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121

AI / Elon Musk’s brain interface startup Neuralink files $27M fundraise

« on: February 27, 2018, 08:01:41 AM »

Elon Musk’s brain interface startup Neuralink files $27M fundraise
Posted Aug 25, 2017 by Josh Constine (@joshconstine)
Next Story

Elon Musk wants to connect your brain directly to a computer, and investors are ready to make that science fiction a reality. Musk’s startup Neuralink has raised the $26.96 million of a technically still-open funding round that could grow to $100 million, according to a new SEC filing. However, Musk himself tweets that Neuralink is no longer raising cash.

26 Aug

Rolfe Winkler
✔
@RolfeWinkler
Replying to @julieverhage @elonmusk
Funding round is still open. They likely won't have issues raising the full $100m if they decide they want it all.

 
Elon Musk
✔
@elonmusk
Neuralink is not raising money

1:14 AM - Aug 26, 2017
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54 people are talking about this
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The scientist-turned-geek icon followed up saying, “Neuralink is not seeking investors.” The tone of his terse responses to WSJ reporter Rolfe Winkler might be due to the fact that the paper initially broke the news that Musk was secretly building the company.

Given Musk’s high profile, he likely wouldn’t have any issue filling the rest of the round if he wants. But perhaps Musk is content with this $27 million and his comments indicate it won’t raise more for now. The filing lists that 12 total investors have back Neuralink, including six un-accredited investors.

Musk first revealed Neuralink in March, discussing the need for a brain-to-machine interface that would allow the human mind to keep up with fast-improving artificial intelligence. All that computing power won’t be as useful if we can only connect with it via traditional screens and input types.

Neuralink could potentially help people overcome chronic conditions like epilepsy. It could also one day allow people to communicate brain to brain, instead of having to compress ideas into words, transmit them through speech or writing and then have a recipient decompress the words into thoughts in their own mind. That’s a lossy series of steps that prevents people from sharing their mental visions as vividly.

The interface could require surgical implants unless a less-invasive connection to the brain is developed. Other companies like Facebook are also working on less ambitious forms of brain-to-computer connection that could allow people to type with their mind or “brain click” on something without a manual input device.

Musk will occupy the CEO role at Neuralink, along with leading Tesla and SpaceX, plus his tunnel-digging startup, The Boring Company.

Source: https://techcrunch.com/2017/08/25/elon-musks-brain-interface-startup-neuralink-files-27m-fundraise/?ref=producthunt

122

Startup / Are You Ready For Change?

« on: February 27, 2018, 07:22:51 AM »

Are You Ready For Change?
Coffee with Mentor, Session 2

Values, eco-system and the market change with time. It is important to understand how one's skill and passion will be beneficial with the changing phenomenon.  On the second session of Coffee with Mentor, enthusiast participants from different universities learnt this very crucial lesson from none other than mentor Sabbir Hasan Nasir, Executive Director, ACI Logistics Ltd. (Shwapno).

After the first successful session of Coffee with Mentor, an initiative taken by Star Youth, The Daily Star, in partnership with Gloria Jean's Coffees, the second session took place on January 31, 2018, at the Gloria Jean's Coffees café located in Gulshan 2, Dhaka.  The second session, too, was proved to be a fruitful one for the eight selected participants.

Sabbir Hasan Nasir talked about his zeal to make the system beautiful. He believes he needs to be ready to survive in the Fourth Industrial Revolution. In order to do that, he has decided to complete an executive programme on management, innovation, and technology from MIT.  Through his versatility he has inspired the young participants to embark on a journey of endless learning.

Young participants also learnt the art of negotiation in this session. They learnt the importance of a changed attitude towards negotiation.  Also, network is equally crucial. In this era, where products are being transformed into platforms, young minds can do a lot of things through networking.

These young minds, who come from different backgrounds, asked multiple questions to the mentor to clear their doubts regarding career and passion. One of them asked, to what extent our tendency to give more importance to a secure future than innovation is hampering us.


The mentor thinks, without innovation, surviving is impossible. Hence, he believes it is harming us to a great extent. However, Sabbir Hasan Nasir is quite hopeful of this generation. He says, “Your generation is different. You have a destructive kind of energy. Millennials are pragmatic and deliver things fast. I want to recruit Millennials.”

