Big Tech to Remain Resilient Despite Macroeconomic Headwinds

In a report published by the Economist Intelligence Unit (EIU), "The macroeconomic environment is worsening" and the "EIU expects global economic growth to slow to 2.8% in 2022, while inflation reaches 9.2%— and big tech companies are not immune to the downturn." The report adds that Alphabet, Amazon, Apple, Meta, and Microsoft, in the quarter ended June 2022, "have reported their softest results in over a year."

According to the EIU, "The slowdown suggests that the strong growth seen as a result of the pandemic is now normalizing. Although big tech companies retain strong assets, such as their market positions, sizes and cash reserves, they will have to cope with weaker demand and higher costs over the next few years."

American enterprises with global operations that conduct commercial transactions in US dollars may be seeing a decline in sales outside of their home market as a result of a strong dollar. The EIU, however, explains that "With the exception of Meta, revenue growth is slowing, not declining, showing that big tech can still find pockets of growth despite the gloomy macroeconomic environment."

Furthermore, "Among the factors hurting big tech in 2022, the strong dollar is the most prominent one: these companies make between 40% (Amazon) and 60% (Apple) of their revenues outside the US. The impact of exchange rates was between 3-4% in the second quarter of 2022, but could reach as much as 6% in the third. We forecast that the euro will start to regain some ground in 2023, but the yen, sterling and some other currencies will remain weak."

In addition to macroeconomic conditions, especially the strong US dollar, are weighing on big tech earnings, the report's key findings include:

• Meta was the worst affected, reporting its first-ever quarterly revenue decline (-1%).
• The enterprise side remains strong, with cloud services growing at over 30%; premium services and subscriptions also remain positive on the consumer side.
• Big tech companies retain huge cash reserves (over half a trillion dollars combined), which will enable them to weather the storm
  

The EIU encouragingly notes that selling cloud services to enterprises "remain robust for big tech." The UK-based organization further says "High growth in cloud revenue suggests that businesses are sticking with their digital transformation plans despite tougher macroeconomic conditions. They view these investments as important for driving revenue and saving costs in the long term."

The report, however, points out that "The consumer environment was more difficult. As well as weaker consumer demand hitting the advertising market, online retail growth has also slowed (after surging during the pandemic years)."

On the topic of large cash reserves keeping big tech ahead, the EIU predicts that "The five companies will slow down hiring this year and next as they look to contain costs, but this follows a period of heavy hiring—Meta grew its headcount by 32% in the past year." Moreover, "Slower hiring does not suggest a lack of investment or innovation: big tech companies are increasingly competing with each other, and many other players, across a number of markets, such as healthcare, gaming or extended reality, and will continue to do so. Nevertheless, the environment is getting tougher, not only in terms of macroeconomic conditions and the competitive landscape, but also in terms of regulation."

The EIU adds that while it remains "skeptical that the US will pass any major tech laws before the November 2022 midterm elections, the EU has recently passed the Digital Markets and Digital Services Acts. Both will impact big tech companies if properly enforced." As reflected in the image to the right, the tech firms "can still use their size as well as their large cash reserves, which combine to over US$500bn for the five companies, to cope with tougher conditions."

I appreciate how this technology outlook analyzes the recent slowdown, outlines some of the critical challenges facing big tech and why, despite tricky external conditions, EIU expects these companies to remain resilient. What do you think of the report's findings? How are you making your company resilient to macroeconomic headwinds?

Aaron Rose is a board member, corporate advisor, and co-founder of great companies. He also serves as the editor of GT Perspectives, an online forum focused on turning perspective into opportunity.

Five Elements Organizations Should Monitor for Effective External Attack-Surface Management

According to an infographic produced by Microsoft, "The cybersecurity world continues to become more complex as organizations move to the cloud and shift to decentralized work. Today, the external attack surface spans multiple clouds, complex digital supply chains, and massive third-party ecosystems. Consequently, the sheer scale of now-common global security issues has radically shifted our perception of comprehensive security."

The infographic highlights "five areas that help better frame the challenges of effective external attack-surface management." The information is provided by RiskIQ, a company Microsoft acquired in 2021 to help organizations assess the security of their entire digital enterprise.

1. The global attack surface may be bigger than most think

"In 2020, the amount of data on the internet hit 40 zettabytes, or 40 trillion gigabytes. RiskIQ found that every minute, 117,298 hosts and 613 domains add to the many interwoven threads making up the global attack surface's intricate fabric. Each of these web properties contains a set of elements, such as its underlying operating systems, frameworks, third-party applications, plugins, and tracking code. With each of these rapidly proliferating sites containing these nuts and bolts, the scope of the global attack surface increases exponentially."

2. Sometimes, threat actors know more about an organization's attack surface than their SOC does

"The rapid growth of internet-exposed assets has dramatically broadened the spectrum of threats and vulnerabilities affecting the average organization. With the advent of COVID-19, digital growth accelerated once again, with almost every organization expanding its digital footprint to accommodate a remote, highly flexible workforce and business model. The result: attackers now have far more access points to probe or exploit."

What is more, "With the rise of global-scale attacks orchestrated by multiple threat groups and tailored for digital enterprises, security teams need to mitigate vulnerabilities for themselves, third parties, partners, controlled and uncontrolled apps, and services within and among relationships in the digital supply chain."

3. Threat actors don't have to compromise assets to attack an organization or its customers

"Most cyberattacks originate miles away from the network; web applications comprised the vector category most commonly exploited in hacking-related breaches. Unfortunately, most organizations lack a complete view of their internet assets and how those assets connect to the global attack surface. Three significant contributors to this lack of visibility are shadow IT, mergers and acquisitions (M&A), and digital supply chains."

4. The mobile attack surface goes beyond major mobile app stores

"Each year, businesses invest more in mobile as the average consumer's lifestyle becomes more mobile-centric. Americans now spend more time on mobile than watching live TV, and social distancing caused them to migrate more of their physical needs to mobile, such as shopping and education."

However, "These rogue apps appear in official stores on rare occasions, even breaching the major app stores' robust defenses. However, hundreds of less reputable app stores represent a murky mobile underworld outside of the relative safety of reputed stores. Apps in these stores are far less regulated than official app stores, and some are so overrun with malicious apps that they outnumber their safe offerings."

5. Threat infrastructure is more than what's on the network

"Today's global internet attack surface has transformed dramatically into a dynamic, all-encompassing, and completely entwined ecosystem that we're all a part of. If you have an internet presence, you interconnect with everyone else, including those that want to do you harm. For this reason, tracking threat infrastructure is just as important as tracking your own infrastructure."

