EEvery founder deserves a fair chance to succeed, said Jannae Gammage, which is why she partnered with Charlotte Clark to launch a platform that would help entrepreneurs make value-driven decisions, while empowering investors to invest in them.
A central idea behind the new startup: entrepreneurs believe that technology takes precedence over people.
“I have worked side by side with founders in the development of their businesses. One of the main things I saw was that when advice came from a person, they accepted it as much as they wanted to accept it. But when it came from technology, they were willing to accept it fully, even if it challenged them. So we wanted to take the greatest minds, the best consultants and develop this platform that can really improve businesses,” said Gammage, CEO of Foresight.
Foresight is a risk mitigation and strategy platform that uses artificial intelligence and deep learning to provide instant investment scores for business ideas and models.
“Foresight allows founders to envision and validate their business,” Gammage explained. “It also allows investors to invest in lower-risk, higher-return ventures that increase fund performance – and in turn, grow ecosystems.”
Foresight provides a “Foresight Score” to founders who use the platform. The score is a standardized measure of investability that takes into account financial projections and start-up stage, as well as personal data about the founder.
Gammage and Clark began imagining Foresight in March. Clark, who is Foresight’s CTO and has a background in consulting, saw the need for a standardized tool that would objectively assess what stage a founder was at in their journey, she said.
“Coming from my consulting experience, the biggest issue I saw was that the founders were communicating that they were at a much more advanced stage than where they actually were,” Clark noted. “It is very difficult to work with a founder and help him achieve his goals when he is not fully aware of his proximity to the investment or his shortcomings. … As a consultant, a lot of work consists to access all the documents of a founder and to go through them to understand precisely where they are.
Especially for new founders, many are unfamiliar with the specifics and processes that go into securing investments, she continued.
“When I started working more in accelerators, and as part of [University of Missouri-Kansas City]I realized that this problem affected more than a handful of individuals — it happens with larger groups of founders,” Clark said.
Foresight is currently in a research and development phase, with plans to launch in early 2023, the duo said. The founders are already on board to pilot the program and gather the necessary resources, they added.
“The quiz is long and intense, so we’re really looking for people who are dedicated to learning more about themselves and their businesses,” Clark said. “Part of the [Foresight] scoring is all about getting data about a founder and their background. Instead of talking about the college they went to, we make sure to ask about their experiences and personality. We plan to drop a few founders in and hear their feedback. »
Click on here to join the Foresight waiting list.
The duo envision Foresight changing the entrepreneurial and investment landscape. For founders, they’ll be better informed about their businesses, attend investment meetings fully prepared, and become more confident, Clark said.
“Founders can see investor meetings as a temperature test of whether or not they’re investable, whether or not their business is going to work,” Clark explained. “For founders who talk to a few investors who then pass them on, they start to think they need to change their company or their strategy. But with our tool, founders will be able to better know that they have a strong idea and that it Maybe some investors gave up because they didn’t see the vision, but you can move on and pitch to another investor.
For investors, they will be able to clearly see the timeline of founders and their companies and follow ideas they find interesting, Clark continued – noting that investors on Foresight will be able to follow founders and see if their scores improve or not. .
Gammage and Clark also aim for Foresight to diversify investments by reducing implicit bias and providing insights through data, they said.
“I know how labor and execution intensive it takes to create software, but technology is capable of helping large groups of people and revolutionizing an industry,” Clark said. “There’s really no other way to grow and scale a lot of businesses, other than building software and getting it going.”
Although Foresight initially focuses on raising funds and capital, the founders’ long-term goal is for Foresight to be an ecosystem collaboration platform that founders, investors, and ecosystem builders use to network and stay connected, they shared.
“It’s really developed to help ecosystems connect and maintain visibility for capital, founders, and impact,” Gammage said.
As for the Foresight score, Gammage envisions it to be comparable to the FICO score for creditworthiness, she said.
“We will be equivalent to the pitch deck,” Gammage said. “You won’t even need your pitch deck – just your Foresight score.”
This story is possible thanks to the support of the Ewing Marion Kauffman Foundationa private, non-partisan foundation that works with communities in education and entrepreneurship to create unusual solutions and empower people to shape their future and succeed.
For more information, visit www.kauffman.org and log on to www.twitter.com/kauffmanfdn and www.facebook.com/kauffmanfdn