20 Technology Consulting Business Success Stories [2024]
Technology is critical to helping drive corporate strategy and ensuring its success. Not all startup owners are from an IT background, so keeping up with current technology trends can be challenging. Such entrepreneurs rely on technology consultants to help them harness technology.
Technology consultants connect businesses with experienced technology innovation advisors to solve critical enterprise challenges. Technology consulting is essential to helping organizations use technology to drive innovation and growth.
You may consider starting your technology consulting business if you have IT skills and some experience in the technology sector.
In this list, you'll find real-world technology consulting business success stories and very profitable examples of starting a technology consulting business that makes money.
1. Elaphe Propulsion Technologies Ltd. ($14.4M/year)
Gorazd Lampič, the founder of Elaphe, was initially pursuing a career in astrophysics when he came across an article about Andrej Detela's vision for in-wheel motors for electric vehicles (EVs). Intrigued by the potential impact of this technology, Lampič reached out to Detela and the two quickly began working together. Now, 20 years later, Elaphe has become a leading provider of in-wheel propulsion systems, working with major carmakers and achieving impressive financial success with a turnover of €15 million and €4 million in EBITDA in 2021.
How much money it makes: $14.4M/year
How much did it cost to start: $10M
How many people on the team: 150
Elaphe Propulsion Technologies has revolutionized the electric vehicle industry with their in-wheel electric motor technology that can accelerate a vehicle from 0 to 100km/h in just three seconds, enabling carmakers to design truly user and mission-focused cars and work with all of the key traditional and new carmakers.
2. PVM IT ($7.2M/year)
Pat Mack, founder and CEO of PVM, Inc., came up with the idea for his business after years of frustration with the bureaucratic work culture he encountered in the US Navy. He wanted to create a company that focused on solving impactful, data-driven problems that mattered to end-users. With no outside funding, he bootstrapped the company himself and prioritized delighting customers and meeting their needs.
How much money it makes: $7.2M/year
How much did it cost to start: $0
How many people on the team: 50
PVM, Inc offers software engineering services related to big data storage and analytics to customers in both the private and public sectors, ranging from local police departments to federal agencies, with partnerships with Palantir, Amazon, and MicroFocus.
3. Assuras ($5.2M/year)
Tyler King, the serial entrepreneur and CEO of Assuras, came up with the idea for his consulting firm through his previous ventures in technology and executive coaching. He combined his learnings from engaging with leaders in his prior venture and his education from leading institutions to form Assuras, a global management consulting firm that takes on complex challenges and provides impactful solutions for its clients. With a focus on cross-functional teams and innovative approaches, Assuras has tripled its market share within its first two years.
How much money it makes: $5.2M/year
How much did it cost to start: $1.2M
How many people on the team: 27
Assuras, a global management consulting firm that focuses on solving impactful challenges for growth-stage companies with 500-2000 employees, successfully tripled their market share in their initial two years from inception by building cross-functional, diverse teams that provide alternative ways of looking at problems and offering risk-free consulting and action plans with clients who commit to implementing their recommendations.
4. DeepBench Inc. ($1.2M/year)
The co-founders of DeepBench, Yishi, Derek, Devin, and Nikhil, met while studying at MIT and realized the need for a better, more efficient expert network. They saw that existing networks were slow, expensive, and disjointed, and believed that technology could solve these problems. By automating the expert-finding process and prioritizing user interface, security, and transparency, DeepBench has attracted over 450 clients and facilitated nearly 2,000 consultations.
How much money it makes: $1.2M/year
How many people on the team: 8
DeepBench, a company disrupting the expert network industry, offers a platform connecting clients with expert advisors for informed decision making, serving over 450 clients and 25,000 advisors and achieving their best quarter yet in Q1 2021.
5. Razrtech ($1M/year)
Anshul Gupta, the founder of Razrtech, identified the problem he wanted to solve while working on various managed services and digital products. Through his extensive experience in building consumer web and mobile applications, he observed gaps in how creators and communities could monetize their content and manage their platforms effectively.
Determined to fill this void, Anshul began experimenting with different monetization strategies for creators and learned valuable insights over the years. This hands-on research enabled him to develop Socially, a platform designed to offer comprehensive support for community-driven monetization, including payments, memberships, and more.
During the ideation process, he paid close attention to user feedback and market needs, iterating and refining the platform to ensure it met the requirements of various industries. Although faced with setbacks, including the global pandemic, Anshul's resilient mindset and willingness to adapt helped him overcome these challenges and continue innovating in the tech industry.
How much money it makes: $1M/year
How many people on the team: 81
6. FounderBlocks ($720K/year)
Lasse, the founder of VIPERdev, came up with the idea after receiving feedback that his team was incredibly fast and innovative. They decided to focus on working with startups and helping them bring their products to market quickly, solving actual problems first before adding fancy features. Through their efficient approach, they have become a trusted accelerator program, releasing 2-5 products per month and ensuring each project is a success story.
