Innovation, technology, and AI: An interview with Microsoft and Thriday

The birth of Thriday: Having empathy for small businesses

Thriday's story begins with Michael's upbringing in a migrant family where business was central to daily life. Growing up around small business owners, he witnessed their struggles and sacrifices. After a successful corporate career, including leading mobile banking innovations at an Australian bank and two UK banks, Michael started his own business. During this time, he experienced firsthand the frustration of managing financial admin, prompting him to think deeply about solutions. His career journey took a big turn when he met Ben Winford, Thriday's co-founder, during a basketball game in New York. Together, they envisioned a solution to automate back-office tasks, freeing business owners to focus on growth and customer relationships. The name Thriday, derived from "Thrive Every Day," encapsulates their mission to empower businesses to succeed.

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Leveraging technology to redefine financial admin

Building Thriday's platform was no small feat. With Warren More joining as CTO, the company set out to create an integrated solution that combined banking, accounting, and tax capabilities. Warren, a seasoned technologist, brought expertise in platform architecture and a bold vision for leveraging Microsoft's technologies.

From the outset, Thriday utilised traditional machine learning and cognitive services, such as computer vision and speech recognition, to enhance data accuracy and streamline operations. The platform's engine, named "Luca" after Luca Pacioli, the father of double-entry bookkeeping, underpins all processes, ensuring real-time updates for tasks like receipt reconciliation and tax profiling.

Thriday's approach to automation is unique. Rather than focusing solely on visible AI-driven features like chatbots, the team prioritised "helper functions" that operate behind the scenes. These invisible tools address formatting issues, classify businesses for tax purposes, and reduce errors, delivering tangible value to users.

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The power of automation and communication

Automation is at the heart of Thriday's appeal. Small business owners often spend hours each week on financial admin—time they could dedicate to growing their businesses or enjoying life outside of work. Thriday reduces this time from 5 hours a week to as little as 30 minutes.

Michael emphasised the importance of coupling automation with communication. The platform continuously updates users on automated actions, such as tax lodgments or transaction categorisations, through notifications and an inbox. This transparency builds trust and helps users appreciate the value of automation. "Our customers feel empowered because they know what's happening behind the scenes," Michael explained. "It gives them peace of mind and lets them focus on what really matters."

Innovating with AI: Today and tomorrow

Thriday is now at the forefront of AI innovation, incorporating generative AI to enhance its platform further. While many companies rush to implement AI solutions, Warren highlighted the importance of using existing AI frameworks like OpenAI's models to build custom, value-added services rather than attempting to replicate foundational technologies.

Thriday's roadmap includes developing a "Co-pilot" feature that goes beyond simple chatbot functions. This tool will assist users in creating invoices, managing accounts, and optimising financial workflows. By focusing on meaningful use cases, Thriday aims to deliver AI-driven solutions that genuinely improve small business operations.

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Lessons for entrepreneurs: Vision, values, and graft

Michael and Warren's journey offers valuable lessons for aspiring entrepreneurs. First and foremost, having a clear mission or "North Star" is crucial. For Thriday, this means supporting small businesses by eliminating financial admin.

Michael shared that this mission is deeply woven into Thriday's culture, influencing everything from hiring decisions to brand design. For instance, new hires are asked about their favourite small business to ensure they align with the company's values.

Warren emphasised the importance of building a strong technical foundation and leveraging trusted networks to assemble a capable team. For startups, careful resource allocation and robust planning—particularly around compliance and security—are essential to scaling effectively.

A global vision for small business empowerment

Thriday's ambition extends far beyond Australia. With small businesses forming the backbone of Southeast Asia and African economies, the company sees immense potential for global expansion. Advances in technology have made it easier than ever to scale platforms across multiple markets, and Thriday is keen to bring its solutions to millions of underserved businesses worldwide. "Our vision is to make financial admin a thing of the past for every small business," Michael stated. "We want to empower them to thrive every day."

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Closing the loop: A fully integrated solution

What sets Thriday apart is its end-to-end integration. The platform helps businesses earn and manage income and automates tax compliance. Users can lodge their taxes directly through Thriday, eliminating the need for external accountants. This seamless experience saves time and provides unmatched convenience.

Thriday's customer-centric approach is evident in its impressive Net Promoter Scores (NPS) and Customer Effort Scores (CES). By continuously engaging with users and refining its platform based on feedback, Thriday ensures it meets the evolving needs of small businesses.

Looking ahead: The future of Thriday

As technology continues to evolve, Thriday remains committed to innovation. The team envisions a future where small businesses can operate with minimal manual intervention, thanks to advanced automation and AI. This not only increases productivity but also improves work-life balance for business owners.

Michael and Warren's insights underline the transformative power of innovation, technology, and AI in addressing the pain points of small businesses. Thriday's journey is a masterclass in building a mission-driven company that delivers real user value.

In the words of Michael Nuciforo: "Small businesses are superheroes. Our mission is to help them thrive every day."