All You Need to Know About Design Patent Search

Design patent Search

Design patent Search is the outlook of an article, whether two-dimensional or three-dimensional, and only protects the appearance of the article that relates to the shape, structure, outline, ornament, composition of lines, or color of the article, rather than it’s structural or utility features.

Design patents protect this physical or visual representation of a product. The design patent search is conducted to identify the risk of infringement or to search for competitors that are using similarly designed products in the market. The design patent search is performed using different databases and covers novel ornamental aspects of a product.

The USPTO patent search publishes design patents online in a searchable database, but it’s hard to find older ones. You can also use Google patent search or the USPTO’s website to search for old design patents.

Click Here for AI Startup Valuation Guide.

Purpose of design search

A Design patent Search is conducted before filing for registration of the design. Design patent search is performed by searching for similarities between any prior registered designs and the design in question. Further, a design patent search is conducted to ascertain whether the design in question meets the criteria for protection, that is, the novelty of individual characters, whether it infringes earlier rights or not, or whether similar or identical designs are already registered. Therefore, it is imperative to conduct regular searches and also observe the market even after the registration of your design.

Design patent search helps distinguish your goods from that of the competitors and refrains the infringers from using your design for the other articles for which the design has not been registered or industrially applied. This search helps you choose a different design than the already registered design to save you from the unnecessary cost of any future infringement suits.

Click Here for AI Startup Valuation Guide.

Process for design patent search

Industrial products or handicraft items that are used in trade can conflict with your design, so it is advisable that before applying, a design patent search for identical or similar designs has to be conducted to further protect your design.

Design patent search is conducted using various databases or internet search engines. The most useful databases are Google patents search and USPTO patent search by name.

Click Here for AI Startup Valuation Guide.

How to search the USPTO database for old design patents

The USPTO database provides several ways to search for patents. The most basic search method is by USPTO patent search by name, patent number, and year, but you can also search by assignee or country.

Searching by patent number and year: Enter the patent number in the field labeled “Patent Number” (this should be in numerical format) and select or enter its year of issue from the dropdown menu below it. Then press “Search.” You will be presented with a list of patents issued during that time that contain your search terms–in this case, both “design” and “patent.” Select one from this list to see details about that particular design patent application or issuance.*

Searching by assignee: Click on “Assignee(s) Only” under “Type Of Document Search”. This will narrow down your results so they only include documents related to companies rather than individuals who hold patents.* * * Searching by country: If you know where your invention was patented (e.g., Germany), then enter it into this field instead of entering any other information such as assignees or filing dates.*

Click Here for AI Startup Valuation Guide.

Google Patent Search

Google Patent Search is a free patent search tool that allows you to search for design patents. You can also use Google Patent Search to find the original patent application, which is helpful if you want to see how the design was first conceived.

Google also allows users to refine their searches based on keywords or phrases from the description portion of each patent application, which includes drawings as well as written descriptions of inventions described therein.

Google Patent Search is quick and easy to use. Simply enter your search terms into their box and click “Search” for results!

Click Here for AI Startup Valuation Guide.

USPTO patent search

To perform a search through the USPTO patent search, you can look up patents that were published before the date you want to check. You can use either the USPTO’s searchable database or its advanced search function.

Click Here for AI Startup Valuation Guide.

The basic steps for searching for a USPTO patent search

Search by patent number, or browse by category (e.g., clothing), search by keyword(s) of interest (e.g., “dress”), search by inventor name(s) or assignee name(s), and search USPTO patent search by name.

Check your results for related patents using the links provided on each page of results; these may include similar designs from other inventors/assignees who filed their applications on the same date as yours!

Click Here for AI Startup Valuation Guide.

Historical patent search

If you’re looking for well-known inventions, you can check with Google patent search or the USPTO patent search.

The USPTO maintains a database of patents that are available to search online. However, if you want to do a detailed search of all patents granted since 1790 (and not just those published within the last few years), this option is not ideal because it requires payment of fees based on how many pages of documents have been scanned into their system and how many images are included in each document page scanned. This can add up quickly!

Click Here for AI Startup Valuation Guide.

Cost of a patent design search

Now, How much does it cost to do a patent design search? The cost of a design patent search depends on the number of patents you want to check. If you only need to check a few patents, then it’s possible to do so without paying anything. For example, Google’s Patent service provides free access to all published U.S. patent documents (note: this does not include design patents). You can also do a free design patent search on the USPTO website by searching for keywords related to your invention in their database; however, this method may not give accurate results because many people submit incomplete or incorrect information when filing their applications with us–so don’t rely solely on these tools if they don’t give what seems like good results!

Click Here for AI Startup Valuation Guide.

Free design patent search

Design patent search report results are based on citation, keywords, owner/assignee-based search, and similarity-based search. For obvious reasons, design patent search is different from utility patent searching and may not be accurately searched using mere keywords. Therefore, there are certain free design patent search databases that search for similar designs. Some of these are the USPTO design patent search, the Design Database, the Chinese Design Database, the Hague Express Structured Search for WIPO, the Google patent search, and others.

Click Here for AI Startup Valuation Guide.

Our team of advanced patent attorneys assists clients with patent searches, drafting patent applications, and patent (intellectual property) agreements, including licensing and non-disclosure agreements.

Advocate Rahul Dev is a Patent Attorney & International Business Lawyer practicing Technology, Intellectual Property & Corporate Laws. He is reachable at rd (at) patentbusinesslawyer (dot) com & @rdpatentlawyer on Twitter.

Quoted in and contributed to 50+ national & international publications (Bloomberg, FirstPost, SwissInfo, Outlook Money, Yahoo News, Times of India, Economic Times, Business Standard, Quartz, Global Legal Post, International Bar Association, LawAsia, BioSpectrum Asia, Digital News Asia, e27, Leaders Speak, Entrepreneur India, VCCircle, AutoTech).