The session ended with mentor Nasir giving the participants an exercise to help them find a word that drives them. According to him, this word will guide them towards a career path that is most fitted to their personality.  The session, thus, ended on a positive note and offered an impactful discussion. 

http://www.thedailystar.net/star-youth/are-you-ready-change-1538836

123

Mobile Apps / Banglalink's 4G to reach all district HQs

« on: February 27, 2018, 07:12:27 AM »

Banglalink's 4G to reach all district HQs
by June: CEO
Star Business Report

Banglalink aims to provide 4G mobile services in all district headquarters by June this year, reaching about 30 percent of the population.

The third largest mobile operator has started providing the service from 400 of its 9,500 base stations and projected to cover about 3,000 by June, Banglalink CEO Erik Aas told reporters at the operator's headquarters in the capital yesterday.

The operator received 4G licence on February 19, and till date its 4G coverage has been extended to seven major cities, he said.

Currently, a few lakh of its 3.20 crore customers are getting the 4G services and the number is increasing by 20,000 to 25,000 on an average every day.

The operator faced huge challenges last year for flood along with low spectrum coverage, especially in 3G service, but it has overcome the situation, Aas said. “We had serious quality issue last year and have made a remarkable advancement in ensuring better customer experience by upgrading network capacity this month,” he said. The initial target is to provide customers with the latest service by Ramadan in June, he added.

Banglalink has recently increased the amount of its total spectrum by 53 percent by acquiring 10.6 MHz spectrum at over Tk 3,000 crore, which will give the operator a huge mileage, he said. “Now we are focusing on digital services which will also push customers to empower their digital life.”

The 4G services will play a vital role in boosting socio-economic growth of the country by facilitating healthcare services, remote education, transportation and financial services, he said.

The super-fast mobile internet provided by 4G network will enable the users to enjoy zero-buffer high definition (HD) video streaming, HD quality video calling, high-fidelity music streaming, online gaming, social networking and all sorts of other internet services.

Banglalink also reiterated that they would invest $1 billion over the next three years which would give a huge boost to their customers. “Not only Banglalink, no operator has profited from the 3G business and it will take time to get returns from the 4G investment as well,” said Aas.

Providing 4G requires a very expensive network to build but at the same time, this will give users a huge boost in availing different digital services. Mike Michel, chief marketing officer, and Taimur Rahman, chief corporate and regulatory affairs officer, were also present.
http://www.thedailystar.net/business/banglalinks-4g-reach-all-district-hqs-june-ceo-1540801

124

Finance & Accounts / Chinese consortium to get nod to be DSE's strategic partner

« on: February 27, 2018, 07:10:31 AM »

Chinese consortium to get nod to be DSE's strategic partner
Star Business Report
The securities regulator yesterday gave green light to the Dhaka Stock Exchange to sell 25 percent of its stake to a Chinese consortium.

The Bangladesh Securities and Exchange Commission (BSEC) is evaluating only the Chinese investment proposal which the DSE board has put forward, KAM Majedur Rahman, managing director of the bourse, told a press conference at his office. 

The regulator gave the go-ahead in favour of the Chinese party over a bid by an Indian consortium at a meeting with the DSE.

The BSEC has formed an evaluation committee to examine the investment proposal of the consortium of the Shanghai Stock Exchange and the Shenzhen Stock Exchange. The committee was asked to submit a report by 10 days.

Rahman said the BSEC would examine whether the conditions of the investment agreement comply with the Demutualisation Act 2013.

He said the DSE would get a year to complete the share transfer once the final approval is given.

The consortium has proposed to buy the stake to become a strategic partner of the bourse. It offered to buy 45 crore shares at Tk 22 each and also extend technical support worth $37 million or about Tk 300 crore. In exchange, the consortium has sought a seat on the DSE board and assured that it would not ask for any return on its investment for 10 years, according to the DSE.

Another consortium led by the National Stock Exchange of India had offered to purchase the same number of shares but for Tk 15 each. It also offered technical support but it did not give a monetary value.

Rahman said the selection of the strategic partner put the investors in dilemma. Besides, the impact of the conservative monetary policy has impacted the market. But both the monetary policy and the strategic partnership are policy-related issues and should not affect the market, he said.

The broad index DSEX tumbled below 5,800-level yesterday after losing 327 points in the last seven sessions.