How much money it makes: $720K/year
How much did it cost to start: $500
How many people on the team: 12
VIPERdev is an accelerator program that helps founders turn their digital business ideas into products and bring them to market within 8-12 weeks, releasing an average of 2-5 products per month.
7. Six Atomic ($480K/year)
Taime Koe, the CEO of Six Atomic, came up with the idea for his business after recognizing the flaws in the apparel industry's supply chain. He saw the potential for on-demand production, which would allow for personalization and sustainability while reducing inventory risk. Through years of research and development, Six Atomic created automation technology that can create customized patterns and designs for each customer, ultimately leading to a more efficient and profitable supply chain.
How much money it makes: $480K/year
How much did it cost to start: $10K
How many people on the team: 20
Six Atomic builds automation technology for the apparel industry to enable real-time, sustainable, and personalized supply chains.
8. Agile Worx ($480K/year)
David Bishop, the founder of Agile Worx, came up with the idea for his business after realizing that the knowledge he accumulated in the technology industry was constantly becoming obsolete. He decided to pursue a Ph.D. and focus on creating a long-lasting body of work. While working with a firm that was struggling to adopt agile and scrum techniques, he applied his new research skills to create a scientific theory and patented framework called "Metagility" that maximizes productivity and efficiency for technology companies.
How much money it makes: $480K/year
How many people on the team: 3
How a Ph.D. in computer engineering created a patented agile framework and turned it into a profitable training and consulting business, after realizing that his accumulated technology knowledge was losing value over time.
9. Dusseau and Company ($420K/year)
Mark, the founder of Dusseau and Company, drew inspiration from his personal experiences as a former foster child and his professional background in software development. He saw a need to help small businesses and diverse founders build disruptive software companies, and thus, Dusseau and Company was born. With a scientific approach to product development and a commitment to empathy and helping others, Mark has successfully worked with clients like Chevron and JP Morgan Chase, helping diverse founders raise $700k in funding and achieve over $15 million in company valuations.
How much money it makes: $420K/year
How much did it cost to start: $1.5K
How many people on the team: 0
Dusseau and Company is a boutique product development firm focused on helping diverse founders ideate, design, develop, and scale disruptive technology companies, with a leading service of executing different levels of the product development lifecycle, and boasts an impressive metric of helping diverse founders build products that have gone on to raise $700k in funding and over $15 million in company valuations.
10. SpeedYourWeb ($300K/year)
After managing hundreds of slow e-commerce websites over 14 years, two founders launched SpeedYourWeb, leveraging their expertise to optimize site speed and enhance Google rankings, ultimately boosting sales and user experience. Today, they boast a skilled team of 10 developers and offer free speed tests that include actionable improvement insights.
How much money it makes: $300K/year
How much did it cost to start: $99
How many people on the team: 10
These founders provide a free page speed optimization service in addition to SEO to help e-commerce websites improve their organic reach and boost their sales.
11. Artificial Workflow ($120K/year)
Andrew and his co-founder James started Artificial Workflow after noticing consultants, like James at EY, were drowning in manual data processing. Initially offering bespoke AI consulting, they pivoted to a SaaS model, now generating $10,000 in monthly recurring revenue, largely from $299/month enterprise clients.
How much money it makes: $120K/year
How much did it cost to start: $50K
How many people on the team: 2
Case study of a co-founder who transitioned from bespoke AI consulting to a subscription-based platform, generating $10,000 in monthly recurring revenue with 80% from $299/month enterprise clients, through strategies like LinkedIn outreach, SEO, and email marketing, learning costly lessons about starting with quality development.
12. Cottage Software ($120K/year)
In 2014, Neil Granberry and Hunter Hodnett reconnected and began discussing business ideas. They eventually settled on the concept of Cottage Software, a platform that turns Figma designs into coding competitions for developers. After launching an MVP built with no-code solutions, Cottage Software has achieved success, generating $25,000 per month in revenue as a tech-enabled agency.
How much money it makes: $120K/year
How much did it cost to start: $5K
How many people on the team: 0
Cottage Software co-founder Neil Granberry shares how they built their software agency business, which helps designers and developers turn designs into code fast and affordably, through their platform powered by learning developers, bringing in $25,000+ per month in revenue as a tech-enabled agency of just two people, with plans to sell directly to web design and development agencies.
13. Binderr ($120K/year)
Jacob, originally from Denmark, founded Binderr after selling his Bolt franchise for an eight-figure sum in 2022. Initially an accounting app, Binderr pivoted to client onboarding software for accountants and lawyers, fueled by €4 million in self-funded investments.
How much money it makes: $120K/year
How much did it cost to start: $2M
How many people on the team: 19
Jacob's journey from launching a €1m ARR food delivery site and selling a Bolt franchise for 8 figures to self-funding €4m into Binderr, which is onboarding accountants and lawyers with €20k/year contracts, showcases relentless pivoting and strategic positioning in the fintech space.
