Nigeria - Startup under 3 years old

Describe your project or startup in a few words

We are building a smart voice conversational AI assistant tailored for businesses in Africa.

01.01 Describe your startup in more detail

We are building KUDITRAKA; a voice Conversational Al for bookkeeping, inventory and financial management designed for small businesses and individuals in Africa.

01.02 What is the main problem you are trying to solve?

- Nigeria is a cash-dominant country with around 65% of business transactions being done in cash. - 8 out of 10 businesses still use manual bookkeeping methods. - 7 out of 10 using digital tools and software, lack the motivation and diligence to input transactions and records daily and often. - the lack of effective collection and use of business data and ineffective financial management has led to the death of over 80% of businesses in Nigeria.

01.03 Tell us the major benefits and/or advantages of using the product/service that your startup provides (at least 3).

1. Using voice commands and interactions, our AI assistant automates tedious bookkeeping and inventory tasks, freeing up business owners to focus on growing their businesses. 2. By leveraging advanced algorithms, our AI assistant reduces human errors and ensures consistent and accurate financial records. 3. As records, data and business information become readily available, we harness deep learning and predictive AI to provide businesses with precise and actionable insights into cost savings, inventory management and forecasting, sales forecasting, cash flow management, bottom line improvement etc.

01.04 Please describe who exactly your startup’s product/service is aimed at serving. Who are the targeted beneficiaries?

- Business/shop owners that use manual methods for bookkeeping. - Businesses owned by people between 18-45, with access to internet and smartphones.

01.05 When was your company established?

2023-08-01

01.06 Are you already selling your product/service?

No

01.07 How many other owners are there within your startup?

3

01.08 Among the other owners, how many are female?

0

01.09 Please describe the profile of the other owners within your startup (skills, experience, etc.)

- Our CTO is an experienced software engineer with over 5 years experience. - Our AI lead is a senior AI trainer with NITDA. He has also built other AI products before now and he is a community lead for Microsoft and AWS.

01.10 If you have a website, a social media page (Facebook, Instagram, Linkedin…), or app, please provide the link(s) here:

https://kuditraka.netlify.app

01.11 Which industry best describes your project?

Other: Artificial intelligence

02.01.01 My startup contributes to the No poverty goal

7 - Strongly Agree

02.01.02 No poverty - Justification for my startup

Efficient bookkeeping and financial management are critical for the survival and growth of all businesses, which are often the backbone of local economies. By providing an accessible and efficient financial tool, our startup helps SMEs and MSMEs to better manage their finances, potentially increasing their income and stability, thereby contributing to poverty reduction.

02.02.01 My startup contributes to the Zero hunger goal

2

02.02.02 Zero hunger - Justification for my startup

02.03.01 My startup contributes to the Good health and well-being goal

2

02.03.02 Good health and well-being - Justification for my startup

02.04.01 My startup contributes to the Quality education goal

2

02.04.02 Quality education - Justification for my startup

02.05.01 My startup contributes to the Gender equality goal

6

02.05.02 Gender equality - Justification for my startup

Many small business owners are women, and providing them with tools that simplify financial management can empower female entrepreneurs, reduce gender disparities in business operations, and support women's economic empowerment.

02.06.01 My startup contributes to the Clean water and sanitation goal

2

02.06.02 Clean water and sanitation - Justification for my startup

02.07.01 My startup contributes to the Affordable and clean energy goal

2

02.07.02 Affordable and clean energy - Justification for my startup

02.08.01 My startup contributes to the Decent work and economic growth

7 - Strongly Agree

02.08.02 Decent work and economic growth - Justification for my startup

By streamlining bookkeeping processes and reducing the time and effort required for financial management, our product helps small business owners and entrepreneurs focus on growing their businesses. This promotes economic growth by enabling businesses to operate more efficiently, potentially increasing their profitability and sustainability.

02.09.01 My startup contributes to the Industry innovation and infrastructure

7 - Strongly Agree

02.09.02 Industry innovation and infrastructure - Justification for my startup

The development and deployment of our AI-powered bookkeeping solution represent significant technological innovation in the financial services sector. This aligns with Goal 9 by fostering innovation, supporting the development of robust infrastructure for small businesses, and enhancing the industry with advanced technological solutions.

02.10.01 My startup contributes to the Reduced inequalities goal

2

02.10.02 Reduced inequalities - Justification for my startup

02.11.01 My startup contributes to the Sustainable cities and communities goal

2

02.11.02 Sustainable cities and communities - Justification for my startup

02.12.01 My startup contributes to the Responsible consumption and production goal

2

02.12.02 Responsible consumption and production - Justification for my startup

02.13.01 My startup contributes to the Climate action goal

2

02.13.02 Climate action - Justification for my startup

02.14.01 My startup contributes to the Life below water goal

2

02.14.02 Life below water - Justification for my startup

02.15.01 My startup contributes to the Life on land goal

2

02.15.02 Life on land - Justification for my startup

02.16.01 My startup contributes to the Peace Justice and Strong Institutions goal

2

02.16.02 Peace Justice and Strong Institutions- Justification for my startup

02.17.01 My startup contributes to the Partnerships for the goal

7 - Strongly Agree

02.17.02 Partnerships for the goal - Justification for my startup

Collaboration with other businesses, financial institutions, and technology partners can amplify the impact of our software. By fostering partnerships, we can help build stronger economic frameworks that support the achievement of various UN SDGs.

06.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.

4

06.02 The product/service represents an entirely new type of product/service.

7 - Strongly Agree

06.03 The product/service could be described as a new technology.

7 - Strongly Agree

06.04 The product/service is an improvement on an existing product or service.

4

06.05 The product/service could be described as an extension of a range of products or services.

7 - Strongly Agree

06.06 The product/service responds to a demand or need that has not been satisfied by other products/services.

7 - Strongly Agree

06.07 The product/service is a new version of an old product/service.

7 - Strongly Agree

06.08 Justification for my startup

The idea is unique and innovative as there is currently no product offerings in the market. We are combining already existing concepts to unlock innovative value.

06.09 Competitive Analysis

Competitors - Traditional methods; using paper and ledgers - Bookkeeping software; kippa, oze, bumpa, pastel We're better than our competitors as we are the only company that uses Natural language generation, processing and interaction to help business owners handle bookkeeping and inventory management. We are different as we use deep learning and predictive AI to crunch business data in order to provide actionable business insights and advice, from the data of our customers.

11.05 Are you initiating actions within your community to promote the role of female entrepreneurs?