What’s Emotional Intelligence? Described as a concept that involves the ability, capacity, skill, or self-perceived ability, to identify, assess, and manage the emotions of one’s self, others, and groups.
Emotions affect our behavior and also hold the power to influence the way we think. Referred to as Emotional Quotient (EQ) and Emotional Intelligence Quotient (EIQ). Emotional intelligence can be described as one being aware of the emotions of one’s self and that of others and using them to guide behavior.
There are two sides to Emotional Intelligence, including being able to recognize emotions in ourselves and responding to them. And being aware of the emotions of others, using it as a guide to managing behavior.
There are two sides to emotional intelligence, including being able to recognize emotions in ourselves and responding to them. And being aware of the emotions of others, using it as a guide to manage behavior.
Focusing on the following abilities:
To assess how others feel
Be conscious of how others feel
Connecting with others
Identifying emotions
Controlling one’s own emotions
Using emotions to aid social communication
The four main elements of Emotional Intelligence include:
Self Awareness
Self-awareness refers to the ability to recognize one’s emotions correctly and be aware of your thoughts and handle your feelings. Keeping track of your emotions and being conscious of how they affect others as well.
Self Management
Most of the time you cannot control what’s happening around you in your surroundings but you definitely can control how you respond to it. Self-management is precisely the same; it includes managing stress, motivating oneself, controlling one’s impulses, and regulating your thoughts and emotions in various situations.
Social Awareness
Social Awareness includes considering things from another point of view. Understanding different perspectives and standpoints of others. Social awareness plays a great role in society helping one be an empath, collaborate and share information with others. Lastly, it makes the process of communication easy.
Relationship Management
As the name implies, Relationship Management in context with emotional intelligence includes enhancing your listening and speaking skills, conveying your emotions in a non-defensive way, the ability to deliver and accept feedback, resolving conflicts, and being respectful and appreciative of others. Leaving others with a positive impact.
Why is Emotional Intelligence More Important Than Intelligence?
Having a high level of Intelligence Quotient (IQ) is not the only essential aspect of guiding a leader. EQ is equally critical to having balanced leadership. Studies have shown that emotional intelligence might be even more essential than cognitive intelligence. Asking how you feel could be a key question in understanding and being self-aware. How? We will explain that further.
In relation to Entrepreneurship, There’s so much buzz these days with emerging startups, entrepreneurs, and breakthrough products in the market. But what is the meaning of entrepreneurship, anyway?
Entrepreneurship can be described as the ability to build up a business with a new business model or improve an existing one with the aim of building profit or making a social impact.
Being an entrepreneur is cool. But it comes with its own set of challenges. Being one requires you to be more than an innovator, risk-taker, or just a leader. Sure, these do fall into the categories of three qualities that are required for being an entrepreneur, along with the ones listed below:
Managing people
Having an open and easy-going attitude
Following their passion and being highly motivated
Having a spark of creativity
Being well-rounded and having a passion for the work they do
Curious to learn
Let’s take a look at the challenges faced by an entrepreneur:
Hiring the right people and staff
Managing time and budget
Making the right decisions
Building connections and collaborating with other organizations
But being an entrepreneur is more than that. It also requires emotional intelligence. Emotional intelligence is so valuable these days that companies consider choosing one’s employees based not only on their IQ but also on their EQ test. An article from Forbes has also stated that empathy is the most important leadership skill.
Importance of Emotional Intelligence in Entrepreneurship
Wise Decision-Making
While decision-making, rational thinking is critical. Making the right decisions for anything has a huge impact on your business. Be it investing in something or making changes to the packaging of your product. Keeping your emotions in check, and self-regulating your emotions from time to time will help keep the bar of making irrational and impulsive results low. You act wisely rather than make careless decisions under the influence of your emotions.
Create and Improve Relationships With Empathy
Empathy is the ability to put yourself in another person’s position and see and feel from their point of view. Empathy makes a person better listener, and creates better connections and relationships with others. You practice sharing how you feel and based on being aware of others’ emotions you also understand the power dynamics that influence the social dynamics in different situations. You learn to respect other people’s experiences and respond appropriately.
Empathy helps people to be seen and acknowledges their presence. This helps your employees to develop and also gain their loyalty and respect. Increased empathy levels also mean better health and quality of life with reduced stress. Other important soft skills such as interpersonal awareness, self-esteem, resiliency, stress management, and motivation all fall under emotional intelligence.
Diffuse Conflicts
Arguments may occur when differences in opinions may arise, things might take a quick turn when things turn heated and neither is ready to understand the importance of being aware of the other person’s feelings. Turning it into a conflict that makes the surroundings stressful. One learns to be able to handle distressing emotions effectively by adapting to situations and practicing flexibility. Handling communication tactically and effectively managing conflict helps maintain harmony.
Effective Communication
Communication is important in any relationship. It involves the encoding and decoding of the message. Communicating does not only involve the message, but also the way you say it and decode it. Technology has made the process of communication so much easier now. It only takes seconds for you to deliver your message to the other person exactly the way that you want it.
Proper and effective communication is a very important part of Entrepreneurship. In a business setting, it can make or break a deal. Communicating consists of both verbal and non-verbal communication. A higher level of EQ makes you good at reading the body language of a person, making you better at non-verbal communication and working in group environments better.
By gaining a sense of self-control, you can communicate clearly rather than letting your message be clouded by your emotions and respond to a situation in a calm, measured, and reflective manner. You can control your reactions. You are confident and communicate your thoughts with clarity and with effect while communicating. Not only that, but you allow yourself to communicate better, you tune into other people and notice them. EI strengthens your communication skills.
Your employees are the most valuable assets to your company. So, you have to be careful with how you connect with people and understand them. With a higher EQ, you can build stronger relationships at work, and create environments that are best for your employees. Making them feel valued and appreciated. When you are critically aware of their emotions, you can better manage them, Change the magnitude of the efficiency of your employees’ performance, predict their job performance as well as retain them.
Establishing a Clear Vision
Leadership requires you to have a clear vision and be able to communicate it continuously and creatively. It’s important to look at how your employees feel about certain goals and challenges in your team. It helps you read and manage the energy in the room and better understand how to channel it.
With Emotional resilience learn to bounce back at the challenges, crises, failures, setbacks, or difficult situations thrown at them which happens more than often in the business environment. Entrepreneurs adapt to them in a positive manner. With higher emotional intelligence comes confidence, positivity, and stability for a leader to bring the organizational vision into the light and turn it into reality.
Inspire, Motivate and Tackle Self-Doubts
EQ teaches you how to bounce back, which leads to a better flow of emotions between your rational and emotional brain. Allowing the rational brain to understand the emotions better. Rather than acting impulsively and preventing you from drowning in them. It transforms poor experiences into great ones rather than just assuming the worst-case scenario. You become more introspective.
Practicing emotional intelligence makes one aware of one’s own strengths and weaknesses, which is beneficial to tackling self-doubts that come your way. You are intrinsically motivated and driven by passion which makes you action-oriented, and committed to what you do and enables you to take initiative. Emotional intelligence is important for one to be able to achieve new goals and better ways of learning to do things.
Improves Social Skills
Social skills are a huge part of being an entrepreneur. Collaborating with other people or organizations with whom your goals align requires social skills. Being able to persuade others and coordinate and cooperate with others to collaborate with other organizations working towards similar goals. Guessing social cues, taking initiative, and negotiating are some significant skills that are required for you as an entrepreneur to thrive.
Team building
With a high level of EQ, you become proactive and take the initiative to manage those around you, becoming well aware of their emotions. People want to feel valued and appreciated. As an entrepreneur with high emotional intelligence. You not only perform better but also build a cohesive team that enables problem-solving, and creates a positive environment with empathy. And direct the team towards working on the main objective of the group.
Make it a practice to connect with your emotions. Being vulnerable takes courage. Talking about your emotions and being self-aware will help you so much rather than just blocking them and not acknowledging your emotions. Talk about your emotions with someone you trust. Remember, there is no just thing as good or bad emotions. Let your mind process what you are feeling. Align your head with your heart. Accepting and acknowledging your emotions can be the first step in practicing emotional intelligence.
Connect Emotionally With Others
When someone is talking, actively listen to them. Be present and observe their body language and gestures and read the non-verbal cues. A professional surrounding does not mean there shouldn’t be an informal conversation, if so, create the space for non-professional dialogue to flow. Conversations around non-professional matters will help you connect and understand the other person better. Respect the emotions of others, offer new perspectives to them, and give them where necessary. Not everyone can understand emotions naturally but emotional intelligence can be practiced and put to use.
Use Your Team’s Feedback
Let your colleagues all chime in when you understand what they are saying. You can better understand the problems existing in your organization and find a way to change them, which in turn makes room for everyone to grow. Conducting feedback sessions can be a great tool for group improvement.
Other tips to improve emotional intelligence include:
Use gratitude practice
Tune into your emotions. Monitor and track your own emotions and see how they affect others. You can maintain a journal to help understand how you feel.
See how you as a leader are affecting the people that need you to guide and direct them
You can make space for emotional intelligence to grow by surrounding yourself with people who have a positive outlook on life and are willing to support you
Try listening to the problems of the people, give regard to their feelings and try to look at what’s causing them
Practice empathy by accepting and being respectful toward the feelings of others
Create a positive atmosphere in your office spaces where everyone’s opinions are welcomed. Which will help the members be proactive and innovative.
Conclusion
Success is not just based on measuring one’s IQ, it also involves the essential elements of one’s behavior and character. Emotional intelligence has the power to encourage entrepreneurs to do better and redefine what entrepreneurship means. These practices are sure difficult to put into practice but can be induced in our day-to-day activities in an organization.
Reviewing the outcome of practicing emotional intelligence, one will realize that we can create entrepreneurs that are better leaders, working in fast-paced environments that can effectively manage their teams as they have their teammates have their emotions in check with what they do. They learn to manage conflict, change and create space for collaboration and connection. Remember emotions hold the power to move.
FAQs
What do IQ, EQ, and EIQ stand for?
IQ stands for Intelligence Quotient; EQ stands for Emotional Quotient and EIQ stands for Emotional Intelligence Quotient.
What is Emotional Intelligence?
Emotional Intelligence can be described as one being aware of the emotions of one’s self and that of others and using them to guide behavior.
What is Entrepreneurship?
Entrepreneurship can be described as the ability to build up a business with a new business model or improve an existing one with the aim of building profit or making a social impact.
Project management software makes a company’s daily workflow transparent and discoverable. Handling a company’s workflow can be difficult. It would help to visualize a path forward while considering past results, information, and recent projects. This is certainly relevant for decision-makers, and it is mainly the case in this modern era of working remotely.
While keeping track of many working components is a significant aspect of the work, a project supervisor’s life could be made far less hectic by utilizing the finest tools and building a potent efficient software system.
There are multiple software packages, and selecting the best one is tricky – each firm is unique, and choosing the irrelevant one might leave you with a slew of features you don’t want and a few spaces you can now optimize. Since Asana is amongst the most common project management software, it’s not a “one-size-fits-all” option.
Asana is a well-known project management tool. It is simple to use and incorporates countless project visualization and collaborative project resources in one spot. However, it’s not for everyone.
It’s existed for years, has grown among the most widely used systems, and has developed into a simple framework for decision-makers to strategize, arrange, and oversee tasks. Asana stands out in a sea of technology platforms.
However, it wasn’t the only software solution in the segment. The industry has larger, better equipment that may cater to teams effectively than Asana. These tools are adaptable, although they do not perfectly fit every squad. What these groups may find inept, other groups may find instrumental.
Today, I’ll cover the best 15 Asana alternatives to assist you in discovering the project management software that’s right for you! The criteria for this observation were portability, viewpoints, and serviceability.
Despite the fact it has various elements and was prevalent a few years ago, folks are still searching for the perfect substitute. It was back in the day when this was recognized for its stylish and simple layout, and subscribers discovered it to be an all-in-one platform with excellent team collaborative skills.
