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Hyderabad-based market analytics startup Idealantis Technologies is using the upcoming Gujarat elections to test a crowd-sourced election results predictor. It has developed a more accurate and cost effective alternative to the sample survey-based election prediction models.
The ‘Gujarat Election Predictor’ would be based on the predictions of people who join the firm's App and share and change their opinions or responses at several intervals. The underlying software algorithms would make the projections based on the basic feedback.
The data sourced from the crowd would cover the number of seats that would be won by the main parties and their respective vote share, according to the company.
"We have created the results predictor for Gujarat elections as a pilot project. We will perfect the architecture of the results predictor for a final launch targeting the general elections due in 2019,"Sai Panyam, founder and managing director of Idealantis told Business Standard.
The predictions gathered on its platform would be made public on December 14. The city-based technology innovation company has tied up with US-based Cultivate Labs to use the latter's technology engines to run the results predictor.
The startup plans to use multiple business models for the results predictor such as providing a dash board to the client for a deeper understanding of the trends on a real time basis, offering the feedback on featured questions, and placement of advertisements among other things, according to Sai Panyam.
The company would also expand the services of the platform targeting the companies and governments for predictive requirements such as demand forecasting, policy analysis among other things, he said.
Started four years ago, Idealantis Technologies currently generates around half a million dollars in revenues from over a dozen clients, mostly located in the United States, according to its founder.