AI Mastery Unleashed: Ranjan Kumar's Visionary Impact at Entropik

AI Mastery Unleashed: Ranjan Kumar's Visionary Impact at Entropik
Ranjan Kumar - Co-founder and CEO of Entropik
StartupTalky presents Recap'23, a series of in-depth interviews where we engage with founders and industry leaders to explore their growth in 2023 and their predictions for the future.

The AI industry is a dynamic force, advancing machine learning and automation. From personalized user experiences to data analysis, AI is reshaping sectors globally. Its rapid evolution is driving innovation and transforming industries like healthcare and finance. The integration of intelligent technology reflects a pivotal shift in how businesses operate and adapt to the digital age.

The global artificial intelligence market, valued at $136.55 billion in 2022, is projected to grow at a compound annual growth rate (CAGR) of 37.3% from 2023 to 2030, reaching an estimated $1,811.8 billion. AI is expected to contribute $15.7 trillion to the global economy by 2030, surpassing the current output of China and India combined.

In a recent Recap'23 interview, we at StartupTalky had the privilege of connecting with Ranjan Kumar, Co-founder and CEO of Entropik. We looked into how Entropik has been growing, facing challenges, learning valuable lessons, and planning for the future. Discover how their innovative approach is changing the AI industry.

StartupTalky: What service does Entropik provide? What was the motivation/vision with which you started?

Ranjan Kumar: Entropik is a Human Insights AI company specializing in consumer and user research, offering vertical SaaS solutions and API/SDK platform integrations. The motivation behind founding Entropik was to redefine how businesses understand and analyze human emotions and behavior. The vision was to leverage advanced technologies, such as Emotion AI, Behavior AI, and Generative AI, to provide comprehensive insights into consumer and user experiences. By combining these technologies, Entropik aimed to revolutionize traditional research methods, offering faster, scalable, and more accurate solutions. 

The overarching goal was to enable businesses to make informed decisions by gaining a deeper understanding of human behavior and emotions in various contexts, from consumer preferences to user interactions with physical and digital products. Entropik's commitment to innovation and human-centric insights continues to drive its mission of transforming the way businesses leverage insights for data-driven decision-making

StartupTalky: What new features have been added in the past year? What are the USP/s of Entropik's service?

Ranjan Kumar: This year, we have experienced remarkable growth with noteworthy additions to our Insights AI technology suite. We kicked off the year by introducing Decode, an Integrated Consumer Research Platform powered by Entropik's Insights AI, reducing Time to Insights by six times. It's an all-in-one platform for Quantitative, Qualitative, Diaries, Media, and Shopper research, integrated with a Global Panel of 80 million Respondents across 120 countries. Decode acts as a Single Source of Truth, unifying data efficiently. Its Unified Intelligence and Co-pilot features assimilate past and present first-party and third-party research data for actionable insights.

Additionally, we launched Qatalyst, an Integrated User Research platform with Insights AI, making user research six times faster. It facilitates moderated, unmoderated, and task-based research across Concepts, Prototypes, and Live Applications in one place. Qatalyst provides instant access to the target audience. Qatalyst's Insights AI platform employs facial coding, eye tracking, voice tone, and generative AI for unbiased insights, ensuring a human-centric approach to product and service design. It's the go-to platform for supercharging user research—faster, more agile, and equipped with powerful AI-driven insights.

StartupTalky: How has the AI industry changed in recent years, and how has Entropik adapted to these changes? Are there specific regulatory or technological shifts that have influenced your marketplace strategy?

Ranjan Kumar: In recent years, the Insights AI industry has undergone significant changes marked by technological advancements and increased demand for comprehensive insights. At Entropik, we have adapted by launching products like Decode and Qatalyst, leveraging our Insights AI platform, which supports Emotion AI, Behavior AI, and Generative AI to provide holistic views of consumer behavior and enhance user research. Our commitment to ethical AI practices aligns with evolving regulatory considerations, ensuring responsible data handling and user privacy. Additionally, our global expansion and localization efforts reflect our adaptability to diverse market needs. Entropik's agility, innovation, and customer-centric approach position us to thrive in a dynamic industry landscape.

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Ranjan Kumar: We stay updated on trends through continuous learning, networking, and diverse information channels. We attend and host conferences, workshops, and seminars, engaging with experts to gain insights and also drive the industry forward. Ongoing education via online courses and webinars with reputable institutions deepens our understanding. Additionally, actively participating in academic research and leveraging technology news platforms ensures real-time updates on market trends. This multifaceted approach positions us to navigate the Insights AI market research landscape.

StartupTalky: What key metrics do you track to check Entropik's growth and performance? How do you use these metrics to identify areas for improvement and guide strategic decisions for future growth?

