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Why entrepreneurs are flocking to the pet technology space

(TECH) Pet technology is a burgeoning, $70B industry, but what makes it so attractive to entrepreneurs aside from kittens and puppers?

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According to science and/or math, the internet is fueled by pet pictures. We all love pictures of animals, but more than that, we love our actual tangible animals, and as a culture, we’ve used social media to do more than share – we’re all learning from each other about best practices and products.

We’ve noticed that the pet technology space is figuratively blowing up right now, so we asked Greg Tariff, Founder and CEO of Fetch my Pet why the industry’s blossoming in such a way.

In his own words below, Tariff effectively explains why entrepreneurs are making their way into the $70 billion industry:

This growth is driven in part by millennial consumers: about 75% in their 30s own a dog and about 50% own a cat—and 44% see their pets as “starter children.” In other words, millennials not only own more pets than any other generation, but offer a better standard of care and are changing the pet business landscape with their buying habits. Millennials think of pets as family.

It’s a great time for entrepreneurs to be making their way into the pet technology space. Studies show consumers are willing to pay more for higher quality food and pet products, and they are ready to engage in experiences with their pets. Now it’s up to pet brands to connect with these pet owners on a deeper level, and I believe technology can bridge that gap. Here’s how technology is improving pet ownership thanks to a number of new innovations and a shift in consumer trends:

Humans can interact with pets remotely. Marketed as “digital daycare for pets,” technology like PetChatz lets pet parents interact with their pets from outside of the home. The need for this type of technology is driven in part by our view of pets. We no longer see pets as owned objects, but rather members of our family. How we classify pets has a ripple effect on the pet ownership experience. Consumers are more willing to pay for high quality products and services, and businesses will have to offer the highest-quality experiences to retain customers. Plus there’s a market for technology like PetChatz that allows us to interact with our pets from a distance in real time.

Making pet life management simple for pet parents. Worldwide online sales of pet food increased from 6 to 14 percent in 2016, with sales of dog and cat food rising at least 14% in the U.S. alone. It’s very easy for pet owners to click to order food, find places to walk and play with their pets, and connect with other pet owners. For example, Fetch my Pet is learning about customers and their pet needs to make more contextual suggestions. If you have an 7-year-old Golden Retriever, your technology shouldn’t tell you to buy puppy food or puppy Chew toys. As pet life management technology continues to advance, the pet ownership experience will become more personalized and intuitive.

Artificial Intelligence enables predictive fulfillment. As more data is collected on pets and their habits via makers of the products and services consumed by pet parents, we will soon have the ability to embark on preventative pet healthcare and predictive fulfilment of products and services for our pets. What if Petco sent you a notification once they had a new sustainable dog food in stock because they knew you were low on kibble? We’re inching close to this reality.

Paving the way for brand and ingredient integrity. The more innovation that occurs in the pet space, the more selective consumers can be about what they purchase and why. We care very deeply about what we feed our pets. According to Purina, young adults are more likely than other groups to research foods when designing their pet’s diet, and they like to have options that include natural ingredients and real meat.

Companies like BareItAll Petfoods are taking food-sourcing one step further by selling food products made from Asian Carp, which threaten to harm waterways including the Great Lakes. Businesses are doing their part to get smarter about ingredient integrity – and consumers are being more selective.

The American Genius is news, insights, tools, and inspiration for business owners and professionals. AG condenses information on technology, business, social media, startups, economics and more, so you don’t have to.

Tech News

Infinity Maps is the most mind-blowing visual workspace ever

(TECHNOLOGY) Infinity Maps is bringing together whiteboarding, diagramming, and real-time collaboration all in one neat tool.

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Digital tools should be effective and efficient. They should help you plan, create, and manage your projects so your team can build solutions to your overall goals. While many tools say they are the all-in-one tool solution, this is a pretty bold statement to make. Each company is different, and one size doesn’t necessarily fit all.

However, there comes a time when such a tool comes slightly close to filling that spot. Infinity Maps seeks to do this by marrying some of the best qualities of different tools and adding its spice to the mix.

What does Infinity Maps offer?

Whiteboarding
The web application is partially an online whiteboard tool. In your workspace, called Canvas, you create your content by using cards. In these cards, you can add text, images, and files. Cards can be nested indefinitely creating hierarchies while still maintaining a “clear and concise” structure. You can do this by simply dragging a card into another card.

Diagramming
To visualize how each card correlates to one another, you have the option to link cards with arrows. These arrows are further organized by changing the color of each one or changing the color of the card itself.

Real-time collaboration
Infinity Maps lets your team collaborate in real-time. To work together, you can invite users to your map. When you share your workspace, you assign people different roles so they have the correct permissions to read or write on your map. Like Google’s web tools, you can see who is using the map because each username will show up next to their cursor and be assigned a different color.

Zoomable interface
Navigating through Infinity Maps is easy and works just like Google Maps. By double-clicking, you are taken directly to the card you selected. You can also scroll up and down and use the trackpad to zoom in and out of your map. This feature is super helpful when you have hundreds of cards on your map.

