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Day: December 27, 2017

Finding IT Talent for Digital Transformation

Posted on by Staff Writer

The new industrial revolution created the necessity for companies to shift to the clouds and to transform digitally. While different businesses are at different stages in their transformation journey, the momentum is there, with no company willing to be left behind. It is generally known that traditional companies do not fare well against digitally native companies that boast of streamlined operational processes and are providing improved customer experiences. The need to be competitive with the digitally native companies has made it urgent for traditional companies to ramp up their attempt to digitally transform.

Companies must make the bold move and use a combination of talent acquisition techniques to hasten their digital transformation and cloud work.

The execution of the digital transformation will require companies to invest millions of dollars to achieve the goal. One essential key to the transformation, in addition to the dollar investments, will be the search for talent. Companies that have a clear understanding of their talent needs and meeting them will have a competitive advantage over the rest. The technology talent is very important in the successful transformation to digitalization. Investing in digital talent will accelerate the transformation process by as much as 20% to 30%. The problem, though, is that digital talent is hard to find.

The various capabilities digital businesses need requires digital talent. The needed talents will vary by geography and market but there is one common trend that will always be in great demand – digital workers who are agile and responsive and will be able to engage with broader ecosystems that encompass the range of businesses and technologies. These workers must be able to take advantage of and adjust to the emerging trends in technology, such as the Internet of Things and artificial intelligence.

Pie chart of IT challenge.

Talent Acquisition

Companies use different talent acquisition techniques in meeting their digital staffing needs:

  1. Hiring. The most difficult areas of IT talent to recruit involved data science, cloud computing, and security, skills that are essential to digital transformation and cloud technology. In order to attract the best talents, companies must offer highly attractive compensation packages, positions, and career paths that will entice the best in a very tough market.

Companies may use the farm system approach, which involves a partnership with local universities where companies assist the universities in curriculum development and in providing lectures to the classrooms.

  1. Contracting. It is an approach used by companies that find it difficult to recruit and train their own IT employees. Companies can easily pick up a contractor whose talents meet their needs, without having to go through the tedious process of recruiting their own talents.
  2. Renting. Renting involves the permanent use of an outsourcing approach, such as renting a call center and the call center agents. It is highly utilized in cloud-based technology. Renting follows an understanding that the resources are on a long-term use.
  3. Sharing. It is the approach used by smaller companies who cannot afford to maintain their own IT department. It works with the small companies pooling their resources to form a resource-share data center, including personnel.

The talent challenge is not easy to meet. Companies must make the bold move and use a combination of talent acquisition techniques to hasten their digital transformation and cloud work. Online labor platforms give companies the opportunity not only to digitally transform but also to transform the way their recruit, and develop talents, with a wave of digital tools helping companies to focus managing, retaining, and developing employees, in addition to the basic hiring process.

The STREET Act Builds on the Success of 2015’s Smart City Challenge

Posted on by Staff Writer

The U.S. Department of Transportation (DOT) developed the Smart City Challenge grant program launched in 2015, an initiative aimed to solicit ideas for innovative smart transportation systems for small to mid-size cities. There were 78 cities which applied with their own bold initiatives, and the winning city received a grant of $40 million, with other grants amounting to $65 million.

The STREET Act is a continuing effort to push for standards for smart cities. It also creates opportunities for small cities to source funding for smart city initiatives.

Some of the grants money went to four other finalists. In addition, there was another $500 million in public and private funds meant to finance some of the initiatives and applications.

For the Smart City Challenge, Columbus, Ohio won the grant for their holistic vision of technology helping residents with improved mobility and better access opportunities. The plan calls for smart logistics, connected residents, connected visitors, and sustainable transportation to provide access to jobs. Other finalists included Austin, Denver, Kansas City, Pittsburgh, Portland (Oregon), and San Francisco.

With the success of the original Smart City Challenge in 2015, Congresswoman Barbara Comstock, (R-VA) and Congresswoman Elizabeth Esty (D-CT) introduced R.H. 4151 providing grants for smart technology use in transportation projects. Meant for promoting the use of smart tech and systems in communities, the representatives called the bill the “Smart Technology for Resilient, Efficient, Economic and Reliable Transportation in Cities and Communities Act” (STREET Act). Introduced on October 26, 2017, the bill is in the first stage of the legislative process and is awaiting to be considered by the committee

Based on the Smart City Challenge, the STREET Act solicits projects from small to medium-sized cities with an ensuing grant of up to $100 million a year for five years for the winning city. Besides being an extension of the original Smart City Challenge, the STREET Act also includes development of a Smart City and Community Resource Guide, and a study on innovative ways for small communities to finance smart projects.

