The importance of location-data and intelligence to startups
Location intelligence has become a fundamental part of some of the most successful businesses in the world today. Tough economic times and the advancement of new technology in recent years have massively pushed the need for businesses to gain more transparent and competitive insights on their performance and opportunities. Across many industries, the power of the ‘where’ factor has now added a deeper layer to ‘business intelligence’: location data analysis.
Why is location-data and intelligence importance to startups?
Location provides meaningful context. It can identify essential relationships between geography and consumer experiences, products and services. Location intelligence answers important questions, such as ‘where are my most valuable customers?’, ‘where are the issues impacting my supply chain?’ Location intelligence can detect clusters and patterns of events, make predictions, and provide the basis on which to make better business decisions. Spatial analysis and visualisation through maps, often cut to the chase where crucial business insights need to be gained.
Knowing the location of users, employees and company assets is becoming a vital part of many businesses in order to act efficiently and make informed decisions. From helping customers locate relevant amenities (e.g. Foursquare, Tripadvisor) to logistics companies optimising delivery routes (UPS, Hermes), location, spatial data and digital mapping are playing a pivotal role in these business functions. As such, accuracy and precision are crucial.
At the Geovation Hub, our aim is to help startups leverage the latest in geospatial technologies and data. We do this through the Geovation Programme, our location-based startup accelerator. During the first six months of the Programme, participants develop their ideas to prototype stage with full technical and developer support from experienced software engineers. Participants benefit from £10,000 of funding and commit to spending twenty hours per week on their project. At this point, the prototype is assessed for its commercial viability. If decided it has, the following six months are spent creating a product and launching it, assisted with a further £10,000 funding.
Innovation Developer at Geovation, James Millner, talks about the work he’s been doing with Flock, and how he’s helping them to build their product…
Flock are a deep-tech AI company that perform Big Data-driven risk analysis for drone flights to create intelligently priced insurance premiums. Flock’s wider vision is to become a drone guidance system, calculating the safest possible flight-paths for drones in congested urban environments.
“One startup I’ve been working closely with is Flock. Flock’s platform for drone operators uses real-time weather data, combined with the locations of buildings, ground hazards and airspace restrictions, to quantify the risk of any given drone flight. Flock’s mobile app then uses this information to provide pay-as-you-fly insurance for drone operators. We are currently working with Flock’s team to build out their mobile application, as well as helping make use of Ordnance Survey’s data APIs to accurately locate the position of potential ground hazards.”
Applications to the Geovation Programme are open until 22 Feb 2017
Find out more and apply at geovation.uk/programme
Applications for the next intake of the Programme will open in July 2017.