The infographic also points out that "More than 560,000 new pieces of malware are detected every day, and the number of phishing kits advertised on underground cybercrime marketplaces doubled between 2018 and 2019. In 2020, the number of detected malware variants rose by 74 percent."

The infographic concludes that:

Traditionally, the security strategy of most organizations has been a defense-in-depth approach starting at the perimeter and layering back to the assets that should be protected. However, there are disconnects between that kind of strategy and the attack surface, as presented in this report. In today’s world of digital engagement, users sit outside the perimeter—as do an increasing number of exposed corporate digital assets and many of the malicious actors. As such, companies need to adopt security strategies that encompass this change. Applying Zero Trust principles across corporate resources can help secure today's workforce—protecting people, devices, applications, and data no matter their location or the scale of threats faced.

What recommendations do you have on how organizations can effectively monitor these five elements?

Aaron Rose is a board member, corporate advisor, and co-founder of great companies. He also serves as the editor of GT Perspectives, an online forum focused on turning perspective into opportunity.

Microsoft's Recommendations for Nigeria's Digital Transformation

According to a paper published by Microsoft, "The ubiquity of technology and the Fourth Industrial Revolution (4IR) is revolutionizing business and society in everyday life. The transformational changes of technology addition and the Fourth Industrial Revolution impacts social, economic, political and security dimensions."

Not only are we seeing the early benefits from the Fourth Industrial Revolution in developed markets, it may provide a great impact on those living in developing countries worldwide. It was with great interest that I read Enabling a Digital Nigeria: A Position Paper of Microsoft's Vision for Digital Transformation and a Digital Economy that Works for Everyone, which presents "digital transformation as a means for social and economic development in Nigeria to enable every Nigerian citizen and business achieve more."

Through this paper, Microsoft recommends "twenty (20) policy interventions across four (4) policy areas for the Government to promote a digital Nigeria in such a way as to optimally harness the opportunities of the fourth industrial revolution. The recommendations highlight the gaps that need to be closed to ensure we can capitalize on the benefits of the digital economy. Transforming Nigeria using technologies will require developing a digital ecosystem, infrastructural enhancements in the policy and regulatory environment, education sector and national security. Finally, without deliberate efforts to improve people's national digital awareness and inclusion, both in the private and public sectors, the benefits will be limited."

Below are some of Microsoft's recommendations aimed to drive cloud adoption in the country, which would catalyze the digital transformation of public institutions:

1. To sustain the traction of a cloud-first policy and other digital transformation initiatives, Government efforts to increase digital and cloud capabilities of the public service are important. The Government should amplify communications of its commitment and support of ICT policies within an enabling environment.
2. Build digital and AI capacity through the creation of AI knowledge centers across the country as well as the enhancement of scientific research on AI adoption.
3. Government must optimize its data ecosystem through the development of multi-domain open data repositories that will enhance citizen interaction and amplify the country’s emergency response infrastructure.
4. Government should ensure technology adoption barriers like costs are fair to all socio-economic groups and offer support and provision of digital applications in sectors such as education and healthcare.
5. To implement the NITDA’s e-Government Interoperability Framework across the public sector. This provides uniform standards to follow in ICT adoption that will optimize government’s role in driving sustainable development.
6. Adapt the national education curriculum and delivery methods to align with 4IR and develop digital and non-digital skills such as critical thinking.
7. The passage of data protection laws unique to the Nigerian context that aligns with cutting-edge technologies, is technology neutral, and balances innovation with protection.

Having witnessed West Africa's technological transformation over the past decade, I concur with the report's conclusion: "The fundamental difference between digitally competitive nations has less to do with technology, but more to do with the transformative strategies that complement digital-savvy leadership, digitally skilled citizens and a collaborative digital culture. By immersing these elements within a conducive policy enabling environment, the Nigerian government can create a sustainable technology ecosystem that will drive digital transformation."

The Fourth Industrial Revolution is presenting a great opportunity for the next generation of Nigerians seeking to participate in the knowledge economy. Microsoft's recommendations provide a strong, stable path for the country's digital transformation. As the report encouragingly says: "We hope this contribution will provide a roadmap for Nigeria to achieve social and economic development goals and derive her share of the $11.5 trillion global digital economy."

Do you agree with the report's recommendations?

Aaron Rose is a board member, corporate advisor, and co-founder of great companies. He also serves as the editor of GT Perspectives, an online forum focused on turning perspective into opportunity.

Deal Activity to Female-Founded Startups Has Improved, but Roadblocks Remain

A report sponsored by Microsoft for Startups and Goldman Sachs' Launch With GS accurately asserts: "The VC industry has historically been a boys' club. Women have been underrepresented on both sides of the table as investors and as company founders. Considering that women make up half of the world's population and an even larger percentage of buying power, this underrepresentation is a problem not only for talented female entrepreneurs, but also for an industry that relies on scalable ideas to reach its potential."

The report, however, encouragingly notes that "[p]rogress has been made in recent years, and the oft-cited figures mask some of these improvements. For example, deal activity to female-founded startups has quadrupled over the last decade. In 2010, 823 VC investments were made in startups led by women; by 2018, that figure rose to 3,477, and 2019 is on pace to come close to that mark. This indicates that more women are becoming VC-backed entrepreneurs every year, and we expect that number to keep growing as supportive networks for female entrepreneurs continue to expand."

Released on Nov. 11, 2019, PitchBook-All Raise All In: Women in the VC Ecosystem highlights global and US-focused trends surrounding female-founded companies and female-led VC funds throughout the last decade.

The report's main findings include:

 

Some cities are better than others for female founders. New York and Los Angeles see comparatively high tech deal activity relative to Silicon Valley, despite Silicon Valley's much larger ecosystem.

What it means: Female founders can utilize these datapoints to determine which ecosystems (and VC firms) to target when they're on the fundraising trail.

Female-founded startups have a consistent history of exiting faster than male-led startups. Moreover, female-founded companies are exiting as a faster rate year-over-year compared to their all-male counterparts.

What it means: This reaffirms past research on enhanced business performance for female-founded companies. Venture investors, family offices, foundations and other prospective startup investors can use these datapoints to bolster their arguments for investing in more female-founded startups.

Only 12% of US VC checkwriters are women. Past research has found that female general partners are twice as likely to back female founders. Many (if not most) investment pitches are initiated by company founders, who approach investors looking for an opportunity to talk about their companies, and there are numerous indications that female founders often actively seek out VC firms with female checkwriters to pitch to.

What it means: VC firms can help in a big way by hiring or promoting more women into checkwriting roles. They will likely see an increase in incoming deal flow and open themselves to opportunities that other firms may miss.

