New entrepreneurs often struggle to convert their business ideas into functioning businesses. Initial enthusiasm and big dreams are often dampened by the vast maze of practical obstacles and challenges that need to be overcome. Without a clear and structured business plan, it is easy to get lost in this maze, failing to bring even the most excellent ideas to fruition.
Skillman is actively and enthusiastically involved in the creation of the Kabada tool aimed to take the guesswork out of business plan development by providing a structured, web-based platform to create business plans. Informed by theoretical research, relevant real-world statistical data, and, in the future, machine learning insights fed by the data collected by the tool itself, the tool will guide new entrepreneurs through every step of the way, helping them understand where they are, where and how they might consider going, and what challenges and opportunities they might encounter along the way. Kabada will also allow entrepreneurs to print out completed business plans and take them to banks, investors, and funding bodies to secure credit or funding.
The tool works by collecting information from users according to a structured template and then provides contextual information and analysis to help understand the strengths, weaknesses, and challenges of the proposed business.
The project is currently about halfway through the overall development process: a conceptual framework by experts in management science, economics, and finance has been fully developed and the software is in full swing. The KABADA project fits into the Europe 2020 strategy, as the implementation of the project and the development of the digital system based on AI and machine learning for the evaluation of business ideas of new entrepreneurs and inclusion.