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Creative New Business Models and Strategies Coming Out of the Pandemic

7/26/2020

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​The coronavirus pandemic has forced everyone to get creative. 

Whether through Zoom meetings, online fitness classes, or take-out cocktails, companies in nearly every industry are pivoting to get through the crisis. 

But beyond short-term fixes, many innovative new strategies and business models have emerged that are likely to stick, even as many jurisdictions begin to reopen in some capacity. 

In many cases, these transformations are thanks to the increased adoption of technology and the digitization of businesses. Many of these changes were underway pre-coronavirus; the pandemic has just accelerated them. 

“What’s important to customers has changed,” John Roese, Dell Technologies chief technology officer, said. “We’ve broken through a bunch of psychological or sociological obstacles to embrace technologies such as video, bots, drones, and AI.”

Here are a few of the business concepts that have gained traction over the past several months thanks to the pandemic. 

People may be sheltering in place, but they haven’t stopped looking for love. Dating apps have reported an uptick in usage during the pandemic, including a 26% increase in the messages sent on Bumble. 

One appropriately named app, “Quarantine Together,” was created specifically for the COVID-19 Age. It asks users to verify that they’ve washed their hands that day before they can connect with someone. After 15 minutes of texting, matched users can choose to switch to video chatting. 

“Bumble users are increasingly taking advantage of video calling, and audio chat features to get to know each other better and build deeper relationships, rather than engaging in more regular, casual flings,” says Bumble CEO Whitney Wolfe Herd. 

She said she expects the behavior will continue, even after people return to in-person dating. 

As the coronavirus pandemic escalated, restaurants across the United States became delivery-only almost overnight.

Most are eager to get back to serving customers in-house. But some find the prospect of operating a kitchen without a dining room an attractive opportunity. 

So, diners may begin to see a growing number of “ghost kitchens” (also known as virtual kitchens), according to Aayush Gupta, a senior associate at Create venture studio in New York City. 

Ghost kitchens have normal branding and menus online and offer delivery, but they aren’t attached to a brick-and-mortar restaurant where people can sit and eat. Gupta said such restaurants are likely to manage better as uncertainty from the coronavirus continues because they don’t have to pay rent on a dining room space or hire wait staff. 

“Younger restaurants, if they don’t have a front-of-house, they’re likely getting through this a lot better, because they don’t have the fixed costs that they have to try to recover,” Gupta said. 

Some customers have noticed the phenomenon lately. A GrubHub user in Phoenixville, Pennsylvania, was surprised when the food she ordered from a restaurant called Pasqually’s Pizza & Wings tasted eerily familiar to food from Chuck E. Cheese. And no wonder – it was sort of. A Chuck E. Cheese spokesperson told CNN that Pasqually’s is a “delivery-only brand operating on its own, leveraging the operational infrastructure of Chuck E. Cheese kitchens across the nation.” 

The trend may also provide opportunities for startups like CloudKitchens, Uber Founder Travis Kalanick’s new venture that operates shared commercial kitchen spaces, and rents them out to delivery-only restaurants. 
After a few highly anticipated movie premieres were canceled this spring, some studios decided to forgo theaters altogether in favor of direct-to-consumer debuts. And it turns out that some people may not care to get out of their PJs and off their couch to catch a new flick on the big screen. 

Theater chains don’t love this – many want to preserve their exclusive rights to premiere movies, to give people an incentive to go out.

But consumers are into it. “Trolls World Tour” was an on-demand success, earning nearly $100 million in rental fees in the United States during the first two weeks after its release. And while studios and theaters typically split a film’s box office grosses about 50-50, studios make about 80% of the sales on digital releases.
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Movie theaters aren’t going by the wayside just yet (release dates for major films such as Disney’s Mulan were moved so they can head to the big screen first), the trend of at-home premieres could continue, at least for certain genres. The latest test of the concept is the adult comedy film, “The King of Staten Island.” 
“Comedy has not really been a strong genre at the box office lately, so if ‘Staten Island’ is a digital hit maybe that sends a signal to the studios that this genre is better suited for the small screen in the future,” said Paul Dergarabedian, senior media analyst at Comscore.

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Your Next Car Might Double as an Internet-Connected Doctor

7/19/2020

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No one disputes that cars, trucks, and SUVs will become increasingly connected over the next decade. From Amazon Alexa compatibility to navigation-linked speed limiters, the list of internet-powered features you’ll one day use during your commute grows every year.

Some technologies will make driving more convenient, especially when it becomes a tedious task. That, however, is just the start. Your car might save your life by becoming a doctor – no medical school training required.

In a recent interview, Steve Surhigh, the vice president and general manager of automotive cloud services for Samsung-owned Harman, explained how a car could monitor the driver’s health.

Eyes On The Driver. Keeping an eye on the driver is nothing new; millions of cars already do it. Mercedes-Benz inaugurated Attention Assist technology on the 2009 E-Class, and the on-going race toward autonomy has created vehicles that literally look you right in the eyes.

Cadillac’s Super Cruise system relies on a driver-facing camera to tell whether the driver is paying attention. If it notices you’re looking down at a smartphone or looking nowhere because you’re dozing off, it emits visual and audible warnings prompting you to stay focused and wake up. In some cases, the automated system might even take control.

Surhigh says Harman can build wellness monitoring technology on these foundations.

Teledoctors. “Some carmakers are talking about a teledoctor-type service. So, if there is a system that monitors the driver’s vital signs, and it detects something is noticeably wrong, having a teledoctor available could be part of the vehicle’s connectivity package,” Surhigh explained. “Not only can you monitor vitals, but you can also be proactive in terms of responding to an issue, whether that’s something that would be heart rate-based or based on blood sugar levels.”

