YouTube has acquired social commerce startup Simsim, the Google-owned firm said on Tuesday. Neither of the firms disclosed the terms of the deal, but two people with knowledge of the matter told the Indian startup was valued at over $70 million.
Two-year-old Simsim had raised about $17 million before today’s announcement and was valued at $50.1 million in its 2020 Series B financing round.
The Gurgaon-headquartered startup helps small businesses in India transition to e-commerce by using the power of video and creators. The startup’s eponymous app acts as a platform to connect local businesses, influencers, and customers.
The thesis, according to Rohan Malhotra of Good Capital, an early backer of Simsim, is: “micro-influencers are more effective at building a targeted audience (growth), creating entertaining experiences (retention), building trust (higher value) and personalizing messaging (conversion). Consumer social platforms (Facebook, YouTube, Instagram, etc.) cannot meaningfully monetize via advertising-financed models in India; this unlocks the opportunity for more deeply integrated transactional platforms. New internet users in India need an interactive seller-led experience to replicate the offline e-commerce experience this market is used to.”
He, like everyone else, declined to comment on the size of the deal. The Simsim chief executive didn’t respond to a query about the acquisition Monday evening (IST).
“We started Simsim with the mission of helping users across India shop online with ease, enabled through small sellers and brands showcasing and selling their products using the power of content by trusted influencers. Being a part of the YouTube and Google ecosystem furthers simsim in its mission,” Simsim cofounders Amit Bagaria, Kunal Suri, and Saurabh Vashishtha said in a joint statement. Bagaria and Vashishtha previously worked together at Paytm.
“We cannot think of a better ecosystem in which to build simsim, in terms of technology, reach, creator networks, and culture. We can’t wait to be part of YouTube and are excited to build simsim within the most admired tech company in the world.”
For YouTube, the acquisition will enable the video streaming giant to help small businesses and retailers in India reach new customers in even more powerful ways, wrote Gautam Anand, VP of YouTube APAC, in a blog post.
The video streaming service, which reaches over 450 million monthly active users in India, doesn’t plan to make any immediate changes to Simsim and the startup’s app will continue to operate independently “while we work on ways to showcase Simsim offers to YouTube viewers,” he added.
Tuesday’s announcement is Google’s latest push in India, where it has committed to invest $10 billion in the next couple of years. The internet giant has also backed Indian startups Glance and DailyHunt, both of which operate short-video apps.
“With over 2500 YouTube creators with over one million subscribers, and the success of YouTube Shorts, which we launched in India first, we’re committed to bringing the best of YouTube to India and growing the creator community by making it even easier for the new generation of mobile-first creators to get started,” he added.
Content editor @ StartupHub.in. Mad about photography and startup ideas.
Remote project management, as the name implies, involves running a project smoothly and ensuring that it is completed on time and within budget, everything remotely. Without physical engagement, the most common challenges will be communication and motivation, both of which are critical for successful project management.
There are advantages and disadvantages to remote project management. The benefits include increased productivity and reduced turnover, all while cutting costs and gaining access to top talent. The disadvantages include ineffective team communications, a lack of company culture due to a lack of physical engagement, and a lack of company culture due to a lack of physical interaction.
Here are some strategies for effective remote project management:
1. Choosing the right methodology:
For some projects, you need to be careful while choosing a methodology. Only a few of these management methods are better suited to remote projects. If you want to effectively manage your project remotely, you should use a highly flexible methodology like agile methodology.
The agile method is highly adaptable, with processes that constantly change and adapt to changing circumstances. You will be responding to situations rapidly and managing the project in the fast lane if you use the agile method.
Scrum is another methodology. There is also a strong focus on constantly producing and updating deliverables. Scrum is more flexible and does not rely on leaders, enabling a team to self-organize.
In Kanban methodology, you visualize your team’s workload. The workload is separated into columns, and each column represents a stage in the team’s workflow. This method involves structured project management.
When choosing tools for remote project management, be sure they include all of the features you require. Before you start exploring for tools, make a list of the features you’ll need for project management and that will be useful while managing remotely. Also, ensure that these tools may be customized to your specific workflow.
Instead of forcing your team to adapt to the tools, look for tools that your team can easily adapt to and utilize without a learning curve. It is also important to ensure that these tools are simple to use and fit within your budget.
You should have a project specification document containing all of your project’s information. It should include information like the scope of your project, deliverables, and what you hope to achieve at the end of the project, and most importantly, the deadline. Your project specification document should answer three important questions:
– What is the project about?
– What are we doing, and how will we be completing the project?
– What is the deadline?
When working with a remote team, it’s essential to have complete details in a project specification document. Because communication can be challenging when working with remote teams, it is important that the specification document is made accessible and easy for colleagues.
A remote team can work effectively when they write down everything. Process documents work similarly to how-to guides for your colleagues. Keep these guides in a place that your team will find easy to access. As a result, whenever someone has a question regarding the project, they can get the answers directly from the document rather than having to wait for a manager to respond.
Creating process documents promotes transparency and ensures that all team members have access to company information. These documentations ensure that the entire team is on the same page. When documenting a process, make sure that the process scope is defined. It should include answers to the questions of what the process includes and excludes.
Excellent documentation will include all relevant information without filling the document with unnecessary information. Make sure to include the steps to complete the process as well as the names of the stakeholders involved with the project.
5. Checking with your team regularly:
When managing a remote team, it is important to do regular check-ins to ensure that clear communication is maintained at all times. If you do not make an effort to connect with the team, you are not working as a team.
