Since 2019, EnDepth Data Inc. CEO Charles Hubbard has been helping entrepreneurs succeed. He created the EnDepth platform to manage finances and evaluate small businesses’ performance after facing challenges in these areas with his custodial business. Charles felt dissatisfied with the accounting software platforms on the market and sought something more substantive to show business owners how cash flow affected other aspects of their company’s performance.
“I wanted a tool that would show me how my business was performing, how my accounts were performing, how to get to profit margins. Basically, having a better understanding of cash flow through my business.”
From its founding to mid-2023, Charles saw early success with the EnDepth platform and was able to secure clients. During that time, he worked with over 20 mentees who were asked to implement EnDepth in their businesses’ backend. Still, he struggled to demonstrate the service’s value to business owners outside that closer-knit group.
In May 2023, Charles contacted Bounce’s entrepreneurial programming for support in overcoming the challenges he was facing in growing his client base. Charles and his team were introduced to one of Bounce’s Entrepreneurs in Residence (EIRs), Jack Hilton, who immediately understood where EnDepth stood and how to move forward most effectively.
Jack worked with the EnDepth team and helped them narrow their focus and build a stronger foundation for growth and expansion. Together, they identified that Charles’ experience in the custodial industry would make a great starting point, making it easier to understand the industry’s operational challenges and opportunities.
“I was trying to boil the ocean; I just wanted to help everybody. Jack and my team got me to see that if we focused on an area of expertise, we could expand into other industries from there.”
From there, Charles worked with Jack and utilized the resources he was receiving from Bounce to find other ways to streamline their business model and marketing plan. Another suggestion Charles received was to find a way to make the software more accessible and easier to understand. The EnDepth platform was manual and could risk losing business owners due to the perceived learning curve.
This realization led to the launch of Penniewise in January 2024, a software platform similar to EndDepth that utilizes artificial intelligence and more automatic technologies to bridge the gap between accessibility and effectiveness for newer business owners.
“Penniewise was born out of the need to pivot to a more efficient, more accessible platform for business owners to use. We hope to educate business owners and allow them to manage their data within their own business vs. having someone else tell them how to run their business.”
With a personal mission of helping small businesses, Charles could utilize the resources available through Bounce’s programming and the expert support from Jack to help more businesses and maintain more success than ever before.
“When I finally figured out what I wanted to do with my business, it went from $50,000 to $100,000 per month, and we’ve grossed over $2 million.”
Charles attributes his success working with Bounce’s EIR program to Bounce’s embrace of tech business owners. He immediately found the help and support he needed to take his business to the next level while continuing to provide quality service in his product that would truly make a difference for his fellow entrepreneurs.
“I have nothing but gratitude for what Bounce has done. I have learned more in 6 months working with Bounce than all the time I was in business before that.