56% of limited partners have women in decision-making roles. Limited partners are the original capital source for the entire VC industry, and where they invest their money has a significant downstream effect on future deal flow.

What it means: LPs can play a role, as well. They can use their influence to push for female-focused funds-of-funds, which are funds that take stakes in funds instead of startups. Such funds would ultimately provide more resources for female founders and provide an initial source of capital for female investors looking to set up their own VC firms.

It is worth mentioning the "ratio of female-founded startups has improved substantially since 2010, when they made up only 11.8% of the market. By dollars invested, female-founded startups took in almost 18% of all capital invested last year, higher than the 12% to 14% range typically seen since 2013. More notable, though, are the combined dollar amounts in recent years. Last year, more than $46 billion was funneled into female-founded startups, more than doubling 2017's value. For perspective, only $3 billion went to female-founded startups in 2010, translating into a more than 15-fold increase over the past decade."

What is more, "The gradual rise in female-founded startups can be traced to several factors, including market awareness of the gender imbalance, stronger mentorship networks for women and more women entering the venture side of entrepreneurship."

As an investor in several female-founded startups, it is reassuring to read: "Female-founded startups are exiting at an increasing pace. 2018 saw $26 billion in total sales (through acquisitions or IPOs) for female-founded startups. 2018 was also the fourth consecutive year with at least 200 exits from female-founded companies, which have slowly gained market share over the past 10 years, with 14% of total exit count in 2018. In addition, the number of exits for female-founded companies is growing at a faster rate YoY than exits for companies with all-male founding teams."

Are you investing in female-founded startups?

Aaron Rose is a board member, corporate advisor, and co-founder of great companies. He also serves as the editor of GT Perspectives, an online forum focused on turning perspective into opportunity.

AI Will Affect the Ways in Which Businesses and Governments Engage with Consumers and Citizens Alike

"Artificial intelligence (AI) will profoundly affect the ways in which businesses and governments engage with consumers and citizens alike," says a report developed by The Economist Intelligence Unit (The EIU) and sponsored by Microsoft. "From advances in genetic diagnostics to industrial automation, these widespread changes will have significant economic, social and civic implications."

AI "is moving from the realm of science fiction to real-world adoption among private- and public-sector organizations globally," notes the report. "Today AI is used by financial services companies to serve customers better and detect fraud; by healthcare providers to more accurately diagnose illness and identify more effective treatments; by manufacturers to keep machines up and running on the plant floor and to streamline supply chains; and by city authorities to track and mitigate urban challenges such as traffic, pollution and crime."

Intelligent Economies: AI's transformation of industries and society "draws on a survey of more than 400 senior executives working in various industries, including financial services, healthcare and life sciences, manufacturing, retail and the public sector. Survey respondents operate in eight markets: France, Germany, Mexico, Poland, South Africa, Thailand, the UK and the US. Additionally, we conducted in-depth interviews with business leaders and experts in AI."

Listed below are the report's key findings:

1. Respondents are optimistic about the economic benefits that AI will bring. Over the next five years, survey respondents expect AI to have a positive impact on growth (90%), productivity (86%), innovation (84%) and job creation (69%) in their country and industry.

2. Both private- and public-sector organizations consider AI essential to business strategy. More than nine out of ten respondents (94%) describe AI as important to solving their organizations' strategic challenges, with 57% saying that it is "somewhat" important and a further 37% characterizing it as "very" important.

3. The race to adopt and implement AI in business processes has already begun. More than one in four respondents (27%) say their organizations have already incorporated the technology into key processes and services, while another 46% have one or more AI pilot projects under way.

4. Despite their optimism, businesses recognize several major obstacles to leveraging AI successfully. When asked what major risks they see when adopting or increasing the use of AI, cost or financial risk tops the list, cited by 42% of respondents. Next is execution risk, with 36% saying their organisation may not have the necessary resources, in terms of people or tools, to effectively implement AI. Following closely behind are the workforce challenges involved in persuading employees to adopt new technology or learn new skills (35%) and security (32%)."

The EIU report also reaches the following conclusion:

As AI emerges from research labs and IT back offices and into the mainstream, and humans and machines begin to collaborate more closely, the transformational possibilities of AI for both businesses and societies are enormous.

Some industries, markets and individual companies are further down that road than others, but few will be left untouched. For now, it's still early days, and there are many opportunities for all. Intelligent economies, after all, will be made up of smarter businesses, and regardless of size or geographic location, every organisation has the opportunity to leapfrog the competition. Those that are successful will probably prioritize the following approaches:

Experimentation: an approach based on identifying small early wins will lay the groundwork in terms of innovation and risk mitigation strategies for more ambitious deployments in future. Organizations will look to AI to help them better understand the needs of customers and citizens and then develop new products, services and business models that are more resilient to future economic uncertainty and competitive disruption.

Skilling up: a workforce that clearly understands the benefits that AI brings to their jobs and is equipped with the skills to use this technology to best effect will be well positioned to identify fresh opportunities, not just for increased productivity but also for personal career development. Smart employers will gear training and development accordingly.

Governance: organizations in both the private and public sector will build in appropriate governance and control mechanisms that evaluate the societal impacts of AI. They will pay particular attention to building trust in their AI solutions and ensure that the logic underpinning their algorithms is sound, unbiased and can be easily explained to customers, employees and regulators.

In these ways, business leaders can make their own contribution to building tomorrow's intelligent economies, not just for their own benefit, but for that of their workforce and society at large.

How do you think AI will affect the ways in which businesses and governments engage with consumers and citizens alike?

Aaron Rose is an advisor to talented entrepreneurs and co-founder of great companies. He also serves as the editor of Solutions for a Sustainable World.

Using Blockchain to Verify a Candidate's Credentials and Fill Job Vacancies

Image: APPII

While researching articles for the previous post on this blog about Microsoft's Resume Assistant, which aims to help craft a compelling resume and see relevant job opportunities on LinkedIn, I read an article by Bernard Marr in Forbes who writes that "a new and potentially revolutionary application of blockchain technology could have wide-ranging implications for the way employers assess candidates and fill vacancies."

APPII Limited, Mr. Marr says, leverages blockchain’s function "as a 'trustless' system to give employers confidence that the candidate sitting in front of him is who he or she say they are." Based in London, England, APPII claimes to be "the world's first blockchain career verification platform."

"Blockchain," Mr. Marr notes, "is basically a method of recording information on a distributed and encrypted ledger – eliminating the need for trust, or middle-men in many applications. Today it is best known as the breakthrough technology behind virtual currency Bitcoin. But it has implications for any industry which relies on recording, storing and tracking transactions."

