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Crowdfunding is when a “crowd” funds a project or business, rather than one or two major investors.
There are four different types of crowdfunding: rewards, donation, debt and equity.
To run a successful crowdfunding campaign, you need to capture the attention of a large number of backers and convince them that your project is worthy of their investment. Read this guide to learn more about how to reach your target audience.
This guide is for startups and small business owners who are interested in learning how crowdfunding can be used to obtain funding.
Crowdfunding is when businesses, organizations or individuals fund a business without traditional means with small donations from many people. By receiving the necessary boost to cash flow, these ventures can get off the ground or launch new projects. Most of these campaigns happen via internet platforms, have set time frames for when money can be raised and disclose specific monetary goals.
There are four kinds of crowdfunding campaigns you can use for your business. With donation-based funding, contributors give money without receiving anything in return. In equity funding, backers get shares of the business. For debt-based funding, donors are repaid with interest. With reward-based funding, contributors receive tokens, products or services in return for their donations.Types of crowdfunding
While there are four types of crowdfunding, each receives money from interested donors. Here’s a breakdown of each one:
Donation: Donation-based crowdfunding is when people give a campaign, company or person money for nothing in return. Let’s say you create a crowdfunding campaign to purchase new equipment for your company. The individuals who give you money do it out of support for the growth of your business and nothing else.
Debt: Debt-based donations are peer-to-peer (P2P) lending, which is a form of crowdfunding. In debt-based donations, the money pledged by backers is a loan and must be repaid with interest by a certain deadline.
Rewards: This is when donors receive something in return for their donations. The rewards vary by the size of the donation, which incentivizes higher contributions. Based on how much money participants give to a campaign, they may receive a T-shirt, the product or service – often at a discounted rate. Crowdfunding rules
Most crowdfunding sites have specific rules. Kickstarter, for example, doesn’t allow equity crowdfunding and has a list of prohibited items that you are not allowed to include in your project. It’s wise to read these rules thoroughly before choosing a platform so you don’t have to halt your campaign before it even starts.
If you ignore the rules and jump into your crowdfunding campaign, the likelihood of success plummets. You need to adequately research the different crowdfunding sites so you understand which platform works best for your business.
Before choosing a crowdfunding site, review each platform’s rules to ensure you choose the right one for your campaign. Also consider reading our guide to finding a loan providerThe challenges of crowdfunding
Many individuals assume crowdfunding is an easy or free way of making money, but it requires a lot of effort to establish a project that backers will perceive as a valuable service. Success isn’t guaranteed, and as crowdfunding continues to gain popularity, backers have become shrewder in the projects they support.
“Crowdfunding works for all kinds of companies at all different stages, but the companies that have the most successful campaigns tend to have the largest and most engaged communities behind them – usually of customers or users or other supporters of their mission,” said Kendrick Nguyen, CEO and co-founder of crowdfunding platform Republic.
Generating this type of widespread support can be a challenge. It takes a strong marketing effort, trustworthy founders and a quality product. According to Ryan Sim, managing director and co-founder of We The People – a company that sells only crowdfunded products – the challenges of crowdfunding are extensive. He listed five key challenges that plague reward-based crowdfunding campaigns:
Finding and implementing a cost-effective marketing strategy before, during and after the campaign
Crafting the right messaging in the campaign description that will drive interest in the product or service
Developing an informative and exciting campaign video that explains the product and its benefits (the main challenge being that it’s expensive to create a really good and high-impact video)
Creating and planning the rewards program to strategically maximize the ROI
Finding the most effective and cost-efficient fulfillment method for the rewards
“It’s important to note that these challenges are just the start of the obstacles to consider when creating a crowdfunding campaign, “said Sim. “In addition to typical ones, every creator will have his own challenges that are very unique to his or her business.”
Other challenges also arise in equity crowdfunding. According to Connor Young, founder and CEO of Ample Foods, equity crowdfunding requires more emphasis on educating potential investors who don’t necessarily have an investment background.
“We’re all so used to buying products online, so investing in a regular crowdfunding campaign is quite easy,” said Young. “You just say, ‘Oh, OK, I’m basically prepurchasing a product that doesn’t exist yet, and I’m going to get it in six to 12 months.’ That’s pretty easy to understand. But for a person who’s not actually used to investing into companies – they’re not a typical angel investor – equity crowdfunding naturally has more resistance.”
