• Even Dahl

Introduction to data and Machine Learning in EnableMagic

Founding a successful startup is notoriously hard, and many fail after just a few years, losing the time and resources invested over that time. The best scenario when this happens is that the entrepreneurs involved learn valuable lessons which will help them succeed next time. However, these are lessons only known to those directly involved. It would be beneficial for all innovators if these insights were not lost but rather made accessible for other entrepreneurs. If these lessons are not collected and made available then the same mistakes are likely to continue to be made by new startups.

Machine learning(ML) has seen an increased use in businesses recently and has the potential to create huge value for the users of EnableMagic. Machine learning requires a large amount of training data to automatically improve an algorithm or model. In the context of EnableMagic we expect in the future to have lots of data about many different companies which we can use as the training data to create a model that automates decision-making for a startup's growth and success. This has the possibility to give dynamic feedback to mentors and incubator leaders on companies that are performing well and which are needing more help, based on the level of traction each startup has. A model like this would also have value to venture capitalists and investors by giving them an prediction of how likely a certain startup is likely to succeed based on a metric to track a startups’ improvement by.

When there are many innovation hubs using the EnableMagic platform there will be huge amounts of data on a variety of topics made accessible in one place. These data points could be used to contrast successful and unsuccessful startups in a variety of ways, such as measuring which innovation hubs have the fastest growing startups by looking at changes in team size or amount of funding companies are receiving. Machine learning and the large amount of data will make it possible to track, analyze and convert the most successful startups’ processes’ to generalized roadmaps for startups in the same industry. This will make sure that the startups are focusing on the right things at the right time, mitigating the common fall pits of startup.

By identifying the highest performing mentors and innovation hubs, we can extract the most impactful techniques and make this information available to the other people using EnableMagic. In this way we can create a feedback loop of improving strategies and processes to help more startups succeed and accelerate innovation for everyone.

This is the core of what we deliver, actionable Insight as we call it. Insight that is used in decision-making to spur value-driven action by founders, hub administrators and investors.

We assist innovation hubs in managing, showcasing, and connecting their ecosystem to increase innovation success.

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