Two sites that are actively cataloging failed crypto projects, Coinopsy and DeadCoins, have found that over a 1,000 projects have failed so far in 2018. The projects range from true abandonware to outright scams, and include BRIG, a scam by two “brothers,” Jack and Jay Brig, and Titanium, a project that ended in an SEC investigation.

Obviously any new set of institutions must create their own sets of rules and that is exactly what is happening in the blockchain world. But when faced with the potential for massive token fundraising, bigger problems arise. While everyone expects startups to fail, the sheer amount of cash flooding these projects is a big problem. When a startup has too much fuel too quickly the resulting conflagration ends up consuming both the company and the founders, and there is little help for the investors.

These conflagrations happen everywhere and are a global phenomenon. Scam and dead ICOs raised $1 billion in 2017 with 297 questionable startups in the mix.

There are dubious organizations dedicated to “repairing” broken ICOs, including CoinJanitor from Cape Town, but the fly-by-night nature of many of these organizations does not bode well for the industry.

ICO-funded startups currently use multi-level marketing tactics to build their business. Instead they should take a page from the the Kickstarter and Indiegogo framework. These crowd-funding platforms have made trust an art. By creating collateral that defines the team, the project, the risks and the future of the idea, you can easily build businesses even without much funding. Unfortunately, the lock-ups and pricing scams the current ICO market uses to incite greed rather than rational thinking are hurting the industry more than helping.

The bottom line? Invest only what you can afford to lose and expect any token you invest in to fail. Ultimately, the best you can hope for is to be pleasantly surprised when it doesn’t. Otherwise, you’re in for a world of disappointment.

Source: Tech Crunch Startups | Thousands of cryptocurrency projects are already dead

Say you have a job with a large company and you want to know how much vacation time you have left, or how to add your new baby to your healthcare. This usually involves emailing or calling HR and waiting for an answer, or it could even involve crossing multiple systems to get what you need.

Leena AI, a member of the Y Combinator Summer 2018 class, wants to change that by building HR bots to answer questions for employees instantly.

The bots can be integrated into Slack or Workplace by Facebook and they are built and trained using information in policy documents and by pulling data from various back-end systems like Oracle and SAP.

Adit Jain, co-founder at Leena AI, says the company has its roots in another startup called Chatteron, which the founders started after they got out of college in India in 2015. That product helped people build their own chatbots. Jain says along the way, they discovered while doing their market research a particularly strong need in HR. They started Leena AI last year to address that specific requirement.

Jain says when building bots, the team learned through its experience with Chatteron that it’s better to concentrate on a single subject because the underlying machine learning model gets better the more it’s used. “Once you create a bot, for it to really add value and be [extremely] accurate, and for it to really go deep, it takes a lot of time and effort and that can only happen through verticalization,” Jain explained.

Photo: Leena AI

What’s more, as the founders have become more knowledgeable about the needs of HR, they have learned that 80 percent of the questions cover similar topics, like vacation, sick time and expense reporting. They have also seen companies using similar back-end systems, so they can now build standard integrators for common applications like SAP, Oracle and NetSuite.

Of course, even though people may ask similar questions, the company may have unique terminology or people may ask the question in an unusual way. Jain says that’s where the natural language processing (NLP) comes in. The system can learn these variations over time as they build a larger database of possible queries.

The company just launched in 2017 and already has a dozen paying customers. They hope to double that number in just 60 days. Jain believes being part of Y Combinator should help in that regard. The partners are helping the team refine its pitch and making introductions to companies that could make use of this tool.

Their ultimate goal is nothing less than to be ubiquitous, to help bridge multiple legacy systems to provide answers seamlessly for employees to all their questions. If they can achieve that, they should be a successful company.

Source: Tech Crunch Startups | Leena AI builds HR chatbots to answer policy questions automatically