Highlights from the research:

• Samsung beats Apple as the world’s most innovative company, with the highest number of new patents in 2022 (8,513).
• This is despite Apple having spent the most on intangible assets out of all companies ($2.2 Trillion).
• Intel invested 31.4% ($16.9 billion) of their $54 billion revenue – the most out of all companies.
• The Electronics sector is the most frequent in the top 10 – 3 out of 10 companies dominate.
• E-commerce giant, Amazon, has invested the most in R&D in the last year ($81 billion)

The Top 10 Most Innovative Companies

Please see the full dataset here.   (Dataset sourced from Harrity and Seeking Alpha, October 25, 2023)

Consumer Electronic companies are the most innovative

The Dataset used can reveal that Samsung is the most innovative company, with an innovation score of 9.25/10. The consumer electronics giant, known for manufacturing televisions, mobile phones and audio equipment issued 8,513 new patents in 2022, which is the most out of all companies in the data. With the new Samsung AI technology, which will be featured in their Galaxy S24 smartphone due for release in 20242, it is no surprise to see the electronic giants rank so high. suggesting that there are new technologies on the horizon.

Competitor Apple is the second-most innovative company, with an innovation score of 9.03/10. Apple invested over $29 billion on R&D in the past year, which is the third-highest out of companies in the top 10, and they reported over a whopping $2.29 Trillion in intangible assets in 2022, also ranking first.  Apple is also investing in new materials, clean electricity and low-carbon shipping with the aim of making all of its products carbon-neutral by 20303.

In third place with a score of 8.33/10 is IT giant IBM, known for its hybrid cloud and AI solutions. Registering 4,743 patents last year, half that of Samsung in first place, they have surprisingly lost their 29-year reign as the patent leader in the US4. Despite this, IBM has shifted their focus to high-quality, high-impact innovation in the hybrid cloud, data and AI, automation, security, semiconductors, and quantum computing areas.

Johnson & Johnson is fourth, scoring 8.23/10 in the innovation index. They have the second-highest number of intangible assets ($46.24 billion) which is to be expected when they trademark brands such as Neutrogena, Listerine and Tylenol. The health giants spent $14.78 billion on R&D last year, and they recently met with China and Japan as part of their plans to transform healthcare innovation in those countries through new therapies and AI technologies5.

Amazon invests the most in R&D

In joint sixth place with Microsoft with an innovation score of 8.12/10, is Amazon, who spent $81.7 billion on R&D in 2022, the most out of all companies analyzed and is 65% more than Apple and Samsung combined. This isn’t shocking considering their presence in both the retail and technology sectors. Just recently they rolled out a new AI-powered Image Generator6 for advertisers, which will allow for better ad performance, propelling themselves further into the AI market.

The post Can you name the world’s top 10 most innovative companies? appeared first on Small Business Connections.

The call comes as the report forecasts a crisis looming for the Australian economy with the rapid pace of change seeing 90% of Australian workers’ jobs changing in the next decade, driven by technologies like AI and robotics across most sectors of the workforce.

Chris Vein, ACS Chief Executive, said “By 2030, we will need 1.3 million additional skills to effectively utilise the technologies reshaping the Australian workforce. Forecasts from Digital Pulse suggests Australia is not on track to achieve the growth in skills we need.

“This year’s Digital Pulse is not merely a call to action; it’s a robust, practical roadmap to build the nationwide tech skills we need. We have developed the most comprehensive projections around tech skills demand through to 2030 to date based on currently available information.

“This year’s report calls for a coalition across industry, education and government to start shaping how our society will respond to the skills challenge this exciting era presents.”

This year’s Digital Pulse, to be launched on Wednesday, is the ninth since the annual survey of Australia’s technology sector was first released in 2015. Key Statistics from the report include:

• A lack of the right digital skills is currently costing Australian businesses $3.1 billion each year which could top $16bn by 2030.

• The pace of technology investment in Australia is projected to skyrocket from $171B in 2023 to $259B by 2030, this rate of growth is three times faster than overall business investment

• By the end of the decade, half of Australian businesses will be using AI, data analytics and robotics but technologies like Generative AI mean businesses will need to do more to keep up with their employees shifting skills and demands

• 75% of working hours for Australian workers will be affected by key technologies, heralding a significant skill shift across industries.