He further provides a thorough, yet simple explanation on how APPII's platform works:

APPII's platform allows candidates to create Intelligent Profiles – recording details of professional achievement or educational certification on the distributed ledger, where it can be verified and then permanently recorded.

It then allows organizations such as businesses or educational institutions to verify the "assertions" that candidates make during applications. By recording on a candidate’s profile that an assertion has been verified, there is no need for it to be checked again in the future.

It also uses facial recognition technology to verify the identity of candidates, by asking them to take a picture using the mobile app and comparing it to a photograph on official identification documents such as passports.

I share Mr. Marr's enthusiasm that "it's certainly very exciting to see blockchain starting to be put to use in some innovative ways, and making it possible for us to do things we just wouldn’t be able to do before. The concept of a distributed and encrypted ledger has obvious implications in finance - where many are speculating it can replace many of the traditional functions of a bank. But beyond that, I believe it can effectively and innovatively be put to use for just about any function which involves recording, verifying and tracking data."

In addition, I support APPII's assertion that "having the credentials of an individuals CV verified by educators or accreditors and former employers is of enormous benefit." The company further says,

Blockchain technology can be put to great use in the recruitment sector. The recruitment sector after all is a broker industry. The technology can assist in expediting commodity processes undertaken by intermediaries unlocking valuable capital to be put to better use by employers in growing or optimizing their businesses.

In APPIIs case, the broker role currently undertaken by 3rd party verification companies is superseded by the blockchain technology and network. The technology makes the process immeasurably faster and, at the same time, ultra-trustworthy.

The blockchain technology ensures that the verification activity only happens once and is stored securely and permanently for any person or organisation that wishes to view it. The technology also eradicates double handling and processing by multiple verification providers.

What do you think about using blockchain to verify an individual's curriculum vitae/resume or as a job recruitment tool?

Aaron Rose is an advisor to talented entrepreneurs and co-founder of great companies. He also serves as the editor of Solutions for a Sustainable World.

Microsoft's New Tool to Help Craft a Compelling Resume and See Relevant Job Opportunities on LinkedIn

Photo: Microsoft

In a post published on this blog on Oct. 27, 2017, I discussed my motivation for co-founding CareerLight, LLC; namely, to help international students in the United States prepare for a successful career. Another reason for my involvement with the Seattle, Wash.-based company is to learn about how technology is used in human resource management and job recruiting. Therefore, I found interest in reading a blog post by Kylan Nieh, senior product manager at LinkedIn, about the release of Resume Assistant, a tool that integrates with Microsoft Word, through the Office 365 productivity software-as-a-service platform, in crafting a "compelling resume" and "see relevant job opportunities on LinkedIn that are personalized for you."

I agree with Mr. Nieh that "creating a resume that accurately represents who you are, what you've done and in a way that is tailored to the role you're aspiring to, is one of the biggest challenges for professionals." With the aim of overcoming this challenge, a user will select their desired role and industry and then the "Resume Assistant will pull LinkedIn insights from millions of member profiles so you can see diverse examples of how professionals in that role describe their work."

Photo: Microsoft

"Highlighting the right skills can help you get discovered by recruiters, but how do you choose which are the right ones to include on your resume?" Mr. Nieh asks. "Within Resume Assistant, you can see the skills other successful professionals in your desired role and industry have, so you can add them if applicable."

Resume Assistant will also provide users with the ability to"see relevant job listings from LinkedIn's 11 million+ active job openings to jump start" their search. Mr. Nieh notes that "along with job openings, you'll see details of what the job requires, helping you to tailor your resume to a specific role."

Moreover, "If you see something you like, you can go directly to the job opening on LinkedIn where you can learn more about the opportunity and apply. Within Resume Assistant you'll also see the option to turn on Open Candidates. This feature on LinkedIn quietly signals to recruiters that you’re open to new opportunities, and makes you twice as likely to hear from recruiters."

Bryan Goode, general manager for Office 365, notes: "The workplace is changing, impacting not only how people work, but also the frequency with which they change roles, introducing new challenges for job seekers. Nearly 70 percent of people say they have difficulty portraying their work experience effectively, and 50 percent struggle to tailor their resume to a specific job opportunity. Furthermore, job applications on LinkedIn have increased 40 percent year-over-year, signaling increased competition for jobs."

Mr. Goode asserts that "with over 80 percent of resumes updated in Word, Resume Assistant helps job seekers showcase accomplishments, be more easily discovered by recruiters, and find their ideal job."

Microsoft produced a short video about its Resume Assistant:



I am excited to see how other technologies including artificial intelligence (AI) will provide value to the arduous job search process.

Will you use the Resume Assistant tool? Do you have recommendations on how to create an outstanding resume?

Aaron Rose is an advisor to talented entrepreneurs and co-founder of great companies. He also serves as the editor of Solutions for a Sustainable World.

Microsoft Security Forum: Security in a Cloud-First, Mobile First World

Whether it was the convenience of accessing documents through any internet connection, easing the budgetary pressure of maintaining a private server or appreciating new technology, I was an early-adopter of Microsoft's cloud computing platform that debuted over ten years ago. As mobile applications have evolved and become readily available, I find myself using a smartphone to access my documents stored in the cloud more frequently. While conveniently accessing documents stored or apps hosted in the cloud is important, keeping the information secure is always paramount. Therefore, I did not hesitate to register for a mobile security forum, "Security in a Cloud-First, Mobile First World," Microsoft hosted on Oct. 10, 2017 in Bellevue, Wash.

Security for Your Digital Transformation

In his presentation, "Security for your digital transformation," Javier Dominguez, a Technical Solutions Professional at Microsoft, highlighted the four-step process Microsoft utilizes to secure its cloud computing platform: (1) identity and access management (protect users' identities & control access to valuable resources based on user risk level), (2) threat protection (protect against advanced threats and recover quickly when attacked), (3) information protection (ensure documents and emails are seen only by authorized people), and (4) security management (gain visibility and control over security tools).

He also noted that two billion records were compromised in 2016, which led to an average cost to a business of $15 million per breach (not including the reputation impact a business may experience when its data is compromised).

Identity & Access Management

Speaking during the second session, "Identity & Access Management," Mr. Dominguez said 81 percent of breaches are caused by credential theft, 73 percent of passwords are duplicates, and 80 percent of employees use non-approved apps. In securing its cloud platform, Microsoft asks the following questions about access control:

• Who is accessing? What is their role? Is the account compromised?
• Where is the user based? From where is the user signing in? Is the IP anonymous?
• Which app is being accessed? What is the business impact?
• Is the device healthy? Is it managed? Has it been in a botnet?
• What data is being accessed? Is it classified? Is it allowed off premises?

