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Quick jump through the newsletter:

1. How AI Can Streamline Your Business Setup Process? The Full Founder Journey!

2. One word, two words Byword.AI 

3. Unlocking the Power of AI with IBM Watson Studio

4. Collectable “Like Magic AI” NFT

How AI Can Streamline Your Business Setup Process? The Full Founder Journey!

Starting a business is an exciting journey, but the process can be complex and time-consuming. If you are doing it for the first time, you can get lost in bureaucracy and the hefty costs of these services. Fortunately, artificial intelligence (AI) is here to assist. Lowering the initial costs of starting a business is crucial to ensure profitability from day one. That's why we aimed to set up a new company in record time and with minimal costs using a plethora of AI tools. Now, you can take advantage of our homework and begin your journey.

Here’s how you can leverage AI at each step of your business setup:

1. Choosing a Business Structure

Bizplan Use Case: Bizplan uses AI to help you select the optimal business structure based on your goals, industry, and long-term plans. It offers tailored suggestions and outlines the pros and cons of each option so you can make an informed decision.

2. Selecting a Business Name

Namelix Use Case: Namelix generates creative business names using AI based on keywords you input. It also checks domain availability, ensuring your brand name is unique and ready for the digital space.

We asked Namelix to generate a name for a company that will be working on smart home devices and air conditioning installations, providing it with keywords “cool, penguin, smart, airconditioning”.

3. Registering the Business

LegalZoom Use Case: LegalZoom's AI-driven platform guides you through the registration process, whether you’re filing for an LLC, corporation, or other structure. It ensures all forms are correctly filled out and submitted to the appropriate authorities. This part no one likes, but it has to be done.

4. Obtaining a Tax Identification Number

TurboTax Use Case: TurboTax uses AI to simplify the application process for an Employer Identification Number (EIN) in the USA or a Tax Identification Number (TIN) in the EU. It provides step-by-step guidance and checks for accuracy before submission. Turbotax uses AI-Powered Intuit Assistant that will double check your data and help you with any issues.

5. Registering for VAT

Avalara Use Case: Avalara automates VAT registration and compliance across US and various EU countries (check availability for your country). It ensures that your business adheres to local VAT regulations and keeps track of your obligations in real-time.

6. Opening a Business Bank Account

Novo Use Case: Novo is an AI-powered banking platform designed for small businesses. It simplifies the process of opening and managing a business bank account, offering features like automated expense categorization and real-time financial insights. In certain countries, the process of opening a bank account in a preferred bank may be straightforward.

7. Setting Up Accounting and Record-Keeping Systems

QuickBooks Use Case: QuickBooks uses AI to automate your accounting tasks, from tracking expenses to generating financial reports. Its predictive analytics help you stay on top of your business finances and avoid cash flow issues.

8. Complying with Employment Laws

Gusto Use Case: Gusto's AI-driven platform ensures compliance with federal and state labor laws in the USA, as well as employment directives in the EU. It automates payroll, tax filings, and benefits administration, reducing the risk of costly mistakes.

9. Drafting Internal Governance Documents

PandaDoc Use Case: PandaDoc uses AI to help you draft and manage internal governance documents (like bylaws or operating agreements) across departments and multiple employees. It offers customizable templates and ensures that your documents meet legal standards.

10. Adhering to Data Protection Regulations

OneTrust Use Case: OneTrust uses AI to help your business comply with data protection regulations like GDPR in the EU or CCPA in the USA. It automates data mapping, policy management, and incident reporting, ensuring you stay compliant.

11. Developing a Marketing Plan and Branding Strategy

Canva Use Case: Canva's AI-driven tools assist in creating a cohesive brand identity. From logos to social media posts, Canva offers design suggestions and templates tailored to your business needs, making marketing more accessible.

12. Launching the Business

HubSpot Use Case: HubSpot's AI-powered marketing platform helps you plan and execute a successful business launch. It offers tools for email marketing, social media, and customer relationship management (CRM), ensuring a coordinated and effective launch campaign.

13. Marketing on Social Media

Lately Use Case: Lately is an AI-driven content marketing platform that helps you automate and optimize your social media marketing. It uses AI to repurpose long-form content into multiple short-form posts, schedules them across platforms, and analyzes their performance to refine your strategy. This ensures that your marketing efforts are both efficient and effective.

By integrating these AI tools into your business setup process, you can save time, reduce errors, and focus on what truly matters—growing your business.

If you have any questions or need further assistance, feel free to reach out!