Clients are now searching for an alternative that can meet their teammates’ requirements with smooth functionalities and cooperative features. Some clients also look for an alternative based on their budget and team strength. Are you interested to learn about them? If yes, then let’s dive right in.
1. Basecamp
Founded: 1999
Ratings: 4.3
Basecamp Website
Basecamp, among the most widely used project management tools available, offers collaborative project work and a client gateway for partnering with folks beyond your squad. It’s the best option for midsized firms seeking a dedicated app with several collaborative project tools. It’s a great option that includes a to-do checklist, internal communications, Kanban graphs, organizing, and much more.
Pros of Basecamp:
Basecamp provides a secure and safe platform for the work and data to be protected.
Has two different inboxes, with one solely dedicated to all the messages from Basecamp.
It provides an unlimited number of tools and options for the easy management of work.
Cons of Basecamp:
Limited customization is available.
Does not have proper time tracking tools to work at.
2. Trello
Founded: 2011
Ratings: 5
Trello Website
A Kanban framework allows you to remain on top of projects with multiple steps. It won’t take long for you to figure out how to make unique sections for various project steps. “Upcoming,” “in progress,” and “awaiting feedback” are examples of Kanban sections. It’s ideal for people and private teams because it’s suitable for monitoring freelance initiatives with customers.
Pros of Trello:
It is compatible with almost all types of devices and does not hinder the workflow with the change of device.
The whole work process and the platform are simple and easy to be used by anyone.
It provides a clear and transparent working system as all the moves made on the platform are easily visible.
Cons of Trello:
Trello is not for everyone, its tools are more appropriate for a simple organization.
It does not provide complete integration on its platform.
3. Plutio
Founded: 2015
Ratings: 4.7
Plutio Website
Plutio is another great business management software that gives tough competition to Asana. The services provided by Plutio are much more than that of Trello in terms of attributes. Plutio is just like other business management software that helps in the easy management of different works and is also known to be GDPR compliant.
Pros of Plutio:
Plutio is made in such a way that it enables its users to the real-time progress of their work and also allows them to track their time.
With the tools and options made available by Plutio, the work completed by it has increased efficiency with enhanced workflow.
Plutio is one of the most versatile and complete platforms for project Collaboration.
Cons of Plutio:
Plutio is not available as a mobile application for mobile users.
Has lesser template options than other similar platforms.
4. ClickUp
Founded: 2017
Ratings: 4.7
ClickUp Website
ClickUp combines many advanced features into a single application, including documents, excel sheets, task monitoring, and more. The main attraction is that it begins with a freemium model, with the paid version starting at $5 per client. It is ideal for teams seeking a centralized means to control projects across divisions.
It incorporates management essentials such as kanbans graphs, status frameworks, memos, and workflow charts, so you see what your coworkers are up to! They are a distant partnership center that assists your squad in managing projects, targets, and documents. It’s ideal for digital marketers and product managers who need a feature-rich cooperative workstation to manage.
Within this valuable tool, you can monitor goals, send a team personal texts, and create a checklist. To meet all of one’s requirements, one can use Kanban and planner views and computerize customer reporting and dashboard.
Pros of ClickUp:
ClickUp provides 20+ view options for easy customization.
Allows the real-time tracking of goals and progress made uptill there.
Allows easy synchronization of the work process between multiple devices.
Cons of ClickUp:
Has quite poor UI as compared to other platforms.
ClickUp provides a number of features and tools which might get users confused with their use and the option to select among them.
5. Freedcamp
Founded: 2010
Ratings: 4.5
Freedcamp Website
It facilitates teamwork within a projected management software. It’s the most cost-effective tool on this list. There is a lite option, and premium subscriptions begin at $1.49 per month per subscriber. As a result, it’s ideal for squads and people looking to up their game on a price limit.
It’s crammed with tools, but it’ll never become congested so you can conceal or reveal any of them and customize tools tailored to your specific requirements. Freedcamp allows us to work with Gantt, deliverables, or Kanban panels.
Pros of Freedcamp:
Provides easy visualization of tasks and progress by giving out the ultimate task list on the dashboard.
Has several templates options to use
Provides easy communication options between the members of a group or any individual.
Cons of Freedcamp:
The mobile app functionality of Freedcamp can be improved.
Provides a number of features that can get a user confused with their actual use.
6. Clarizen
Founded: 2005
Ratings: 4.2
Clarizen Website
Clarizen is a business management software, It provides Software as a Service facility to its clients. Each strategic discussion and activity is interconnected, allowing managers to traverse between sub-projects, activities, group leaders, and users. It consists of risk planning, project timesheets, and expenditure monitoring. It makes the work more efficient and easy for the workers with the help of its vivid tools and services.
Pros of Clarizen:
Clarizen provides good transparency for its customers to have clear sights.
Has one of the best revenue tools that help in making the revenue projections and recognition more timely and accurate.
Provides easy-to-use tools for project management in almost all aspects.
Cons of Clarizen:
Recording tools are absent on the Clarizen platform.
Has limited integration for cloud applications.
7. Monday.com
Founded: 2012
Ratings: 4.5
Monday.com Website
Monday.com is among the most effective apps for team-wide partnership as it’s the most holistic tool to keep all you want in a centralized area, with machines, add-ons, and project management features abound. It combines many of your best tools and offers numerous methods for analyzing and sharing initiatives, receiving alerts when it’s time to add value, and easily encouraging your squad.
Pros of Monday.com:
Monday.com provides several easy integration tools to its customers for better work management.
The platform is better and provides a complete solution for business owners with pocket-friendly prices.
Monday.com is made with such a feature that allows the customers to have detailed insights about their work and progress.
Cons of Monday.com
Has limited task dependency functionals.
The navigation many of Monday.com is not up to mark.
8. Workzone
Founded: 2002
Ratings: 4.7
Workzone Website
Due to a similar user experience, it is like Asana but has a distinct feature. It could display a portfolio outlook of all works, flowcharts, project milestones, and improved reporting aspects like delegating, streamlining processes based on relevance, and setting permissions for specific users.
Pros of Work Zone:
It provides a specialized feature that allows different workspaces to be dedicated to different clients.
The customization option given by Work Zone is quite useful and different from others.
Work Zone features provide easy and customized experiences for its clients.
Cons of Work Zone:
The interface looks outdated.
Work Zone lacks some features like an online chatting option in a live meeting.
9. WP Manager
Founded: 2016
Ratings: 4.6
WP Manager Website
It has a freemium version to meet your expanding requirement. It has over 9000 active downloads. It has aided many rising and modern startups by lowering costs and increasing transparency in management. It includes endless tasks, a graphic UI, a time tracker, and the potential to transfer all documents in one spot. It also involves apps for setting subtasks, and payment invoices, and allowing digital payments via the Stripe gateway.
Pros of WP Manager:
Has a unique feature of creating tables just like spreadsheets along with the easy synchronization of Google sheets and documents.
The platform is easy to use and updated with new tools and services.
Customer services provided by them are excellent.
Cons of WP Manager:
The services provided by WP Manager are quite costly when compared with other platforms.
Lacks some of the features that are provided on other platforms.
10. Wrike
Founded: 2006
Ratings: 5
Wrike Website
It’s another all-in-one application. They offer scheduling, Gantt charts, Kanban panels, and a wide range of views. for monitoring deadlines and initiatives, It offers a free lite edition for roughly 5 subscribers, as well as paid plans which begin at a low monthly price per user.
It allows your squad to divide work into distinct divisions, making it a great choice for big groups that need to integrate across multiple tools and divisions without exiting the dashboard.
Pros of Wrike:
The platform Wrike is considered a powerful platform that allows the tools and services to be easily customized as per the need of clients.
The customer service of Wrike is commendable.
Wrike provides a free version of its paid service that helps the customers to get a detailed insight into its features and its terms of use.
Cons of Wrike:
Has a limited filtering option to use.
Wrike can be difficult to work with for new users.
11. Jira Software
Founded: 2002
Ratings: 4.4
Jira Software Website
It is intended for experienced users. It’s a safer option for handling IT projects. It integrates with Asana, so shifting is pretty simple. It has an endless number of customization options and manages errors and bugs. Jira software is used by remote teams and budding startups to make their working process much more straightforward and time-saving.
Pros of Jira Software:
Allows the sharing and easy visualization of roadmap tasks on selected profiles.
The platform can easily be customized to fit the client’s working pattern.
The team of Jira Software is composed of professionals of different categories. They help out their clients when stuck on some issue. Hence, their customer service is up to the mark.
Cons of Jira Software:
Contains limited software integration options.
Occasional server issues make it difficult to work seamlessly on its platform.
12. Teamwork
Founded: 2007
Ratings: 4.5
Teamwork Website
It’s what makes the vision come true, and this software provides you with a centered bird’s-eye view of the projects all over your organization in one location. It’s perfect for workgroups of all sizes, from agencies to large corporations. It doesn’t disappoint with teamwork elements present in the majority of the tools, such as Kanban, Gantt charts, and personalized dashboards.
Pros of Teamwork:
The user interfaces part of Teamwork is made utmost simple. Hence the whole platform provides easy to work setup.
Provides several tools that can come in handy for simple tasks like setting up the time of logging or tracking the workload of different customers.
Teamwork is a pocket-friendly platform that also gives out free service for 30 days that can enable the user to get many details about its features.
Cons of Teamwork
A number of tools make it complex to work with for new users.
Has a little bit of slow response when any modification is applied on its platform to get into action.
13. MeisterTask
Founded: 2015
Ratings: 4.5
Meistertask Website
This is a fantastic Kanban resource that tracks the advancement of ongoing initiatives for all of your colleagues using functionalities such as tags, authorizations, and deadlines. You can customize it to remind folks when it’s their time to add value to a task, and once designed, you must drag this to the right section to inform your coworker to take over.
Pros of MeisterTask:
Provides an excellent set of tools for team collaboration and extensive integrations.
Provides a detailed insight on the project management process and your stand on it just after you log in to your account.
MeisterTask provides good security for the customer’s data on their platform.
Cons of MeisterTask:
The free version of MeisterTask allows access to very limited tools as compared to other similar platforms’ free versions.
MeisterTask integration can be glitchy at times.
14. Hive
Founded: 2016
Ratings: 4.5
Hive Website
It has some excellent real-time messaging capabilities. It’s well-known for its timesheets and resource planning for teams. So you can start planning and see what your teammates are up to at any particular time. It has a nice focus mode where you can prevent any diversions and remove any URLs that you frequently visit.
Pros of Hive:
Hive provides several tools that are essential for an easy workflow system.
Hive platform is quite flexible and also provides excellent customer service.
Hive gives out its services with utmost transparency and at a value for service rate.
Cons of Hive:
The mobile application of Hive is less responsive than its desktop version.
Lacks many essential functions from its platform that make project management easy.
15. Paymo
Founded: 2008
Ratings: 4.7
Paymo Website
No, it isn’t a payment service; it’s a framework that also enables users to create direct client relationships. It helps in tracking your time and is very prominent with those that are time-conscious, who interact with customers, or who strive and enhance their time online explicitly. It’s more like an analytical tool. Reports allow you to go further.
Pros of Paymo:
Provides a fully customized dashboard that can keep a record of upcoming tasks and ongoing tasks with also a few completed tasks on it.
They provide comprehensive tools for easy project management.
The customer service is quick and reliable.
Cons of Paymo:
The whole setup process takes much time to get in working condition.
Paymo can sometimes cause a slight delay in syncing information on its platform.
16. Airtable
Founded: 2012
Ratings: 4.5
Airtable Website
The product has been available for a while. People who want to integrate data and create the ideal workflow within one app have a great deal of confidence in it. It’s pretty astounding, also for personal usage, to pull in that much data at once, and it shows how expertly the integrations were constructed.
Pros of Airtable:
All-in-one app
Integration is managed at its best.
Provides a similar experience to a spreadsheet.
Cons of Airtable:
Does not include many options for payment solutions.
For the new users, it is quite challenging to learn and use the platform.