Mr. Dominguez also highlighted a new service called Windows Hello for Business, which replaces passwords with strong two-factor authentication on PCs and mobile devices. This authentication consists of a new type of user credential that is tied to a device and uses a biometric or PIN. In addition, Windows Hello for Business lets user authenticate to an Active Directory or Azure Active Directory account.

Protecting Against Modern Attacks

Speaking on protecting against modern attacks, Ken Malcolmson, an Executive Security Advisor at Microsoft, emphasized to the audience that cyber threats are a material risk to their business. He noted how Microsoft is detecting malicious activity in organization including (1) detecting compromised user credentials, (2) detecting malicious apps and data, (3) detecting advanced threats and abnormal behavior, and (4) detecting advance threats to hybrid workloads.

The objective with implementing multiple detecting mechanisms, Mr. Malcolmson said, is to "raise the cost of attack." In other words, increasing the time and financial resources required to compromise a cloud system will diminish a hacker's incentive.

Mr. Malcolmson then outlined five methods for responding to threats quickly:

1. Respond to Compromised Identities. Get recommendations and remediation actions in case of a suspicious activity on-premises or in the cloud; review next steps on a simple, actionable attack timeline; and identify threats before the attackers access critical data and resources.
2. Respond to Malicious Email Files. Remove emails found to be malicious after they land in user inbox; intelligent filters which update based on evolving cyber threat landscape; and ability to remediate for real-time malicious emails.
3. Respond to Compromised Data. Identify high-risk and anomalous usage in cross cloud apps - including Office 365 and get recommendations and remediation actions for next steps.
4. Respond to Compromised Devices. Remediate potential threats and prevent reoccurrence using built in technologies; receive mitigation guidance for remediation for threats and future risks; and assess organizational security score including trends over time.
5. Respond to Compromised Workloads Across Hybrid Infrastructure. Prioritized security alerts that help you respond quickly with azure security center; recommendations to mitigate threats and vulnerabilities; and threat intelligence reports for deeper insights into attack.

Information Protection

Mr. Dominguez then made a presentation on protecting and managing your data throughout its lifecycle noting that the "new world of work is driving change." Elaborating on this point, he provided some statistical data:

• 41 percent of of employees say mobile business apps change how they work;
• 85 percent of enterprise organizations keep sensitive information in the cloud;
• 88 percent of organizations no longer have confidence to detect and prevent loss of sensitive data; and
• 58 percent have accidentally sent sensitive information to the wrong person.

Mr. Dominguez discussed the lifecycle of a sensitive data including how data is created, imported, and modified across various locations:

• Data is detected across devices, cloud services, on-premises environments;
• Sensitive data is classified and labeled based on sensitivity, used for either protection policies or retention policies;
• Data is protected based on policy. Protection may in the form of encryption, permissions, visual markings, retention, deletion, or a DLP (data loss prevention) action such as blocking sharing;
• Data travels across various locations, shared protection is persistent, travels with the data;
• Data is monitored. Reporting on data sharing, usage, potential abuse; take action and remediate; and
• Retain, expire, delete data via data governance policies.

Microsoft Security Management

Making the forum's final presentation, Mr. Dominguez noted the different ways chief information security officers can secure their company's data including:

• Use Azure Active Directory to secure identities in your environment;
• Enable threat management for your devices through Windows Defender Security Center;
• Manage and control apps and data for your SaaS apps with Office 365 Security and Compliance Center as well as Microsoft Cloud App Security; and
• Consolidate security management for your infrastructure in cloud and on-premises with Azure Security Center.

I found value in the information presented during the security forum. As a customer of Microsoft's cloud computing platform, I appreciated getting a better understanding on how the company is protecting their customer's data against unauthorized access, detect attacks and breaches, and help with responding and adapting to prevent it from happening again.

While I am not a IT director/manager or security officer, per se, as an active user of cloud computing platforms for personal and business purposes, I understand the importance of cybersecurity and the financial and reputational impact a data breach can have to myself or my business.

How are you or your business using cloud computing? What methods are you using to secure your data?

Aaron Rose is an advisor to talented entrepreneurs and co-founder of great companies. He also serves as the editor of Solutions for a Sustainable World.

Resources for Globally-Minded Small Businesses

Image: http://ow.ly/XPGH302jHgz

On May 25, 2016, I attended "Startup Global Seattle" in Seattle, Wash. Sponsored by Microsoft Accelerator Seattle, the Global Innovation Forum, the U.S. Department of Commerce and Silicon Valley Bank, the forum's focus was on exploring "the opportunities and challenges for startups and small businesses in the global marketplace and to discover resources to help your globally-minded business succeed." This event featured several panelists discussing key topics such as navigating international compliance and protecting intellectual property, succeeding in the global digital economy and global e-commerce, and understanding how to access the resources to reach new markets.

I agree with the remarks made by Jeremy Snodgrass, an attorney specializing on IP licensing at Microsoft, that startups and small businesses should understand the full range of their IP assets. In my experience of advising business owners and entrepreneurs, many are aware of patents as an IP asset but they overlook (or underestimate) the valuable role trademarks and copyright provide to their company's IP asset portfolio. While it is necessary to retain legal counsel in navigating the IP filing process to protect a company's invention or brand, I recommend that every entrepreneur take advantage of the excellent resources that the United States Patent and Trademark Office provide with respect to patents and trademarks.

Diana Mooney, Director of the U.S. Commercial Service Seattle, noted that many small business owners can find useful information through Export.gov, which "provides trusted market intelligence, practical advice and business tools to help U.S. companies expand in global markets." Throughout my professional career, I have routinely used Export.gov as a primary resource in learning about the opportunities and challenges of doing business globally. Small business owners and corporate executives alike will find value in many of the export guides available through www.export.gov/Export-Guides.

