TransformBase: 5 Insights for Startups, Businesses and Investors

9th November saw EdenBase’s inaugural event called TransformBase take place; the day welcomed over 330 investors, technology and business leaders and startups to explore the rapid rise of emerging technologies.

Among the plethora of discussions, keynotes and networking, a set of critical takeaways emerged for the three key audiences. We’re delighted to take you through the following:

For Enterprises:

1. Adopt AI as a Co-Pilot: Utilise AI for enhancing soft skills and leadership within the organisation, leveraging its data and feedback capabilities.

2. Embrace Blockchain and AI in Fintech: Stay ahead in financial services by integrating AI and blockchain for improved payment and transaction systems.

3. Invest in Employee Training: Focus on AI-guided coaching to improve social skills and managerial relationships.

4. Innovate Responsibly: Balance technological innovation with ethical considerations and human-centric approaches.

5. Prepare for the Digital Transformation: Be proactive in adapting to emerging technologies like VR/AR and wearables, which will transform various sectors, including training and communication.

For Investors:

1. Spotting the Leading Edge: Discern the real potential of AI and cyber technology companies by focusing on problem-solving and agility.

2. Diversify Investment in Emerging Markets: Consider investments in digital economies of rapidly growing markets like Nigeria, which promise high returns.

3. Understand the Hype Cycle: Patience is vital, as emerging technologies like AI go through maturation phases, with failures being common.

4. Prioritize Ethical AI Investments: Invest in companies that develop AI with a focus on diverse cultures and ethical practices.

5. Look for Scalability and Impact: Focus on companies that offer scalable solutions with a potential for substantial socio-economic impact.

For Startups:

1. Focus on Problem-Solving: Develop solutions addressing specific problems rather than technology for its own sake.

2. Build Diverse Teams: Ensure a diverse team for a broader perspective and to prevent biases in AI systems.

3. Leverage AI for Business Models: Utilize AI to create new efficiencies and business models, especially in areas like content creation.

4. Collaborate for Growth: Engage in cross-sector collaborations for setting standards, best practices, and attracting investment.

5. Adapt to Market Needs: Be agile and ready to adapt as technology evolves, focusing on creating defensible moats beyond marketing hype.