Runagood® the world’s first AI business advisor is fundraising for £1m of equity funding for 20% of its company.
The business aims to use the funds to launch its innovative technology and start marketing to Britain’s 5.5 million small businesses nationwide, including sole traders.
CEO Duncan Collins is a business consultant turned tech entrepreneur who has spent the last seven years developing the world’s first AI business advisor®, which reduces consultant time by up to 90%,.
It is estimated that coach, consultancy and mentoring costs drop from an average £500 a day to £50 a month, thanks to the technology.
Collins, who was a consultant on government projects for 20 years, has self-funded the project to date. He developed the company in the wake of the financial crash.
Business owners can use Runagood®’s automated system to identify issues with performance and implement actions to address those problems. The system also provides a business valuation.
Business owners first answer 20 key questions about their organisation. This information is then matched against industry data. This lets people know, for example, how good they are at acquiring new customers compared with other comparable organisations in the same sector. Other things like productivity and customer retention are also assessed.
Equally, there are predictions for how much money taking certain actions would bring in.
Collins adds: “We provide cost-efficient business advice to Britain’s 5.5million small businesses. We’re a core team of four, and we all own shares in the company. We’re focused on serving the small business community, building a for-profit business, then reinvesting to expand globally.”