The Ultimate Sacrifice: How Founders Fuel Innovation | Lloyed Lobo of Boast.AI

The Ultimate Sacrifice: How Founders Fuel Innovation | Lloyed Lobo of Boast.AI

Table of Contents:

1. Introduction
2. The Journey of Boast.ai
   • Bootstrapping and Raising Funds
   • Learning from Previous Experiences
   • Automating the R&D Tax Credit Process
   • Expanding Globally
3. The Power of Relationships
   • Building a Community through Traction
   • Partnering with Launch Academy and Other Organizations
   • Collaborating with Mars and Other Incubators/Accelerators
4. The Significance of Passion
   • The Role of Passion in Building a Long-Standing Company
   • The Importance of Mission and Vision
   • The Consistency of Passion in Events like Traction
5. Building Connections and Convincing Speakers
   • The Art of Cold Emailing
   • The Benefits of Social Proof and Press Involvement
   • The Non-Profit Nature of Traction and Its Impact
6. The Future of Experiential Events
   • Smaller CXO Summits and City-based Community Events
   • The Unique Experience of Traction's CXO Summit in Grouse
7. The Spirit Behind a Non-Profit Venture
   • The Drive to Give and Help Others
   • Editing Webinar Videos and Personal Involvement
   • Passion as the Key Driving Force

Introduction

In this article, we will delve into the journey of Boast.ai, a company that specializes in automating access to global R&D credits and innovation incentives. Founded by Lloyd Lobo, Boast.ai aims to streamline and simplify the often cumbersome process of claiming these credits, enabling companies to fuel their growth without giving up equity or dealing with red tape. We will explore the challenges and successes of the company, the power of building relationships, the significance of passion in entrepreneurship, and the future of experiential events.

The Journey of Boast.ai

Boast.ai began its journey as a bootstrap company, with the founders, Lloyd Lobo and Alex Popa, dedicating themselves to the mission of helping innovative companies become successful. They had experienced the downsides of venture-backed outings in their previous entrepreneurial endeavors and wanted to build a company that would prioritize ownership and significant equity for the founders. After recognizing the manual and time-consuming process of claiming R&D credits, Lloyd and Alex saw an opportunity to automate and streamline the process, making it more accessible for companies.

Bootstrapping and Raising Funds

As a bootstrapped company, Boast.ai had to balance risk and growth. They focused on acquiring customers and keeping them satisfied, rather than expanding their team or investing heavily in marketing. With time, their revenue grew into eight figures, creating a stable foundation for future growth. However, they also realized the potential benefits of raising funds to accelerate their expansion. In 2021, Boast.ai successfully raised $30 million Canadian in a Series A funding round led by Radiant Capital.

Learning from Previous Experiences

Both Lloyd and Alex had gone through various entrepreneurial experiences that shaped their approach to building Boast.ai. They had faced failures and disappointments but were determined to learn from those experiences and create a company that could truly make a difference. Their previous ventures taught them the importance of relationships, passion, and a clear vision.

Automating the R&D Tax Credit Process

The core offering of Boast.ai is the automation and streamlining of access to R&D credits and incentives. By leveraging data from customers' technical and financial systems, Boast.ai assigns value to R&D and product development spending, simplifying the application process. This enables companies to unlock funding and fuel their growth without the delays and complexities associated with traditional approaches.

Expanding Globally

Boast.ai has not limited itself to a single market. It has expanded globally, recognizing the potential impact it can make in helping companies access R&D credits and innovation incentives. The company has collaborated with various organizations and built a strong network of partners, allowing it to reach businesses across different regions and industries.

The Power of Relationships

Building a strong community has been a key focus for Boast.ai. The company co-chairs Traction, a community comprising over seventy thousand founders and tech professionals. Traction brings together leaders from fast-growing companies like Shopify, Twilio, Slack, and others to share learnings and insights on building, growing, and scaling startups. By fostering relationships and providing value to the community, Boast.ai has been able to establish itself as a trusted resource for entrepreneurs.

Partnering with Launch Academy and Other Organizations

Through its partnership with Launch Academy and other organizations, Boast.ai has been able to amplify its impact. Launch Academy, founded by Ray Walia, collaborated with Boast.ai to merge their communities, leading to the creation of impactful events like Traction. By leveraging existing networks and relationships, Boast.ai has strengthened its position and effectively reached a broader audience.

Collaborating with Mars and Other Incubators/Accelerators

Boast.ai has also collaborated with organizations like Mars to further support innovative companies. The company became a part of Mars Momentum, an accelerator program for companies looking to achieve 100 million in revenue within the next five years. Such partnerships and collaborations have allowed Boast.ai to access additional resources, networks, and opportunities for growth.

The Significance of Passion

Passion has been a driving force for Lloyd Lobo and the entire team at Boast.ai. The mission to help innovative companies become successful has been the guiding principle in their journey. Passion fuels their dedication to building genuine relationships, delivering value to the community, and consistently organizing impactful events like Traction.

The Role of Passion in Building a Long-Standing Company

Passion is crucial for building a long-standing company. Money and revenue should not be the sole focus. Instead, founders and entrepreneurs should be deeply passionate about their mission and vision. This passion allows them to weather the ups and downs, persist through challenges, and maintain consistent dedication to their purpose.