Regular check-ins provide an opportunity for team members to discuss issues and answer queries. This small communication touch allows a project manager to maintain track of the overall project’s progress. One-on-one meetings with team members will help you in monitoring progress, resolving challenges encountered by your colleagues, and modifying work to accommodate changes.
When you are a project manager handling a remote project, you must be well-prepared with all the relevant information that will aid your project management. These five remote project management tips can significantly help you with your progress. With the right tools and knowledge and some training from the right consultants, you will be ready to face and challenge any remote project management.
Productivity is important for business growth and development.
Because the more productive you are, the more output you will have. As a result, you have a better chance of increasing sales and growing your business.
How to identify Low Productivity
Several factors can cause low productivity, but there are a few common signs to look out for:
You’re not hitting company goals: If your team isn’t meeting organizational goals and things are falling behind, it could be due to a lack of productivity. It’s also possible that your goals are overly ambitious, therefore it’s up to you to figure out where the problem lies.
Poor quality of work: If an employee is under pressure to reach an unrealistic quota, the quality of their work may suffer. As a result, you spend time bringing the quality up to the mark and asking them to redo their work. As you can expect, this isn’t good for productivity.
Team members seem distracted: More than 70% of employees spend time at work thinking about something in their personal lives. Of those, 41% said it made them less productive.
Talk to anyone on your team who appears to be thinking about anything. You might be able to ease some of their concerns and clear their mind so they can focus on the work at hand.
6 Simple Ways To Increase Employee Productivity
If you’ve noticed low productivity in your team, you might be asking how you might improve things.
Fortunately, we’ve outlined 6 productivity tips for you.
But keep in mind that this isn’t a definitive guide to increasing productivity levels.
It’s a good place to start. However, before you can figure out how to boost your team’s productivity, you must first determine what the problem is.
Let’s take a look at 6 simple steps to increase productivity.
1. Increase Employee Engagement
According to research, high employee engagement has a positive impact on productivity.
It gives employees a personal connection to the organization, motivating them to work hard, be productive, and generate results.
So how can you increase employee engagement?
Here are a few tips:
Schedule catch-ups and one-on-one meetings. Spend time catching up with your team one-on-one. This shows that you care about their work and want to see them succeed.
Provide regular feedback. Schedule time in your calendar to provide feedback on their performance. Whether it’s a full performance review or simply sharing your thoughts on important tasks.
Encourage collaboration. Helping your team’s collaboration is an excellent approach to keep everyone interested by working as a team. To keep everyone on the same page, you might want to consider adopting a work management system.
2. Avoid Unnecessary Meetings
According to an Owl Labs study, employees lose more than an hour of workplace productivity each day due to meetings:
It may not appear to be much, but it adds up. The average employee appears to be productive for only 2 hours and 53 minutes per day, so you’ll need all the time you can get.
So what’s the solution?
The first step is to go over the meetings you currently have. Examine your calendar and ask yourself the following questions to identify an unnecessary meeting:
Does everyone invited to this meeting need to be there?
Can you shorten the length of the meeting?
Is this meeting necessary, or would an email suffice?
You can help your team to increase productivity by reviewing the time, length, and content of your meetings.
3. Set Realistic Goals
There’s a fine line between creating goals that challenge your team and creating completely unrealistic goals.
For employee morale to stay high, you need to tread carefully.
So how do you create the right balance?
First things first, make sure your goal setting follows the SMART framework.
With SMART goals in place, you’ll have clarity about what you want to achieve, how you plan to achieve it, and when it’s due.
As a result, you and your team can define realistic goals and milestones to work toward. This keeps employees motivated and engaged, which boosts overall productivity, as we all know.
4. Encourage Regular Breaks
Nobody can work at 100% all of the time. It’s not possible.
That’s where work breaks can come in handy.
Taking breaks during work hours has been shown in studies to increase energy levels. Productivity and mental health can suffer if these breaks are not taken.
But how can you encourage regular breaks, especially if your team does remote work?
We’d suggest time blocking.
Time blocking is a form of scheduling that helps increase productivity by focusing work on specific blocks of time.
And it doesn’t just have to be for work tasks.
Scheduling breaks during work hours allows your employees to plan and stick to their downtime. They don’t have to feel bad about taking a break because it’s part of the everyday routine.
As a result, when employees return from their break, they are energized, refreshed, and motivated to work.
5. Keep Your Team Accountable
First things first, what is workplace accountability?
Put simply, it’s when employees are responsible for their actions and performance.
Holding your team accountable for their work provides them with the motivation they need to get things done. In other words, it encourages them to use their time productively.
So how can you hold your team accountable?
Let’s take a look:
Be clear on what you expect: It’s useless to hold individuals accountable for their work if they don’t understand what they’re accountable for. Make it clear what you expect them to do.
Ask for updates on progress: Checking in on progress reminds your team that they need to be on top of what they’re doing.
Encourage team members to work together: If team members are working together, they have a responsibility to one another. This develops a sense of accountability not only to themselves but also to their colleagues.
Using work management software: Implementing a team-wide platform gives everyone visibility into the entire project. Everyone can see what they are responsible for, what their teammates are working on, and how the project is progressing.
6. Manage Time Efficiently
It is not uncommon for employees to feel stress from time to time.
However, with 41% of employees reporting that stress makes them less productive, you may want to consider how you might relieve some of that stress.
So what can you do to reduce stress for your employees?
Effective time management can certainly help.
Time management is a difficult skill to master. However, when done correctly, it eliminates stress and allows people to focus on their work.
If you’re wondering how you can help employees better manage their time, consider implementing a work management software like Restyabaord.
With Restyaboard software, you can easily plan your entire schedule and prioritize tasks. This makes it much easier for employees to stay on top of their workload and be as productive as possible.