Regularly invited to speak at international & national platforms (conferences, TV channels, seminars, corporate trainings, government workshops) on technology, patents, business strategy, legal developments, leadership & management.

Working closely with patent attorneys along with international law firms with significant experience with lawyers in Asia Pacific providing services to clients in US and Europe. Flagship services include international patent and trademark filings, patent services in India and global patent consulting services.

Global Blockchain Lawyers (www.GlobalBlockchainLawyers.com) is a digital platform to discuss legal issues, latest technology and legal developments, and applicable laws in the dynamic field of Digital Currency, Blockchain, Bitcoin, Cryptocurrency and raising capital through the sale of tokens or coins (ICO or Initial Coin Offerings).

Blockchain ecosystem in India is evolving at a rapid pace and a proactive legal approach is required by blockchain lawyers in India to understand the complex nature of applicable laws and regulations.

The Importance of competitor Analysis in Marketing

Business and Technology Updates

Competitor analysis and competitor benchmarking

Competitive benchmarking helps companies determine where they stand with respect to their competitors and assesses how well they are performing against them in various areas such as pricing strategy or customer service standards.

Competitive benchmarking consists of two main parts: competitor analysis and competitor benchmarking. Competitor analysis allows CI professionals to identify their competitors and their strengths and weaknesses while competitor benchmarking provides a method for measuring how well an organization is doing compared with its competitors.

Click Here for AI Startup Valuation Guide.

What is competitor analysis?

Competitor analysis is a method of analyzing information about your competitors’ products, services, and marketing strategies. It can help you identify their strengths and weaknesses, as well as opportunities for improvement in your own business.

Click Here for AI Startup Valuation Guide.

What is competitor benchmarking?

Competitive benchmarking refers to the process of comparing your business against others in the same industry or sector. This allows you to see how well your organization measures up against other companies based on certain key performance indicators (KPIs). Further, benchmarking helps identify opportunities.

Click Here for AI Startup Valuation Guide.

The importance of competitor analysis

Competitive benchmarking is a process that allows organizations to evaluate their positioning within their industry. The primary goal of competitor analysis is to understand an organization’s role within its industry so that it can make informed decisions about strategy, tactics, and operations by identifying where improvements can be made. Competitor analysis also helps companies predict future trends in the marketplace so that they can take action before others do.

Competitive benchmarking is used in many industries as a way of measuring performance against other companies that do similar work or provide similar products or services. For example, if you own an ice cream shop, you may want to know how much money other ice cream shops are making so that you can know whether or not your business needs improvement in certain areas (such as advertising).

Click Here for AI Startup Valuation Guide.

Competitive analysis in marketing

The primary goal of competitor analysis is to understand an organization’s role within its market so that it can make informed decisions about strategy, tactics, and operations by identifying where improvements can be made. Competitor analysis also helps companies predict future trends in the marketplace so that they can take action before others do.

Click Here for AI Startup Valuation Guide.

Competitor analysis methods

Competitive Benchmarking is defined as an activity used by competitive intelligence (CI) professionals to evaluate their company’s position in relation to its competitors. The process involves creating a profile of an organization’s strengths, weaknesses, opportunities, and threats (SWOT). It can be difficult for organizations to measure themselves against their competitors due to cost, but it is often the best way to truly understand how the organization may rank among its peers.

Click Here for AI Startup Valuation Guide.

Types of Competitive Benchmarking

Benchmarking is performed in three ways:

Process Benchmarking

This helps in making your process more efficient by providing you with an understanding of how competitors complete a process.

Strategic benchmarking

This helps companies to compare their business models with that of their competitors and provide them insights into the competitor’s business approaches.

Performance benchmarking

This tracks the performance of the companies by comparing anything from their revenue growth to social media performance. This type of benchmarking is based on the outcomes.

Click Here for AI Startup Valuation Guide.

Benefits of competitor benchmarking and Analysis

The insights obtained from the competitors benchmarking help to create a set of achievable goals compared with the competitors, and identification of opportunities.

Set achievable goals

This helps you set goals based on the understanding of a set of metrics that help in the growth of the company’s business. This provides insights into how your company should actually behave online.

Identify new opportunities

Benchmarking analysis helps create new ideas and opportunities, once you are aware of who your competitors are, and how they rank, and once you have identified the set of metrics, you can keep a track of every competitor’s products and innovations.

Click Here for AI Startup Valuation Guide.

The competitive benchmarking analysis report

The competitive benchmarking analysis report contains results including the rate metrics, the potential competitors, and an analysis of where your company stands in comparison with the competitors

Click Here for AI Startup Valuation Guide.

Conclusion

Competitive benchmarking is an essential part of any competitive intelligence strategy. It allows companies to understand their position in relation to their peers and make better decisions about their own organization’s future. The best way to do this is by performing competitor analysis and benchmarking so that they can measure themselves against competitors’ strengths and weaknesses while also identifying opportunities within the marketplace that others might not see yet.

Click Here for AI Startup Valuation Guide.

How to do a sequence search using the NCBI Blast protein tool

Business and Technology Updates

What is a chemical structure search?

What is a chemical structure search? For patents related to chemicals and pharmaceuticals, the chemical structure search or sequence search plays an important role. Chemical search helps search for the exact patents or the spatial arrangement of the alkyl groups. The chemical search also searches for different types of searches, namely, similarity structure searches, which look for structures that are similar to the structure in question. Another type of structure search is substructure search, which searches whether a target structure contains the query structure or substructure within it.

Click Here for AI Startup Valuation Guide.

Biological sequence search

On the other hand, biological sequence search helps search for nucleotides such as DNA or RNA or amino acids such as peptides or Protein sequence search. Sequence searching is tricky because novelty lies in the combinations of amino acids or nucleotides; only searching via keyword search will miss out on many relevant patents. Therefore, biological sequence searching comes into play for finding patents comprising novel sequences.

