This Company Could Have Saved Fyre Festival Investors Millions by Forbes – Entrepreneurs

Serebral360° found a great read by Forbes – Entrepreneurs article, “This Company Could Have Saved Fyre Festival Investors Millions.”

Add another layer to your #Business literacy. We at Serebral360° would love to know if the Forbes – Entrepreneurs article was helpful, leave a comment, like and share. Let’s dive in and discuss the information and put it to use to grow your business. #BusinessStrategy #ContentMarketing #WebDevelopment #BrandStrategy
Info@serebral360.com 762.333.1807 www.serebral360.com
Grap a copy of our NEW Business Stratgety Books #FFSS VOL1 and #FFSS VOL2

Imagine if investors of Fyre Festival were able to be warned ahead of time that the founder was likely to commit fraud. Imagine if this predictive warning could have applied for any recent malicious mis-management of investor money from Bernie Madoff to lesser known fund managers. This is what Shlomo Mirvis is attempting to solve with his company called Intelligo. In short, Intelligo is bringing artificial intelligence and machine learning to background checks for pre-investment due diligence. Having started my own AI company called Troops, I appreciate what Shlomo and his team are doing, and appreciate the incorporation of technology into an area that could use it.

I sat down with Shlomo to uncover a bit more about the company and discover how they’re becoming leaders in the due diligence space.

Dan Reich: What problem does Intelligo solve?

ARTICLE CONTINUES AFTER ADVERTISEMENT

Shlomo Mirvis: The issue of trust, more specifically the lack of trust and transparency when it comes to investments. We founded the company because I had encountered associates that had lost everything in faulty business deals that they never would’ve made had they been able to access all the information needed to truly evaluate data and make an informed decision. These encounters made me passionate about increasing transparency and democratizing information.

I partnered with Dana Rakovsky and Nadav Ellinson to provide a solution for comprehensive background checks, and we began as a traditional company, manually reviewing databases and forming analysis. However, we found the traditional methods for producing background checks lacking for what is needed in today’s market, both in terms of scope and turnaround time. So, we went back to the drawing board to fill the void and produce a solution to many of the difficult problems in the industry.

Shlomo Mirvis leads a tight-knit team that works collaboratively to tackle the complexities that otherwise define the industry.Intelligo

Reich: So how does it actually work? Can you give me an example?

Mirvis: A client logs into our platform and fills in the name and state in which the individual or company their researching resides. They hit “Run Report” and our algorithm goes to work, scouring millions of databases to find all of the relevant information. Afterwards our AI and machine learning goes through the matching process to make sure that all the information retrieved is associated with the correct individual or entity. Finally all the results are run through our analysis engine, which is able to find patterns from the mass of data, draw connections, and extract meaningful insights. A human analyst gives a final quality review before the report is submitted.

Eighty-two percent of our reports have uncovered suspicious activity, and as many as forty-two percent of our reports have uncovered red flags. This is of great use when it comes to investments. For example, one of our reports found that a fund manager fabricated graduating from Brown University and that he had been involved in multiple lawsuits. Our client informed us that, after reviewing the results produced by Intelligo Clarity, he was able to accurately assess the levels of risk associated with the individual and chose not to invest with him.

Intelligo Clarity offers intuitive reports that are easily digestible, enabling a faster due diligence process.Intelligo

ARTICLE CONTINUES AFTER ADVERTISEMENT

Reich: You argue that technology can create a sort of “trust revolution” in the ways due diligence is performed. How so?

Mirvis: AI and ML have the power to enhance our lives, both by providing greater access to information, as well as by producing totally unbiased results. We’ve seen studies of the good these technologies can do in fields ranging from medicine to education, and I think many jobs as well as lives will be improved, if utilized correctly.

Reich: But why background checks?

Mirvis: We live in a society where trust is a critical component in the day-to-day of our personal and professional lives. We are vulnerable to the information people provide us with, especially when it comes to investments. We’ve utilized AI and ML to help businesses become less susceptible to risk and encourage trust, by providing a solution which gives a complete picture of an individual or company before they make an investment. We leverage AI to search for information beyond the scope of standard providers, and scour thousands of databases to piece together data points and determine connections or patterns.

We’re working to develop new methods beyond the traditional background check to enhance investor’s due diligence, and are using this technology to address all of the informational gaps that lead to a lack of trust. One of such gaps is the void that occurs after an investment is allocated. The day after a background check is published it’s outdated and investors lack insight into information that is critical to their investment’s standing. We developed a new solution called Ongoing Monitoring which gives investors continuous insight to red flag alerts related to their investments.

Reich: As an age-old problem in the space, I’m sure there are many other providers. How do you differ from others in the space?

Mirvis: There are a number of competitors in the space that produce comprehensive background checks. But they produce the background checks manually, totally lacking the AI and ML component. The beauty of AI & ML is the network effect it creates, in this case it means that each experience teaches the system. Every client enjoys the experience and knowledge of all the research run in the system. Information is always kept private and secure, but new methods for determining patterns and uncovering every stone are determined. When leveraging machine learning, the platform gains greater sophistication, enabling difficult connections to be unearthed.

ARTICLE CONTINUES AFTER ADVERTISEMENT

Why does that matter to our customers? Background checks from traditional providers are only as good as the analyst reviewing them. Beyond being subject to natural human errors, even at a prestigious firm, a junior analyst may be the one working on the background check and, at the end of the day, it’s the client that suffers from any oversights made or patterns missed.

Reich: I know we cannot mention anyone by name due to privacy agreements, but I understand you work with some major players in the financial space. Can you share a bit about the verticals you serve and how you specifically answer their needs?

Mirvis: The majority of our clients are made up of large banks, private equity firms, allocators, fund of funds, endowments, and hedge funds. All of our clients use our background check product for their pre-investment due diligence. We do allow for customization, for example our clients can tell us which flags beyond our standard scope are of prime importance to them.

Where the real difference comes in is with our Ongoing Monitoring product. Our hedge fund clients may reassess their investments due to alerts received from the product. However, the investments our private equity clients make are generally not liquid. In this sense, they use this first-alert AI system to manage relationships. For example, if an embarrassing alert, such as a DUI, came to light, our private equity clients communicate this information to their board or investors.

ARTICLE CONTINUES AFTER ADVERTISEMENT

Reich: What’s in store for the future of Intelligo?

Mirvis: We’re at an exciting junction right now. We’re working to create a one-stop solution to help our clients’ workflows. From a digital system that houses all of their background checks (as opposed to the traditional filing cabinets), to commenting features, stats, and dashboards, we want to create a centralized platform that assists every aspect of their pre-investment background checks.

February 3, 2019 at 01:39PM
https://www.forbes.com/sites/danreich/2019/02/03/this-company-could-have-saved-fyre-festival-investors-millions/
Forbes – Entrepreneurs
http://www.forbes.com/entrepreneurs/
http://bit.ly/2CMy7Yu