India is home to the third largest startup ecosystem in the world. The number of  DPIIT– recognized startups stands at a colossal 1,17,254 as on 31st December 2023 – an impressive 40 percentage growth from the previous year! While these numbers speak of a flourishing ecosystem, there is a contrasting reality. As much as 9 out of 10 startups fail globally, according to various reports. In India, 80-90 percent of the startups do not make it past the first five years! 

Yet, India has some of the glorious success stories from the startup community. So, what really makes a startup tick? It’s a ‘billion-dollar’ question, considering that startups in India collectively raise a few billion dollars in funding every year. 

To understand the nuances of building a successful startup, CIO Dimension caught up with this young entrepreneur in Bengaluru – the startup capital of India. Yuvaraj Thanikachalam, Founder & CEO of Kreatorverse – a startup venture studio, is anything but a typical Bengaluru startup founder. His company is on a mission to guide promising startups through the often-treacherous path to success and profitability. 

Building on Web3 for the future

Yuvaraj emphasizes that startups need more than just a good product and funding to thrive in the market.

“New venture building exercise requires experimental infrastructure (lab), scientific methodology, entrepreneurial (tech & business savvy) talent, and seed capital. It is super rare to find all of them in one place. Building such an organization for a new venture founder or investor takes years of investment. It is a real big problem for Indian startup founders and investors,” says Yuvaraj. 

A good product is often just the beginning; enduring in a dynamic market is the real test for startups, he observes. 

The venture studio works with early stage startups and serial entrepreneurs to help them build products that stay relevant for a sustained period. With a strong foundation in finance and blockchain, Yuvaraj believes Web3 is the future. So far, Kreatorverse has worked with over 20 startups to build Web3 software products by applying proven methodologies and technologies. The company’s clientele include fintech startups, neobanks, digital banks, private wealth management firms, alternate investment companies, and social media startups. 

All of these startups in the financial services sector stand to benefit hugely with Web3. The primary socio-economic impact pursued by fintech is financial inclusion. Inclusive, neutral, democratic internet infrastructure is a must for global financial inclusion, which is a sustainable development goal. Decentralized finance (DeFi) and real-world assets-backed tokenized economies are the best ways to do it, Yuvaraj says. 

The right blend of technology and business 

So, is Kreatorverse providing just the “staffing” for these startups? Yuvaraj maintains that the company goes much beyond that. Building a product requires more than just the software development understanding. It’s not just about the programming tools and skills. It’s about empathy for the customer and business. Software is not a standalone entity in a tech-first venture, it’s the core of the business, he adds. 

“Just imagine, customers have no incentives for staying with a product for long. Their decisions are influenced strongly by the experience they have with a software or an app. Hence, building each customer touchpoints with experiential value is critical for startups. And that experience is the differentiation for a customer to choose a product. We help startups create this differentiation.” 

The company optimizes innovation outcomes by blending business acumen with technological expertise. They establish a solid foundation through design thinking, innovation frameworks, and diverse problem-solving approaches. This method drives innovation and enables the creation of distinctive products within their studio. Kreatorverse guides businesses from concept to proof of value within 4 to 6 months, says Yuvaraj. 

He observes that Web3 startup co-founders often navigate regulatory and compliance landscapes blindly due to their limited understanding of traditional finance and capital markets. Kreatorverse also offers an added advantage by combining expertise in both Web3 and traditional markets.

“Our goal is to minimize the risk of failure and significantly increasing the rate of business success for startups,” sums up Yuvaraj. 

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A majority of employers around the world are optimistic that emerging technologies, including artificial intelligence (AI), machine learning, virtual/augmented reality (VR/AR), blockchain, and others, won’t eliminate workers, but will actually create more jobs. That’s according to The Future is Now: AI, the Metaverse, & the World of Work, from Experis, the global IT professional resourcing and services company that is part of the ManpowerGroup family of brands.

“The integration of AI, machine learning, VR/AR, and other emerging technologies is rapidly transforming industries and driving the need for an adaptable workforce,” said Experis Senior Vice President Ger Doyle. “We are seeing companies embrace these new technologies with many seeking to hire or upskill existing talent to take advantage of potential productivity gains. Smart employers know that embracing digitization and nurturing human talent will enhance their readiness to succeed in this era of rapid technological advancement.”

With 78% of IT organizations reporting difficulty hiring the talent they need with the skills they covet, an increasing number of companies are either adopting or planning to adopt the use of emerging technologies in their recruiting processes, including: AI (35% adopted, 36% plan to), Conversational AI (35% adopted, 36% plan to), Machine Learning (38% adopted, 34% plan to), and VR (30% adopted, 35% plan to), according to ManPower Group Talent Shortage Survey.