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It takes a lot of work to run a successful crowdfunding campaign; launching one doesn’t guarantee success. It’s important to make sure your marketing message is well thought out and to find cost-effective methods to promote your campaign and reward backers.Crowdfunding benefits for investors
Investors have a lot to gain from putting their money into crowdfunding campaigns.
Investors appreciate a low-risk venture, and crowdfunding offers just that. Since it’s not part of the financial market, investors don’t have to worry about the effects of the economy or stock market impacting their investment.
It’s easy to invest in a crowdfunding campaign. Investors can put money into a project or company through a direct online process.
Equity crowdfunding allows investors to fund multiple campaigns, which helps them to expand their financial opportunities and diversify their portfolios.
Investing in projects through crowdfunding sites is easy, with flexible and direct payment options. Investors can use crowdfunding to diversify their portfolios.Tips for crowdfunding success
There’s no one-size-fits-all approach to crowdfunding, but there are three key places to start on your road to crowdfunding success.1. Communicate with backers.
Young stressed the importance of being transparent with backers throughout the process, even after the campaign ends. He explained that nearly every product launch experiences delays, so you have to expect things to go wrong and react with honesty and transparency.
“A lot of it is simply ‘do you have good communication with your backers, even when things go wrong?’” Young said.
Toward the close of the campaign, it’s often good to update the community, explaining where to reach you next and whether you plan on shifting focus to preorders through your own website.
Don’t be shy about keeping your backers in the loop once the campaign ends. A successful crowdfunding campaign centers on fostering relationships with supporters.2. Share relevant and engaging marketing materials.
A good batch of marketing materials will help your campaign stand out.
“It’s about making an emotional connection with someone just as much as it is about actually explaining what the product is,” Young said. “One of the really big reasons why someone invested in the first place to Ample was simply because they thought that I was an authentic guy and that I really seemed to care and be passionate about it.”
With new crowdfunding campaigns launching daily, it’s important to make your campaign stand out from the others. Creating strong marketing materials and spreading the campaign through your network tend to be the best ways of gaining recognition. Ample used a brief video to explain its product during its first crowdfunding campaign.3. Prepare for the campaign.
For the best crowdfunding results, prepare for the campaign before launching it. Spread the word to your family and friends that you’re going to launch the campaign. Be active on your personal and company social media accounts prior to the launch. Give potential backers every chance to find you.
Creating the proper marketing materials also takes time. Don’t try to film an educational video the day before the campaign starts; give yourself time to get it right. Taking a few extra weeks to develop a plan and build excitement around the campaign can help you hit your crowdfunding goal.
To reach your funding goal, you must do more than launch a crowdfunding campaign for your project. Market to your base before and during your campaign, and provide updates on your business’s progress to develop a relationship with your backers.Examples of successful crowdfunding campaigns
Not all projects succeed. Few of them even obtain significant levels of funding.
Many projects with excellent ideas end up failing, whereas others with simple premises flourish beyond all expectations. Crowdfunding projects tend to follow a viral method of growth and, as such, are quite unpredictable without the proper marketing.
“One of my favorite investment campaigns on [Republic] to date was RadioPublic,” Nguyen said. “They’re kind of like SoundCloud for podcasts and have investors like The New York Times, the parent company of WordPress and the Bose Corporation. They raised just under $150,000 from some of their most passionate users and listeners. To me, their trajectory is similar to Gimlet Media’s – they ran a $200,000 equity crowdfunding campaign in 2014 and were just acquired by Spotify this month.”
Another company that ran a successful campaign is Peak Design, which set a goal to raise $500,000 on Kickstarter for its Travel Tripod product. The campaign lasted 56 days and had 27,168 backers, raising $12.1 million.
The success of your crowdfunding campaign depends on your ability to capture the interest of many people and build a relationship with your base.Concluding a campaign
Once your crowdfunding campaign closes, one of three things happens:
If the campaign didn’t reach its target amount, funds are returned to the backers. Some crowdfunding websites still allow you to collect all the money you raised if you fail to reach your goal, though often at an additional expense.
If the campaign was successful, you receive the total amount of money you raised, minus processing fees. For example, Kickstarter charges a 5% fee for hosting the fundraiser and a percentage-based fee for payment processing. These payments are only required for successful crowdfunding projects and will not be charged to any that don’t reach their goal amount.
If you don’t hit your funding goal, the crowdfunding platform usually returns the money to donors, though some sites let you keep the funds for a fee. Be aware of any processing and hosting expenses as well.
