From 10 Employees to 10X Revenue

Alex Bates’s company used Artificial Intelligence (AI) to predict the future, but even he couldn’t have anticipated a 10X payday when he sold his company

Alex Bates co-founded Mtell in 2006. The software company used artificial intelligence to predict Software that could help predict when a piece of heavy machinery like an oil rig was about to fail so workers can preemptively fix what’s about to break. 

If that sounds like a niche service offering, it was. Bates and his co-founder were able to grow the company to be around $3 million in revenue using strategic relationships to fund growth and boost sales. But, in order to sustain their growth momentum, they needed more money. 

Would they attempt to go public, or find a strategic buyer?

In this episode, you’ll learn:

• The definition of corporate venture capital and how you can leverage it for your company
• How to identify strategic opportunities to increase your multiple
• An innovative way to generate sales when you don’t have contacts in your target industry
• The difference between Series A and Series B venture capital rounds
• The definition of a ‘whisper number’, and why you want one

Bates brought his expertise in Artificial Intelligence to solve a decades-old problem of maintaining heavy machinery. This kind of Monopoly Control made him and his business partner masters of their own destiny, and is explored in Module 6 of The Value Builder System™. To find your best specialty areas, get started for free right now by completing Module 1

About Our Guest

Managing director of Neocortex Ventures, an angel investor, and a Member of Peter Diamandis’s Abundance 360 Network. He’s experienced in anything from leading DARPA funded research in neural networks, to applying analytics for the world’s largest data warehouses at Teradata, to creating Mtell, a machine learning company acquired by Aspentech (NASDAQ: AZPN).