In addition, the STREET Act aims for a review of domestic and international standards focusing on best practices, a framework for tools, guidelines, and methodologies for adopting smart city concepts and technology for transportation projects.

Small Communities

The STREET Act grants aim to help small communities including rural areas with a population of 10,000 to 75,000, and small to medium-sized cities with a population from 75,000 to 850,000, to source out project funding. The accompanying resource guide acts as a supplementary online tool for other cities to follow or use as a benchmark. The transparency in project implementation helps other cities in knowing what works and does not work in other cities. This is a big help for smaller communities, providing them with project learnings. The online resource guide also serves with possible industry networking and developing connections including partnerships for future projects.

The STREET Act also gives directions for reporting for the U.S. Government Accountability Office (GAO) and for the National Institute of Standards and Technology (NIST) to create standards for Smart Cities. The STREET Act also directs the GAO to promulgate a study on innovative means for funding smart cities and other community projects.

The STREET Act is a continuing effort to push for standards for smart cities. It also creates opportunities for small cities to source funding for smart city initiatives. The resulting standards, best practices, guidelines and methodologies become part of the NIST. With these as goals for the GAO and NIST, as well as the study for making project funding sustainable, the STREET Act would make these initiatives a part of the community infrastructure, making the projects a permanent and continuous effort on the part of the community.

Blockchain-based Companies

Posted on by Staff Writer

There is no doubt that the business of blockchain technology is just beginning to flourish. Despite the great promises the new industry is showing, a lot of people still can’t grasp its bold idea. This issue has prompted different venture capital firms to support blockchain-based companies.

The investments that were made really helped the blockchain technology industry to grow even more. It was even reported that the total amount that was seeded in blockchain companies this year grew by 45%.

Venture capitals played a large part in the success of many blockchain-based companies – be it the well-established ones or the startups. The following companies are some of the leaders when it comes to investing. Their deals and ideas have also impacted industries like bitcoin.

Union Square Ventures

Union Square Ventures, sometimes known as USV, was established in 2003. The New York-based company focuses on growth capital, late stage, financing early stage, and startup firms. The Managing Partner of USV is Brad Burnham. And the company has an estimated total funding of $1.1B in five rounds.

Over the years, the New York-based firm has made investments in only three blockchain and bitcoin companies.

  • OpenBazaar – It is an open source decentralized marketplace for online trading and peer-to-peer e-commerce using bitcoins.
  • Coinbase – It is a digital exchange and wallet platform that lets consumers and merchants purchase and sell cryptocurrency including bitcoin, Ethereum, and Litecoin.
  • Blockstack – It creates a decentralized internet platform letting users store data and even calendar appointments in their own cloud sites, addressing the centralization of internet applications.

Digital Currency Group

 

Founded in 2015, Digital Currency Group (DCG) seeds and incubates blockchain and bitcoin technology-related companies. The startup investment firm is located in New York, where Barry Silbert is the founder and Chief Executive Officer (CEO).

Silbert is known as one of the most active investors because he and his company backed firms both in the US and internationally such as Mexico, South Korea, Japan, and Latin America.

Out of its portfolio of 35 companies are three major blockchain firms:

  • Circle – It is a peer-to-peer payments technology company that created Circle Pay, an app that lets users send and receive traditional money as well as virtual money.
  • Blockstream – It creates and runs an online blockchain-based platform that lets users transact bitcoin currencies.
  • Coinbase – It allows users to buy and sell Bitcoin, Ethereum, and Litecoin, as well as store digital currency in a virtual wallet.

Wicklow Capital

The Chicago-based principal investment company is considered to be one of the world’s biggest leading financial innovators and market makers. Wicklow Capital was established in 2014 and it focuses in late-stage venture investments.

Wicklow Capital has seven lead investments out of 21 – Omniex, Loop Commerce, B2C2 Ltd., Symbiont, Trucker Path, Tipalti, and SportsLock.

Andreessen Horowitz

Andreessen Horowitz is a California-based company that aims to invest in early stage entrepreneurs building firms. The venture capital firm founded by Marc Andreessen and Ben Horowitz was only established in 2009, but has already made successful investments since.

The privately-held company funded one of the biggest firms, Axoni. It gives blockchain infrastructure solutions for capital markets and financial institutions. OpenBazaar and Coinbase are also part of Andreessen Horowitz’s investment funding.

Blockchain Capital

Blockchain Capital is a venture fund investing company. The California-based company is exclusive in block chain that enables technology firms. Blockchain Capital was founded in 2013 by Bart Stephens and Bradford Stephens.