Bennett Conlin and Ryan Goodrich contributed to the reporting and writing in this article. Some source interviews were conducted for a previous version of this article.
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While some are still researching the metaverse, major companies are already working to create that digital future.
The arrival of the metaverse was the headline that dominated the business media this year.
Although global tech giants dominate headlines about the metaverse, don’t let that fool you. The metaverse isn’t just for big-name brands. Every business must learn how to make this metaverse work in their operations. It’s easy for it to be dismissed as a technology fad, but the metaverse is all about experiences. We’ve learned a lot over the past few years that the experience-driven economy will be around for the long haul.
Are you still not convinced? Let’s look at three reasons your business should be prepared for the metaverse.1. The Experience Economy is Part of the Metaverse.
I have written extensively about why experiences are the future of business. This is evident in the numbers: A Harris Poll revealed that 72% of millennials would rather spend their money on experiences than material goods. With Gen Z, this number is growing.
Look at The Museum of Ice Cream’s success. This attraction sells almost all the time, even though museums are struggling to sell as many tickets these days. Why? It’s an experience, and it’s filled with oversized candy, sprinkle pools, and other “Instagrammable” moments.
This experience economy does not only apply to places and events. Take a look at 19 Crimes wine’s success. It started with high-quality wine. The brand’s true difference is its AR-equipped wine labels. These labels come to life when they are paired with the company’s exclusive smartphone app. This technology has turned the age-old ritual of opening a bottle of wine into a one-of-a-kind experience that has helped 19 Crimes quadruple in volume over the last few years and be accepted by a whole new breed of wine drinkers.
These are the moments that the metaverse will allow businesses to create. The metaverse is an art that jumps off the page, the Hall of Famer sitting next to you as you watch the game, or the superhero leaping right off the child’s pages.
The metaverse allows you to experience that is not limited by money, time, or the physical laws of the natural world. Only a brand’s imagination can limit them.
Top 7 Work Operating Systems of 20232. The Bottom Line is Driven by The Metaverse
These brand experiences are at the heart of the metaverse. They are the driving force behind the bottom line.
One of the most valuable lessons I have learned in my time as head of innovation and creativity for Disney was from Walt Disney. He said, “Start with the experience, and the sales will follow.” It’s not surprising that Walt’s obsession for the Disneyland experience allowed him to transform what was once only orange groves in Anaheim into a crown jewel that generates over $4 billion in revenue.
Disneyland is a profitable machine because it was not built to become one. It was created to tell stories. These stories create experiences that ultimately lead to consumers opening their wallets.
The metaverse will allow brands to elevate their strategies and create unique experiences for guests. Imagine a world in which your daughter doesn’t have to spend the day searching for the Disney princess she loves, but instead of trying to find her favorite Disney princess at the park, the princess is right in front of her eyes (and can even speak the language you choose)! Imagine how much this would enhance the Disney experience for your family!
This is great for Disney and other brands that can invest millions in immersive experiences. What about your business? The metaverse will, to a certain degree, level the playing field.
You can buy virtual real estate for thousands instead of millions. Designers can create custom buildings, merchandise, and rides without the need to purchase labor or equipment. It is possible to create a memorable brand experience in the metaverse for only a fraction of the cost it would take in the real world.
3. The Metaverse Connects Consumers’ Previously Unobtainable
A few years ago, I conducted a training session with the Philadelphia Eagles. I learned that 90% of Eagles fans won’t ever be able to attend a game in person because of transportation, price, and location.
The Metaverse is Now – Is Your Company Ready?
The metaverse isn’t just for billion- or trillion-dollar tech companies. It will eventually affect all brands. Is your business ready for the opportunity?
It is the easiest way to get your company thinking about the future of metaverse. Metaverse technologies are intuitive. I can move my head or hand in one direction and my avatar follows. If I want to interact with someone in a virtual universe, I just need to walk up to them and say hello. You’ll soon be exploring these options and will begin to think of ways you can embrace the future of the metaverse. You might even have some fun.
One must note that under Salesforce, the process for release management is not an isolated one. It is linked with the business’s other processes, like change management, the objective of the business, governance, and additional aspects of the company associated with the business.
The release management process can be managed jointly by the steering committee of the company or the Center of Excellence, often referred to as COE, to ensure direction and success.The objective of every business for the release management process
Through an organized process for release management, companies attempt to get a reputable, reliable and process that is independent of resources for boosting business value.
