Join Ryan as he talks to the co-founder and CEO of Black Swan Data, Steve King. They explore the road that lead to success for Steve and Black Swan Data, the power of AI in predicting human behaviour for product research but also in the medical industry and how investing in the innovation of new technologies and tools in AI will continue to make the world a better place for all.
KEY TAKEAWAYS
Black Swan Data are the fastest growing start up in the UK right now. They use artificial intelligence to predict human behaviour in new and innovative ways. Some of their big-name clients include Disney and Pepsi Co! They just passed 10million ARR last month and with a growth rate of 100% they are still at the ‘fun bit’ as a young company.
Black Swan Data work in product research and new product development. Over 80% of new products fail, so what Black Swan Data do to combat this is ‘social prediction’. They listen to the public conversations and opinions to help project and predict with almost 90% accuracy, what people will be talking about and interested in. They then give these predictions to companies so they can make informed choices about the new products they will create and release.
Steve also has a foundation called ‘White Swan’. This leverages the same technology but instead uses it to spot patterns and associations in diseases. By giving people and Doctors access to this data, they can help speed up diagnosis.
After a more difficult start being bootstrap funded, Black Swan Data discovered that no one was really doing longer-term predictions for products using AI. So, this is what they decided to focus on and has been the key to their success.
Speaking to fellow founders and like-minded people helped Steve with the development of the technology and company. He finds talking things through and asking for advice really helps guide him in more challenging times.
Steve believes companies are making too many qualitative decisions. They need to spend the time and become more diligent, to look at real, quantitative data to enable better and more accurate decisions.
Something Steve struggles with is his own personal value of fairness. It is what makes his product so good as he listens to people and Is empathetic to their needs and wants but it also can make things difficult from a commercial perspective.
BEST MOMENTS
“Over 80% of new products fail in the first 6 months”
“These things are all patterns that Doctors don’t really get the opportunity to see”
“I knew what we had was incredible, I knew it was useful”
“I just believe if people can find the right technology, and AI tools which allow them to get the right data to make long term decisions better, then the world becomes a better place”
Do You Want The Closing Secrets That Helped Close Over $125 Million in New Business for Free?” Grab them HERE: https://www.whalesellingsystem.com/closingsecrets
Ryan Staley
Founder and CEO
Whale Boss
312-848-7443
EPISODE RESOURCES
https://www.blackswan.com/our-story/
https://www.linkedin.com/in/steveking/?originalSubdomain=uk
ABOUT THE SHOW
How do you grow like a VC backed company without taking on investors? Do you want to create a lifestyle business, a performance business or an empire? How do you scale to an exit without losing your freedom?
Join the host Ryan Staley every Monday and Wednesday for conversations with the brightest and best Founders, CEO’s and Entrepreneurs to crack the code on repeatable revenue growth, leadership, lifestyle freedom and mindset.
This show has featured Startup and Billion Dollar Founders, Best Selling Authors, and the World’s Top Sales and Marketing Experts like Terry Jones (Founder of Travelocity and Chairman of Kayak), Andrew Gazdecki (Founder of Micro Acquire), Harpaul Sambhi (Founder of Magical with a previous exit to Linkedin) and many more.
This is where Scaling and Sales are made simple in 25 minutes or less.
Support the show: https://www.linkedin.com/in/ryan-staley/
See omnystudio.com/listener for privacy information.
