Scribe Hits $1.2B Valuation Automating with AI

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1:00Welcome back to the podcast. Today, we're talking about AI company Scribe and how they just recently hit a$1.3 billion evaluation. So they are helping businesses figure out how to utilize AI in their workflows, doing some really cool stuff. So today, we're going to talk about that. Before we do, Jayden, why don't you tell them about our school community? Yeah, every week we record a bonus piece of content. This week, Jamie breaks down how he used Lovable to create a brand new tool that doesn't just look good, but actually functions and works. So you can build a tool that ties into AI models and actually completes a task for you.

1:35This is really, really cool. For anyone that knows, I've been building an AI app builder called AIbox.ai. I'm really impressed with what Lovable has been able to do in this space. Jamie breaks this all down and we have a bonus video on our school community. There's a link in the description. And for this week, we are doing a Black Friday deal where it is$19 a month. As you know, in the past, we've had this price much higher. So we're bringing it down. It's a big discount right now. And if you get it at$19 a month and we raise the price in the future, you will be locked in at that price and it won't ever raise on you.

2:08So over 300 people are in here, an amazing community. People chime in and share what they're building. And we share bonus exclusive tutorials, basically of our own personal projects that we don't share anywhere else. So you can go check it out. The link's in the description to the school community. All right, let's talk about what Scribe is doing. This is absolutely insane. I mean, a$1.3 billion valuation is massive. Essentially what the company does in a nutshell is it looks at what you do. They have like, I believe a Chrome extension that watches your screen. They have a couple of tools. It watches what you do over the course of a day and then it recommends how you can use AI to automate parts of your workflow.

2:48This is incredibly useful, in my opinion, especially considering some new reports that came out of McKinsey recently, where they were showing a large percentage of enterprises were quote unquote, using AI or looking into using AI, but they were still in the experimental phase. They weren't, there was a very small percentage of corporations that had marked themselves as really like figuring out their AI strategy and implementing it at a high level. So Scribe is kind of the tool that I think makes a lot of sense for companies to start getting into this into this space. They've raised$75 million, which is really impressive.

3:23They have a$1.3 billion valuation, which is absolutely insane. And to be honest, when I first heard those numbers, I'm like, holy smokes, like how did they achieve this? But if you look at like, who's using them? And this is a series C, by the way, if you're looking at who actually uses them, it's it's pretty impressive. I think they support like, something like over 90 % of Fortune 500 companies. Yeah, 94 % of Fortune 500 companies are using them. They have more than 5 million users. They have documented more than 10 million workflows, which goes over 40 ,000 software applications. Like it's a really serious company.

3:59So really impressed by their growth. And I think this is a this is an awesome tool. It's like big kudos to the whole team. Yeah, I mean, it's really it's a really important problem that they're solving. And I think, you know, I'm excited to see where this company goes, because you think about it, you have these new browsers and agentic abilities of AI. So you have like Atlas browser, for example, and it can complete tasks for you. But if you're taking like someone's workflow and what they do on a typical day to day, it's not going to know right off the bat how to actually perform that task. Unless it has something like Scribe observing what you're doing.

4:35So which apps you're using, how you're connecting them, things like that. So I really could see how this could be a huge advantage to companies moving forward, especially if they're looking to automate some of the tasks and jobs that are, you know, could be done with AI, which, you know, whether or not we try to stop that or are concerned by it, it is going to happen no matter what. So, but this is really, it's a really cool company. Yeah, if you go over to their website, they essentially break down how to use their tool. You basically capture your workflow. So instead of like taking screenshots and writing instructions, they'll do all of that by watching your screen, doing all with AI.

5:16It's kind of interesting. They talked a little bit about what like how people have done this in the past. And I like it's funny because I've seen this before. Basically, I've talked to a lot of people that want me to do consulting for their company. And they're like, can you just like come? will share our screen with you. And we want you to watch what like will sit you down with one of our executives or someone or someone in a department, we want you to watch what they do for the whole day, write down notes, and then give us recommendations of how to optimize everything and automate everything with AI.

5:43This is actually very common. I've talked to a lot of consultants, or people that have consulting firms, and they basically do some version of this, which is, I mean, it's kind of how you'd have to how you have to do this, because the alternative is like Like you sit down with them on a call and you're like, OK, so like what do you do in a given day? They're like, I don't know. Like I sent some emails and I like do this and I do that. And it's not always like a perfectly accurate description because you're like, well, how long would you estimate you spend sending those emails? Well, probably like so it's like it's not like very scientific or perfect.

6:11And then if someone's watching you, I feel like it's just like this weird extra layer of like, I don't know, like maybe pressure where you do certain things faster or you skip certain tasks because someone's watching you. If it's just like your Google Chrome browser and you just have it watch you for a week and you don't think about it, you just go throughout your week and you just do your stuff. It is a very, I think, organic, realistic overview of what you would do in a given week. And it's going to go then do basically everything that same human would do, make all of the documentation. And then it's going to help you optimize all of that using AI.

6:45So I think it's a cool tool. I think it's a great idea. But the reason why we wanted to talk about it today on the podcast is because I believe you don't have to have the software scribe to be able to help people implement AI workflows and automate things. And I've actually been offered a ton of money by a lot of different companies to help them do this inside of their organizations. And I think this is one of the best ways when we talk about in our school community, we have like a whole module about becoming a AI consultant. I think this is one of the best ways to become an AI consultant is find one niche or industry, preferably one that you have experience.