17. Zoho Projects
Founded: 2006
Ratings: 4.5
Zoho Projects Website
It enables you to oversee your software and maintain records of it, enabling you to cooperate and think accordingly. Much as in the Microsoft world, you may easily opt into a subscription plan that works best for you and your team. This may be better for you if you’re currently integrated into the Zoho framework.
Pros of Zoho Projects:
Monitor and control your software with ease.
Proper handling of important documents which in turn saves time.
Provides adequate services based on its pricing plans.
Cons of Zoho Projects:
The platform requires to update its bug reporting system.
Setting up the Zoho Project can be challenging for new users.
18. Notion
Founded: 2013
Ratings: 4.7
Notion Website
It’s an excellent project management software, particularly for people who also want a wiki. For instance, within click up, where you may use documents, you can find wiki tools. But that serves as a kind of its standout feature.
Numerous databases are also present. Notion helps you to keep stuff organized by handling them in various viewpoints like board gallery table and timeline right now, among many others.
Pros of Notion:
This program is really outstanding if you’re seeking items to be stable but also items to be in flow like with your app.
Saves a great deal of time by organizing tasks in an efficient manner.
It comes with an inbuilt customization feature that is of great help in managing tasks and teams effectively.
Cons of Notion:
Text formatting tools need to be updated.
Setting up Notion is quite a slow process.
19. Smartsheet
Founded: 2005
Ratings: 4.5
Smartsheet Website
It distinguishes itself by being an extremely user-friendly form of excel. It assists you in developing project management tools that make it simple to track, analyze, and oversee performance. This is the justification for selecting this tool if you truly prefer to concentrate your search to make it simple.
Pros of Smartsheet:
Simple to use.
The data is lined up with a great security system.
Even after being lined up with great security, Smartsheet can still face security-based issues.
Overall visibility and user interface can be updated.
20. Nifty
Founded: 2017
Ratings: 4.7
Nifty Website
It’s clever for aiding team organization. The product is relatively fresh on the market. According to G2, it was named the best project management tool. It does have the appearance of a sauna and a Gantt chart combined into one app.
Can be integrated easily with other document management and meeting platforms.
Provides a number of views for the clients to choose their best-suited options from it.
Cons of Nifty:
After each update, re-authorization of third-party applications is required.
Templates options are limited.
21. Zenkit
Founded: 2016
Ratings: 5
Zenkit Website
There are chat, note-taking, to-do, and project management apps available. In essence, they are creating a collection of apps, and within their primary zenkits projects app, they have a huge range of features including kanban, strong filters, mind-mapping tools, hierarchies, and activities to be performed, and much more.
In fact, agile teams are fairly accustomed to it. Although its look isn’t as appealing as other of their products, you may still access their other services through it. This can be a useful add-on if you’re purchasing their package or ecosystem.
Pros of Zenkit:
All-in-one app making your job easier.
A diverse range of features.
The platform is in constant development mode, hence ensuring the best services to its clients from time to time.
Cons of Zenkit:
Has access to limited language facility.
Zenkit does not include RTL text option.
22. Coda
Founded: 2014
Ratings: 4.7
Coda Website
In terms of setup and installation requirements, it is a little more complex. They have two distinct plans, one for editors and the other for builders. So you can see how difficult it is to install the system, however, once it’s established as a robust document, it can really blow you away because it has some amazing capabilities for managing things, automating processes, and building workflows that might save your team a tonne of time.
Pros of Coda:
Smooth handling of projects because of its robust mechanism.
Time is saved by everything from small details like document layouts to interfaces that let individuals know when something has been completed.
The platform provides one in all services.
Cons of Coda:
Coda has a limited API system.
Coda can be quite difficult to understand at first.
23. Slack
Founded: 2009
Ratings: 4.6
Slack Website
It is mostly used as a tool for corporate communication. Slack Project is incredibly helpful for small enterprises’ fundamental project management needs. Small teams can use it for free. With projects, groups, or activities organized into separate topic streams, it is incredibly easy to utilize.
Due to the software’s emphasis on communication effectiveness, it is perfect for small teams’ ongoing tasks and activities. You can build as many channels as you want with the free Slack subscription, but you can only view the 10000 most recent messages for your team.
Pros of Slack:
It enables integrated team and project interaction.
Teammates are reachable by phone and video call.
It is perfect for daily assignments involving small teams.
Cons of Slack:
Slack has limited storing capacity and files are prone to get deleted after a few days only.
The platform contains minor bugs that can hinder the smooth working at times.
24. ProWorkflow
Founded: 2002
Ratings: 4.5
ProWorkflow Website
This might be a useful tool if your company works closely with its clients and subcontractors and they all collaborate on projects together. You can really grant them access to it. It’s not really clear from the visual perspective. It is not as thoughtfully organized as a few of the other utilities.
Pros of ProWorkflow:
Works best as a collaborative tool.
The dashboard is super handy as it keeps the user updated of their deadlines and priorities.
Provides the best support system along with free training to its clients for a better understanding of the platform.
Cons of ProWorkflow:
Has limited customization and integration options available on its platform.
ProWorkflow can take some time for a new user to get habitual of its working method.
25. Nutcache
Founded: 2013
Ratings: 4.36
Nutcache Website
This particular application is extremely fantastic if your company manages a lot of simple projects and bills customers (invoicing based on your hours worked). As a result, this tool loses effectiveness as projects get more complicated because there aren’t many third-party connectors available.
This is an excellent solution if you only require infinite activities and assignments, and you don’t require the ability to create accurate invoices in the near future or now.
Provides all-in-one solutions with utmost simplicity.
Cons of Nutcache:
Time tracking feature is not up to the mark.
Filtering options can be made better.
26. Teamgantt
Founded: 2009
Ratings: 4.4
Teamgantt Website
This program focuses on Gantt charts and provides a good depiction when browsing Gantt charts for your tasks so you can understand what needs to happen next, what’s popping up, and all that stuff. You can choose from a wide range of freemium choices before upgrading to one of their paying packages. For those with visual learning styles, little resources, and simple projects, this tool is advised.
Pros of Teamgantt:
It’s clear from the visual perspective.
The freemium offers a lot of capability.
Has a system of providing easy communication between the client and their team members with the facility of tracking the progress.
Cons of Teamgantt:
User Experience is average.
The underlying design of the platform is not eye-catching.
27. Kissflow Project
Founded: 2012
Ratings: 4.5
Kissflow Project Website
The reporting capabilities of this tool are its strongest suit. Therefore, if you’re having trouble managing your staff because they aren’t meeting deadlines, this application will simply be able to inform you whether projects are on pause, in process, or finished. In order to ensure that everyone can meet their deadlines, you can get a general idea of where everyone is at.
Pros of Kissflow Project:
Easily manages the reporting part.
Saves time by keeping a track of the tasks and projects.
It provides a simple interface platform that has been built up with stable facilities.
Cons of Kissflow Project:
Does not include the complete process mapping option.
Customer support is quite low as compared to other options.
28. Awork
Founded: 2014
Ratings: 4.5
Awork Website
The reason it is named “Awork” is that it is an excellent choice if nothing ever works for you. This is a great tool if you’ve used project management systems in the past but found them to be overly lengthy and complicated because it’s incredibly straightforward to use and has a very excellent interface. With this technology, UI and UX are crucial.
Pros of Awork:
Simple to use.
The user interface is perfect.
Provide great customer support responses.
Cons of Awork:
Few functions are still missing like a global calendar, etc.
Awork text editor contains minor bugs in it.
29. Proofhub
Founded: 2011
Ratings: 4.4
Proofhub Website
It serves as a consolidated hub for action items, processes, calendar management, Gantt charts, conversations, and files. Additionally, it facilitates cooperation with teams and outside clients. There are numerous reports, including workload and resource reports. It is suitable for freelancers and organizations of all sizes despite having very few interfaces and extremely poor task management.
Pros of Proofhub:
You can truly plan, manage, and keep a record of the tasks completed by your team with its assistance.
It does place a strong focus on simplicity.
Has a great pocket-friendly pricing plan that is true to its services.
Cons of Proofhub:
The mobile application of Proofhub is not compatible with every view for example table views.
Needs to include the option for managing budgets.
30. Forecast
Founded: 2016
Ratings: 4
Forecast Website
Any service-based firm would benefit most from this. As a result, if you are a freelancer and have a number of clients, some initiatives can be rather difficult, and if you are having to spend hours producing quotations for your work, they have built-in features that will make it incredibly simple for you to establish a forecast and track your time.
They have a tool they name “auto-scheduler” that is excellent for planning projects. It will automatically allocate jobs to various staff and generate an estimation for that specific project.
Pros of Forecast:
Simple to use.
Track various projects with ease.
Schedules and assigns tasks automatically making your job easier.
Cons of Forecast:
Lack of integration with other platforms.
Requires more updation to its platform.
Things to Keep In Mind While Selecting an Alternative
The above graph shows the important factors to consider while purchasing a Project Management Software
There are certain aspects to look out for when selecting a project management software other than Asana. They are as follows.
Time monitoring
It integrates with the Time Tracking application, a timekeeping framework that lets you monitor hours spent on projects. If you need to watch hours spent on projects, it’ll be updated to your account besides the project. Your platform should include a time tracker that tracks hours and enter time entries into timecards. This implies more input &, of course, reduced prices.
Ease
It should be simple to use. Keep in mind that it must ease, not worsen, the workflow. When searching for options, ensure it’s user-friendly and simple to use. And you don’t have to waste hours learning your app whilst doing tasks.
Quicker reaction time and effectiveness
When moving and slipping things in a lengthy list, its users face slow loading & time discrepancy. Ensure your software is quick to load & has a low click-through rate.
There are numerous other tools available today that outperform Asana in terms of attributes set and UI. As aforementioned, there are several tools available that are close to Asana, but it needs patience to seek the ideal match, which you can do by signing up for free sessions of all the features listed earlier in this section.
This is the smart way of deciding for your squad that they’ll recognize in the future. Have you had any favorite substitutes that we did not list? Subscribe for more related topics.
FAQs
Is Asana free forever?
Asana has three different plans for its customers. The basic plan is free of cost with limited facilities. Whereas the other two plans premium and business are paid plans with several key features added within them.
Is Jira similar to Asana?
Jira and Asana are almost similar to each other in terms of their service and tools. However, both these platforms were built with the different target audiences for their use.
Does Google have a project management tool?
No, till now Google does not have its own complete project management tool. Instead, it has different applications and software that forms a part of project management such as sheet, docs, etc.
Who is Asana owned by?
Asana is owned by a San Francisco company named Asana Incorporation.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by INOX.
Over the years, India has been seeing some huge setups related to trading and manufacturing. Today, the manufacturing sector contributes about 16-17% to the GDP of India and gives employment opportunities to around 21% of the Indian workforce.
One such business started, and ever since, they have been providing employment opportunities to a lot of people. India’s one of the most versatile and biggest groups of companies – Inox entered the business world about 90 years ago. In 1920, the company started as a newsprint trading business called Siddhomal and Sons by Shri Siddhomal Jain. Later in the 1960s, his son Devendra Kumar Jain established the Industrial Oxygen Co. Pvt. Ltd. in Pune.
Let’s go through Inox’s success story, which includes all information about the company such as its Founders, Products, and Services, Mission and Vision, Business and Revenue Model, Investors, Acquisitions, and more.
INOX group was started by Devendra Kumar Jain when he decided to go beyond the trading business in 1963. INOX is a multi-billion dollar group of many diversifications. The company first started out setting up manufacturing plants for refrigerants, PTFE resin, extracting and selling gases, and now the most popular multiplex chain INOX Leisure.
Today, the group has three different businesses – INOX Air Products, INOXCVA, and INOX Leisure. The company has been growing ever since its inception and has one of the leading positions in industrial gases, multiplex chains, and cryogenic engineering.
Inox Group has about 200+ business units all over India with more than 10,000 working individuals. Their distribution network is also spread across 50 different countries.
INOX – Founders and Team
Devendra Kumar Jain, Pavan Jain, and Siddharth Jain are the founders of INOX.