For example, Country Commercial Guides, which are prepared by trade and industry experts at U.S. embassies worldwide, provide important information such as market conditions, opportunities, regulations, and business customs for over 125 countries. These guides are an excellent starting point to find everything you need to know about doing business overseas, detailing eight important factors to help you decide if a market is right for your product or service: 

1. Doing Business in ...: Provides a broad overview of the market and the top reasons why U.S. companies should consider exporting here. Recommends strategies for entering the market and summarizes challenges or barriers for U.S. companies;
2. Political and Economic Environment: Links to the State Department's website for background information on the country's political environment, its bilateral relationship with the U.S. and the country's membership in international organizations;
3. Selling U.S. Products and Services: Provides guidance and best practices for selling U.S. products and services in the market, includes typical use of agents and selling to the government. Provides steps for establishing an office or joint-venture/licensing partner, and conducting due diligence. Discusses the state of e-commerce, franchising, and direct marketing;
4. Leading Sectors for U.S. Exports and Investment: Identifies the top industry sectors that have potential in the market. Provides a general overview of each sector, including trade data, challenges, sub-sector best prospects, and a list of relevant websites and trade shows;
5. Trade Regulations, Customs and Standards: Describes trade regulations, customs and standards in the market. Provides information on import tariffs and documentation U.S firms should be aware of when exporting, including any prohibited items or temporary entry procedures;
6. Investment Climate Statement: Describes the country's openness to foreign investments and provides information on the country's investment policies, the labor market, political violence and levels of corruption. Describes foreign trade zones and laws for protecting property rights;
7. Trade and Project Financing: Describes the country's financial system and how U.S. firms typically get paid. Describes the banking system and provides information on foreign exchange controls in the market. Describes important sources of funding for project financing; and 
8. Business Travel: Describes relevant business travel information and business customs, includes any special visa or entry requirements, potential health risks, travel advisories and information on travelling around the country.

My colleagues and I at ROI3, Inc. regularly refer to the China Country Commercial Guide as we develop mobile applications for smartphone and tablet users in the world's largest mobile phone market. We are also utilizing the Country Commercial Guide for other countries as we explore new business opportunities in Southeast Asia, South Asia, and sub-Saharan Africa.

As a startup entrepreneur or small business owner, what resources do you utilize as you prepare to expand into foreign markets?

Aaron Rose serves as President and CEO of ROI3, Inc., a Seattle, Wash.-based company that empowers people in emerging economies through innovative, technology-based solutions. He is also the editor of Solutions for a Sustainable World.

Learning About Business Opportunities in Taiwan

Photo of the Taipei skyline:
http://ow.ly/4n5sQi

Did you know Taiwan is the tenth largest trading partner with the United States? Bilateral trade between the U.S. and Taiwan reached $67.4 billion in 2014, according to U.S.-Taiwan CONNECT. While most Americans are aware of the strong trade relations that exist between the U.S. and mainland China, many people, myself included, are unaware of the business opportunities available in Taiwan for American companies. An event sponsored by the Trade Development Alliance of Greater Seattle (TDA) explored the cross-border relations between China and Taiwan, as well as an examination of the market opportunities that exist for companies based in the Greater Seattle area. This post addresses some of the points presented during the Apr. 19, 2016 event in Seattle, Wash.

Andy Chin, Director-General of the Taipei Economic and Cultural Office in Seattle, talked about how U.S. products are well-represented in the Taiwanese market. Mr. Chin cited examples such as Boeing's long-standing relationship with Eva Airways with the former selling commercial aircraft to the latter and Microsoft's success of not just manufacturing its products in Taiwan, but commercializing its cloud-based services to the island with a population of 23 million.

Upon performing some research for this post, I learned of another dynamic between Microsoft and Taiwan such as the collaboration between Microsoft Research Asia and Taiwanese academia that "began in 2003 with a partnership between National Taiwan University, National Tsing Hua University, and National Chiao Tung University. This alliance led to programs that foster new talent, curriculum innovation, and academic exchanges. In 2006, Microsoft Research Asia extended this collaborative partnership to additional institutions, such as National Cheng Kung University in Taiwan."

Joe Borich, Senior Advisor with Nyhus Communications, said U.S. products are well-represented in the market and noted that Taiwan is a good target market for high-quality, differentiated products and commodity items. He also remarked how Taiwan possesses a comprehensive modern legal system with an independent judiciary. Lastly, according to Mr. Borich, Taiwan contains a number of excellent higher education institutions that produce graduates who are well-prepared for the challenges of working in a global marketplace.

Seattle has maintained a long and storied relationship with Taiwan including the former's sister city relationship with Kaohsiung, Bill Stafford, a Senior Advisor with TDA, explained. He also commented that Taiwan serves as a good location to export to emerging markets throughout Asia. Mr. Stafford further said economic ties between Taiwan and mainland China will continue to improve with the latter increasing its foreign investments in Taiwan over the next few years.

According to the Doing Business in Taiwan: 2015 Commercial Guide for U.S. Companies, a report produced by the U.S. Commercial Service in Taiwan, "Taiwan is a thriving democracy, vibrant market economy, and a highly attractive export market, especially for U.S. firms." Moreover, according to the report, "Mainland China (including Hong Kong) is Taiwan's largest trading partner, accounting for 26.7% of total trade and 18.1% of Taiwan's imports in 2014. The United States is Taiwan's second largest trading partner, accounting for 10.6% of total, including 10% of Taiwan's imports."

The report also provides an overview of the sectors ideal for U.S. export and investment in Taiwan. I was pleased to read: "The Taiwan authorities have identified cloud and mobile computing as the most promising sectors in the Taiwan’s computer software and service industries." The report includes business application software and Software as a Service (SaaS) in its list of Sub-Sector Best Prospects and explains "the Taiwan authorities have identified cloud and mobile computing as the most promising sectors in the Taiwan’s computer software and service industries."

On the topic of openness to foreign investment, the Doing Business in Taiwan report says:

Strategically located between Northeast and Southeast Asia, Taiwan is an important hub for regional and global trade and investment, especially in the high-technology industry. Indicative of its developed and open investment environment, Taiwan ranks in the upper tenth percentile of major global indices measuring ease of doing business, economic freedom, and competitiveness. Taiwan's investment climate has improved in recent years with expanded cross-Strait trade with mainland China and expansion trade links with other partners in the Asia Pacific region, as well as reforms to enhance protection of intellectual property rights and rationalize other investment-related regulations.

My colleagues and I at ROI3 are in the early stages of learning about the opportunities that exist in Taiwan for our SaaS solution, which provide smartphone and tablet users with the ability to learn English language skills and use of the language in business, legal, medical, aviation, and other professional settings. Do you have any advice or lessons learned of doing business in Taiwan?

Aaron Rose is an advisor to talented entrepreneurs and co-founder of great companies. He also serves as the editor of Solutions for a Sustainable World.

How Technology is Transforming Business Functions

Sponsored by Microsoft, the Economist Intelligence Unit published a paper, Changing roles: How technology is transforming business functions, that explores how the workplace is evolving and the effect of technology on how people collaborate, form global teams and make decisions across various business functions. The report is based on a global survey, advisory board findings and in-depth interviews with industry experts.