Furthermore, sequence search helps identify whether the sequence in question is novel or not. A biosequence search includes searching for a specific arrangement of sequence in a given patent or non-patent document.

Click Here for AI Startup Valuation Guide.

What is sequential search/ chemical search?

When a new compound is found in a certain compound or entity, a search of its chemical structure is needed. It helps search for a new compound that is difficult to search for by its IUPAC or common name. A keyword search alone cannot identify such a chemical structure of interest, so a chemical search is conducted. On the other hand, a sequence search searches for specific arrangements of a biological sequence of amino acids or nucleotides in different patent or non-patent documents.

Click Here for AI Startup Valuation Guide.

Process of searching

The process of conducting chemical searches includes searching for these new chemical structures using various chemical searches databases such as patent scope, ChemSpider and the like that are free to access. For better results, paid databases are also used to search for these structures.

Searching for bio sequences is performed using specialized sequence-searching tools or databases. Sequence searching can be conducted using free databases such as NCBI or paid databases such as STN.

Click Here for AI Startup Valuation Guide.

The NCBI BLAST tool

The NCBI BLAST tool is a powerful tool for finding similar sequences. It can be used to find the sequence of a gene or protein as well as its function. The BLAST algorithm compares two nucleotide or protein sequences and produces an alignment that shows how well they match up. The more aligned positions there are between two sequences (the higher their score), the greater their similarity will be considered by the algorithm; this score is called an E-value in the case of nucleotide searches and an Expectation value in the case of protein sequence searches (E = 0 means no similarity).

Click Here for AI Startup Valuation Guide.

Additional resources for searching protein structures

Protein structure search, Protein structure alignment, Protein structure visualization

Protein structure modeling (building) and analysis (modeling), Protein structure annotation (e.g., adding labels to atoms or residues in a 3D model), Structure prediction, and Searching by protein name.

A protein name search is a quick way to find a protein. It is not guaranteed that you will find the exact protein structure you are looking for, but it can be used as an initial starting point for your search.

The Protein Name Search tool allows you to enter a full or partial protein name and then returns all matching proteins from UniProtKB/Swiss-Prot or UniProtKB/TrEMBL databases. If no exact match is found, it will return similar sequences based on their PSI-BLAST E-values (a measure of sequence similarity).

Click Here for AI Startup Valuation Guide.

How the NCBI BLAST process works

The BLAST process involves searching for a sequence and comparing it to other sequences. This comparison is automated, using computers to process the data. The NCBI BLAST tool is one way that you can use this technology yourself; it allows you to search through millions of sequences at once, looking for similarities to your sequence. The process happens entirely on your computer (or in the cloud), so there’s no need for any human intervention or supervision–it’s completely automated!

The NCBI itself stands for National Center for Biotechnology Information, which means that they’re responsible for maintaining all sorts of information about biological processes such as protein synthesis and DNA replication. They also maintain databases containing all kinds of useful data about these processes: how long each step takes; what enzymes do what jobs; etcetera ad infinitum.

Click Here for AI Startup Valuation Guide.

BLAST parameters

Target sequence length:

The length of your query sequence. This is the number of nucleotides in it.

Query sequence:

The DNA or protein sequence for which you want to find similar sequences. It could be a gene, part of a gene, or even just one nucleotide!

Type of search:

A way to tell BLAST what kind of similarity you’re looking for (i.e., whether it should look for exact matches only). There are four types: Basic (default), WordMatch, Bitscore, and MatrixElimination

Click Here for AI Startup Valuation Guide.

How does BLAST compare sequence searches?

NCBI BLAST is a tool that can be used to compare two sequences of nucleotides or amino acids. It’s also called a database search tool because it searches through databases of known sequences and returns matches to your query sequence.

BLAST is often described as being used for four different things:

sequence search, database search, sequence alignment, and nucleotide search.

Click Here for AI Startup Valuation Guide.

How to use an effective Innovation strategy in a business model

Business and Technology Updates

What is an innovative strategy?

The moment a seemingly great business idea strikes one’s mind is also the moment when one needs to realize that ideas alone cannot suffice for the business he dreams of. A great business idea is just the beginning. The key lies in brainstorming over the multiple and multi-layered strategies that can truly transform ideas into profitable business models.

The key difference between What is an innovative strategy? and business strategies is that the former involves the 3 Ps – process, prediction, and precision. Innovation strategies cannot be one-dimensional. They must also include a proper analysis of the competitive and technological environment of a business, a SWOT analysis that can help understand the challenges as well as how to tackle them, and the advantage-disadvantage ratio of the situation. A holistic approach works best. Especially when it comes to businesses, nurturing a culture of innovation strategies in the workplace is urgent and necessary.

Click Here for AI Startup Valuation Guide.

Innovation Strategies – Types and Approaches

No idea can transform into profit without a strategy – be it in business or other dealings. With the challenge increasing in the form of the number of start-ups and businesses selling similar products, the only thing that can establish a real profit for someone is their innovation strategies. Unless one has something new to offer to the user, he cannot sell it to him.

Click Here for AI Startup Valuation Guide.

What are the 4 innovation strategies?

There can be, chiefly, four different types of innovation strategies, according to a classification by Dodgson. These are the proactive, active, reactive, and passive types. The approach, the underlying principle, the directed mission, and the outcomes are different for all four different categories.

Proactive

More research-oriented, hence the market leaders in technology. They always have the advantage of stepping first into the market, and they believe in taking risks for development, be it radical or gradual.

Reactive

Follow what is called the wait-and-watch approach, and do not support taking as many risks as the former.

Active–risk

Exposure is medium, even low at times, for they believe in putting existing technologies to use after waiting for them to have been established. They usually follow a gradual flow when it comes to introducing innovation strategies in their business models.