INOX Founders – Devendra Kumar Jain, Pavan Jain, and Siddharth Jain (left to right)
Devendra Kumar Jain
With a net worth of $3 billion, Forbes has listed Devendra Kumar Jain as the 70th rank in the list of India’s Richest People 2021. He graduated as a History (Hons.) student from St. Stephen College, New Delhi. Having over 65 years of experience in business management and international trade, Devendra Kumar Jain first joined the family’s business of paper and newsprint trading business at the age of 18.
He has been also granted the Dignity of an Honorary Member of the Civil Division in the Order of the British Empire by Her Majesty, the Queen of England. He is also a member of the Indian National Committee of the International Chamber of Commerce and World Economic Forum, Geneva, Switzerland.
Pavan Jain
An alumnus of IIT Delhi, Pavan Jain is the Chairman of the INOX group. He has played a significant role in shaping the company’s growth to one of the leading manufacturers of industrial gases. His 45 years of experience have made the INOX group a globally recognised company with diversifications such as Refrigerants Gases, Cryogenic Engineering, and Entertainment.
Siddharth Jain
The Director of the INOX group, Siddharth Jain has been actively involved in the family business since 2001. He is a student of Mechanical Engineering and an alumnus of the University of Michigan and holds an MBA degree from INSEAD. Being a member of the World Economic Forum at Davos, Siddharth Jain is also a member of the Young Presidents’ Organisation and the President of the Gas Industries Association of India.
INOX – Products and Services
INOX deals in a variety of products and services through its following group companies:
INOX Air Products (INOXAP)
The company was established in 1963 in Pune, Maharashtra. The Jain family wished to make the company go global and capitalised upon the rapid industrialisation, which was taking the country by storm. They formed a joint venture with Air Products and Chemicals Inc. USA in 1999 that ultimately created INOX Air Products.
Today, INOX Air Products is one of the leading manufacturers of industrial and medical gases in India and is proof of one of the longest Indo-American partnerships in the manufacturing sector. Some of the prominent numbers describing INOX Air Products are:
Has over 1800+ customers
Has served 15+ industries
About 560+ fleet size
Employs over 1250 people
Operates in 45 locations in 17 States
Has 4300 cr + Gross Fixed Assets
INOXCVA
INOXCVA deals in the manufacturing of standard & engineered cryogenic equipment in India. It has topped its way to becoming the global market leader in the field of insulated cryogenic equipment. With the motto ‘Clean Energy’, INOXCVA has always continued to evolve as the most economical source of green energy. Founded in 1992, the company has been producing a wide range of portfolios of materials and engineering intellectual properties.
The manufacturing units are set up in Gujarat. The stock, sale, and services are located in Europe, and a repair and rehab facility is located in Brazil.
INOX Leisure Limited
With a vision to create a world-class infrastructure with the latest cinema technology, the INOX group entered the entertainment industry, and that is how INOX Leisure was born. The company opened its first four-screen multiplex at the Inorbit Mall Malad, Mumbai. It was the country’s first ScreenX as well as the country’s first screen with MX4D theatre effects.
There are a total of 164 multiplexes across 73 cities in India with a footprint of over 702 screens. INOX Leisure Ltd. is one of the largest multiplex chains in India with Alok Tandon as the Chief Executive Officer (CEO).
INOX Wind Limited
A subsidiary of INOX Group, INOX Wind was formed with a vision to bring a change in the climate and renewable energy. It is headquartered in Noida, India.
Siddharth Jain is the man behind this formation as his interest was in climate change and having one of the largest Clean Development Mechanisms (CDM). It has three manufacturing plants in Gujarat, Himachal Pradesh, and Madhya Pradesh.
INOX – Mission and Vision
The INOX group seeks to strengthen society by offering its CSR focus areas in prioritising health and well-being, empowering through education, strengthening rural communities, and encouraging women empowerment.
They want to create a platform where they can interact with communities and initiate programs that empower society to be self-sufficient.
INOX – Business Model
As mentioned earlier, INOX group has its business operating under four categories, industrial oxygen chemicals, cryogenic engineering, renewable energy, and entertainment. Recently, the group has decided to divide the business handle between Pavan Jain and his younger sibling Vivek Jain.
The industrial gas and multiplex business of the group is under the leadership of Pavan Jain. INOX Leisure Ltd. operates its business with 702 screens in 73 cities, making it the second-largest cinema player in the country after PVR. The company is said to have a market capitalisation of more than Rs 6,423 crore and is planning to expand its multiplex business to build at least 50 screens every year. Over the next 4-5 years, the company has a pipeline of another 850 screens to launch.
Presently, their strategic expansion is focused on urban growth in metro cities while prioritising tier 1 cities.
Vivek Jain is handling the business of INOX Wind, INOX Wind energy. INOX Wind energy operates its business by manufacturing and selling Wind Turbine Generators (WTGs), and also provides Erection Procurement & Commissioning (EPC) Operations & Maintenance (O&M) Wind Farm Development and Common Infrastructure Facilities services for WTGs. The company has three manufacturing plants at Rohika (Gujarat), Una (Himachal Pradesh), and Barwani (Madhya Pradesh).
INOX – Revenue
INOX Leisure Limited Total Income from March 2018 to March 2022
The INOX group earns its money through its diversified companies. Inox Air Products’ revenue for the fiscal year ended March 2021 climbed 10% to $307 million from a year earlier, while net profit increased 4% to $65 million. INOX Leisure reported revenue worth $88 million in FY22.
INOX – Merger and Acquisitions
INOX Leisure Ltd acquired Calcutta Cinema Private Ltd in 2006 by buying over 89 cinema halls.
INOX has also acquired Satyam Cineplexes Limited by buying 100% equity shares which are valued at Rs 182 crores.
The company has recently announced that it would be merging with PVR cinemas.
INOX Air products partnered up with Linde plc to form Belloxy. In 2020, Linde had to give up Belloxy, which gave INOX Air Products 100% ownership.
In the month of March this year, PVR and INOX Leisure announced a merger deal to create the largest network of multiplex chains with 1,500+ screens in the country and open up more opportunities. The merger has also got clearance from BSE and NSE.
In 2021, INOX Group ran a campaign, ‘Aayega India’ to support the participants at Tokyo 2020 Olympics. The campaign featured Mary Kom, Vikas Krishan Yadav, and Manika Batra to cheer and pay tribute to the Indian team players’ spirit.
Inox Group was the official sponsor of the Indian Olympic Team and was associated with India Olympics Associations (IOA).
In 2020, the brand INOX Leisure Ltd. took to social media to run a campaign on Valentine’s Day by asking a question to their audience with #HonourTheCorner. The campaign was launched with the intention to have a fun and interactive session with the audience.
INOX – Awards and Achievements
The following are the prominent awards and achievements of INOX:
India Retail Forum’s Entertainment Retailer of the Year (2017)
Big Cine Expo Awards’ Best Technology Adopter of the Year (2016)
INOX Wind ranked at 167th position in Business Today’s list of 500 most valuable companies in India (2015)
Emerging Superbrand of the Year (2007)
INOX – Future Plans
The INOX Group is deciding to focus more on sourcing renewable energy and green raw materials and building green supply chains. They believe that the need of the hour is climate change and is arguably the hardest-hitting wake-up call for industries, government, and individuals.
Siddharth Jain says, “It is increasingly important that all family businesses adapt to this reality.”
They also wish to build strong management teams and strong professional teams so that they can run the operations of these companies with efficiency.
FAQs
Who is the founder of INOX?
Devendra Kumar Jain, Pavan Jain, and Siddharth Jain are the founders of INOX.
Is INOX better than PVR?
PVR operates around 871 screens in 73 cities whereas INOX operates around 702 in 73 cities.
Are PVR and INOX merger?
INOX and PVR announced their merger deal earlier this year in March. The merger deal has also got clearance from stock exchanges BSE and NSE.
What will happen to INOX’s shares after the merger?
After the merger of INOX and PVR, the shareholders of INOX will get 3 shares in PVR for every 10 shares of INOX.
International economies are adopting unconventional stimulus measures, such as printing money, in response to the Covid-induced crisis. The United States, the European Central Bank, Japan, and even developing economies like Turkey and Indonesia are creating money to revive their economies.
Now as people have very smartly pointed out saying; “India must do the same.” The question entails, can India afford to do it? If yes then how will it help? as well as what India can do about it?
Now going by the textbook meaning, The Reserve Bank of India has a monopoly on printing the country’s currency notes. Except for one rupee note, it has sole authority to issue currency notes of various values (which are issued by the Ministry of Finance.)
So basically, the Central bank buys Government debts/ bonds – Which injects money into the economy – This is similar to printing new money, but this is done electronically.
Should the RBI print money to boost the economy?
The Reserve Bank of India
Is it as easy as it sounds? In India, small industries have sprung up recently, pleading with the Reserve Bank of India to generate money and give it to the government to spend.
The central government’s revenue collection through excise duty and the goods and services tax, or Goods and Services Tax (GST), has collapsed due to low employment and a sharp decline in non-essential consumption beyond food, medicine, and a few other basic products.
Given how adversely foreign trade has been affected in the post-Covid era, there is reason to assume that tax collection through customs duties has also suffered. The central government is expected to benefit from the recent significant rise in excise duty on gasoline and diesel.
Are Other Economies Doing the Same?
Yes, In April 2020, the Bank of England granted a direct monetization facility to the UK government, despite Bank of England Governor Andrew Bailey’s fierce opposition until the last minute. Similarly, the US Federal Reserve used it extensively to tackle the financial crisis of 2008, and the same pattern is being used to combat the Covid situation.
A snippet of an article published on the Financial Times website about the Bank of England granting direct help to the UK government.
The European Central Bank has lifted the restriction on the number of bonds it can purchase from any single Eurozone country. The Bank of England has come on record and said, If necessary, we are willing to lend money to the government on a temporary basis. The Bank of Japan will also purchase an infinite number of government bonds.
The Bank of England
Is Monetization Necessary?
In the past, The RBI “naturally” monetized the government’s deficit until 1997. Direct monetization of deficit spending, on the other hand, has downsides. Manmohan Singh (then-RBI Governor and then-Finance Minister) and C Rangarajan (then-RBI Governor) decided in 1994 to scale out the facility by 1997.
However, even Rangarajan now believes that India would have to monetize its deficit. “Deficit monetization is necessary. He recently stated that “such a big increase in expenditure cannot be controlled without monetization of government debt.”
State governments also aren’t making a lot of money from taxes. With lockdown in place for more than two years, private automobiles are hardly moving; as a result, state governments’ sales tax/value added tax revenues on gasoline and diesel use have taken a hit. Even though several state governments have raised the sales tax/VAT on gasoline and diesel, this trend continues.
At the start of the lockdown, alcohol shops were closed, and state and local governments lost all of the income generated through this channel. As a remedy, alcohol stores were opened amid the concern of societal tensions and moral concerns.
A snippet of the news article explaining the opening of liquor shops during the pandemic by TOI
As a result, both the federal government and state governments earn very little revenue from taxation. However, to meet its usual obligations (salaries, pensions, vendor payments, debt servicing, and so on), this is also the moment when the government is supposed to act as the last-resort spender.
Due to various reasons (varying from people being confined in their houses to the psychology of a recession setting in), private sector expenditure has fallen, and the government must spend money to get the economy moving again.
The above graph shows the Indian GDP growth for the years 2015-2021
Challenges for the Government
The central assumption against it is not really about how it started as it is about how it ended. This power, in theory, allows the government to boost overall demand at a time when private demand is falling, as it is right now. This instrument, however, sows the seeds for another crisis if governments do not withdraw quickly enough. But how?
Expenditure by the government with this new cash enhances salaries and raises private demand in the economy. As a consequence, inflation is fueled. A small increase in inflation is helpful since it stimulates economic activity. However, if the government does not intervene in a timely manner, more money will flood the market, causing high inflation.
