Companies dedicate lots of time and resources to innovating breakthrough products, yet a large majority of consumer packaged goods product launches fail: estimates suggest up to 90%. Solutions for mapping markets, consumer patterns and their complex relationships can help uncover new insights and support the creative thinking needed for successful innovation.
Klydo has developed a tool that provides innovation insights using artificial intelligence (AI). Its platform provides consumer brands with the market intelligence needed to accelerate product innovation, by using algorithms that enable a quantitative approach in what is traditionally qualitative research.
The technology aims to support and enhance creative thinking in any team. It works by combining machine learning with data visualisation to bring existing online information to life in creative and user-friendly ways.
Current approaches to market research can be expensive and time-consuming, typically lasting two to three months. Klydo’s technology works in real-time to offer differentiating perspectives, reveal unmade connections, and expose patterns and trends. This helps companies to more easily and efficiently build new products, make smarter, strategic decisions and improve innovation roadmapping.
Nick Schweitzer, CEO and Co-Founder, got the
idea to develop the technology based on an interest in how to engineer the
creative spark behind innovation. Klydo’s technology brings together diverse
interests and expertise in fields such as design thinking, psychology and AI.
It currently sells to leading brands such as Unilever, with others in line to
trial the platform.
Nick Schweitzerwas awarded a 2018 Enterprise Fellowship to continue developing the technology and support a growing team at Klydo. Klydo is also supported by Venture Capitalists Episode 1 and True.