ManpowerGroup interviewed 5,978 IT employers across 41 countries on hiring intentions for the third quarter of 2023.

“So far, the signs are no different from what we have seen with earlier versions of AI or tech innovation. Generative AI can be expected to mostly automate tasks and skills within jobs rather than entire jobs. We should relish the opportunity to outsource these mundane tasks – freeing up our time for more creative and intellectually sophisticated endeavors,” ManpowerGroup Chief Innovation Officer Tomas Chamorro-Premuzic said. “This isn’t about us versus AI or humans versus machines. Instead, it’s about how we can leverage these tools to augment and upgrade our uniquely human skills and lead a more human-centric life.”

Additionally, the latest Experis Tech Talent Outlook finds the rise of new tech has also shifted the hiring priorities and focus for employers.

The top five staffing priorities reported are:

1. Cybersecurity (34%)
2. Technical Support (32%)
3. Customer or User Experience (31%)
4. Database Management (27%)
5. Customer Relationship Management Systems (25%)

To address these technology-related challenges, employers shared they are implementing the following approaches:

• Training and upskilling the current workforce (50%)
• Hiring new workers with the required skills (46%)
• Investing more in automation (39%)
• Reskilling workers and transitioning them into IT roles (39%)
• Hiring short-term staff (freelancers, contract workers, etc.) to fill skills gaps (38%)

The Experis Tech Talent Outlook research is based on results from the ManpowerGroup Employment Outlook Survey.

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Tom Graham, CEO of generative AI company Metaphysic, has reportedly become the first person to submit for copyright registration of his AI likeness with the U.S. Copyright Office. According to a press release issuesd by the company, “Graham, through this submission, demonstrates the increasingly fine line between reality and computer-generated media as he and Metaphysic seek to create a new bundle of intellectual property rights that must be available to any individual in the future.”

Metaphysics is known for popularizing a deepfake TikTok account spoofing Tom Cruise. 

“Generative AI can create content that looks and feels real, and regular people’s avatars can be inserted into content by third parties without their consent. This is not right, and we should never lose control over our identity, privacy or biometric data,” said Thomas Graham, CEO of Metaphysic. “I hope that copyright registration of the photo-realistic AI-generated version of myself will increase my ability to take action against unauthorized AI impersonations of myself in the future. Today’s law supports that. We all need to work hard to ensure that future laws and regulations strengthen individual’s rights and protect vulnerable members of society.”

Producing the AI likeness required Graham to record a three-minute video of himself on a mobile phone to capture his likeness, voice, and biometric data. Once received, Metaphysic utilized its hyperreal AI tools to create an AI avatar of present-day Graham. Graham put a lot of effort into creating and curating the training dataset and working with the team at Metaphysic to hone in on the AI look he wanted. Beyond iterating on the look of his AI likeness, Graham and the team also took steps to composite and merge the AI model output into the underlying video to create an accurate representation of a hyperrealistic AI version of himself.

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Radhika Nallayam

Critics call it another hype. Some say it’s the magic pixie dust of the tech world. Whatever the case, Metaverse is eventually going to impact our lives in unprecedented ways. While experts are debating its most pressing use-cases in the consumer and enterprise segments, one area has already proven its potential – the industrial sector. 

ABI Research estimates that the industrial metaverse, exemplified by digital twins, augmented field service and predictive maintenance, could grow into a $100 billion market by 2030. VentureBeat reports that the figure is larger than the $50 billion consumer metaverse and the $30 billion enterprise metaverse combined. 

At the CES (Consumer Electronic Show) 2023, several examples of how Metaverse can transform industrial processes were showcased. Among those, Mercedes-Benz’s Metaverse factory was particularly remarkable. 

How BMW and Mercedes- Bens are building Future-ready factories with Metaverse 

Mercedes-Benz partnered with Nvidia as part of its vision to digitalize its production process completely. The automaker will use the NVIDIA Omniverse platform (a platform that cab build 3D pipelines and simulate large-scale virtual worlds) to design and plan manufacturing and assembly facilities. With the help of AI and metaverse, these factories will rely on feedback loops to reduce waste, decrease energy consumption and continuously enhance quality.

According to Nvidia, Omniverse will allow Mercedes-Benz planners to access the digital twin of the factory, review and optimize the plant as needed. Every change can be quickly evaluated and validated in the virtual world, then implemented in the real world to ensure maximum efficiency and ergonomics for factory workers. This is expected help the automaker to drastically reduce delays in production process and make it truly smarter. 

