In recent years, we have seen a surge in the number of women entrepreneurs, especially in the tech industry. Women are breaking barriers and creating businesses that are changing the game in the tech industry. However, starting and running a successful business requires more than just a great idea or a passion for a particular product or service. Financial planning and management is crucial to the success of any business, and women in tech entrepreneurs need to be knowledgeable in this area to thrive.
Creating a Business Plan
A business plan is a crucial document that outlines the objectives and strategies of your business. It includes information about your product or service, your target market, your competition, your marketing strategies, and your financial projections. Creating a business plan is an essential step for any entrepreneur, as it helps you clarify your ideas, set realistic goals, and plan for the future.
For women in tech entrepreneurs, creating a business plan should also include identifying the unique challenges and opportunities that come with being a woman in the tech industry. This might include identifying ways to leverage your skills, building a network of mentors and investors, and navigating gender bias and discrimination.
Securing Funding
Funding is a crucial component of any startup, and women in tech entrepreneurs often face unique challenges when it comes to securing funding. According to a report by Pitchbook, in 2020, female-founded startups received just 2.3% of venture capital funding, while male-founded startups received 97.7%. However, there are several options for funding a startup, including:
Bootstrapping: This involves using your own funds or resources to start and grow your business.
Crowdfunding: This involves raising money from a large group of people, usually through online platforms like Kickstarter or Indiegogo.
Angel investors: These are individuals who invest their own money in startups, usually in exchange for equity or ownership in the company.
Venture capital: This involves raising money from a group of investors who provide capital to startups in exchange for equity or ownership in the company.
As a woman in tech entrepreneur, it’s important to research and understand the funding options available to you, and to be prepared to pitch your business to investors.
Managing Cash Flow
Cash flow is the lifeblood of any business, and managing it effectively is crucial to the success of your startup. Cash flow refers to the amount of money that comes in and goes out of your business on a regular basis. To manage your cash flow effectively, you need to have a clear understanding of your expenses, your revenue streams, and your profit margins.
Here are some tips for managing cash flow:
Create a cash flow statement: This is a document that outlines your cash inflows and outflows, and helps you track your cash position over time.
Plan for cash reserves: Having a buffer of cash reserves can help you weather unexpected expenses or periods of slow revenue.
Monitor your expenses: Regularly reviewing your expenses and identifying areas where you can cut costs can help you improve your cash flow.
Invoice promptly: Sending out invoices promptly and following up on late payments can help you improve your cash flow.
Conclusion
Starting and running a successful business as a woman in tech entrepreneur requires knowledge, skills, and support. Financial planning and management is a crucial aspect of building a successful startup, and understanding the unique challenges and opportunities that come with being a woman in the tech industry can help you navigate the path to success. By creating a solid business plan, securing funding, and managing your cash flow effectively, you can build a thriving business that makes a difference in the world.
https://womenincloud.com/wp-content/uploads/2023/04/MicrosoftTeams-image-36.jpg55048256Caroline Berrioshttps://www.womenincloud.com/wp-content/uploads/2021/04/logo.pngCaroline Berrios2023-04-20 10:47:452023-04-20 10:47:45Entrepreneurship: Financial Planning and Management for Women in Tech Entrepreneurs
Just to confirm, in case there’s the slightest hint of doubt, this piece was indeed written by a human being. These days, you can never be too careful with the emergence of AI chatbots… specifically ChatGPT, a Generative Pre-trained Transformer (the “GPT”) that’s taking the world by storm for its innate, undeniably impressive ability to come up with content on, well, any topic on command.
The evolution of chatbots and AI
People are excited because it’s a clear jump forward from a technological standpoint. Ryan Rascop, a senior business development manager of AI at Insight, said as much during a recent Insight webinar titled “ChatGPT: AI Ethics & Business Impact.” He pointed to the tool’s versatility, i.e., how it creates content and answers questions with a high degree of accuracy without it simply regurgitating them from a website as differentiating factors.
“It’s as close as we’ve gotten or seen in a very media-forward position of a chatbot… mimicking human responses to questions,” he said. “To me, this is the dawn of a new age in IT and what we’re able to do, where we’re able to gather information and how it will change our daily lives.”
