377: Boast.ai: The Tough Road to SaaS Success and Beyond - with Lloyed Lobo
Dec 7, 2023
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Lloyed Lobo, co-founder of Boast.ai, discusses his journey as an entrepreneur and the challenges faced after selling the majority stake. They talk about simplifying government funding application, building a business through failing, and the challenges of growth and hiring senior executives.
Building a supportive community can significantly contribute to the growth and success of a startup.
Self-care and surrounding oneself with positive companions are crucial for a fulfilling life and sustainable business success.
Consistency in providing value and building relationships is key to leveraging a community for business growth and partnerships.
Deep dives
Lloyd Lobo's Journey from Setbacks to Success
Lloyd Lobo, co-founder of Bost.ai, shares his entrepreneurial journey filled with setbacks and failures. Despite facing repeated rejections and disappointments, Lloyd's persistence led him to pivot towards community building, which proved vital for the growth of his business. Through community building, Lloyd better understood his customers, expanded through referrals and partnerships, and successfully transitioned Bost from a services company to a product-based company. After nearly a decade of persistence, Bost.ai became a thriving enterprise surpassing 10 million in ARR. However, Lloyd's success also brought personal challenges and a reevaluation of his priorities, leading to a focus on self-care and the importance of surrounding oneself with positive companions.
The Power of Community Building in Startup Success
Lloyd Lobo highlights the importance of community building in startup success. By focusing on a specific niche and delivering a service that solves customer problems, entrepreneurs can connect with their target audience in a meaningful way. Lloyd shares how he hosted weekly meetups and provided tactical advice to the startup community, fostering relationships and creating a sense of camaraderie. Through community building, founders can gain social proof, form valuable partnerships, and establish themselves as trusted industry leaders. Lloyd's experience shows that building a supportive community can contribute significantly to the growth and success of a startup.
The Value of Self-Care and Surrounding Yourself with Positive Companions
Lloyd Lobo emphasizes the importance of self-care and surrounding oneself with positive companions. He shares personal experiences, including his upbringing and the resilience he learned from living through challenging circumstances. Lloyd also reflects on the struggles he faced as an entrepreneur, feeling lost and burnt out. However, he learns valuable lessons about prioritizing family, mental health, and personal well-being. Through engaging in physical activities, finding a supportive fitness community, and realizing the significance of positive relationships, Lloyd discovers that self-care is not selfish but necessary for a fulfilling life and sustainable business success.
Building an Audience into a Community
The podcast episode discusses the transition from building an audience to creating a community. The speaker shares their experience of hosting meetups and events to bring people together, interact, and create value. By organizing these events and providing value to the attendees, the community started to grow and relationships were formed. The community became a platform for networking and opportunities, leading to partnerships, referrals, and even a significant investment.
Consistency and Asking for Value
Consistency is highlighted as a key attribute for success in entrepreneurship. The speaker emphasizes the importance of consistently providing value, communicating, and creating for the audience and community. Additionally, the speaker stresses the need to ask for value in return in a tasteful and consultative manner. By building relationships, assessing customer needs, and offering solutions, the community became a source of business growth, customer acquisition, and partnerships.
Lloyed Lobo is the co-founder of Boast.ai, a fintech platform that helps companies streamline the process of claiming and financing R&D tax credits and government incentives.
