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US-based banking platform Novo on Friday announced plans to go on a hiring spree to strengthen its existing operations in India. The company will be recruiting 100 engineers by FY 2022 for senior key and support roles including <keyword id="11602752" type="UNKNOWN" weightage="20" keywordseo="software-backend-frontend">Software, Backend, Frontend</keyword>, Android and DevOps. The hirings would be primarily for the offices in Delhi NCR, Ahmedabad and Bengaluru, besides remote working roles, pan India. Novo had recently secured $40.7 million in a Series A round led by <keyword id="1673278" type="PERSON" weightage="20" keywordseo="Valar-Ventures">Valar Ventures</keyword> and other investors like Crosslink Capital, <keyword id="11602758" type="UNKNOWN" weightage="20" keywordseo="rainfall-ventures">Rainfall Ventures</keyword>, <keyword id="11602753" type="UNKNOWN" weightage="20" keywordseo="red-sea-ventures">Red Sea Ventures</keyword> and BoxGroup. It will be using these funds to ensure the successful execution and completion of its current hiring objective, and thereby expand its operations footprint in India, the company said. "India is the backbone of our technology developments. Being the only International Market for our support operations, we pride ourselves in building teams across various roles from the exceptionally talented pool of resources available in India. The recently raised funding would be utilised towards strengthening our vision to provide enhanced consumer experiences, seamlessly," said Tyler McIntyr, Founder and CTO, Novo, in a statement. "After successfully securing Series A funding from our investment partners, we are well equipped to take our next expansion step, that is, to hire a talented workforce and achieve new milestones in India," added Ajar Upadhyay, Director of Operations - India, Novo. Currently, the independent company that enables small businesses to open accounts in minutes without a minimum balance requirement, has a strength of over 70 employees for India operations. With the hiring spree, it looks forward to tripling this figure to over 200 by FY 2022. The idea is to generate jobs by building advanced technology, bolstering operations and eventually transform the overall banking ecosystem in India. The company will continue to focus on solving the top problems small businesses face: cash flow, through faster payments and access to lending products banks traditionally do not offer to small businesses, McIntyr said. SEE ALSO - <a href="https://www.businessinsider.in/tech/news/google-calendars-new-rsvp-option-will-let-you-specify-how-you-want-to-attend-a-meeting/articleshow/84237490.cms">Google Calendar’s new RSVP option will let you specify how you want to attend a meeting</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-hires-over-20000-in-june-quarter-its-highest-ever-quarterly-addition/articleshow/84240423.cms">TCS has loaded up half a million peeps as it expects many to move on</a>

US banking platform Novo to hire 100 engineers by next year in India

The best brand names become a part of consumers' vocabularies and synonymous with the items they represent, like Kleenex has with tissues.
"A name is a moniker that a company is going to wear probably the longest of anything we develop," says <a href="http://www.lippincott.com/en/people/sasha-stack">Sasha Stack</a>, a partner at the Boston offices of brand-strategy and design firm <a href="http://www.lippincott.com/en">Lippincott</a>.
So why do names like Sprite and Verizon work so well? We asked Stack to guide us through the naming process using some of her favorite projects, as well as the brand names she most admires.
Determining a name for a company is about "being authentic to the personality of the organization," Stack says. A foundational aspect of this process concerns sound symbolism, the visual associations words carry.
Brand strategists often rely on what is known as the "bouba/kiki effect." In 1929, the German-American psychologist Wolfgang Köhler conducted an experiment in which he presented Spanish-speaking participants in the Canary Islands the following two images:

Which one, he asked, was called "baluba," and which one was called "takete"? He didn't report a percentage, but the overwhelming majority of participants said the first was takete and the second was baluba. The results were repeated when the test was redone in 1947 and baluba changed to "maluma."
When scientists Vilayanur S. Ramachandran and Edward Hubbard did their own version in 2001, they presented the same shapes to American college students and Tamil speakers in India and asked which was "bouba" and which was "kiki"? Over 95% of each group said kiki was the angular shape and bouba was the rounded shape.
Stack says these experiments show how words often make our mouths feel a certain way, <a href="http://psych.mcmaster.ca/maurerlab/Publications/Maurer_bouba.pdf">which in turn cues our brains into visualizing shapes</a>. A name and a logo, therefore, have to work together, and jointly express what a company stands for in a single impression.
For effective names, Stack says, "We often go back to Latinate terms that feel universal." Stack prefers using real words, because they already possess meaning and consumers are more willing to accept them.

