Henry Valentino is the founder and CEO of EConnect, a leading provider of facial recognition software for casinos and stadiums, ensuring venue security and compliance. He founded EConnect in 2009 and pivoted several times before focusing on a security platform utilizing AI for casinos during the COVID-19 pandemic.
The Econnect platform offers facial recognition surveillance software that integrates with special cameras at venue entrances to identify known security risks and ensure compliance. Security teams get immediate identification of “known bad guys” in large venues.
Econnect is approaching $10 million in revenue with hundreds of customers as a profitable business, with no outside equity funding. EConnect secured a total of $2 million in venture debt in 2019 and 2020, repaid it, and is now a growing and profitable company.
Quote from Henry Valentino, CEO and founder of EConnect
“Make sure you know your financial numbers yourself as the CEO. It’s great to lean on accounting or finance leaders, but if you don’t know them yourself, that’s a big hindrance to success.
“Cash is what it comes down to. If the bank account doesn’t have enough cash, they’re only calling one person to get that resolved and that’s you. If you get into trouble, you’ll be trying to cut costs, which is not a way to grow a SaaS business.
“To continue growing, you need to increase your spending and capacity to take on new customers. How much does it cost to keep these doors open every month? How much cash are we going to bring in? What do we need to billl to put us in a profit position every month?”
Links
Podcast Sponsor – Cypress Growth Capital
This podcast is sponsored by Cypress Growth Capital, an alternative to equity, royalty-based growth capital provides funding in exchange for a fixed percentage of your company’s future monthly revenues. Learn more at https://www.cypressgrowthcapital.com/
