Dan Faggella, the founder of Science of Skill, has recently announced the sale of the company for over $1 million. The company was sold to an independent group of buyers from the Cleveland, Ohio area.
"Science of Skill has been around for 4 years, and in the last three years it has had a 1,100% cumulative growth rate," states Faggella. "The buyers were searching for a business with this type of growth rate while showing even more promise."
The deal was closed on February 18, 2017. Since that time, Faggella says that he has not been involved with the business. He states that he met formally with the buyers to introduce his operating team to the new owners, but that has been it.
Science of Skill was built with the express purpose of funding TechEmergence, which is also a company founded by Faggella. He says that the Science of Skill was able to sell despite having only one full-time employee and no hard assets because of its track-record of more than doubling revenues each year successively, and because of the consistency of their cash flow and the streamlined nature of their business systems, which have for nearly a year made Faggella pretty irrelevant to the continued profitability and operations of the business.
He states that TechEmergence now has the resources it needs to pursue its highest goal which is to be a marketplace for insights and service in the artificial intelligence (AI) field. Companies offering AI applications and products will be able to list their products on the company's site and be discovered beside related content by the site's deeply engaged business readers.
For example, a reader exploring an article about machine vision for medical diagnostics will be able to easily find the companies that offer such services - as well as related case studies of how technology solutions have performed in real business environments. The company will be hiring an experienced editor within the month to expand content and executive interviews.
"We aim to have over a million monthly visitors per month by the end of 2017, thanks to a massive increase in our content productions," explains Faggella, "and by sourcing excellent articles and case studies from our huge network of executives and researchers in the field."
When asked why the choice of self-funding, Faggella replied, "The reason I toiled for four years to fund this myself is that ultimately, my aim will not always be profit. I believe that within my lifetime, the ethical and social concerns of regulating AI will be massive, and I see our network and platform as being able to aid in questions around AI's implications, applications, and regulations."
He goes on to say that they plan to grow a large, profitable, global enterprise, but the moral contribution of transparency, regulation, and implications-assessing would never excite investors, although it is what is most important to him. He had to self-fund in order to stay true to the ultimate goals, which may be looming some 10 or 20 years off.
SOURCE: Press Advantage [Link]
Dan Faggella is CEO / founder at TechEmergence, the only market research and company discovery platform focused exclusively on artificial intelligence and machine learning.