The future is now

Houston companies need to get ready for an artificial intelligence and machine learning revolution

Houston's DataCon can help prepare business leaders for the digital revolution in AI and machine learning. Getty Images

Looming on the horizon is a data tsunami coming towards us at breakneck speed. Companies have worked hard to keep up, creating digital transformation, taking manual processes from desktops, clipboards, and the paper paradigm to the Cloud. We're now sitting on huge quantities of idle bits of information called dark data. It's over collected and unused data that has the potential power to create decision-making brilliance.

Business leaders are attempting to optimize siloed data – unrelated data collected in databases and spreadsheets or obsolete apps, to make critical decisions. We currently connect these siloes with other systems using a data processing step called ETL – Extract, Transform and Load. Take the data from one place, transform it so it can relate to another data resource and then load that data to another place for analysis. It's a big, time consuming, intermediary step we have figured out how to circumvent. "NoETL" technology is the next-generation magic wand of machine thinking and it's a game-changer.

As non-technical business leaders, we rely on our partners in IT to give us meaningful data that charts our course. They've been our faithful navigators. We've made the recommended investment in IT infrastructure and technology and counted on receiving analytics that will result in winning outcomes. It's now time to sit down at the table and have new conversations with IT leadership around AI.

A tectonic shift

We are now in a new place. AI has come upon us quickly and the promise of ROI is great. There are new technologies that give business leaders advantages never before realized. Data science is the new crystal ball to the future of business. Automation and machine learning are taking historical data to a look ahead using algorithms and mathematical modeling. It's a new predictive mindset. What business leader wouldn't want that crystal ball?

The real assets of your business exist not in better machines but in your current data stores which are like coal mines waiting for data science to turn those lumps of coal into data diamonds.

There are new vocabulary words associated with data analytics. Data science thought leaders are preparing the way for businesses to have learning opportunities and to know which resources to tap for direction in creating new competitive dynamics. Don't wait too long to be curious. The early adopters are already a step ahead and the competitive marketplace is changing in unexpected ways.

Leadership resources for the implementation of AI

Legacy businesses with data lakes are ripe for action. Who should lead the charge? It's up to the C-suite to have intentional conversations around data science. It's up to leadership to be ready to speak and understand new concepts and vocabulary combined with leaps of faith needed to join the new world order of information.

Learning resources 

Proactively look for learning opportunities. There are no excuses for not taking the initiative. No matter where you are in your career – this isn't something to linger about.

One upcoming seminar around AI and automation collaboration and education is DataCon Houston. It's an annual conference that brings important concepts around AI and Automation to business leaders. The target audience is not IT professionals, although there will be some in attendance; it's meant primarily to help the C-suite and non-technical leaders know where to begin and where to find that new vocabulary and translative resources. AI will affect every person in every business, and we must be ready for the cultural shifts that will come with the technological shifts.

Authors and thought leaders — George Danner, Dave McComb, and Gerald Kane will be speaking at DataCon October 10, 2019. In addition, Javier Fadul, director of innovation for HTX Labs will be speaking about XR and data visualization and its use in training employees and creating safer workplaces. Stefanos Damianakis will be teaching machine learning 101 and Juan Sequeda, principal scientist of data.world will present his UltraWrap NoETL patented technology.

Solving the unsolvable

The future of decision-making will render in blinks of an eye. Problems we thought unsolvable will suddenly have answers. Business leaders must get behind the leap of faith required for our own companies and push learning and understanding forward across the organization at all levels. AI and machine learning are the vortex of change. Are you ready for AI?

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Suzette Cotto is CEO of Innovate Social Media, a digital marketing agency specializing marketing for startups in the medical, technology, and energy industries. For more information on DataCon Houston 2019, please visit: https://incitelogix.com/datacon-houston-2019/

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Building Houston

 
 

Auburn University's SwiftSku took first place in this year's virtually held Rice Business Plan Competition, but it was the second place company that went home with over half a million in cash and investment prizes. Photo via rice.edu

In its 21st year, the Rice Business Plan Competition hosted 54 student-founded startups from all over the world — its largest batch of companies to date — and doled out over $1.4 million in cash and investment prizes at the week-long virtual competition.

RBPC, which is put on by the Rice Alliance for Technology and Entrepreneurship, took place Tuesday, April 6, to Friday, April 9 this year. Just like 2020, RBPC was virtually held. The competition announced the 54 participating startups last month, and coordinated the annual elevator pitches, a semi-finals round, wildcard round and live final pitches. The contestants also received virtual networking and mentoring.

