Even highly successful software companies with huge exits struggle at every growth phase, experiencing near-death experiences similar to those that didn’t grow bigger.
They just found a way to keep going and growing.
Brian Hamilton is one of America’s most successful entrepreneurs and a leading expert on entrepreneurship. Today, Hamilton serves as chairman of software company @LiveSwitch.
He is known for his pioneering work in fintech, his advocacy for small businesses, and his commitment to criminal justice reform.
As the founder of Sageworks (now Abrigo), America’s first fintech company, Hamilton developed technology that translates complex financial data, empowering millions of small business owners.
Sageworks struggled and grew slowly for 10 years before pivoting to serve local banks and credit unions with financial tools to assess the creditworthiness of their small business loans.
They were bootstrapped and eventually took about $2M in angel funding to help grow a little faster.
This practical SaaS company grew steadily and very profitably to more than 400 employees when it was sold in 2018 to one of the largest tech private equity buyers.
It was a massive outcome, but there were dozens of painful and near-death moments for the company, and even more exasperating days for Brian.
Brian describes the entrepreneur journey:
“Being the founder of a tech company is like this: You’re in a tunnel, it’s dark, you’re on your hands and knees, you’re going through that tunnel, you’re groping your way through.
“I know it sounds like such a BS, but we’ve all been there. I’m telling you, that is the picture, you’re in this huge sewer tunnel, it’s dark.
“You just gotta keep moving. Just keep chipping away. You do that, and you will get momentum somehow.
“It’s like compound interest. You start with a dollar and how does it turn into $10? You build momentum a little at a time. I’ve got to listen every day. I’m knocking off making the product better.
“You develop the physical property of compound interest, And things will get better.”
Through Inmates to Entrepreneurs and the Brian Hamilton Foundation, he encourages entrepreneurship as a means to economic opportunity.
Hamilton’s work has been showcased by major media outlets like CNBC and Good Morning America, and he starred in ABC’s Free Enterprise TV series, an award-winning show based on Inmates to Entrepreneurs.
Hear more hard-earned wisdom from Brian Hamilton on the Practical Founders Podcast.
