TL;DR:
- Goldman Sachs has spun out its first startup, a networking platform called Louisa, from its internal incubator.
- Louisa creates user profiles from employer databases and connects people based on potential business deals gleaned from news.
- Louisa is described as an AI-powered LinkedIn on steroids, with smart profiles and a network that reads millions of articles each week.
- Under CEO David Solomon, Goldman Sachs has been focusing on its digital transformation by hiring tech executives and encouraging employees to pitch startup ideas.
- Louisa’s founder, Rohan Doctor, got the idea after a successful deal and realized the limitations of relying solely on personal contacts.
- Louisa has more than 20,000 monthly active users and has started signing up clients beyond Goldman Sachs, targeting professional services clients initially.
- Doctor believes the timing is ideal due to advancements in AI technology and the shift to remote and hybrid work models.
- Louisa leverages OpenAI’s ChatGPT for mapping people’s thoughts and self-descriptions quickly.
- Hybrid work has made traditional methods of seeking information and assistance ineffective, emphasizing the need for a networking platform like Louisa.
Main AI News:
Goldman Sachs, renowned for its financial prowess rather than its technological innovations, has successfully launched its first startup from an internal incubator. The brainchild of founder-CEO Rohan Doctor, Louisa is a groundbreaking networking platform designed for employees. Recently, Louisa gained independence from the New York-based investment bank, marking a significant milestone for the company.
With its origins deeply rooted within Goldman Sachs, Louisa has predominantly served the bank’s employees over the past two and a half years. However, Doctor is now focused on expanding Louisa’s client base beyond the boundaries of Goldman Sachs. The software leverages artificial intelligence to create user profiles automatically, drawing information from employers’ databases. Additionally, Louisa proactively connects individuals who could benefit from establishing valuable connections, utilizing newsfeeds to identify potential synergies.
Describing Louisa as an amplified version of LinkedIn, Doctor emphasizes its intelligent profiles and network. The platform combs through millions of articles each week from 250 different providers, using the extracted insights to facilitate meaningful connections among professionals. Louisa’s ability to uncover potential business opportunities and foster connections sets it apart in the market.
Under the leadership of CEO David Solomon, Goldman Sachs has been actively accelerating its digital transformation efforts. To drive this agenda forward, the investment bank has recruited executives from tech giants such as Google and Amazon, encouraging its employees to pitch innovative startup ideas. Louisa was among the inaugural class of companies that emerged from Goldman Sachs’ incubator program, which nurtures internal talent and fosters the development of entrepreneurial ideas.
Rohan Doctor, a seasoned Goldman Sachs veteran with 17 years of experience, drew inspiration for Louisa following a significant deal he secured in 2018. While reflecting on the triumph, he contemplated whether the success was merely a stroke of luck or a repeatable feat. Doctor came to the realization that professional services firms, including Goldman Sachs, heavily rely on the expertise and connections of their employees. However, there are inherent limitations to how many colleagues an individual can personally know and engage with effectively.
Recognizing the enormous financial costs associated with missed opportunities, disconnected colleagues, and fractured client experiences, Doctor embarked on a mission to develop a superior solution. Relocating from Hong Kong to New York, he assembled a team of programmers to bring his vision to life. Initially named after Louisa Goldman Sachs, the youngest daughter of the company’s founder, the startup has now adopted a more inclusive name, representing a “renowned warrior.” This shift allows Louisa to cater to a wider range of clients, including Goldman Sachs’ competitors.
With over 20,000 monthly active users already, Louisa has made significant strides since its inception. While Goldman Sachs remains tight-lipped about the investment required to launch the platform, Doctor has successfully secured clients beyond the bank’s confines. Notable clients include a commercial bank and a venture capital fund managing nearly $100 billion in assets. Initially focusing on a select group of five or six professional services clients, Louisa intends to expand its reach gradually.
Doctor believes that Louisa is well-positioned to thrive in the current landscape, citing two critical factors. Firstly, the emergence of generative AI technology, exemplified by OpenAI’s ChatGPT, has invigorated the tech industry. Doctor highlights the extraordinary capabilities of this technology, enabling Louisa to gain deep insights into individuals’ thoughts and enabling them to present themselves more effectively in a matter of seconds. Secondly, the paradigm shift towards remote and hybrid work has disrupted traditional employee interactions, underscoring the need for a sophisticated networking platform like Louisa. Doctor predicts that the hybrid work model will persist even among organizations initially reluctant to adopt it, making traditional methods of seeking information and assistance increasingly ineffective.
Conlcusion:
The emergence of Louisa, Goldman Sachs’ first startup, marks a significant development in the market. This networking platform, with its AI-powered capabilities and proactive approach to connecting professionals, has the potential to revolutionize the way businesses foster relationships and uncover new opportunities. By leveraging the expertise and vast databases of employers, Louisa offers a unique value proposition that addresses the challenges of missed opportunities and disconnected colleagues.
As more clients beyond Goldman Sachs join the platform, the market can expect increased competition in the professional services sector, with a greater emphasis on leveraging advanced technologies to facilitate networking and collaboration. The success of Louisa demonstrates the growing importance of digital innovation and highlights the need for businesses to adapt and embrace transformative solutions to stay ahead in an increasingly interconnected world.