In the report, ACS proposes a National Digital Skills Strategy including a skills-first education and training initiative, a national skills platform, more support for career transitions towards a tech orientated career, to boost the diversity in tech skills, programs to boost Women in Tech, and assist skilled migrants utilise their capabilities.

“The stakes are high for Australia,” Mr Vein concluded. “If the nation can get this right, we could be leading the world and guaranteeing our prosperity into the future. If we don’t seize the opportunity, we could well be left behind by the middle of the century.”

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1. Personalized Learning

AI systems can create personalized learning experiences for each employee based on their needs, preferences, and learning style. This helps increase engagement and retention of the information, making the learning more effective.

2. Adaptive Learning

Programs for employee training may have options to adapt a worker’s training on the spur of the moment. Dynamic and complex systems can adjust the difficulty, change up the sequencing of content, and keep employees learning at a steady pace.

3. Skill/Knowledge Gaps

AI programs can easily use simulations, automated grading, and adaptive questioning to test employees’ knowledge and proficiency at their work tasks and suggest customized learning solutions to help fill gaps.

4. Content Curation

When it comes to knowing what to study, AI programs can help curate content for workers for their particular needs. These algorithms can sift through thousands of articles and web pages to suggest only the most up-to-date and relevant sources for continued learning.

5. Virtual Assistance

Workers learning and developing skills through AI programs might run into problems or questions. Other AI coaching can supply answers by way of automated chatbots or virtual assistants.

6. Data Analytics

AI programs are great for processing data—large quantities of it. When you look at the data from L&D activities, you can see where employee performance or knowledge is lacking the most. You can also see learning patterns and judge the effectiveness of the training.

Managers and learning and development professionals can build strong partnerships between humans and new AI technology by focusing on three key areas of development for employees: fostering resilience in the face of change, building an agile workforce, and recognizing and rewarding emotional intelligence.

Fostering resilience means overcoming obstacles, hardships, and failures that inevitably come with change. Recognizing and rewarding emotional intelligence means finding and training potential leaders and putting them in empowered positions to manage others. There are many benefits of artificial intelligence in learning and development—if you know how to harness them.

It is indisputably true that how AI will change the world depends on how we as humans approach it. AI is meant to be a tool for human use, not a replacement for ingenuity, creativity, or rationalization. As such, humans need to remain relevant to the workplace because they aren’t going anywhere. Increasing employees’ soft skills and integrating them with AI technology can mean maximizing beneficial results.

No matter how you feel about AI, it’s the truth that those who utilize AI for work will slowly outpace those who don’t. It all comes back to the integration of humans with machines. If you want to prepare for success in the AI era, then you need to concentrate on the human element of the equation.

It’s essential to recognize that the challenges surrounding AI implementation are not insurmountable. Instead, they serve as valuable lessons for leaders and organizations to refine their strategies and better prepare for the AI-driven future. By heeding the above truths and adopting a more informed and holistic employee engagement approach, leaders can unlock AI’s true potential and pave the way for a more productive and innovative workplace.

The post 6 Ways to use AI for employee upskilling appeared first on Small Business Connections.

Innovation is the lifeblood of any successful business, irrespective of its size. In today’s innovation-driven world, grasping the basics of IP is not just beneficial, but essential for creators and businesses alike. The power of IP lies in its ability to provide businesses with a competitive advantage.

IP, at its core, is about protecting creations of the mind. IP is categorised into 4 main types that can be registered with IP Australia, the Australian government agency that administers IP rights:

• Trade marks protect your brand, and help customers distinguish your goods and services from competitors. You can use a registered trade mark to protect a logo, word, phrase, letter, number, sound, scent, picture, movement, aspect of packaging, or any combination of these. To check the potential registrability of your trade mark you can use IP Australia’s TM Checker tool
• Patents protect any device, substance, method or process that’s new, inventive and useful
• Design rights protect the overall appearance of your new and distinctive product
• Plant breeder’s rights protect new plant variety you have developed.

In addition to these, there are other types of IP not administered by IP Australia, such as copyright, which protects original artistic and literary works, circuit layouts, and trade secrets.

Why is IP important?

IP is an important consideration for your business as it protects what sets you apart from your competitors. Research from IP Australia has found that small businesses with IP rights employ more people, pay higher wages, and are twice as likely to experience high turnover growth than those without.