Passive

Any change or innovation comes only after the customer has demanded it, and their implementation is never radical.

Click Here for AI Startup Valuation Guide.

Innovation Strategies for Business Models

There must be some fundamentals, however, to let one think crookedly. Of course, the purpose is not to spoon-feed the strategies themselves, but there are a few do’s and don’ts that can suffice in the path of turning one’s thoughts into business.

Click Here for AI Startup Valuation Guide.

Business models run on problems more than solutions

It is great to have a business idea in mind, but it is always better to know what it is for. The root of a business is the problem it means to cater to. There is no doubting the fact that there can be multiple solutions to the same problem, and experience has shown that a few, if not all, of these solutions, do end up as successful but competing businesses. Profit would outnumber investments only when the problem chosen is untouched, and unsolved. A good business idea therefore must immediately narrow itself down to the problem it must solve. The solutions will follow soon and automatically.

Think like the Customer

Any business has one keystone – the customer. The best business ideas are bound to flop if they aren’t customer oriented, at least after a certain point in time. As important as it is to come up with a genuinely unique and fetching idea, thinking like the customer – what he wants, what he dislikes, what he desires, and what he deserves – is the feather to the cap. The first big leap in establishing a profitable business model is to know the customer from tip to toe. Besides, one must also learn to narrow down their niche market, for not every customer is meant to profit from your business. A great business idea is just the seed; watering and nourishing it to blossom would take, firstly, becoming the person you are catering to.

Personalization is the key

Businesses all around the world may cater to different customers – different in the cultures they follow, in the stories they believe in, and in the lifestyles, they lead. Yet, these businesses fail to treat them as different. Many services and products are the same for different people from different corners of the world, and thus they fail, no matter how great the ideas are. One of the simplest yet most effective innovation strategies for transforming a good idea into a great business model would be to personalize and adapt it to the customer’s culture and needs. The differentiation that a touch of internal assessment would create would be remarkable.

Surprises are seldom bad

A unique business idea that delivers a promising solution is quite a refreshment in itself. However, transforming it into a profitable business model would become monotonous if it isn’t prepped up at intervals with some elements of surprise. All of these elements don’t need to be designed on the fly. These can be planned and integrated into the model in advance, and even tested for their impacts after the central idea has been running for a long.

Playing with Value and Demand

One of the key principles underlying any business is that customers buy offers only when their value exceeds their price. Therefore, there is a constant need to keep upgrading the value of one’s products. The key to innovation lies in this understanding. To increase the commodity value, one needs to subtly play with the curves of demand and value. The same product can be either delivered in lesser quantity or in tweaked ways to help enhance its value. Then again, it has proved beneficial time and again to focus one’s strengths and time more on planting the seeds of a great business rather than on hunting down profits.

Click Here for AI Startup Valuation Guide.

Conclusion

After the web’s boom, many brains throughout the world came up with ways to make huge profits. A “new” sector, the digital economy, emerged as advanced technologies evolved by night. Business models were created to supply existing items to established markets but in complicated ways. This has always been the challenge of turning an idea into a smart business: being so clever with your method that it’s hard to replicate or think parallelly.

Click Here for AI Startup Valuation Guide.

From idea to launch of a new business venture

Business and Technology Updates

How to start a business from scratch?

Any business begins with an idea. It is the part that succeeds in this idea formation that is the most challenging, yet the most rewarding. Starting from the generation of an idea to eventually launching the product, the process is long and does require ample brainstorming. Creating a new business venture is not as difficult as it sounds, but certainly requires grit and talent, besides the right guidance and tips, for the best outcome. If one tries to break down the entire process into a number of simple, easy steps, the task not just becomes simple but also very much achievable.

Click Here for AI Startup Valuation Guide.

The Idea

At the onset, the most crucial part of a new business venture is the idea itself. A successful business idea might come overnight, after long-drawn inspiration and meditation. The idea must have the potential of being launched as a full-fledged new business venture idea and must be unique, enterprising, and innovative. If you already have a business idea in mind, and you already consider it sound enough to be able to hit the market successfully, a big share of the necessary brainstorming is already done.

Click Here for AI Startup Valuation Guide.

Ample research

After you have identified the business idea, it is time that reality takes over imagination. Any business idea is no more than a basic scratch, until and unless it is validated. This is possible only with great ground research. The key to begin is by doing simple market research and seeking answers to a few important questions.

Is your business idea unique, or has it already been started by someone before you? If the new business venture ideas haven’t been followed or created as of yet, what are the reasons behind them? Is the new business venture ideas enough for a successful business? Who would the prime rivals for the idea be? What makes them successful in the business? Can the business idea be refined and improved a little? Would customers benefit or get attracted to the business idea? How would the product/service handle competition? What are the areas that would need improvement?

Click Here for AI Startup Valuation Guide.

Constant monitoring

A successful new business venture comes only when it has been monitored well for honest and helpful feedback. The business idea needs to be propagated enough for people to try and test it in order to grasp whether it is workable or not. People frequently attempt to understand situations from others’ perspectives. This guarantees to point out inconsistencies that one may have initially missed.

It must also be kept in mind that these inputs are taken from as diverse a range of audiences as possible. A range of inputs coming in from users of different backgrounds not only helps you judge the range of acceptance of the product, however but a bigger number of errors that you could have missed can also be found and fixed. The two basic tools for the same are prototyping and testing.

Click Here for AI Startup Valuation Guide.

The Legal Aspects

There are quite a number of legal aspects that must be taken care of when venturing out to establish a business. Apart from engaging with the business idea and leaning into product testing and quality assertions, it is also significant that one maintains all the legal requirements simultaneously.

