,” while also providing “a way to safeguard our privacy, to try to incentivize civil discourse as opposed to clickbait and incendiary behavior.”

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