Investor Update | April 2023
Dear all,
We are thrilled to share some exciting news with all of you. Mindhive has secured a Letter of Intent (LOI) with Accenture, a leading global management consulting and technology services company. This collaboration presents a significant opportunity for Mindhive to further enhance our go-to-market strategy and deliver cutting-edge solutions to our clients.
The purpose of this LOI is to establish a collaborative relationship between Mindhive and Accenture, with a focus on building, marketing, selling, and delivering industry solutions that combine the services and technology of both companies. This LOI confirms our shared business intentions, outlines our roles, responsibilities, and expectations, and sets the groundwork for further discussions and negotiations to enter into mutually acceptable definitive agreements.
This collaboration with Accenture represents a significant milestone for Mindhive, as it validates the value and potential of our commercially available software products and services. We believe that this strategic partnership will provide us with the resources, expertise, and global reach necessary to accelerate our growth and deliver unparalleled value to our clients.
As your Chief Executive Officer, I want to assure you that this LOI is a result of careful consideration and aligns with our strategic objectives. We believe that this collaboration with Accenture will create synergies, expand our market reach, and enhance our competitive advantage in the industry.
I want to express my gratitude to our investors for your continued support and belief in Mindhive's vision. We are committed to driving shareholder value and maximizing the potential of this collaboration with Accenture. Rest assured; we will keep you informed of any further developments as we progress towards entering into Definitive Agreements.
We are also pleased to provide you with an update on Mindhive's recent activities and progress.
Raise >
Mindhive is currently in the process of raising $800K in a Pre-Series A round, following a successful raise of $270K from existing investors during the summer. These new investors bring valuable expertise in technology, sales, and exit strategy, which aligns well with our partnership with Accenture. Our current seed raise deck.
Client Acquisition >
We are excited to share that Mindhive has secured new clients during the past quarter, including:
Nine Media: The Nine Network, one of Australia's largest commercial free-to-air television networks with a revenue of $2.7 billion, has chosen Mindhive for its first Yeah Nah trial. The trial involves a set of questions on Youth Crime across all Nine Media platforms [try out the Channel Nine YeahNah here], and we have drafted a presentation for their review.
Ventia: Ventia, one of the largest essential infrastructure services providers in Australia and New Zealand with a revenue of $4.6 billion, has also chosen Mindhive for its first YeahNah trial. The trial involves a set of questions to staff on their satisfaction with their current Ventia Uniform. We recently had the opportunity to showcase Mindhive and YeahNah alongside Microsoft (ChatGPT) and Telstra Purple at Ventia's CEO National Roadshow, where we engaged with 500 of Ventia's senior leaders in an in-person event. This presents a real chance for us to engage Ventia as a use case in our proof-of-concept (POC).
Product >
Our product development efforts are ongoing, with a focus on integrating Mindhive and Yeah Nah data. We have also begun integrating ChatGPT into Mindhive to assist users in asking the right questions. You can preview the future Mindhive app here. Additionally, YeahNah App features are being developed in collaboration with Accenture, and we continue to use a combination of AI and human intelligence to solve any blockers and improve the product. You can download YeahNah on Apple or Android devices and give it a try.
Enterprise Initial Pricing Strategy >
We are currently working on our initial pricing strategy for the enterprise market for YeahNah, taking into consideration various factors such as market demand, competition, and value proposition.
Country Plans >
We are actively working with Accenture on expanding into the US market, starting with their own staff population as a pilot. We are also exploring opportunities in the Singapore market with the assistance of Peter Hyland, and the European market with the assistance of Daiva Naldal, including discussions on engaging IKEA in the Accenture Mindhive POC. Margo continues to support us in trademarking Mindhive and YeahNah brands nationally and internationally.
Investor Input >
We value your expertise and insights as we continue to strategize our seed raise efforts. We would like to invite your input and suggestions on our seed raise strategy, including identifying potential strategic partners or investors that we should target for seed funding. We are also open to exploring untapped or underserved clients and markets that can help us increase our growth potential.
Your input and suggestions are important to us as we aim to make informed decisions and maximize our fundraising efforts. We appreciate any recommendations or introductions that can help us connect with the right investors or partners who align with our vision and goals 🙏🏼
Please feel free to share your thoughts, ideas, or contacts that you believe could be beneficial to our seed raise strategy. We are eager to collaborate with you and leverage your expertise to drive our success.
