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AI

Embracing the Power of Democratized AI

Embracing the Power of Democratized AI: Opportunities, Risks, & Responsible Implementation. The democratization of AI, driven by generative tools like ChatGPT, has sparked a corporate firestorm, leading to a paradigm shift in the way AI is utilized and the potential impact it has on businesses. While the newfound accessibility to AI offers immense opportunities, it also exposes companies to significant risks. In this article, we will discuss the challenges posed by democratized AI, the importance of responsible AI (RAI) programs, and how companies can effectively navigate this rapidly evolving landscape. The Exciting Opportunities and Terrifying Challenges Generative AI tools have made AI more accessible than ever, creating a world where proactive AI can generate original content. This development has the potential to revolutionize work by automating mundane tasks and accelerating innovation. However, democratized AI also brings with it a host of risks, such as bias, privacy violations, misinformation, intellectual property theft, and the misuse of AI within organizations. One particularly concerning aspect is the rise of “shadow AI”—AI development that occurs within a company without the knowledge or oversight of leadership. This phenomenon is particularly alarming as it is becoming increasingly challenging for executives to track and catalog all AI experimentation and development within their organizations. Corporate Leaders’ Response and Preparedness In response to the growing awareness of democratized AI’s potential and risks, executives are setting up task forces to better understand the implications of AI for their businesses. However, many still underestimate the depth and pace of this potential revolution. When it comes to implementing RAI programs, there is significant variation among companies. Some businesses that heavily rely on AI have well-established ethical guidelines, while others are less familiar with RAI, leaving them more exposed to risks. A recent survey conducted with MIT Sloan Management Review showed that while over 80% of global respondents agreed that RAI should be a top management priority, only around half had implemented some program, and fewer than 20% had a fully implemented RAI program in place. Keys to a Successful RAI Program To successfully implement an RAI program, companies must: Generative AI’s Impact on RAI Approaches Traditional AI governance may no longer be enough with the rapid growth of generative AI. Companies must embed RAI into their organizational culture, with everyone from entry-level employees to top-level executives playing a part in using AI responsibly. Organizations need to act quickly to address the appropriate use of third-party generative AI services and establish robust RAI programs. The Role of Legislation and Industry Leadership While legislation addressing AI concerns is on the horizon, companies should proactively implement RAI and self-regulate to avoid potential backlash and draconian regulation. By embracing responsible AI, businesses have an ethical imperative to lead the way in ensuring AI is used responsibly and effectively in the rapidly evolving landscape. Conclusion The democratization of AI has brought both exciting opportunities and significant risks. Organizations must act swiftly to establish robust RAI programs and embed responsible AI practices into their culture. By doing so, companies can harness the power of democratized AI while mitigating risks and navigating the challenges that come with this rapidly evolving innovative technology. #NucleusVentures #ResponsibleAI #AI #Growth #innovation #leadership #FouadAssaf

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HealthTech

Health Tech Horizon

Looking ahead into 2023, the digital #healthcare landscape will continue to evolve and transform as the industry responds to new developments and trends. One notable trend that emerged during the COVID-19 pandemic was the rise of digital health options, such as #telemedicine and remote monitoring, which presented new opportunities for physicians to reach patients and improve care delivery. While investments in digital health initially surged during the pandemic, investors are now placing greater emphasis on demonstrated outcomes and evidence of value, and #startups are being asked to show a clear business model from the outset. As we enter 2023, we are excited to continue our work helping #healthtech startups from the #MiddleEast region in their #expansion and #softlanding in #France and the #USA. Our goal is to support these startups as they navigate the #digitalhealth landscape and bring their innovative solutions to new markets. Despite the deceleration in investment, nontraditional players such as #Microsoft and #Apple have made significant moves into the healthcare market, partnering with traditional players to create new channels and markets. Home-based healthcare will continue to gain momentum in 2023, as the industry moves towards more patient-led delivery and due to technological advancements, as will alternative care models and new entrants in the space. In addition, the women’s health arena will attract attention and investment, with exciting trends in fertility options, community-based care, and support for underserved populations. #Femtech products and solutions will grow rapidly, and businesses will compete to develop hybrid, one-stop shops. Advances in #technology will continue to drive innovation in digital health, with virtual reality offering new approaches to treating mental health conditions, and digital twins being used in clinical trials, hospital operations, and disease modeling. Organizations are also testing generative #AI technology to analyze medical #data, identify patterns and develop therapeutic ideas. Meanwhile, digital tools will improve health equity by bridging care gaps, expanding access, enabling the personalized treatment, and eliminating geographic barriers. However, the healthcare industry must contend with economic uncertainty, and we can expect important shifts, including a focus on profitability rather than top-line growth in digital health investments, an increased interest in #pharma IT from health-tech companies, and a rise in strategic investments and M&A activity in the space. Overall, the ongoing evolution of digital health presents a transformative opportunity for health tech startups from the Middle East region, and we are excited to be part of their journey as we help them #grow, #expand, and #softland in France and the US.

