NeurologIQ Group

Already during his bachelor's studies at the University of Siegen, Simon Sack, a young computer scientist, came into contact with the software industry and founded his company NeurologIQ Group in this field. At the age of 25, the founder and managing director is one of the young entrepreneurs, yet his company founded in 2018 is not his first spin-off. Simon Sack already registered his first business (in the field of event technology) during his school days. "I would say I'm an entrepreneur at heart. For me, there is no other option," says Simon Sack.

Since April 2021, the company has been located in the Siegen Summit, where the team finds itself among many like-minded individuals. For example, Simon Sack also met his advisors Prof. Dr. Martin Hill and Prof. Dr. Bernd Buxbaum at the Summit. "At the Summit, I especially appreciate the professional exchange and knowledge transfer," says Simon Sack. He further explains, "The different areas of work of the companies located here interlock like gears."

How did you come up with the idea for "NeurologIQ"?

Many companies move abroad, for example, to reduce their manufacturing costs. In my opinion, however, industrial companies in Germany can also increase their return on investment by optimizing processes using artificial intelligence. And this is where NeurologIQ comes in. We analyze problems and take the industrial companies step by step. By using algorithms and/or AI, we help companies become more value-creating in their processes.

What is behind the idea of NeurologIQ"?

We are able, for example, to use artificial intelligence and 3-D sensor cameras to read information from images or recognize objects. Corresponding software can then evaluate and classify this data. Thus, our solutions help to make industrial manufacturing processes more efficient.

What is innovative about your company?

On the one hand, our image processing models based on AI represent technical innovation. On the other hand, we have a very strong practical focus on medium-sized businesses, which sets us apart from other companies. Our unique selling point in particular is that we are currently developing a platform on which we offer all our solutions, be it object recognition or object measurement. This allows the medium-sized company to assemble its solution almost like Lego.

What appeals to you about being self-employed?

From a technological perspective and out of social responsibility, I would say the greatest appeal for me is to shape a new and exciting area. You experience the entire transformation, where companies have to ask themselves the question of digitalization. It gives me great pleasure to support this and experience it live. You are right in the middle of the fourth industrial revolution.

What was the biggest challenge in starting up?

Since I have always jumped from one founding process to the next, bureaucracy is always annoying and time-consuming. A not yet registered company is not operational, so it is difficult to continue working on your projects.

Was there any financial support in the form of scholarships, awards, or similar?

There was no financial support of this kind. Fortunately, we established ourselves pretty well in the market early on. We financed ourselves through bootstrapping for the first three years, meaning we reinvested the money. Currently, we are being supported by the Siegerland Fund, which is helping us take the next leap.

How did you manage to acquire customers so quickly/so well?

I have no problem approaching people and was therefore able to quickly build up a strategic network. In some cases, we became aware of each other through projects, and good connections were established. Networking a lot and talking to people. That helps! In addition, Timo Schmidt from our team is currently building a sales team with his years of experience.

What drives you? What is your motto?

We don't talk, we prefer to solve. That's our motto. This means we always try to find pragmatic and goal-oriented solutions. Furthermore, we work with foresight on our solutions so that they can be used sustainably.

What's the story behind your second startup "FinWave"?

I co-founded FinWave GmbH in 2019 with the management consulting firm consyNeo GmbH from Berlin. With this fintech, which is dedicated to process optimization for banks, we develop intelligent interfaces, especially bots and APIs, which, for example, automate processes such as account opening or similar. Once a quarter, I am at our location in Berlin, but otherwise, I can work great from Siegen. NeurologIQ is industry-focused, while FinWave specializes in the financial sector.

What advice do you give to young founders?

Persist, definitely keep going, even if it seems hopeless at times. You need staying power, which we still need ourselves. You have to keep going and working until you have established yourself well in the market. And above all, seek exchange with other founders, present your own ideas, and get feedback.

This portrait is based on an interview with Simon Sack in September 2021 and was written by Janice Gust.

 

Here for the homepage of the startup.