According to IT Spending in Banking: A North American Perspective, a report published by Celent, US financial institutions were expected to spend nearly $48.9 billion on IT initiatives in 2013. The study found that of this spend, $11.4 billion would be incurred on new initiatives. Banks are increasing their presence online and the new initiative spend is going toward improving their capabilities for online, mobile, tablet, and other self-service capabilities.
Sramana Mitra: How long did it take you to get the product to market?
Ali Behnam: Probably about a year. We had an early version of the product that we released in January 2011 but didn’t do everything we wanted it to do. Another six months later in July of 2011, we finally launched Tealium IQ which is the basis of the product that we’re still selling today. If you take the development from beginning all the way to the launch of Tealium IQ, we’re talking about a little less than a year.
Sramana Mitra: That’s only true if you’re looking at those local types of businesses. We work globally and we work on only digital entrepreneurships – IT, IT-enabled services types of businesses. That’s non-local and a lot of it is very scalable. We’re seeing a lot of interest from entrepreneurs all around the world – not just from the United States.
Todd Hitchcock: I absolutely agree. Traditionally, we work with colleges and universities to put those programs in place driven by their region. I think you’re hitting on a macro trend. There is tremendous opportunity for international entrepreneurship programs. To that end, it hasn’t been one that has been brought to us by a specific partner yet. I think you’re really catching on something that has tremendous possibility.
Entrepreneurs are invited to the 212th FREE online 1M/1M roundtable mentoring session on Thursday, April 24, 2014, at 8 a.m. PDT/11 a.m. EDT/8:30 p.m. India IST.
If you are a serious entrepreneur, register to “pitch” and sell your business idea to Sramana Mitra. You’ll gain straightforward feedback, advice on next steps, and she’ll answer any of your questions. Others can register to “attend” to watch, learn, and interact through the online chat.
In case you missed it, you can listen to the recording here:
According to a Gartner research report, an organization spends nearly 2% of its payroll cost on traditional employee recognition expenses. A study conducted by IDC in 2012 estimated that the North America employee recognition market will grow 8% annually over the period 2011 through 2016. The market was worth $22 billion in 2011 and was projected to reach $32 billion in 2016.
VentureBeat follows the annual Game Developers Choice Awards and how the issue of diversity is taking centrestage. For this week’s posts, click on the paragraph links.
Sramana Mitra: You wanted to make the switch to a product company with a hypothesis that this is what you think is needed in the market. You wanted to switch off your consulting business and turn it into a product company in 2011?
Ali Behnam: A big part of the product that we had built was taking all the different use cases that we were solving for our customers. Different customers have different use cases. Through our engagement with various customers, we had seen a lot of different use cases that we needed to satisfy for our product to function properly. We wanted to make sure that the first iteration of the product could actually satisfy a lot of those use cases because those were the common problems that we were seeing among many customers – not just the ones that we were consulting. Thanks to our consulting background, we were able to see so many problems that prospects face and we ended up building up a product that could satisfy those use cases. >>>