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Fundraising

Fundraising Checklist for Entrepreneurs: “A Comprehensive Guide to Success”​

Entrepreneurship magazine interviewed NV Managing Partner Fouad Assaf on the best ways to prepare for fundraising and here is a summary of what he had to say; Congratulations on preparing your Start-up fundraising journey, this is a crucial step in your journey to success. However, fundraising can be a complex and time-consuming process that requires the right preparation and approach to succeed. To help guide you through the process, this is a comprehensive fundraising checklist that should cover everything from preparation to closing the round. Preparing to Raise Funds Before you start reaching out to potential investors, it’s crucial to have a clear understanding of your business, its potential, and what you’re looking for from investors. Here are some important questions to ask yourself: Operational Details Once you’ve answered these questions, it’s time to sort out the technical details of your fundraising efforts. Here are some operational details you should consider: Preparation To get yourself and your documents ready, it’s important to take the following steps: Managing the Fundraising Campaign Managing your fundraising campaign involves identifying and approaching potential investors. Here are some steps you can take: Negotiating the Terms Negotiating the terms of investment is a crucial step in the fundraising process. Here are some tips to help you navigate the negotiations: Closing the Round Once you’ve secured commitments from investors, it’s time to close the round. Here are some steps to take: In conclusion, raising funds for your startup requires careful planning, execution, and management. By following this comprehensive fundraising checklist, you can increase your chances of success and secure the funding you need to take your business to the next level. If you need additional support or guidance, don’t hesitate to reach out to professional firms or other founders for advice. And if you’re interested in exploring how Nucleus Ventures can help you raise investment for your business, please get in touch today. #NucleusVentures #innovation #fundraising #startupfunding #startups #advisoryservices #fundraising

