Venture Acceleration Program company Syndicate Theory are repositioning & rebranding to get away from regular service work and focus the majority of their efforts on product development. Using their positive cashflow & expertise they are also looking to invest $200,000 into startup products this year. To make this happen they’re in the process of hiring 2 new team members that understand the startup landscape.
Launched in January 2011, Syndicate Theory are a web software & mobile product development shop applying “lean startup” methodologies. They have worked with businesses including Goldcorp, Mac Rumors & British Airways and have also created products for PayPal, Motorola & Audi.
Brent Lachman, President and Founding Partner of Syndicate Theory said, “We design & build web & mobile solutions for business problems, not websites for small business; differentiating ourselves as a product development company has been extremely rewarding. Since 2012 we’ve experienced huge growth on all fronts. We’re thrilled with how far we’ve come and are very excited to see what the future holds. We all enjoy what we do so much that we regularly joke that ‘we haven’t worked in years’. Bootstrapping into a profitable, sustainable business is truly an amazing feeling.”
They have cut the majority of their service work to focus on fewer, more interesting, long-term projects both internally and for strategic clients. After 12 months of bootstrapping, they are profitable, their team’s on salary.
Adrian Schneider, CTO and Founding Partner at Syndicate Theory said, “After solely freelancing for several years, starting a business was an obvious choice. The local job market didn’t have the interesting / high-paying work we were looking for, so it was also the only choice. It took us a few failures and a lot of learning, but our 4th attempt has been a great success. The most important thing for us was to keep learning and keep trying.”
Syndicate Theory has received help from AO through AO Office Space, BCIC Mentorship, a SR&ED Claim and Accounting Assistance through our Community Partner Grant Thorton. Brent said, “AO has not only helped our company grow but has helped us grow as individual entrepreneurs as well.”
Congratulations to the Syndicate Theory team from all of us here at AO.
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