"We want to be one the early and biggest players in an exploding unstructured data market".
--Abhinav Shashank, CEO, InnovAccer
Abhinav Shashank wanted to create a billion dollar product-centric company out of India, when he with other co-founders decided to set up InnovAccer.
"We realized India was brimming with talent, the markets were confident and that peer companies were making their dreams come true. The renaissance India was going through was creating new opportunities and we felt it was the right time for entrepreneurs to realize their vision", Abhinav says.
Since in his previous avatar and as part of an earlier company, Abhinav had been working on innovation strategies, he was well acquainted with background research and data analysis.
"I was working with a Professor at Harvard who was studying the strategies of Indian organizations and to support him, I had to structure a lot of data before I could use it. I realized this was a big issue. That's when I decided to build a product that would solve this problem".
The company set forth with five people in Aug-Sep 2012, and today, 57-employee strong, deals with 18 of the world's top 20 research institutions including Harvard, Wharton, Stanford among others.
Initial support came from founders' alumni connections at IITs and IIMs. "We reached out to our alumni and then it was all about word of mouth. It was our customers who became our sales people!" Abhinav says.
InnovAccer's expertise in machine learning and text analysis to deal with unstructured data, enabled it to achieve unmatched accuracies and became its USP.
"Our competitive differentiation is a combination of data sourcing, processing, and structuring technology that we have built by working with some of the world's best researchers. We deploy a mix of data mining, Natural Language Processing, and Big Data implementations to help structured data access simple", he informs.
Today, InnovAccer is helping researchers, analysts, consultants, and developers save almost 70 percent time that goes into sourcing data.
Going forward, the company is looking to be one of the early and biggest players in an exploding unstructured data market. It believes the problem it is addressing is generic and other industries too require this expertise. InnovAccer plans to go after the legal market now, which is very research-centric and later address the consulting and BFSI segments.
"Our technological competency in structured data creation is going to evolve rapidly, giving our customers an edge in their businesses through better decision making", Abhinav states.