The Peel with Turner Novak How AI Changes Governments & Business Models, From $11 to $187M Exit | Mike Vichich, Pursuit
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May 15, 2025 In this engaging discussion, Mike Vichich, Co-founder and CEO of Pursuit, shares his insights on navigating public sector revenue streams. He delves into how AI is reshaping business models and government interactions, emphasizing the strange irony of rules designed to save taxpayer money actually leading to waste. Mike recounts his incredible journey with Wisely, transforming from a near-bankrupt startup to a $187 million exit while tackling hiring challenges and the dynamics of disagreement in teams. He also touches on the unique landscape of building startups in the Midwest.
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AI Lowers Barriers and Switching Costs
- AI is changing business by making startups easier to launch, especially with counter positioning.
- Switching costs may diminish as AI enables easier data transfer and automation between platforms.
AI Unlocks Public Sector Data
- Public sector entities produce 30 million new documents yearly that are difficult to process.
- AI can unlock value by automating reading and analysis of these public records.
Government Rules Cause Wasteful Spending
- The core problem Pursuit tackles is that rules meant to save taxpayer money cause waste instead.
- Changing incentives in the public sector is unlikely, so solutions must work within existing incentives.
