We’re thrilled to welcome new faces to the REDD studio for our final episode of 2023! In episode 45 we are joined by Lucas Meadowcroft and Dean Cavanagh, tech entrepreneurs behind CROFTI and Tribu. We delve into how AI will affect your business in 2024 and the complexities of AI integration, particularly in the MSP realm. They candidly share their experiences, highlighting the challenges faced when introducing AI automation to MSPs, with a primary hurdle being the hesitance rooted in accuracy concerns and resistance to change.

Their fundraising journey sheds light on the evolving investment landscape, where VCs now demand a robust product-market fit, emphasising a substantial monthly recurring revenue of $100,000 before considering funding—a stark shift from previous norms. Looking ahead, the duo discusses Tribu's strategic pivot towards vendor integration, aiming to streamline AI adoption within the MSP sector.

This dynamic discussion showcases the nuanced hurdles encountered by startups in embracing AI. It raises critical points about accuracy concerns and the evolving expectations of VCs. As AI continues to transform businesses, Tribu's focus on vendor integration signals a proactive stance, recognising the pivotal role AI will play in reshaping the future of MSP operations. Join the conversation for insights into AI's impact on business and the strategic approaches needed for successful integration.

#TechEntrepreneurs #AIIntegration #AIAutomationChallenges #VendorIntegration #BusinessTransformation

00:00 - Opener00:25 - Guest Introduction01:23 - Lucas’ Career background06:05 - Dean’s Career Background08:20 - AI Integration in Business Processes13:14 - Multimodal AI and Future Expansions16:23 - Business Roadblocks for Leveraging Automation and AI21:53 - Exploration of AI Maturity and Tools like CoPilot32:05 - Obstacles and Learnings from AI Sales Journey38:12 - The Shift in Angel Investing Landscape41:21 - Focus on Vendor Integration45:01 - Closing Thoughts and Remarks45:19 – Outro

If you would like to discuss any of the topics discussed in this episode further with a REDD expert or if you would like to be a guest on the show, please get in touch either via our website or email, [email protected] & https://redd.com.au.