Retail investors remained cautious amid various confusing issues circulating in the market. Besides, institutional investors could not support the market more because of the liquidity crisis, said Rahman. Though the central bank has extended the deadline for lowering the loan-deposit ratio, banks made some adjustment creating the cash crunch for merchant banks, he explained.

The Bangladesh Bank's calculation of the capital market exposure on the consolidated basis instead of solo basis led to the liquidity crisis, causing the market to fall, said Khairul Bashar Abu Taher Mohammed, secretary general of the Bangladesh Merchant Bank Association.

Banks can invest up to 25 percent of its capital in the stockmarket under the solo basis calculation. The consolidated calculation takes into account all investments through a bank and its subsidiaries and the limit is the highest 50 percent.

Yesterday's market:

The DSEX declined 57.56 points, or 0.98 percent, to 5,774 yesterday. Turnover fell 8.70 percent to Tk 350 crore from the previous session.

The market started the session on a negative note and continued downward trajectory throughout the session as selling pressure kept on.

Engineering sector led the turnover list contributing 17.42 percent to the total. Most of the prominent sectors witnessed moderate correction. Telecoms lost 1.24 percent and banks 1.22 percent. Olympic was the highest traded share with securities worth Tk 21.53 crore changing hands, followed by Ifad Auto with its shares valued Tk 16.43 crore transacted.

http://www.thedailystar.net/business/chinese-consortium-get-nod-be-dses-strategic-partner-1540789

125

Finance & Accounts / IDCOL to raise $63m for a power project

« on: February 27, 2018, 07:08:36 AM »

IDCOL to raise $63m for a power project of Acorn Infrastructure
Star Business Desk
The Infrastructure Development Company Ltd (IDCOL) has recently been mandated for raising $63 million term loan for a 100 Megawatt heavy fuel oil fired power project of Acorn Infrastructure Services Unit-2 Ltd (AISLII).

IDCOL CEO Mahmood Malik, Director for Investment Nazmul Haque, AISLII Managing Director Tarique Ekramul Haque and Group CEO M Jahangir Alam signed the term sheet for the project located in Julda of Chittagong, at the head office of IDCOL in Dhaka on February 19.

http://www.thedailystar.net/business/idcol-raise-63m-power-project-acorn-infrastructure-1540783

126

Innovation & Creativity / Innovation Isn’t an Idea Problem

« on: February 25, 2018, 11:59:04 PM »

Innovation Isn’t an Idea Problem
David Burkus
JULY 23, 2013
 

When most organizations try to increase their innovation efforts, they always seem to start from the same assumption: “we need more ideas.” They’ll start talking about the need to “think outside the box” or “blue sky” thinking in order to find a few ideas that can turn into viable new products or systems. However, in most organizations, innovation isn’t hampered by a lack of ideas, but rather a lack of noticing the good ideas already there.

It’s not an idea problem; it’s a recognition problem.

Consider some well-known examples from history. Kodak’s research laboratory invented the first digital camera in 1975 but didn’t pursue it. Instead they paid virtually no attention as Sony developed a different prototype and stole the future of digital photography out from underneath them. Xerox developed the first personal computer, but didn’t invest enough in the technology and allowed Steve Jobs and Apple to snatch the opportunity away. The US Navy rejected 13 submissions from William S. Sims regarding an innovative new firing method. It wasn’t until Sims appealed to President Theodore Roosevelt that his improved method was recognized.

These aren’t just fun examples of smart people and established companies being hilariously wrong, they actually reflect a bias we all share — a bias against new and creative ideas when we’re faced with even small amounts of uncertainty. That’s the implications of a study published last year by a team of researchers led by Wharton’s Jennifer Mueller. The research team divided participants into two groups and created a small level of uncertainty in one group by telling them they would be eligible for additional payment based on a random lottery of participants. The researchers didn’t give many specifics around how their chance for additional payment would work, just that they would find out once the study was completed. It was hardly an earth-shattering proposition, but it was still enough to yield some feelings of uncertainty within the group.

The participants were then given two tests. The first test was designed to gauge their implicit perceptions about creativity and practicality. Participants were shown two sets of word pairs and asked to select their preferred phrase. The pairings were created by combining words that reflected creativity (novel, inventive, original) or words that reflected practicality (functional, useful, constructive) with words that conveyed a positive (good, sunshine, peace) or a negative (ugly, bad, rotten). So in each round, participants would chose their preference from phrases like “good original” or “bad practical.” The second test was designed to explicitly survey their feelings toward new, creative ideas. In this test, participants were simply asked to rate their feelings toward creativity and practicality on a scale from 1 to 7.