Lippincott created the name Sprite for the Coca-Cola Company's lemon-lime soft drink in 1961. The word means "elf, fairy, or goblin," and comes from the Latin spiritus, for spirit. The drink was to be marketed as something refreshing, lively, and energetic, says Stack, and the name fit, especially when paired with bright green and yellow.

Stack helped name Milk, Samsung's music-streaming service. She especially likes it because it's surprisingly different from anything else in tech. Rather than imposing a technical or esoteric word, the team chose to give consumers "something from their vocabulary," and play off the idea that Samsung wanted to make its service part of its audience's daily lifestyle, in the same way most people always want milk stocked in the fridge.
Sometimes all it takes is changing one letter of a real word to make a great brand name.

In 2012, Stack and her team were hired to rebrand Pfizer Animal Health as it spun out from a subsidiary into its own company. As they looked at the name Pfizer, the letter "z" stuck out and got ideas rolling. When searching for appropriate words, "zoetic," a Greek word meaning "pertaining to life," seemed a perfect fit. And in regards to phonetics, changing the hard "c" into a soft "s" made it a warmer word, and thus Zoetis became "elevated above the rest of the pharma landscape," according to Stack.
Sometimes a letter change is purely about aesthetics. When a Lippincott team was working with Nissan to develop a marketing strategy for the Infiniti line of luxury sedans, a designer suggested turning the "y" into an "i" would be much more visually appealing, a point the team agreed on.
And while Stack prefers short, real words, she points out that over 300,000 brand names are registered every year. A good way to stay simple but remain creative is by combining words.

Lippincott, for example, created the name Verizon in 2000 because combining veritas, Latin for "truth," with horizon suggested a reliable and forward-thinking company.
Stack thinks that the best brand names sound good in any language. American marketers may have thought the Chevy Nova was a great name, but for Spanish and Italian speakers, it was easy to mock the "No-va" in their languages as the "<a href="https://translate.google.com/#es/en/no%20va">car that doesn't go</a>," Stack says.
She also thinks the best names avoid trends. For example, when it was cool for tech companies to drop a letter from a real word and make it their name, like Flickr did.
If you're coming up with a name for your own company or new brand line, mull over your options for as long as you can, says Stack, and make sure you see how it looks in real-world applications, like on a website or business card.
When Stack works with a company on a name, she and her team presents them with 20-25 names that go through two and a half weeks of preliminary legal screening to make sure they can be used. They are then thoroughly tested to see if they work for non-English speakers and work with the company's products.
Stack says it's important to remember a name is linked to everything else in a company.
"A name is how a company introduces itself, so there's a lot of weight on the name initially," Stack says. "But we always look at it from the perspective of it being rooted in the strategy, and it's going to have other things that reinforce it, like the logo. We always look at names as just one piece of the puzzle of building a brand."

