This week Asana–which operates a platform for project management–pulled off its direct listing on the New York Stock Exchange. On the first day of trading, the shares shot up about 37%.
The roots of Asana go back to 2008. The co-founders were Dustin Moskovitz (the the co-founder of Facebook) and Justin Rosenstein (a former employee at Facebook and Google). They got the idea for their startup from their experiences at Facebook. When the company was growing at a breakneck speed, it was extremely challenging for teams to get things done. Often there was too much time spent on meetings and long emails.
But Moskovitz and Rosenstein thought that a cloud-based system could help solve the problem. This would allow for ease-of-use and wide access. The subscription model would also be affordable for customers.
No doubt, the vision has been spot on. As of now, Asana has 1.3 million paid users and recorded revenues of $142.6 million for fiscal 2020, up 86%. The market value is about $4 billion.
OK, how did Moskovitz and Rosenstein pull this off? What are some of the lessons? Well, Moskovitz and Rosenstein included a shareholder letter in the IPO prospectus and it provides an insightful playbook.
Here are some of the highlights:
Build Software That Customers Love: In the enterprise world,
Artificial Intelligence Defense Platform, a technology start-up creating AI technology for a safer, more comfortable future, and its Founder Andy Khawaja are creating AI technology that will collaborate with the human brain, creating faster, more advanced thought processes and diagnostic tools.
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Andy Khawaja and AIDP plan to unlock new human capabilities. (Photo: Business Wire)
Foglets.com says, “the human brain operates at 1 exaFLOP, which is equivalent to a billion billion calculations per second.” They describe the human brain as a “tangled, seemingly random mess of neurons that do not behave in a predictable manner.”
AIDP is working on its pioneer program “ISABELLA” that will pair AI technology with the human brain. They claim that collaborating the two will unlock new capabilities in every human aspect. As a place to start, they will explore AI and human collaboration in critical thinking, health diagnostics, and even psychology.
Andy Khawaja and AIDP are exploring vast data sets and integrating them into a system that is constantly absorbing and learning. This technology will be able to weigh hundreds of millions of potential outcomes in one second.
“We are lucky to have access to so much data – countless amounts of research and analysis. It is time that we integrate data sets into a more advanced system that is capable of learning, understanding, and perceiving things,” says Andy Khawaja, “…the collaboration of the human mind and artificial intelligence is within our reach.”
The US Institute of Medicine attributes about 80,000 deaths per year to wrong diagnosis. AI technology can help more accurately identify and diagnose illnesses.
Andy Khawaja added, “The abilities of what is to come will not only compete with the world’s greatest minds, but it will surpass them. We will better diagnose
Other retailers who have previously held sales events to counter Amazon’s, have launched their own shopping holidays. The effect, eMarketer points out in its latest report, takes Prime Day from ‘Black Friday in July’ to early holiday season kickoff.
This gives brands big opportunities to capture sales, but also significant challenges. How to capture huge shopper demand not only on Amazon, but not neglect other marketplaces and retailers too? How to strengthen already-tenuous supply chain and logistics to stay in-stock and fulfil delivery promises? And what effect will these October sales have on the pre-planned Black Friday/Cyber Monday events? Will shoppers be ready to part with their money two full months before the holidays?
Ballooning sales events
Quickly after Amazon formally announced its Prime Day dates as October 13 and 14, other retailers followed suit with their own deals.
WMT“Big Save” sale, 10/11-10/15
TGT“Deal Days” sale, 10/13-10/14
- Coresight Research is partnering with Shopkick, Fashwire, and 12+ retailers signing on to launch a national US shopping holiday, the 10.10 Shopping Festival – a neat take on Alibaba’s
BABA“Singles’ Day” held on 11/11
Fellow Forbes contributor Walter Loeb believes that Kohl’s
As such, brands no longer are just preparing for Amazon’s Prime Day, but for Walmart, Target, and other retailers too. Ingrid Milman Cordy, Head of Digital & eCommerce at Nuun, says that the brand is hosting deals both in-store