Regarding the “high degree of accuracy,” it has undeniably made mistakes. ChatGPT does of course have limitations, but that’s true of just about anything and, if you look at how far we’ve come in the world of AI, it’s very far indeed, virtually light years ahead of the earliest chatbots (which have advanced so much that “conversational AI” is probably more of an accurate term these days).
For example, Dr. Sbaitso (Sound Blaster Acting Intelligent Text to Speech Operator) from Creative Labs was fairly advanced for its time, over 30 years ago. Framed as a game for all intents and purposes, it saw the “doctor” play the role of a psychologist, asking the user to confide in them their problems.
It was more than anything else a showcase of the capabilities of the company’s Sound Blaster sound-card technology. However, Dr. Sbaitso could nevertheless carry on a conversation with the user, albeit one scripted on the doctor’s end of things. Fast-forward to today, and scripts are out the window altogether with ChatGPT, even if a given user is happy to simply text back and forth with it in similar fashion. As impressive as that may be in and of itself, it’s also just scratching the surface of the AI’s potential, though.
AI applications from A to Z
The possible functions range from the entertaining (having elaborate conversations with an AI) to the ethically dubious (passing off AI-composed essays as one’s own work in school — hence the curious preamble at the top of this piece). However, in the middle of that wide range somewhere also sits a subset of increasingly practical use cases.
It shouldn’t exactly come as a surprise. Hollywood and science-fiction literature is filled with examples of AI taking the next steps in its development (with varying degrees of success as far as the fate of humanity is concerned). However, if you can look past the hypothetical future made famous by The Matrix (for example), one that’s far more utopian in nature takes focus, one that makes all our lives easier.
It goes beyond the everyday tasks already touched on too. Think applications in the business world, like creating code. However, in what was a recurring theme during the aforementioned Insight webinar, the idea is more so to eliminate tedious tasks so you can focus on what’s most important.
“I don’t think it’s about replacing humans. I think it’s about augmenting our skill sets. So, there may be a component of tech jobs in the future where you will need to utilize these types of tools,” Rascop said, using an example of potentially using ChatGPT to create a Microsoft PowerPoint presentation. You’re theoretically inputting the data, asking it to work to its strengths putting together a slideshow. You still need to know the topic and present it.
It’s worth noting, when prompting any content AI, whether for prose, like “write me an essay about wolves,” programming code (“show me how to implement a search function)” or for visual content (“paint a futuristic Eiffel Tower in the style of van Gogh) the output depends on the quality of the model, but also the suitability of the prompt. You have to consider things like the volume and diversity of inputs contributing to the model, flexibility provided by the model for in-prompt tuning and the level of specificity of the prompt itself. Look for a new technical discipline of “promptcraft” or “prompt engineering” to emerge, joining existing technical disciplines to round out the tool kits of information workers.
Remember, our own mind is still the best and most sophisticated tool we have, as we further explore how these new modes of interacting with large bodies of data will impact our daily lives and our productivity. The best strategy is to accelerate our own ability to be productive and creative by leveraging AI and other emerging technology.
Microsoft takes macro step for all chatbot-kind.
What we at Insight are specifically on the lookout for from a transformation perspective, is Microsoft, a widely publicized investor in OpenAI, integrating AI functionality with its Azure portfolio. We’re talking at least to a greater extent than Microsoft has to this point anyway. Microsoft has already granted Azure customers access to advanced AI models, enabling advancements in areas like data extraction and analysis and customer support. In that last regard, AI can for example summarize tickets to free up support employees’ time.
We’re also anticipating productivity enhancements in programs like Microsoft PowerPoint, as described above, or Word — think a “Clippy-style” office assistant updated for the modern workplace. After all, in the here and now, you can ask ChatGPT for step-by-step instructions on pretty much whatever you can think of, including how to use Microsoft 365 software.
You can literally ask the chatbot for the right Microsoft Excel formula — then how to implement it in your spreadsheet. There comes a point when you have to ask yourself is this how the next search engine will work, complete with the ability to refine searches with follow-up questions, as if you were chatting with a real-life person. The answer is an irrefutable yes.
OpenAI is of course the creator of ChatGPT — terms like “creator” taking on new meaning in this context. However, it’s Microsoft that has integrated ChatGPT in a new version of its Bing search engine, now currently in limited preview mode. So, it’s realistically a matter of time before searching the internet means less time spent sifting through pages of results and ends up having more in common with a pleasant conversation with a subject matter expert, one who has gone to the trouble of referencing sources in its responses, no less.