Ranjan Kumar: We closely monitor several key metrics to assess Entropik's growth and performance. These include customer acquisition and retention rates, revenue growth, and product adoption metrics. By analysing these indicators, we can identify areas for improvement and guide strategic decisions for future growth. Additionally, we track user engagement in our products, Decode and Qatalyst, to ensure we are meeting the evolving needs of our clients. These metrics provide valuable insights that inform our product development and business expansion strategies.

StartupTalky: What were the most significant challenges Entropik faced in the past year, and how did you overcome them?

Ranjan Kumar: The global economic downturn posed a considerable hurdle, affecting market conditions and consumer spending. Amidst this, our commitment to global expansion faced challenges, yet it proved to be an energizing journey. The opening of Series B funding provided valuable opportunities for growth and innovation. Leveraging this funding, we enhanced our technological capabilities, enabling us to adapt swiftly to changing market dynamics.

StartupTalky: Trust among all the stakeholders is very important for a marketplace. How do you ensure it?

Ranjan Kumar: Building trust in a marketplace requires a multi-pronged approach that cultivates a sense of shared responsibility and mutual benefit among all stakeholders. Transparency forms the cornerstone, with clear communication about policies, pricing, usage, and data practices fostering a sense of fairness. Investing in robust security measures and user privacy protections underscores respect for their information and builds confidence. Equipping both buyers and sellers with tools and resources not only enhances their sense of control but also empowers them, reinforcing a trustful environment. By consistently prioritizing fair practices, open communication, and stakeholder empowerment, a company can cultivate a marketplace where everyone feels valued, protected, and invested in its long-term success.

StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack that you pulled off.

Ranjan Kumar: Our marketing strategies encompass a mix of digital marketing, content marketing, and targeted outreach to key industries. We leverage thought leadership through webinars, whitepapers, and participation in industry events to showcase our expertise. One notable growth hack was the strategic use of customer testimonials and case studies, highlighting the tangible impact of our solutions. This not only boosted our credibility but also generated organic interest and trust in our offerings, contributing to increased market visibility and growth.

StartupTalky: What opportunities do you see for future growth in the AI industry in India and the world? What kind of difference in market behavior have you seen between India and the world?

Ranjan Kumar: Globally, the increasing reliance on AI-driven insights for consumer and user research presents a significant avenue for expansion. As businesses prioritize understanding human emotions and behavior, our advanced Emotion AI, Behavior AI, and Generative AI technologies uniquely position us to meet these evolving needs. In India, a rapidly digitizing landscape and a growing emphasis on data-driven decision-making create a conducive environment for our solutions. However, market behavior nuances differ, with diverse industries dominating each region. In India, sectors such as Fintech and E-commerce are witnessing rapid adoption, while globally, industries like Media and Telecom are equally pivotal. Understanding and adapting to these regional variations are integral to our strategy, ensuring that our offerings align with the specific demands of each market for sustained growth.

StartupTalky: What lessons did your team learn in the past year, and how will these inform your plans and strategies?

Ranjan Kumar: Over the past year, our team learned valuable lessons about the importance of agility, adaptability, and proactive communication. These lessons are instrumental in shaping our future plans and strategies. Moving forward, we aim to enhance our technological capabilities, further streamline our operational processes, and continue fostering a culture of innovation within our team. The resilience demonstrated during challenging times serves as a foundation for our strategic planning, ensuring we stay ahead in an ever-evolving landscape.

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StartupTalky: How do you plan to expand the customers, service offerings, and team base in the future?

Ranjan Kumar: We have ambitious plans for expansion across multiple fronts. In terms of customers, we will focus on deepening our relationships with existing clients while actively pursuing partnerships in the US and European markets. Our service offering will evolve to meet emerging market demands, with a continuous commitment to advancing our emotional AI, behavioral AI, and generative AI technologies. Team expansion will be strategic, aligning with our growth trajectory, and will involve hiring top talent to drive innovation and support our expanding client base.

StartupTalky: One tip that you would like to share with another marketplace company founder?

Ranjan Kumar: As the founder of a deep-tech AI SaaS company, it is crucial to prioritize building and maintaining trust. Trust is the cornerstone of successful AI companies, influencing user adoption, retention, and positive word-of-mouth. Focus on transparency, ethical practices, and reliable customer support to foster trust among all stakeholders—customers, partners, and employees. Prioritize the long-term relationship over short-term gains, as a trustworthy reputation can significantly impact the sustained success and growth of your marketplace.

StartupTalky extends its gratitude to Mr. Ranjan Kumar for dedicating his valuable time and generously sharing his insights with all of us.

Explore more Recap'23 Interviews here.

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