Best, Bruce
Bruce Muirhead | CEO & Founder | E : ceo@mindhive.org | P : 0411 645 851 | A : Level 6, 200 Adelaide Street, Brisbane, QLD, 4000 | www.mindhive.org
New Book A Global Mind: Fuelled by The Power Of Many | Mindhive Results & News Centre
Mindhive 2022-2023 Plan presented by Bruce Muirhead, CEO Mindhive.
Bruce Muirhead in discussion with client-lead Tanya Titman - Chief Digital and Innovation Partner, BDO
YeahNah launched into the Enterprise market at the Ventia CEO Roadshow (Sydney and Melbourne)
Accenture YeahNah Co-Innovation Proof-of-Concept presentation
Mindhive and Ventia Innovation Partnership and Supplier Agreement
[Brisbane. Australia, 17 April 2023] - Mindhive, a leading innovation management platform, is proud to announce a strategic innovation partnership and supplier agreement with Ventia, a global infrastructure services provider. This partnership will leverage the collective expertise and resources of both companies to drive innovation and deliver cutting-edge solutions in the infrastructure sector.
Under this agreement, Mindhive will become a preferred supplier of innovation management services to Ventia, providing its innovative platform to support Ventia's innovation initiatives across its operations. Mindhive's platform offers a collaborative and user-friendly interface that facilitates idea generation, evaluation, and implementation, enabling organizations to streamline their innovation processes and drive tangible results.
Bruce Muirhead, CEO of Mindhive, commented, "We are thrilled to partner with Ventia, a renowned player in the infrastructure services industry. This partnership represents an exciting opportunity for Mindhive to contribute to Ventia's innovation journey by providing our cutting-edge platform and expertise in innovation management. We look forward to collaborating closely with Ventia to drive innovation and deliver meaningful outcomes for their business and customers."
Ventia is a leading global infrastructure services provider with expertise in industries such as telecommunications, utilities, transport, facilities management, and environmental services. Through this partnership with Mindhive, Ventia aims to further enhance its innovation capabilities, leverage new technologies, and develop solutions that drive operational efficiency and sustainability across its operations.
This partnership marks a significant milestone for both Mindhive and Ventia and sets the stage for a collaborative and innovative partnership that will drive positive impact in the infrastructure services industry.
About Mindhive: Mindhive is a leading innovation management platform that helps organizations streamline their innovation processes and drive meaningful outcomes. With its user-friendly interface, collaborative features, and advanced analytics, Mindhive enables organizations to capture, evaluate, and implement ideas, foster a culture of innovation, and achieve tangible results.
About Ventia: Ventia is a global infrastructure services provider that delivers essential services in telecommunications, utilities, transport, facilities management, and environmental services. With a diverse range of capabilities and a focus on sustainability and operational excellence, Ventia provides innovative solutions to complex challenges in the infrastructure sector.
Clients 2022-2023
Seed Investment ($592K) secured 1000%+ growth as at 15 April ‘23 and delivered >
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Enterprise Account Manager Employed
Sarah Tisdal is an accomplished professional who brings a unique combination of skills and experiences to the Mindhive team. With a Bachelor of Arts in Sociology from Harvard University and an MPhil in Education (Globalisation and International Development) from Cambridge University, Sarah combines her skills in data analytics (using Power BI, Excel, Alteryx, and Tableau) with project management to help clients in public service, education, law firms, and global pharmaceutical companies accelerate their business performance.
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Mindhive's YeahNah App Launched
The YeahNah app is a gamified binary response survey system functioning both as an independent mobile phone and web app in addition to acting as part of a larger collection of Mindhive data collection and insight generation tools and services.
A core component of the YeahNah app is the complementation of novel smart technologies with the capability to generate and interpret data both on and off the YeahNah app, deriving new questions for users from outside sources, then collecting the resulting answers and generating clear insights, creating an AI-driven experience for both individual and enterprise customers.
The YeahNah app applies related Ai technologies to the clear and automatic collection, interpretation and presentation of the resulting user answers into insightful findings on par with that of human analyses, a convenience unseen in competitors.
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Mindhive's Wax Lyrical Released Globally
The Wax Lyrical magazine has been designed as a monthly series of papers that are being delivered globally to our Premium member community. We believe in rewarding our Premium community with access to the future. WAX LYRICAL is your monthly brief offering you analysis and case studies of current trending skills, challenges, themes and trends on the future of collaboration and collective intelligence. Members also have exclusive opportunities to write in WAX LYRICAL themselves.