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Interview

Fostering Entrepreneurship Key to Economic Development

Interview Nucleus Ventures (NV) partner with global businesses, funds and governments to create new ventures and investments. NV’s aim is to drive growth and disrupt markets through innovation. For that, Nucleus Ventures works with its clients to understand the shifts required to unlock the core assets, capabilities, and competencies of their industry, through innovation by identifying the potential and transforming it into growth. Paying their dues as stakeholders of the Lebanese startup ecosystem, Nucleus Ventures is pushing to strengthen their network of mentors and investors through their counterparts in the US, France and the GCC, as well as the Lebanese diaspora around the world. Since 2019, Lebanon’s ecosystem has scaled back from being a factor-driven ecosystem to a subsistence-driven ecosystem. To Nucleus Ventures, this means prioritizing resources and efforts to ensure the survival of existing businesses in addition to supporting new ones. It also means helping traditional sectors leverage technology and innovation to survive and thrive.For that reason and to multiply its impact, NV has invested time and resources in developing a teachable, repeatable, scalable methodology, processes, and more, to build client innovation capabilities — driving growth without dependency. Fouad Assaf is famed for his innovation ventures advisory, venture building & capacity building operations. His experience spans from the entrepreneurship ecosystem design to digital transformation. He lives in Paris, Île-de-France, France, and juggles between the Middle East and European ecosystems. Assaf is an entrepreneurial and result-oriented executive with over 20 years of leading expertise in founding and leading numerous ventures domestically and internationally. He has extensive experience in entrepreneurship. His focus is on strategy and operation optimization involving both start-ups, ESMEs and growth-stage entities. He is a distinguished Managing Partner of Nucleus Ventures, a leading entity in corporate innovation, Venture building, and advisory. With a track record of several ventures built, managed and delivered to his clients, more than 7 incubators and accelerators successfully created, 140+ start-ups graduated, $280+ Million USD raised, 2000+ jobs created, Fouad can proudly state that Nucleus Ventures’ executives and team are today leaders in innovation Venturing. Nucleus Ventures’ HQ is in Cyprus, with a presence in France, the US and Lebanon, servicing the EMENA region. Nucleus Ventures’ 2023 plan is to have an office in Saudi Arabia to start facilitating soft-landing for start-ups looking to expand from the GCC to Europe and/or the US and vice versa. On a personal level, Fouad Assaf coaches and mentors several start-ups at regional accelerators, is a speaker and competitions judge. He holds Ph.D. in management and continuously conducts trainings with leading institutions like Motorola University, Lloyd’s London, and Babson College US, among others. A Member of several social and Business organizations like the Red Cross and the RDCL (Lebanese Business leaders association) for whom he is leading the efforts to launch the Paris chapter. Fouad Assaf, Managing Partner at Nucleus Ventures talks to BUSINESS LIFE about the current financial situation in Europe, the globe and Lebanon and what it means for the country’s startup ecosystem. BL: Can you tell me more about the companies that have been produced by your program? Fouad Assaf: We worked to help accelerate more than 150 start-ups in the modern technologies sector. We provide options for generating sales and accelerating business. We help grow businesses by using our resources, connections and insights. Many of them have grown and became well established businesses regionally and globally, one of which is Proximie, a telesurgery company. It enables any surgeon to conduct a surgery remotely by using augmented reality and high precision platforms. We are proud that Proximie is a Lebanese team that ran the first surgery in Gazza from EUMBC. We are proud of being an early partner with other companies like Kamkalima platform which is a platform that teaches Arabic language online by making the process joyful through gaming.  It also helps school children to learn Arabic by using this platform.  It is an Arabic e-Learning platform that provides high-tech and interactive educational content in line with the modern academic systems. We have numerous other companies that have been parts of our program and which have been using modern technologies in the Middle East. BL: How do you plan to make your business more sustainable and grow beyond the geography of Lebanon? Fouad Assaf: Fostering entrepreneurship has become a core component of economic development in cities and countries around the world and we are expanding our operations to the Middle East to accompany this development.Our work is two fold, Venture building with expansion service, and Capacity building.In the first stance, we work with our clients in the Middle East to bring growth to their business by being super connectors and enablers, what we like to call an ecosystem of support and development for anybody who is an innovator entrepreneur and who wants to build or generate value from their business. We also started an expansion program for their activities to Europe and the USA to complement our Venture building services. Our second activity is Capacity building mainly in the Tech field. To be able to accomplish this, we have partnered with the best in class, Steve Wozniak, co-founder of Apple USA to launch in the Middle East WozU Tech coding bootcamps.  Talents that graduate from WozU bootcamps are day 1 Job ready with high level tech and soft skills which makes them stand out of the crowd. BL: You have previously said “One of our core activities is to be interlinked, bringing together knowledge, market expansion and funding needed to generate high potential international ventures.” So, would you elaborate more on that? Fouad Assaf: The digital transformation is in full swing. The technological progress is rapid and is changing the way we obtain information, communicate, consume – basically, the way we live. Look at AI, and how it is changing the very foundation of everything we do and how we do it.We want to understand this transformation, these innovations, as an opportunity to create growth and prosperity for businesses and a better quality of life for the citizens, whilst