The report issued four key findings as outlined in the Executive Summary:

1. Work will become more complex. Individual workloads will increase, driven partly by the need to respond to rapidly swelling quantities of real-time data from automation of all kinds and from greater demands for collaboration. Thirty-six percent of survey respondents expect work to become more complex and 26% of respondents, across all functions, believe it will involve much greater amounts of data. Globalization and the growing interconnectedness of companies and sectors will also multiply the number of variables companies must take into account.

I agree with page seven of the report: "Technology can enhance job satisfaction." I can also relate to the fact that:

Technology helps companies be more proactive, predictive, productive and personalized in their approach. Organizations can use it to enter new markets more efficiently, develop innovative business models, introduce products and services, and forge closer links between IT and lines of business. Cloud computing, for example, is liberating organizations from the need for in-house IT systems, which are expensive, time consuming and difficult to maintain. By using pay-as-you-use cloud services and handing over the management of applications and data to third-party providers, companies can improve flexibility, reduce overheads and benefit from constant cutting-edge technology. [emphasis added]

Cloud computing has allowed my colleagues and I at ROI3, Inc. has liberated us from the need for an expensive in-house IT system. Not having to dedicate financial and time resources to the maintenance of an in-house IT system has allowed my company to focus on activities directly related to revenue generation.

2. Lack of time is the biggest challenge. The ability of technology to help people do more with less does not always help executives save time. Some 45% of survey respondents cite time constraints as their prime problem, with people who feel they are successful in their current role most affected—46% compared with 39% of those who believe they are not successful.

Software tools such as over-the-top messaging, and VoIP services have facilitated the ability for my colleagues and I to collaborate regardless of people's locations. While I still see a great value in face-to-face meetings, I appreciate instant messaging and videoconferencing as powerful tools for long-distance collaboration.

3. Collaboration is crucial. Team-working is the new normal both locally and globally. Thirty-five percent of survey respondents believe work will require co-ordination between more people across multiple functions. Collaboration is the best way to make the most of individual expertise, respond swiftly to business problems and boost competitiveness. HR must optimize use of specialists and freelancers, and employees across functions must work with these temporary colleagues.

Page 12 notes that "millennials, young entrepreneurs and senior people can teach each other." Using technology effectively to facilitate the collaboration of people whom possess diverse backgrounds and experiences is essential for companies of all sizes to succeed.

4. Gaining new technology skills is the best way to advance professional goals. In the face of increased automation and technological advances, all organizational functions recognize the need to keep learning. Nearly a quarter (23%) of respondents include mastering new technology in their top-three ways to achieve career aspirations. Thirty-two percent cite acquiring new skills through education and training as the opportunity most likely to help them achieve their professional goals. This is becoming more important with the rise of millennials who are much more knowledgeable about technology than most of their seniors.

People of all ages must regularly learn new technology skills to remain relevant in a quickly changing world. Recognizing technology is disrupting the workplace, I spend a significant amount of my time learning new technical skills, whether in big data, analytics software and cloud-enabled collaborative applications to improve efficiency, in order to maintain my business as a forward-looking organization.

How is technology transforming your business functions? What new technology skills do you suggest people should learn?

Aaron Rose serves as President and CEO of ROI3, Inc., a Seattle, Wash.-based company that empowers people in emerging economies through innovative, technology-based solutions. He is also the editor of Solutions for a Sustainable World.

2010 Global Social Entrepreneurship Competition Presents Innovative Solutions

I had the pleasure to serve as a judge in the 2010 Global Social Entrepreneurship Competition (GSEC) organized by the University of Washington's Global Business Center at the Michael G. Foster School of Business. The purpose of GSEC is to engage “creative minds around the world to encourage bolder and less conventional business solutions to global poverty.” US$18,000 in prize money was available for the sixth annual competition. (Photo: Nuru Light)

GSEC plans are judged on three criteria: (1) effect on the quality of life and poverty alleviation in the developing economies, (2) financial sustainability, and (3) feasibility of implementation. 161 applications were submitted from 36 countries and this year’s five finalist teams traveled from Bangladesh, Canada, China, India, Rwanda, and the United States. Unlike my role of judging the semi-final round in 2009, I participated in this year’s GSEC as a judge in the Investor’s Choice Award, evaluating each team’s brief elevator-pitch and trade show exhibit.

The Grand Prize of $10,000, sponsored by Microsoft, was awarded to Nuru Light, which provides a solution to the lighting crisis in Rwanda. Through the POWERCycle, the Nuru Light (Nuro means light in Swahili) provides an affordable, safe, and clean lighting solution to replace kerosene in households without electricity. Nuru lights can be recharged quickly via the world’s first pedal generator. In addition to the Grand Prize, Nuru Light was the winner of the Investor’s Choice Award of $500, People’s Choice Award, and the second place Global Health prize of $2,000 for the health benefits of POD lights including decreased exposure to particulate matter and lowering the risk of kerosene burning. Team Nuru was represented by Charles Ishimwe from Adventist University of Central Africa in Rwanda and Max Fraden of the University of Massachusetts Medical School. (Photo: University of Washington)

The University of Washington’s Department of Global Health sponsored the Global Health Prize of $5,000, which was awarded to TouchHb, an affordable, prick-less anemia scanner used by low-skilled village health workers in rural India that measures, helps diagnose, monitors and screens for anemia. Team TouchHb consists of two doctors, Yogesh Patil and Abhishek Sen, from the Maharashtra University of Health Sciences in India. (Photo: University of Washington)

For this year's GSEC, judges spontaneous created an award and personally donated a total of $3,000 for the Judges’ Choice Award, which Malo Traders received for their business plan that provides technological consultation that minimizes risks of post-harvest losses for small-scale rice farmers in the West Africa nation of Mali. Team Malo consists of two brothers who grew up in Africa and are now studying in the United States: Mohamed Ali Niang is a student at Temple University Fox School of Business in Philadelphia, Pennsylvania and Salif Romano Niang, a doctorate student in political science at Purdue University in West Lafayette, Indiana. (Photo: University of Washington)

Aaron Rose is a board member, corporate advisor, and co-founder of great companies. He also serves as the editor of GT Perspectives, an online forum focused on turning perspective into opportunity.

