NEW YORK, April 19, 2022 (GLOBE NEWSWIRE) — Wall Street Reporter, the trusted name in financial news since 1843, has published reports on the latest comments and insights from CEO’s of: Upstart Holdings (NASDAQ: UPST), NuRAN Wireless (OTC: NRRWF) NexTech AR Solutions (OTC: NEXCF) (CSE: NTAR), and Casa Systems (NASDAQ: CASA).
Today’s emerging technologies and lifestyle megatrends are creating billion dollar opportunities for disruptive innovation in how we live, work and play. Wall Street Reporter highlights the latest comments from industry thought leaders shaping our world today, and in the decades ahead:
Upstart Holdings, Inc. (NASDAQ: UPST) CEO Dave Girouard: “AI is Transforming Credit” “…We’re in a multi-decade mission to put affordable credit within reach of every American. The price of credit is the price of opportunity and the price of mobility. And we want to ensure that opportunity and mobility are available to all Americans..2021 was a remarkable year for Upstart. We grew revenue from $233 million in 2020 to $849 million in 2021, while generating net income of $137 million. And with the fourth quarter surge, we’re now at more than $1 billion in revenue on an annualized basis… We find ourselves today in the strongest position Upstart has experienced to date and it’s our mission in 2022 to build on the many successes of the last year. We believe in our core that AI lending isn’t a one-category phenomenon, but will eventually transform virtually all flavors of credit. I’m happy to tell you that just 1.5 months into the new year, we’ve accomplished this goal. In fact, our auto refi funnel performance is now comparable to where our personal loan funnel was in 2019 on a channel-adjusted basis. Based on this progress, we now expect $1.5 billion in auto loan transactions on our platform in 2022… 2021 will be remembered as the year AI came to the forefront, kicking off the most impactful transformation of credit in decades…Upstart is now about the size that Google was when I joined that company in early 2004. So I’ve seen this movie before and hope to use what I learned there to build Upstart into the most impactful fintech in the world…” Upstart Holdings, Inc. (NASDAQ: UPST) Earnings Highlights: https://www.wallstreetreporter.com/2022/02/16/upstart-holdings-inc-nasdaq-upst-q4-2021-earnings-highlights/
NexTech AR Solutions (OTC: NEXCF) (CSE: NTAR) CEO Evan Gappelberg: “NexTech is On-Ramp to Metaverse & Web 3.0 for $5.5 Trillion E-Commerce Market” NexTech AR (OTC: NEXCF), a featured presenter at Wall Street Reporter’s “Next Super Stock” investor conference series, recently shared with investors how NEXCF is emerging as a key player in the $5.5 trillion global e-commerce market transition to web 3.0 and the metaverse. NEXCF Augmented Reality solutions
Customers of a large advanced-electronics manufacturing business were having trouble finding and ordering products on the company’s website. The solution? Customer service told them to email their orders to their sales reps, who would then enter them into the site themselves. The email orders were inevitably unclear, leading sales reps to spend endless hours searching for products, clarifying the orders, and inputting the wrong information. Not only that, but top sales reps were spending their time doing basic fulfillment, not selling.
The manufacturer knew this wasn’t sustainable, so it decided to upgrade its e-commerce portal. A systems integrator (SI) vendor recommended a packaged solution that would take two years to build, with a minimum viable product (MVP) of the front-end portal available in eight to ten months. That was just too long. So executives turned to open source for the front end of the company’s e-commerce solution. They established a team of ten people, including five developers, who were dedicated to the project and worked in agile ways, using open source to develop a product inventory, integrations into the enterprise resource planning (ERP) system, digital-marketing integrations, and product pages with full ordering capabilities. In about eight weeks, they launched the MVP e-commerce site with page load times of 1.5 seconds—more than five times faster than the company’s existing version.
The frustrations of working with complex legacy architecture is hardly an anomaly in the corporate world, but turning to open source as a solution for e-commerce is. Many large companies have been using open source for years now, though often in isolated areas deeper in the stack. But open-source software (OSS) has evolved to the point where it can provide a broad range of benefits in e-commerce, such as speed, low total cost of ownership, flexibility, and access to talent, to name a few.
While cost savings are an important benefit, the real value of using open source is in acquiring key talent, helping build up an open architecture, and accelerating the culture of speed and flexibility that’s needed to be competitive in a digital world. Being serious about being digital means being serious about open source.
However, to borrow a well-worn phrase, “With great power comes great responsibility,” going the OSS route requires a greater commitment and more accountability from the enterprise. It is not a silver bullet and requires thoughtful discussions about trade-offs and priorities. The benefits of OSS can be claimed only when companies invest in finding and retaining top engineering talent, reduce complexity through better processes, and institute effective security and governance practices.
A closer look at open source
While the benefits of open source are generally understood by many executives, concerns about its applicability in a large corporate setting and an incomplete understanding of the true trade-offs persist (see sidebar, “A look under the hood: Building an OSS product”). For this reason, open source is often dismissed as “something small
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