Why Infinity Maps?
The company says Infinity Maps is a “revolutionary new product that allows you to organize vast amounts of information visually & spatially”. It is a combination of Miro, Notion, and Google Maps all into one.

“What are we doing differently?” asks Infinity Maps CEO & Co-Founder Johannes Grenzemann. “With Infinity Maps, we are building a knowledge management system that allows you to create vast, huge knowledge bases [that] depict high complexity and depth while staying mind friendly because it’s a visual approach,” Grenzemann said.

infinity maps templates

Overall, Infinity Maps is a neat knowledge tool. It can be used in several ways, from students trying to organize their thesis to startups managing their product launches.

If you’re interested in checking them out to see if they are indeed the all-in-one tool solution, you can sign up to start mapping. A free account gives you access to 3 maps, up to 150 cards per map, and 50MB of cloud space. If you need more space to map out your ideas, you can unlock additional cards by inviting a friend or purchasing cards. Pro, unlimited, and team subscriptions plans are also available for purchase.

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Tech News

China cracks down on user data collection, allegedly cares about privacy

(TECH) Either China’s government just grew a conscience, or they’re trying to compete on a global stage. Either way, they’re implementing new laws.

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In an uncharacteristic looking move for end-user privacy and choice, China has passed sweeping new legislation entitled the Personal Information Protection Law. It’s set to take effect on November 1, 2021, and includes provisions governing consent in user data collection of tech applications and specifies how companies can use that data, especially if that data is to be transferred out of China.

This is the second of two pieces of legislation to emerge this year as China takes a hard look at their cyberspace and try their hand at oversight.

The Data Security law, which came into effect on Sept. 1, set classification frameworks for data based on “its economic value and relevance to China’s national security” as cited in Reuters.

According to experts, both laws will require companies to reevaluate how they collect and store data on a massive scale. As regulations continue to develop rapidly during China’s re-examination of their tech industry, companies are scrambling to meet the stringent new requirements and adjust their infrastructure for compliance at a break-neck pace.

Takeaways:

  • The Personal Information Protection Law similar in design to Europe’s General Data Protection Regulation
  • China’s top cyberspace regulator, Cyberspace Administration of China (CAC), issued an investigation into Didi Global Inc, their version of Uber, with accusations of user privacy violations
  • An extensive set of rules targeting business practices that undermine fair competition, such as cultivating reviews, were implemented by China’s State Administration for Market Regulation (SAMR)
  • 43 apps were accused of illegally transferring user data and called out by the Ministry of Industry and Information Technology and required to make “rectifications”

Similar cyberspace scrutiny is happening in the US regarding monopolies held by some of the biggest players in tech like Google, Facebook, and Amazon but is moving very slowly through the legislative process.

In terms of how this impacts Americans, TikTok is currently one of the single most downloaded apps in the US and owned by Beijing-based company ByteDance. According to The Sun, ByteDance is now the most valuable startup in the world with an estimated value of 1 billion USD.

Many doubt that China actually cares about privacy, but some believe that keeping up the appearance of playing by modern corporate rules benefits their government as they seek global dominance.

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Tech News

Apparently, the chip shortage is NOT easing up this year…

(TECH NEWS) If you’re a tech person who has tried to buy anything with a chip in it, you know there’s been a shortage and therefore a buying frenzy. Which apparently isn’t ending soon.

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It appears that the chip shortage, a phenomenon that has plagued production for the last six or so months, is not easing up like people had initially predicted. The real-world effects of this shortage are varied, but impactful.

The Daily Brew’s Dan McCarthy reports that the average wait time for chip deliveries is up to over 20 weeks at this point, a number that (despite postulation that the second half of 2021 would see increased chip production) is higher than the wait times in both July and June of this year.

The chip shortage has a few different roots, but the primary one as of late is a slew of COVID-19 outbreaks in Southeast Asia – specifically near locations that produce large numbers of semiconductors for the rest of the world. It’s thought that the wait time will increase in the coming weeks, even as companies slash predictions and hunker down for a hit to their profits this season.

For context, manufacturers were having to wait for a little over 12 weeks for their semiconductors this time last year. It’s clear that we’re going in the wrong direction if we’re planning to keep up production going into this next year.

The implications of such a shortage range from baffling to sobering. Earlier this year, people struggled to find PS5s for reasonable prices; more importantly, though, is the effect this shortage is having on the automobile industry. A couple of weeks ago, Toyota announced a 40 percent cut in production plans for September.

With GM, Ford, Stellantis, and VW adding that they will most likely cut back on production as well, it looks like the 2022 vehicle market will be the latest casualty to lower-than-optimal supply in a time of moderate demand.

While the chips used in cars, appliances, and other common electronics are profoundly affected by the shortage, it appears that “power management” chips (the ones used in smaller devices, namely smartphones) have a decreased wait time from last month. This somewhat contradicts a shortage warning by Apple in late July, though we’re clearly not out of the woods regarding production efficiency yet.

It is extremely likely that this shortage will impact auto and appliance production in 2022.

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