Small Successes

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Inspiration

Being a small business owner myself, the world of getting started with and maintaining a small business is no easy feat. In this landscape, education and straightforward intent emerge as the catalysts for transformative change. Recognizing the significance of informed decision-making, our approach centers on empowering entrepreneurs with knowledge. We believe that by demystifying complexities and fostering clear intent, small business owners can confidently tackle the hurdles they face, ensuring not only their success but also the prosperity of their ventures in the competitive business world.

What it does

introducing Small Success, our dedicated app is designed to stand by small businesses at every juncture, guiding them through the intricate landscape of SMB insurance. We understand the unique challenges faced by small enterprises, and our mission is to empower them with knowledge and support. Small Success ensures that small businesses are well-informed, arming them with essential insights and valuable resources. Our app provides a seamless experience, equipping entrepreneurs with quality metrics and straightforward processes, ensuring they are prepared for any insurance-related endeavor. With Small Success, small businesses can confidently navigate the complexities of insurance, knowing that reliable agents are there to assist them every step of the way.

How we built it

We built the entire front end with the help of Flutter. The Success Score for each business is a result of an ML algorithm that uses over 900K small business tenure data and sentimental value to predict the success rate of a company.

Challenges we ran into

The biggest challenge was to get the ML model ready. This was the first time our team had attempted integrating ML data into our project and we ran into a lot of difficulty pairing quantitative and qualitative data. Another key point of difficulty was the UI design, we wanted it to be straight-forward but also information-rich. Striking that balance required a lot of trial and error.

Accomplishments that we're proud of

I am happy that we overcame our challenges with the front end to the extent that we have 2 strong paths that attempt to keep both insurance providers and Small Business Owners in the loop on key products and details. Additionally, having the ML model help us predict a solid score pushes our project to greater lengths than we had imagined.

What we learned

Over the course of this project, we learned a lot about the insurance Industry as a whole and how small businesses have a bigger struggle than expected. We enjoyed creating this project in the hopes that one day, small businesses will use it and big companies like StateFarm and Goldman Sachs will help them grow with better investments and personalized insurance policies for many years to come.

What's Next for Small Successes

  • Investment Capabilities for the public: The score will be used to showcase to the public how secure the investment will be with a high ROI
  • Help businesses increase their score by adding an AI to help them in their journey and recommend changes to make to the business model, marketing types, etc.
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