Expert Explains What Makes The Best Brand Names So Good

This story was originally sent to thousands of professionals just like you in this morning's IoT WEEKENDER newsletter. Don't be left in the dark while your competition gets ahead each morning. <a href="http://www.businessinsider.com/intelligence/insider-newsletter?&amp;utm_source=House&amp;utm_term=CtgrPr_IOTI-weekender-2015-6-20&amp;utm_campaign=CtgrPr_nlsa">Learn more about our 7-day FREE trial now </a><a href="http://www.businessinsider.com/intelligence/insider-newsletter?&amp;utm_source=House&amp;utm_term=CtgrPr_MI-mobile-news-2015-6-17&amp;utm_campaign=CtgrPr_nlsa">»</a><div class="KonaFilter image-container display-table float_right"><div><div class="image"></div></div></div>FITBIT'S IPO A BIG SUCCESS: On Wednesday night FitBit announced its official IPO price of $20 per share. The IPO raised $732 million for the wearables maker, valuing FitBit at $4.1 billion. The stock then opened Thursday morning at $30.40 per share, raising that valuation to $6.3 billion. The stock closed Thursday trading at $29.68 per share, a 48% increase from its IPO price.The company's initial IPO terms said shares would be priced between $14-$16 per share, but those terms were updated earlier this week, raising the price to between $17-$19 per share. The updated terms also increased the number of shares it would offer from 29.9 million to 34.5 million in response to high demand from investors.FitBit is the clear leader in the global wearables market right now, according to a recent <a href="http://www.idc.com/getdoc.jsp?containerId=prUS25658315&amp;utm_source=Triggermail&amp;utm_medium=email&amp;utm_term=BII%20List%20Mobile%20ALL&amp;utm_campaign=Post%20Blast%20%28research%29%3A%20The%20wearables%20market%20before%20Apple%20Watch%20%E2%80%94%20Apple%27s%20connected%20home%20makes%20its%20way%20to%20consumers%20%E2%80%94%20Magic%20Leap%20to%20become%20less%20mysterious">report</a> from the IDC. FitBit shipped 3.9 million devices in Q1 2015, more than 1 million more shipments than any of its competitors. The company sold more than 10 million devices last year, more than doubling the number it sold in 2013.FitBit has also been hit with two lawsuits in the last month from rival wearables maker Jawbone. Jawbone claims that FitBit systematically sole confidential information by hiring away Jawbone's employees. The increased IPO terms indicate that investors aren't too worried about the lawsuits.Finding this article interesting? Thousands of professionals just like you had it in their inbox first. Stay ahead of the curve and gain a comprehensive understanding of the latest news &amp; trends, start your day with the IoT INSIDER. <a href="http://www.businessinsider.com/intelligence/insider-newsletter?&amp;utm_source=House&amp;utm_term=CtgrPr_IOTI-weekender-2015-6-20&amp;utm_campaign=CtgrPr_nlsa"> Get 7-days FREE » </a><div class="KonaFilter image-container display-table zoomin"><div><div class="image"><a href="https://static-ssl.businessinsider.com/image/5429660f6bb3f7b92836fb01-960/connectedhomedevicecategories-1.png"></a></div></div></div>NEST CAMERA LAUNCHES: Nest announced the launch of the Nest Cam, the first new product the smart thermostat company has launched since it was acquired by Google. The Nest Cam is the result of another Google acquisition: its $555 million purchase last year of Dropcam. The new camera is an updated version of Dropcam's, with improved resolution and night vision, and can be placed around the home for security monitoring. The camera will start shipping next week and will be priced at $199.Along with the new camera, Nest also announced a partnership with home insurers Liberty Mutual and American Family to give customers who own Nest products up to a 5% discount on their premiums. Nest also announced a new app that will allow Nest products to work together. For instance, if the Nest smoke alarm senses a problem, it can tell the Nest thermostat to turn off the heating system in case of carbon monoxide. Nest will be pushing software updates to its smart thermostats and smoke alarms for that integration. Nest's smart thermostat and security camera give it a foothold in the two smart home product categories we think will grow the fastest: smart home energy and smart home security.SMART METERS HELP CALIFORNIA ENFORCE WATER USE RESTRICTIONS DURING DROUGHT: Some California utilities are starting to roll out smart water meters to help enforce restrictions the state enacted in response to its extreme drought, WIRED <a href="http://www.wired.com/2015/06/smart-water-meters-let-cities-spot-drought-defiers/">reported</a> yesterday. The new restrictions limit the days and times that businesses and residents can water their lawns. Traditional water meters can't tell what time a business or home is using water for such purposes; they just tally up how much water is used each month. So local water utilities have been installing smart water meters at homes and businesses that have been reported for violating the restrictions. The smart meters can report water usage in near real time, allowing utilities to catch violators and fine them.The article demonstrates some of the barriers that utility companies face in deploying smart water meters. Utilities usually deploy smart electricity meters to save money from sending employees to perform house calls, but the cost of smart water meters is sometimes too high to justify that savings, according to the report.Utility companies also don't have the IT infrastructure (such as data centers or networking infrastructure) in place to support tens or hundreds of thousands of connected smart meters.This is forcing smart meter providers to build those resources themselves, according to the WIRED article. For instance, smart meter provider T2, which is piloting smart water meters with authorities in Long Beach, California, uses Verizon's cellular network to circumvent the need for network infrastructure to connect meters. Their meters are also battery-powered, saving the utility the cost of providing electricity for them. And the Long Beach water department didn't need to purchase servers to support the smart meters since T2's solution is hosted in Microsoft's Azure Cloud.BI Intelligence estimates that global smart meter installations will grow from 59 million this year to 134 million in 2020, but we expect smart electricity meters to make up the bulk of those installations. However, extreme weather conditions like California is experiencing, and continued water crises in developing countries like India, could spur municipalities to install smart water meters in greater numbers.