Also read: Top 10 IT Skills in Demand for 2023Components of release management
Given below are the components of release management-
The change management process
Alignment with the release on Salesforce
Team structures that are planned and managed
Businesses should note that change or release management does not comprise one process. There are several departments involved in this process. There have been several instances where it has been seen that every department of the organization has a unique process for release management that is different from the others.Consistency and visibility
Experts recommend all the processes linked to release management in an organization should be standardized and streamlined for every user. This is because they are deploying the same resource, foundation, and platform for incorporating their business processes. If they are not streamlined, it is difficult for the company to maintain governance.
For boosting good governance, the processes about release management for every department in the company should be consistent and visible. This means every action of the whole team should be streamlined and supportive in the above endeavor.The cycles for release management
The varied sets of customer needs are looked after by several systems. There should be one centralized system for managing them. If they are managed in one place, then the other team members will have access to improved visibility and can track changes easily.
All of the requests for these changes should be prioritized. Moreover, the need of a steering committee is needed to assess the requirements frequently, with which changes in the above system can be prioritized.
Experts from the esteemed name in SalesforceDevOps, Flosum, suggest that if you talk about the implementation phase, then the whole IT and business teams should remain in touch with one another and have proper communication.
Also read: Top 10 Best Artificial Intelligence SoftwareUnderstanding the process of change management
Developers can change the sandbox, and they can show any other changes in it too. When the features are completed, they can later be shifted to the QA environment too.
The QA tests the features as per the necessary documentation, after which it can be shifted to the department for unit testing. In this manner, the process for change management commences. On top of this, the components for change management are reviewed.
They include the test cases, the documents for requirements, the production code, and others for the process to be completed successfully.Alignment with Salesforce Release
Salesforce regularly upgrades its code, and so at the time, it can be challenging for businesses to release their code aligned with Salesforce. This is why they need to answer the following questions-
How should these changes be tested?
The release of these changes before and after the release
Business values of these changes when compared to Salesforce’s new features
What features should be planned for taking up?
The number of users that have been affected by the internal release
The number of sandboxes that are available for testing internal changes
Also read: iPhone 14 Pro Max Is Apple’s New iPhone To Be Launched In September (Know The Release Date, Specification, Rumour & More)The structures of the teams should be planned and managed well
The release should be divided into many categories during planning like enhancements, fixes, trust, projects, and more. Separate teams should be formed for these categories.
The production team will control the fixes while the enhancements are looked after by the team for production support or project teams. The above also depends on the changes that are needed for the code lines.
If you examine a project team, it is generally broken down into the following-
Business team- This team is primarily responsible for making changes in light configurations that include ways to create and manage users, the territories, the data, and the page layouts by assigning layouts to different users. Moreover, the management of the above relies on the permission handed out to every member of the team and business customers.
Team for sales and service- This team has users accountable for managing the early cycle, quality of the software team, change management process, and more.
Teams for project enhancement – These teams are responsible for managing changes in small projects. For example, they make changes to visual pages, triggers, or small changes to the present integration.
In conclusion, it can be said that project teams are generally responsible for big and complex changes. They have multiple independencies across the other eco-systems of the business, like the ERP systems or any system that depends on it managed by the above teams.Kristen Smith
Kristen Smith has been working on the importance of social media in marketing with thousands of real Instagram followers for her postings.
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Artificial Intelligence is the ability of a computer to work or think like humans. So many Artificial Intelligence applications have been developed and are available for public use, and chatGPT is a recent one by Open AI.
ChatGPT is an artificial intelligence model that uses the deep model to produce human-like text. It predicts the next word in a text based on the patterns it has learned from a large amount of data during its training process. Bard AI is too AI chatbot launched by google and uses recent work so can work to answer real-time questions.
We will discuss chatGPT and Bard AI and the difference between them.
1. Understanding the Deep Learning Model and chatGPT.
2. To understand the difference between chatGPT and Bard.
This article was published as a part of the Data Science Blogathon.Understanding the Deep Learning Model
Artificial Intelligence is a broad term in today’s world to do everything and behave like a human. When we talk about the algorithm, we are, in other words, talking about a subset of Artificial Intelligence, Machine learning.
Machine learning algorithms look at the past behavior of humans and predict it based on past behavior. When we go further deep, some patterns are adapted or learned themselves when the situation is different. “Deep Learning” further deep algorithms, following the footsteps of neural networks.
“Deep Learning Algorithm” is classified into two Supervised and Unsupervised. “Supervised Learning” is divided into Convolutional Neural Network (CNN) and Recurrent neural networks.
