Menhir.ai - 0 to €250k in 12 weeks

 

Project Brief

Francisco is one hell of an entrepreneur who suffered from what most bright minds tend to suffer from in the early stages of business: shiny object syndrome. When he heard about Selfmastered, he approached us to accelerate the idea-generation and first operational challenges of the new startup he was building: Menhir.ai. This fintech startup uses AI & ML to help banking institutions achieve higher returns on their distressed assets. Francisco had multiple requests on his time and energy and couldn't prioritize effectively in the middle of the entrepreneurial storm. He was battling with overwhelm, uncertainty, and frustration. The load on his cognitive infrastructure was too high, preventing him from focusing on the wildly important. He needed help with setting up internal personal systems that could help him better manage all that complexity. During several weeks he used our tools to audit & analyze his personal performance. He identified both performance bottlenecks and untapped potential areas that could be leveraged for higher personal ROI. 12 weeks after starting to work with us, Francisco had a sexy €250k+ ARR business (€21k/month). He is now serving the top financial institutions in Spain and has a stellar team of 4 people to help take Menhir to new heights.

Transcript

Leon  00:00

123 We are live welcome Francisco. How are you doing?

Fran  00:07

Really good, how you doing?

Leon  00:08

I'm doing fine. So I'm very happy to have you here. You've been one of our best students. And I am honored to have you on this conversation. So why don't we start by introducing yourself a little bit. Tell us what do you do? What have you build? What are you working on? That kind of stuff?

Fran  00:25

Right? Well, my name is Francisco. I am the CEO and founder at Menhir. And we'll Menhir, it's a deep tech FinTech company. What we do is bring consolidate investing techniques to the distressed debt data class. So investment funds, banks and servicers can really understand what they are buying, selling and managing in terms of non-performing loans. So, we started with this project one year ago. And we know we keep growing to really happy,

Leon  01:01

Amazing, what, one year ago and you started with us. One year ago, more or less, right? 

Fran  01:07

Yeah, more or less.

Leon  01:08

With Selfmastered, yeah. And what problem were you trying to solve? Where are you at, at the moment? Or what you're struggling with? What are you trying to build? And why did you come to us?

Fran  01:21

Well, Menhir, started, like, really wide idea and identified the need in the market. So we have this hypothesis of this market needs a system to understand the assets, we thought that artificial intelligence would be the best to solve this issue. But it was just this hypothesis. And we started working with a servicer to validate this. And from one year until now, we've done a lot, because we've switched from just this hypothesis, to having like, a really good paying client more, really good pick, then a couple of more clients not so good. No, they didn't pay so well. But it's really nice to have them. And we now have a product and we now have a way to work with clients, we now have the KPIs that we help them improve. So we've gone from just a hypothesis to some really concise work and concrete product.

Leon  02:26

Got it? And so and how that how has submaster help you in that definition? And that operational excellence, as we'll call it. So all the principles that we discuss, or the methodology and framework that we use, how does it help you yourself as an entrepreneur, put this all together?

Fran  02:44

Well, I think breaking like all the goals that for Selfmastered, it's built around and motivation, goals, understanding, what are your key drivers? So being an entrepreneur, sometimes you can fall into what you say, Would you call this shiny object syndrome. So an intrapreneur is someone that has had an idea. So to someone with a lot of things in their mind, can can just and the entrepreneur can suffer of just having an idea. And then identifying another problem brand, you run to this new idea, because it's new, and novelty is really bright and shiny. So you want to go after that. So Southern master gives you the tools to identify this idea, the goals that you want to achieve, and then break it down to tasks that you can manage, and that you can really do otherwise, to do lists becomes your worst enemy. having meetings can be good, but also can be really bad. Because if you have a lot of meetings, yeah, you meet a lot of interesting people. But then what are you working because our position or us runner, so it's really good to meet people, but you also have to do the work and get the output? Absolutely Selfmastereded has helped me understanding where do I have to put my energy in order to get a really high output? 

Leon  04:13

It's all about leverage, right? Yeah. Okay, and revenue wise, where were you before? 

