80% of software companies are zombies. After three decades guiding thousands of software founders through exits and acquisitions, Mark Edwards reveals the uncomfortable truth: most businesses exist in endless loops, neither thriving nor dying. In this episode, Mark shares what separates the 20% who succeed from the zombie majority. His verdict? Strategy beats everything else. The conversation explores how AI quadruples the number of software companies whilst collapsing barriers to entry. Mark warns that despite new technology, success still demands emotional intelligence, strategic positioning, and teams that balance technical, creative and commercial capabilities.

Guest bio

Mark Edwards brings three decades of experience in software company mergers and acquisitions. As founder of Boss Equity (established 1999), he has worked with thousands of software companies across document management, workflow automation and enterprise solutions. His pattern-matching across hundreds of exits reveals why most software businesses fail to escape mediocrity. Mark combines his early creative background in photography with deep commercial expertise to help founders understand strategic positioning and market dynamics.

Topics covered

• Why 80% of software companies exist as zombie businesses. 

• The three-word answer to escaping mediocrity: strategy, strategy, strategy. 

• Only 35% of companies actually know their competition. 

• Less than 5% seeking investment successfully secure funding. 

• How AI quadruples the number of software companies in five years. 

• Why emotional connection, not features, drives B2B sales decisions. 

• The danger of technical founders building companies in their own image. 

• Barriers to entry collapsing through tools like Lovable. 

• The need for cerebral diversity: creatives, strategists and technicians. 

• CEOs as figureheads who make their teams look exceptional.

Timestamps

00:00:00 Mark's lifelong obsession with improvement 

00:03:14 Building Boss Equity and international expansion 

00:05:00 Pattern matching across thousands of companies 

00:08:10 The 80% zombie company problem explained 

00:10:00 Strategy as the only escape route 

00:11:13 Understanding real competition and market positioning 

00:16:00 Marketing failures and disconnected sales processes 

00:18:17 Zombie loops and endless investment searches 

00:19:48 Why less than 5% achieve institutional investment 

00:22:32 AI creating the most exciting time in software 

00:26:00 Barriers collapsing and competition intensifying 

00:29:23 The rise of peer-to-peer funding models 

00:32:00 Companies reaching hundreds of millions overnight 

00:37:11 The need for cerebral diversity in teams 

00:39:30 CEOs as figureheads who elevate their teams 

00:41:05 The future of RPA and business operating systems 

00:47:38 Psychology as the key to successful deals

Resources and links

• Mark Edwards on LinkedIn 

• Tim Bond on LinkedIn 

• Outsmart Strategy  

• Boss Equity – Mark's M&A advisory firm 

• Lovable.com – No-code platform changing barriers to entry 

• FREE AI Acceleration Report

Listen now

• Apple Podcasts

• Spotify

Related episodes

• Episode 74: Marketing in an AI-first world 

• Episode 72: Building scalable software businesses

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