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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 Tarrif, Founder and CEO of Fetch my Pet why the industry’s blossoming in such a way.

In his own words below, Tarrif 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 (AG) 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

App turns your phone into an intercom, great for remote teams

(TECH NEWS) Turn your phone into an intercom with one quick switch without having to install anything on any wall. #NewSchool

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Growing up, I lived in a blended family home. It was essentially like The Brady Bunch just without Alice and the general merriment.

Us kids would often keep to ourselves in our bedrooms and would sometimes communicate with our parents via phone – even though we were under the same roof. While I’m acknowledging that it was incredibly lazy, it was convenient.

It helped to cut out the fruitless, across-the-house conversations that would often result in miscommunications. In those times, I wished there had been an intercom system in the house.

This is no longer a problem for people to have as an app has been created that sets up an instant voice network. It was designed for work use or communication with people outside of the home, but this piece of machinery would’ve been very helpful in the Leddin household.

The app is called Switchboard and it creates an intercom for your friends and colleagues. Like a phone, there is a friend/contact list available or you can dial using voice command.

The nice thing about this compared to a regular phone call is that there are availability settings. You can control interruptions by “switching off” to go on Do Not Disturb mode, and it will not list you as available for calls.

Switchboard uses Slack integration that allows users to leave voice messages and automatically have them sent to Slack with a transcript.

“Switchboard is your instant voice network. It gives you a hands-free intercom between close friends and colleagues to let you chat more spontaneously, as though you’re in the same room,” explains developers.

“You control your availability so that you’re easy to reach when you want and you can focus when you need.”

The idea is to make it easier to communicate more efficiently, rather than using text messaging; though most smartphones do have a voice messaging component. While they refer to the app as an “intercom” it definitely reminds me more of walkie talkies, (similar to Voxer which is a walkie talkie app for team communication).

Switchboard is an interesting concept, and is something that could benefit teams that work remotely (or are too lazy to yell down the hall to another office).

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Tech News

Uber has secretly set up tip limits for drivers #classy

(TECH NEWS) Uber has had a shaky year, but their latest move proves that perhaps a new leader doesn’t mean a new culture.

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After frequent requests from drivers, Uber finally added a tipping option to their ride-sharing app this June. But, after a few months to try it out, riders and drivers alike have been disappointed to discover that Uber puts an upper limit on how much a rider can tip.

Lyft has allowed riders to tip for almost five years, but Lyft too has a tipping maximum. In many cases, Lyft and Uber drivers aren’t aware that there’s a limit to tips until they have a generous customer who finds that they can’t tip as much as they’d like.

Initially, these apps were seen as a convenient, tip-free alternative to traditional cab services. However, because fares are calculated in mileage and not time, tips can be especially appreciated when rides take a long time but have low mileage, such as in dense traffic, or when the driver has to make multiple stops. And of course, tipping is always a great way to say thanks to a driver who goes the extra mile (no pun intended) to help out the rider or make the ride especially pleasant.

Unfortunately, some riders have found that they can’t tip as much as they’d like. Uber told CNET that they placed a maximum on tips to help avoid “fat fingers” typos, such as when a customer means to type $10, but accidentally types $100 instead – a problem that could seemingly be solved by adding a secondary confirmation before withdrawing the payment.

Uber limits tips to 200 percent of the cost of the ride, or $100. Lyft also limits to 200 percent of the fare, but also blocks tips above $50. Of course, riders can always tip in cash – but not having to carry cash was one of the perks of ride-sharing apps in the first place.

Generally, drivers for Lyft get more tips than Uber drivers. That’s because Lyft riders receive a prompt to tip upon reaching their destination, whereas Uber drivers have to reopen the app and rate the driver before tipping. Since few Uber riders take the time to rate their driver, even fewer ever make it to the tip screen.

Granted, an extra big tip is a rare and precious thing. But it shouldn’t be up to the company to cap tips if riders feel compelled. Says Denise, a Los Angeles Uber driver, “Generosity should be something that you have no limit on.”

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Tesla to build largest ‘virtual power grid’ on this round Earth

(TECH NEWS) Tesla teams up with Australia to create a virtual power grid, cutting energy costs and preventing blackouts.

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Tesla’s teaming up with Australia to provide an energy efficient solution to blackouts and price surges in the Southern Australian state.

Premier of South Australia, Jay Weatherill announced a new partnership with Tesla that will provide solar panels and batteries to homes in the southern state. Since the area consistently struggles with adequately powering homes, Weatherill and Tesla hope to create a “virtual” power grid to stabilize electricity infrastructure.

In the extreme wilderness area of South Australia, nearly half of all power comes from wind farms. Last September, issues with wind farms caused a statewide blackout. Sure, tornadoes were to blame too, but backup generators also failed, so the whole system collapsed.

To address this issue, a combination of solar panels and Tesla batteries will eventually be installed in 50,000 homes in the state. Any surplus energy generated by the home’s solar panels can contribute back to the larger grid.

Excess energy can be routed back to a centrally controlled grid to provide energy to the rest of the state as needed.

For the initial test, 1,100 public housing properties will receive the batteries and solar panels free of cost, using the sale of electricity to cover expenses. An additional 24,000 more public houses will get added to the program as well.

If the trial runs succeed, private homes will be included by 2019. Eventually, the plan is to have batteries and panels installed in 50,000 homes, creating a 250MW Virtual Power Plant.

Participating homes will have 5kW solar panels and Tesla Powerwall 2 13.5kWh batteries installed, providing a more reliable source of power, and potentially lowering power bills by thirty percent.

Installation is proposed to take four years, and according to Tesla, the virtual power plant will have as much capacity as a coal plant or large gas turbine.

Funding comes from a $2 million Australian ($1.6 million USD) grant, and a loan from the state’s Renewable Technology Funds for $30 million Australian ($23.8 million USD).

While the plan seems well-meaning, Austalian Prime Minister Malcomlm Turnbull called Weatherill’s previous strategies as “reckless” experiments, leading to excessive energy costs. Partnering with Tesla may give Weatherill some street cred for the upcoming South Australian election, proving he has a game plan for curbing energy costs.

According to the South Australian government, the virtual power plant could provide around twenty percent of the state’s daily average energy requirements. Tesla plans to review all properties to determine if the homes can support their systems and be able to participate.

If you happen to live in South Australia and are reading this, you can register to participate in the program. Registration doesn’t guarantee participation, but if initial interest exceeds original estimates, the government may consider extending the program.

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