IP can offer your business the following benefits:

• Exclusivity: Registering your IP gives you the exclusive right to sell, promote, or develop a product for a certain length of time.
• Competitive advantage: IP rights can reduce the chance of your products and/or services being replicated, allowing you to decide who can use your IP and how it can be used.
• Revenue streams: You can sell your IP rights for financial gain, while licensing IP can open additional revenue channels.
• Attracting investment: IP assets can make your business more attractive to investors.
• Legal protection: Registered IP helps in safeguarding against infringement.

Crafting an IP strategy and commercialising your IP

An IP strategy aligns your business’s IP with its overall goals. Here are some steps you can take to create an IP Strategy and commercialise your IP:

1. Identify your IP assets: The first step is to identify your business’s IP assets.
2. Assess the value of your IP: Once you’ve identified your IP assets, assess their value. Businesses often value their physical assets but forget about valuing their IP. It’s important to recognise the value of these assets early and protect them for the future. This could involve determining how they contribute to your revenue, their potential for future earnings, and their importance in your industry.
3. Secure your IP rights: Apply for the appropriate IP protection for your assets. Remember to keep your ideas a secret until you apply.
4. Monitor your IP: Regularly monitor your IP to ensure it’s not being infringed upon. This could involve keeping an eye on your competitors and the market, and taking action if you discover any potential infringements.
5. Leverage your IP: Look for opportunities to leverage your IP. This could involve licensing your IP to others, using it as collateral for a loan, or selling it outright.
6. Review your IP strategy regularly: As your business grows and changes, so too should your IP strategy. Regularly review your strategy to ensure it aligns with your current business objectives and market conditions.
7. Consider international protection: If you’re planning on doing business overseas, including manufacturing, consider international IP protection before you enter into those markets.

Next steps

• Delve deeper into the world of IP by listening to our Intellectual Property 101 podcast.
• Take the necessary steps to protect your brand through IP rights such as trade marks. Get started on your own trade mark with the TM Checker tool.
• For an easy-to-understand overview of IP rights and best practices for managing and protecting these valuable assets, take a look at IP Australia’s IP basics guide.
• Consider consulting with an IP professional to develop an effective strategy tailored to your business needs.

Remember that IP is not just a legal tool but a strategic business asset. Whether you’re a budding entrepreneur or an established business, understanding and strategically managing your IP can be a game-changer for your business.

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Black Friday-Cyber Monday saw 52 million global shoppers spend $7.5 billion dollars with brands powered by Shopify last year. Ahead of this year’s event, Shopify surveyed 2,000 consumers and 350 businesses across Australia to learn what will motivate consumers and drive business performance over the upcoming holiday shopping period.

The study, conducted by Sapio Research, found that 74% of Australian retailers are planning a big BFCM in 2023, anticipating a rise in consumer spending as shoppers seek to take advantage of deals and discounts for their holiday shopping. And with businesses earning 25% of their annual sales, on average, during the holiday season, retailers are turning to technology to help them optimise business performance during this period, with 72% of retailers investing in some form of technology to drive sales.

Attracting new customers and retaining customers ranked equal first (39%) among Australian retailers as the top benefit of adopting new technology in their business, followed closely by improving operational efficiencies (37%). Close to one-third (33%) of businesses think technology will help businesses most with smart decision making, tying with the US as the largest proportion of businesses per country that believe this. And when it comes to implementing AI specifically, 42% of Australian retailers said they are using AI to improve customer engagement and build brand loyalty, while 37% cited that AI helps them improve personalised and targeted marketing.

“Our research found that the consumers that plan to spend the most during this sales period are more likely to regularly make use of technology as part of their shopping journey. And with two-thirds of consumers planning to take advantage of BFCM in 2023, there is a huge opportunity for local retailers to meet consumer demand and capture wallet-share with technology-driven experiences,” said Shaun Broughton, APAC Managing Director at Shopify.

These insights align with the attitudes of Australian customers, with the study finding close to 1 in 4 of consumers are more likely to buy from brands with technology-enabled shopping experiences (24%) and almost a quarter (24%) expect brands to embed technology into the shopping experience. 23% are more likely to spend money with brands that offer tech-enabled shopping experiences.

