Episode description

Mark Abbott was an active investor and board member for 20 years when he realized that most of the 100+ companies he helped were not good a their “business fundamentals.” The fundamentals of setting long-term goals, making short-term plans, and then aligning teams and individuals to make efficient progress. He thought of writing a book but discovered the book “Traction” by Gino Wickman and his branded EOS® (Entrepreneurial Operating System) system. 

Mark worked with his cofounders in 2016 to create a software platform that aligned with the principles and processes of EOS and other “Business Operating Systems.” Soon Ninety.io (now just Ninety) was a popular software used by EOS coaches and business consultants. They licensed the branded terminology from EOS Worldwide, which presented both opportunities and challenges.

The company grew steadily, funded by revenues until Ninety had over a thousand customers and more than 50 employees. In 2021, Mark talked to just one tier 1 venture capital firm, Insight Partners, and then raised $20 million in growth capital from them. Mark and the Ninety team have a big vision to change the way businesses grow and thrive.

In this episode, Mark explains:

• How he discovered the need to manage business fundamentals better as an investor in 100+ companies
• Why he decided to license the EOS-branded terminology and name to get the company started
• The pluses and minuses of partnering with a branded methodology provider
• How they used Ninety software to grow faster and be ready for a major venture investment round 
• Why Mark still participates in CEO peer groups and coaches other leaders in his “spare time”
• Why he decided to raise $20M in capital from a Tier 1 venture fund in 2021
• What are the “business fundamentals” that Ninety leverages to accelerate growth

Read the full interview transcript and find more episodes at practicalfounders.com.