Bootstrapping First, then Raising Money to Build a $10M+ Generative AI Startup: Anthony Scodary, Co-Founder of Gridspace (Part 6)

Sramana Mitra: Let’s go back to your company building. You bootstrapped for a year and a half to product. Then you had started getting these paid pilots. Did you raise any money or is it fully bootstrapped all along?

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The Startup Velocity Question: Selling Pieces of a Company

I once worked on a company that was #4 in its market. 

The market itself was actually two different markets, one smaller, and one very large.

May 23 – 641st 1Mby1M Mentoring Roundtable for Entrepreneurs

Entrepreneurs are invited to the 641st FREE online 1Mby1M Mentoring Roundtable on Thursday, May 23, 2024, at 8 a.m. PDT / 11 a.m. EDT / 5 p.m. CEST / 8:30 p.m. India IST.

If you are a serious entrepreneur, register to “pitch” and sell your business idea. You’ll receive straightforward feedback, advice on next steps, and answers to any of your questions. Others can register to “attend” to watch, learn, and interact through the online chat.

You can learn more here and REGISTER TO PITCH OR ATTEND HERE. Register and you will receive the recording by email, even if you are unable to attend. Please share with any entrepreneurs in your circle who may be interested. All are welcome!

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640th 1Mby1M Roundtable Recording

In case you missed it, you can listen to the recording of this roundtable here:

The Startup Velocity Question: Inability to Explain the REAL Value Proposition

Another scenario I am encountering in my discussions is that of the inability to explain what the company does.

In the best case, the company is able to close deals.

The Startup Velocity Question: Market Shifts Derail Companies

Let’s take a most obvious example: BPO companies offering large numbers of customer support agents to other businesses.

Enter AI.

Bootstrapping First, then Raising Money to Build a $10M+ Generative AI Startup: Anthony Scodary, Co-Founder of Gridspace (Part 5)

Sramana Mitra: They want the problem solved, and if the problem is solved by a machine; that’s perfect. Here comes the sensitive question. What does this do to the workforce? What does this do to the bottom line? What are the human resource and financial metrics of your solutions in the call center?

Bootstrapping First, then Raising Money to Build a $10M+ Generative AI Startup: Anthony Scodary, Co-Founder of Gridspace (Part 4)

Sramana Mitra: What are the results of these deployments?

Anthony Scodary: For instance, we have one customer that calls when you’re discharged from hospitals, and they call thousands of patients a day. Some people spend twenty minutes talking with Grace. We build all our own language and speech synthesis models, so we’re able to make this really unified, low-latency experience that sounds like a person.