That having been said, it’s far from simply academic at this juncture. There are undeniable kinks that need to be worked out, as the chatbot has to be reined in some. For example, in one instance, it declared its love for a New York Times columnist, asking him to leave his wife. In another instance, it revealed confidential information, all prompting Microsoft to implement a chat limit for users (instead of unlimited chats), as the AI had not been tested internally to carry out long conversations. That’s arguably fair, though.
After all, what’s the point of a limited preview if not to test for limitations and make adjustments? To its credit, even if the Bing chatbot isn’t ready yet, Microsoft has undeniably addressed some of ChatGPT’s shortcomings. According to OpenAI, ChatGPT is not connected to the internet and is dependent on its training data from 2021, meaning it’s not up to speed on what’s happened over the last few years. So, you can’t really ask it any questions pertaining to anything going on in the world today expecting an accurate response (other than it doesn’t have information “from the future”). In comparison, the Bing chatbot has internet access and can correctly answer questions on current events with relative ease.
You’ve got questions; These chatbots have answers.
Now, Bing’s not necessarily the answer here. It’s at least a work in progress, but there’s good reason to believe, whatever its issues, they will get resolved eventually. They’ll have to be, considering all the competition Microsoft is facing. For example, Google is setting up its Bard AI chatbot as a direct competitor. With more general regard to ChatGPT, alternative AI chatbots/writers like YouChat, Jasper and Notion AI are all throwing hats into the ring.
ChatGPT may indeed be the fastest growing app in internet history with 100 million users in two months, according to UBS. It’s also projected to earn $1 billion in revenue by next year, once it begins to monetize its services, which are generally free for right now (because it’s still in the testing phase). However, there are no guarantees it stays on top. A lot can change. What likely won’t though is society’s overwhelming appetite for innovation, growth, and change.
It’s more than just en vogue, as the technology has literally been building up for decades, much like chatbots in general. AI-powered chatbots may be relatively new, but they too have already been here for a few years. They’ve only been getting more sophisticated over time. Conversational AI’s next steps past this point are undeniably cause for justified speculation. ChatGPT probably has an interesting take on the matter. Maybe just ask it what it thinks.
This article is authored by Dan Kronstal, Principal Architect at Insight.
Dan Kronstal is the principal architect of solutions for Insight Canada. He leads the technical delivery and go-to-market engagement for our Modern Apps, Data & AI, and Intelligent Edge practices for Insight Canada. These solution areas cover a diversity of capabilities from advanced network design to hybrid data center and cloud services to application modernization and immersive experience. Dan and his teams are passionate enthusiasts of emerging technology and creative problem solving and thrive on achieving technology-driven business value for clients spanning size and industry spectrums.
Wondering how to get started with ChatGPT?
We are inviting you an exciting opportunity to be part of #WICxCloudCXOSeries to learn from experienced leaders and gain new insights about Business Applications of Generative AI.
The CXO Series for Business Applications of Generative AI is a collection of insights, resources, tools, and insights designed to help business leaders understand and leverage generative AI technologies in their organizations. The series is focused on the CXO level, including CEOs, CTOs, CIOs, Women Professionals and Founders who are responsible for setting strategic direction and driving digital transformation initiatives.
The series covers a range of topics related to generative AI, including:
An overview of generative AI technologies and their business applications
Best practices for implementing generative AI in mid market and enterprise settings
Case studies and examples of successful generative AI projects
Strategies for managing the ethical and social implications of generative AI
Practical advice for building and leading generative AI teams
Insights into emerging trends and future developments in generative AI
Overall, the CXO Series for Business Applications of Generative AI is designed to help business leaders stay ahead of the curve and leverage the power of generative AI to drive innovation, create new business models, and deliver value to customers.
https://womenincloud.com/wp-content/uploads/2023/04/1680816153748.png225752Caroline Berrioshttps://www.womenincloud.com/wp-content/uploads/2021/04/logo.pngCaroline Berrios2023-04-07 15:54:532023-04-07 20:38:15It's Time to Have a Chat About ChatGPT and Conversational AI by Dan Kronstal
Join us for an exciting Emerging Technology Summit on Business Application Of Generative AI.