Auto-giant BMW – which is reportedly the first player to implement the Nvidia technology to simulate its factory environment and build a digital twin of its factory floor- reports reduction in planning times, improvement in flexibility and precision, and a 30% more efficient planning process. 

Building on Digital twin 

Industries like auto manufacturing, shipping and mining are already extensively leveraging digital twins – which is considered to be the foundation of enterprise metaverse. Some of the early use-cases of Metaverse in these industries include – 

• Simulating fleet behaviour and tracking containers that are buried in stacks 
• Building aircraft engines using digital twins to simulate how they fly 
• Building factories and production environments in the virtual worlds to experience how exactly they will function in real world – just like Mercedes- Benz did. 

We are witnessing the rapid emergence of a metaverse focused solely on industry. This industrial metaverse may still be in its formative stages, but its early adoption of digital twinning is already showing results, increasing productivity and efficiency, boosting safety and enabling new levels of flexibility to industrial sectors hardly known for their agility, wrote Nishant Batra, Chief Strategy and Technology Officer, Nokia, in his blog for World Economic Form. 

Industrial Metaverse will likely open up a whole new dimension in the human-machine collaboration history.

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 DXC Technology has forecast five ways the digital security landscape will impact life and business in 2023 and beyond. Here’re the top 5 trends, according to the company. 

1. The cybersecurity arms race will accelerate

Cybercriminals and cybersecurity professionals will both use artificial intelligence (AI) in an increasingly sophisticated battle of wits. In the case of cybersecurity defense, AI has been mainly used to identify patterns of suspicious behavior. Due to the volume of suspect activity and the number of false positives, cybersecurity staff are often overwhelmed.

The good news is that in 2023 and beyond, we should be able to start automating AI-based security controls and response mechanisms – helping to react faster and more accurately to cyberattacks, reducing possible downtime and protecting personal and business critical data.

2. We’ll need to be cautious about who we think we’re talking to in the metaverse (while keeping a firm hold of our digital wallets)

2023 is set to be important year for the metaverse with Meta, Microsoft, Virbela and others counting on virtual worlds going mainstream. However, activity in the metaverse can raise questions around identity; how do you know that the person you think you are talking to is who they say they are? Digital certificates, perhaps built on the blockchain, could help. These certificates could also be used to secure virtual transactions in the metaverse. What is clear is that as the metaverse expands, so too will the risks.

3. Geo-political cybersecurity attacks will increase but also lead to innovation in defense

Russia’s attack on Ukraine has reminded us in the starkest way possible that warfare is now hybrid and the risks of geopolitically motivated cyberattacks are real. As a result, many cyber insurance policies are now being written to exclude acts of cyberwar, creating challenges for cyber risk mitigation.

With lingering geopolitical tensions, this threat is set to continue in 2023. In fact, with more than 70 countries due to hold government elections in 2023 (events frequently targeted by state-sponsored actors), it will be a challenging year for cybersecurity defenses. However, we can learn from case studies such as Ukraine’s ‘exemplary’ defense against Russian cyberattacks.

4. Cybersecurity attacks will target critical national infrastructure that supplies our homes

When the lights go out or the gas is cut, most people are unlikely to think it’s the result of an industrial cybersecurity breach. But Operational Technology (OT) is an emerging battleground for cyberattacks, with the systems that control and automate factories and civil infrastructure (including power stations and dams) becoming a target.

With ongoing geopolitical tensions, the OT cyber threat will grow in 2023 putting pressure on industries to ensure they stay one step ahead by baking in cybersecurity protection across their operations.

5. Career opportunities in cybersecurity will grow

There is an estimated global shortfall of around 3.4 million cybersecurity workers. With growing threats from advanced technologies, this number is likely to increase.

The cyber skills gap creates career opportunities for people of all ages and backgrounds. 

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DXC Technology, a Fortune 500 global technology services company, has unveiled five ways it predicts the metaverse will impact life and business in the next 5 years.

1. Workplace collaboration will never be the same again

Around the world, the metaverse will become part of daily work for an increasing number of employees. Instead of staring at a grid of 2-dimensional faces on a videoconferencing screen, colleagues will be able to choose their seat at a virtual table, pop out of the room for a break, and even go on a virtual walk with their boss.

To maximise benefits, many firms are already combining traditional video conferencing with immersive collaboration technologies. DXC has noticed the positive impact of its own private virtual world, with increased levels of productivity, engagement, and creativity amongst its employees.

