Why I’m a Fintech entrepreneur

On By mehranmuslimiblogIn Digital Innovation, ICO, Initial Coin Offerings, TechLeave a comment

I’m a serial entrepreneur who believes in leveraging my many years at a senior level in IT into new opportunities as they arise. I have designed a VOIP system that led the vanguard in this field, developed a Global SIM solution on a travel platform and created a unique platform for online advertising using a ‘One Click Solution’. I’ve also worked on mobile/web apps based on proximity and geofencing.

With my extensive IT experience, it seemed logical to me, as well as exciting, to move into Fintech, particularly the development of new platforms based on the blockchain. This is the field that really inspires me, because I see so much potential in the whole world of the blockchain technology.

Fintech-2 (1)

What is Fintech?

Some people still aren’t sure what Fintech is when I talk about it. I define it as the segment of the technology startup scene that is disrupting sectors such as mobile payments, money transfers, loans, fundraising and even asset management. It’s a growing business: a recent report by Accenture found that “global investment in Fintech has skyrocketed from $930 million back in 2008 to over $12 billion by the beginning of 2015.” And, in terms of regions where Fintech has made the most gains, Europe is leading the way, according to Accenture.

As I said, my special area of interest is in the blockchain and how that can disrupt specific financial areas, such as money transfer, personal loans and fundraising for business startups.

Crowdsourcing and fundraising for startups

For example, Initial Coin Offerings, or ICOs as they are usually called, have made it possible for new businesses and some well-established entrepreneurs as well to raise the funds to take a product to market within a matter of weeks, or minutes in some cases. These ICOs use a combination of crowdsourcing (or some call them crowdsales) and the blockchain technology to raise the money. In the past it typically took months of presentations to venture capitalists and banks before funds were available to take a business forward – now an ICO cuts through all that red tape and the investors in the ICO, which can be anyone, not just accredited investors, can make a return on their investment. You could say that ICOs bring power to the people and allow everyone an opportunity to get involved in investing.

Fintech offers efficiency and lower costs

Fintech also allows businesses to work in more efficient and less costly ways. The major banks are slowly, but surely realising that blockchain products like Ethereum and Ripple can enable them to work faster and smarter and reduce costs. Ripple, for example, has been designed to replace the bank Swift system for international transfers. Instead of it taking days to send money from one country to another, it can happen in minutes.

The Ethereum platform

Ethereum is also of particular interest to a wide range of businesses because its platform includes a ‘smart contract’. Unlike a ‘physical’ contract, the smart contract is programmed in a way that removes any chance of fraud or third-party interference. Its role will become even more prominent as new startups begin to demonstrate the agility of using the Ethereum platform in a traditional market.

What’s next?

Right now I’m working on a project that taps right into a market that has been in existence every since man created money as an exchange for goods. The blockchain is undoubtedly the next step for this particular market, and as an entrepreneur with the right background to understand the technology, I simply had to get into Fintech. I’ll be writing more about this entire field over the coming weeks, so stay tuned to discover more about it and my specific project.

 

 

 

 

 

 

 

 

 

The Cloud is the Future

On By mehranmuslimiblogIn Digital Innovation, ICO, Initial Coin Offerings, TechLeave a comment

Cloud storage is an interesting phenomenon. For anyone who is unsure about what the ‘cloud’ is, put simply it is a means of storing and accessing data and programmes on the Web, freeing up space on computer hard drives. It is easy to understand its advantages, especially for businesses that need to store large amounts of data.

cloud-computing-1050x700

Cloud computing is big for business

And, to date, it is largely businesses and government-based organisations that use cloud computing. For example, over 60% of firms use the cloud for their IT-related operations and it is increasingly chosen by healthcare providers to store images from CT scans, MRIs and the like. Education services, the financial sector and even the construction industry are also using the cloud because it is efficient and it adds a valuable mobile access to information element.

Consumers slower to adopt the cloud

However, it must also be said that whilst corporate entities have adopted the cloud, it has been more difficult to engage the average computer user. There is a reason for this, and it is not because the individual doesn’t understand the cloud; it is because there are fewer ways for them to access cloud computing. For example, business customers can choose from a range of cloud computing systems, whilst the consumer only really has Google Drive, Apple iCloud and Amazon Cloud Drive to choose from, but this might change if they were made more aware of the advantages of the cloud for the personal user.  Sometimes we are not even aware that we are using the cloud, but every time you consult a Google Map, or download a coupon, you are accessing cloud storage of information.

Multi-cloud trend expands the industry

Economically the cloud is important. Seagate, a cloud solutions business, estimated in 2013 that the U.S. market for cloud related equipment, i.e. servers, storage, networking hardware and high-speed links, would be worth around $79 billion in 2018. In 2017, Gartner says it will be worth $240 billion in 2018, much of this due to the growth in the use of multi-cloud services. This is a new and growing trend, where a business uses as many as four cloud computing providers. There are good reasons for this; it reduces vulnerability. Organisations prefer a multi-cloud strategy to avoid any “keeping all your eggs in one basket” problems that could leave them vulnerable to a variety of issues, such as cloud data centre outages, bandwidth problems and vendor lock-in.

And a report by Ovum suggest that 25 percent of European “are unhappy with their cloud service provider largely due to poor service performance, weak service-level guarantees and a lack of personalised support.” However, a lot of work is being done on rectifying these issues and streamlining the transference of data storage between multi-cloud systems.

One hint we have that multi-cloud environments are the future comes from Google, which has recently purchased Orbitera, a platform that supplies multi-cloud commerce. Although, Google still faces stiff competition from Amazon Web Services in this arena, but it is clear that ‘cloud wars’ may be coming simply because businesses want to avoid being locked in to one vendor. Increased competition will be good news for the businesses looking for flexibility and cost savings, as well as better cloud computing solutions,

The cloud is growing fast – you only have to look at the revenues for Amazon Web Services, Microsoft and Google in early 2017 to realise that despite cynicism from some analysts, the cloud is an IT sector that is going to shape the future.

