Sramana Mitra: Where is the bulk of your business coming from? Is there a sector that dominates in your success?
Jana Eggers: It’s the large enterprises. We’re talking about the Global 1000.
Sramana Mitra: What industry sector? I’m trying to understand which use case is really dominating.
Jana Eggers: We aren’t saying that this is for retail, and going after retail. We’re overwhelmed with incoming leads. So many of the enterprises today realise that they’re not using their data efficiently and we’re one of those tools that can help them do that. Think of this more as business analytics that’s more of a horizontal. >>>
Sramana Mitra: How many people did you have for executing this $18 million business in 2010?
Dara Greaney: I have to go back and pull the numbers, but it wasn’t a big staff. We were keeping it pretty lean. We probably had about 30 people and about 5 or 10 on the phone doing order processing.
Sramana Mitra: You continued to keep your website development in India?
Dara Greaney: Website development stayed in India and we just kept adding new features and functionalities. Automotive parts are very difficult to catalog because you have to have the year, make, and models attributes. That was a crazy period. We had never sourced products from overseas, so we went to China and did this relationship-building. As we got bigger, we had the premium brand name. That was all new for us. None of that had been thought of beforehand. We were really opportunistic. We just looked for opportunities and just jumped on them. The research was on the back of a napkin. It really worked well for us in that period. >>>
Those of us who run web businesses know well that conversion optimization is tricky business. It is both art and science.
You need to get design elements right. You need to get messaging right. You need to get the site’s navigation flow right. You need to establish brand credibility. You need to be able to do multivariate testing to see what works, what doesn’t. You need to understand the psychology of your buyers to address objections. Blah, blah, blah …
Alphabet (Nasdaq: GOOG), previously known as Google, reported stellar results last week. The market was pleased with the performance and helped drive Google to a valuation higher than Apple. Not for long though. More recent management changes have hurt the company and the stock price has fallen some. Apple has the crown back for now.
Sramana Mitra: Now what? You’re in 2016. How big is the company revenue-wise and what do yo want to do with it? Do you want to go public? Do you want to go public in the US market?
Fred Guelen: We definitely first want to secure further growth for the next three to five years. We see great opportunity worldwide, especially in the American market. We believe that we can achieve a dominant leading position in the US market.
The Asian market is growing really fast right now. There are still huge markets out there to conquer and to enter. For example, Korea, China, and Japan. We are still enthusiastic and we love what we are doing. It would be a great outcome to have an IPO five years from now after becoming the clear world leader in this area. >>>
Most of the Artificial Intelligence recommendation engines are based on clustering algorithms and a limited number of parameters. Nara Logics is pushing the envelope on releasing both constraints, and going to a more granular level of personalisation. Read on to learn more.
Sramana Mitra: Let’s start by introducing our audience to yourself as well as to Nara Logics.
Jana Eggers: I’m the CEO of Nara Logics. I’m a mathematician and a computer scientist. I started in research and really enjoyed the business side of technology and science. I went into technology—most of the time, in emerging tech. That was my career. Nara and I found each other, I would say, because I was looking for an opportunity that married science and business. That was what I was excited about when I spoke with the team about the work they are doing in artificial intelligence, but also the neural science that’s behind the idea. >>>
Sramana Mitra: What was the average deal size? These are pretty high-ticket items, yes?
Dara Greaney: Yes, they’re pretty high-ticket items. We are looking at the $350 to $450 range, which was good because it was so cumbersome for us to get them out the door. Every order has five touch points, but we didn’t have the system in place back then.
Sramana Mitra: At what point did you start bringing in these systems and how did that proceed?
Dara Greaney: We had this in-house system that we kept building on and evolving on. Piece by piece, we would develop. We were using an offshore Indian team to develop the website for us. We had an internal person who was building some of these internal systems. They were constantly working to help evolve our catalog and just every month, do something to make things a little bit easier. >>>
Entrepreneurs are invited to the 293rd FREE online 1M/1M roundtable mentoring session on Thursday, February 11, 2016, at 8 a.m. PST/11 a.m. EST/9:30 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.