In supervised learning, the data given in input is labeled data. In Unsupervised learning, the data is unlabeled and works by finding patterns and similarities.Artificial Neural Network (ANN)
Similarly, like a human brain, an input layer, one or more hidden layers, and an output layer make up the node layers of artificial neural networks (ANNs). There is a weight and threshold associated with each artificial neuron or node. When a node’s output exceeds a predetermined threshold, it is activated and sends data to the next layer. Otherwise, no data reaches the next layer.
After an input layer, weights get added. Larger weights contribute more to the output than other inputs. The mass of the input layer gets multiplied, and then the results are added up. After that, the output result is by the activation function, which decides what to do with it. The node is activated if that output exceeds a certain threshold, transmitting data to the next layer. As a result, the input layer of the next layer consists of the output return of the past one and is thus named feed-forward.
Let’s say that three factors influence our decision, and one of the questions is if there is a rainy day tomorrow, and if the answer is Yes, it is one, and if the response is no is 0.
Another question will there be more traffic tomorrow? Yes-1, No -0.
The last question is if the beachside will be good for a picnic. Yes-1, No-0.
We get the following responses.
– X1 – 0,
– X2 – 1,
– X3 – 1
Once the input is assigned, we look forward to applying weight. As the day is not rainy, we give the mass as 5. For traffic, we gave it as 2, and for a picnic as 4.
W1 – 5
W2 – 2
W3 – 4
The weight signifies the importance. If the weight is more, it is of the most importance. Now we take the threshold as 3. The bias will be the opposite value of the threshold -3.
y= (5*0)+(1*2)+(1*4)-3 = 3.
Output is more than zero, so the result will be one on activation. Changes in the weights or threshold can result in different returns. Similarly, neural networks make changes depending on the results of past layers.
For example, you want to classify images of cats and dogs.
The image of a cat or dog is the input to the neural network’s first layer.
After that, the input data pass through one or more hidden layers of many neurons. After receiving inputs from the layer before it, each neuron calculates and sends the result to the next layer. When determining which characteristics, the shape of the ears or the patterns, set apart cats from dogs, the neurons in the hidden layers apply weights and biases to the inputs.
The probability distribution of the two possible classes, cat and dog, is the return for final layers, and prediction ranks higher than probability.
Updating weights and biases is termed backpropagation, and it improves at the time in pattern recognition and prediction accuracy.Facial Recognization by Deep Learning
We will use animal faces to detect digitally based on a convolutional.from tensorflow.keras.models import Sequential from tensorflow.keras.layers import * from tensorflow.keras.models import Model from tensorflow.keras.applications import InceptionV3 from tensorflow.keras.layers import Dropout, Flatten, Dense, Input from tensorflow.keras.preprocessing.image import ImageDataGenerator import numpy import pandas import matplotlib.pyplot as plt import matplotlib.image as mpimg import pickle from sklearn.model_selection import train_test_split from sklearn.metrics import classification_report import patoolib patoolib.extract_archive('animals.zip') plt.imshow(image) train_data = ImageDataGenerator(rescale = 1./255) test_data = ImageDataGenerator(rescale = 1./255) train_dir= ("C://Users//ss529/Anaconda3//Animals//train") val_dir = ("C://Users//ss529/Anaconda3//Animals//val") train_generator = train_data.flow_from_directory( train_dir, target_size =(150, 150), batch_size = 20, class_mode ='binary') test_generator = test_data.flow_from_directory( val_dir, target_size =(150, 150), batch_size = 20, class_mode ='binary') from tensorflow.keras.models import Sequential from tensorflow.keras.layers import Dense,Flatten model = Sequential() model.add(Flatten(input_shape=(150, 150,3))) model.add(Dense(4,activation='sigmoid')) model.add(Dense(5,activation='relu')) model.add(Dense(3,activation='softmax')) model.summary() opt = tf.keras.optimizers.Adam(0.001) model.fit(train_generator,epochs=5, validation_data= test_generator) What is ChatGPT?
An up-to-date Artificial Intelligence chatbot, trained by Open AI, developed on Azure that answers your queries, except for mistakes, corrects the code, and can reject unnecessary demands. It depends on a Generative pre-trained transformer equipment GPT 3.5, which uses Artificial or complex work to approach and make out with words.
ChatGPT, which stands for chat-based Generative Pre-trained transformer, is a potent tool that works in different ways to increase output in several distinct areas.
