Automating Innovative Product Research by Utilizing AI with Tim Hall and Simporter

Summary

On this episode of The Bentonville Beacon, host James Bell is joined by Tim Hall, Co-Founder of Simporter, a company providing software that automates new product research, including white space exploration, pre-launch forecasting, marketing simulations and product monitoring. After decades of working in consumer packaged goods (CPG), Tim recognized the potential of artificial intelligence (AI) and made it his mission to make it easier for non-technical people to cut costs, improve consumer loyalty, reduce waste and grow revenue organically simply by embracing AI. Throughout the episode, James and Tim discuss the various problems that Simporter’s solutions solve; Simporter’s relocation from Atlanta to Bentonville; and the current and future utilization of AI.

Thanks for tuning in!

Show Notes

(0:53) Introduction to Tim Hall

(3:32) Update on Simporter’s Ukrainian Team

(7:40) The Problem Simporter Is Solving

(12:26) About Simporter’s Other Co-Founder

(13:49) Simporter’s Future Growth

(14:47) Tim’s Experience with the Fuel Accelerator

(16:53) How Bentonville Helps Simporter

(21:17) Tim’s #BecauseBentonville Story

(23:51) The Utilization of Artificial Intelligence

(30:08) Advice to People Wanting to Use AI

(37:43) Closing Question

‍Links

James Bell 

Bentonville Economic Development 

Tim Hall

Simporter

Quotes

“The biggest problem we’re solving is product failure. You spend a lot of time and money launching a new product and then 95 percent of them will fail within two years of getting on the shelf. So we wanted to solve that with better data, making better decisions and validating those in a better way.” - Tim Hall, (7:40)

“We’re building a company to last. We’re building something that will endure and grow by solving people’s problems…And along the way we’re going to make a lot of money, and that’s nice, but our focus is to build something that is going to be around for a long time.” - Tim Hall, (13:49)

“What was unique [about Bentonville] was different groups would engage and then bring you to another group…and in each case we were getting some capital, but it’s really the people and the connections that we’re making…you’re six degrees from anybody you want to meet. And so that’s been really helpful.” - Tim Hall, (17:03)

“I would say [AI] is something different because it’s transformational. So, no, it’s not going to replace humans, it’s going to redefine how we engage with our roles today.” - Tim Hall, (23:51)