Consulting IQ’s Diego Medone is using AI to help SMBs thrive in an uncertain world

By Riley Kaminer

Will the next consultant you hire actually be an AI?

Full-scale automation of the consulting space is likely far away. But thanks to Miami-based Consulting IQ’s AI-powered platform, the future of computer-aided consulting is now.

As with many things, Consulting IQ’s story starts with Covid: a time when many small businesses were caught in the storm of uncertainty, struggling to survive. Amid the chaos, Diego Medone, founder and CEO of Consulting IQ, saw an opportunity. He recognized that small and medium-sized businesses (SMBs) were being hit the hardest, with their survival threatened by rapidly changing circumstances. So Medone decided to act.

“Covid reshaped the industry and recalibrated every single business,” Medone told Refresh Miami. But what struck him the most was how few resources were available for these businesses to navigate the crisis. While large corporations could afford expert advice and sophisticated tools, most SMBs were left to fend for themselves, often isolated and without the necessary support. “In the world, there are 400 million companies, and 99% of them are small or midsize,” Medone explained. “Yet, 65% of these companies fail or disappear before year five.”

Medone’s vision for Consulting IQ emerged from these harsh realities. He and his team conducted over 1,000 interviews with business owners across the globe, from solopreneurs to those with hundreds of employees. The problems they uncovered were consistent: outdated strategies, limited resources, and a lack of knowledge to adapt to the new landscape. “We knew we had to address this knowledge gap,” Medone said.

The solution Medone and his team devised was to create a digital platform that could bring the expertise of seasoned business consultants to SMBs through artificial intelligence. This wasn’t just another generic AI tool. Rather, Consulting IQ was built to understand the specific needs of each business, tailored to their industry and region. “What makes our platform different,” Medone asserted, “is that it recognizes who you are and what your business needs from the moment you sign up.”

Consulting IQ offers a suite of tools designed to help business owners tackle their most pressing challenges. From business strategy and marketing to operational efficiency and human resources, the platform is equipped with a vast database of prompts and frameworks that guide users through every aspect of their business.

One of the key features of Consulting IQ is its ability to provide specific, actionable advice. “Our platform mimics a human conversation,” Medone explained. “Instead of receiving a generic response, you get recommendations that are directly relevant to your business.” After each interaction, the platform suggests related topics to explore – ensuring that business owners don’t just solve one problem, but continue to improve across the board.

Medone is particularly proud of the human element in Consulting IQ. While AI drives the platform, human consultants play a crucial role in curating the data and ensuring that the advice given is accurate and up-to-date. “The best model isn’t AI alone,” Medone said. “It’s AI intertwined with human expertise.”

Medone says Consulting IQ has already attracted close to 3,000 users in the past two months, thanks in part to the fact that it has recently signed deals with two big financial companies to support their customers. According to the company, Consulting IQ anticipates closing the year with over 10,000 users and nearly $16 million in revenue. The company follows a SaaS model, with monthly subscriptions starting at $99 per month.

Medone’s connection to Miami has also played a significant role in the development of Consulting IQ. Having lived in Miami for many years, he’s seen the city grow into a hub of innovation and entrepreneurship. “Miami has become a big hub of innovation and financial institutions,” Medone said. He credits the city’s government and initiatives like eMerge Americas for creating an environment where businesses like his can flourish.

As Consulting IQ continues to grow, Medone remains committed to his mission: empowering SMBs with the tools and knowledge they need to survive and thrive in an ever-changing world. It’s a mission born out of a crisis but one that will likely have a lasting impact long beyond the pandemic.

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Riley Kaminer

I am a Miami-based technology researcher and writer with a passion for sharing stories about the South Florida tech ecosystem. I particularly enjoy learning about GovTech startups, cutting-edge applications of artificial intelligence, and innovators that leverage technology to transform society for the better. Always open for pitches via Twitter @rileywk or www.RileyKaminer.com.

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