From Shark Tank to $5M: Maurice Bachelor on Bot-It’s Growth

Today’s special guest is Maurice Bachelor. Many of you may already know him from his appearance on Shark Tank. He is the CEO & founder of Bot-It. We have already covered Bot It Shark Tank Update separately, so you can check that out.

I hope this short interview will prove to be helpful for our audience. This conversation is a great chance for us to learn more about his journey and get some valuable advice from his experiences.

Introduction and Background

Sara: Please tell me about yourself, your background, education, experience, and position in the company.

Maurice: My name is Maurice Bachelor and I am the Founder/CEO of Bot-It. I grew up in Cleveland Ohio and went to Cleveland State University. My background is in Business/Software Engineering. I really enjoy solving business problems with software. I see opportunities in the market where there is a demand for a service and it’s a fun challenge to build a product that helps fulfill those needs. I have started several successful companies in my experience and really enjoy the process it takes to build something from scratch.

Pre-Shark Tank Preparation

Sara: Can you describe the journey and preparation that led up to your pitch on Shark Tank?

Maurice: Preparing for the Shark Tank pitch was not easy but the best way to start was to just write down the best way to describe your business. Your first draft is always going to be longer than what you actually see on the show. You have to really break down the script to a very short yet powerful, entertaining, compelling presentation. We practiced individually multiple times per day and we practiced together daily (in person or via zoom). The pitch becomes so natural once you learn and practice so many times by the time its showtime and you have to present in front of the Sharks. It was very easy. Also the QA is even harder because you don’t know what they are going to ask, but it was very easy for me as I have raised money in the past as well as having a tech background. I know how to answer the difficult questions.

Valuation and Strategy

Sara: How did you decide on the valuation you presented to the sharks, and what was the strategy behind your initial ask?

Maurice: Well 2 things were the big deciding factor. 1 we wanted to get a deal so we didnt want to over valuate our business. So we watched different episodes to see what were some of the fair valuations that actually got a deal and how do we compare to that. The second factor was how far along were we as a business by the time we were pitching in front of the Sharks. For example. How much revenue did we have? How advance was our technology? How were live in the market yet? How big was the opportunity? These were some of the key factors that made us come to the valuation you witnessed on the show. When raising capital. Understanding where you are as a early business is important because investors want to know what they are getting into and can they trust you to accomplish the goals you are setting out for.

Post-Shark Tank Impact

Sara: What happened to your company after appearing on Shark Tank in terms of investments and business growth?

Maurice: We immediately saw an increase on all things related to our business. Investments, traffic, revenue, team growth and more. The show really helped exposed the solution we had built. Bot-It was already in the market prior to being on the show. So we already had a product that people could buy when the show aired. That really helped.

Current Valuation

Sara: What is your company’s net worth today?

Maurice: $5M

Additional Investments

Sara: Have you secured any investments from other investors since your appearance on Shark Tank?

Maurice: Yes we have successfully raised over $300k from other investors shortly after the show had aired. We are continuing to raise funds for the business in our latest round.

Business Strategy Evolution

Sara: How has your business strategy or operations changed after your appearance on Shark Tank?

Maurice: We started to work more with businesses developing automation for their operational needs. The show has helped us continue to automate for consumers (Golf, Tennis, Camping, Dinner Reservations, etc). But working with businesses since the show we have been able to expand into more fields building automation for sites like Instagram, Hotpads, Logistic websites, Medical, Excel and other reporting and so much more. We do not have a limit on what we can automate as our bot are 100% undetectable.

Challenges

Sara: What were the biggest challenges you’ve faced since your appearance on Shark Tank, and how have you addressed them?

Maurice: The biggest challenge since Shark Tank was just making sure that we keep up with the momentum. We understood that Shark Tank would be a big boost for us. So how do we take the opportunity and continue to grow from it being on the show. We continue to address this by investing in our marketing efforts building ways to better brand ourselves and continue to get the word out about our powerful service. This will be a continued ongoing effort as we grow.

Long-term Objectives and Influence

Sara: What are the long-term goals for your company, and how has Shark Tank influenced these goals?

Maurice: Long term goals for Bot-It is to put a bot in every home and business. When people are frustrated because they can no longer purchase concert tickets or book golf tee times any longer because they are getting beat by bots and they have no idea how to compete with that. We want them to think of us. When a business has their employees manually completing online tasks that could be automated. We want them to think of us. Bot-It can help so many different people for various types of scenarios. We pride ourselves on helping the common person or small business automate their problems. We build custom bots!

Advice for Future Contestants

Sara: What advice would you give future entrepreneurs considering applying for Shark Tank?

Maurice: If you are considering applying for Shark Tank. Be honest and have a very compelling story to tell. Your story needs to easily describe your business in the first sentence or 2 and also you need to have positive traction to land a deal (sales, users, product availability, etc). Entrepreneurship is a long journey with a lot of bumps in the road. Don’t try and accomplish everything so fast. But if you take your time, take it day by day you will get very far in the long run.