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June 14 · Issue #153 · View online
3 Things You Need To Know From The Convergence Ecosystem
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Seems like Amazon will soon have competition for their checkout-free retail outlets. Microsoft is working on a technology that should help retailers compete directly with Amazon Go soon. We may soon witness drastic differences in shopping experiences from retail outlets.
Today’s issue covers guidelines for ICOs issued by Lithuania, an interesting application of Blockchains in Kenya and a study on the key reasons why startups fail by CB Insights.
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1. Lithuania Publishes ICO Guidelines
The Ministry of Finance of The Republic of Lithuania has released guidelines for ICOs in the nation. The regulations are much in alignment with what FINMA has provided in Switzerland - a framework for entrepreneurs to conduct a test regarding what kind of token they are issuing. The document is comprehensive and covers aspects of taxation, AML and accounting for teams looking to do an ICO. The Minister of Finance Vilius Šapoka stated that
Of course, risks are ubiquitous. But we can not ignore the development of new financial instruments and phenomenon of blockchain technology. We do believe that certain usage of it, such us ICOs, should be regulated. Lithuania already has an exceptional regulatory advantage.
The move by Lithuania should soon provide companies looking to issue a token an alternative regulatory environment to do so. It will also position the nation to attract skill and capital into the region. As nations diverge in their approach to regulating the ecosystem, a handful of them will attract the best over time.
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2. Blockchain Opens Up Kenya’s $20 Billion Informal Economy
Blockchains may soon re-invent how credit is offered in developing economies. The creditworthiness of individuals in informal economies is often difficult to estimate due to most transactions being primarily cash-based. However, the arrival of mobile phones in these regions have begun providing alternatives. Bitpesa, for instance, offers an alternative remittance solution to individuals in Kenya. Developed by Twiga, an application built in collaboration with IBM tracks and analyses transactions to understand the nature of an individual’s financial situation. It then uses this to offer instant credit. During a pilot programme, Twiga and IBM processed 220 loans averaging $30 each and helped boost order sizes by 30%. Loans ranged anywhere between four to eight days with interest rates of anywhere between 1% to 2% in total. This is an interesting application of a technology working alongside an in-depth understanding of a local market’s requirements. The viability and scale such an initiative can attain will have to be observed over the coming years.
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3. The Top 20 Reasons Startups Fail
The odds of success are almost always stacked against teams looking to startup. Understanding the reasons why they fail could help in avoiding failure to a great extent. CB Insights recently published a post looking at the primary reasons why start-ups fail with the help of data from their start-up postmortem list. Their observations suggest that a lack of market demand is the single most significant reason why startups fail with over 42% of the teams analysed suggesting as a reason. Other significant reasons cited involve lack of a valid business model, poor marketing, ignoring of customers and absence of passion for the product. While these reasons may seem evident at the face of it, they could often go ignored as reasons for concern when working in a startup. Interestingly enough 8% of founders also reported that a burn out was the reason behind their failure. An important reminder of why startups need to watch out for mental and physical health as they set out to #buidl things. The post is an interesting list of things to watch out for if you are a founder. Grab it here.
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On this day in 1951: the world’s first commercial computer is unveiled
Cost: $9.7 million (in today’s prices)
Weight: 16,000 pounds
Power: less than an iPhone https://t.co/abCs40k3eF
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