Investor Update | August 2022

To our investors,

Mindhive approved for the Australian Government Digital Marketplace.

The BuyICT Digital Marketplace makes it easier for buyers in the Australian local, state, territory and federal governments to work with digital businesses of all sizes.

This is a significant step forward for Mindhive as it approaches two core markets - government and enterprise. It will enable the Mindhive platform to be reached by local, state and federal governments across Australia. To date, we have had over 50 government clients use Mindhive. We as a company will leverage this opportunity further by sharing great use cases in strategic planning, stakeholder engagement, government reviews and crowdsourced policy innovation.

Sellers approved to apply for opportunities through the Digital Marketplace are all members of the Digital Marketplace Panel. The BuyICT Digital Marketplace has delivered over $3 billion in Federal Government contracts to digital businesses, with over $2 billion awarded to small and medium-sized businesses. Over 6,000 opportunities across over $3 billion in contracts. Australian SMEs have secured 65% of contracts, equating to over $2 billion. 5673 contracts awarded to SMEs of the 8000 signed by Commonwealth agencies.

Mindhive Results & News Centre

Bruce Muirhead, Founder & CEO Mindhive (11 August, 2022)

Mindhive’s YeahNah App launches on Apple and Google Play App Store 

Post-seed B investment ($322K) secured 1000%+ growth as at 11 Aug ‘22

It also delivered:

  • IT and Business Manager joins team

    Rogerio Fleury is ex-Netcorp with an MBA in Project Management (Goiania, Brasil); Bachelor Degree in Computer Engineering - Catholic University of Goias (Goiania, Brazil); Diploma of Information Technology (Internetworking) - Kent Institute of Business and Technology (Sydney, Australia). Rogerio leads the development team management of our Mindhive 3.0 project.

    Rogerio has over 10 years professional experience in IT. Has large experience working as IT Manager, Business Analyst and Business Development within Australia and overseas. He is challenge-driven and passionate about innovation, technology, and the complexity and creativity it requires as technical challenges arise and business requirements evolve.

  • Mindhive 3.0 AWS Infrastructure and Maintenance

    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.

  • 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.

Mindhive Post-Seed C Raise ($240K) will deliver:

  • Lead Enterprise role ($120K)

    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.

  • Legal Maturity for global enterprise engagement ($15K)

    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.

  • 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.

  • Launch Mindhive's YeahNah App ($25K)

    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.

    In its completed form, the YeahNah app will have the capacity to scour the internet, including news sites, social media and other online sources for written, visual and textual information that can serve as the basis for new questions, generated automatically and coherently by Mindhive's text recognition and generation AI, and then provided to users of the YeahNah app for answers.

    Additionally, the YeahNah app will apply 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.

  • Distribute Mindhive's Wax Lyrical Globally ($5K)

    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

  • Account Manager (Part-time) ($25K)

    Currently, Mindhive has one Account Manager at 4 days a week. We need to build this out as we engage more prospect interest.

    A Mindhive key account manager's main role is to retain top customers and nurture those key relationships over time. Ideally, they become a strategic partner and advisor to the client, discovering new opportunities to work together for mutual benefit.

    A MIndhive account manager is an individual who oversees the management of a customer's account within the company. They work with the client to answer their major questions or concerns and deliver impressive customer service.

Thanks for being a part of the journey so far