A New Approach to Finding Locations

A start up called What3Words has mapped and renamed every location on Earth. Using an algorithm to scan GPS co-ordinates, they created 57 trillion 3 meter by 3 meter squares that each have unique three word address. For example, ‘Tools.sand.stone’ refers to a spot in Central Park in New York and ‘Sportscar.citronella.photocopiers’ is a square of the Antarctic Ocean.

They created this map in order to increase accuracy in navigation for businesses and individuals in a simple yet global way. 75% of countries don’t have their own organized addressing system, according to the UN, so the possibilities that this system opens up are far-reaching.

Consumers can download the free app in 25 languages to get directions. But the real value comes when What3Words partners with brands and government agencies. Pizza Hut and Dominoes are using these addresses in places like Mongolia and the Caribbean to deliver pizzas to remote locations. And several models of Mercedes are using What3Words for their built-in navigation systems.

Why It’s Hot

The applications for more precise, universal locations are a win-win for businesses and consumers. UPS estimates saving each of its drivers one mile per day would result in a $50 million in overall savings. For consumers, the benefits range from increased accuracy for driving directions to life-saving emergency vehicles arriving on the scene more quickly.

Source: https://www.marketingweek.com/2018/10/08/startup-simplify-location/

There’s a New Credit Card for People Without a Credit Score

Petal is a new company that provides credit cards to those who have not yet built up a traditional credit history. Instead, it uses data like how much money a person makes and spends in a month to determine what their credit limit should be. Petal Card_hires

One of the company’s co-founders, Jason Gross, explains that using a customer’s bank account history as a basis allows Petal to offer better credit limits that are often 10 times higher than competitors’ rates.

Annual Percentage Rates fall between the industry standard 14-25%, but the company has no fees of any kind, including late fees. Instead, the company generates money through interest payments and charging vendors when a customer uses their card.

Why It’s Hot: 

Younger people who don’t have a credit score yet finally have a credit card option that doesn’t penalize them with high rates and fees. As Gross has noted, this is especially important since this group is disproportionately made up of minorities and immigrants who often suffer without a credit score to help them qualify for financial products.

Source: https://techcrunch.com/2018/10/02/petals-no-fee-credit-card-for-the-credit-score-less-is-now-open-to-the-public/ 

If salad ingredients and robots made love…

It would be a company called Chowbotics. They just landed $5 mil in Series A, further developing the food service robotic industry.

Its flagship product is called Sally, a salad-making robot that uses 20 different food canister to prepare and serve more than 1,000 types of salad. Number of pilot customers have signed on- restaurants, co-working spaces, and corporate cafeterias.

Benefits :

  • Sally-made salads can be precisely measured – know exactly how many calories are going into your food.
  • Data-driven platform can measure both popularity of specific recipes, # of caloric intake, increase or decline of demand on ingredients  – all that can help both healthcare and the food industry make better informed decisions.