Sramana: How did your strategy work when it came to reaching credit unions?
Tommy Petrogiannis: We ended up partnering with CUNA which does the technical due diligence for a community of 700 credit unions who do not have the technical resources to do that internally. CUNA will make recommendations for the best suppliers in any give space.
Sramana: Where are you now in terms of revenue?
Tommy Petrogiannis: We are in the $20 million zone. Over the past four quarters, our new business bookings have been growing 30% per quarter. We are helping ourselves by making the product easier to find and evaluate. We have had some major customers become customers very quickly through self-guided evaluations. >>>
Sramana Mitra: How did you go around that problem?
John Sundberg: We took the product and we broke it up into a whole bunch of smaller pieces. That big suite application had a survey application, scheduling application, workflow application, and form generation system. We broke them into smaller pieces so that we could then add in a complementary way. They had their existing pieces and it’s easier for us to sell a survey capability to add to their existing system. We effectively made a whole bunch of applications that were add-on in nature rather than core in nature.
Did you know that the core technology at the heart of apps like Uber and Lyft is a relatively lesser known cloud-based communication platform called Twilio? Read on!
Sramana Mitra: Let’s introduce our audience to yourself as well as Twilio to begin with.
Jeff Lawson: I’m the CEO and Co-founder of Twilio. Twilio is communication-as-a-service. What we do is we allow companies to use our communication infrastructure running in the cloud to build and innovate applications that they need to communicate. Customers span companies from the Fortune 500 to innovative startups like Airbnb and Uber. They use Twilio’s communication capabilities to fundamentally create a better customer experience that closes the loop in some kind of application that needs to talk to human beings. >>>
In case you missed it, you can listen to the recording here:
Entrepreneurs are invited to the 230th FREE online 1M/1M roundtable mentoring session on Thursday, September 18, 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.
An IBISWorld research report published earlier this year pegs the US home goods market which includes furnishings, furniture, and décor products to be worth $30 billion this year. The industry is estimated to have grown 2% annually over the period 2009 through 2014. While the industry is dominated by the traditional brick and mortar stores, the online sector is gradually establishing its presence. Analysts estimate that a mere 6% of the market is currently catered to by e-commerce.
Sramana: It sounds like the legitimacy of e-signatures for legal purposes really changed the entire direction of the company.
Tommy Petrogiannis: That really changed us as a company because we moved from within the walls of an organization to outside the walls of an organization. We gave them the ability to interact with customers without making them wait for paperwork or making them come into the branch.
Sramana: Which verticals are your primary adopters today?
Tommy Petrogiannis: We generated 70% of our revenue today from banks and insurance companies. The government generates 15% of our revenue and a bunch of other verticals are starting to rise up. Healthcare is the next big vertical that is rising up. >>>
Sramana Mitra: If I got this right, you were drawn into this Remedy projects and as you were working on these, you saw the opportunity to build framework around the various Remedy problems that you were seeing and be able to productize what you were doing as projects essentially.
John Sundberg: I see it a little bit differently. I saw a business problem that people had and the common tool was Remedy. Therefore, I used the Remedy tool to solve these common business problems. You described it as Remedy problems. I describe them as business problems. Remedy was just the tool that usually got me invited to the party, so to speak.