“We don’t go on sale very often and our goal for our BFCM sale is to provide the best experience for our community and inspire them to be 1% better every day,” said Jason Daniel, CEO of LSKD. “At LSKD, we’re trialling cutting-edge technologies, including VR/AR and virtual assistants, to understand the value they can provide our community. Additionally, we’re venturing into AI-powered productivity tools to further empower our internal teams, always with an eye towards strengthening our authentic relationship with each customer.”

Key findings from Shopify’s latest research also reveal: 

The holiday sales season continues to be a priority for Australian retailers

• Roughly the same number of Australian businesses are planning to participate in BFCM this year (37% for Black Friday, 24% for Cyber Monday) compared to last year (33% for Black Friday, 24% for Cyber Monday). While the number of businesses planning to participate in festive sales has remained the same, peaking during Christmas with 46% of retailers planning to release promotions, January sales figures have dropped slightly with only 25% of retailers planning to take part in the sales event, down from 29% in 2022.
• A majority of businesses (19%) are planning to start promotions for BFCM on Black Friday, or after. It’s worth noting however that the people who plan to spend the most at BFCM are three times more likely to start shopping early than people who plan to spend less. These shoppers are making deliberate purchases, beginning their shopping research two to three weeks in advance.

Businesses are investing in technology to attract and retain customers

• While technology adoption has grown among retailers, Australian businesses still lag behind their global counterparts in this area. Compared to Canada, France, Germany, the UK and the US, Australia has the highest proportion of retailers that haven’t and do not plan to invest in AI (36%), in-store automation (39%), marketing and sales automation (27%), QR codes and digital display screens (28%), smart check-outs (38%) and augmented reality (44%).
• That said, Shopify’s research shows that those that do embrace technology are likely to appeal to higher spenders — consumers who plan to spend over $850 this BFCM are over twice as likely than the average BFCM shopper to use virtual reality or augmented reality while shopping (146% increase), and significantly more likely to use virtual assistants (158% increase) and chatbots (123% increase).
• The top ways businesses are investing in technology for BFCM include:
  • Investing more in their social media presence (36%)
  • Planning email campaigns and online advertising to target prospective customers (33%)
  • AI to support better customer experience and customer service, such as offering live chat to answer questions (31%)
  • Optimising the back-end of our online store, but investing in infrastructure so that we can process and deliver a higher volume of orders in a shorter period of time (31%)
  • Making it easier to add deals or discount vouchers to products (29%)

When it comes to marketing, Australian businesses are doing things differently

• 87% of businesses in Australia say their owned content marketing is increasingly crucial to helping them stand out from the crowd, while 89% say that owning the direct relationship with consumers has never been more important. Given three quarters (77%) of AU retailers agree that, while digital advertising costs are increasing, return on investment isn’t, now is the time to think differently.
• Businesses believe social, interactive shopping will play an even more pivotal role this year – and in the decade to come. 79% of businesses said selling via social media had the same level or more importance than a year ago.
• Almost a third (30%) of businesses think that social media platforms will provide the highest volume of sales for them by the end of the decade, second only to their owned direct to consumer channels, e.g. online store (31%).

The post Businesses are investing in AI to attract and retain customers appeared first on Small Business Connections.

How can small businesses use AI?

There are many ways that small businesses can use AI. Here are a few examples:

• Automate tasks: AI can be used to automate repetitive tasks, such as data entry, customer service, and social media management. This can free up time for business owners and employees to focus on more strategic tasks.
• Improve decision-making: AI can be used to analyze data and make predictions. This can help business owners to make better decisions about things like marketing, inventory, and pricing.
• Provide a better customer experience: AI can be used to personalize customer interactions, provide chatbots for customer support, and recommend products or services. This can help businesses to improve customer satisfaction and loyalty.

What are the benefits of using AI for small businesses?

There are many benefits to using AI for small businesses. Here are a few of the most notable:

• Increased efficiency: AI can automate tasks and improve decision-making, which can save businesses time and money.
• Improved customer experience: AI can personalize customer interactions and provide better customer support, which can lead to increased customer satisfaction and loyalty.
• Enhanced competitiveness: AI can help businesses to stay ahead of the competition by automating tasks, improving decision-making, and providing a better customer experience.

What are the challenges of using AI for small businesses?