The researchers found that those exposed to a small amount of uncertainty said they valued creativity, but actually favored the practical word pairings over the creative pairings. In a follow-up experiment published in the same paper, participants in the uncertainty condition were even presented a prototype for an innovative new running shoe and rated it as significantly less viable than the control group.

If such a negative bias against creativity is present in times of uncertainty, it might explain why so many notable innovations were initially rejected. The implications for today are particularly relevant, as few executives would claim that they’re not working in an uncertain industry. The same uncertainty that triggers the need for companies to innovate may also be triggering executives to be rejecting the discoveries that could help them gain a competitive advantage. The ideas that could keep company alive are being killed too quickly.

One possible solution to this “idea killing” problem is to change the structure ideas have to move through. Instead of using the traditional hierarchy to find and approve ideas, the approval process could be spread across the whole organization. That’s the approach Rhode Island-based Rite-Solutions has taken for almost a decade. Rite-Solutions has set up an “idea market” on their internal website where anyone can post an idea and list it as a “stock” on the market, called “Mutual Fun.” Every employee is also given $10,000 in virtual currency to “invest” in ideas. In addition to the investment, employees also volunteer to work on project ideas they support. If an idea gathers enough support, the project is approved and everyone who supported it is given a share of the profits from the project. In just a few years, the program has already produced huge gains for the company, from small incremental changes to products in whole new industries. In its first year alone, the Mutual Fun accounted for 50 percent of the company’s new business growth. More important than the immediate revenue, the idea market has created a culture where new ideas are recognized and developed throughout the entire company, a democratization of recognition.

In addition, it’s a system based on the assumption that everyone in the company already has great ideas and the market just makes them better at finding those ideas. It’s not an idea-solution; it’s a recognition-solution.

Source: https://hbr.org/2013/07/innovation-isnt-an-idea-proble

127

Corporations / Insurance regulator to get Tk 632cr for upgrade

« on: February 25, 2018, 07:25:22 AM »

Insurance regulator to get Tk 632cr for upgrade

Rejaul Karim Byron

The government is set to take up a Tk 632 crore project for much-needed upgrade of the insurance regulator with the view to developing Bangladesh's insurance sector.

At present, there are 78 insurance companies and the project has been taken for better monitoring of the companies to ensure better service for clients, said Gokul Chand Das, a member of the Insurance Development and Regulatory Authority.

“The project is necessary for ensuring transparency and accountability in the activities of the insurance sector and to increase people's trust in it.”

Of the project cost, Tk 91 crore would go towards building the IT infrastructure, Tk 79 crore for automation, and about Tk 9 crore for setting up distance learning centre and implementation of the interactive portal of the IDRA.

The second component of the project is modernisation of the state-owned Sadharan Bima and Jiban Bima Corporation.

A big amount, Tk 84 crore, has been earmarked for consultancy fees under the project and about Tk 51 crore for training about 45,000 people.

The Bank and Financial Institution Division has sent the project to the planning ministry, which will place it before the Executive Committee of the National Economic Council this week for approval.

Of the total project cost, the World Bank will provide Tk 513 crore. The IDRA has been established for the purpose of supervising the insurance business and safeguarding the interest of policyholders.

Since its establishment in 2011, the IDRA has neither been given the human and financial resources nor the independence to carry out its activities in an effective manner to help achieve the objectives, said the WB.

The main goal of the project is to equip the IDRA to build and put into practice a professional and modern regulatory and supervisory system, it added.

Source: http://www.thedailystar.net/business/insurance-regulator-get-tk-632cr-upgrade-1539733

128

Successful Story / Boom in ICT exports from Bangladesh

« on: February 25, 2018, 07:18:18 AM »

Boom in ICT exports
Muhammad Zahidul Islam
You'll certainly raise an eyebrow once you learn that Bangladesh  is now exporting software and ICT related products to more than 50 countries around the globe, and some of them are developed countries. And the number of countries availing these services from Bangladesh is increasing every year.
Few hundred companies of the country are also earning about $800 million per year from exporting locally developed software, and providing ICT-related services like outsourced and freelance work.

This is the export earning value that the Bangladesh Association of Software and Information Services has collected from their member companies' export earnings, but the real export number might be even higher. At least, members of BASIS and other policy makers think so.