One word, two words Byword.AI 

SEO, SEO, and then even more SEO. How many times have you heard someone mention this word if you are a business owner or content creator? Probably a lot. Ever since AI entered our world, there have been many apps that have helped you create SEO content. So, we wanted to try out yet another AI tool that can help you stand out in the world of Google. Byword AI is one we wanted to try out. It is a more recent addition to the Byword family (many have used this writing App that was designed for Mac and iOS), but this time, it is offering AI-powered features to enhance the writing experience. It combines the simplicity of the original Byword app with advanced AI capabilities, and it even creates illustrations that can help you create the perfect article. 

Key Features:

One of the great features that Byword.ai offers is exceptional natural language processing capabilities. The AI engine behind the platform is able to understand the context of your writing, providing creative suggestions and edits that elevate the quality of your content. Whether you're crafting a blog post, a marketing piece, or a long-form report, Byword AI does the job. It is available in different languages: French, Italian, Spanish, German, Dutch, Portuguese, Polish, Romanian, and Turkish. It also guarantees that you won’t be banned from Google for plagiarism. As they noted on their site, Byword was built on top of custom technology developed over years of consulting brands on AI content. In all those years of projects, the team hasn't seen Google penalties hit any of those brands' sites. Also, Byword AI learns from your writing habits and adapts its suggestions accordingly, becoming more personalized over time. It offers four free credits, so you can explore what it offers. Otherwise, pricing works on a credit basis, where one credit generates one article. Credits start at $5 each but decrease down to as low as $2 depending on how many you're looking to purchase.

Cons:

• Limited AI Capabilities: While Byword AI offers helpful and even great suggestions, it may still have some wrong data so it is essential to read the article and edit it before publishing. 

• Potential for Overreliance: It's important to use AI as a tool rather than relying on it completely, as the human touch is still crucial in writing.

Case scenario: Signing into Byword AI is quite easy. You put your credentials and then the authentication number that you will receive on your mobile. Then, you can start creating. We decided to give it a try with the keyword “urban garden”. Quite quickly, Byword AI did the job with an article and even made illustrations. 

If you are not satisfied with the result, you can have a rewrite. After we read the article that Byword AI gave us, we were quite satisfied with how it did the job. The illustrations were quite ok as well. You can make your article even more personalized by setting the length of the article and tone of the article and also make custom prompts. After the first generations, we changed the settings and let it do the job. Not only did it set up a different tone of voice and length, but it also designed different illustrations. Once finished, you can ask it to help you with social media posts from your article, and it gives you suggestions for Facebook/Instagram, LinkedIn, and Twitter. They are quite good as well, as they give you copy suggestions and even hashtags. 

Overall, Byword AI is a promising writing assistant that can help you improve your writing and streamline your workflow. We liked how well it works and that it offers free credits. You can try it if you like it and if it fits you. We give it a high 4.5 out of 5 on our LMAI scale. 

Unlocking the Power of AI with IBM Watson Studio

Let's talk about one of the heavy hitters in the AI game—IBM Watson Studio. If you’re serious about harnessing AI to drive your business forward, this is a tool you need to have in your arsenal.

Here’s the deal: AI is no longer just a buzzword; it's the secret sauce that’s propelling companies to the next level. And IBM Watson Studio is like having a full-stack AI department at your fingertips. This platform isn’t just about crunching numbers—it’s about giving you the ability to create, train, and deploy machine learning models with ease.

What’s the secret sauce? Watson Studio’s seamless integration with IBM’s vast data ecosystem means you can pull in data from anywhere, clean it up, and start building. Whether you’re a data scientist knee-deep in algorithms or a business leader looking to leverage AI without getting lost in the weeds, Watson Studio scales to meet your needs.

The real kicker? AutoAI. This feature takes the heavy lifting off your plate, automating model development so you can focus on strategy instead of coding. It’s like having a data scientist who never sleeps, constantly optimizing and improving your models.

Use in marketing: Let’s say you’re in retail, and you’ve got mountains of sales data from different regions. AutoAI can automatically analyze this data, identify patterns, and create predictive models that tell you what products will sell best in specific locations at different times of the year. Imagine having that insight before you even place your next order. That’s not just smart—it’s game-changing.

Use in education: Watson can be used to create personalized learning and development programs for employees. By analyzing an individual’s skill set, career goals, and performance data, Watson can recommend specific training modules, courses, or projects to help employees develop the skills they need to advance in their careers, ensuring that your workforce remains competitive and engaged.

So, if you’re ready to step up your business AI game, IBM Watson Studio could be a great place to start. Dive in, experiment, and watch as your data starts working for you, not the other way around.

Keep building,

-DJ

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