There are also some challenges to using AI for small businesses. Here are a few of the most common:

• Cost: AI can be expensive to implement and maintain.
• Data: AI requires data to be trained, and small businesses may not have enough data or the resources to collect and manage data.
• Skills: AI requires specialized skills to implement and maintain. Small businesses may not have the resources to hire or train employees with these skills.

What are the future trends of AI for small businesses?

AI is still a relatively new technology, and there are many potential future trends for small businesses. Here are a few of the most promising trends:

• The development of more affordable AI solutions: AI solutions are becoming more affordable, which will make them more accessible to small businesses.
• The development of AI solutions that are easier to implement and use: AI solutions are becoming easier to implement and use, which will make them more attractive to small businesses.
• The development of AI solutions that are specifically tailored to the needs of small businesses: AI solutions are becoming more tailored to the needs of small businesses, which will make them more valuable to these businesses.

Overall, AI is a powerful tool that can help small businesses to improve efficiency, customer experience, and competitiveness. However, it is important to be aware of the challenges of using AI, such as the cost, data requirements, and skills needed. Small businesses should carefully consider their needs and resources before deciding whether or not to use AI.

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AI algorithms imitate real-world systems. The more repetitive a system is, the easier it is for AI to replace it. That’s why jobs in customer service, retail and clerical roles are regularly named as being the most at risk.

That doesn’t mean other jobs won’t be affected. The latest advances in AI have shown all kinds of creative work and white–collar professions stand to be impacted to various degrees.

However, there’s one important point that’s usually not addressed in discussions about AI’s impact on jobs. That is: where you work may be as important as what you do.

Current trends and projections suggest people in developing countries, where a higher proportion of jobs involve repetitive or manual tasks, will be the first and most affected.

Privileged by geography

According to the World Economic Forum’s Future of Jobs report, emerging technologies and digitalisation are among the biggest driving factors for job displacement. The report states:

The majority of fastest declining roles are clerical or secretarial roles, with bank tellers and related clerks, postal service clerks, cashiers and ticket clerks, and data entry clerks expected to decline fastest.

Let’s take an office clerk as an example, whose responsibilities include answering phones, taking messages and scheduling appointments. We now have access to AI tools that can perform all these tasks.

They can also work non-stop, for free (or a fraction of the price), without being affected by personal problems, and without having to mentally strain to optimise their workflow. Of course they’re going to be attractive to employers!

At first glance, you might assume an office clerk living in a developed country is more likely to lose their job than their counterpart in a developing country, since the former seems more likely to implement new AI tools.

In reality, however, it’s expected more people in developing countries will lose their jobs. The success of each nation will depend on how well it can adapt to the displacement of its workforce.

In 2009, the United Nations International Telecommunication Union created the information and communication technologies (ICT) development index to benchmark and compare ICT performance within and across countries.

This index measures, among other things:

• the level and evolution over time of information and communication technologies in different countries
• how each country’s experience compares to others’
• the extent to which a country can develop and use these technologies to boost its own growth and development in the context of the capabilities and skills available.

In other words, a country’s score on this index can be correlated with how well it adapts to emerging technologies such as AI.

Unsurprisingly, developed countries rank higher than the rest of the world. In 2012, the top five ranking countries were the Republic of Korea, Sweden, Iceland, Denmark and Finland. The bottom five were Eritrea, Burkina Faso, Chad, the Central African Republic and Niger.

Wealth and opportunity makes a difference

The World Bank has divided the world by income and region, showing developing countries are among the lowest earners.

Generally speaking, employing people is much easier in developing countries, due to lower wages, tighter competition and less regulation to support employees.

The World Bank estimates about 84% of the world’s working-age population lives in developing countries. Similarly, a 2008 report from the International Labour Organisation estimated 73% of all the world’s workers lived in developing countries, while only 14% lived in advanced industrial countries.

That means whatever clerical jobs aren’t taken by AI in developing countries will become more competitive than most people can handle. As World Bank senior economist Indhira Santos wrote in 2016, in reference to the digital revolution:

[…] the jobs where workers are likely to lose out are disproportionally held by the least educated and the bottom 40 percent of the income distribution. As a result, the biggest risk from the digital revolution is not massive unemployment, but widening income inequality.

These factors will result in an employer-ruled ecosystem in developing countries. These countries have both a higher occurrence of jobs that can be replaced or displaced (such as call centre jobs), and less of the money and skills needed to implement AI tools effectively.