ChatGPT is intelligent to solve simple math problems and answer query-related technical or even some jokes.
For example, the image below shows some funny jokes generated by AI.
In another example, the image below shows to find the area of a triangle with the help of AI.How to Use ChatGPT?
Here we are going to answer some questions related to chatGPT.
Anyone can use ChatGPT for free. One can sign up and log in using google or email. The free version of ChatGPT is open to the general as of the writing date of February 2023.
“ChatGPT Plus” is a paid subscription plan. It gives priority access to new features, faster response times, and reliable availability when demand is high.
For example, I asked some business and idea tips on Data Science, and here is the response provided by chatGPT in the below image.Why Should we Use chatGPT?
chatGPT can give you the best services based on how you want to use a chatbot for your benefit.
It can write for your document or reports.
It is possible to save time and allow messages straight given and professionally by using ChatGPT to generate personalized and engaging responses.
It can help generate new business ideas that assist business leaders and entrepreneurs with original and creative concepts for new projects, schemes, and services.
ChatGPT can come in handy for detection and correction in existing code.Limitations Of ChatGPT
ChatGPT does not so far shows 100% accuracy.
For example, for the question about Male Rao Holkar’s death, the response from chatGPT is not similar to the history.
Edward Tiann, a 22 years old student from Princeton University, developed the GPTZero application that can detect plagiarism with the contents texted by AI. It is so far for educational use, and the beta version is ready for public use.What is Bard AI?
LaMDA (Language Model for Dialogue Applications) powers Bard, an experimental conversation AI service. To respond to queries in a new and high-quality way, it uses data from the Internet.
How does Bard function?
LaMDA, a large language model created by Google and released in 2023, powers Bard. Bard is made available by Google on a thin-weight version of LaMDA, which requires less computing power to run, allowing it to reach a maximum number of users.The Difference Between ChatGPT and Bard
Google Bard AI and chatGPT are the chatbots that use AI for a chat.
ChatGPT is available and open to the public. Bard is limited to beta testers and not for public use.
For chatGPT service has paid and free options. Bard service is available for free.
Bard uses the langauge model developed by google in 2023 and that of chatGPT, a pre-trained transformer.
ChatGPT has a GPT -2 Output detector that detects plagiarism, and Bard has not.
ChatGPT will search for texts and sources that did exist in 2023. Bard on recent sources that can fetch more data. The Google search engine will undergo some settings to let Bard AI answer.Frequently Asked Questions
Q1. What algorithm does the ChatGPT use?
A. ChatGPT is built on the GPT-3.5 architecture, which utilizes a transformer-based deep learning algorithm. The algorithm leverages a large pre-trained language model that learns from vast amounts of text data to generate human-like responses. It employs attention mechanisms to capture contextual relationships between words and generate coherent and contextually relevant responses.
Q2. How is ChatGPT programmed?
A. ChatGPT is programmed using a combination of techniques. It is built upon a deep learning architecture called GPT-3.5, which employs transformer-based models. The programming involves training the model on a massive amount of text data, fine-tuning it for specific tasks, and implementing methods for input processing, context management, and response generation. The underlying programming techniques involve natural language processing, deep learning frameworks, and efficient training and inference pipelines.Conclusion
ChatGPT is a new chatbot AI that surprised the world with its unique features to answer, solve problems, and detect mistakes.
Some of the key points we learned here
ChatGPT, a new chatbot developed by Open AI, is the new google. For the question’s answers, we usually searched on google to find the answer can be done now on chatGPT, but still, it has less than 100% accuracy.
ChatGPT works on deep learning models.
Brad AI, developed by google in competition with chatGPT, will soon reach the public.
We will use animal faces to detect digitally based on a convolutional.
The media shown in this article is not owned by Analytics Vidhya and is used at the Author’s discretion.
Do you give your employees bonuses in your small business? According to PayScale’s 2023 Compensation Top Practices Report, almost three-quarters of small businesses offer bonuses.
Companies can reward top performers with bonuses, also known as “variable pay”, without increasing fixed salaries.
PayScale reports that top-performing businesses are more likely than average businesses to offer bonuses (79% vs. 70%). According to a 2023 WorldatWork study, bonuses are increasing in popularity, particularly among small and medium-sized businesses.Employee Bonus Programs
Let’s take a look at some of the most popular employee bonus plans, and how you can make them work for your company.Annual Incentive Bonuses for Individuals and Teams
Individuals or teams who achieve the goals established at the start of a performance cycle receive an annual incentive bonus.
