Idea factory

2021-11-03 12:13:34 ​#BusinessEducation
Warren Buffet: how to invest in your success

This is one of the most successful investors ever. Now Buffet is placed 5-th in the Forbes list of the richest people on the planet. Moreover, many investors worship Buffet’s ability to genially allocate money and raise billions of dollars. These tips reflect his mindset thanks to which he became that influential in the world of finances.

Be bold
When Buffet was only 20 years old, he came to Washington and knocked at Geico’s door. Though it was audacious of him, later Buffet acquired Geico through Berkshire, which he calls ‘one of the pearls on the crown’. If he hadn’t dared enter Geico’s office 70 years ago, nothing would have worked out. Boldness pays off.

Measure things to improve them
Buffet has been keeping each copy of tax declarations since he was 13. That’s why the billionaire can say exact dates when he sold or bought Geico’s stocks. The lesson is simple: things you can measure should be recorded. Wherein, fixed achievements and fails — what you can learn from.

Believe what you see
Once Warren said: ‘The point is not what you look at but what you see.’ The investor spent decades on just watching Coca Cola. However, only 52 year after he observed the company, Buffet started investing in it. Of course, it lived up to his expectations and he earned a bunch.

Admit your mistakes
In the last letter to Berkshire stockholders Buffet made a mistake. The things is he called an overpayment for one of the companies ‘a hideous $11 billion waste’. Later Buffet admitted it was his fault. That was a quantitative mistake he made. The lesson is clear: it’s hard to learn from the mistakes you can’t admit.

Don’t complicate
Warren is certain: business is not Olympic Games. You will not get additional points for the task difficulty. So you can simply cross the obstacle instead of trying to take a complicated leap.

Money is not the point
Buffet says it’s really cool to have a private jet and comfortable apartment. However, having dozens of mansions is burdening. The most valuable assets in Warren’s life are his health and old friends. Money gives a lot, though you shouldn’t forget other important things.

Which tip do you consider the most useful? Text below Open / Comment

2021-11-02 17:32:58 ​#StartupNews
Rebel Foods: kitchens on cloud 9

Origin: Mumbai
Valuation: $1.4 billion
Business model: dark restaurant

Rebel Foods is the youngest unicorn on the Indian market. Recently, the startup has attracted $175 million investments and gained a unicorn status. Currently, the company is valued at $1,4 billion. Let’s see how the chain of ‘cloud kitchens’ hit the jackpot.

Idea
Rebel Foods manages the biggest number of so called ‘Internet kitchens’ in 10 countries. More than 45 brands like Wendy’s and Mad Over Donuts own the company. The idea of ‘dark kitchens’ is to make food service more cost-effective. Creating and maintaining a restaurant is really expensive because at the end of the day this is a property.

How it was created
Jaydeep Barman used to work as a consultant for McKinsey. Once he realized that despite the popularity of Indian food, there was still no world brand for cooking it. So, Jaydeep came up with an idea of ‘dark kitchens’ that were supposed to centrally serve restaurants. In June 2019, Rebel Foods raised $125 million investments from Coatue Management and Goldman Sachs. A month later, it became the largest Internet restaurant in the world.

Advantages
The concept of ‘dark kitchens’ allows partner restaurants and brands to shift from costly shops to affordable online systems. They can optimize their business focusing only on making products.

Many investors state that a model of ‘cloud kitchens’ plays a key role when entering a larger market of product suppliers, restaurants, and brands. Now companies don’t have to build 5 objects for managing 5 restaurants. Rebel Foods enables them to have only one kitchen with the help of technologies.

Besides, mono brand companies are losing investors’ interest. They can’t create a single profitable economy managing one brand. Scaling one single brand over the world requires substantially more capital investments. Whereas brands constituting part of a larger portfolio have controlled and fixed costs.

Investments
Evidently, their idea raises a bunch of funds. Tiger Global, SoftBank, Sequoia and Temasek are actively investing in the startup and even doubling their bets.

Thanks to the generous investments, Rebel Foods’ has lately become a unicorn, achieving worth of $1,4 billion. Their current annual income amounts to $150 million.

Plans
The startup is intended to use fresh tools for its international expansion and exploring consumers’ possibilities. Piyush Kakkad — Rebel Foods’ head — plans to become the public company. Experts forecast the startup to reach $35 billion by 2030.