The cost and affordability of AI programs and algorithms will also speed up this process in certain regions.

Critical thinking remains important

Experts note AI will create many employment opportunities, including jobs that don’t yet exist. It’s just that not all countries will be well-equipped to make the transition when the time comes.

The Future of Jobs report says “analytical thinking and creative thinking remain the most important skills for workers”. So if you’re worried about keeping your job in the future, it’s worth acquiring more of these skills.

Beyond that, you might stop and consider how the place you live could play a role in whether you’ll have work in the future – and if you happen to live in a wealthy, developed country, consider yourself lucky.

Source: The Conversation

Also read: 9 Reasons your business’s AI adoption is failing

The post Whose job will AI replace? appeared first on Small Business Connections.

Artificial intelligence (AI) is rapidly transforming the workplace, but many business leaders are struggling to implement it effectively. This is leading to a number of challenges, including:

• Reduced productivity: AI can automate many time-consuming tasks, freeing up employees to focus on more strategic work. However, if AI is not implemented correctly, it can actually lead to reduced productivity, as employees struggle to adapt to new technologies and processes.
• Employee disengagement: AI can be disruptive to the workplace, and employees may be concerned about their job security. This can lead to disengagement and reduced morale.
• Missed opportunities: AI has the potential to revolutionize the way businesses operate, but if it is not implemented effectively, businesses may miss out on key opportunities.

9 Ways Business Leaders Are Suffering Inadequate Implementation

Here are nine ways that business leaders are suffering inadequate implementation of AI:

1. Failing to develop a clear AI strategy: Many businesses do not have a clear strategy for how they will use AI. This leads to ad-hoc implementation, which can be inefficient and ineffective.
2. Not investing in employee training: AI requires employees to learn new skills. Businesses that do not invest in employee training are setting themselves up for failure.
3. Choosing the wrong AI tools: There are a wide variety of AI tools available, and it is important to choose the right ones for your business needs. Businesses that choose the wrong tools may waste money and resources.
4. Not integrating AI with existing systems: AI should be integrated with existing business systems to ensure a seamless workflow. Businesses that fail to do this may create additional silos and inefficiencies.
5. Not tracking results: It is important to track the results of AI implementation to ensure that it is delivering the desired benefits. Businesses that fail to track results may not be able to identify and address problems early on.
6. Not being transparent with employees: Employees need to understand why AI is being implemented and how it will impact their jobs. Businesses that are not transparent with employees may face resistance and backlash.
7. Focusing too much on automation: AI can automate many tasks, but it is important to remember that it is not a replacement for human ingenuity and creativity. Businesses that focus too much on automation may miss out on opportunities to innovate and grow.
8. Not considering the ethical implications of AI: AI raises a number of ethical concerns, such as bias and privacy. Businesses need to consider these concerns carefully before implementing AI.
9. Not having a plan for the future of work: AI is changing the nature of work, and businesses need to have a plan for how they will adapt. Businesses that fail to plan for the future of work may find themselves struggling to compete.

How to Overcome AI Adoption Challenges

There are a number of things that business leaders can do to overcome the challenges of AI implementation. Here are a few tips:

• Develop a clear AI strategy: Start by defining your business goals and objectives. Then, identify the specific ways that AI can help you achieve those goals.
• Invest in employee training: Provide employees with the training they need to use AI effectively. This includes training on both technical and soft skills.
• Choose the right AI tools: Carefully evaluate your business needs before choosing AI tools. Make sure to choose tools that are compatible with your existing systems and that can be scaled to meet your future needs.
• Integrate AI with existing systems: Integrate AI with your existing business systems to ensure a seamless workflow. This may require making changes to your existing systems.
• Track results: Track the results of AI implementation to ensure that it is delivering the desired benefits. This will help you identify and address problems early on.
• Be transparent with employees: Explain to employees why AI is being implemented and how it will impact their jobs. Be prepared to answer questions and address concerns.
• Don’t focus too much on automation: Remember that AI is not a replacement for human ingenuity and creativity. Focus on using AI to augment human capabilities, not replace them.
• Consider the ethical implications of AI: Carefully consider the ethical concerns raised by AI before implementing it. This includes bias, privacy, and security.
• Have a plan for the future of work: AI is changing the nature of work. Develop a plan for how your business will adapt to these changes. This may include retraining employees, changing job descriptions, and creating new roles.

