Meet Feelingstream, one of the top 8 EDI startups! They are working on a tool that can help large organisations skyrocketing their sales revenue.
Can you tell us how you came to your Startup idea? We would also love to know more about your team, what makes your dynamic so promising and impactful?
Our founders and core team members gained 10-15 years of industry experience before founding Feelingstream. Feelingstream was founded four years ago by Terje Ennomäe and Lauri Ilison. The idea came through the pain from real life – Terje had a challenge to figure out why customers were calling and emailing while the product was so simple and journeys for customers were digitised. Back then it all started!
Let me share the latest crazy thing we did together as a team: we had an internal hackathon to boost our growth. The outcomes of the hackathon were:
- We refactored the text processing application code!
- We tried out numerous experimental techniques for detecting business signals from conversations!
- We created new pre-pilot workshop slides for the public sector!
We are thankful to all our team members who participated in the hackathon and worked throughout the New Year’s Eve to reach the targets.
Our CEO, Terje Ennomäe was nominated as Stereotype Crusher 2019 at the Estonian Startup Awards. To be honest, being female with an extensive background in corporations, her twenties are far behind and two master’s degrees, makes her not the most typical startupper, even in Estonia.
Our team has a unique combination of science and business knowledge. When coupled with our extensive experience, we have been able to deliver truly meaningful results for our customers.
What makes your solution unique? What is the impact you are trying to achieve?
The Feelingstream toolkit is a platform that transcribes, classifies and provides exciting visibility. It can be used to discover about new sales leads, detect conversations indicating customer churn but also bottlenecks in the processes or errors in customer service. Large companies lose a massive amount of money if they do not focus on existing customers.
For example, we have successfully validated that the telecom sector can find 3 new sales leads out of 10 calls to sell to existing customers, which increases their sales by 5%. This is a huge improvement! Moreover, this achievement is reachable in one week, once they have started using our AI tool in the big organisation!
The impact of using the Feelingstream tool for large organisations is getting more visibility but also skyrocketing the sales revenue.
With the Feelingstream tool teams see how well they serve their customers quality-wise, but in addition to that the product units are able to step closer to the customer. Closer to the customer means that the designed processes are visible, trackable and detectable – a great way to enhance the experience for customers and employees. This means more meaningful conversations and better retention rates for companies.
What challenge have you selected for the EDI incubation programme and why did you choose it?
We chose the free choice challenge, with our own Data Provider and challenge. Why so? Firstly, we are looking to scale up. With some existing functionalities in the conversational analytics tool, our idea was to speed it up and set the focus. Having a great connection with the Data Provider (Telia Estonia), we saw a big impact for both of us.
Secondly, EDI matches our needs and wishes perfectly. We provide a platform that analyses customer conversations for large corporations where the Big Data is mostly unleveraged. Customer service is a typical example of a use case where we want to focus on. The EDI Consortium provided super valuable mentorship and knowledge that has helped us get closer to our goals.
For a few months you have worked hard in the EDI Experiment stage, developing your Big Data solution even further. Can you please elaborate on your progress and how have you evolved during the acceleration process? How was your experience working with your Data Provider?
EDI took us to a totally new level of planning. The progress we have made with analysing possible new features and software pieces has been really systematic. I personally think the impulse from EDI stressed all the team members at first sight. For now, we have gotten used to following the list of features we need to develop and now this is a new normality for us.
We worked really close with the Data Provider, Telia Estonia. Telia Estonia is the leading telecom operator in Estonia, serving around 243,000 fix broadband customers & 1,003,000 mobile numbers throughout the country. With Telia we pondered together over how the way chatbot conversations are analysed now and what challenges they face in their journey towards a more digitised customer service. Also, transparency is essential in order to understand which topics can be answered automatically so that it could be added to the repertoire of the chatbot. We have become great partners for each other and Telia should be very proud of them! Thank you Teet and Heidi!
“All startups with challenges in big data, apply to EDI! We highly recommend the program as we had great mentors and dealing with the lovely EDI team and other startups was an absolute pleasure!”
After joining and benefiting from the tools EDI provided you, what is your next step?
We dream big! The MVP of our conversational analytics tool is ready, and we are ready to introduce it to the market and talk with customers from large corporations. Do you know someone who should absolutely try out our platform? Let us know!
With the end of the Experiment phase in EDI and the advancement to the last Evolve phase, we feel that we have been successful in hitting our own targets.
Finally, what would you say to a startup considering applying to EDI?
All startups with challenges in big data, apply to EDI! There is literally nothing to lose but the possible gains are sizeable. We highly recommend the program as we had great mentors (Thank you Bartek, from EtVenture, and dealing with the lovely EDI team and other startups was an absolute pleasure.
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EDI 3rd Open Call is coming on the 17th of March! Learn more about the programme and see if you have what it takes to apply!