Our Managing Director, Preya Patel, was recently interviewed by Maddyness, the go-to publication for entrepreneurs and innovators in the UK start-up ecosystem. She shared the biggest challenge Raw Knowledge has faced since its launch, how the business has evolved, and what’s in store for the future.
Read that and more below.
Maddyness (M): Tell us about the business – what it is, what it aims to achieve, who you work with, how you reach customers and so on?
Preya Patel (PP): Raw Knowledge is a specialist data provider and consultant. We’re market leaders in excess reportable income (ERI), providing the most comprehensive offshore funds data in the financial services sector.
Currently, we’re enhancing our ERI service provision and making our solution scalable through the development of innovative technologies. Through this initial development work, we will be able to uncover further valuable data insights, supporting faster decision-making and making handling complex, unstructured data easier using the latest technology.
M: What was the catalyst for launching Raw Knowledge?
PP: The key catalyst for the launch of Raw Knowledge was to give my team the room to develop our ERI product and consultancy service further, while also allowing us to explore newer avenues and markets related to the data technology we were developing.
By creating a separate entity – supported by our parent company’s technology incubation lab, Thought Train – we’ve been able to focus on what we do best as data experts and technology innovators.
M: How has the business evolved since its launch? When was this?
PP: The team at Raw Knowledge originally formed part of our sister company, investment tax specialists, Financial Software Ltd (FSL). We were the data operations team at FSL and supported the provision of ERI data to their customers as part of their capital gains tax solution, CGiX. But, as our team, capabilities and customer base outside of CGiX grew, it was decided by our parent company, Industrial Thought Ltd (ITL), that the data team should be given more space to grow and develop additional solutions. And so, Raw Knowledge was born!
M: Tell us about the working culture at Raw Knowledge?
PP: We’re a small but dedicated team. Collaboration is at the heart of everything we do – whether it’s working together internally on our ERI data provision, working with our parent company’s technology incubation lab, Thought Train, to develop innovative new solutions or simply sharing our expertise with others in the industry. It’s a diverse and dynamic team that really brings out the best in each other.
M: How are you funded?
PP: We are in a unique position as a start-up in that our business initially formed part of our sister company, FSL. This meant that we had our own clients and our own revenue stream already. So, when our operations separated from FSL, we were able to take this with us when we became Raw Knowledge. By having a steady revenue stream and an already established customer base, we haven’t had to seek funding in the way new start-ups usually have to.
M: What has been your biggest challenge so far and how have you overcome this?
PP: As a new data company, one of the most significant challenges is establishing credibility and trust with prospective clients, especially in a competitive market. Clients rely on accurate and reliable data to make critical decisions, and as a new entrant, proving your product’s quality and the team’s expertise can take time. We’ve overcome this by initially focusing on a niche product, building a great service and showcasing transparency.
Another challenge which I can’t go without mentioning was getting over that initial hurdle of the launch. In an industry as fast-moving as ours, it always feels like there’s a hundred more things to be done before you can get out there. But once you finally take the leap you realise there’s never a better time than right now.
M: How does Raw Knowledge answer an unmet need?
PP: At Raw Knowledge, we’re totally transparent in our data provision so that our clients can have full confidence in the completeness and accuracy of our data. Many data vendors aren’t as open with their raw data, but we believe data transparency is essential. It means our clients can have full confidence in the accuracy of our data and sets an important standard for the wider industry. We want to lead the data innovation on which the financial services industry of the future is built and one step towards this is having transparency at the heart of our ways of working.
M: What’s in store for the future?
PP: Our goal with everything we do and develop is to be the financial services industry’s most trusted and transformative data partner. Whilst I can’t talk about our current project very much at present, we are confident that it will change the way data can be acquired, verified and served in support of business needs.
M: What one piece of advice would you give other founders or future founders?
PP: My advice to founders is to always be adaptable and collaborative in everything you do. I think when you start a new business, it’s easy to get fixated on the strategy. But you need to be adaptable, face up to challenges, and accept that things might need to adapt from your initial strategy to get to your vision.
Also, building a business is a journey of learning. Stay customer-focused, and you’ll lay the foundation for a company that thrives by delivering real value.
M: And finally, a more personal question! What’s your daily routine and the rules you’re living by at the moment?
PP: Balancing discipline and adaptability is key. My routine is made up of setting ‘the tone’ which includes reviewing priorities for the day, maximizing productivity during the workday and then making sure I keep time for recharging. This keeps me grounded, energised and focused on what matters most: growing the business, nurturing relationships, and staying true to my purpose.