Also read: 3 Ways to use automation to solve key business challenges

The post 9 Reasons your business’s AI adoption is failing appeared first on Small Business Connections.

• E-learning legal education platform wins prize worth up to $550,000 at legal tech-focused pitch night.
• Expert judging panel from Australia’s legal technology and startup ecosystems chose winner and runners-up.

Applications to pitch were received from around the world and ultimately 10 startups were selected to present their solutions in a fast-paced 90-second initial round to persuade the judges to advance them to round two.

The 10 selected startups came from across Australia, the US, the UK, and Bangladesh: Amplified Global, Ask Lexi, DDLoop, Deeligence, Gavel, Halisok, Legalized Education, Mary Legal, Oddr, and Pathways Digital.

Three finalists progressed to round two and had three minutes to dive deeper into their legal tech solutions. Round two was followed by challenging questions from the judging panel, made up of Michelle Bey, chief innovation officer and transformation lead at Lander & Rogers; Karen Finch, president of ALTA; and Stewart Rasmussen, co-founder and CEO of Syncly and an alumnus of the LawTech Hub.

Drumroll, please

Dhaka-based e-learning legal education platform Legalized Education won first prize. Focused on embracing new technologies, co-founder and CEO, Tasnuva Shelley is providing subscription-based legal solutions for entities, law-related courses for enthusiasts, and online learning tools for legal professionals.

Ms Shelley, upon winning, said, “Thank you so much; this means the whole world. You have actually changed the entire legal tech landscape for this country [Bangladesh]. Now, when I walk in a room and show this [2023 Legal Tech Pitch Night win], they are going to pay attention to me.”

2023 judge Stewart Rasmussen, founder and CEO of Syncly, was moved to tears after Ms Shelley’s wining speech.

Mr Rasmussen said: “Tasnuva Shelley captured everything it takes to be a success in business and in life—passion, compassion, purpose, knowledge, drive and humility. When she won, her smile made me cry, I could see how much this meant to her.”

Michelle Bey, chief innovation officer and transformation lead at Lander & Rogers, said: ” As a judge for this year’s Legal Tech Pitch Night, crowning Legalized Education as the winner was certainly the year’s highlight! Tasnuva’s passion, unwavering dedication, profound sense of mission, and depth of understanding in what it takes to galvanise an entire country’s legal education system were incredibly moving. I have no doubt that she has a remarkable journey ahead and we—Lander & Rogers—hope to be there to support it.”

Karen Finch, president of ALTA, added: “I was really blown away by the calibre and high standard of all the pitchers and their incredible technology solutions and services. It was so wonderful to hear from pitchers located all around the globe, and Tasnuva Shelley from Legalised Education was such a deserving winner. I really recommend everyone check out and support Tasnuva and her team and what they are achieving in Bangladesh.”

The first-place prize grants Legalized Education access to all benefits that the current LawTech Hub residents and alumni have access to, which is over AU$550,000 of business and technical support from the LawTech Hub and its world-class partners.

Runners-up and People’s Choice

Los Angeles-based Gavel, represented by founder and CEO, Dorna Moini, was named first runner-up. Gavel, a legal automation platform with infinite workflow possibilities, enables users to generate accurate, customised, and perfectly formatted documents with the hopes of reclaiming 20-plus hours per week.

Straddling Melbourne and Sydney, Mary Legal, represented by co-founder and COO, Rowan McNamee, was named the evening’s second runner-up. Mary Legal leverages artificial intelligence to listen to client consultations, accurately transcribe, and generate comprehensive first drafts of legal documents.

Named after Mr McNamee’s aunt and family law barrister, Mary, he said of his aunt and startup’s namesake: “She is known for her ruthless efficiency. The way I view it, every law firm needs a Mary, so I’m bringing Mary to every law firm that I can.” Melbourne-based Deeligence, represented by co-founder and COO, Elena Tsalanidis won the evening’s People’s Choice Award, which was voted on by the 2023 Legal Tech Pitch Night audience. Deeligence is a secure, collaborative due diligence workspace converting manual processes into a more efficient and profitable way to get deals done.

