By: Kelly Stincer
Columbus startup Nexosis, an innovator in accurate demand forecasting, has been selected to attend Techstars Retail, a three-month intensive startup accelerator aimed at bringing new technology and solutions to the retail industry. The company is one of 10 startups in the program, handpicked from approximately 600 applicants, and has traveled to Target’s Minneapolis headquarters to work with corporate-level personnel. During the program they will also work with leaders at Best Buy and General Mills, in addition to the Techstars mentor network, to identify ways to improve their technology.
“Techstars has been very successful in connecting startup companies with large corporations like Target, who rally behind the companies in the program,” said Ryan Sevey, co-founder and CEO of Nexosis. “I think the fact that we have some traction in the market but are also receptive to advice to make our platform stronger made us a great candidate.”
Nexosis’ software uses machine learning to predict how much stock retailers should order to avoid overspending, while ensuring there is enough on store shelves to meet customer demand. The system analyzes historical data while also taking into account external factors such as weather and customer feedback. The software also tracks how company initiatives affect sales. For example, if a clothing store holds a marketing promotion for discounted pants, Nexosis data can show how much of an impact their efforts had on pants sales.
“Our results are a scientifically accurate way for businesses to see what factors affect their operations,” said Sevey. “Overstock and out-of-stock items are a big problem in retail, and we’re committed to solving it.”
Since it was founded in 2015, Nexosis has worked with Rev1Ventures, a central Ohio partner of Ohio Third Frontier, to continuously grow the company. Nexosis currently partners with Ohio-based Wendy’s restaurant franchises and a Pepsi bottling plant. Sevey hopes that by participating in Techstars Retail, he learns sales tactics to get the company’s technology into more retail locations, and how the success of other companies and mentors can apply to the growth and development of Nexosis.
“It’s both refreshing and humbling to work with people who are the best of the best,” said Sevey. “Everyone at Techstars is eager to help Nexosis get to the next level, and it’s giving us new momentum to advance our technology and expand our company.”