It has a projected total funding of $82.7M in four rounds. It also helped fund companies like Circle, Coinbase, and Blockstream.

Draper Associates

Draper Associates is a venture capital company that seeds media, cloud, mobile, gaming, Software as a Service (SaaS), Internet of Things (IoT) and finance firms. Founded by Tim Draper, the company has been in the industry of investing since 1985 and raised a total funding of $190M in 2015.

The California-based company funded the following firms:

  • BitPesa – It is a bitcoin trading and payment platform enabling users to sell and purchase local currencies through bitcoin.
  • Wyre – It is a financial technology firm that creates and delivers cross-border payments platform, letting other companies to send funds on an international platform.
  • Funderbeam – It provides a suite of online tools for startup analysis and discovery, allowing users to trade and invest in different startups.

Pantera Capital

Established in 2003, Pantera Capital Management LP focuses on investing in different digital currencies like bitcoin and other companies. It is located in San Francisco, California where Dan Morehead is the Founder and CEO.

The company accomplished many great things like venturing in companies, mostly related to blockchain tech, crypto assets, and digital currency, such as Circle, ChangeTip, and Korbit.

  • ChangeTip – It is an online tipping platform that lets users receive and send bitcoin tips on social media.
  • Korbit – It is a bitcoin trading platform, allowing businesses and individuals to trade, transact, and analyze different digital currencies.

RRE Ventures

The New York-based company was founded in 1994 by James D. Robinson III and James D. Robinson IV and since then, it was able to fund many successful firms. RRE Ventures focuses on seeding internet, mobile, software, technology, and financial services companies.

Adam Ludwin, CEO, and Stuart J. Ellman, Managing Partner, work well together to make things going, serving as key elements in choosing noteworthy firms for investments.

  • Gem – It is an application program interface platform that incorporates bitcoin into services and applications for developers.
  • Abra – It is a mobile-based application that allows users services like peer-to-peer money transfer, payments, and even remittances.
  • Case Wallet – It is a multi-signature hardware bitcoin wallet, offering safe blockchain transactions for individuals and enterprises.

500 Startups

500 Startups is a California-based venture fund accelerator that gives early-stage incubator programs and seeds funds especially to startups that focuses on technology. Christine Tsai is the CEO of the company, which was established in 2010 by Dave McClure.

500 Startups invested in some blockchain-based firms like Gyft, a firm that creates a mobile application that lets users store, buy, send, and redeem gift cards. It also funded ChangeTip and Digital Currency Council.

Fenbushi Capital

Established in 2015, Fenbushi Capital is a force to be reckoned with. The China-based venture capital firm is the first in the world that aims on developing world class blockchain-enabled companies. The company seeded the following firms:

  • Tierion – It is a software firm that creates a blockchain data platform for verifying business processes, file, and data.
  • Hashed Health – It is a group of healthcare companies that focus on enhancing blockchain and distributed ledger technologies.

Fenbushi Capital also funded Juzix (previously Juzhen Financials), an early stage venture and is one of china’s top-funded blockchain startups.

FuturePerfect Ventures

Jalak Jobanputra is the Managing Partner of Future Perfect Ventures. The New York-based company is deemed as an early stage venture capital fund that has a global focus. Since its establishment in 2012, FuturePerfect Ventures partners with different entrepreneurs who are humanizing data. It invested in firms like BitPesa, Abra, and Blockstream.

Boost VC

Boost VC is a startup accelerator that was established in 2011. It invests in technology firms and offers them office space and even housing. The startup company is located in San Mateo, California where Adam Draper is the founder and managing director.

Boost VC has an estimated total funding of $35.6M in two rounds, making it one of the most prolific investors in the space. This year, it plans to back 100 bitcoin companies with massive growth potential such as BlockCypher, Reveal, and Align Commerce.

Khosla Ventures

The California-based company aims to fund early-stage computing, silicon technology, internet, mobile, and clean technology sectors. Khosla Ventures was established in 2004 by Vinod Khosla. It has over 1.3 billion in assets at present, and has funded companies such as Panzura and Instacart.

AME Cloud Ventures

Founded in 2012, AME Cloud Ventures focuses on funding technology-based companies. The California-based company is led by Jerry Yang, one of the co-founders of Yahoo! Inc. Three of AME’s best-seeded startups are Blocksteam, Ripple Labs, and BitPay, an online payment processing system for bitcoin.