Readers learn to use the crowd as your open innovation partner and develop your ability and tools to lead, innovate and harness critical expertise to lead in today’s digital age with a focus on:
Shared and collective intelligence technologies of insight and expertise engaging innovation with crowds collaborative problem-solving; and strategy co-design and execution
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Machine Learning & AI Lead Joins Development Team
Nelis is a recovering data scientist that has spent the better part of the last decade solving problems with data. For the last few years, the focus has been utilising natural language processing (NLP) and the building, deploying, and maintaining of machine learning models (MLOps) to identify opportunities and optimise processes in the financial services, and more recently, tech sectors.
M.Sc. in BMI; B.Sc. (Hons) BMI - Data mining/Business analytics; B.Com - Risk management - NWU, South Africa
Linktree, Youi, Outsurance
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Mindhive 3.0 AWS Infrastructure Live
Mindhive’s web application has been migrated to Amazon Web Services and Cloudflare. Mindhive refreshed this Infrastructure to improve visibility, scalability, and ISO27001 compliance. Post-seed B investment provided for Infrastructure development that is:
Reproducible - everything in code • Simple and standardised - to improve visibility and reduce documentation and handover effort • Secure - to meet or exceed ISO 27001 • Able to incorporate AWS “smarts” (Machine Learning etc) as required • Exceedingly well documented.
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Research, Development & Innovation
As Mindhive’s R&D project continues, repeated research and investigation into newly published professional findings, academic reports, and other reputable knowledge sources were conducted. Scientific sources evaluated by Mindhive include utilising neural network text similarity recognition (Ghasemi et al., 2021) to improve recommender systems and an analysis on the 2 primary forms of text summarisation systems (Aggarwal, 2022) in the context of machine-learning-based text summarisation as a whole.
Mindhive’s investigation and review of available research identified that there is no other digital crowdsourcing network capable of performing the complete list of features and functionalities to be built into Mindhive 3.0. For example, no competing solution has shown the capability to apply blockchain and tokenization technology to a methodology capable of creating a novel form of IP for insight-generating users.
Client Spotlight
“Great innovation is born out of collaboration and connection and this can only be done by creating an environment where knowledge, people, insights and expertise come together to solve problems and uncover solutions.
The Innovation team at BDO in Australia to be partnering with the team at Mindhive to uncover opportunities to do this better both as a business and a contributing member of the community.”
Rene Plamenac | Innovation Lead, BDO
Further Seed Raise funds will deliver >
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Lead Enterprise role ($250K)
Mindhive has secured the interest of a global Lead Enterprise appointment. They are a Senior Sales and Business Development Executive with global experience, having sold to and managed accounts across the Asia Pacific, Japan (‘APJ’) and North American regions. Their last three roles required them to establish a practice, build a brand and develop a pipeline through direct and channel engagements within the region.
Identification, lead generation and the capitalisation of market opportunities to increase revenue, grow market share and maximize profitability are key skills. Their client network is extensive, with a mixture of middle/senior management as well as C-Suite. Established strategic alliances and personally managed these relationships to ensure scalable growth for their business. They’re skilled in territory development, strategic planning, risk analysis, business process optimisation, project management and contract negotiation. We want them on our team.
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Legal Maturity for global enterprise engagement ($20K)
We have secured a partnership with a legal firm to assist Mindhive with developing its legal maturity. You might like to think of this as a “start-up shopping list” – some items (e.g. SaaS terms and privacy documentation) will be more time-sensitive than others, and prioritising the key documents first will also help to space out costs.
Fore example, preparing the first draft of a template SaaS subscription agreement, pursuant to which Mindhive will provide a customer with a licence to, implementation of, and support for, use of the Mindhive platform within the customer’s business. We’ll build documentation regarding back-to-back liabilities in respect of AWS; ownership and licensing user-generated content; data protection and security; General Data Protection Regulation (GDPR) Standard Contractual Clauses (SCCs); security; personal information privacy (PIP); and alignment with Mindhive Terms and Conditions that apply to end users.
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Artificial Intelligence Maturity ($50K)
At its core, the Mindhive experience is bringing passionate users towards new challenges and problems whilst consistently offering users the opportunity and the power to provide meaningful insights with the knowledge that their thoughts have the potential to be met with purposeful recognition and meaningful action, as opposed to a standard social media platform where thoughts and ideas are washed out by the noise of countless trivialities and make any attempt at sharing or discovering new ideas feel futile.
In order to meet the ideals and ambitions of this core Mindhive experience, Mindhive must maintain and improve on these essential features: Wildcard Algorithm; Rewards and Recognition; and Discussion (Automation)
Mindhives’ core features are not so simply because they make Mindhive work, but because they make Mindhive unique.
Thanks for being a part of the journey so far
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