How to build a successful startup
In 1987, the Nobel Prize-winning economist Robert Solow observed the contribution of computers to the economy. He questioned that even in the computer age of which computer applications were widespread, their impact was still not prominent in productivity statistics. This is known as the productivity paradox. But when labour productivity took off, and to this day, no one doubts that computers can increase productivity.
Similarly, artificial intelligence (AI), which was just a concept a decade ago, is now a tool used even by students. Recently, I have seen from several startups that AI is driving efficiency, and more encouragingly, all of them come from the younger generation in Hong Kong.
One of the startup teams that excelled in using AI is Kodifly, a group of young people from the University of Hong Kong, who use AI to detect whether there are fallen trees, wild boars or intruders along railway and other infrastructure lines, so that managers could promptly respond.
Taking British Railways as an example, there are currently an estimated 14 million trees along the tracks of the railways, and more than 400 accidents are caused by incidents of tree collapses every year, resulting in losses of more than HK$800 million. The core technology Kodifly apply is called the SpatialSense 3D spatial perception which combines with LiDAR technology, AI and advanced machine learning algorithms to understand accurately and in real-time the distance, volume and position of objects. It can operate stably even in bad weather and dark environments, which is difficult to achieve with traditional monitoring equipment. It can help ensure safe and smooth operation of railways, airports, highways, and construction sites.
According to the startup's website, the system can significantly improve the efficiency of railway operations, including an 80% reduction in vegetation inspection costs, a 34% reduction in accident risk, and a 45% increase in operational efficiency.
Although the team has only established for three years, they have gained a lot of experience that can be used as reference for other startups, including:
1. Multicultural and interdisciplinary professional perspectives can inspire unexpected innovation – the team members come from Hong Kong, Mainland China, Tajikistan, Bangladesh, Indonesia, Pakistan, and more. Their professional areas include mechanical engineering, computer science, computer engineering, civil engineering and logistics engineering.
2. Reaching out to clients through intermediaries – railways, airports and highways are operated by large public organisations or government departments which are difficult for a startup with limited network to reach out. This is also a problem that I often faced in the early days of my business. Kodifly works with partners who have established connections with its target customer base.
3. Development and adaptation of technologies for different scenarios and needs – how to effectively integrate innovation and technology with existing infrastructure is a greater challenge, especially as Hong Kong's road infrastructure is mature and there is limited room for change. The team will suggest the installation of some additional facilities or the use of mobile devices to make it more acceptable to customers.
This startup was selected into our Esri Startup Program last year, where it offers free access to geographic information system (GIS) software and training. I hope that they will use geospatial intelligence to promote the development of smart cities.
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