Copyright issues must be dealt with, along with the nitty-gritty of the business structure. The rules and regulations regarding the latter must be gone through thoroughly, the type and rules of partnership for instance, or the insurance that must be made. Registering one’s business is a very important task in itself, for it involves choosing a unique name for it, besides obtaining several identification codes and permits. Be it bank accounts or trademarks and patents, the legal aspects of establishing a business are unique and need consultation and proper vigilance. A single small error can have huge discomfort later on.

Click Here for AI Startup Valuation Guide.

The Strategy

Transforming a new business venture from an idea to the final product has one very important element to it, and that is deciding on a business plan or strategy. A business plan essentially outlines everything from the start to the end of proceeding on the new venture. It must entail the tiniest of instructions and the finest of details because an elaborate plan can prove extremely helpful while carrying out the same when needed.

The contents of a new business venture plan must, however, be very well-structured and organized for the most fruitful of results. At the same time, since it would be an official document, there is a protocol for its composition. Broadly speaking, a new business venture plan document must include the following –

Introduction or title, executive summary, description, strategies and market data, competitive analysis, design and development strategy, operation plan, management strategy, and financial considerations.

Click Here for AI Startup Valuation Guide.

Funds and Finances

For starting any new business venture, some resource or capital, however big or small, is required. The source for the same can be chosen from a multitude of sources. You could either choose to fund it yourself in case it’s a small or new venture or if you have the means. The funds could come from close relatives and friends or from financial organizations in the name of a business grant. These days the internet can be used for crowdfunding purposes. If one is venturing out on a start-up, institutes also offer incubators and accelerators, which are designed to provide a platform for these start-ups. In case the scale of the firm is large, one might even call in investors for the purpose of raising the needed capital.

Click Here for AI Startup Valuation Guide.

Product Development

After all the steps have been taken, it is time to focus on product development. The study and research, along with the parameters of the innovation, amalgamated with the constraints of finances are all necessary prerequisites for product development. Three major categories of resources – technical, financial, and human – are of paramount importance in this regard. One must possess the necessary technicalities for the development of the product or service, without compromising on funds. Human resource is the most important after all for two reason – firstly, the innovation for a product or service cannot come from a machine, and secondly, the skills to develop, modify or improve it further requires human intervention as well.

Click Here for AI Startup Valuation Guide.

The Right Team and Right Location

Finally, the most important aspect of a business establishment is its team. An individual may possess the skills and talents for producing a mind-boggling business idea; to convert this idea into a full-fledged business he requires a team. A team that is skilled in diverse domains and departments. The right location is when you have a physical setup of your business. The right location would be one that is accessible by customers or clients, as necessary, provides you with the required area needed, is situated close to other places of requirements, say secondary support services, and so on.

Click Here for AI Startup Valuation Guide.

Launching the Product

You can finally launch the product or service, as your business commands. A new chapter begins from here on, but your new business venture from idea to launch is hence complete.

Click Here for AI Startup Valuation Guide.

7 top challenges to blockchain adoption in e-commerce industry

Business and Technology Updates

Understanding E-Commerce industry

As one is well aware, e-commerce, which comes from Electronic Commerce, involves carrying out a business in goods and services through the internet, using information technology like Electronic Data Interchange or EDI. The e-commerce industry comes with its own bandwagon of advantages, like reduced costs and hassles of management, along with the comfort of interacting with the buyer/seller electronically, thus saving time, energy, and the cost of travel.

Click Here for AI Startup Valuation Guide.

Issues faced in e-commerce today

Like all good things, the e-commerce industry is faced with a multitude of issues that need immediate attention. The biggest challenge when it comes to online trading is the factor of easy mistrust. People can never stop apprehending whether the services are secure, whether it is not prying on some private information on their device, and whether the system shall assure the requisite privacy for its users. These apprehensions, though exaggerated at times, are not completely baseless. Hacking and forgery are very much prevalent over even some of the most secure networks.

Click Here for AI Startup Valuation Guide.

Blockchain and Associated Challenges

In such a situation, blockchain has often been sought after as a solution. However, the probability of its successful adoption into the e-commerce industry is as faint.

Click Here for AI Startup Valuation Guide.

Uncertainty about the uses of blockchain

Blockchain, although one of the most secure forms of technology these days, is not completely hack-free, nor has it become so popular that people start adopting it widely enough for trust’s sake. It is a top challenge to Blockchain adoption in the E-Commerce industry. The primary reason can be assumed to be a lack of communication between the technology providers and the end-consumers regarding the numerous possibilities blockchain holds in the present times.

Priorities of blockchain so far

Besides, another top challenge to Blockchain adoption in the e-commerce industry that has pulled back blockchain from making an impactful mark on the e-commerce industry is that its focus has primarily been more on building systems and networks and less on creating game-changing applications.

Lack of refinement in blockchain

Next, a major drawback of blockchain adoption in the e-commerce industry is that it lacks a certain degree of refinement. As blockchain is yet to set a major foot in the era of advancement and is no more than an experiment in several corners of the world, there is certainly a whole lot of room for improvement and refinement, which makes it not precisely suitable for e-commerce, at least for the time being.

Low transaction rate in blockchain

Besides, blockchain has a really low transaction rate, as low as 7 transactions per second until some time ago. At such a low rate, it is impossible to use it as the medium of exchange for the hundreds and thousands of commercial transactions that take place per second on e-commerce platforms, such as shopping websites.

Fear in the adoption of blockchain

The biggest roadblock in the way of the adoption of blockchain into the mainstream e-commerce industry is fear, something that even the e-commerce industry was not devoid of until a few years back. The concepts of decentralization, extreme transparency, and cryptocurrency do not fail to scare the user, for the user hasn’t used such a novel platform before to be able to trust it. Also, blockchain technology does not come with many well-defined applications to be able to communicate its facilities to the user that easily.