PayScale reports that more than half of the companies use individual incentive bonuses, while 23% use group incentive bonuses. When group effort is needed to achieve a tangible result, team incentive programs work best. Individual efforts can be difficult to quantify.
Create a motivating annual incentive bonus program:
Establish clear, consistent, and measurable goals that tie to the roles of each person or team member.
Employees need to understand the relationship between their actions and the overall goals. Problems can arise when employees aren’t working as hard as their colleagues and don’t get the same benefits from team incentives. This can be avoided by ensuring that the team works together to achieve the goal.Spot Bonuses
PayScale reports that 39% of companies use spot bonuses to reward good behavior. Spot bonuses can be given for exceptional customer service or going above and beyond.
Spot bonuses at large companies can amount to several thousand dollars. For small businesses, however, it is best to keep them modest — $25 and above will be acceptable.
Create a Motivating Spot Program:
Give out different levels of spot bonuses. For example, a $25 gift certificate for the most energetic person at the company booth. You could also give $500 for an even more extravagant action.
Establish a budget. Spot bonuses can quickly consume capital if there is no limit. You don’t have to spend all of your spot bonuses if you don’t see the right employees.
Make it count. Offer spot bonuses for exceptional behavior and not just for performing the job.
Surprise employees with surprise spot bonuses. Employees who know that two people receive one each week lose their motivation. Spot bonuses should be given irregularly to keep employees guessing.
Also read: Best Online Courses to get highest paid in 2023Referral Bonuses
PayScale reports that 39% of companies use referral bonuses. Referral bonuses are given to employees who refer job applicants who are hired and who complete a probationary period. It is believed that birds of feathers flock together, and if an employee refers someone, they are more likely to hire them.
To create a motivating referral bonus program:
Create a policy. Are you looking to offer referral bonuses for all jobs or just for specific positions? Are you looking to create a referral program or notify employees when you are hiring and ask them for referrals?
Decide how you will handle payouts. Some employers pay a portion of the referral fee when an employee is hired, while others pay the remainder after the employee has completed a probationary period that lasts three to six months.
Some companies give the whole bonus upon completion of the probationary phase. Regardless of the situation, ensure that your policy is written.
Offer higher referral bonuses to:
Referring candidates that increase diversity in the staff.
Referring candidates that are high performers.
Refer candidates with rare skills or for difficult-to-fill positions.
You could offer a small referral bonus of $25 or $25 depending on how difficult it is to find candidates.Signing up or hiring bonuses
Signing or hiring bonuses (given upon hire) can be a great way to attract and motivate new employees. 34% of respondents in PayScale’s survey used them. Small businesses are less likely to use them, but signing bonuses could be a good idea if they:
These bonuses are common in your industry. IT workers are familiar with signing bonuses.
Attracting a candidate with difficult-to-find skills is essential.
Motivate a candidate to leave another state.
A signing bonus is a great way to attract employees for small businesses with low starting salaries. Signing bonuses can backfire if the bonus is used to help job-hop.
It’s a good idea to stagger your signing bonus to prevent this. Half of the bonus might be paid at signing. Then, one-quarter of the bonus after six months.
The rest will be paid at the end. Many companies have “clawback” provisions that require employees to return a portion of their signing bonus if they quit before one year has passed.
Also read: 10 Best Chrome Extensions For 2023Profit-Sharing Plans
Profit-sharing is much more popular with small and medium businesses than it is for larger ones. 22% of the 2023 Variable Pay Playbook small companies use it.
These plans allow employees to receive a portion of the company’s annual or quarterly profits. Employees are eligible for a percentage of the company’s annual or quarterly profits if you have a better year than usual.
You can tie profit-sharing plans to your company’s 401(k), with the profits being distributed as retirement plan contributions or on a cash basis.
To create a motivating profit-sharing plan:
Profit-sharing plans are very motivating as they give employees ownership of the company. Employees should be able to understand the operation of the profit-sharing plan.
You must set parameters that limit who can participate. Employees must be employed for at least one year to participate in this program.
Particularly if the profit-sharing plan is tied to 401 (k), there are specific regulatory requirements such as maintaining certain records, reporting requirements, and setting up trust funds.
Also read: Top 10 Best Software Companies in IndiaTips for Bonus Structure
Make sure you know how much money is available for your bonus plan. This could be a dollar amount (you have $5,000 per year to put aside for discretionary or spot bonuses). This could be a percentage of income for longer-term bonuses such as incentives or profit-sharing.