Earlier this week, Rice Alliance announced the seven student-led startups that then competed in the finals. From this pack, the judges awarded the top prizes. Here's how the finalists placed and what won:

  • SwiftSku from Auburn University, point of sales technology for convenience stores that allows for real time analytics, won first place and claimed the $350,000 grand prize from Goose Capital. The company also won the $50,000 Business Angel Minority Association Prize, the $500 Best Digital Elevator Pitch Prize from Mercury Fund, and the $500 Third Place Anbarci Family People's Choice prize, bringing the company's grand total in cash and investment prizes to $401,000. The company also won the CFO Consulting Prize, a $25,000 in-kind award.
  • AgZen from the Massachusetts Institute of Technology, a pesticide alternative spray and formulation technology company, won the second place $100,000 investment prize (awarded by Finger Interests, Anderson Family Fund, Greg Novak, and Tracy Druce). The startup also won a $300,000 Owl Investment Prize, the $100,000 Houston Angel Network Prize, the $500 Best Energy Elevator Pitch Prize from Mercury Fund, and the $1,500 Third Place Anbarci Family People's Choice prize, bringing the company's grand total in cash and investment prizes to $502,000. The company also won the $30,000 in-kind Polsinelli Energy Prize.
  • FibreCoat GmbH from RWTH Aachen University, a startup with patented spinning technology for the production of inexpensive high-performance composite fibers, won the third place $50,000 investment prize (also awarded by Finger Interests, Anderson Family Fund, Greg Novak, and Tracy Druce). The company also won the $100,000 TiE Houston Angels Prize and the $500 Best Hard Tech Elevator Pitch Prize from Mercury Fund, bringing the company's grand total in cash and investment prizes to $150,500.
  • Candelytics from Harvard University, a startup building the digital infrastructure for 3-D data, won the fourth place $5,000 prize.
  • OYA FEMTECH Apparel from UCLA, an athletic wear company that designs feminine health-focused clothing, won the fifth place $5,000 prize. The company also won the $5,000 Eagle Investors Prize, the $25,000 Urban Capital Network Prize, and the $1,000 Second Place Anbarci Family People's Choice prize, bringing the company's grand total in cash and investment prizes to $36,000.
  • LFAnt Medical from McGill University , an innovative and tech-backed STI testing company, won the sixth place $5,000 prize and the $20,000 Johnson and Johnson Innovation Prize, bringing the company's grand total in cash and investment prizes to $25,000.
  • SimpL from the University of Pittsburgh, an AI-backed fitness software company, won the seventh place $5,000 prize. The company also won the $25,000 Spirit of Entrepreneurship Prize from the Pearland Economic Development Corp., bringing the company's grand total in cash and investment prizes to $30,000.

Some of the competition's participating startups outside of the seven finalists won monetary and in-kind prizes. Here's a list of those.

  • Mercury Fund's Elevator Pitch Prizes also included:
    • Best Life Science $500 Prize to Blue Comet Medical Solutions from Northwestern University
    • Best Consumer $500 Prize to EasyFlo from the University of New Mexico
    • Best Overall $1,000 prize to Anthro Energy from Stanford University
  • The Palo Alto Software Outstanding LivePlan Pitch $3,000 Prize went to LiRA Inc. from the University of North Carolina at Chapel Hill
  • The OFW Law FDA Regulatory Strategy Prize, a $20,000 in-kind award went to Paldara Inc. from Oklahoma State University.
  • The Silver Fox Mentoring Prize, which included $20,000 in kind prizes to three winners selected Ai-Ris from Texas A&M University, BruxAway from the University of Texas, and Karkinex from Rice University as recipients.
  • The first, second, and third place winners also each received the legal service prize from Baker Botts for a total of $20,000 in-kind award.
  • The Courageous Women Entrepreneurship Prize from nCourage — a $50,000 investment prize — went to Shelly Xu Design from Harvard University.
  • The SWPDC Pediatric Device Prize — usually a $50,000 investment divided its prize to two winners to receive $25,000 each
    • Blue Comet Medical Solutions from Northwestern University
    • Neurava from Purdue University
  • TMC Innovation Healthcare Prize awarded a $100,000 investment prize and admission into its accelerator to ArchGuard from Duke University
  • The Artemis Fund awarded its $100,000 investment prize to Kit Switch from Stanford University
The awards program concluded with a plan to host the 22nd annual awards in 2022 in person.

If you missed the virtual programming, each event was hosted live on YouTube and the videos are now available on the Rice Alliance's page.

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