Microsoft Executive Talks about the Future of Computing

Prior to his retirement from Microsoft, Bill Gates traveled around the country speaking at college campuses about how Microsoft's innovative technologies are providing the tools to help people resolve the problems of today, and tomorrow. Since Mr. Gates' departure from the Redmond-Washington company, Craig Mundie, Microsoft’s chief research and strategy officer, has led the Microsoft College Tour speaking to faculties and students in the United States. From November 2-5, 2009, Mr. Mundie visited four college campuses, Cornell University, Harvard University, the University of Illinois at Urbana-Champaign, and the University of Washington, discussing how the new capabilities in computing will help solve some of the planet’s toughest challenges, from environmental change, to growing the global economy, to improving healthcare and education. These visits provide an opportunity to show the leading-edge work taking place at Microsoft. (Photo of Craig Mundie courtesy of Patrick Riley/The Daily of the University of Washington)

I had the opportunity to attend Mr. Mundie's presentation, "Rethinking Computing," which was part of the University of Washington’s Computer Science and Engineering Distinguished Lecturer Series. He demonstrated future-looking technologies created by the Computational Science Group at the Microsoft Research Cambridge (U.K.) that show how computer science is changing scientific exploration and discovery. He also discussed the role of new science in solving the global energy crisis such as a state-of-the-art global carbon-climate model that allows scientists to study forests in ways not previously possible. With the carbon model, and another model created by Microsoft researchers showing how populations of trees actually grow, scientists can study how deforestation in the Amazon basin can affect forests worldwide.

Mr. Mundie talked about how machines will respond to gestures through new natural user interfaces, deploy the power of new microprocessors, migrate data to the cloud, and use live data to drive new simulations and visualizations. "We think computing is in its infancy," said Mr. Mundie, noting many people view computer technology has become passé and invisible. "It's going to be important to continue investing in computing. Without it, we'll have difficulty solving these problems." Explaining that the benefits of computing will have to scale as the planet's population increases, Mr. Mundie said, "we will need to move beyond the tradition point-and-click of the graphical-user interface."

The next big change we will see is in display technology, where "we will have a richer way to interact with the computers." The natural user interface (NUI) will create an interface enabling computers to work for you and search using human-like interaction technologies like ink, eye tracking, and voice. Mr. Mundie provided a demonstration of the latest NUI designed by Microsoft's Cambridge research group.

On the topic of cloud computing, Mr. Mundie "sees the cloud as a high scale, often data driven computing assets that are being built now and I think the next big thing will be to think the cloud and the intelligent clients as one big distributive system, not two heterogeneous things that we are forcing to talk to one another."

I enjoyed listening to the presentation and I feel that Microsoft is producing innovative computing technologies that will provide a great benefit and new experiences to users worldwide. One important area where we will see these benefits is in the policy making arena. As Mr. Mundie demonstrated, a new method of computing will become an essential tool for policy makers in making informed decisions. While I see the technical value in the natural user interface, cloud computing will revolutionize the way people access, store, and use information, which I will discuss in greater detail in this blog.

Microsoft OneApp Creates Access to Mobile Apps for Feature Phones in Emerging Markets

On August 24, 2009, Redmond, Washington-based Microsoft Corporation "announced Microsoft OneApp, a new software application that enables feature phones — commonly found in emerging markets — to access mobile apps such as Facebook, Twitter, Windows Live Messenger, and other popular apps and games." Through OneApp, according to the software, services and solutions company, "people around the world who own feature phones will be able to do more and enjoy a better mobile experience with their existing phones." OneApp is available in South Africa through Blue Label Telecoms and their mibli service and Microsoft plans to launch OneApp in more countries within the next year.

Designed to run on the most popular feature phones, OneApp appears as a single application that allows users to easily access all of their mobile apps. Microsoft explains that OneApp appears on a customer phone as a single application where they can then easily access all of their mobile apps. Here is a list of additional features:

• The OneApp lightweight on-phone footprint of just 150 KB makes the initial installation easy and fast;
• OneApp dynamically launches just the parts of a mobile app that a person wants to use, eliminating additional installation time and the need for a person to store all of the mobile apps on the phone;
• OneApp includes cloud services that help offload processing and storage from the phone to the Internet, improving overall performance; and
• OneApp uses data networks efficiently to reduce data access charges, saving money for the customer.

Microsoft's press release says, "Software developers can write new apps for OneApp using industry standards such as JavaScript and XML. The OneApp software developer kit is expected to be available for developers by the end of 2009." OneApp was created under Microsoft Unlimited Potential, which combines advanced technologies and strong partnerships with governments, international organizations, nongovernmental organizations, educational institutions, and technology and service partners into making technology more affordable, relevant and accessible for the five billion people around the world who do not yet enjoy its benefits.

Here is a good demonstration video of OneApp produced by Todd Bishop, co-founder and managing editor of TechFlash and author of a blog on Microsoft:

New Investment Monitoring Platform to Assist Investors in Africa

One of my key frustrations in launching new business ventures in Africa or helping African nations develop foreign direct investment initiatives is having insufficient or inaccurate information when making key business decisions. One of the benefits of the Internet is having easy access to essential information that facilitates the ability to conduct business effectively and transparently. On July 9, 2009, the United Nations Industrial Development Organization (UNIDO) and the African Union Commission announced the launching of a new tool, the Investment Monitoring Platform, designed in partnership with the Microsoft Corporation, that will map investment flows in Africa and offer investors more information for analysis and decision making.

According to UNIDO's press release, "The new Investment Monitoring Platform will provide data and information on the characteristics of foreign and domestic investors, as well as their motivations, actions, perceptions, intentions, and impact." UNIDO further explains, "The data on the platform will be supplied through bi-annual surveys of both foreign and domestic investors conducted in more than 20 African countries by UNIDO." With the goal of covering 22 countries by the end of October, the first surveys will commence on July 23, 2009 in Kenya and Senegal.

In addition to being supported by the African Union Commission, says UNIDO, the Investment Monitoring Platform is "financed by the European Union Commission, the Governments of Austria, Italy, Turkey and South Africa. It is the result of the collaboration between UNIDO and the Investment Promotion Agencies Network (AfrIPANet), established in 2001 and currently comprising more than 40 members throughout Africa. One of its objective is to promote partnerships among investment promotion and industrial development stakeholders at the national and regional levels."

In expressing his support for this innovative initiative, UNIDO Director-General, Kandeh K. Yumkella said, "The information gathered will also allow for a better understanding of the impact of the global financial crisis on investment flows in Africa. It will help Government and national agencies design more effective investment and business policies, promotion strategies and services that respond to investor needs, and formulate viable industrialization strategies for the continent."

There are great investment opportunities throughout Africa, but corruption and the lack of transactional transparency are key barriers that force investors to look at other markets. I hope the Investment Monitoring Platform will deliver the results intended to assist investors in making sound business decisions.