“Metaverse experiences are helping employees to concentrate better and retain more information. Virtual worlds can help us get out of our videoconferencing routine and open the door to greater collaboration and innovation”, says Nathalie Vancluysen, Head of Extended Reality at DXC Technology.

2. Large scale professional events will go virtual

The metaverse is a place where thousands of avatars around the world can come together to interact, meet and engage. Controlled by people from the comfort of their chosen location, personalised 3D avatars can roam freely over an almost infinite space and teleport themselves from one place to another instantaneously. In the future, more large-scale events like conferences, expos and summits will take place in virtual worlds, enabling greater worldwide collaboration opportunities and reducing the time, resources and carbon footprint used when travelling.

3. Bands, DJs, sports clubs and dating will transition into the metaverse

More and more individuals and organizations from the music and sports industry are encouraging fans to join them from virtual seats in virtual venues, bringing the excitement of concerts and matches to the individual’s home. Additionally, some dating apps like Nevermet and Flirtual are already offering services in the metaverse. In the next five years, consumers will be offered more interactive, immersive opportunities to do the things they love doing in the physical world – all via their digital avatar.

4. Brands will express themselves in new ways

Virtual customer experiences will become commonplace with brands looking for new and exciting ways to engage with their customers. Major retail brands like Louis Vuitton, Adidas, Gucci, Coke, and Nike, alongside car companies like Nissan, Toyota and Ferrari are already experimenting with virtual environments and augmented reality. In the next five years, DXC expects more and more brands to offer customers an opportunity to explore their brands, solutions and services in 3D – from hotels, to cities, to airports.

5. Recruitment and onboarding will be metamorphosed

Recruiting talent is integral to the success of any business, and reaching talent is the first step. Over the next five years, organizations will increasingly turn to the metaverse to connect with candidates in engaging, enticing ways. The metaverse can also be good for inclusivity. Hosting first-round interviews in the metaverse can help recruiters identify candidates with the right behavioural profile rather than just the ones with the right CV credentials or look.

“Individuals and businesses are opening their minds to the possibility of using the metaverse in everyday activities”, sums up Nathalie Vancluysen. “Many of today’s young adults have grown up socialising and gaming online, so businesses, government organizations and brands must be able to engage them with products and services which feel familiar and exciting.”

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According to Technavio, the global metaverse market size is estimated to grow by USD 1,152.35 billion from 2022 to 2027. The market is estimated to grow at a CAGR of 40.06% during the forecast period. Moreover, the growth momentum will accelerate. North America will account for 39% of the market’s growth during the forecast period.  In 2017, the metaverse market was valued at USD 92.48 billion. 

The VR or AR devices segment will account for a significant part of the growth during the forecast period. These devices include headsets, smart glasses, and lenses used for interacting on the metaverse platform. The growth of this segment is attributed to factors such as new product launches and the growing adoption of VR and AR in different application areas.

• The growing smartphone penetration and use of 5G are driving the market growth.
• 5G is becoming popular with the high adoption of smart devices such as smartphones.
• Thus, the use of different apps and online platforms for online shopping is expected to increase.
• Businesses such as e-commerce and finance businesses are expected to adopt advanced technologies such as metaverse to enhance the virtual experience.
• Therefore, the growing smartphone penetration and use of 5G are fueling the growth of the global market during the forecast period.

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Prime real estate has always been an important factor for most retailers before starting a business, but things might be different with the emergence of a new virtual platform. The metaverse is a platform combining multiple technologies to enable social and economic activity in a digital world connected to the physical one. 

With the effects of metaverse commerce adoption being felt by retail brands at various stages of the shopping journey, global IT research and advisory firm Info-Tech Research Group’s recently published blueprint highlights some key trends. 

Info-Tech’s research indicates that retailers often struggle to adapt to the evolving needs of virtual shoppers, which can include the use of cryptocurrencies or NFTs. Shopping in the metaverse works differently than in the real world, which has shifted more online since the onset of the pandemic. Retail in the metaverse requires a new outlook, models, and competencies to become competitive.

“The metaverse will fundamentally disrupt the retail ecosystem and take personalization from evolution to a complete revolution,” says Rahul Jaiswal, principal research director at Info-Tech Research Group. “Although metaverse commerce is still in its infancy, many retail brands are testing applications like avatar-driven customer services, augmented reality, and 3D interaction to entice shoppers through virtual stores, products, and events.”

