Connect with us

Politics

4 Actionable Tips for Naming Your Next Startup – ReadWrite

Published

on

4 Actionable Tips for Naming Your Next Startup - ReadWrite


With a lot of conviction and contemplation, you have stepped into the world of startups. You have undergone the grind of evaluating and reevaluating your startup, chalked out a roadmap, did market research, and came up with prototypes. And now you’re ready to manifest your plan into a profitable business.

What’s in a Name?

But before you can move forward with your hustle, you have to work on the most important aspects of your startup, choosing a business name for it. Naming your startup may look easy at the outset, but it is a challenging task.

You will need to keep the following objectives in mind when you’re thinking about potential names for your company.

  1. Your startup name should reflect your brand value
  2. Your startup name should be simple and memorable

As your startup’s name will stay with you for years to come, you need to be extremely careful about choosing one. I’m going to share 4 actionable tips to help you choose a great name for your next startup. Let’s get started.

  1. Make it memorable

Your startup’s name will be tied to its identity for the foreseeable future so make it as memorable as you can. It is one of the first things that your team and potential customers will utter when they mention your business to others. “Your name sticks with you,” says Jenny Stanley, managing director of Appetite Creative, a branding agency covering Europe and Dubai.

Your startup’s name will appear everywhere — pitch decks, presentations, brochures, websites, marketing campaigns, email addresses, business cards, products, and so much more. Using a catchy and memorable name for your startup that resonates well with people will help you instill an excellent first impression in your target audience’s minds.

  1. Keep it short and simple

Amazon, Walmart, BestBuy, Target — what do these companies have in common? Their brand names are short and simple. They are easy to spell and pronounce. The average length of company names on the Fortune 1000 list is 14 characters. People easily remember shorter names, which helps a lot when marketing your products or services to the world.

By now, you might already have a list of potential names. Shortlist 2-3 of these names, present them to your friends and family members and gauge how they react to them. If people are able to remember even one name and spell it correctly, congrats, you have achieved your goal. Hence, walking in your customer’s shoes will help you choose the right name for your company.

  1. Stand out from the crowd

One thing you need to keep in mind while entering any market is either there will be too many players in it or none at all. In both scenarios, you need to carve out a niche for yourself.

Let’s talk about the first case — when there’s cut-throat competition.

When markets get competitive, a portion of entrepreneurs tends to copy their rivals, hoping to get rich quickly.

For example, let’s say that there was a content marketing agency with the name “contentDen” that recently became a market leader. As soon as other entrepreneurs get a whiff of the contentDen success — they will start launching their own agencies with names like “ContentPlace,” “ContentCrib,” and “ContentSpot,” forgetting that this will hamper their business in the long run.

You have to realize that by using similar names you’re giving away brand leverage to the company that has already made a name for itself. It will not only confuse your future customers but a portion of them will end up going to your competitor. Your customer acquisition rate will literally go down the drain if your customers can’t remember your startup’s name easily.

Create your own demand for a product or service.

In the second case, when you’re a new entrant in the market and there’s relatively low or no competition, you will need to create demand for your product or service. Therefore, you ought to choose a name that catches on fire and leaves a long-lasting impact on your audience. After all, your brand’s reputation will be one big component that decides your place in the market.

Choosing a name that stands out from the crowd instills a sense of curiosity amongst people. If you use a unique and out-of-the-box name, people will be more likely to think of you when they need a product or service that you offer.

  1. Acquire the domain name

Once you have narrowed down a startup name you like, it’s time to check whether a matching domain name is available for registration. You can use a company like GoDaddy to register the domain name. If the domain you want isn’t available there or if you want to brainstorm more name ideas, try a brandable domain marketplace like Alter where existing owners list their domain names for sale.

You should always go with a .com domain because that’s what your customers will be expecting.

All the other domain extensions like .net or .org won’t look as professional. Plus when your customers try to visit your website they’ll always try the .com extension first. If you don’t have it then that customer will land on someone else’s website on your dime.

Once you have acquired the domain name, don’t forget to look for matching social media handles for your startup on Twitter, Facebook, LinkedIn, and so on. These will help your startup increase its brand awareness online.

What’s in the name? Everything.

Your startup’s brand name will be its primary identity. It will create a particular image of your company in the mind of your customers. Plus the name you choose will stay with your startup for the rest of its lifespan so make sure to invest a serious amount of effort into it.

Use the 4 actionable tips above to help you find the right name for your next startup.

Image Credit: burst; pexels

Evan Morris

Known for his boundless energy and enthusiasm. Evan works as a Freelance Networking Analyst, an avid blog writer, particularly around technology, cybersecurity and forthcoming threats which can compromise sensitive data. With a vast experience of ethical hacking, Evan’s been able to express his views articulately



Politics

Fintech Kennek raises $12.5M seed round to digitize lending

Published

on

Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

Continue Reading

Politics

Fortune 500’s race for generative AI breakthroughs

Published

on

Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

Continue Reading

Politics

UK seizes web3 opportunity simplifying crypto regulations

Published

on

Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

Continue Reading

Copyright © 2021 Seminole Press.