My AskAI
About the Company
My AskAI is a company that provides AI-powered customer support agents for SaaS businesses. Their service integrates with platforms like Zendesk, Intercom, and HubSpot to offer automated support by training AI on company-specific documentation. When the AI can't resolve an issue, it hands over to human agents, ensuring a seamless customer experience. Their solution is cost-effective and boasts high-quality responses, making it a competitive option in the customer support market.
The company was co-founded by Mike Heap and a colleague, and they have managed to generate $25,000 in monthly revenue. They focus on providing a solution that significantly reduces support ticket volumes for their clients. By leveraging existing documentation and knowledge bases, they can create a specialized AI agent tailored to each client's needs.
My AskAI has grown to compete with major customer support platforms by offering a more affordable and efficient service. Their success is attributed to their deep understanding of customer needs and the ability to quickly adapt and innovate in response to feedback and market trends.
Idea Behind Company
Mike Heap's entrepreneurial journey began with a childhood fascination for business, influenced by shows like Dragons’ Den and The Apprentice. Despite initial confidence issues and a lack of entrepreneurial surroundings, he dabbled in various ventures, including selling car seats on eBay and starting a sports app. His traditional career path in finance eventually led him to the realization that his true passion lay in creating something of his own.
This realization prompted Mike to explore contracting in the tech industry, where he alternated between working and testing his business ideas. His involvement in the tech community, especially on Twitter, exposed him to the potential of GPT-3, an advanced AI technology. A chance meeting with a fellow entrepreneur sparked the idea of creating AI tools, leading to the development of My AskAI.
Initially, Mike and his co-founder experimented with different AI applications, such as writing university personal statements and creating a No Code AI Model Builder. These early projects provided valuable insights and paved the way for the development of My AskAI, a tool that simplifies customer support through AI.
Creating the Company
Building the first version of My AskAI involved rapid development and iteration. Mike and his co-founder used the no-code platform Bubble to quickly create a minimum viable product (MVP). This approach allowed them to respond swiftly to user feedback and refine the product based on real-world usage. They emphasized the importance of creating functional wireframes and maintaining a focus on essential features.
The development process included drafting wireframes, building the product, and conducting rigorous testing. User testing played a crucial role in ensuring the product was intuitive and met the needs of potential customers. They utilized platforms like Notion to organize and track bugs and feature requests, ensuring a streamlined development process.
Their no-code approach enabled them to build and launch the MVP with minimal costs, around $50, and in a short timeframe of two weeks. This efficiency in development allowed them to focus on refining the product and quickly bringing it to market, ultimately leading to a profitable and scalable business model.
Launching the Business
The pre-launch phase of My AskAI was crucial, generating $5,000 in revenue from early sign-ups. This initial success demonstrated the product's viability and provided a foundation for a successful launch. The launch strategy involved leveraging social media, particularly Twitter, LinkedIn, and Product Hunt, to build awareness and attract customers.
They capitalized on the AI hype prevalent in early 2023, which helped them gain traction quickly. Within two months of launching, they reached $7,000 in monthly recurring revenue (MRR). They also sold their previous AI products to generate additional funds, ensuring they had sufficient resources to sustain the business during its early stages.
Reflecting on the launch, Mike noted the importance of high-quality video content for marketing. They realized that better visual representation could have boosted their initial publicity. Nevertheless, the combination of effective pre-launch strategies and leveraging AI's growing popularity contributed significantly to their early success.
Earnings
My AskAI has achieved profitability with impressive gross margins of 85-90% and net margins of 50-55%. The company attracts around 35,000 visitors to their website monthly, with a 3% conversion rate. Their primary focus remains on B2B SaaS businesses, although they see potential for expanding into the e-commerce sector.
The co-founders manage the business remotely, utilizing tools like Slack for communication and decision-making. Their disciplined approach to work and strict adherence to their roadmap have enabled them to maintain a lean operation without the need for additional employees. They aim to scale the business to a $1 million annual recurring revenue (ARR) while continuing to innovate and automate processes.
Looking ahead, My AskAI plans to explore new markets and expand their product offerings. Their commitment to continuous improvement and customer satisfaction positions them well for future growth and success.