Expense of blockchain

There is no doubt about the fact that blockchain technology is a very cost-effective solution to many problematic business models today. In the long run, there are many benefits to reap from the system and it is definitely a revolution in the truest sense of the term for the biz world.

However, one cannot deny the fact that blockchain is expensive in terms of completely overhauling existing systems and practices and replacement. This prevents many smaller companies from applying blockchain for rendering services even though the benefits are desirable. A company needs minimum resources to be able to afford the setup of the technology in the first place, a character lacking in many smaller commercial ventures. This makes the technology viable only for a handful of platforms.

Lack of awareness about blockchain

Any platform requires awareness for popularity and acceptance. Unfortunately, the same is not the case with blockchain technology, at least in the present situation. Being an innovation that is not really old, it needs more time for settling in with the masses. Whatever little idea people have of the blockchain is not sufficient to allow one to adopt it easily enough, for the platform it is being conceived for is one that is probably few of the largest these days.

Besides, one cannot deny the fact that the lesser known and accepted a technology is, the lesser are any chances of developments and improvements of any kind. That is not a favorable situation either, considering one always needs upgrades and improvements for better user interception and reception for a platform that caters to so many diverse and demanding users at the other end. Blockchain falls short of its expectations in such instances.

Click Here for AI Startup Valuation Guide.

Is Blockchain really that harmful?

In reality, the adoption of blockchain in the e-commerce industry would do much more good than harm. For an industry grappled with poor tracking facilities, non-standardization, and a centralized mechanism of distribution and service, blockchain is like a boon for it helps get rid of all these vices. With a transparent yet secure network of functions, blockchain assures minimum failure with respect to delivery and errors.

Click Here for AI Startup Valuation Guide.

Conclusion

There are quite many challenges facing blockchain’s adoption in the e-commerce industry right now, but it is not like there is no dawn of hope on the near horizon. If it is treated as a nascent technology, there is enough room for gradual but steady development in the course. With the adoption of necessary changes, some core modifications and improvements, and more suitable applications, blockchain can really prove to be a state-of-the-art intervention in the field of e-commerce.

Click Here for AI Startup Valuation Guide.

How blockchain technology can help the world’s poorest?

Business and Technology Updates

World economy at a glance

The grim reality hitting hard in the face of the world economy is the poor condition of hundreds of countries, across the globe, which have lost almost all their value against the US dollar. The condition is deplorable and alarming. The world’s poorest are leading a life that is not even worth living – starving days and nights, with no clothes to shelter them against the blazing heat and the biting cold, and no means to save their life in case of illnesses. This is not the description of a particular slum in a thriving city alone, but the scenario of a poverty crisis spanning entire countries that have been driven to bankruptcy.

Nonetheless, there is optimism, and it will be worth watching how blockchain technology will change the world.

Click Here for AI Startup Valuation Guide.

Role of blockchain technology in Economics

Blockchain technology is seen by many as a nascent technology, which still needs fine-tuning and development to be processed into the best of applications for world acceptance, all of which is true. However, that does not shun away the many possibilities the technology poses to bring to life, solving the world’s poverty crisis being one of them. Blockchain technology and economics do have the power of transforming people’s lives on an international level and let us proceed to see how.

Click Here for AI Startup Valuation Guide.

Using blockchain technology to advance humanitarian measures

It is not unknown to any of us that the world’s most poverty-stricken areas are the ones that have been torn down due to wars and disasters. Often, they have also disputed lands, with no governments to take care of them when in distress. Poverty is, as such, prevalent, epidemics widespread, and deaths uncertain but frequent.

Despite international organizations like the UN sending in help to these distressed locations, it is because of widespread corruption that the benefits are never able to reach the masses and end up in the pockets of intermediaries. Blockchain technology comes to the rescue in this situation by creating a successful, transparent, secure, and decentralized channel for keeping track of aids and efforts and their distribution. Fund usage can be tracked and recorded, as well as a database of those involved and their efforts so far. In fact, this application of blockchain is not a mere theory so far and is a reality in the form of both Jordan’s refugee program and the UN’s “Building Blocks” food and aid distribution program in Pakistan.

Click Here for AI Startup Valuation Guide.

Inclusive financial transactions

Even after the wide acceptance and ease of banking procedures these days, there are about 2 billion people in the world who do not have bank accounts, according to World Bank data. This is because banks, which need physical access, are still out-of-bounds for a huge chunk of the world’s population. Setting up banks requires some amount of time and money as well, which is often incurred as hidden charges to customers, thus making conventional banking not a very viable option for the world’s poorest.

Again, blockchain technology comes to the rescue here. Since it does not require a physical setup, nor chains of employees and their payments, costs as well as time are reduced considerably. Besides, with Bitcoin and other cryptocurrencies, blockchain technology has the scope of revolutionizing the economic sector of any nation. Since the hidden charges have been reduced to zero, as has been the need to access banks oneself, blockchain economics has emerged as one of the most efficient forms of financial inclusion for all.

Click Here for AI Startup Valuation Guide.

Insurance and Healthcare benefits

The trying times are even more unbearable when one is afflicted with illness and poverty at the same time. Many people across the globe either do not have financial means or physical access to healthcare facilities. Even if they do, the process of obtaining insurance for health issues is a tedious and costly one. If only they were able to insure themselves against illnesses, the burden of spending huge chunks of money in case of distress would have been reduced or completely gotten rid of.

Blockchain technology has the potential of addressing this issue, by way of its distributed ledger system, which can be used to efficiently and quickly disburse insurance amounts to applicants. By putting to use its feature of Smart Contracts, it eliminates the need for manual effort to spend lengthy hours scanning and verifying documents followed by the repetition of the same on multiple levels of authority. This ensures saving of time as well as cutting down on costs, making the process much easier for the world’s poorest.