And, while inflation takes time to show up, it’s sometimes too late for governments to realize they’ve over-borrowed. Macroeconomic instability is exacerbated by rising prices and government debt.
One argument against direct commercialization is that governments are seen as inefficient and corrupt whenever it comes to spending decisions, such as who to bail out and how much.
In short; taking most of these variables into account, practically everyone who has knowledge of regular economics or business recommends money printing. This is largely what representatives of this emerging small-scale industry are proposing, urging the RBI to generate money and the government to spend it.
Conclusion
As for the effect of Covid-19 on the nation, the economy was most affected by it. But to revive the economy, printing money is an option to consider or not is still a debatable topic.
It is best believed to provide better wages to the poor instead of directly dropping the pot of money to them. Yet, many countries have gone with the idea of printing their currency to revive the economy but with the increased inflation as an after effect.
FAQs
Does printing money cause inflation?
Increased money might create more need for products. This can also hinder the basic demand and supply model causing inflation in the nation.
Can a country print unlimited money?
Basically, there is no national restriction over the printing of money. Yet, printing money is a solution that is accepted by governments when the nation falls short of money. With increasing money in a nation, inflation will automatically increase and the power of currency will fall weak.
Who decides how much money to be printed?
Each country has different regulations and responsible bodies to print their money. For India, RBI is given the power to print money and decide on the same. Yet, the final decision is still kept under the government to decide.
What happens to an economy if the government print too much money?
If a country keeps on increasing money, inflation will rise an equal percentage. With the situation, there can come a time when inflation will be highest in the market because of no supply of goods and infinite demand.
Generating an invoice doesn’t seem like an exciting idea for branding, possessing a well-designed, professional one can stand out in the eyes of your clients and help businesses get compensated on time.
Clients want to be sure everything works with a reliable organization before sending any money. As a result, your invoices must be completely accurate, have a recognizable logo, and clearly outline a selection of excellent travel services.
Regardless of whether you operate for yourself or a company, billing is a crucial component of any organization. You must understand and be able to use invoices if you would like to be paid. So, let’s start with the basics.
An example- The typical invoice should be something like this.
Two entities purchaser and a seller—are involved in a typical business deal. The vendor wants to be paid for the products or services they have provided to the customer.
This is a business deal. So, this is the main idea. The seller is therefore owed money by the purchaser, and how much precisely? And for what exactly are they making the payment? Or how much time will they have to spend? The vendor gives the buyer an invoice containing all of this data to address all of their inquiries.
The purchaser is aware of their obligations, has a checklist of all the products and services they are spending for, and is aware of the conditions of the deal. They’re satisfied. As a result, the provider receives the payment, and the deal is done.
The terms “bill” and “invoice” are synonymous. They’ve to do with the paperwork that the vendor sends to the customer to demand compensation for the goods and services that were rendered.
The above graph shows the difference between the invoice processing cost by automating the invoice generation process.
Sellers desire payment. Therefore, it is crucial to them that bills are issued as quickly as possible to prevent having to wait for the money. Bills are also crucial to the government. On purchases of taxable supplies, the majority of countries impose some kind of sales tax. Goods and Service Tax (GST), state or local taxes, etc.
Some of these may be familiar to you. A sales tax split-out and identification are both included on an invoice, which is a document of the transaction. For deals with licensed enterprises, they are thus actually mandated by law.
They’re significant from an accounting standpoint since they are what started the account balances in the accounts of both the purchaser and the vendor. Additionally, they are utilized to monitor accounts payable and receivable.
How Does One Get Their Invoice Made?
A cloud-based accounting tool providing platform QuickBooks
There are numerous approaches to creating invoices. You can create an invoice easily using the built-in layout in Google Sheets, but use cloud-based accounting tools like QuickBooks online or FreshBooks if the company would like to be more structured and be able to monitor transactions and generate reports.
You must at least incorporate the following to make a decent invoice:
Documents Title
The document’s title is an invoice. Giving a title to your document is the most important thing as this would help you locate it as and when needed. It also gives the client a brief idea of what the data provided represents.
Company Details
The name of your company and your contact details. Contact details such as email, phone number, and much more so that your client can contact easily in case any problem arises.
Invoice Specifications
The date and distinct invoice number. Putting a date and invoice number on your invoice makes things easy for you as well as your client. It makes that particular invoice unique from other invoices.
Product Specifications
Information on the goods or services offered and the amount due on them. A description of the products or services being offered to the clients in the form of a table helps your company keep a track of the stock and proof that goods were supplied to the client. It would help avoid queries raised by customers. Folks hate to call up again and again for queries and this puts your brand in a bad position by displaying poor customer service.
Clients Details
The client’s name and contact details. Your client or company’s name, their address, and much more. If you have any concerns regarding the delivery of your product or the payment to be received from the client or want to get customer feedback having the contact details of the client makes your job much easier.
Discount or Coupons Specification
Quoting a fair price on the goods or services provided is a hectic task for companies. You don’t want your company to be in a situation wherein you charge way more or way less than the actual value of your product or service. This might create a bad impression on your part and future sales could get affected by this significant element. Mention any coupons or discounts available at that time. This would be one of the factors in retaining your customers.
Amount Clarification
The complete subtotal. The total amount to be paid is covered here. This should be in words as well. If you do any errors by writing your amount in numbers then you’ll have something to back you up and also people usually confirm both. Don’t forget to add currency because if you are working with international clients this could be a huge problem.
Bank Details
Add Bank details. Ask your client beforehand about the payment options as this would help you process the payment easily. You could mention your UPI ID for payments in India and if you’ve international clients then you can put your PayPal details there.
Duration Limit
A timeframe, if applicable. You need to add a deadline or a due date which states the date at which the payment should be processed.
You can send an online invoice by mail or straight from your bookkeeping or billing system. Due to the ability to send invoices to customers directly, this is a favored selling approach for many organizations. Online payments are frequently made for electronically sent bills. Email is a less typical method of payment.
Keep in mind how long it takes for your bill to reach when sent via postal mail. In general, this option is more time-consuming than the other one. To satisfy the requirements of the targeted audiences, many firms continue to mail bills.
Things to Give More Considerations Related to Invoices
There are many things that require special attention to minute details in the generation of the invoice. Invoices are not just a crucial part of each business but sometimes they do form an integral part of the legal procedures. some of the most common doubts related to Invoices are shared below.
When should you send out invoices?
According to the terms of the contractual relationship, invoices are typically sent out after the order fulfillment, but this is not always the case. In each case, though, the accounting treatment is varied.
Are sales receipts and invoices interchangeable terms?
No, in a nutshell. Nevertheless, there are some parallels, which make this perplexing. Both act as transactional proof. Both are created by the vendor and sent to the client. The essential distinction is that invoices are a call for money, hence it is given before the payment is done, but receipts are given after.
Are a supplier or purchase invoice and a sales invoice interchangeable?
In reality, they are interchangeable. Both are invoices. Depending on your viewpoint, they could have different names. You might refer to it as a sales invoice if you’re the seller. Also known as a vendor or purchaser invoice if you’re the purchaser.
Are Invoices Enforceable in Court?
They are not, generally speaking. An invoice alone has no legal significance. What might prevent you from sending bills to anybody you want and earning all the income if they were?
The terms must be agreed upon by both the contracting parties for them to be enforceable. It is crucial that both parties have documentation of the deal, preferably in the form of a signed document but at the very least an email. You wouldn’t want to be the one who finds themselves in a scenario where the prospective customer won’t pay. That isn’t very pleasant, after all.
Remembering to send invoices is, by far, the most crucial aspect of doing so. Although it may seem absurd, individuals frequently forget. Choose a convenient time each week to handle your billing. That could be the closing of the day or the weekend.
Allocate that period, and then carry on. If creating an invoice is quick and easy, you won’t be as inclined to set it off. Use a smartphone app to create invoices while on the go. I hope you found this article an interesting read.
FAQs
Is there an invoice template in the word?
Yes, there are multiple invoice templates made available in the word that one can take help from.
Can we hand write the invoice?
Invoices can be handwritten also, but it is not the best option to select from. Handwritten invoices carry a lot of risks with them.
What is an Invoice?
An invoice is basically a document that proves the exchange between a buyer and seller along with basic details such as time, date, items, etc.
What are the types of invoices?
There are many types of invoices available in the business, some of them are standard invoices, credit invoices, commercial invoices, mixed invoices, timesheet invoices, etc.
In spite of their hardships, those who are physically or mentally challenged serve as an inspiration and an example that “Anyone can do anything”. Recently, there has been much buzz about how entrepreneurs are changing the world, but little about how differently-abled entrepreneurs are changing perceptions. There is a saying that says ‘Disability is just a matter of perception.’ If you believe in yourself, then nothing can stop you.
Would you believe that Walt Disney, the founder of the Disney Company, suffered from dyslexia growing up? Incredibly, a disabled individual became a cultural icon of the country and is still remembered today. The example I gave above illustrates how some people have changed the mindset of those who are afraid to dream big. Our special needs entrepreneurs can be found here awe-inspiring others with their business success stories.
Top 12 specially-abled entrepreneurs who are inspiring the world
Sharath M Gayakwad
Occupation
Founder of Gamatics
Establishedin
2014
Awards
Arjuna Award for Para-Swimming
Sharath M. Gayakwad – Founder of Gamatics
Sharath M. Gayakwad is the first Indian swimmer to qualify for the London 2012 Summer Paralympics. From adoring his sport to winning record-breaking medals for his nation, he has come a long way. In 2014, he became the first Indian to win six medals in a multidisciplinary sports competition, breaking P.T. Usha’s record. Since his swimming career began, he has achieved 39 international medals and 55 national medals, turning his biggest weakness into his biggest strength.
With a modest socioeconomic background, he began mentoring children in November 2014 by founding a company called “Gamatics.” The startup focuses on providing high-performance practises and pieces of equipment for swimming at a very affordable rate, unlike the marketplace. Sharath wishes to impart to his students the strategies, abilities, and challenges he encountered while competing. In addition, the venture lists nutritionists and physiotherapists to give sportsmen the finest of everything.
A 19-year-old girl was diagnosed with epilepsy in the first year of college and left her studies behind to focus on treating her epilepsy. During recuperation, she met patients from various states, age groups, and financial backgrounds, and each one had a story to tell. Eventually, she started volunteering after realizing that everyone goes through something, and epilepsy happened to her. She began collecting funds through social networking in 2009, which helped defray her treatment costs and covered other epilepsy patients’ costs as well. In the year that followed, she became a member of the Indian Epilepsy Association to help many people going through similar issues.
In India, nearly 12 million people are victims of epilepsy. Still, one is there to provide employment opportunities to them, so she wants to earn independently as well as give jobs to epileptic people. She did her research on people working in a building with office space of matchbox size, and therefore, wanted to create a space for conferences or meetings that could be rented whenever needed and be budget-friendly. That’s when she started SoboConnect, establishing a 15-seater rent-by-day workspace to replace her father’s old warehouse that looks like an arbitration hall with projectors so that the meeting can be conducted effectively.
Mohammed Gaddafi
Occupation
Co-founder Maa Ulaa bike taxi company
Established In
2016
Location
Chennai
Mohammed Gaddafi – Co-founder Maa Ulaa bike taxi company
The Maa Ulaa bike taxi company in India’s capital is the first service operated by people with disabilities, inspired and designed by Mohammed Gaddafi, who lost his legs at 19 years of age. Gaddafi derived the business idea from an amputated leg person, parking his government-provided tricycle and begging on a Chennai beach. When Gaddafi asked “Why?”, his response was “How can we lead better lives just because the government has provided bikes?”. Thus, Gaddafi decided to break ground by starting up a journey with the differently abled with his best friend Balaji. As a result, he intends to use the bicycles provided by the government of Tamil Nadu for disabled people for a good cause.
