Soource is a B2B SaaS platform that leverages AI to optimize and automate repetitive tasks for purchasing managers, introducing a new sourcing model based on comparing huge networks of suppliers.
Current Status
End of 2023 we decided to open Soource to the market and we started five POCs with large Italian and Austrian companies in different sectors. Two out of the five POCs were paying companies, so we could generate the first revenues. For the POCs we provided them the software in a managed way, that means we were guiding them in the use of the software. In March we are launching the Saas with the first two paying companies who will use Soource autonomously within their purchasing offices. In total the two companies will buy 8 annual licenses.
Problem or Opportunity
From a macroeconomics perspective, purchase managers are currently exposed to the risk of goods shortages and frequent price fluctuations deriving from growing instability in political, economic, and environmental global landscapes.
From a microeconomics perspective purchasing managers tend to rely on a limited number of suppliers due to the high time and monetary costs of finding, contacting, onboarding and managing new suppliers. However, this approach exposes them to single-source dependency, which can impact both goods availability and price stability.
Solution (product or service)
With Source, purchasing managers gain the ability to seamlessly connect with, oversee, and negotiate with thousands of global suppliers for any product they require. Indeed, through Soource, managers can tap into a vast global supplier network and massively send out qualitative and quantitative requests via email. Soource’s AI extracts key data from supplier responses, presenting it to purchasing managers in a user-friendly dashboard for easy comparison. Additionally, Soource automatically updates the supplier database with any new information obtained via email.
Business model
Soource has a Saas business model with 4 annual subscription packages starting from 400€/month that mainly differ by the number of emails that the purchase manager can send and the number of emails that the AI can parse. In 2025 we aim to start targeting small SMEs with an inbound strategy via digital marketing campaigns. For these smaller businesses we aim to launch in 2025 a Basic subscription plan of 150€/month.
In the first year of revenues (i.e., 2024) we aim to reach 135 customers and in five years (i.e., by end of