Click Here for AI Startup Valuation Guide.

Blockchain technology simplifies foreign remittance.

Poverty and financial needs force many to leave their home countries and settle somewhere abroad in search of better and higher-paying work. Many families send their sons and daughters abroad for this purpose. It is only natural that these breadwinners would like to send back some money regularly to their families to help them sustain themselves. In such a scenario, the additional charges on the process of money transfer levied by conventional money-transfer avenues are nothing but a burden. They see no point in making transfers when a large chunk of their little savings goes away in ‘nominal’ charges.

Enter the blockchain system, and these hefty charges are to come down to a meager 1% for the largest of transfers, a rate incredibly lesser than the conventional. Besides, the transfer is nearly instantaneous, even in sub-African countries like Nigeria, where the blockchain system-based SureRemit is being used widely for instant remittance at negligible rates.

Click Here for AI Startup Valuation Guide.

Future potential blockchain technology

Taking a look at the present statistics of the world economy, we can see where the world is headed to. Going by international standards, ten dollars a day is the standard amount one can spend on himself, encompassing all basic necessities, like food, water, health, housing, and recreation. Judging even by these standards, about 80% of the world’s population lives below the ten-dollar mark. Without a doubt, this statistic gives us a peek into the global nature of the poverty crisis today. The need of the hour, therefore, is to come up with a solution that can tackle this issue on an equally wide platform, and Blockchain Economics technology seems as the most befitting option for the same.

Click Here for AI Startup Valuation Guide.

Blockchain Use Case for KYC and AML

Business and Technology Updates

KYC and AML Blockchain use case

There have been several incidents in the recent past that have prompted over and over again the need for an amplified, robust, and highly efficient system of security in terms of banking and finance. Crimes related to the above have increased like never before. They are as frequent and small-scale as duping and forgery, to as serious and lethal as money-laundering and massive terrorist attacks aided by duplication of identity. The current times mandate the urgency of having a system that allows banks and other public organizations to regulate and monitor with more efficiency the processes of verification and identification of customers and clients, no matter from which corner of the world. One very good example of achieving the above is KYC.

Click Here for AI Startup Valuation Guide.

What is blockchain KYC?

As one is well aware, the KYC (Know Your Customer) norms require every customer of a bank to verify his identity by submitting acceptable proofs, as mandated by the respective bank, organization, or government. Usually, this includes a legitimate proof of identity and one for a residential address. Thereafter, there is a sequential procedure for procurement, tracking, and maintaining storage of huge chunks of data related to each customer for timely updates, monitoring, and efficient handling.

Click Here for AI Startup Valuation Guide.

Blockchain for KYC

It seems to be a very doable job, even without any complex technological systems such as blockchain KYC and with simple, less-efficient databases. The real catch is that with the world turning into a global village, international transactions are every day, if not every-minute affair. People settled away from their families and made transactions daily for personal affairs. Businesses that function as multinational corporations or cater to international customers make a huge number of cross-border transactions daily. With the social media leap, many people cater to international audiences, often for paid services. Huge chunks of data from every corner of the world are flowing every minute and need regulation and monitoring, lest some illegal or criminal activity crops in.

This is where the urgent requirement for a platform that can help in the management of huge chunks of data without compromising on efficiency or security comes into the picture, and the answer lies in blockchain.

Click Here for AI Startup Valuation Guide.

Combining the Best of KYC and Blockchain

With KYC emerging as one half of the solution for the above issue, blockchain is undoubtedly the necessary complement to it. While KYC assures customer identification and admission and safe regulation of banking and finance activity while minimizing the risk quotient, it fails to provide the necessary standardization for application to a wide number and variety of banks. At the same time, it can have a negative impact on end-user relationships because of its stringent regulations and reduced transparency. This is where blockchain KYC steps in with its guaranteed efficiency and security despite improved transparency.

Click Here for AI Startup Valuation Guide.

Decentralized KYC

The biggest advantage of blockchain KYC is the power of decentralization, and this is what is making financial organizations take a keener interest in the technology for problem-solving. Besides, because the network functions as a distributed ledger in the public domain, every user has a particular cryptographic key for access and interaction. Banks have the option of going with either a public or private blockchain, and the difference lies in the sharing and control of data either internally or across multiple institutions.

Click Here for AI Startup Valuation Guide.

How does blockchain-based KYC work?

The technology combines the best of KYC and blockchain, and the procedure takes into consideration the best of both. Initiated by the verification of documents submitted by a new customer on the ecosystem, this data is uploaded on the blockchain network by the respective bank. As soon as this is done, automated cryptic updates are enabled by the ledger, even when data is amended or appended in the future. Because of the blockchain, the data can be accessed by authorized signatories as per requirement, while the customer is provided with a secure and unique verification mode for future transactions.

Click Here for AI Startup Valuation Guide.

Merits of the Blockchain KYC system

As is already clear from the above elaboration, the system is smooth, secure, transparent, and efficient, thanks to the blockchain KYC it uses. Besides these, there are other advantages this system provides, which are:

Speedy

This mechanism can be a game-changer because of the minimized turnaround time the procedure would take, thereby ensuring efficiency for institutions. Besides, the lesser time taken, the more hassle-free the procedure would be.

Efficient data monitoring for AML

Any fixes or modifications to data, either requested or directed, can be handled with ease due to better monitoring and amendment means. This ensures reduced scope for forgery and misuse of data, which are certainly expensive to users as well as banks. Besides, the blockchain allows better governance of data now that they are stored homogeneously, again improving security against money laundering (Anti-Money Laundering or AML) better.

Standardization

If there was one issue KYC couldn’t solve, it was standardization. Blockchain protocols ensure this caveat is worked upon and a homogenous platform is created for all transactions and related data.

Click Here for AI Startup Valuation Guide.

