Startups Transform Predictive Algorithms
Photo Unsplash, Indoor farming, Laura Geror @laura_geror
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Venture capital investments in indoor farming startups have significantly decreased. According to the article “Vertical Farming Venture Capital Has Dried Up, But Startups Are Still Planting Seeds” by Crunchbase, these startups initially received over $6 billion, but the returns were disappointing. This led to a sharp reduction in new capital inflows. Despite this downturn, indoor farming startups continue to innovate, focusing on efficiency and sustainability to attract wary investors. By leveraging automation and AI, they aim to reduce costs and improve yield reliability, making their business models more financially viable. A key challenge remains the high operational costs, including energy consumption for lighting and climate control. Investors' enthusiasm has waned due to poor financial returns, yet the industry persists in refining its approach to secure investment and achieve profitability. For more details, visit the original article on Crunchbase.
Meanwhile, Olistic, a Barcelona-based company, has topped Sifted’s list of Southern Europe’s fastest-growing startups, as reported by Sifted. This recognition underscores Olistic’s rapid growth and innovative strategies within the industry. The company’s success highlights its creative approach and strong market presence, setting a new standard for other startups in the region. Olistic has consistently demonstrated an ability to adapt and thrive in a competitive environment, reflecting the dynamic startup scene in Southern Europe.
The article “How Startups Innovating Prediction Models Boost Access And Profits” from Forbes discusses the increasing role of predictive analytics across various fields and the risks of outdated algorithms. In healthcare, predictive analytics identify patients at high risk of diseases, while financial services use them for loan eligibility. However, outdated or biased data can unfairly affect low-income individuals and communities of color. Companies like Shur and Baselayer aim to update these algorithms. Shur, created by Kahlil Byrd, uses the “Shur opportunity score” to judge creditworthiness, especially for people with student loans, who often face higher rates and struggle with home purchases due to biased credit assessments. Shur seeks to provide fair access to financial products.
Baselayer, co-founded by Jonathan Awad and Timothy Hyde, helps institutions distinguish legitimate patterns from fraud. Hyde emphasizes focusing on measurable factors to reduce bias in Know Your Customer (KYC) products. Investors, such as Bright Ventures’ Lenore Champagne Beirne, support startups using advanced algorithms to uncover previously overlooked insights, fostering a fairer market. The article highlights the need for diverse teams in AI development. Deepak Shrivastava of Sunrise AI promotes algorithms that enhance social equity, pointing out that fairness and inclusivity are key for good outcomes. More information is available on the full article from Forbes.