14. HIC GLOBAL SOLUTIONS ($120K/year)
Piyush Singhal, the co-founder and CEO of HIC Global Solutions, came up with the idea for his Salesforce consultancy business after working with multiple CRMs and recognizing the potential of Salesforce in helping businesses of all sizes. Despite facing financial struggles and working out of a small apartment, the company grew to have offices in four different locations and an estimated yearly revenue of $8M. Through their focus on customer satisfaction and word-of-mouth referrals, HIC Global Solutions has become a leading provider of Salesforce services.
How much money it makes: $120K/year
How many people on the team: 60
HIC Global Solutions provides out-of-the-box Salesforce services to clients across industries, with estimated yearly revenue of $8M, including partnerships that have helped them retain over 60% of their customers, and offering career opportunities.
15. Common Sense Holdings ($120K/year)
Maanda Mulaudzi, founder of Common Sense Holdings, came up with the idea for his technology solutions startup during a bus trip in South America. After realizing he wanted to leave his corporate job behind, he started the company upon returning to South Africa and now focuses on rapid prototyping to meet client needs. With a turnover of $5,000 a month, Mulaudzi aims to increase monthly revenue by 100% in the coming year.
How much money it makes: $120K/year
How many people on the team: 2
South African startup Common Sense Holdings, founded by Maanda Mulaudzi, specializes in mobile apps, web-based applications, and IT consulting in the education and business sectors and is on track to double its $5,000 monthly revenue with new clients.
16. Data Daddy Inc. ($60K/year)
While working in IT and getting deeply involved in crypto, Matthew D'Amour realized the massive gaps in data security and envisioned Data Daddy Inc. in 2015. His lightbulb moment: creating a platform for 4 billion mobile users to manage and monetize their personal data securely, generating $5K/month in early support.
How much money it makes: $60K/year
How much did it cost to start: $60K
How many people on the team: 3
Data Daddy Inc. is a mobile application that enables users to manage their personal data networks and automate manual data exchanges, such as exchanging information after a car accident, with the use of a scannable QR or URL. The company has generated $5K/month through an early supporter program and is targeting industries like eVisa, healthcare, and esports for automation.
17. Legislate ($60K/year)
Charles Brecque, the founder of Legislate, came up with the idea for his legal tech company after experiencing the slow and painful process of creating, negotiating, and tracking contracts in his previous startup role. He realized that making contracts machine-readable through knowledge graphs would be a more efficient solution and secured initial funding to start building the platform. Legislate has since gained over 120 paying clients and raised £1M in funding.
How much money it makes: $60K/year
How much did it cost to start: $150K
How many people on the team: 12
A legal tech company, Legislate, founded by Charles Brecque, makes it easy for non-lawyers to safely create lawyer-approved contracts and track the data they contain, with a team of 12 and over 120 paying clients split between property and employment.
18. CompressX ($30K/year)
Hieu Dinh, leveraging his expertise as a lead iOS engineer, created CompressX to solve his team's cumbersome video compression workflow, ultimately helping over 2,770 customers reduce more than 7 terabytes of data and generating $5,000 in sales.
How much money it makes: $30K/year
How much did it cost to start: $134
How many people on the team: 0
Discover how CompressX, a video and image compression app, has helped over 2,770 customers reduce 7 terabytes of data, earn $5,000 in sales, and achieve $3,300 in revenue in the first month, all while growing to 2,600 visitors and 4,800 page views on its website.
19. Vestris LLC ($2.94K/year)
Daniel Doubrovkine, also known as "dB," started his business while working at Artsy. He was inspired by a bot that kept score of ping-pong games in Slack and decided to fix its design flaws. This led him to create PlayPlay.io, a Slack ping-pong leaderboard, which now has 78 paying customers.
How much money it makes: $2.94K/year
How many people on the team: 0
How one engineer successfully runs multiple profitable Slack bots as a small auto-pilot business, relying on constant feature upgrades and customer retention instead of focusing on conversion rates, resulting in $3,299.07 in 2019, all while working full-time as a Principal Engineer at AWS Data Exchange.
20. Mokool Apps ($1.8K/year)
Mukul Verma, the founder of Mokool Apps, came up with the idea for his Shopify app business after running a successful app development company. After realizing the potential in the Shopify App Store, Mukul saw an opportunity to help store owners create successful businesses by providing them with easy-to-use, problem-solving apps. Since launching his first app, Translate Pro, Mukul has focused on listening to customer feedback, making adjustments, and building a strong foundation for his business.
How much money it makes: $1.8K/year
How much did it cost to start: $3K
How many people on the team: 1
Mokool Apps founder Mukul Verma shares his journey of expanding into the Shopify App Store, including how customer support is critical, and the importance of planning for the unexpected when launching a business.
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Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
