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Built to Sell Radio

Ep 407 Bootstrapping His Way to $23 Million Exit with Lloyed Lobo

Sep 15, 2023
Lloyed Lobo, co-founder of Boast, discusses bootstrapping their way to a $23 million exit. Topics include: simplifying the process of applying for research and development tax credits, building influence through reciprocity, choosing growth equity funding over venture capital, negotiating deal terms and valuation, the challenges of selling equity, personal transformation, the power of community, and the importance of giving on social media.
01:16:21

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

  • Building relationships and generating demand through cold-calling and hosting events was crucial for the success of Boast.ai.
  • Creating an environment that supports well-being and practicing self-care is essential for personal and professional growth.

Deep dives

The Journey of Bost.ai: Bootstrapping to a $23 Million Exit

Lloyd Lobo, co-founder of Bost.ai, shares the story of how they created a software application to simplify the process of applying for R&D tax credits. They started by cold-calling potential customers and hosting events to build relationships and generate demand. They manually collected and filed the tax credit data for their customers, ensuring faster payouts and minimal audit risk. As their business grew, they secured a credit facility and incorporated AI into their platform, automating the process and providing analytics to help businesses accelerate their R&D. They eventually sold the majority of the business for $23 million, reinvesting the capital to fuel future growth.

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