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Renewable Energy

5 Questions with YY ReGen

YY ReGen is committed to transforming the way our customers’ ventures are powered, watered, and grown, with a focus on a more affordable, less pollutive, and more regenerative approach – partnering with our clients in creating a sustainable future in our beloved region. 1. What inspired you to establish YY ReGen? How did you come up with the idea?  Ever since the end of the Lebanese civil war, Lebanon has been troubled with energy security drastically affecting the ease of doing business which in turn reflected poorly on the country’s economic development and prosperity. The outbreak of the economic crisis in 2020 and the skyrocketing prices of fuel worldwide due to geopolitical instabilities further exacerbated the situation creating a huge, underserved basic need in the Lebanese market: access to energy.  Many people and businesses with financing facilities resorted to installing fixed solar systems while others who can’t afford the high capital costs of such systems turned to diesel generators which are polluting, expensive, and environmentally unsustainable. As a team of engineers possessing the relevant know-how and expertise, we wanted to bring a third solution to the market that is cheaper, cleaner, and doesn’t require any capital investment. We created ReGen-R8, the first on-demand solar energy system with the Energy-as-a-Service model where the customers, mainly farmers and rural businesses, can get access to clean power easily and risk-free. We wanted to take the hassle out of the whole process of electricity provision by being a customer-first organization focused on understanding the pain points of our customers and providing relevant solutions.  2. What makes YY ReGen unique and different from other solutions within the market? We currently do not have any direct competitors in the Lebanese market. Our indirect competitors are diesel generators and companies that provide fixed solar systems. We are the first and only company in Lebanon to provide the Energy-as-a-Service model for solar power and this is surely a differentiating factor. We are greatly focused on providing a seamless customer experience which is one of the key pillars for our company’s success, getting recurring business, and having satisfied customers. This all enabled using technology as our solution leverages IoT to provide constant monitoring of the system to provide prompt maintenance in case of any technical issues.  3. What are the challenges you faced while launching your business and how did you overcome them? The main challenge that we faced is being able to validate our market and verify the product-market fit in a fast manner without having to invest a lot of money and resources. This is a problem that is typically faced by almost all startups and could make or break an idea. For this, we thought that the best solution is to capitalize on the plethora of opportunities that the Lebanese entrepreneurship ecosystem can bring. We identified and applied to incubators that are focused on early-stage startups and got all the business and financial support that helped us build and pilot our first MVP.  Given that our main customer segment is farmers in rural areas with limited knowledge and access to technology, another problem we faced is in being able to ensure that our customers fully benefit from the technology part of the solution. For that, we resorted to focusing group discussions with our customers to understand which tech- platforms they are most comfortable using (website, mobile app, social media outlet, etc..).  4. In your opinion, what is the key to success? What is an advice that you would give other startups in the industry? In my opinion and based on our experience in the startup, the key to success is being resourceful, perseverant, and ambitious. Creating a startup from the ground up is not an easy task, especially with limited access to resources at the early stages, so being ahead of the curve in terms of foreseeing potential obstacles and preemptively planning for solutions is very important for the business’s success. Investing in knowledge is the best investment a startup founder can do! I would advise all startup founders to invest in being on top of things knowing all about their market, customers, technology, competitors, partners, investors, etc… Also, it is not enough to keep on trying, it is crucial to be trying in the right direction by taking the time to reflect on and learn from previous failures and ask for help when needed.  5. What should we expect next from YY ReGen?  At YY ReGen, we aim to become the market leader in providing Energy-as-a-Service models that cater to the needs of the Lebanese market and eventually other markets in the MENA region. We plan to exponentially grow our operations to reach all the Lebanese territories within the coming couple of months. We are also focusing on leveraging the data that we get from our monitoring system to create predictive maintenance software that allows for decreasing O&M costs and extending equipment life. 

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Renewable Energy

How To Reduce Your Ecological Footprint

Our ecological footprint is the impact of our lifestyle choices or activities measured in terms of the land required to sustain our use of natural resources.  Unless populations decide to start acting now, climate change consequences will become more and more catastrophic. It is a real problem and has turned into a threat to the entire civilization as well as the generations to come.  However, it is undeniable that, as a community, we can still slow down climate change by doing small actions that have big repercussions on the environment. Today, overproduction and overconsumption are leading to enormous amounts of waste, pollution, greenhouse gas emissions, and deforestation. Studies suggest that a big percentage of carbon emissions actually originate from the household. So, everyone can start from their own home by: It is important for every person to understand the impact of one small act. Right now, more than ever, it is crucial to adopt a sustainable lifestyle that would protect life on Earth.  Bibliography Goal 13 : Climate action. (2022, 15 mars). The Global Goals. Consulté le 23 septembre 2022, à l’adresse https://www.globalgoals.org/goals/13-climate-action/?gclid=Cj0KCQjwsrWZBhC4ARIsAGGUJupQ2UIaN1i31q-wE4Ne6S4YWlCFrI82IzenHA_TIWz2nI-kb6uhuhAaAmSaEALw_wcB Assoune, A. (2020, 9 novembre). 20 Easy Ways To Reduce Your Ecological Footprint. Panaprium. Consulté le 23 septembre 2022, à l’adresse https://www.panaprium.com/blogs/i/reduce-ecological-footprint 8 Ways to Reduce Your Ecological Footprint. (2020, 26 mars). I Love A Clean San Diego. Consulté le 23 septembre 2022, à l’adresse https://cleansd.org/2017/04/27/8-ways-to-reduce-your-ecological-footprint/ Author, G. (2021, 28 janvier). 11 Simple Ways to Reduce Your Ecological Footprint. Get Green Now. Consulté le 23 septembre 2022, à l’adresse https://get-green-now.com/reduce-your-ecological-footprint/

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