What do you think about Rebel Foods’ story? Share in the chat! Open / Comment

2021-11-02 12:40:48 ​#BusinessEducation #Skills
Soft skills: how to charm everyone around

Soft skills are a set of complex abilities related to emotional intelligence. They can be applied in any business area and substantially boost your chances to achieve your career goals. Though soft skills cannot be acquired, it’s possible to develop them. If you haven’t read part 1 or part 2, be sure to check them out! Also, read the article about hard skills.

Work under uncertainty
The modern world is described as VUGA. This implies volatility, uncertainty, complexity, and ambiguity. Working under uncertainty — the ability to quickly react to task changes, make decisions, manage projects, and your own resources.

In order to compete on the market and be in demand, you need to be flexible and adaptable to swift changes. For instance, stress management is one of its sub-skills.

How to develop:
Work on your independence. Make up solutions to complex problems, and approach them differently. Try new tools: Telegram, online education, remote work. Follow trends and new technologies, choose what is appropriate for you.

Economical production
This is an ability to eliminate a loss of any kind, look for bottlenecks, and enhance the process of creating something. The skill helps economize resources of an individual or entire production. For example, if you calculate loads, you won’t burn out, so you have time to do more and better.

How to develop:
Organize your own space: a desk, computer, apartment. Economical production has a 5S technology — removal of unwanted stuff, self-organization, keeping cleanness, standardization of processes, and framework improvement. So tidy up your room, create your own storage systems, and sort your emails and files on the phone.

Ecological thinking
This is an ability to consciously regard what happens without doing any harm either to yourself or others. Ecological thinking implies a responsibility for your actions and positive attitude to the world.

The skill helps to do your own business and enjoy the result. For example, if project deadlines change, you don’t panic, but try to sort it out.

How to develop:
Strengthen proactive thinking instead of reactive one. For instance, if someone treats you rudely, don’t be rude in return. First, decide whether it does any good to anyone. Treat home resources ecologically: keep separate garbage collection, switch water off when brushing your teeth, and reduce plastic use.

Self-reflection
This is an independent analysis of your own actions, behavior, and activities. It helps assess your deeds, realize them, and make a wise decision what to do next.

For example, if you can’t get on well with your colleagues, self-reflection will help you identify your mistakes in communication. This skill develops mindfulness — you will make more conscious decisions once you know yourself and your needs.

How to develop:
Observe yourself: note the details of your behavior and actions.
Try to keep a diary — note down your feelings about the past day, insights, and analysis of your deeds. Also, write down people you are grateful to.

Leadership
These are abilities to assess, motivate, encourage, and discipline workers, build up teams, and make people trust you. Being aware of how to influence people and accommodate their needs is a crucial component of leadership. Many companies aspire to find leaders who could direct and inspire other employees.

How to develop:
Being disciplined is important for an efficient leader. Practice discipline in both professional and personal life. Demonstrate discipline skills at work by always meeting deadlines and keeping appointments. Besides, take on more projects. Try to step out of your comfort zone and show outstanding results.

Which skills do you find the most important? Text in the comments Open / Comment

2021-11-02 11:21:28 #ExpertTips

Paul Lupi is our regular mentor. Every week he shares his business experience, startup stories, and tips on entrepreneurship with you.

Of course, the vast majority of startups fail. However, there is still a chance of success. Today Paul would like to split a couple of tips on how to be in 5% of successful startups.

Be sure to watch it Open / Comment

2021-11-01 21:52:13 Dear community!

We feel so excited to share the results of this weekly contest!

Each of the ideas is very interesting and promising. So, it was very hard to choose.

First, our jury community voted for the best idea. They determined the finalists:

Financial literacy by @ankit0467 Ankit Kumar

Health Gen by @nikitakuydo

Twin-fi by @SsalongoJWK Joseph Kasedde

Our congratulations!
The jury considered your ideas the best. So, you all guys move forward to the next stage — Monthly Pitch.

Then, our jury chat selected the expert who was supposed to make the final choice.

Gleb Ganenko — the head graphic designer and business expert — was chosen to decide which idea is the best.

The winner is Health Gen by @nikitakuydo

His idea about mental health may not only bring much profit but also help lots of people who experience psychological problems.

Very soon @nikitakuydo will receive his reward — $500

We congratulate you on the victory!

