As the world increasingly relies on data and algorithms to make decisions, concerns about fairness and accuracy have come to the forefront. Bias in decision making has the potential to perpetuate existing inequalities and discrimination. Etiq AI, a London-based startup, is tackling this problem head-on by offering a unique software solution that enables businesses to identify and mitigate biases in their algorithms. In this startup showcase, we take a closer look at Etiq AI and how they’re leading the charge in fair and accurate algorithmic decision making.
Introduction
Etiq AI brings the first-ever easy to implement software solution to enable businesses to identify and mitigate biases. The startup was founded in 2020 by a team of experienced software developers, machine learning experts, and business professionals. The product comprises algorithms that assess how robust the models employed by our business clients are, based on a deep understanding of the factors which constitute best practice definitions of fairness and accuracy. Our analysis, testing, and modeling process is then able to provide uniquely practical solutions to mitigate the biases identified, resulting in greater market opportunities and decreased compliance and reputational risk for our clients.
The Need for Fair and Accurate Algorithmic Decision Making
As the use of algorithms in decision making becomes more prevalent across various industries, concerns about bias and discrimination have emerged. In many cases, algorithms can perpetuate existing biases and inequalities, leading to unfair outcomes for certain groups of people. This has become a major concern in industries such as finance, where algorithms are increasingly used to make decisions about lending, insurance, and investments. The need for fair and accurate algorithmic decision making has never been greater, and Etiq AI is well-positioned to meet this demand.
Etiq AI’s Unique Solution
Etiq AI’s unique software solution is designed to help businesses identify and mitigate biases in their algorithms. The startup uses a combination of algorithms and best practice definitions of fairness and accuracy to assess how robust the models employed by their clients are. They then provide practical solutions to mitigate the biases identified, resulting in greater market opportunities and decreased compliance and reputational risk for their clients.
Etiq AI’s target clients are a range of financial companies that are under increasing regulatory pressure to use models that make fair decisions, under competitive pressure to leverage the best returns from their customer data, and increasingly using algorithmic decision making. The startup is well-positioned to provide a significant return on investment due to the attractive size of the financial sector, the lack of competition and solutions in this space, growing pressure to ensure fairness as defined both within legal/regulatory and business frameworks, and the typically favorable profit margin achieved by software companies.
Conclusion
Etiq AI is leading the charge in fair and accurate algorithmic decision making. Their unique software solution is designed to help businesses identify and mitigate biases in their algorithms, resulting in greater market opportunities and decreased compliance and reputational risk. With increasing regulatory pressure to use models that make fair decisions, and growing awareness of the potential risks associated with algorithmic decision making, Etiq AI is well-positioned to meet the demand for their services.
Website: https://www.etiq.ai/
