Coding his way up
A Feilding coder’s creation is now one step closer to taking on the world, after winning the Innovate entrepreneurial challenge.
Paul Simpson’s stockmanagement software company StockTrim, which is projected to make just under $20 million a year by 2019, has made him the champion of Innovate 2017 – an entrepreneurs’ contest run in Manawatu¯ .
Simpson said it was awesome to win, but every single finalist deserved the honour as much as he did
‘‘They’ve all got great businesses and are very talented people. It’s been a pleasure to meet them all.’’
Simpson thanked the Innovate team’s support and said all six finalists were well on their way to getting their businesses off the ground.
The judges commented that Simpson had shown an amazing willingness to learn and dedication to launching StockTrim.
He’d come a long way in the 10 weeks since his initial pitch. He’d built an impressive team around him and learned to ‘‘sell the sizzle’’.
Simpson, a Massey and Stanford university-educated coder, had spent the past four years perfecting his ‘‘machine-learning algorithm’’ that learns to predict and plan for everything that affects a firm’s stock-levels so they won’t get caught short, or accidently buy too much product.
It’s entirely new, right on the cutting edge of software development. There’s nothing like it on the market in New Zealand and it has less than a handful of rivals overseas.
Simpson said other programs do similar tasks, but his is easier to use, better at it and cheaper.
He was so certain of it he quit his six-figure job to work on StockTrim full-time this year.
And he’s got good reason to be confident. His market research, completed with the aid of Innovate’s expert mentors, estimated StockTrim will have $18 million in annual revenue and 10,000 users, within two years.
The $5000 he received as part of the championship prize package will help him pay his advertising expenses until the money starts coming in from StockTrim’s clients, he said.
‘‘And, it’ll mean I can eat something other than two-minute noodles for a change.’’
The other winner was Scrub Collab founder Stephanie Buckeridge, who was working to scale-up her home-based business.
Feilding coder Paul Simpson has spent years developing a ‘‘machine learning’’ algorithm that learns to predict the exact amount of stock a business will need at any given time.