Having consulted for a startup at the TechArb this semester, I had noticed the integral role of data and models in projections of future growth of the business. In the first few years in a business's life cycle, the growth can be predicted based on accurate data provided that a in-depth model is in place to assimilate the various items of information.
What it does
This is where 'Initiation Analytics' comes into play. Our model accounts for numerous market factors and incorporates various statistical elements from reliable sources while primarily relying on the Wolfram Alpha API for data retrieval. Wolfram's population density of cities in the US along with its data on average growth rate of US businesses, form the core of this model.
How I built it
The most challenging aspect was to create the intricate model. I estimated a 'radius of influence', which I took to be as the radius around the small business where most activity regarding the spread of the company's image takes place. I estimated this figure using the size of the company based on latest annual revenue details. Furthermore, I also designed a weighted approach to the growth model assigning various case studies and statistical data 'weights' which would be added up to create an annual growth model of the company within the next 5 years.
Challenges I ran into
The primary challenge was to ensure that the maximum market forces were in play in the model as the volatility of the business world does pose a challenge to all models out there. Although, there are elements that can be improved, I strongly believe 'Initiation Analytics' does a stellar job at simulating the market environment.
Accomplishments that I'm proud of
Using wolfram API to design a B2B and consulting based piece of software is not a traditional case but I am proud to have found an innovative and effective way to exploit this great API in yet another field. The link of this project between the field of business and technology particularly pleased me as I strongly believe that the intersection of these two fields is where the future lies.
What I learned
I learned how to make use of various APIs as through the hacking process, I had tried implementing various different APIs. However, I knew that this project was the one that interested me the most and that the Wolfram API was ideal for what I hoped the model would achieve.
What's next for Initiation Analytics
While Initiation Analytics does account for a large number of market elements, I do feel that there is plenty of room for improvement. I hope to integrate this model with marketing platforms such as Google AdWords and Facebook Advertising so as to inform users the ideal locations for their target audiences to launch their campaign. I also hope to modify the platform so as to ask for more information on each company so as to personalize the model even further.