Fran  04:20

We're revenue zero, because we were just like, having this hypothesis and we wanted to, we were like in the typical entrepreneur track that you have an idea and you just go and build a venture capital deck. You go to VCs, and then they tell you, okay, you have nothing and come back when you have something. So I said, Okay, let's turn this the other way around. Why do I want to sell a part of my company in exchange for money, that is going to be the most expensive money that I will ever take. Second, I'm going to try to finance it will make things and that's what we'll do. And right now we have 250 dekay annual recurring revenue, and we have a pipeline of 1 million that we're trying to close. That's the goal of 2021. So we just

Leon  05:11

Very, very good job. That's just from zero to a quarter-million annual recurring revenue in just three months, and then having one more million, that's for a SaaS, that's very good. Congrats.

Fran  05:26

Thank you for that and it's a, it's, 

Leon  05:29

it's a complex solution to what you're building, it's not easy.

Fran  05:34

It's really complex. Like the most complex thing about it, it's the sales process. Because the clients that we work with, they don't care. If we solve the problem with artificial intelligence, or just playing rock, paper, scissors, they just want to hear about the number. So once we tell them, okay, with this software, you're going to, for example, the KPI that we found out, we have this steering committee with the client. And when we go, and we found out that with one of the initiatives that we just rolled out with our product, and we were making a saving of a 20 k per week for the claim. So m, that's a lot of money. And that's just one of the three different initiatives that we have rolled out in this kind. So these guys are saving 20 k per week. It is true that these numbers and you claim this, okay, I don't care if you use AI, or whatever you use, I want that. Exactly.

Leon  06:37

And I love how you use some massage with initiatives and projects and stuff. And finally, something that's very interesting is not only you've had an amazingly fast and brilliant professional development, right, you've been built a covering from zero to a quarter million ARR in three months. And now and you've also had a personal transformation, also using the same principles that we teach, because what we say is that a business cannot grow with the entrepreneur doesn't grow. And people don't have business problems, they have personal problems that reflect on the businesses, so both need to go hand in hand, and you will never surpass the mental models that you harbor in your mind. So once a personal transformation that you have undergone, that underpins your business transformation? 

Fran  07:24

Well, I think that the most important thing for me is that I'm getting married. 

Leon  07:29

Congrats again. 

Fran  07:30

So that's, that's one of the key personal transformations. But there's still a lot of work to do, for example, with the COVID-19, and the lockdown, and, and all this really like stressful work. I think that I need to focus more on my health and be self-development, because I learned really fast. So I've been able to get a lot of knowledge in this area of assets and distressed loans and artificial intelligence, like really fast. But now I think that I need to take a new step further because I've done a really good start. But the for the last weeks have been a bit of stuff. So I think that in the personal goals. I've seen a huge improvement. But I think that once you see the huge improvements that you're making, if you're just a bit of stuck, you say Oh, I should have been able to go from zero to this. Ah, if I've been able to do this, I can triple in nickel. And so how can I triple 

Leon  08:45

the evolution, growth is to top performer as oxygen is to a normal person is you don't think about it when you have it. But it's the only thing in mind where you don't. So I totally get you. It's it's the mark of high performance, you're always seeking something else. something better, something bigger, something further. That's it. Right. And I'm so happy for you, thank you so much for jumping in. It's a pleasure to have you in the semester community. It's really, really great. And I wish you all the best. I'm sure you'll get over that 1 million in, in revenue in 2021. And more than happy to keep helping you with your path.

Fran  09:26

Well, thank you very much for having me. And I think that a lot of this success and what I have to achieve right now and in 2021 it's gonna be thanks to like having this methodology because if once you understand that your system and that you can measure yourself. Things become like you talk about the feedback loop. That's magic, because if you don't understand why you are feeling in a way, like for example, you're upset, okay? Why are you upset? If you start thinking back, you can understand the triggers of your feeling, right. And so if you are right now in a situation, and you go back, you can understand, which were the actions that led you here. So wanting to be someone in a couple of months, help you understand, okay, which are the key steps that I need to take in order to become that guy in negative months or a couple of years. That's like feedback loops. And also, once you understand the feedback loops, you say, Okay, I want to become that. So what, which are the inputs that I have to put in in order to go there? 

Leon  10:35

That's exactly. And if you have a real time performance optimization tool, like the one we have, then it's just skyrocketing. So you're having daily feedback loops, where other people have quarterly, or yearly feedback loops. So there's just no way you don't become as we, as we say, inevitable. Like that's a win by defect. And I'm so happy to have you here. Wish you all luck. Again. It's a pleasure to have you on board. Yeah. And let's let's see us around, right. 

Fran  11:03

Thank you. Thank you.