Lane 3

echoEleven – getting it done the new (old) way

“It’s not the strongest of the species that survives, or the most intelligent that survives. It is the one that is most adaptable to change.” – Charles Darwin

Steve Riley, President and CEO of echo11media, came whipping into the Chequer’s parking lot a couple Fridays ago on his R 1100 RT. It was the perfect fall day to enjoy good company and some crab cakes on the patio.

Founded in 1998, echoEleven combines custom eLearning consulting and development with a Adobe Training Partnership to provide the most comprehensive eLearning services. Over the past 3 years Steve has expanded the core business of Adobe authorized training to include two SaaS product offerings and is quickly growing his recurring revenue stream. Steve’s vision of the future for echoEleven is to continue to expand and evolve their online learning products.

When a major Atlanta-based airline found themselves in midst of a merger with a dying online learning technology, they turned to echoEleven for their state of the art online learning technologies and reduced their content creation turn around time from months to days!!

Ten years of bootstrapping – from the rubble of dot bomb, through 9/11 and now into the credit crunch – has left Steve with the thick skin necessary to continue to grow echoEleven through the challenging years to come. Over lunch we discussed the decision de jour. His office lease was up – renew at no real financial change or sign the contract for some slick new space that had been in the works for months – twice the space and twice the monthly expense. Steve recalled that he knew iXL was heading south when he saw their name on the Equifax building. That said, a calculated risk… new office and growth… the decision to move was made!

While he is an entrepreneur, Steve considers himself a business owner first and foremost. He bristles when someone asks his exit strategy though he knows that’s an important part of his business horizon. He is in it for the long haul slowly building recurring revenue and using whatever extra cash is on hand to fund innovation.

So what advice would Steve give a start-up in these tough economic times – what key success factors are necessary to surviving the coming years?

Keep a positive attitude.

Cash flow is king. Keep expenses low and remain flexible.

Position the company as a solution that reduces client costs.

Maintain low to no debt obligation.

Create and grow recurring revenue.

What others would you add to the list?