Enin — TheFactory Fall’16 Accelerator Winner’s journey
We have had an interview with Paul I. Huse and André Christoffer Andersen from Enin — TheFactory Fall’16 Accelerator Winner! Paul and André have years of experiences in Business Intelligence, AI, Finance and Optimization. With Enin, they aim to use machine learning on open data to give better and more up-to-date credit analysis on small to medium sized companies. Since 2016, the team has grown significantly, received further seed funding from Sprettert and Arkwright X.
- Hi André and Paul. Please tell us a little bit about yourself, your startup, and what you’re currently working on.
Enin is a fintech startup working in the intersection of credit risk analysis and AI. We use machine learning on open data to give better and more up-to-date credit analysis on small to medium sized companies. We have been working full time on this since late 2016.
We’re currently in the Arkwright X incubator. We have received pre-seed funding from TheFactory, and seed funding from Sprettert and Arkwright X.
- When and why did you decide to join TheFactory?
In 2016, we met Ingar and Hans Christian when they announced FintechFactory at Mesh. It was the first major startup event for fintechs in Oslo at that time. We had a chat with them there, and after a few meetings we enrolled in their program. We participated in the very first Pitch and Selection Night and the DemoDay, where we won first prize.
The network we built as part of TheFactory keeps on giving after the program ended. We’d recommend it to other startups. We’ve grown from us two founders bootstrapping in early 2016, to a team of four employees after our second funding round.
- What did you find most valuable by joining our program?
For us, it was definitely the network. The program has a lot to offer. One of the biggest challenges was to find time for all of the great activities!
- Were there any highlights during the program?
Hands down, the DemoDay and the Pitch and Selection Night. It was an exhilarating and very rewarding experience. We were particularly impressed with the session from Microsoft’s CTO/NTO Shahzad Rana. He wasn’t afraid to challenge us. We learnt more about what aspects we should focus on, and the weak points in our offering. We learnt how to prepare and better tailor our message to the audience.
- How has the journey after the program been?
It has been good. We moved out, hired more people and raised more money. We are focusing on product development this summer, but this fall will be all about customer relation building. We aim to be customer centric, and problem solvers, not just a technologically focused company. Currently, there is a lot of information available about listed companies. However, when it comes to the unlisted companies, and especially SMEs, information is scarce, and what exists is unstructured and spread all over the web. We want to change that. We want to structure the data and make it easily available to our customers, together with the result of our machine learning models and analyses.
- How do you see the Fintech ecosystem in Oslo evolving?
The fintech hype will continue and it might become even more fragmented, as we’ve already seen happen with Fintech on a broader scale. After that, we wouldn’t be surprised if there was some kind of consolidation phase.
- What are your advice for fintech startups?
We could talk about this for hours. It really depends on what phase the startup is in. If you only have a presentation, focus on it, and make it awesome! Focus on the value proposition of your product or service, be very clear about who your customers are, and keep track of the people you interact with — systematic networking is key. Finally, make sure you have the right team composition. I think that must be the most reoccurring general feedback investors have been giving when speaking with startups.