The plan should be based on quantifiable and measurable results. Define the goals and describe how progress will be measured.
You might consider setting “tiered goals” so employees can achieve more difficult goals and receive different bonuses. A worker might receive $X to reach the minimum goal and $XX to achieve the maximum.
Send us your bonus plan.
Make sure that employees are aware of what they need to do to receive the bonus. The plan should be reviewed with all employees, as well as individuals in the case of an individual or team incentive bonuses.
Employees can be kept focused by setting milestones and reviewing progress quarterly to ensure they receive long-term bonuses. These checkpoints may be a good opportunity to offer small bonuses.
It is quite an evident fact that “What are the categories of business cases?
In most cases, it is observed that the case type of questions are related to –
Whether a particular product or service should be launched
Diagnosing a particular problem
How to improve the services or products
Don’t straight away jump to what you think about the case presented. Start by asking questions so that you get a better clarity about the same. Also, a point worth noting is that there’s no right or wrong answer to the questions asked – what the interviewer checks is your “approach” in handling situations. Now is the time to understand each of the categories in detail i.e. how to answer the questions pertaining to the categories mentioned above? 1. Launching new products / services – Needless to say, the agenda here is to test a product idea or whether to launch a product / feature. This is the most challenging of all the business cases as it requires an in-depth knowledge to present the facts and figures.
Start by clarifying the goal.
Talk about metrics to measure the success.
Come up with an experimental design and include as many discussion points as you can. This helps in creating a good impression.
Based on your experiment, come up with recommendations. This is the right way to end the case.
2. Diagnosing a problem –Here, you’ll be presented with a case that require you to diagnose a problem. The interviewer will look at how systematic your approach
The first step is to engage with the interviewer / audience. For example, if you are been asked to identify the root cause behind the decreasing sales, you could start off by saying that ‘the company has seen a decrease in sales. Is it because of less production or below average marketing strategies or decline in demand? Jumping straight to the approach doesn’t seem appealing.
Next up – talk about whether the metric has changed all of a sudden or has been gradually happening over a period.
Then, talk about the demographics – whether a particular area is observing this problem or is it the case throughout the area of existence.
Talk about the internal problems that might have led to this situation.
Nothing can fall in place if there’s no in-depth analysis involved. Without this, everything that you present stands weak. Go in depth as to what is required to solve the issue.
Lastly, give a brief summary of the whole situation.
3. Improving the current products / services – This too requires good knowledge about the product or service that you are asked your views on. As a
Be specific about the features you’d want to focus on.
Start by clarifying the goal.
Then narrow down the scope of improvement by focusing on certain areas or features out of all.
Explain what makes you recommend things that you just stated.
It is quite an evident fact that “ data scientist ” as a career opportunity is the most sought after. With the world relying on data like never before, the demand for this profession is at an all-time high. So, if you are one of those gearing up to step into this profession, you already know what is expected out of you as a candidate. When preparing for the interview process, one area that seems to be stand out from the rest is that of “ business case interviews”. Here’s everything you need to know about this so that you have an edge over the chúng tôi most cases, it is observed that the case type of questions are related to –Don’t straight away jump to what you think about the case presented. Start by asking questions so that you get a better clarity about the same. Also, a point worth noting is that there’s no right or wrong answer to the questions asked – what the interviewer checks is your “approach” in handling situations. Now is the time to understand each of the categories in detail i.e. how to answer the questions pertaining to the categories mentioned above?– Needless to say, the agenda here is to test a product idea or whether to launch a product / feature. This is the most challenging of all the business cases as it requires an in-depth knowledge to present the facts and figures.Here, you’ll be presented with a case that require you to diagnose a problem. The interviewer will look at how systematic your approach Data scientists have to deal with this aspect every now and then, hence the importance. The following points come in handy –This too requires good knowledge about the product or service that you are asked your views on. As a data scientist , you should be able to understand what areas need improvement to grow the business.– This is where the upcoming data scientists are asked to measure the success of a feature or a product. This is probably the best way to evaluate the candidate’s capability of defining success metrics. The best way to deal with such business cases is to provide a maximum of 3 metrics, including 2 success metrics and one guardrail metric. In the end, what matters is that you keep the whole interview process engaging so that the interviewer doesn’t lose interest. Clearing this stage is one of the most critical ones in the whole data scientist interview process.
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