IDG Capital Partners

IDG Capital Partners is venture capital and private equity firm that invests in early to growth stage companies in the sector of technology. Founded in 1992, Jim Breyer single-handedly brought the Chinese firm into the spotlight by means of backing one of the biggest bitcoin services providers, the Boston-based Circle Internet Financial.

The growth of venture capital-backed deals is still on the rise. With continuous help from these top investors, there is no doubt that the blockchain technology will become the next bold thing.

Build Your Own Solution, Law Firm Creates Custom Tech

Posted on by Staff Writer

Orrick, Herrington & Sutcliffe LLP, often referred to simply as Orrick, is a huge law firm that is trying to combine both the field of technology and the world of lawyers. The San Francisco-based company recently introduced a small project that will surely create a bold impact, not only to their clients but also to the industry.

Chairman and CEO Mitchell Zuklie said, “Clients worldwide are asking us how we are addressing innovation and value, and Orrick Labs is a key part of the answer.”

Over the last few years, the perception towards the legal profession not being able to embrace technology itself has come to an end. Law firms are now fond of developing their very own technology, including artificial intelligence. The newly-found innovation will put their service on a higher playing field and will make lawyers more efficient.

It all started with the formation of legal technology, which is basically a domain of third-party companies that are providing legal services to their clients through the use of software and technology.

Established in 1863 in San Francisco, California, Orrick focuses on offering legal advice and litigation services. The company wants to blur the line between tech and law. In fact, the San Francisco-based firm is widely recognized for its innovation when it comes to legal advice, use of technology, project management, and creative staffing. They never fail to impress clients with the unique combination of services they offer.

One advancement that Orrick brought to the table to help their lawyers was the formation of Orrick Labs. The small project is a dedicated in-house team of technology experts focused on accelerating the creation of innovative legal service and leading-edge solutions.

Justice icon and smart phone.

The technologists of Orrick Labs are Michael Ferrel, a veteran of information technology (IT), and oversees all IT infrastructure at Venture Law Group; and Chris Tucker, an expert who designs, develops, and administrates IT systems, software, infrastructure, and security; and Jackson Ratcliffe, a technology architect, leads the team.

Reports say the law technology experts are partnering with the Orrick’s lawyers on customized solutions that improve client efficiency, security, and service quality.

Chairman and CEO Mitchell Zuklie said, “Clients worldwide are asking us how we are addressing innovation and value, and Orrick Labs is a key part of the answer.” He further explained, “With a dedicated team collaborating with our lawyers, our goal is to innovate where optimal solutions are not available in the market.”

Orrick’s Technology Companies Group created a comprehensive dashboard system as the lab’s first product. The software, named the TCG Dashboard, helps lawyers arrange their clients’ documents, and  delivers important legal information such as fax numbers.

This tool was, developed in 2016, was designed to expedite service and lists of directors. Although still relatively new to the law firm industry, the system is already used by up to 800 of Orrick’s tech clients globally.

With all that has been said and done, Orrick still wants to innovate even more. The San Francisco-based firm is planning to expand and improve on technological expertise in areas such as drafting, transaction automation, categorization, complex legal queries, and contract review.

Orrick is not the only company that aims to combine both technology and law firms. The following are just some of the firms also investing in technology.

  1. Littler – Thomas Bender is the Managing Director of Littler, which is located in San Francisco, California. Founded in 1942, it serves as an employment and labor law practice firm. Littler made a dashboard system of its own where clients can check progress regarding their cases. The firm also developed an automated program clients can use to navigate various workplace laws.
  2. Dentons – It is a multinational law company that was established in 2013 in Toronto, Ontario, Canada. The firm, led by CEO Elliott Portnoy, launched an accelerator program in 2015. The accelerator has the ability to transform the legal profession through investments in legal technology startups.

The following firms, also considered as top competitors of Orrick, that may do the same thing to give the firm a run for their money.

  1. Morrison & Foerster LLP – The San Francisco-based company is a law firm that gives legal advisory services on corporate, finance, litigation, restricting, benefits, and employment. Paul T. Friedman is their Managing Partner.
  2. Pillsbury Winthrop Shaw Pittman LLP – Pillsbury is a full-service company that deals on financial services, construction, energy and natural resources, and real estate. The firm was established in 1868 in New York.
  3. Morgan, Lewis & Bockius LLP – The Philadelphia-based firm runs corporate, restricting, litigation, finance, benefits, and employment, and intellectual property services. Steven C. Browne is their CEO.

The work ethics of big law firms have always been the same. Because of the newly-discovered approach, however, these companies are already beginning to offer technological services to clients, and has become widespread in offering bold solutions.

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