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Best of Bootstrapping: Leveraged Domain Knowledge and Bootstrapped to $15M
If you haven’t already, please study our Bootstrapping Course and Investor Introductions page. Ernie Bray, Chairman and CEO of AutoClaims Direct (ACD), leveraged his domain knowledge in auto insurance claims processing, and built a robust, sustainable business. When we spoke in 2015, he was using a virtual workforce strategy to scale. Sramana Mitra: Let’s start at the very beginning
Best of Bootstrapping: Bootstrapped AutoClaims Direct to $15M
If you haven’t already, please study our Bootstrapping Course and Investor Introductions page. Ernie Bray, Chairman and CEO of AutoClaims Direct (ACD), leveraged his domain knowledge in auto insurance claims processing, and built a robust, sustainable business. When we spoke in 2015, he was using a virtual workforce strategy to scale. Sramana Mitra: Let’s start at the very beginning
Best of Bootstrapping: Bootstrapping AutoClaims Direct to $15M
If you haven’t already, please study my free Bootstrapping course. Ernie Bray, Chairman and CEO of AutoClaims Direct (ACD), leveraged his domain knowledge in auto insurance claims processing, and built a robust, sustainable business. He used a virtual workforce strategy to scale. Sramana Mitra: Let’s start at the very beginning of your story. Where are you
Bootstrapping to $15 Million: Ernie Bray, CEO of ACD (Part 6)
Ernie Bray: The challenge we found with virtual workforce was that some people just don’t fit well in that model because they get distracted too much. They don’t focus on what they’re doing. Because we’re a results-oriented company, we have our computer technology in our platform, we can monitor pretty much whether they’re getting the
Bootstrapping to $15 Million: Ernie Bray, CEO of ACD (Part 5)
Sramana Mitra: In 2005, you were at about $1.2 million in revenue. In 2009, you were already on Inc. 5000. What was the revenue ramp? Ernie Bray: In 2009, we went to $8 million. Sramana Mitra: Where are you now? Ernie Bray: We’re pushing towards $15 million. We also made Deloitte’s Technology Fast 500. We
Bootstrapping to $15 Million: Ernie Bray, CEO of ACD (Part 4)
Sramana Mitra: Essentially, the $400,000 in the first year was from about 8 to 10 deals? Ernie Bray: Yes. We had about 8 to 10 clients. Sramana Mitra: These were clients that would remain as recurring revenue clients, because they would continue to use your system and the pricing model is based on number of
Bootstrapping to $15 Million: Ernie Bray, CEO of ACD (Part 3)
Sramana Mitra: When you were actually processing claims, what did you see that triggered this idea? Ernie Bray: What I saw was that claims technology systems were outdated. They were just green screen technologies at that time. I’ll give you an example. When I was looking at AAA, appraisers would go out and take photographs of
Bootstrapping to $15 Million: Ernie Bray, CEO of ACD (Part 2)
Ernie Bray: After three years, we ended up shutting down the business. It was my first taste of starting something on my own from scratch. We didn’t make much money, but during that time we didn’t know how to monetize something on the Internet. This was new, but it was the thing that clicked for me.
