Real Time Risk Solutions provides an end to end solution. We provide the knowledge base for the risk questions, a website that enables companies to configure field mobile apps and over 75 executive dashboards for them to analyze their risk across their own data points in real-time.
Co-fouder, Cory Davis
Name: Real Time Risk Solutions
Location: Chicago, Illinois
Website: www.rtrs.co
Product / Service Offering: SaaS Mobile Risk Platform
Co-founder Interviewed: Cory Davis
Other Key Management Team Members: Matt Stelnicki, Chief Technology Officer
This article is part of our Business Startup Spotlight series featuring entrepreneurs and their companies. We hope that these founders’ interviews will inspire and motivate you as you undertake your own entrepreneurial journey.
Tell us a little about yourself with a focus on what motivates you.
I have been in the business of mitigating risk for over 25 years. The lack of transparency between field workers and office personnel provides a disconnect that prohibits risk from being adequately managed.
When did you establish your company and where did the idea originate?
The idea began in 2014 when I worked for Chicago Public Schools. I began to experience how a lack of prescriptive modeling for risk created a systemic program where errors were often repeated.
What need or needs does your company seek to fill for its customers?
Many companies do not understand how to adequately manage risk. Real Time Risk Solutions provides clients with a list of data points (safety, quality, internal policies) that they configure for each person, project or facility. They can also input their own questions. Each question is then analyzed for trends across the company, which are weighted so companies have a single place to manage their risk.
What is the one thing that sets your company apart from its competitors?
Real Time Risk Solutions provides an end to end solution. We provide the knowledge base for the risk questions, a website that enables companies to configure field mobile apps and over 75 executive dashboards for them to analyze their risk across their own data points in real-time.
What was the biggest challenge you faced while getting your company up and running, and how did you overcome it?
The biggest challenge for Real Time Risk Solutions was time-consuming to research all of the data points. We spent many late nights and weekends to compile the list and it took over a year.
Are there resources you have utilized that other founders might find compelling or useful?
We partnered with Microsoft Azure and received cloud server credits which allowed us to build out the platform with investment money.
What steps have you taken to secure funding for your company and what, if anything, would you do differently if you had to start over?
We raised a friends and family round as well as an angel round. If I could go back, I would have the platform completely built out before aggressively hiring a sales team to sell the product.
Giving Away Startup Ownership: How Much Is Too Much?
Have there been any questions you have had as an entrepreneur of a fledgling startup that you had a particularly hard time finding the answers to?
The correct pricing structure took time to develop.
What challenges, if any, are you grappling with?
Our issue currently is 100% driven by our lack of marketing. We have not done any SEO. We now need to continue the organic growth that we have already experienced.
Growth Stage – Startup Funding Life Cycle
What is the most helpful tip or “hack” you’ve ever learned, stumbled across, or been given?
You need conviction to make a startup work. It cannot be a blind conviction, but you need to believe in your product in the face of adversity.
Are you familiar with other startups you believe should be spotlighted? If so, we would like to hear from you. Tell us about them, sharing in your comments below!
Sandra Sloan
Sandra has previous supply chain and business operations experience which she is leveraging as an author with FundingSage focused on spotlighting entrepreneurs and their startup efforts.
