Leveraging Machine Learning to Predict Accomplishment Rate of Startups
More than 100 million startups are launched per year, which is about 3 startups per second. But more than 50% of startups fail in the initial four years. The United States of America is a leading country by the number of startups and has almost three times more startups than most of the countries combined. Startups are vital for economic growth in all countries. They bring new ideas, knowledge, innovation and ample employment opportunities. Anticipating the success rate of startups will help investment firms to provide better investment advice and investors to look for potential growth of the firm and invest. On an average 9 out of 10 startups fail and several reasons are responsible for that.
The highly volatile nature of startup firms make it difficult to interpret the success rate and due to this intensive nature it becomes inevitable to use the potential of machine learning or deep learning to build a predictive model.
The first step would be to collect data from online platforms of Pennsylvania state (or USA in general) by web scraping, Google Forms, Questionnaire and then analyze the data for a selection of attributes. After analyzing and preprocessing data, possible models would be discovered which can be implemented for leveraging AI to build machine and deep learning models to predict the startup success.
The project results will be made open source. The aim is to build efficient predictive models that can help not only entrepreneurs but also to other stakeholders, such as investors, shareholders, suppliers and customers / clients.
The Project Goals
1. Collect data of startups from public databases, web pages, creating Google Forms, etc.
2. Analyze the data and identify factors using the proper methodology.
3. Perform exploratory data analysis
4. Prepare machine learning models
The Learning Outcomes
1. Web Scraping
2. Data preprocessing and EDA
3. Machine Learning Models
4. Model Deployment
Link to the Dashboard: https://omdena-pennsylvania-startup.herokuapp.com/
Link to the Original Project: https://omdena.com/projects/impact-investing/
We will be running an AI project soon…. Stay Tuned!
Pennsylvania Chapter Lead
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