12/20/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
The KISS method (Keep It Simple and Smart) aims to make complex ideas as simple as possible. By focusing on the essentials, founders and entrepreneurs can establish their product or service on the market more quickly.
To maximize the likelihood of startup success, it is recommended to develop a Minimum Viable Product (MVP). This is a small, simple product that contains the core features of the idea but is much easier to develop compared to the final product. It helps founders quickly develop a product that can be tested and validated without the cost and effort of a full-fledged product.
In addition, founders can also try to create a "proof of concept" to test the demand for their product or service. Through such a proof of concept, founders can find out if their idea will work and how it can compete in the marketplace.
These strategies can help maximize the likelihood of startup success by reducing product complexity and testing demand. If founders use these strategies, they can significantly increase their chances of success instead of failing like 90%.
12/09/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
Cost per click (CPC) is a pricing model used in online advertising. It refers to the price an advertiser has to pay per click on an ad. It is an important concept in search engine marketing and is usually used in conjunction with cost per impression (CPM).
12/06/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
Industry 4.0 is a concept that describes the digital transformation of industry. It refers to the fourth industrial revolution, in which machines, production facilities and devices are networked to exchange data and automate production. It builds on the previous industrial revolution and uses advanced technologies such as artificial intelligence, machine learning, the Internet of Things and robotics. Industry 4.0 can help increase productivity, optimize processes and accelerate innovation.
12/06/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
Weather competitor (also called competitor monitoring) is a concept in which companies monitor and compare the activities of their competitors and other affiliated industries to understand how they can improve their own location in the market. This strategy is often used to gain a better understanding of the current market situation and to evaluate a company's competitiveness relative to that of its competitors. Competitor monitoring can include tracking market trends, analyzing pricing strategies, identifying product developments, and more.
12/06/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
A proof of concept (PoC) is a test that serves as a demonstration of the function and feasibility of a particular concept or design. It is a prototype that tests an idea or concept in a limited environment to prove that it works. A PoC can also be used as a test to prove that a particular technology or design works in a particular environment.