<div class="KonaFilter image-container display-table zoomin"><div><div class="image"><a href="https://static-ssl.businessinsider.com/image/5524320b6bb3f7652cfc827d-960/bii%20estimated%20number%20of%20smart%20meter%20installations%202015%204%207.png"></a></div></div></div>GOGORO SETS PRICING AND LAUNCH DATE FOR ITS SMART ELECTRIC SCOOTERS: Connected cars are getting a great deal of attention right now, as they offer the chance to transform transportation in Western countries where cars and trucks dominate road traffic. In Asia's dense mega-cities though, it's gas-powered scooters, not cars, that rule the road. Taiwan-based Gogoro is trying to connect those vehicles while also driving down energy consumption in those heavily polluted megalopolises with its electric Smartscooter. Gogoro <a href="http://www.theverge.com/2015/6/17/8795087/gogoro-pricing-preorder-taipei">announced</a> yesterday that it would start taking orders on for its Smartscooters - priced at $4,100 - in Taiwan later this month.Gogoro's scooters include 30 sensors that send diagnostic information to owners' smartphones via Gogoro's app and are powered by two 20-pound batteries. When the batteries run low, they can be swapped out at Gogoro's smart recharging stations for fully charged batteries. Gogoro plans to place networks of its charging stations throughout cities in Asia. It already has 32 in Taipei, Taiwan's capital city, as part of the pilot it's running there. It plans to increase that number to 150 by the end of the year. The Smartscooter can travel 62 miles at 60mph on a pair of fully charged batteries.Gogoro will need the infrastructure of battery-swap stations in place to expand to new cities. The Smartscooter is also more expensive than gas-powered alternatives, but the company says that over the first two years of ownership the electric Smartscooter costs less than some gas-powered models. Replacing the millions of gas-powered scooters on the streets of Asia's biggest cities with electric ones would help alleviate the air pollution problems in many of those cities.TESLA PARTNERS WITH LEADING BATTERY TECH RESEARCHER: Tesla might have drawn closer to its goal of replacing carbon fossil fuels with lithium ion battery cells this week. The company <a href="http://fortune.com/2015/06/17/meet-teslas-new-weapon-a-battery-scientist/">signed</a> an exclusive agreement with Jeff Dahn, a professor at Dalhousie University in Nova Scotia and one of the world's top lithium ion technology researchers, to apply his research to Tesla's batteries. In exchange Tesla will provide financial support for Dahn and his team of 20 researchers. The partnership will start in June 2016, after Dahn wraps up another project he is working on.Dahn will aim to improve Tesla's lithium ion batteries in multiple ways, such as lowering costs to make Tesla products more affordable for consumers, increasing the amount of energy each battery can store, and increasing the lifetime of lithium ion battery cells.Those last two objectives are particularly problematic. The easiest way to increase the amount of energy that can be stored in a lithium ion battery is to charge it to a higher voltage. But that decreases the battery's lifetime. If Dahn can find a way to increase the energy a battery can store without decreasing its lifetime, it would make Tesla's battery storage solutions more cost-effective for large-scale applications in energy grids and enterprises. <div class="KonaFilter image-container display-table zoomin"><div><div class="image"><a href="https://static-ssl.businessinsider.com/image/545cea1c6bb3f7cd575e46f0-960/iot%20enterprise%20investments%20by%20industry.png"></a></div></div></div>EXAMINING CLAIMS OF AN IoT BUBBLE: Apple cofounder Steve Wozniak made headlines recently warning investors that he thinks the Internet of Things market is in a bubble phase. The number of startups and solutions in the IoT market is growing fast, but it will take time for consumers to adapt to and trust some IoT technologies, such as self-driving cars, Wozniak explained. However, his claims of a full-blown IoT market bubble are overblown, according to a recent <a href="http://www.usatoday.com/story/money/business/2015/06/12/internet-of-things-bubble-steve-wozniak-the-motley-fool/71120522/">analysis</a> from The Motley Fool.The price-to-sales ratios of three IoT companies - Sierra Wireless, Skyworks Solutions, and Invensense - are nowhere near as high as the ratios of internet companies before the dotcom bubble of the late 90's and early 2000's, the article pointed out. Price-to-sales ratios compare a company's stock price to its actual revenues, giving investors a sense of how the market views a company compared to its actual performance. The price-to-sales ratios of the three IoT companies over the last five years were a fraction of the ratios that companies like Cisco and Microsoft had during the dotcom bubble, according to the article. The article also pointed out the error in talking about an IoT market bubble. The IoT market covers a vast array of industries and segments including healthcare, manufacturing, and defense, as well as consumer home appliances, cars, and wearables. Some of those markets will develop faster than others. So there may be IoT market bubbles in certain industries, but other industries will likely pick up the slack for IoT adoption.Don't miss another day of breaking developments! Stay ahead of the curve and gain insight into the latest news &amp; trends. Join thousands of other professionals who start the day with IoT INSIDER. <a href="http://www.businessinsider.com/intelligence/insider-newsletter?&amp;utm_source=House&amp;utm_term=CtgrPr_IOTI-weekender-2015-6-20&amp;utm_campaign=CtgrPr_nlsa">Try it FREE for 7 days now »</a>

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