 

 

 

 

 

 

 

ICOs will be the future of fundraising

On By mehranmuslimiblogIn Digital Innovation, ICOLeave a comment

If you haven’t heard about Initial Coin Offerings, or ICOs as everyone calls them, then you must have had a break from being on the Internet. They have been around for a few years, but in 2017 this form of raising funds for new startups has really blasted off and although there are questions about them, it seems to me that this is a tide that won’t be pushed back.

Search for information about ICOs and I guarantee that the next time you go on Facebook or read a newspaper or magazine online, you’ll see endless adverts for a whole host of new ICOs. Why are they so popular? The short answer is that an ICO enables a company to raise money fast and without having to pay fees to middlemen.

It isn’t just new businesses that are using ICOs; it is well-established companies, and whilst China may have drawn even more attention to them by banning them, the rest of the world is continuing to support the platform. And, with institutional investors starting to invest in them, this is a strong indicator that this new approach to crowdfunding has a strong future.

pexels-photo-251287-1024x576

How does an ICO work?

How does an ICO work? It is a crowdsale mechanism built on the blockchain open-source technology; the same blockchain that supports Bitcoin and Ethereum as well as other cryptocurrencies. ICO investors buy ‘tokens’ that they pay for with a crypto or fiat currency. The tokens are like shares and investors hope that the values and prices will rise as the project achieves success.

Another way to look at an ICO token sale is this: the token can represent some sort of value or be of value itself, or an ICO might attribute equity to a token. Quite frequently, the token issued in an ICO gives a person access to the features of a particular project. For example, tokens are used to pay for goods and services from the company offering the ICO instead of having cash or Bitcoin. You could say that these tokens are similar to a store’s loyalty points. So, there are a number of ways that an can ICO operate, and this is another part of their appeal for both the businesses starting an ICO and investors.

More confidence in the blockchain

A number of startups, some with a well-known name behind them like that of Paris Hilton, have raised millions in minutes, showing that the public’s appetite for this form of investment is very strong. This is largely because Bitcoin and Ethereum have had excellent results during the last year and more people have confidence in cryptocurrencies. It is also due to the fact that there is greater understanding of the blockchain and why a decentralised platform works for the benefit of the average person who is often cut out of the investment world by bigger corporate entities. And, there is trust in the blockchain as people become more aware of its security mechanisms.

ICOs in 2017

Currently, an average of about 20 ICOs hit the market every month. According to Autonomous NEXT, more than $1.2 billion in cryptocurrency was raised through ICOs in the first half of 2017, which is well above $300 million made in the previous years.

The advantages of ICOs

There will probably be much discussion in the coming months about ways in which ICOs might change in the future, but they will certainly be a part of it thanks to their inherent advantages, such as: they provide efficient and low cost funding to startups and are accessible to any participant in any geographical location. They also provide an opportunity for investment in a new and disruptive technology and for financial gains based on the future potential of blockchain. We are witnessing another new step in the revolutionary power of the crowd and ICOs are one of its most powerful tools for change.

 

 

Avoiding the fakes – when you’re looking for an online coach

On By mehranmuslimiblogIn Business, Careers, TipsLeave a comment

Having a life or business coach is an invaluable investment in yourself. However, finding one that has the right expertise and who gives you value for money can be a search with challenges, especially if you rely on the online coaching industry.

When you venture on to the web, you’ll find coaches for every aspect of life and it is spectacularly easy to find them. But, as the Romans said,

“Caveat Emptor,” or “let the buyer beware.”

I say this because the Internet has made it very easy for anyone to set them up as some sort of guru, offering wealth and power in five easy steps, if you just pay for their book, course or one-to-one sessions with them. So, how can you tell the wheat from the chaff? Well, there are a few things you can watch out for.

01-goal-Secrets-Life-Coaches-544484034-Nikada

 

Exaggerated claims

Policing the Internet is a work in progress and currently it is still easy for those who want to trick you to get on the first page of results. These people know how to SEO their sites to the hilt. My advice is to look out for coaches who make exaggerated claims. Is the offer just too good to be true? Will you really make millions in a matter of months? Look for the coaches that don’t promise the spectacular and unachievable, who don’t use flashy language and who acknowledge you have to put the work in for any real change to happen.

Check their credentials

And I don’t mean their training certificates. If a coach claims they can help you to boost your income to seven figures, make sure you find out if they have been able to do that for themselves. Do your research to make sure the coach has achieved what they claim to be offering. But don’t stop there. Look deeper. Did the coach have a more advantageous starting point than you; in other words, did they work to get where they are, or have they benefited from a fortunate background? If you and the coach have very different starting points, then they possibly are not the one for you.

Watch out for the marketing tricks

Beware of certain sales tactics. For example, there are many who throw in an enormous number of ‘bonuses’, which is an attempt to make you feel more comfortable with the high cost of the course. Also, watch out for those who use special offers within a limited time period that are intended to make you pressure buy. This probably means they know the course isn’t worth the money they are charging. Instead, find one who understands the investment you are making and who can demonstrate that you will be getting value for money.

The free content

Like pressure buying, the offer of free content is another marketing trick. Sometimes the free content is a genuine offer. But, do study what you are offered gratis. Is it just a rehash of some information that is already on the site, for example? The quality of the free content directly relates to the quality of the course you will pay for. Is it going to be worth it?

Finally, you must go with your gut. What inconsistencies can you spot? Do they seem like a balanced person? Are they arrogant or do they brag about themselves? If something feels off, then it probably is. Trust your instincts before you spend your money.