Alex Bates co-founded Mtell in 2006. The software company used artificial intelligence to 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 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