24 years old Archil Cheishvili has graduated from Economics Department at Harvard. He showed interest to the business sector at the earliest age, and Archil is currently the director at “Palatine Analytics” company in Boston and works on the development of artificial intelligence.
Doctrina has interviewed Archil Cheishvili:
– Archil, why have you decided to start your career in the business field?
In the primary classes, as a rule, some children want to become cosmonauts, some – firefighters, some – doctors, some of them want to become a policeman, and I just wanted one thing – business! From the very early years I dreamed of creating a big business that would change the lives of people, because I had seen from childhood that there were big problems in the country, I considered that solving these problems was my goal and my personal challenge. I knew that I needed a good education,
-As far as I know, you made the first steps in business from the earliest age, tell us about the first initiative.
In my childhood it was very popular to play with Pokémons that we could buy in a neighboring store. One day, the shop was burned and closed. One of my friends told me that our entertainment was sold at the shop, located in nearby precinct. I remember that I sold all the pokemonos in the store and then I sold it in a week in my neighborhood for a double price. At that time I was 8 years old and I learned at this age two basic principles of economics and finances: demand-supply and arbitration.
I gradually learnt that you should never be too self-confident, should control emotions and know what you do not know. I got interested in investments because market is changing rapidly and there is no limit to the possibilities, so after my third year in Harvard, I started to work with the world’s largest and most successful hedge fund Bridgewater Associates. I was the youngest employee of the company and made investments in the stock market.
– Archil, you are the director at Palatine Analytics in Boston, tell us about the idea of setting up the company and its current activities.
As for the idea, I was working at the hedg fund and my co-founders – in Google and Microsoft companies, and we saw in the process of working with these companies that it was very difficult to know which employee would make a better result in the future. There were often cases of unfair decisions on promotion or bonuses. Therefore, we decided to solve this problem through artificial intelligence and establish a company where we are developing artificial intelligence of the last generation.
We have created a site that helps us to collect the necessary information in three ways. First of all, employees give each other an assessment, then they plan goals and management. Finally, they answer the questionnaire every week. After that, we use sophisticated statistical models and artificial intelligence to provide employees and managers with information on these employees, and most importantly, to make a preliminary conclusion about their future performance. It is also interesting that in our 75% cases our algorithms are correctly predicting what the employee will be in three months. So we can say that we are revolutionizing this direction.
– Finally, what would you tell young people who have ideas, but for stereotypes or other reasons, they think that they not have enough capacity for doing what they really want to do?
– Success is to get what you want and for this purpose, you need to set your goals. The objectives will give you a direction where to go and what to do. When you reach the goal, you will see problems. Problems cause pain, which is a signal that we are approaching the limits. It is the most difficult to look at the reality and to understand what the weaknesses you have. However, it is necessary because in order to eliminate the weaknesses it is necessary to recognize them. We need to make the right diagnosis of the problems and we should elaborate the how to eradicate them. Fulfilment of this plan makes us successful!
Author: Tamar Devdariani
Translation: Tamar Tabatadze
The Hall of Young Scientists & Analysts – “Doctrina”