How Millennial Entrepreneurs are Embracing Technology
Today, an increasing numbers of millennials are forgoing a comfortable 9-5 job for freelance, startups and other business opportunities within the gig economy. Further statistics, such as that of Bankrate.com found that roughly 37% of Americans have a "side hustle" indicate the extent of what is going on. A side hustle can be classified as any type of employment undertaken in addition to a persons full-time job, which can rage from freelance writing to selling clothing online. A side hustle is not having a second or part time job, but rather an opportunity to make money on your time and at your own will.
What is seldom referenced is how these individuals can create this different type of lifestyle. The answer is that they are using emerging technologies to discover opportunities such as e-commerce marketing that was until now, very difficult navigate. Here is a way that technology has enabled this change.
We don't think twice when it comes to object recognition software and we have almost grown accustomed to this little tool. Object recognition can be classified as technology in the field of computer vision for finding and identifying objects in an image or video sequence. Most notably we see it on platforms such as Instagram, Facebook or Snapchat but more and more companies are starting to integrate it. Especially large e-commerce companies such as eBay and Amazon. The reason for this move is that these companies have recognized that to keep their users, constant innovation has to be of the utmost importance. What object recognition does is that it enables the end user to save time by snapping a quick picture instead of entering a long descriptive text in the search bar. Science further confirms this by demonstrating that the more barriers that are removed, especially in the e-commerce space, the higher the likelihood that the customer will purchase the item.
Entrepreneurs, in turn, use this to search through items of interest to find things to sell on e-commerce sites or compare with various retailers to find the best price. Both are enabling them to save money as well as a massive potential to make money from better product identification. While this is simple for customers, behind the scenes is a complex system in place to ensure the utmost accuracy can be achieved.
The eBay app, for instance, uses a deep learning model called a convolutional neural network to process the images. Once an image has been captured, the app scans all of their live listings, roughly 1.1 billion, to compare pictures to what is already being sold. Then it ranks the items based on visual similarity and uses an open-source Kubernetes platform to ultimately find the thing you were searching for. Amazon uses more or less the same concept but on an AWS system. Object recognization has also become a focus to startups; most notably us at Systems Imagination. We use object detection in the field of histology. Here we are building a system that can classify blood cells and identify abnormalities within both red and white blood cells. This can be valuable tool to detect infections and other anomalies within the human body.
As technology continues to change and innovate, more opportunity is becoming available to entrepreneurs and those who run businesses. Object recognition is only one of those innovations within technology.. If it has any indication of what is happening, we will see countless more changes quite soon.
August 16, 2018