The value of this export was probably less than even a few million just a decase ago. Yet today, the industry is flourishing, with companies fulfilling local demand and then moving on to the foreign market.

Even just a couple of years ago people thought it was a joke when leaders from this industry started saying that the ICT industry's export earnings will be highert than that of the readymade garments industry. But now the situation has changed, and the government's short term aim is to secure earnings of $1 billion this year, and $5 billion by 2021.

Industry leaders are now targeting to bring more foreign currency into the country than RMG industry does by 2030. Leather and leather goods are currently Bangladesh's second most profitable exported goods, but surely ICT and IT services will overtake this place within a few years.

The industry is not only earning huge amounts of foreign currency, but it's also getting international recognition as a business hub for ICT and ITES products. Some software firms are performing extraordinarily well for the last couple of years and at present, at least 10 companies so far have achieved Capability Maturity Model Integration (CMMI) at level three, while Datasoft Systems Bangladesh limited, a company that brings huge pride to the country achieved level five.

CMMI is one of the major indicators for measuring the quality of software firms and the highest score for this measurement is level five. Hopefully more Bangladeshi companies will continue to achieve this certification, thus attracting more business. As a person working in this industry, I think this is a massive success for the sector and you will be happier when you learn some more success stories of this sector.

DataSoft Systems, exports mostly to Japan and is also targeting African countries as well. They have been working on establishing 10,000 smart homes in Tokyo using the next generation Internet of Things (IoT) solutions in what can be termed a spectacular leap for the country's IT industry.

They also have signed an agreement with the Ministry of Transport and Communication Channels of Democratic Republic of Congo (DRC) to advise and install IoT-based toll management solution for their longest bridge.

DohaTec, designed Bhutan's electronic government procurement system after the successful rollout of the country's e-GP system.

In August last year, Tiger IT opened a factory in Kathmandu as part of a $43.7 million project, the biggest IT related one in Nepal, to provide digital number plates for vehicles.

Kazi IT works in the USA and Reve Systems works in different countries, including Singapore. These companies are creating a good name for our country all over the world. While business process outsourcing entities are also playing a huge role in boosting  foreign currency earnings.

A good number of Bangladeshi companies export between $1 and $10 million, and some of them are on the verge of crossing the $10 million mark.

The government has also prepared a list that of companies whose exports were worth more than $10 million/year and 50 more who have the potential to earn $10 million a year. ICT division of the government is also providing technical and policy assistance to these companies.

The country's export earnings from the ICT sector is growing exponentially after the government took some effective measures in policy and regulations and the country started getting the results.

Half of the country's population is below 35 years, and this young talent is playing a major role in developing the ICT industry. So everything is in our favour now, we just need to concentrate on the service and software quality to achieve the next level.

 
The writer is a Senior Business Reporter at The Daily Star.

Source: http://www.thedailystar.net/supplements/digital-frontiers/boom-ict-exports-1535863

129

Venture Capital / Istanbul to host world business angels forum

« on: February 24, 2018, 10:19:45 PM »

A meeting of international suppliers of seed money for such enterprises as start-ups and entrepreneurs will start in Istanbul on Sunday.
The World Business Angels Investment Forum’ (WBAF) annual congress, at Swissotel The Bosphorus in the Besiktas district, will last for three days.

The congress, which Anadolu Agency is serving as the global communications partner, will bring together key players of the equity market to discuss the benefits of and challenges to the investment community’s achieving successful growth for their businesses.

“The discussions will explore how family offices and wealth management institutions can foster open innovation and deliver more business value through partnerships with angel investors, start-ups, scale-ups, high-growth businesses and SMEs,” Baybars Altuntas, head of the WBAF, said on the congress website.

The congress will feature several programs such as the CEO-preneurship and Fintech summits, Investment Academy, and World Excellence Awards.

“The CEO-preneurship summit will focus on transforming CEOs into angel investors, while the Fintech summit will deal with issues of financial inclusion and ways to democratize access to finance,” said the website.

Some 124 speakers from 26 countries will speak during the congress, with 1,200 delegates attending from around the world.

“The WBAF is an international organization aiming to ease access to finance for businesses from start-up to scale-up, with the ultimate goal of generating more jobs and more social justice worldwide,” said the forum’s website.

http://www.nationalturk.com/en/istanbul-to-host-world-business-angels-forum/