The future of the blockchain KYC

Implementation of blockchain technology with KYC is not something new these days, with quite a few companies and organizations beginning to follow this approach. KYC Chain and Cambridge Blockchain, for instance, have worked on real-world products, and these programmed models are available as trials for implantation and witnessing their function. The primary aim is to convince or rather attract banks and institutions to take up the model, even if on a trial, and see for themselves if common issues revolving around regulation and monitoring of important data can be solved.

Click Here for AI Startup Valuation Guide.

Blockchain in financial services

Blockchain in financial services models can prove extremely useful for countering terrorist activities that usually begin by carving a path into financial institutions through fake identities for the procurement of data and money. The combination of the two can also prove to be cost-effective in terms of the process, while at the same time fulfilling the number one priority when it comes to banking: security. Without a mention, interoperability between multiple institutions becomes easier—a compelling argument to put forward for continuation in the field.

Click Here for AI Startup Valuation Guide.

Importance of creativity and Innovation for a successful business

Business and Technology Updates

Importance of creativity and innovation for business

The benefits of creativity in business are what set businesses apart from each other, even if in the slightest way. These minor differences can add up to completely different and sometimes opposing impacts for two businesses. This is because the market and the customer are always in need of something unique. After all, their needs tend to transform with time.

Had it not been for creativity and innovation in business, the end product or service of every company would have remained similar. In addition to this, the biggest challenge in front of businesses today is how differently they can solve the same problem. The market is in constant search for new and better solutions to the same problems. The smoothest and most effective solutions come only when one tries to be creative in their business approach.

Click Here for AI Startup Valuation Guide.

Where does creativity come from?

Creativity, in its many forms and applications, can be expected from many sources. Be it one’s partners or employees, customers, or even target groups, creativity for better content and more valuable products can come from anyone and anywhere. The key is to constantly look for inspiration. One must engage in the constant motivation of their employees because mental peace and health are two of the most crucial factors when it comes to better creativity and productivity. One may even choose to hire great marketing experts, for their job itself is to pour out creative ideas and innovative strategies for making a business big.

Creativity, or its product – innovation – both are extremely useful and equally applicable to all business domains that require constant improvement and positive change. From marketing to production, finance to customer service, and research to supply chain, every segment of a business can be enhanced with the help of creativity and sound innovation.

Click Here for AI Startup Valuation Guide.

How innovation and creativity in business can be utilized?

The biggest advantage a creative mind has over others that are not is the ability to think out of the box and venture into unprecedented zones. This zest gives businesses a push, no doubt, for it is when the customer has something new as an offer that he would be interested in purchasing it. Unique and useful solutions to the same problems are what constitute better productivity and improved sales. With increased productivity being a direct proponent of creative inputs, there are no limits to the dimensions of the utilization of creativity and innovation in business per see.

Click Here for AI Startup Valuation Guide.

Innovation and the Entrepreneur

The entrepreneur is not required to invent but to innovate, and the two terms innovation and entrepreneur are subtly different. Innovation means that he would have to look at the same initial idea of his from multiple perspectives, each time attempting to carve out a better, different, and widely acceptable product it. The importance of creativity is thus paramount in deciding and shaping the path of a successful business.

What is required, however, for the implementation of creativity and execution of innovation is efficient management and constant experimentation. With tests and trials, it is possible to determine whether the invention vindicated as highly successful on paper would do any good in a real-life situation.

Click Here for AI Startup Valuation Guide.

3 types of innovation for a business

Technical innovation

As is easy to decipher from the terminology itself, the first type of innovation for a business is technical innovation, which is helpful in the creation of goods and services that involve technical expertise in a business. Be it a new blockchain application, a more functional hardware system design, or a more economical product design, technical innovation encompasses all of these.

Process innovation

Clearly enough, the second type of innovation for a business is process innovation deals more with the process than anything else. The product or the service may be the same, and so might the need for creating them or the users they cater to. The difference, however, would lie in the procedure by which they are created. An innovative process for a business might help the organization fulfill one of the many possible aims – lesser costs, higher efficiency, less time consumption, and so on.

Administrative innovation

The third type of innovation for a business is administrative innovation. A successful business also requires, to a high extent, the support of a functional and well-structured organization. Innovation can come in the form of a new framework for this business organization, which might offer better efficiency in team and individual services, higher productivity, and so on.

Click Here for AI Startup Valuation Guide.

Where can creativity and innovation prove most important?

It is essential to understand that creativity and innovation in business are two separate phenomena, or two separate courses of action when it comes to a business. Innovation can be called a successor of creativity. Two key strategies can lead a business to being bigger and better, and they are a unique selling point and a competitive advantage. With the help of creativity and innovation in business, one can very easily develop both of the above with the added advantage of multiple tests and trials to validate the same. However, being subtly different in meaning and approach, the domains of achieving the above, by means of creating on one hand and innovation on the other, are pretty much different.

Click Here for AI Startup Valuation Guide.

Benefits of creativity in business

Benefits of creativity in business in more ways than one. It can prove extremely helpful at the time of delivering presentations, be it to a prospective client, or the masses in general. Advertisements and presentations are, after all, a key way for any business to reach out to its customers by conveying a message. This message-conveying process requires ideas that can imprint the message in the minds of the customer, and creativity is the only solution for the same.

Click Here for AI Startup Valuation Guide.

Conclusion

The best business ideas come through brainstorming for hours, days, or months, and creativity develops a solution. Eventually, brainstorming leads to problem-solving, which in turn leads to product development — all the results of a creative mind or mind.

Innovation, on the other hand, produces comparable results in various methods. Innovation is the only way for a business to stand out from the competition and succeed while other businesses are struggling. Innovation and entrepreneurship depend on the organization’s ability to achieve goals more efficiently and effectively. The key lies in adding value to what we already have, and this is brought around only with innovation on the table.