Barclays Female Founder Accelerator 2023 member
Inicio AI
Inicio AI has developed a B2B SaaS product that saves organisations dealing with customers in debt up to 90% of their agent costs.
The cost of living crisis is a daily news topic and unfortunately 2.5m people considered suicide as a result of their debt during the Pandemic. For companies managing customers in debt they need them to complete an affordability assessment and they typically do this with an agent over the phone ... but customers in debt avoid these calls as they are embarrassed and feel judged.
We are solving this problem by using conversational AI to create a virtual agent that enables the customer to self serve to complete the assessment, which is much more efficient and effective for both them and the company.
Our product is built and live and we are onboarding our first clients.
Why did you apply for the Female Founder Accelerator?
Whilst I've been part of a founding team before, this is the first time I have led a fund raising round and it's pretty tough! Being able to get help and support specifically tailored for female founders will be incredibly useful and supportive right now.
Do you think there's a need for programmes like this for Female Founders?
Absolutely - studies and data show that females are under represented as both founders and investors - providing support to tackle this imbalance is needed.
Why did you want to start your business?
I wanted to solve the problem of those in debt being stuck and feeling their only option is to take their own life. Using technology to deliver a solution that can help with this in a commercially viable way so that it can succeed would be an amazing achievement.
What are you looking to get out of this programme?
Help with specific topics such as how to present finances (this area feels like a weakness for me) as well as support from the leaders and cohort. Plus any investment help!
Which entrepreneur inspires you the most and why?
I keep hanging on to the Walt Disney example ... he was turned down over 300 times for funding but he kept going.
What has been your biggest win in your entrepreneurial journey?
Still being here!! There are times when it looked like we might be at the end of the road but I've always found a way round it.
What has been your biggest challenge?
The complex and confusing world of fund raising. I've wasted so much time with the wrong investors it seems.
Where did you go for business advice and how did it help you?
I've tried to find people that have done something similar and asked them - lots of them as everyone has had a slightly different experience and something to learn from. We were also lucky enough to win a place on the Edinburgh Uni AI Accelerator and that has been really great for business advice.
What drives you to make your business a success?
The difference our product can make to people's lives. We really do have something that can give people another option than taking their own life because they feel stuck in debt.
Also the team around me and building something amazing with them.
What advice would you give other founders thinking about starting their own business?
Don't!!! And if me saying that puts you off then definitely don't! It will be incredibly hard and you will need endless reserves of resilience and tenacity to deal with the challenges and rejections. But if you believe and keep going, it will be worth it!