Ground Level: Many entrepreneurs lack support networks, so can an audio app solve the problem?

In a perfect world, the success of a business would depend on factors such as a good idea, motivation, talent and perhaps a bit of luck. You could also - if you wanted to go further - say that entrepreneurship represents a kind of egalitarian ideal. Anyone, regardless of socio-economic background, gender, ethnicity or creed, can start a business and be successful.

But we live in a world that is far from perfect and all entrepreneurs are certainly not created equal. Good ideas, drive and talent can be found all over society, but some of the less tangible factors that can accelerate or inhibit entrepreneurial success are less evenly distributed.

To take just a few examples. Potential entrepreneurs from relatively affluent backgrounds often have access to in-depth knowledge of what it means to start, run and grow a business. This may be because family members or friends have already taken the entrepreneurial route and can provide advice, mentorship and funding. Others are less fortunate. For example, here in the UK there is less of a generational tradition of entrepreneurship in some ethnic minorities and also in working-class communities. Thus, when it comes time to start a business, the essential networks are not necessarily in place. It's not necessarily the end of the road, but it can be a real handicap. This is a situation that also contributes to the lack of diversity in the tech industry.

This is a problem that Dayo Akinrinade set out to solve.

As a black woman working in the industry, Akinrinade says she has struggled to find other black women to provide not only role models but also mentorship. And her personal experience was underlined by the insight she gained working in the industry. After quitting her job as a management consultant, she joined the board of One Tech, an organization dedicated to promoting diversity.

"My key observation was that minority founders suffer from a lack of mentorship," she says.

And that's not necessarily an easy problem to solve. Almost by definition, the background - at least initially - defines and limits the networks that are available, not only to entrepreneurs but also to those who simply want to advance their careers. There are ways around this. Networking meetings can provide a way to make connections – although this presupposes a certain degree of knowledge and ability to access. Alternatively, as Akinrinade points out, aspiring entrepreneurs can try building their contacts online.

People use platforms like Linkedin,” she says. “But Linkedin tends to help people connect with people they already know.”

Akinrinade's solution was Wisdom, an audio app that gives its users - and it's open to everyone - access to industry experts.

Access to experts

What does this mean in practice? Well, Wisdom has brought together a range of experts including business people, life coaches, mentors and therapists to pledge to make themselves available to the wider user group.

This could mean that many busy and overwhelmed experts are struggling to keep up with a surge of queries, but the engagement process is tightly structured. There are two ways to get advice. First, a user can attend a conference and then drop a question that will be answered individually. The second way is to find an expert and ask a specific question. The audio responses can then be posted on social media to build a body of knowledge.

Miscellaneous contacts

So what does it bring? "Wisdom is connecting with people you might not otherwise meet," says Akinrinade. People of different races, genders and social classes. It's about breaking down barriers."

But what do the experts get out of it in return for what appears to be a significant commitment? Akinrinade says that in some cases there is a desire to “pay it forward,” but there can also be a business agenda. Coaches, mentors, counselors and therapists are among those who can use the platform to build an audience, improve their own profile and start new business.

And that's probably the key to monetizing Wisdom. Akinrinade has raised $2 million to launch the platform but is not yet at the revenue raising stage. Instead, the company monitors interactions between users and experts to identify the best options for increasing revenue. It's not decided yet, but a way forward is for all...