The Importance of Mission and Vision

Boast.ai's mission of helping innovative companies become successful has shaped its entire approach. This mission encompasses more than just providing R&D credits; it extends to supporting entrepreneurs' growth, offering resources and connections, and fostering a sense of community. The vision of fueling company growth without giving up equity further reinforces this commitment.

The Consistency of Passion in Events like Traction

The organization of events like Traction showcases the consistency of Boast.ai's passion. Traction started as a community-building initiative through pizza nights and eventually evolved into a significant event with impactful speakers. The passion exhibited throughout the planning and execution stages is what makes Traction stand out as a non-profit event with a genuine focus on delivering value and building connections.

Building Connections and Convincing Speakers

Building connections and convincing speakers to participate in events like Traction is essential. It involves a combination of social proof, genuine enthusiasm, and a clear value proposition. Boast.ai aims to attract top-notch speakers by showcasing the impressive lineup from previous events, highlighting social proof and press involvement, and emphasizing the benefit of being part of a non-profit community-focused event.

The Art of Cold Emailing

Cold emailing is a crucial aspect of reaching out to potential speakers. While it may seem challenging, the key is to create a convincing pitch that emphasizes the value of being part of an event like Traction. The art of cold emailing lies in clearly articulating the benefits, showcasing social proof, and building a genuine connection with the recipient.

The Benefits of Social Proof and Press Involvement

Social proof plays a significant role in attracting speakers to events like Traction. Highlighting the impressive lineup of past speakers and the quality of the audience helps build credibility and influence the decision-making process. Additionally, involving press representatives as moderators or participants adds further credibility and enhances the overall experience for both speakers and attendees.

The Non-Profit Nature of Traction and Its Impact

Traction's non-profit nature contributes to its appeal. By prioritizing building a community and delivering value rather than commercial gains, Traction has been able to forge Meaningful connections and create a unique experience. The commitment to giving back has resonated with speakers and attendees alike, leading to the growth and success of the event.

The Future of Experiential Events

As events continue to evolve in the post-pandemic era, smaller, more focused events are expected to gain traction. Experiential events that engage multiple senses and offer real-life experiences are likely to become more popular. Boast.ai sees the potential for CXO summits and city-based community events to flourish, providing valuable networking opportunities and an immersive experience for attendees.

Smaller CXO Summits and City-based Community Events

Boast.ai has experimented with smaller CXO summits in various cities, providing a more intimate and tailored experience for executives and decision-makers. These events allow for deeper connections and focused discussions. Additionally, city-based community events bring together like-minded individuals within a specific region, fostering local connections and collaborative opportunities.

The Unique Experience of Traction's CXO Summit in Grouse

Traction's CXO Summit in Grouse showcased the power of combining professional development with a unique setting. Bringing together industry leaders in a breathtaking mountain environment provided a Memorable and impactful experience. Such events facilitate meaningful discussions and connections in an atmosphere that fosters creativity and inspiration.

The Spirit Behind a Non-Profit Venture

Boast.ai's non-profit venture, Traction, is fueled by passion, genuine connections, and a commitment to giving back. The team's dedication to building a community and facilitating meaningful interactions sets the stage for long-term success. By focusing on relationships, content, and the overall experience, Boast.ai has created a platform that resonates with speakers, attendees, and partners alike.

Conclusion

Boast.ai's journey showcases the power of passion, relationships, and community-building. Through their non-profit event, Traction, they have created a platform that delivers value, fosters connections, and supports the growth of innovative companies. With a strong mission to help companies become successful and a commitment to building genuine relationships, Boast.ai continues to make an impact in the world of entrepreneurship.

Highlights:

• Boast.ai's mission is to help innovative companies become successful.
• They automate access to R&D credits and incentives, streamlining the application process.
• Boast.ai has built a strong community through events like Traction, partnering with organizations like Launch Academy and Mars.
• Passion and relationships are key drivers in the success of Boast.ai.
• The future of experiential events lies in smaller, city-based gatherings and focused summits.
• Traction is a non-profit event that prioritizes delivering value and building genuine connections.

FAQ:

Q: What is the mission of Boast.ai? A: Boast.ai aims to help innovative companies become successful by automating access to R&D credits and innovation incentives.

Q: How does Boast.ai streamline the R&D tax credit process? A: Boast.ai leverages data from customers' technical and financial systems to assign value to R&D and product development spending, simplifying the application process for claiming credits.

Q: How does Boast.ai build relationships and community within the entrepreneurial ecosystem? A: Boast.ai co-chairs Traction, a community of over seventy thousand founders and tech professionals, and partners with organizations like Launch Academy and Mars to foster connections and support growth.

Q: What is the significance of passion in entrepreneurship, according to Boast.ai? A: Passion is a driving force for Boast.ai, enabling them to build genuine relationships, deliver value through events like Traction, and persist through challenges.

Q: How does Boast.ai convince top-notch speakers to participate in Traction? A: Boast.ai highlights the social proof and press involvement associated with Traction, emphasizing the value of being part of a non-profit community-focused event and the opportunity to connect with influential peers.