Meet Conrad Poulson, CEO and co-founder of Huq

Co-founded by Conrad Poulson in 2014, Huq has been at the forefront of utilising cutting- edge technologies and innovative mobility research methods.

How did the idea for Huq come about?

My co-founders and I were working on a project that utilised location data to build mobile app experiences that could adapt to location context. During the process of fundraising for the initial concept, we realised that the potential research value of this data presented an even more interesting and lucrative opportunity. So, we changed direction, and Huq was born. 

Since 2014, Huq has been at the forefront of using advanced technologies and creative mobility research approaches. Can you provide any examples of these technologies and how they’ve improved the accuracy and usefulness of the location information Huq offers?

Machine Learning: Huq employs machine learning algorithms to process and analyse the vast amounts of data they collect continuously. These algorithms can identify patterns, trends, and anomalies in mobility behaviour, leading to more precise predictions and actionable insights.

Near Real-time Data Collection and Processing through use of cutting edge cloud computing: These capabilities allow Huq to provide timely and relevant information to our clients. This ability to capture and analyse data on the fly ensures that the location insights we offer are current and highly applicable for businesses making time-sensitive decisions.

In the age of big data and privacy concerns, how are you ensuring a responsible and ethical use of location intelligence whilst providing valuable insights to your clients?

In the era of big data and heightened privacy concerns, we utilise multiple techniques to safeguard individuals privacy while continuing to provide valuable insights to our clients. There are two key pillars that we focus on in order to achieve this:

Only leveraging first party data: Our source data is entirely composed of first party sources, allowing us to maintain complete control and transparency over the origin and quality of the data. 

Privacy by design: We use extensive data aggregation and anonymization techniques in all our data processing and product development to ensure that the insights we deliver are multiple steps removed from any personal data.

Our commitment to transparency and compliance is paramount. It ensures that we can navigate the challenges of big data while upholding the trust of both our clients and the users whose data contributes to valuable insights that help further develop the communities they live in.

Tell me about Huq Signals?

Huq Signals is the next evolution of our product, which has undergone meticulous refinement to cater to the evolving needs of our customers. We’ve focused heavily on developing a product that is of direct value to business users rather than just technical and data science teams. This approach means a broader range of  customers can more efficiently and effectively use our insights to benefit their businesses.

With such a diverse client base, what challenges have you faced in offering solutions that address their specific requirements?

Navigating a diverse client base is both a blessing and a challenge. The extensive range of clients we work with allows us to witness the far-reaching impact of accurate footfall and mobility data, and it's incredibly gratifying to see so many benefiting from our solutions. However, when you are a small team, it can be challenging to properly meet the needs and requirements of a wide range of industries. 

How did you fund the business in the early-stages?

The founding team bootstrapped the business for the first 12 months before raising a pre-seed SEIS/EIS round in late 2015. We followed that with a seed round in 2017, which is when we began working with the team at 24 Haymarket.

As a founder in the technology and data industry, what advice would you give to aspiring entrepreneurs looking to start their own businesses in an ever-evolving landscape?

Founding a company is really hard as it requires unwavering commitment in the face of extreme uncertainty. You need to get comfortable at making decisions with imperfect data and you need to surround yourself with a team that can support you with this. To make this team work, you need to work hard on creating the right culture and you need to live the values of that culture from day one.

You've recently raised £4 million in equity funding led by 24 Haymarket. What was the journey like, and what tips would you give to entrepreneurs getting ready to approach investors?

We are fortunate to have great partners in 24 Haymarket who have supported us from a very early stage. Along with the help of ACF Investors, we were able to put the funding together relatively smoothly. However, the fundraising environment is very different now compared to the start of 2022, so the process took longer than we had originally forecasted. Despite this, the fundamentals of what makes for an investable business haven’t changed.

You need an exciting vision backed up by quantitative evidence that demonstrates that you understand how to build from where you are today to where you want to get to. The more detailed and direct that evidence is, the easier it will be for you to engage a wider range of investors rather than just those that have specific knowledge of your sector.

The world has witnessed significant changes and challenges in recent times, particularly with the pandemic's impact on mobility and consumer behaviour. How has Huq responded to these changes?

The world is a lot more volatile than when we founded the business back in 2014. In many ways this has helped us as these conditions have exposed the weaknesses in the legacy methods that our customers were previously relying upon and made those customers keen to seek out alternative more dynamic solutions such as ours.

We’ve been a core part of government councils and organisations in evaluating their responses to the pandemic and changes in consumer behaviours. For instance, Huq's insights have been instrumental in helping numerous councils secure funding for vital initiatives that span a wide range of areas, including green initiatives aimed at sustainability and economic stimulation programs aimed at reviving local economies. By leveraging our services, these councils have been able to make well-informed decisions and demonstrate the impact of their projects, leading to more effective and targeted interventions.

Looking ahead, what exciting developments and projects can we expect from Huq?

We’re really excited about getting our insights into everyday use, so a big focus moving forward is to develop products that are accessible to a broader, non-technical audience. This is a theme that we think is key to creating a successful data driven business. AI is going to play a key role in making it easier for our customers to make sense of the mass of data available to them and so we are making increased use of this across the entire business