RTP-based Resultid is proof that you can’t keep a good team down.
Resultid’s Co-Founders Aditya Badve, Sifron Benjamin and Kevin Magee have been working together on a startup in some capacity since Badve and Benjamin attended UNC Chapel Hill together.
Meeting each other on the second day of college in 2013, Badve and Benjamin immediately hit it off. By the time they had graduated in 2017, they started a crowdfunding startup that made its way through the Launch Chapel Hill accelerator.
It wasn’t until a few months later they met Magee, who would end up being a prominent figure (and co-founder) in their lives, at an NC State startup exhibition. By then, it was becoming clear it wasn’t the right time for the crowdfunding company, so they, alongside Magee, pivoted into the tech transfer and market research space.
The result was NanoVest, which GrepBeat previously covered in a feature story in October, 2020. NanoVest aimed to speed university research discovery by targeting similar grants, patents, research, competitors and industry partners for commercialization development.
But by summer of 2019, the trio was convinced they didn’t just want to complete market research reports; they wanted to automate them by building a tech company that would solve this longstanding problem for universities.
But moving into an entirely new direction was nerve-wracking, Badve said.
During one of the first Resultid demos in person after Covid, everything that could go wrong did. For a second, Badve worried there might not be a future here. But they stuck through it and realized there were even more applications to their platform than just tech transfer for universities.
Plenty of use cases
Businesses of all kinds could put Resultid to use and develop greater insight into the qualitative lessons and trends from hundreds of customer interviews or meetings. Resultid’s customer traction also took them into the Pax Momentum and Techstars accelerators.
There, the value proposition for corporate clients was made even stronger. If a company wants to sort through hundreds or thousands of reviews, Zoom meetings or other qualitative data, they are typically overwhelmed. In order to make sense of the data and fully tell a story, they need to gather the critical information and identify the trends.
Plus, Badve said Resultid prides itself on transparency, so customers know exactly what the system is doing and have full control over how specific or general they want the insights to be.
“We’re helping you gather all that information so you can tell a better story,” Badve said. “You can understand what’s going on. You can align your team, and then you can essentially act on your own knowledge of what my company is doing, and how this information affects me.”
This message is starting to resonate with customers, Badve said. For now, the Resultid free beta has been open to everyone as the team collects feedback from customers on the app. And over three years, Resultid has raised $3.2 million from several investors. Last month, it was named to Scot Wingo’s 2022 Triangle Tweener List.
Magee said making their way through a top accelerator like Techstars and the general highs and lows of startup life has been made easier by leaning on each other as co-founders.
“When we showed up at Techstars, we were the only group that had three co-founders,” Magee said. “We really quickly realized how much of an advantage that was, because it’s really hard doing this. Having three really set us apart.”
Badve said they are so confident in the app they’ve created because it solved their own pain points. So in a way, they are their own target customer.
“We use our platform more than anyone ever is going to use it,” Badve said. “We swear by our platform because we know it works, because it’s built this company.”
No matter how they’ve expanded their potential client base along the way, Magee said they are still solving the same fundamental problem: getting information quickly in a way that helps an organization advance whatever decision they have to make. This ultimately will save time for workers and promote efficiency at a company.
“People think about technology today and how can we improve the ROI of a worker,” Badve said. “But if we’re such an advanced society and we’re trying to build all these tools, shouldn’t our job be to actually lessen the amount of work that people do and give them more time back in their life?”
Turning lemons into lemonade
In some ways, the jolt of the COVID-19 pandemic was advantageous for Resultid because it prompted them to dive deeper and rethink the applications of their own product.
“It was fortuitous,” Magee said. “It really made us focus on what we were doing with the platform, how we were solving the problem for users and what the tech looked like. We doubled down at that stage.”
The pandemic also enabled Resultid to develop a strong virtual workforce and save the money they would have spent on a giant office headquarters.
As Resultid looks ahead to the rest of 2022 and beyond, the team is focused on hearing more client feedback and getting their app adopted by more customers.
“A lot of companies spend a lot of time interviewing customers, prospects and markets,” Magee said. “They have the same challenge. They’ll do the interview and they get the transcript, then what? How do you manage that at scale? We’re addressing that. There’s going to be an opportunity now to take that to scale and be able to extract the story that you’re looking to build.”