As we prepare for our Autumn Startup Showcase, we caught up with one of the founders – Iris, from ArchAI – on our latest cohort to find out how their business has grown during their time on our accelerator programme.
I worked extensively on my value proposition and tested assumptions of my market. In this process, I found that my main customer base was not within commercial archaeology because there isn’t a push to drastically improve the accuracy of the assessments seeing that construction will pay for unforeseen discoveries.
Conversations with construction companies were successful l and I’m currently discussing a paid trial. After I established a clear interest in the product I worked on defining my route to market. I identified that the AI product requires more training data to function by itself. I therefore proposed a consultancy service to my clients which mirrors the AI work. As the AI becomes more capable it will become the main source of income with the consultancy service used to continually add more training data. When the AI and web application are ready this will introduce the final USP of instant assessments. I expect to start offering the consultancy service in two months.
Currently I’m applying for grant funding to improve on my product and I’m also raising 100.000 pounds to build my team so that we can make the web application, take on more consultancy and grow internationally.
We also asked Iris to share her top tips she’s learned along the way:
Reach out to potential customers at the earliest stage of your business. The knowledge of how they perceive their problems (which you are trying to solve) is the single most important thing you can discover. Also make sure you are asking the right questions and if you don’t know how to have such conversations then read the Mom test by Rob Fitzpatrick.