The research shows that metaverse commerce transformation is challenging, requiring superior technology journey mapping and strategies to build cohesive client experiences. Forward-looking retailers working to address the evolving needs of shoppers will need a fully comprehensive approach to complete the transformation and be successful.

According to Info-Tech, virtual and augmented customer experiences can drive value in today’s market. However, most retailers are unsure where to start and lack a structured approach to executing technologies for each shopping journey. The firm recommends that retailers identify opportunities across the shopping journey, capture key customer insights, and use technologies like blockchain, digital twins, infrastructure, and virtual environments.

By harnessing blockchain, the metaverse is expected to advance the shopping experience in the following ways:

1. Smart Contracts to Execute Commercial Transactions and Agreements: Smart contracts use blockchain to enforce the obligations of all parties in a contract without the extra overhead of a middleman. They are computer programs that facilitate, verify, and enforce the negotiation or execution of an agreement.
2. Enhanced Data Portability and Reduced Risk of Storing Customer Information:
3. Know Your Client (KYC) statements can be stored on the blockchain to decrease administration problems and costs while outlining the concerns that still need to be addressed.
4. Deliver Seamless Direct Money Transfers and Payments: Blockchain technology can overcome the current problems of correspondent systems and international money transfers. Fee-intensive, fragmented, cross-border non-cash transactions can be eliminated by excluding third parties and enabling direct money transfers and efficient interbank settlements.
5. Decentralized Ledgers for Trade Settlements: Trade settlement processes usually require two to three days for payments and securities to change hands. Moving this process to a decentralized ledger can have a transformative effect on the markets.

Info-Tech suggests retailers validate their strategies, persistently reinforce the enterprise’s core capabilities, and capitalize on the value of this new prospect to be prepared for what’s potentially around the corner.

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Metaverse discussions about creating virtual worlds consume the plans of many fashion, automotive and retail brands. However, the human side of consumer activities in the metaverse have not been a significant part of the dialogue. A global study by Momentum Worldwide, metaverse partners to the American Association of Advertising Agencies (4As), found that 80% of people feel more included in the metaverse than in real life. Consumers are now looking to the metaverse to fill three core aspects of life—inspiration, individuality and inclusion.  

More than $120 billion has been invested in building out metaverse technology and infrastructure in 2022 to take advantage of the nearly three-quarters of consumers worldwide (71%) who promise to focus more on their mental wellbeing and are flocking to the metaverse to seek inspiration, be themselves, and connect with others more positively and inclusively. Exponential growth and adoption of marketing technologies led to the metaverse, but the impact these technologies have on people must be a key consideration for a brand’s metaverse strategy.  

Consumers have joined virtual platforms to have fun, be challenged, find inspiration and connect with others. Global research has shown that:  

• 80% of consumers find the metaverse to be a much more inclusive place 
• 63% had no idea they had been in the metaverse all this time 
• 85% like that they can change their appearance as they desire 
• 79% say their friends within the space accept them for who they are rather than what they look like  

Jason Alan Snyder, global chief technology officer, Momentum Worldwide, comments, ”The metaverse is a combinatorial innovation of complex technologies. Until recently, the combined technologies that form metaverse experiences were costly to deploy and consume and, therefore, not practical. The practice of combining these technologies has matured, deployment costs are reduced and metaverse experiences are broadly available, so consumer adoption is saturating. Brands are adopting the metaverse at scale too. Now we are learning how people behave and feel in the metaverse as we remove the barriers to entry. One particularly interesting area is the relationship between identity and personality.”

“Metaverse identity is an extension of our many identities in the real world. We are accustomed to constructing pseudo-identities for ourselves at work, in our personal lives with friends and family, and on social media. Brands are learning that identity and personality are two different things and not always interlinked. Understanding what consumers want from the metaverse, their behaviours and motivations to fulfil happiness, find escapism and seek inclusion are vital for guiding how brands and businesses should behave. It’s imperative that brands understand when they can or should violate expectations about identity and personality. The new opportunity is to help brands navigate the friction between identity and personality in the metaverse.”

Helen Mumford Sole, well-known happiness coach and thought leader in digital transformation, says, “Whilst we are not even close to fully understanding the impact of the metaverse, this research is important because it shows the positive potential of the technology. When many people are struggling with their happiness, it seems that they are finding new ways of experiencing belonging and community in the metaverse. In the analogue world, these are significant contributors to happiness.” The global research was conducted using quantitative and qualitative methods of 4,500 participants from seven countries: Canada, Japan, MENA, Mexico, Spain, the UK and the US.  

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