Are you curious about how your car can monitor your heart rate? Look no further than the nearest gym. Sensors in the steering wheel, similar to those found on treadmills or stationary bikes, could track your pulse. Alternatively, Surhigh says, your car could receive this information from wearable devices, like smartwatches and fitness trackers. Data could be shared via Bluetooth or in-car 5G. Ford has even floated the idea of burying six pulse sensors in the driver’s seat.

“Carmakers are already integrating technology that monitors driver attentiveness. Once you get some of those foundational use cases built, the incremental costs of being able to do other things are very manageable. At that point, it’s more of a software type of build than one related to hardware,” explained Surhigh.

The possibilities don’t end at being able to track the driver’s heart rate. It’s not far-fetched to imagine mandatory breathalyzer-based ignitions for motorists who have a long history of driving under the influence, for example.

Whether you’ll tick the “heart rate monitor” box on an options list depends on your profile. If you’re a 24-year old buying a Volkswagen GTI, there’s a good chance you’re more interested in a surround-sound system and Amazon Alexa compatibility. If you’re an 84-year old in the market for a Ford Expedition? Well, I’m not going to generalize, but there’s a better chance you’ll be concerned about your pulse than someone born 60 years after you.

Although pulse tracking isn’t for everyone, it’s one of several dozen functions car companies are looking at integrating into their infotainment systems.
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“The digital experience is replacing a lot of what previously differentiated carmakers, whether it was horsepower or some other vehicle experience linked to the engine, the braking system, or other components,” Surhigh said. “Now, they’re largely looking at the car’s digital components for differentiation.”
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House Approves $100 Billion in Broadband Funding for Rural Areas

7/12/2020

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The US House of Representatives approved the Moving Forward Act this week, a $1.5 trillion infrastructure bill that puts $100 billion toward bringing high-speed broadband to underserved areas. The ambitious bill also allocates funds toward transportation and clean energy initiatives, like $500 billion for rebuilding highways, bridges and rail, and $70 billion for promoting renewable energy.

The main objective of the broadband portion of the bill is to bring high-speed internet to “unserved and underserved rural, suburban, and urban communities,” as well as adequate support for it, according to a Moving Forward Act fact sheet from the Department of Transportation. It prioritizes remote learning for children by providing digital equipment and outfitting school buses and school libraries with Wi-Fi. The bill also provides broadband payment support for low-income households and the recently unemployed.

The full version of the Moving Forward Act isn’t likely to pass in the Republican-controlled Senate. However, the broadband-related amendments may still have a chance, said Matt Wood, President of Policy and General Counsel at Free Press Action, a media advocacy group. “People in cities and rural areas alike need better broadband at better prices, no matter their party or politics,” Wood said.
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The bill is just one of many recent efforts by the government to close the “digital divide.” In February 2019, President Donald Trump unveiled the American Broadband Initiative aimed at bringing broadband to rural America. Earlier this year, the Federal Communications Commission committed $20.4 billion to the same end.

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Making Better Passwords

7/5/2020

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One of my favorite training assets is ScreenCastsOnline from Mac pioneer Don McAllister. Each week they produce a full tutorial and a shorter tip video on Mac software and services.

This week, the main tutorial was on a free online service called xkpasswd. This open-source service will produce incredibly secure passwords. There are five settings that you can customize, and based on these settings, the site will generate several passwords from which you may pick one that you like.

The five settings include:
         • Words: set the max number of letters and the number of words
         • Transformations: use the lower and upper case letters on words
         • Separator: a randomly chosen character to separate words
         • Padding Digits: any number of digits before and after the words
         • Padding Symbols: any number of symbols added to the front and back of the password.

After generating several passwords, the site will evaluate the level of safeness of the results. When the strength of the password is good or better, the numbers are shown in green. Less secure results display in red. This immediate assessment gives you the data you need to know that the password you select will be safe and extremely difficult to hack.

The site also has generated several configurations of the above five settings for specific uses. One configuration is designed for Apple ID passwords specifically. The values set are designed to respect the prerequisites that Apple places on Apple ID passwords. But, it also limits the symbols found on the iOS letter and number keyboards, so entering the password is easier.

One other configuration is called SECURITYQ and is designed to create answers to those pesky security questions such as the first name of the maid of honor at your wedding or your mother’s maiden name. Answering these questions with something other than the truth is really important since today’s hackers are getting very good at researching information about their prey. This configuration will help generate good answers to these questions without any relationship to reality.

The site is free, but they do note that the server that is running the application is not free, and they welcome donations.
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Remember that all of these passwords need to be kept secure with good password management software such as 1Password, LastPass, and Dashlane.
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    Author

    Rick Richardson, CPA, CITP, CGMA

    Rick is the editor of the weekly newsletter, Technology This Week. You can subscribe to it by visiting the website.

    Rick is also the Managing Partner of Richardson Media & Technologies, LLC. Prior to forming his current company, he had a 28-year career in technology with Ernst & Young, the last twelve years of which he served as National Director of Technology.

    Mr. Richardson has been named to the "Technology 100"- the annual honors list of the 100 key achievers in technology in America. He has also been honored by the American Institute of CPAs with two Lifetime Achievement awards and a Special Career Recognition Award for his contributions to the profession in the field of technology.

    In 2012, Rick was inducted into the Accounting Hall of Fame by CPA Practice Advisor Magazine. He has also been named to the 100 most influential individuals in the accounting profession in America by Accounting Today magazine.

    In 2017, Rick was inducted as a Marquis Who’s Who Lifetime Achiever, a registry of professionals who have excelled in their fields for many years and achieved greatness in their industry.

    He is a sought after speaker around the world, providing his annual forecast of future technology trends to thousands of business executives, professionals, community leaders, educators and students.

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