According to Grant Fraser, his enrollment in the MIT Sloan Executive Education Entrepreneurship Development Program (EDP) could not have come at a better time.
Fraser, who founded Digitonic—a mobile marketing agency headquartered in Glasgow, Scotland, in 2011—says EDP has made a “massive difference to me personally, as well as to my organization. I am very grateful for what I was taught and for the opportunity that Scottish Enterprise gave me to attend the course.”
Program credited with raising profit margins and improving innovation
The Managing Director of Digitonic credits the MIT Sloan program for doubling his company’s turnover and raising the profit margins to just under $1M. Fraser adds that the tools and strategies he acquired while taking the EDP course helped him to secure a 10% equity stake, which was used to introduce innovations at the company and expand it internationally. In addition, thanks to lessons learned while on campus, Fraser says he was able to “make the pitch and close the sale just 21 days after the process began.”
Fraser chose MIT over other higher education institutions because of the teaching reputation. He was also motivated to attend following meetings with other business owners and former EDP alumni. They all spoke positively and passionately about the course and were able to demonstrate the great impact it had on them as an individual and more importantly to their business.
Digitonic exceeds revenue goals, doubles in size
A company that has always been self-funded, Digitonic was started with seed money from Fraser and his business partner, Iain Wilcox, who each invested 2,000 pounds—just enough to purchase two laptops, buy two smartphones, and pay the rent on a small office space. Yet, with only three full-time employees, the company has already reached its goal and is on track to hit its new target of $6M turnover this year. To keep the company at the forefront of the mobile marketing industry, Grant says he has been busy recruiting for Digitonic, which creates mobile experiences that help brands acquire and retain customers. The company has more than doubled in size and now employs seven full-time employees with plans to add more employees over the next few months. Digitonic is about to sign a long-term lease on a new Glasgow city center office that will accommodate an ambitious expansion plan.
Fraser adds that the company’s mobile validation tool called AMVS was recently short-listed and won an “innovation in database-marketing related software” award at the prestigious dbm 2014 awards ceremony. “Since the product was launched in March 2014, it has been used over 30,000,000 times. The advice gathered during my time in Boston, such as the importance of identifying the correct beachhead market, definitely helped build the foundations of the successful AMVS launch.”