Aditi Verma
Occupation
Founder of Aditi’s Corner
Established In
2015
Location
Mumbai
Aditi Verma – Founder of Aditi’s Corner
There is no denying that individuals with down syndrome are changing the face of entertainment. One of them is Aditi Verma. Aditi’s mother learned that she had bronchitis in this manner when she was only 2 years and 6 months old and needed open-heart surgery. She became interested in cooking while attending a special education school, and at age 25 she launched her own cafe. Aditi’s Corner was the name of the cafe she opened, which she operated in addition to serving customers coffee and pastries. She received the Entrepreneur beyond Challenge Award from the Rotary Club of Mumbai in 2017, and despite having both physical and mental impairments, she went on to become a great achiever.
Simon George, a 52-year-old engineering graduate from Kerala, has been paralyzed below the waist for more than 30 years. The wheelchair-bound man nevertheless founded SpecialCare Holidays in 2018, the country’s first travel company for people with impairments. The Kochi-based company provides excursions for those with disabilities, the elderly, the ill, and others who need extra care while on vacation. It provides services like lodging, contemporary tools, motorized wheelchairs, wheelchair-accessible transportation, knowledgeable tour guides, medical experts, nursing assistants, and sign language interpreters. Because of Simon’s efforts, the Kerala tourism administration has agreed to include “accessible tourism” as a specific service within its “responsible tourism” policy.
Gunavathy Chandrasekharan
Occupation
In charge of Guna’s Quilling
Established In
2013
Location
Chinnalapatti in Tamil Nadu
Awards
District and State awards
Gunavathy Chandrasekharan – Owner Of Guna’s Quilling
Gunavathy Chandrasekharan was primarily just one and a half years old when she was given the polio diagnosis. She lost much of the function in her legs and is presently unable to walk more than 20 feet without assistance. She is in charge of Guna’s Quilling, a company she founded in 2013. She uses the quilling process, in which paper strips are rolled, shaped, and glued to produce beautiful motifs, to create crafts. She sells her handmade products, which she and four other women helped produce, at markets across India and earns roughly Rs 80,000 from a single market. Gunavathy has won district and state awards in the art & craft category. To encourage Tamil Nadu children to strive for the things they are immensely passionate about, she often visits schools and institutions there.
Pranav Desai
Occupation
Founder of VOSAP
Established In
2015
Awards
NRI community award in Los Angeles, Corporate award
Pranav Desai – Founder of VOSAP
Pranav Desai, an Ahmedabad native, was four years old when he was diagnosed with polio, which left both of his legs paralyzed and required braces and a cane for him to move. Through the Voice of Specially Abled People, his organization, he decided to use his personal and professional expertise to empower those who are differently abled (VoSAP). In 2015, while working for the global conglomerate NTT Data, Pranav, an engineer, and MBA graduate, founded VoSAP. Thru openness, knowledge, and occupation, the international advocacy group—which has more than 3,000 volunteers—seeks to empower persons with disabilities.
Iftkhar Ali, an IIM Calcutta graduate, was given a polio diagnosis when he was just a year old. He is an Agra native who created the Delhi-based ALIQAN Technologies software and web development company. Before starting ALIQAN Technologies in 2015, he worked as a management consultant for HCL, TCS, and IMS India. He had also served as IMS India’s center operations head. A few of ALIQAN Technologies’ clients include HCL, Wipro, the Indian Air Force, the Shiv Nadar Foundation, Allizhealth, The Football Link, and Allizhealth. Iftikhar wants to expand operations in the services sector, launch two more product companies, and go into the educational sector.
Sangita Desai
Occupation
Co-founder of Raw Nature Company
Established In
2017
Situated
Mumbai, Maharashtra
Sangita Desai – Co-founder of Raw Nature Company
Despite having Symbrachydactyly, a congenital disease involving limb abnormalities, Sangita has been a prosperous fashion designer for 25 years. While studying English literature at Sophia College, she fell in love with fashion, and in 1989 she enrolled in the American College of London to pursue a fashion degree. Sangita, who was born without any fingers, created outfits for the Vareli ad campaign for Aishwarya Rai in addition to working for Manpreet Brar, who qualified India for the Miss Universe competition, and Shweta Menon, Ms. Asia Pacific. However, in 2006, the Mumbai rains wrecked her studio, which led to a setback for her. Sangita joined her father’s essential oil company and sought to expand it significantly, refusing to let nature stand in the way of her ambition. The knowledge she acquired allowed her to launch the Raw Nature Company in Mumbai, which provides a variety of natural plant personal care products for both men and women. Her products are cruelty-free, vegan, and devoid of any synthetic dyes, fragrances, or other potentially harmful ingredients. Amazon, Flipkart, Nykaa, and other important offline retail firms are now selling Sangita’s items.
Shailesh Sheth, a mobility-impaired investor, founded the Antarnaad venture with the assistance of his group of physically disabled people and other young people. Prior to this, he worked for 15 years in the finance and commercial sectors. As part of the initiative, all types of disabled people must obtain training in economic empowerment. The Ahmedabad-based nonprofit supports people in Gujarat and the surrounding areas who have similar physical constraints in achieving their potential and living the lives they want.
Conclusion
The idea of entrepreneurship is currently the one that is most frequently discussed and pushed in the country as a way to address financial difficulties. Specially abled persons have demonstrated that their dreams and aspirations are unaffected by what others think or say about them. Even a disability can be overcome. And it is because of their talent and labor that have shaped who they are today.
Climate change has just become a real thing as well as a major concern as a result of unforeseeable events. Climate change is accelerating every year as a result of Greenhouse gas emissions (the burning of fossil fuels, methane, and carbon dioxide to generate energy consumption) and external activities conducted by industries (polycarbonate pollution, accelerated electric power, deforestation for paper manufacturing, oil drilling, transportation, and other acts). All this is causing wildfires, a sudden sea-level rise, ice mass loss in Greenland, Antarctica, and the Arctic, and melting of glaciers.
So, to help save the environment to a certain extent many sustainable startups are emerging. These startups work on the principles of sustainability and also encourage people to take the road towards sustainability. In this article, we will go through the top sustainable startups in India.
Nowadays there are several startups that contribute to protecting the environment by developing sustainable brands and manufacturing eco-friendly products. The following are the top sustainable startups in India:
Leading Factors Encouraging Consumers to Buy More Sustainable Products Worldwide 2021
Ather Energy
Founded: 2013 Founders: Tarun Mehta and Swapnil Jain Headquarters: Bengaluru
Ather Energy – Sustainable Startups in India
Ather Energy is a Bengaluru-based startup, founded by Tarun Mehta and Swapnil Jain in 2013 that manufactures electric vehicles intending to reduce air pollution. The two friends wanted to redefine the automobile sector by introducing electric scooters that are powered by AI and IoT, which navigates smooth rides, making our lives experience seamless. The company has established over 350+ charging stations across 38 cities in India named ‘Ather Grid’. The company received a lot of laud in its funding stage, which helped them to expand its manufacturing facilities in the development, testing, production, and launch of the vehicle.
Phool
Founded: 2017 Founders: Ankit Agarwal and Prateek Kumar Headquarters: Kanpur
Phool – Sustainable Startups in India
A Kanpur-based biomaterials startup was established in 2017 by Ankit Agarwal and Prateek Kumar. The company uses dumped flowers from temples and recycles them into something useful like incense cones, incense sticks, and Phool vermicomposting. Ankit and Prateek realized that damaged flowers from temple waste management might cause environmental concerns as they contain pesticides and insecticides. The company comes up with ingenious packaging- Florafoam, a high-performing, mouldable and durable material, which is purely made up of flower recycling.
One of the leading solar rooftop companies in India is ZunRoof, which makes personal energy consumption better, cleaner, and more affordable for every Indian consumer. ZunRoof was founded in 2016 by Pranesh Chaudhary and Sushant Sachan and is headquartered in Gurugram, Haryana. Presently, the company has installed over 10,000 plus residential solar rooftops and has 30,000 + designed systems across India.
Yulu
Founded: 2017 Founders: Amit Gupta, Naveen Dachuri, RK Misra and Hemant Gupta Headquarters: Bengaluru
Yulu – Sustainable Startups in India
Yulu is a Bengaluru-based technology-driven micro-mobility platform that enables integrated urban mobility across public and private modes of transport. The company was started in 2017 by Amit Gupta, Naveen Dachuri, RK Misra and Hemant Gupta. The company is renowned for eco-friendly transportation providers with an intent to make urban mobility in India sharable, seamless, and sustainable by using IoT, AI, and machine learning for demand-supply management and efficient operations.
Boss Lady Cosmetics – Sustainable Startups in India
It is one of the most prominent vegan, cruelty-free, and sustainable cosmetic brands that offer natural makeup products. Kajol Bafna, the founder defined ‘Boss Lady’ as anyone who goes against society’s patriarchal beliefs in achieving their dreams. This is why the brand gives you the feel of who you are by giving a voice to your style and empowering you with tools you can choose to express who you are. Kajol implemented her ideology by defying the stereotypes across gender, body, skin, colour, and beauty in the Indian cosmetics industry, ultimately delivering a free- space for self-expression.
BluSmart
Founded: 2019 Founders: Anmol Singh Jaggi, Puneet Singh Jaggi, and Punit K Goyal Headquarters: Gurugram, Haryana
BluSmart – Sustainable Startups in India
BluSmart is a Gurugram-based startup and India’s first all-electric ride-sharing mobility platform that is known for its efficiency, sustainability, affordability, and intelligent mobility. Anmol Singh Jaggi, Puneet Singh Jaggi, and Punit K Goyal founded BluSmart in January 2019, and following the month, the company launched its first EV vehicle along with the partnership company Mahindra & Mahindra. BluSmart became a well-renowned mobility platform for accreditation on carbon emission. In 2022, Tata Motors signed a memorandum of Understanding with BluSmart to manufacture 10,000 EVs and also partnered with Jio-BP in establishing its charging infrastructure across the country.
Making our Nation a zero-plastic is becoming an upstanding challenge, that’s why Banyan Nation founder- Mani Vajipey came up with the idea to recycle industrial plastic into a better quality plastic than virgin plastic. Banyan Nation became the country’s first vertically integrated plastic recycling company. The brand uses eco-friendly detergents in cleaning plastic which removes detrimental contaminants to supply near-virgin quality plastic. Moreover, it is the first company to use cloud and IoT to integrate thousands of informal sector last mile collectors into its supply chain to recover post-consumer as well as post-industrial plastic waste.
Just Organik
Founded: 2013 Founders: Pankaj Agarwal and Richa Agarwal Headquarters: Delhi
Just Organik – Sustainable Startups in India
A certified organic food manufacturing & selling brand, Just Organik wants to make safe and healthy organic food more accessible to the consumer. It also aims to create sustainable wealth for the farmers by motivating them to adopt organic farming practices in India. Pankaj Agarwal started this business in the basement of his house in 2013 and now owns 2 major branches across the nation along with a processing unit based in Delhi. The startup’s tagline ‘a walk towards a healthy future’ focuses on supplying chemical-free, 100% natural ingredients, healthy, affordable, and tastier food than your regular food.
This sustainable startup is known to develop sustainable and biodegradable products made with bamboo and cornstarch. Aditya Ruia, Anuj Ruia and Akshay Varma founded the startup in 2017. The startup aims to reduce the usage of plastic products and also offers alternatives to single-usage products like tissues, cotton balls, and more. It offers a wide range of products for home and personal care and makes sure to use only recycled paper for packaging, thereby reducing the use of plastic.
Another Indian sustainable startup on the list is Nexus Power. The startup is a manufacturer of biodegradable batteries that are designed to power electric vehicles. The company makes use of unburnt crops for manufacturing rechargeable energy-storing cells. This helps to prevent air pollution, as unburnt crops are one of the major sources of it. Nishita and Nikita Baliarsingh founded the startup enabling people to use eco-friendly and sustainable batteries.
