Sramana Mitra: Why is the rate of adoption not faster? Why is it that just that 200 corporations are the only ones adopting this?
Rob Bonavito: It’s a newer approach to sourcing. It gives you a lot more capability. The larger corporations are starting to look at it more. Like anything else, it starts to trickle down. We’re starting to see more interest from smaller-sized companies. >>>
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Today’s 354th FREE online 1Mby1M roundtable for entrepreneurs is starting in 30 minutes, on Thursday, May 25, at 8:00 a.m. PDT/11:00 a.m. EDT/8:30 p.m. India IST. Click here to join. All are welcome!
According to IDC, the overall wearables market grew 3.1% over the year in 3Q 2016 with total wearables shipments at 23 million. Basic wearables, which primarily comprised of fitness bands, accounted for 85% of the market and recorded double-digit growth. Smart wearables capable of running third party apps are expected to continue to struggle in the near term. Overall though, growth has fallen considerably from the more than 40% growth rates projected back in 2013. This slowdown in market pace has already translated to a significant devaluation of existing players.
Sramana Mitra: What year did you start the corporate business?
Greg Besner: 2002 is when Sarbanes-Oxley was made effective. I actually don’t remember exactly when we launched with our first corporate client but it was probably in 2003.
Sramana Mitra: What was the sales model for the corporate business? At that time, were you selling on the phone? How were you getting those customers? How were they finding you? What was the method of selling? >>>
Sramana Mitra: What are the nuances of that? How do you accomplish that objective?
Rob Bonavito: It’s a special algorithm that looks at multi-stage optimization. It you think in terms of someone that’s making a cake, you could potentially buy a cake pre-made. You could have several options in terms of ingredient providers and also service providers that would play into the whole supply chain. To be able to determine which route or supplier would provide the most cost effective solution, it takes a series of analysis that goes through an optimization algorithm. >>>
Data protection solutions provider Druva was born in Pune but moved to Silicon Valley to create a global product company. It has been executing solidly and quietly without too much hype. >>>
Sramana Mitra: In your situation, having worked in finance, very often, there tend to be good friend investors. As angels, they act as friends and family angels. I love what you said that you raised money from your customers. It’s something that we’re talking about from a methodology point of view.
We have done a few case studies of entrepreneurs who have basically raised money from their customers, which is a fantastic way to raise money because not only do you get the customers in as investors and promoters of what you’re doing, you’re also getting actual revenue into the company from these customers. Across the board, >>>