Thank each and everyone who voted and participated last week! That was a very exciting competition

Check out Gleb’s video to watch him explain the choice of the winner

Open / Comment

2021-11-01 18:08:21 ​#StartupNews
Heuritech: artificial intelligence + fashion

Origin: Paris
Total of investments: $5,7 million
Business model: software/subscription

In the industry related to seasonal tendencies it’s essential to foresee what clients will prefer in the future. How can we do it, though? Traditionally, you can look at the things that were sold well last year and compare them with designers’ forecasts. Alternatively, you can use maths. That’s what a French startup Heuritech does.

Concept
The company has developed a technology that analyzes photos and videos from social media. It allows to quickly identify what products or trends are likely to be in huge demand in the nearest future. The platform also teaches its customers how to use the technology and help them systematize the derived data.

Background
The founders are Tony Pinville and Charles Ollion — doctors of science in terms of data analysis. Initially, they wrote a program that applied artificial intelligence for analyzing data from photos. Then Tony and Charles started looking for the ways of applying it.

Louis Vuitton was Heuritech’s first client. Together, they designed an algorithm for detecting company’s bags in photos. Later, the founders met investors, Serena Fund, and employed professional staff.

Achievements
The startup has succeeded to attract such brands as Louis Vuitton, Dior, Jimmy Choo, Adidas, and others. They aim to figure out what’s going to sell well in order to work on their new collections more efficiently.

The startup is given necessary data like customers’ age, budget, and deadlines. Heuritech collects the information which reveals a surge in demand for particular items, colours, or patterns.

Prospects
Of course, you can question the further relevance of the technology based on social network. Maybe, we will give up using social networks at all and Heuritech’s algorithms will be irrelevant.

Though, meanwhile their data amount is steadily growing. The company asserts social media is expected to remain the major source of data for forecasting fashion, beauty and other spheres.

What do you think about Heuritech’s innovation? Text in the chat! Open / Comment

2021-11-01 12:28:28 ​#BusinessEducation
10 common mistakes when making a pitch deck

A pitch deck is a short presentation about your business idea, plan, or overview. Normally, it is designed via PowerPoint. A pitch deck is necessary when you have to introduce your business idea for investors, customers, partners, or us — Idea Factory. Once you are able to make a worthy pitch, your chances to promote your idea are increased. Let’s overview the errors you should avoid in order to make a perfect pitch deck.

Inappropriate content
Well-selected information is the key to success of any presentation. It’s important to choose things to include in your pitch deck in accordance with your target audience. Think of the content that would interest not you but your listeners.

No structure
Your content should be clearly structured and sequenced well. Otherwise, it’s hard to convey your idea. The most important things is to make a plan beforehand: introduction, problems, solutions, conclusion.

Too many slides
Try to keep your presentation brief and informative. Therefore, define in advance how long your pitch deck is supposed to last. Allocate 1-3 min for each slide. This way you will understand how many slides you need and make each of them meaningful for others.

Complicated charts
When putting a chart into your presentation, mind it should be so simple that everyone could understand it within 10 seconds. Otherwise, the public will not work it out and your chart will end up pointless.

Overloaded slides
Don’t put a bunch of words in the slide. Each slide has to contain not more than 30 words and only one message. All the rest things will be extra and the audience will not remember them.

Old-fashioned style
Refuse the set of effects offered by PowerPoint. A relevant trend of designing a pitch deck tends to be simple. Use a white background, give up gradients, and so on. All these things divert one’s attention from your presentation.

Not contrast colors
The speaker and audience perceive slides differently. As a rule, a projector fades colors. So try to use saturated colors of the background and text.

Bad quality of images
Spend some time on finding good quality pictures for your pitch deck. There are many photo banks with images of a perfect quality. The best solution is to take your own photos and illustrations. This way you will avoid using pictures that someone had already included before you. Each slide should have not more than 2 images.

No captions for illustrations
The power of visualization is the speed of giving information. Though, it’s important to keep it simple and understandable. That’s why don’t forget to add captions to your charts and graphics.

Unreadable text
There should be not so much text but it has to be well-readable. Basically, fonts without serifs look much better, for example, Arial, Tahoma, Verdana. If the text is not visible in the pictures, it’s better to type it in slides.

Which mistake do you find the crucial one? Share in the comments Open / Comment

2021-11-01 05:25:14 IDEA FACTORY official pinned «What is your favourite rubric at our channel?» Open / Comment