Waste Venture India
Founded: 2012 Founders: Roshan Miranda, Parag Gupta, and Rob Whiting Headquarters: Hyderabad
Waste Venture India – Sustainable Startups in India
It is reported Urban India produces about 42 million tonnes of municipal solid waste per annum, which is not good for the environment. As rag pickers are getting affected seriously while picking up waste that is very dangerous like sanitary napkins, used medico synergies, and other plastic waste. On top of that, they are getting paid very low for what they’re doing for the country’s waste management. That’s when Roshan Miranda, Parag Gupta, and Rob Whiting wanted to reduce the country’s trash rate as well as create a safe environment for ragpickers by providing fair wages. They launched ‘Waster Venture India’ in 2012 to provide end-to-end solutions to bulk waste generators. Also offers professional waste collection and processing services to households and corporate clients while creating employment opportunities for waste pickers.
It is one of India’s largest tech-enabled EV-as-a-service platforms, that renders eco-friendly delivery fleet solutions. You would have noticed that food or grocery delivery partners drive in a green electric scooter with Zypp’s brand name on it. Akash Gupta and Rashi Agarwal worked together to build an eco-friendly and carbon-free India by using a network of Electric Vehicles and EV-based tech to make last-mile transportation sustainable and emission-free. Furthermore, Zypp Electric intends to provide carbon-free last-mile delivery for independent retailers, eCommerce giants, and delivery executives, reducing delivery costs and emissions on an asset-light approach.
Bombay Hemp Company – Sustainable Startups in India
BOHECO is an agro-based enterprise established in 2013 that brings out healthy products from industrial loops of hemp and cannabis plants. A single cannabis plant could bring healthy food, quality clothes to wear, and ropes that tie strongly and also brew ayurvedic remedies. The startup made good use of sustainable hemp in manufacturing textiles, building materials, and medicines for health and wellness.
If I say that one company produces food from the superfood- Jackfruit, would you believe me? Yes, there is a goa-based company that goes by the name ‘Wakao Foods’ that produces food from the tasty and Panruti’s famous fruit aka ‘Jackfruit’. Sairaj Dhond founded this sustainable startup by offering plant-based as well as ready-to-cook products. Wakao Foods is becoming a Pan India brand by delivering its products on e-marketplaces like Flipkart, Amazon, and others.
It is an environmentally sustainable brand which provides the taste of traditional cuisine and international fast food in a vegan version. Moreover, the first company to make vegan chicken alternatives such as vegan chicken tikkas, curry bowls & biryani that are loaded with mock chicken crispier. Ergo, Abhishek Sinha the founder of GoodDot wanted to make a big difference in omnivore diners by creating a plant-based trend on chicken & meats. In 2019, the startup has been recognized as the best vegan restaurant of the year.
Conclusion
The above-mentioned startups have made a difference in the world by adopting an environmentally safe method that helps to improve the environment and people’s lifestyles. These startups work on the principle of sustainability and also encourage people to walk toward the path of a sustainable lifestyle.
FAQs
What is a sustainable startup?
A sustainable startup refers to a startup that involves the development of products and services for fulfilling the needs of the present generation without hampering the future generation’s ability to fulfil their needs.
Who is the owner of Imagine meats?
Imagine meats is a plant-based food venture owned by the famous Bollywood couple, Genelia and Riteish Deshmukh.
Is waste management part of sustainability?
Efficient management of waste, water and energy are all parts of sustainability.
The facial recognition market is growing rapidly and this technology is being used in various sectors across the globe.
Gone are the days when we used to see face recognition technology in Sci-fi movies. Today, even a budget smartphone has a face recognition feature.
According to Statista, the global facial recognition market will grow at a compound annual growth rate of around 15.4% to reach 12.67 billion USD by 2028 from 5 billion USD in 2021.
The facial recognition system is used in schools, hospitals, banks, and many other places. Let’s see some amazing uses/trends of the facial recognition system.
Nowadays, facial recognition systems are used in various places. These include banks, hospitals, traffic signals, airports and more. The following are some of the most popular uses of facial recognition systems:
Facial Recognition Market Size Worldwide in Selected Years from 2019 to 2028
Finding Missing Children
Face recognition CCTV systems can be used to find missing children by allowing police to add a reference photo provided by the missing child’s parents and match it with past appearances of that face captured on video.
To find the time and location where the child has been declared missing, the police will use face recognition to search video sequences (video analytics).
In this way, the police can find out where the child was last seen. A real-time alert can trigger an alarm whenever there is a match.
In 2018, Delhi police traced 3,000 missing children using the facial recognition system.
Track Criminals
Using the same face recognition CCTV systems, police can track past criminals suspected of committing a crime.
Police can use the image of past criminals from their database to detect matches in live video.
Help the Blind
Listerine has developed a face recognition app that helps blind people. The app recognizes when the people around the blind person are smiling and vibrating.
This can help blind people better understand social situations and react in a better way.
Track College Attendance
Facial recognition can be used to track college attendance. Currently, to track attendance in college, students need to sign an attendance sheet.
But, the loophole here is that any student can sign for another student who is bunking the class.
Facial recognition ensures that attendance is recorded properly by tracking every student’s face. In China, tablets are used to scan students’ faces and match their photos against the database.
We have already seen electric cars but, did you imagine unlocking your cars with simple face recognition? China’s Byton has revealed a concept where users will be able to unlock their cars using face recognition.
In the future, the door handles or the engine will remain locked until the registered user sits in the car.
Diagnose Diseases
DiGeorge Syndrome Diagnosis – Uses of Facial Recognition System
Diseases that cause detectable changes in appearance can be diagnosed by the facial recognition system. This helps the healthcare industry experts to detect certain diseases in the early stage.
The National Human Genome Institute Research Institute is already using the facial recognition system to detect DiGeorge syndrome. It has helped diagnose the disease in 96% of cases.
Advertising is a make-or-break thing for any brand. If the advertisements resonate with the consumer then the conversion rates will eventually rise.
Facial recognition can help brands suggest better products to consumers after knowing their age and gender.
Airport Boarding
At present many airlines are using onboard facial recognition technology. More than 15 airports have face-matching systems in the US to help speed up the boarding process. Trials have taken place at Los Angeles airports among many others. In fact, this technology is making a lot of buzz in Europe too.
Recently, on the occasion of the 75th Independence day, the facial recognition system for passenger verification was launched in Delhi and Bengaluru airports.
A beta version of the DigiYatra was launched for android users where the app will automate passenger entry and verification at all touchpoints – airport entry, security check and boarding gate.
Conclusion
In the near future, the facial recognition system will become a necessity in marketing, hospitals, banks, and everywhere else. Biometrics technology has a lot of power and can revolutionize many things. It can make our lives easy and help speed up all the time-consuming things. As you can see from the above examples, the possibilities to use this technology are endless. Things that we used to see in the movies can now become a reality.
FAQs
How does a facial recognition system work?
A facial recognition system tracks your facial features and compares them with a database of photographs and videos.
How is facial recognition being used today?
The facial recognition system is used to track criminals, unlock cars, find missing persons and in targeted ads.
What are the problems with facial recognition?
Privacy concerns, lack of transparency and data breaches are some of the concerns related to facial recognition.
Fintech or financial technology in the last decade has been one of the world’s most promising sectors. FinTech has changed the way finances are conducted with mobile banking, investing, and blockchain apps. According to the Modern Knowledge World, the centerpiece of this technology trend is the United States where 1,491 startups and $58,5 billion invested in the sector.
Yet banks are not the only financial institutions that have changed technologies. Digital financial access is embedded in entire markets, including digital loans and mobile stock systems, e-commerce payment networks, and digital currency exchanges.
In this article, we will talk about some of the top Fintech startups in the USA. So, let’s get started.
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Fintech means Finance + Technology which refers to the amalgamation of both into software that seeks to improve and automate the delivery and use of financial services. Fintech defines any business offering financial services through software or other technologies, from smartphones to cryptocurrency payment applications.
Fintech firms have changed nearly every part of the finance sector in recent years. Ten years earlier, individuals had to visit a branch or bank to apply for a deposit, a credit or to transfer funds literally from one bank to another. At present, Fintech has made it possible, without having to ever step into a bank to spend, borrow, save, and move funds through online and mobile services. Although conventional institutions are picking up technologies from fintech steadily.
Evolution of Fintech in the USA
Fintech was even longer than most people believe. Though Fintech’s current version helps you to pay for a coffee cup with a smartphone app, financial infrastructure history goes back to the first credit cards accepted by the public at the end of the 1950s.
Financial technologies developed and implemented many significant milestones in the mass market after the credit card, such as ATMs, Electronic Shares, Mainframe Bank computers, and internet stock investment. Many modern technologies improved the financial system that most people used, but had to think seldom about every day.
Today, solutions from the Fintech industry challenge existing banking infrastructure, for example by using a payment app on the mobile wallet, rather than the carriage of physical credit cards in a physical wallet.
Fintech’s various markets have been revolutionized, particularly in the financial, commercial, insurance, and risk management industries. Fintech firms include startups, technology companies, and existing financial institutions leveraging digital innovations such as big data and artificial intelligence to enhance financial services usability and performance, blockchain, and edge computing.
List of Top Fintech Startups in the USA
Stripe
Founder – Patrick and John Collison
Founded – 2010
Stripe Logo | Top Fintech Startup in the USA
Stripe is an Irish-American financial service and SaaS company founded by Patrick and John Collison. Stripe provides payment infrastructure for businesses of all sizes from startups to large enterprises that use Stripe’s software, and APIs to accept payments, send payouts, and manage their businesses online.
Zoom, Shopify, and Amazon are some of their clients. Stripe claims to be the world’s most powerful and end-to-end API. In 2019, Stripe launched a new corporate credit card and small business loans, which are automatically repaid from payments it processes for borrowers.
Chime
Founder – Chris Britt
Founded – 2012
Chime Logo | Top Fintech Startup in the USA
An increasing crowd of startups bets on your smartphone for banking. Chime, headquartered in San Francisco, has experienced its sales explosion over the past year and provides a debit card with no annual or overdraft charge. According to a person familiar with the topic, it is set to hit almost $200 million in 2019, a fourfold increase over 2018. With many significant tactics, Chime has drawn 5 million clients – or about 3.3 million users, based on an annual average of 1.5 accounts per client. Chime allows you to pay for a direct deposit to control the main functionality.
Plaid
Founder – Zach Perret and William Hockey
Founded – 2013
Plaid Logo | Top Fintech Startup in the USA
Plaid was founded by Zach Perret and William Hockey. Plaid provides a simple front-end module that streamlines the onboarding experience. It can be implemented with 2-3 lines of coding. Plaid connects payment apps like Square Cash and personal finance apps like Acorns to users’ bank accounts to transfer and track funds. American Express, Venmo, Coinbase, and Betterment are some of their clients.
SoFi
Founder – Mike Cagney and Dan Macklin
Founded – 2011
SoFi Logo | Top Fintech Startup in the USA
SoFi began out as a small business with just one commodity by launching a fintech service mainly for refinancing student loans. The organization sells several items today, but refinancing student loans remains its flagship commodity. SoFi is a value-driven organization with a task to help our members earn a living. We develop new financial goods and services that can enable customers to borrow, save, buy, save and safeguard their cash more, gain financial freedom, and meet their ambitions—from homeownership to pension plans, to paying student loans, and more.
Coinbase
Founder – Brian Armstrong and Fred Ehrsam
Founded – 2012
Coinbase Logo | Top Fintech Startup in the USA
CoinBase has become a regular on-ramp for new crypto-investors as the leading mainstream cryptocurrency exchange in the United States. Coinbase provides a broad range of items, including cryptocurrency investment, an integrated trade network, institutional custody accounts, a retail investment wallet, and a secure U.S. dollar coin. Coinbase has taken the lead in offering crypto custody services to organizations since having developed its position as a stable and regulatory crypto-exchange and a personal wallet and new currencies tailored to cater to those wanting more anonymity. The company has become a pioneer in the crypto industry.