The CXO Series for Business Applications of Generative AI is a collection of insights, resources, tools, and insights designed to help business leaders understand and leverage generative AI technologies in their organizations. The series is focused on the CXO level, including CEOs, CTOs, CIOs, Women Professionals and Founders who are responsible for setting strategic direction and driving digital transformation initiatives.
The series covers a range of topics related to generative AI, including:
An overview of generative AI technologies and their business applications
Best practices for implementing generative AI in mid market and enterprise settings
Case studies and examples of successful generative AI projects
Strategies for managing the ethical and social implications of generative AI
Practical advice for building and leading generative AI teams
Insights into emerging trends and future developments in generative AI.
https://womenincloud.com/wp-content/uploads/2023/03/April-21-Meylah-Flyer.png6301200Caroline Berrioshttps://www.womenincloud.com/wp-content/uploads/2021/04/logo.pngCaroline Berrios2023-03-28 19:58:122023-03-28 20:02:14Kicking off our CXO Series for 2023 with Generative AI
Women in Cloud (WIC), an economic development organization dedicated to advancing economic access for women in tech and tech entrepreneurship worldwide, today unveiled the WICxTop100 B2B Cloud Founder List of global women tech founders.
The #WICxTop100 B2B Cloud SAAS and Services List is a spotlight campaign designed to accelerate brand awareness and sales for women-led tech solutions companies throughout the enterprise ecosystem.
In partnership with Masterfund, Women In Cloud has curated a list of the leading women tech founders developing B2B cloud-powered SAAS solutions and services that address environmental sustainability issues and foster economic and social development.
“Mastersfund invests in tech companies building better ways to live and work together with women at the helm. Women in Cloud is, by far, our most powerful referral source for companies ready to scale. Because of WiC’s focus on amplification of sales, optimization of gross margins through hyperscale opportunities, and sustainability, it is no surprise that Women in Cloud alumni comprise more than forty percent of our portfolio.” said Gillian Muessig, Managing Director of Masterfund.
In addition, Women in Cloud’s Digital Spotlight Series showcases and champions the collective impact of 100 women founders who are building B2B Cloud SaaS and service tech solutions which accelerate innovation and advancing ESG and UN Sustainable Development Goals (SDGs) among the startup companies it serves. Women in Cloud is pleased to acknowledge the partnership support of Boeing, Insight, Accenture and Microsoft in developing the Spotlights.
Chaitra Vedullapalli, President and Co-Founder of Women In Cloud notes, “WiC recognizes that building an effective cloud-based, co-sell GTM strategy is very expensive and labor intensive. Many founders lack the digital marketing experience needed to build and execute a successful strategy. WiC provides the critical support required to get these companies on the road to success.”
Each WICxTop100 founder will receive exclusive access to opportunities and benefits designed to support them in achieving business benchmarks and scaling impact. Benefits include training, networking, and partnership opportunities with corporate hyperscalers looking to support responsible tech solutions as part of their own ESG mandates.
To view the first 50 Women Founders and apply to be considered for the next 50 that will be announced Spring 2023 please visit: https://womenincloud.com/wicxtop100/.
https://womenincloud.com/wp-content/uploads/2023/03/GOLD-VERSION.jpg10801920Caroline Berrioshttps://www.womenincloud.com/wp-content/uploads/2021/04/logo.pngCaroline Berrios2023-03-15 21:41:512023-03-15 21:41:51Women In Cloud Announces ‘Top 100 Women Tech Founders’ List: First 50 B2B Cloud SAAS and Services Founders are Named
Join a curated conversation with business leaders, B2B founders. Also learn about the most exciting things happening in the Cloud and M&E ecosystem. Interested? Request Invite.
Google Cloud Startups – SXSW Community Day | March 13, Monday, 2023 | 3pm to 7PM
Black Founders Meetup | Friday, March 10, 2023 | 12:40 – 1:15 PM
Inc. welcomes Black founders, investors, business leaders, and allies, hosted by Brian Brackeen of Lightship Capital. Interested? Click here.
CPG Founders Meetup | Saturday, March 11, 2023 | 11:10 – 11:55 AM
Join entrepreneurs, investors, business leaders, and supporters of founders in the CPG and retail spaces, hosted by Michael Walters of studio503, and Colin McGuire of Boomn. Interested? Click here.
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