7:19Maybe you like went to school for that, or that's currently the industry you work in. And if you're already listening to this podcast, you obviously are quite advanced in AI. You're kind of on the cutting edge with us here. And look at those, look at your industry and the ways you are using AI. And now go start meeting with people in that same industry and companies and talking about ways that they can automate what they need to do with AI based off of stuff that you kind of already understand and that you do. you can charge a lot of money. I know people that charge$20 ,000 to go give talks to organizations, explaining how to do a lot of this frameworks for using AI and for implementing AI.

7:53And that's probably more on the leadership side. But even on a day to day angle, you can spend you can charge a lot of money because what they what they essentially are looking at. And also the reason why Scribe here is making so much money is because when you're charging someone to automate something with AI, it's not just about like, how many hours does it take you to show them how to do the automation. What it's really about is how much money will they save by replacing those man hours doing that task. If you're saving somebody, you know, 10 hours a week doing a specific task and their salary is$250 ,000 a year, they're going to just take that 10 hours and it's going to see some very real ROI.

8:33So you can actually charge quite a lot of money for this. And especially when you start multiplying across like, okay, well, we could help everyone in this department do X, Y, Z, we could help everyone in this section of the company. You could charge a lot of money for becoming an AI consultant and helping people. And it's not just like, oh, great, you can charge money. Like they're getting a ton of value. They're super excited about it. So I think, I think that's the way you have to think about this. And there's so much opportunity to be an AI consultant right now. Yeah, I totally agree. I mean, just having the knowledge of some of these tools and knowing how to implement them is, there's a huge value to that.

9:03And I think I would add to the AI consultant thing. I think a great, you know, person you could team up with is like a marketing team almost who's already doing this kind of stuff on the marketing side for businesses i think that'd be a great way to kind of jump into the industry rather than like trying to cold call or whatever but either way tons of opportunity here um the ai boom is still here and there's still just tons of opportunity so um and that's why we love our podcast ai hustle kind of teaching you guys uh some of these new tools and i'm staying up to date ourselves on them so and Thanks for listening, guys.

9:36Oh, go ahead. Oh, one other thing I will just say is like, when it comes to talking to people about this, I would go look at companies like Scribe, look at metrics that they share on their website about like how much more efficient it's making organizations. And you can use a lot of those same metrics inside your own sales pitching when you're talking to companies. Because you're like, look, companies that use AI automation tools, you don't have to say like companies that use Scribe, but companies that use AI automation tools save XYZ amount of time. One specific example is apparently customers that use Scribe Capture save about 35 to 40 hours per person per month.

10:10And they're able to make new hires 40 % faster. Like look at these metrics and then just reframe them to just be like companies that are using AI automation software and tools are able to do this, that are using specialized software and consultants are able to achieve these results. I am a specialized consultant in my industry, and I would love to help you achieve those results. And I think it's a really compelling pitch. One thing that's interesting their CEO said was, he said, without really knowing how work is done. It's really hard to know where to improve it, where to automate it, and where agents can help.

10:40They said Scribe optimizes, although answering that question very simply, it mines across workflows for what people are doing when they're at work, and then it abstracts up into being able to show you in a single pane of glass, here are the actual workflows that are being done. Here's how often, here's how long it takes, etc. So like this software is obviously very useful. I think you can do a lot of it without the software. Like for example, I know myself, I am a, I don't know, I hope to be, I hope to call myself an S tier podcast production person at this point. I've been doing it for a long time and I understand generally a lot of elements of it and probably better than most, a lot of aspects of podcasting and marketing.

11:18If I was going to a podcasting firm or a company that had a podcast and they were like, how do I grow my podcast? How do I produce it better? How do I, you know, write content, create content, like create a better podcast product, basically, just because intuitively I understand that I do this all day, I would very easily be able to tell them I don't need to go watch like what their workflow is, I would ask them a series of like five to 10 questions about like, what tools are using? How do you do like these different tasks? And I basically can understand their strengths and weaknesses. So you don't need if you're like truly an expert in your field, you don't need necessarily scribe to go and watch everything they do to understand.

11:51And so that's why I say that's kind of like the low hanging fruit is look at what you're an expert at and what you already do and what you're using AI for and go find other companies that do what you do and just help them on board. It's insane how many people have not really truly on board and automated so much of what they do with AI. So yeah, I think it's an amazing opportunity. If you want to learn more about becoming an AI consultant, and a lot of other things, go check out our AI Hustle School community. We'll leave a link in the description. But yeah, thanks so much, everyone for tuning in.

12:17Hope you guys all have a fantastic rest of your day. Where we get your podcasts, Jamie and I would really appreciate it. We're asking everyone right now, we really appreciate if you could leave us a rating and review over on Apple or Spotify, it just helps them show show up to more people, more amazing listeners like yourself. Anyways, thanks so much. Hope you guys all have a great rest of your day. What's up, everybody? It's Bretzky and America is turning 250. And I can't think of a better way to celebrate that than playing on an American-owned social casino, spinquest.com. With all of your favorite games, live crap, bubble craps, live blackjack, there's no better place to play for free and win real cash prizes, spinquest.com.

12:59SpendQuest is a free-to-play social casino. Void where prohibited. Visit SpendQuest.com for more details. You're listening to a podcast right now. Driving, working out, walking the dog. If you're into podcasts, chances are you have something to say too. With RSS.com, starting your own podcast is free and easy. Upload an episode and we distribute it to Apple Podcasts, Spotify, Amazon Music, and more. Track your listeners, see where they're from, and start earning from ads just like this. If you've been thinking about starting a podcast, this is your sign. Start your new podcast for free today at rss.com.