Ripple
Founder – Arthur Britto, Jed McCaleb and Chris Larsen
Founded – 2012
Ripple Logo | Top Fintech Startup in the USA
Ripple is both a peer-to-peer (RippleNet) and a digital currency transferrer (ripple XRP). The platform itself is a protocol for open-source transactions between two parties. All currencies, such as sterling currencies, bitcoins, and air miles, among others, can be traded on the site. In 2019, XRP sold $500 million to MoneyGram, using sales to raise and invest up to $50 million, currently using XRP in 10% of its Mexico purchases across borders.
Toast, Inc
Founder – Steve Fredette, Aman Narang and Jon Grimm
Founded – 2012
Toast, Inc. Logo | Top Fintech Startup in the USA
Toast, Inc. is a Boston, Massachusetts-based cloud restaurant tech firm. Toast, Inc. was one of the leading technology names when the calendar was turned towards 2020. In the secondary markets, shareholdings of the private enterprise that produces restaurant apps were in strong demand. In mid-February, current investors contributed about $5 trillion in investment, almost double the previous year.
Spur
Founder – Glenn Clayton
Founded – 2017
Spur Logo | Top Fintech Startup in the USA
Spur simplifies human capital by leveraging a digital interface to provide embedded financial services on an hourly basis for its staff. Your business plan saves time and resources and allows staff to improve their financial status. Spur was developed by companies who want to take up the responsibility of job management less time and more time for their enterprises, their clients, and their hourly employees.
Credit Karma
Founder – Kenneth Lin
Founded – 2007
Credit Karma Logo | Top Fintech Startup in the USA
Credit Karma is known best for its free credit and loan reports. It is however a platform that provides its customers with the ability to create a stronger financial future. If you wish to use Credit Karma you should give your name and the last four digits of your Social Security number. You should have simple personal information. Credit Karma can then view your loan report, and collect and make it available to you with your consent. For users who utilize credit card reviews, personal, home-and-auto loans, or auto insurance, Credit Karma earns a big reference fee.
Opendoor
Founder – Eric Wu, In Wong and Keith Rabois
Founded – 2014
Opendoor Logo | Top Fintech Startup in the USA
Home sellers in 21 cities can submit all-cash deals online from Opendoor and collect offers within 24 hours. The application initiated last year helps customers to arrange their own guided tours and deliver houses to sell in six cities, Dallas and Phoenix included. You only present details and pictures of your home through their website to sell your home with Opendoor. All these advantages Opendoor especially apply to veterans, openings, relocators, or people who have to sell their homes quickly. Opendoor also appreciates the ease of online and straightforward deals and costs for the youngest generation.
Root
Founder – Alex Timm and Dan Manges
Founded – 2015
Root Logo | Top Fintech Startup in the USA
Founded by Alex Timm and Dan Manges, Root raised $100 Billion for a $1 Billion valuation in 2018 and entered the unicorn club. Root provides car insurance to drivers. Root qualifies customers and sets their rates by first monitoring their driving with a smartphone app measuring 200 variables. After monitoring they provide a quote and allow their customers to change policy. Last year, Root brought claims processing in-house and expanded into renters’ insurance, offering to cover property whether stolen from a customer’s car, apartment, or hotel room.
Paydiant
Founder – Kevin Laracey, Chris Gardner and Joe Paratore
Founded – 2010
Paydiant Logo | Top Fintech Startup in the USA
Paydiant, Inc. is a PayPal-owned financial technology agency. It offers cloud-based services for supermarkets, insurers, point of sale, and ATM vendors. The enterprise is located in Auburndale, Massachusetts, and was founded in 2010. The North Bridge Investment Partners and General Catalyst Partners funded Paydiant for $ 7.6 million in 2011. In 2012 and 2013 Paydiant earned $12 million and $15 million in grants.
Kraken
Founder – Jesse Powell
Founded – 2011
Kraken Logo | Top Fintech Startup in the USA
Kraken was founded by Jesse Powell in the year 2011. This US fintech startup deals with the trading of cryptocurrency. It is a big marketplace where buyers, sellers and traders gather together for exchanging all kinds of digital assets. The platform has over 9 million customers from over 190 countries. The headquarters of the company is situated in California, The United States of America. Kraken also has released an app for its international customers in 2021.
Robinhood
Founder – Vladimir Tenev and Baiju Bhatt
Founded – 2013
Robinhood Logo | Top Fintech Startup in the USA
Robinhood is a fintech company that provides an online platform where you can invest and trade without giving any commissions. The company was founded by Vladimir Tenev and Baiju Bhatt in the year 2013. The company’s aim is to make investing familiar and easy for everyone. The headquarters of the company is situated in California, The United States of America.
Brex
Founder – Henrique Duburgras and Pedro Franceschi
Founded – 2017
Brex Logo | Top Fintech Startup in the USA
This fintech company mainly deals with technology companies and provides them with business credit cards and accounts for cash management. The company was founded in the year 2017 by Henrique Duburgras and Pedro Franceschi. The company also offers financial management tools to the business of its customers. The headquarters of the company is situated in California, the United States of America.
Conclusion
During the COVID–19 pandemic, particularly in emerging markets, the Fintech industry continued to help expand access to financial services with strong growth in digital financial services of all kinds. For poverty reduction and economic development, access to quality financial resources is important. The access and use of basic financial resources for poor people, in particular women, will increase wealth, strengthen resilience, and better their lives. Fintech developments aim to lower the costs of service supply, enable more customers to be served and reduce the need for face-to-face contact, critical to the pandemic’s continued economic activity.
FAQs
How does technology help finance?
The impact of technology on financial services allows the customer to avail of easy digital transactions.
How does technology affect the financial industry?
The arrival of smart analytics helps the financial industry to understand its customer better and provide services accordingly.
What are the new financial technologies?
Blockchain, Robotics, Artificial Intelligence, Cryptocurrency, and many more.
Is Chime a legit company?
Yes as they’re FDIC insured, so it’s a safe place to keep your money.
What are the top Fintech companies?
Square, PayPal, Goldman Sachs, Green Dot, MercadoLibre, and many more.
Do FinTech companies pay well?
Yes, the USA is the top earner making $169,000 annually.
Is Fintech a good career?
Fintech would be considered a good career opportunity for people who are seeking to build their career in the field of finance domain.
Which is the largest Fintech company in the world?
Ant Financial.
How do banks use Fintech?
Banks are using fintech technology in the form of mobile banking apps.
What are Fintech tools?
Artificial Intelligence, machine learning, mobile computing, and more enable borrowers to access funding.
It’s not difficult to describe the differences between working for an MNC and a startup. Comparable to differentiating formal wear from casual clothes or distinguishing between formal meetings and lively, participatory group discussions.
Freshers are people without corporate experience or experience working in a particular industry. People who change careers would not be regarded as more experienced because they still have corporate experience, which has given them practical work knowledge.
Major Differences Between Working At a Startup and MNC
An MNC is a large commercial organization with affiliated operating companies in different countries. With time and experience, companies like TCS, Infosys, and Wipro companies, which were once startups, have evolved into renowned and credible names in the industry with many projects under them.
With more and more experienced and skilled people worldwide becoming part of these organizations, they have become what we call MNCs or Multinational Corporations.
Startups are young companies founded to develop a unique product or service that fills an existing void or service gap in the market.A startup is a business that is just starting up. Startups carry a high risk of failure, but they can also be great perks, an emphasis on innovation, and unusual places to work and learning opportunities.
One of the most confusing situations fresh graduates face today is whether to opt for large multinational companies or startup jobs. Both have pros and disadvantages to be weighed. It entirely depends upon your future goals and how you want to shape your career. It can be unclear for freshers to understand all of this; hence, we are here to help you figure this out.
Experience Required
An MNC requires a preset number of years of experience before considering applications. Each level of employment will have its prerequisite. They have very little flexibility in terms of considering under or over-experienced people.
However, a Startup is a growing place. They are more welcoming to freshers and people with diverse experiences and backgrounds. They may be willing to consider applications from both over and under-experienced people.
As per the survey done by Retailo technologies, 42% of newly graduated students prefer to work at startups because of many different reasons. And surprisingly their count is increasing daily
Salary Expectations
An MNC has fixed pay bands, and you can keep expecting steady growth in your salary over the years. If someone wants to have a steady salary pattern for a lifetime, it is better to opt for Multinational companies.
Planning a trip to Goa on your first salary? Forget it at any average Startup. Their initial payment will be too small for the work you put in. However, it is also as likely to shoot and double up in a couple of years or completely go under and leave you with nothing but experience on your CV and few lessons.
Work Culture
In general, Startups value people more than an MNC. In the case of a startup, every role comes with huge responsibilities. But, with greater responsibilities come more significant rewards, both on professional and personal levels.
Since it is a Startup, you will be able to make a substantial impact. Since fewer people are involved in a startup’s functioning, there is less chance of one’s work being ignored. Thus, there is better work recognition in a startup.
“A machine will not become a better machine by running for years. It only wears out. That’s what will happen to you.”
When you end up working in an MNC. You can gain global recognition from MNCs. Your CV adds credibility if it bears the name of an important company… Maybe it won’t be appreciated daily, but if you perform well, the company’s top performers receive awards, benefits, and perks, which might be done annually, quarterly, or in six months(depending on company policies). But when these big companies reward, it is massive.
Also, most MNCs provide their employees gratuity, provident funds, medical insurance, and other job securities. Want a dependable 9 to 5 job? Then an MNC is a suitable place for you. You will have a reasonable amount of time to spend with your family and friends.
Learning Curve
Career growth opportunities come with working for a larger organization. A multinational company often creates jobs all around the world. International corporations frequently equip one with a diverse environment since it involves people from racially and ethnically different cultures.
But if you are not strong enough to get some achievement, then probably you need to stay at the same place for a greater time making your learning experience dull.
The work done by an employee in MNC for 4 years is equivalent to the work done by an employee in a startup for 3 years only. Startups are in budding stages and hence, the work pressure over there is more than an MNC. But the best part about this is startups will give more practical work experience than MNCs.
Startups still need to make their processes simplified and majorly involve the whole working team in different tasks. It gives out an opportunity for an employee to learn the whole working process right from the start of making the plans to delivering the service. Therefore, there are more learning opportunities in a startup.
Startups are still experiencing different methods and are still required to add points in their briefs. Hence, everyone, there is experimenting with their own way and are self-taught people. Joining a startup can be stressful initially, especially if one’s job description is unclear.
One may also come under a lot of pressure to perform well when producing quality results. There is always an option for you to be creative and go out the way to try something valuable.
MNCs have already settled up startups and hence have their own way of working, rules, and regulations in place. They do not expect freshers to join them without undergoing the training session and a guide of their rules and regulation.
Hence, working at MNC can be like walking on a path made by someone else. The working culture of an MNC is disciplined but it does hold a number of opportunities for the freshers to learn.
Conclusion
As a Fresher, some stability and structure are required. Startups are more in sync with the work style of someone in their late 20s who can work with a bit of ambiguity. Thus, if you are an exceptional thinker and a creative person at heart, I would recommend a Startup that is a few years old and is just settling into its rhythm.
They will be able to provide you with just the right amount of freedom and structure needed to operate optimally. And at the end of it, go where your heart takes you. Because if it doesn’t fill your soul, it is bound to wash away sooner or later. Or if you think it will be tiresome to be a part of a startup, MNCs are always welcoming new people into their companies.
FAQs
Is it better to join a startup as a fresher?
If someone feels to explore a different side of the working patterns and is ready to take up the risk at the start of their career, then yes working at a startup as a fresher is a better option.
Is the MNC job secure?
Nothing can be guaranteed 100%. Hence, it will be false to say that MNC jobs are secure fully. But yes, they are secured till some length and can provide steady growth for the individual if they have the ability to surpass others.
Why MNC is not good for fresher?
Freshers working for any MNC have their dream position preselected before joining the company. But the actual time taken to achieve their dream can fall anywhere between 5-15 years or more. This is the biggest drawback why freshers should not work at MNC.
Does working for a startup look good on your resume?
Including the startup experience on the resume is always a good option to prefer irrespective of the startup’s present condition. Including it in your resume can showcase the ability and experience of work done in the past and provide many chances of creating a good impression on the leader.
Stuti Shree
