Edward Scott is the CEO of ElectrifAi, one of the US’ leading providers of pre-built machine learning and NLP software solutions serving global retailers, transportation, manufacturing and financial firms. Mr. Scott has a long career building tech firms including Akamai and InterXion. He started his career at Apollo, the buyout fund, and is a graduate of Columbia College and Harvard Business School.
What is ElectrifAi all about?
ElectrifAi is one of the US’ leading providers of pre-built machine learning software solutions helping global retailers, banks, manufacturers, hospitality and transportation firms to rapidly realize consequential business value from their data. We quickly turn data into a strategic weapon to drive top line growth and operational optimization.
Tell us a little bit about your background and how you started your company.
I have been in private equity, management, and technology for over 20 years having started my career at Apollo the p/e giant.
What would you say are the top 3 skills needed to be a successful entrepreneur, and why?
- Curious. You have to be constantly learning and re-inventing yourself.
- Passionate. If you’re not passionate how can you possibly expect others to be?
- Focus on the Money. It’s all about getting to free cash flow positive ASAP. Control your destiny.
What are your plans for the future, how do you plan to grow this company?
Companies are just starting their data journey – meaning realizing tangible business value out of data. So far the only people to make money have been the cloud players and the SI’s focused on migration. Unfortunately for them – the C-suite is demanding results and ROI. That’s where ElectrifAi comes in. We actually solve high value business problems through pre-built machine learning and NLP solutions. These solutions are deployed through a docker image that can sit in any cloud or on any platform. Maximum flexibility. The hard part is having the domain expertise to solve the specific business problem and committing that to machine learning code.
How have the pandemic and Lockdown affected you or your new business?
The pandemic forced us to sharpen our focus on solutions as well as our operations so that we can serve clients with high ROI solutions and produce cash to control our destiny.
How do you separate yourself from your competitors?
We solve business problems for the C-suite. It’s about solving the business problem – not the technology. We call this Last Mile Ai or Consequential Ai. Our competitors don’t have the deep domain expertise required to solve the high value business problems and thus our competitors focus on tech. Tech is just an enabler for us – not the end all be all.
What were the top three mistakes you made starting your business, and what did you learn from them?
- Don’t rely on large cloud players or global systems integrators to sell your products. Cloud players and SI’s will whisper sweet nothings and simply try to extract knowledge. You’ll be disappointed every time.
- Don’t hire product leaders who lack demonstrated depth in machine learning and NLP. Tough to separate the pretenders from the real deal during the pandemic.
- Avoid me-too products in crowded markets. Create products that can quickly solve consequential business challenges and generate compelling ROI.
Tell us a little bit about your marketing process, what has been the most successful form of marketing for you?
We take our suite of high value machine learning solutions directly to the C-suite by marketing to CFOs, CMOs and Chief Data Officers. We directly engage with clients at conferences, webinars, lunch ‘n learns, and a podcast called Consequential Ai which I do with our CTO Luming Wang in which we talk about the practical problems facing the C-suite and how to solve them with ML, NLP and Computer Vision.
What have been your biggest challenges and how did you overcome them?
Our biggest challenge was skating to where the puck was going to be. We pioneered the space of pre-built Machine Learning and NLP solutions deployed easily in docker images. That was 3 years ago when everyone was focused on cloud and platforms. We pivoted to the Last Mile AI and solving business problems. We stuck with the vision knowing that the C-suite needed to solve real business challenges. We were right. It’s all about vision and tenacity in the face of great adversity and cognitive dissonance.
What was your first business idea and what did you do with it?
Outsourced data centers in Europe which were stuck in the dark ages with PTTs in the 2000 time frame. Built InterXion into a giant.
What are you learning now? Why is that important?
I have learned a lot about ChatGPT and how it could influence our business to make it more efficient.
Can you recommend one book, one podcast, and one online course for entrepreneurs?
- Book: Connecting the Dots by John Chambers. Best business book for CEOs about what awaits them.
- Podcast: The David Rubenstein Podcast. Incredible story telling and information portal.
What helps you stay driven and motivated to keep going in your business?
Creating consequential technology businesses exhilarates me. I am super competitive and that carries into the equation. No is simply the start of a positive outcome!
What is your favorite quote?
“There’s no medals for trying. This isn’t like eighth grade where everybody gets a trophy. We are in a professional sport, and it is competitive to win. That’s what we do.”
– Bill Belichick, Head Coach of the New England Patriots
What valuable advice would you give new entrepreneurs starting out?
Be humble and constantly learn and seek to reinvent yourself. Don’t rely on the past as the light at the end of the tunnel might be a freight train.
Who should we interview next and why?
Elon Musk – no greater visionary.
What is your definition of success?
Winning and money for investors.
How do you personally overcome fear?
Fear is not in my vocabulary. Tenacity is.
How can readers get in touch with you?
You can contact me by visiting our website electrifai.com