Emceed by Courtney Blackman, head of partnerships at Lander & Rogers and director of the LawTech Hub, the 2023 Legal Tech Pitch Night was attended by an international audience of startups and scaleups, VCs, angel investors, law firms, government, and peak legal industry bodies.

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Limited electric vehicle adoption in Australia

Australian rates of electric vehicle adoption are far behind other nations with only 3% of vehicle owners currently using EVs.  In fact, 89% of Australians still drive petrol-powered vehicles, 15% drive diesel vehicles, and 4% drive hybrid vehicles.

The research shows that New Zealand had a much higher rate of adoption than Australia, with 11% owning EVs. The majority of Kiwis still own petrol vehicles (83%), with 12% owning diesel vehicles and 8% owning hybrid vehicles.

Australian and New Zealand EV adoption rates still sit well behind other developed nations, with Norway (all-electric vehicles made up 80% of passenger vehicle sales in 2022), Iceland (41%), Sweden (32%), the Netherlands (24%) and China (22%) topping global adoption charts.

Despite low ownership rates, Australians do have a significant level of enthusiasm for EVs with 77% intending to purchase one in the future.  Fuel cost savings (56%)  and long-term environmental benefits (49%) topped the list of reasons why Australians would consider an EV. Kiwis proved to be much more budget-conscious in this regard, with 73%  prioritising savings and 50% considering the environmental benefits. Yet, significant obstacles still stand in the way of widespread adoption in the ANZ region.

High upfront costs

Close to two-fifths (39%) of Australians mentioned that high upfront investment is standing in the way of their EV purchase, with the average price of a vehicle currently sitting at $86,000.  Almost 2 out of 3 (65%) Australians reported that the rising cost of living has also hampered their ability to purchase an EV.

For those who would purchase a secondhand EV (36%) in order to save on cost, their primary considerations were battery health and remaining vehicle lifespan (60%).  Nearly one-third (31%) of Australians are planning to make their first EV purchase within the next two to five years. Toyota (44%), Tesla (33%), and Hyundai (25%) emerged as the top brands they are contemplating for this forthcoming acquisition.

Again, Kiwis appear to be much more sensitive to expenses with more than 1 in 2 (52%) reporting that high upfront costs were a key barrier, with 66% agreeing that the rising cost of living has limited their resources. They were also more likely (49%) to consider a secondhand EV vehicle.

Close to one-third (32%) of New Zealanders were also two to five years away from their first EV purchase, and Toyota (48%), Kia (25%) and Hyundai (23%) were the top brands they would consider.

A lack of charging infrastructure and range anxiety

Another top adoption barrier was concern surrounding the amount of charging stations available in Australia. Over one-third (36%) felt that Australia did not have enough EV charging stations throughout the country. As of December 2022, Australia has fewer than 2400 public charging locations. Comparatively, Canada (which is of similar geographical size and population to Australia) has more than 8700 public charging stations. Only 1 in 4  Australians (26%) believe that the government has invested enough in infrastructure to support the rollout of EVs.

Closely related to concerns about a lack of public chargers, 28% said that they were worried about running out of battery power in the middle of a journey.  Australians’ range anxiety is so acute that 78% reported that they felt it was important for EV owners to have roadside assistance cover, with 65% willing to pay extra for insurance that provides roadside assistance or towing for a flat battery.

Despite having a relatively strong public charging station network (New Zealand currently has 340 public charging stations; approximately one for every 75 kilometres of state highway), sentiments were similar in New Zealand. A quarter (25%) were concerned about insufficient charging stations, and 36% worried about running out of battery mid-journey. The majority of Kiwis (76%) also felt it was important to have roadside assistance cover with 68% willing to pay extra for it.

Pureprofile’s Managing Director APAC, Anna Meiler says, “The surge in consumer demand for sustainability is undeniable, and the transportation sector is no exception. Our research underscores the pressing need for substantial government investment in EV infrastructure, especially focusing on expanding charging station networks and promoting renewable energy sources. The barriers to higher EV adoption are evident, but the path to a sustainable future is within reach.

“ Businesses, and insurance companies in particular, need to stay abreast of evolving EV attitudes and considerations, especially in light of developments such as the High Court quashing Victoria’s EV levy. In this ever-evolving landscape, market research becomes a vital tool, ensuring that all stakeholders remain responsive to our increasingly environmentally-conscious society.”

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