Prediction market is growing at a significant rate and even though sports minister equates that to betting/gambling, this space will witness more action in the coming days (as Indians embrace newer format/games and channels like mobile will play a big role in fuelling the growth of prediction industry).
iPredict is a prediction engine built by Bangalore based startup, EtchTech and the the product is being licensed to companies as a SaaS service (i.e software as a service).
iPredict’s predictive engine is built with analytical tools and algorithms (for instance, takes care of past data of teams, player performance in a particular format of game, location, pitch, weather conditions and given opponent etc) in a hosted services model.
The Service can be plugged into any partners offering i.e. games, fantasy sports leagues, simulation gaming, betting sites etc– and the team claims accuracy rate of 60%+.(overall effectiveness of Predictions of iPredict with real events has been at 78%.)
Apart from sports, Etchtech also offers it’s analytical service to enterprises – Perforamance Score Card (PSC) and Employee Social Network Analysis (ESNA)
PSC helps companies capture the work / task progress on a regularity (Daily, Weekly, Fortnightly, Monthly, Quarterly) and measure the task performed against the pre-defined KRA’s / Targets on a regularity. The engine helps companies Identify and track the non-performers on a regularity.
Similarly, the company offers Social network analysis to enterprises to understand the connection between patterns of interactions among its employees and business outcomes
The startup doesn’t have a interactive consumer front end (which is alright, if they are sure of playing the enterprise route – read this: Consumer or Enterprise Service? Who do you want to be?) and is looking to sell it’s service to enterprises as well as charge users to access the prediction data.
iPredict has done pilot with a telco for their IPL sms game.
The biggest challenge for iPredict is going to be on licensing it’s IP to enterprises – they should start making noise about the data accuracy – in order to get their voice heard; otherwise selling this to enterprise market without a consumer face is quite a challenge (questions over credibility)
What’s your take on EtchTech/iPredict?
Similar startup: LordsofOdds