During this week’s roundtable, Ricky Joshi, Co-founder at Saatva, shared the story of growing his company from 0 to over $150 million in seven years. This is pretty much venture scale growth. The best part of the story is that the company has raised no VC money at all. Wonderful conversation about a capital-efficient, deeply disciplined company.
As for the pitches, Victor Lim from Phoenix, Arizona, pitched Auxo, a professional networks focused on empowering small businesses with content marketing. There are some strategic shifts necessary to make this work.
Next, Susobhan Dey from Bangalore, India, pitched HamaCare, a network of doctors and patients who want to interact through video/phone, and are empowered by a predictive analytics engine that looks at their test data and predicts future health problems. Very promising company!
Sramana Mitra: What year are we talking about?
Vaclav Muchna: 2003. In 2002, we launched that web server. We had to produce 20 terminals and we had no money. I tried to go to the bank but, of course, they didn’t let us borrow anything. There were only few VC funds. The VC market almost didn’t exist. The few VC funds that existed said that this was not an interesting project. Eventually, I found a business angel. He lent me money personally – not to the company. You can understand the impact on liability. The interest rate was 40% per annum.
Sramana Mitra: My goodness. >>>
Today’s 348th FREE online 1Mby1M roundtable for entrepreneurs is starting NOW, on Thursday, April 13, at 8:00 a.m. PDT/11:00 a.m. EDT/8:30 p.m. India IST. Click here to join. All are welcome!
Many expected the Snap IPO earlier this year to help drive more tech Unicorns into the public markets. Some have followed suit and listed, but to rather unimpressive results. One such company is IT solutions provider Presidio.
Today’s 348th FREE online 1Mby1M roundtable for entrepreneurs is starting in 30 minutes, on Thursday, April 13, at 8:00 a.m. PDT/11:00 a.m. EDT/8:30 p.m. India IST. Click here to join. All are welcome!
Sramana Mitra: How do you do that? How do you take an internal operation and turn it from a cost to profit center? What did you that was innovative there?
Nilay Banker: That’s a great question. It all starts with making sure that you can achieve process efficiency. Process efficiency, in this case, is how long does it take for you to process an invoice that a supplier sends you and eventually make the payment to the supplier. We started off with that as the core of the solution – helping automate that business process and getting it down from 20 to 25 days to 2 to 3 days. >>>
Vaclav Muchna: The three of us started again. I kept 20% and they both got 30%. We started again without really knowing what to do next. One customer came and said that they would like us to develop a software that would secure printing. They wanted to remove 200 desktop inkjet printers and install 20 shared network printers. The problem was that if you print something on a network printer, you have a problem with data protection.
They wanted us to make a system where documents would not print unless you go and swipe your badge on the printer. We developed that and thought that it was interesting. We worked for that customer so we knew that the industry was going towards removing these inkjet printers and work with centralized >>>
In order to give focus to some major changes she sees on the horizon, Sramana Mitra has written several pieces that grew out of her original article, Man and Superman: Human History Bifurcates. The previous articles in this series: Two Distinct Species, What CAN Be Controlled?, and Rationalizing Populations. Please share your thoughts and help get the conversation going.
The basic principle of Democracy is rooted in Humanism. Every life is equally precious and worth preserving.
It seems though that with the Man and Superman bifurcation, this sense of equality is no longer sacrosanct.
If these two segments of the population need to work within the same social structure, with the assumption that each person has one vote, then Man can pretty much steamroll Superman’s interests.