Shaveer Mirpuri of Insite AI
An exclusive Tech Tribune Q&A with Shaveer Mirpuri (co-founder, CEO, and Chair) of Insite AI, which was honored in our:
Tell us the origin story of Insite AI – what problem were you trying to solve and why?
Whilst consulting Walmart’s CEOs on AI, they pointed out the big opportunity for large consumer brands to grow should they have AI software that would help them make more accurate assortment, pricing, promotion, and forecasting decisions well ahead of time. My business partner and I couldn’t find any AI software company focused on large consumer brands and producing such outputs (to invest in), so we started Insite AI.
Insite AI’s investors like Bentonville-based NewRoad Capital Partners have been key in this journey, thanks to their operator-led model and roots in Northwest Arkansas. Today, our AI software helps large consumer brands undertake these internal and retailer-facing decisions. Our customers stand out versus their competitors due to working through decisions 2-5x faster, significant ease in executing planning and in-period execution work, externally validated material revenue growth, customer growth, and acknowledged leadership within their retail channels.
What was the biggest hurdle you encountered in your journey?
Fortunately all large consumer brands sense the benefits, but they are complex organizations, their people are pressed for time, and these decisions are very close to their heart. As a result, most large organizations bounce between projects and re-orgs. In reality a very small number of consumer brands go deep to work through the true prioritization for sales, category management, and revenue management to be enabled by technology. They get clear ROI and never look back on the opportunity cost. Again, most organizations need time, which we respect. As we’re ambitious about growth, we’re working on adjacent areas where our AI and data technologies offer a significant leg up in speed, quality, and cost advantages to organizations with different priorities.
What does the future hold for Insite AI?
We are expanding in order to be a leading AI partner to large consumer brands. Firstly, we want to work with technical audiences (CTOs, CIOs, etc.) as they’re being tasked to execute on business priorities, and secondly, with other areas that consumer brands need support with, such as marketing, in-store execution, supply chain, and e-commerce. Thirdly, we will offer assistance beyond enterprise applications, because often large organizations primarily need your experienced people and quality service (and some of your proven technology components) to build their internal vision.
What are your thoughts on the local tech startup scene in Arkansas?
It’s fantastic. In the past, Walmart and its people (and to a smaller extent its community of services partners and suppliers) have been the amazing reason there’s been investors, talent, and opportunity. In the past, one would “take from that”. Now, Arkansas has evolved into its own beast. There are new external investors, new talent, new companies, university programs, and new events that have had success and have reinvested in the region, or are newly getting into the region. There’s true net-new contribution and growth created on its own accord.
What’s your best advice for aspiring entrepreneurs?
Advice is a funny thing. Some will say be patient, and others will say move faster. Some will say sweat the details, others will say focus on the big picture. Some will say take big risks, others will say hone product-market fit. My guidance is to just be yourself and do what naturally comes to you, and that will enable personal fulfillment. Pick a business that already exists and naturally comes to you, and that will likely lead to financial success. Don’t be or do something you aren’t.