AI could be set to save businesses money on consultancy fees thanks to London based start-up Runagood®, the world’s first AI Business Advisor®.
The AI-driven software acts as a one-stop shop for business owners – identifying issues around company performance and then offers solutions/actions to improve the business. The powerful automated system also provides a business valuation within minutes as a key benchmark of business health.
CEO and Founder, Duncan Collins says the company has attracted international interest as it seeks to raise £1m of equity funding in exchange for 20% of the company, with the firm receiving enquiries from North America, Australia, Africa and the Middle East.
Collins, a government’s small business performance advisor for 20 years says, explains:
“The business aims to use the funds to launch its innovative artificial intelligence-based technology and start marketing to Britain’s 5.5 million small businesses, including sole traders via its partner network.”
“We need £100K to reach breakeven profit, which will occur by the end of this year. The rest will be spent on: partner support to ensure they achieve volume sales, partner mentoring, software usability, new products (that are being requested by partners) and international expansion for several markets that are already making enquiries.”
Business owners begin by answering 20 key questions about their organisation. This information is then matched against industry data. This lets them know how good they are at acquiring new customers compared with other competitors in the same sector. Productivity, customer retention, efficiency and profitability are also assessed and compared.
Collins says at the moment, the software has no direct competitors:
“We have the only end-to-end software that fully replaces a business consultant, hence a huge cost reduction, which opens this enormous new market.”
“If you’re a small business there are numerous disorganised sources of advice, ranging from self-employed ‘consultants’ to Google – it does little but confuse business owners.
“It’s a broken market we are entering – and we’re looking to disrupt and democratise business advice,” he says.
Mr Collins believes the software could save businesses up to 90% on consultancy fees.
