Unbelievable business advice from a 19-year-old CEO
How a university drop-out conceived and developed a predictive business intelligence tool for SMEs, based on neural networks and machine learning that is now valued, on its first birthday, at a million pounds.
They’ve developed a business intelligence tool, for SMEs, called Prosper BI that predicts the future with up to 97% accuracy on data from the past year.
They’ve received £70,000 in backing from private investors and pitching for more;
They’re partnered with Barclays Business Banking to demo AI to their customers;
They’re recruiting 10 people in the next three months;
Currently in discussion with multiple high street banks and accountancy firms;
They’re currently valued at £1 million (projected EBITDA £4,112,00);
All that in just one year and the CEO has yet to hit 20.
Reflecting on his first year in business, George Davis (pictured above), the 19-year-old founder, developer and CEO behind the group, has one crucial piece of advice to offer:
“I’ve learnt so much in one year, it’s been unbelievable really. Having good people around me has helped enormously. But the best piece of advice I can give any young person, or any person for that matter, is to not let age be an obstacle to your success.
Yes, some people will judge you negatively for it, but so what. That’s their problem and your chance to prove them wrong. If you have an idea, go for it. That’s what I did and it led to some incredible things happening.”
Davis is the brainchild behind the group’s flagship business intelligence product: Prosper BI.
It was born out of a light-bulb moment back in 2016 – when George was still only 18 – at a 54-hour non-stop Sync the City start-up hackathon in Norwich, UK.
Davis has since brought in a management team, alongside a board of five experienced non-executive directors, to help manage, guide and grow the business.
And grow it will.
Why? Because Davis has created something that every business on the planet should not go without. That and the fact they’ve received some serious backing from major investors and the predictive analytics market is expected to grow from $4.56 billion in 2017 to $12.41 billion by 2022.
Davis explains the problem,
“Every business collects financial data of some sort, but most are unaware or unable to unlock its true potential. For most companies, data is collected and analysed at a basic level.”
And the solution,
“Prosper BI goes way beyond that. Its neural networks and machine learning collect the data and use it to predict cash flow, profitability and purchasing patterns with up to 97% accuracy. Knowing those things can help any business make faster, more accurate and more confident decisions about how to manage and grow.”
“And the more data you feed it, the more accurate it becomes. The more accurate it becomes, the more powerful a tool it is. The more confident you can be making business critical decisions.”
Timeline of The SenLab Group’s first year in business:
November 2016: George’s light-bulb moment at a 54-hour non-stop, start-up hackathon at Sync the City, Norwich, UK;
January – April 2017: hardcore coding and product development;
May 2017: talks with high street banks begin;
June 2017: won £70,000 investment;
September 2017: three international corporations express an interest;
October 2017: beta version of Prosper BI successfully released;
November: pitching to win £250,000 more funding.
Early 2018: Planned release of the full version of Prosper BI.
About The SenLab Group:
The SenLab Group specialises in creating intelligent systems for both businesses and consumers. Group members include Prosper Systems Limited, providing an intelligent business suite for SMEs. By bringing complex predictive intelligence and machine learning to small and medium businesses, Prosper BI allows SMEs to make enhanced decisions, and prepare for the future. The SenLab Group also runs events in partnership with Barclays Business Banking to present business AI to their customers. Website: senlab.co.uk/