Capital Efficient Entrepreneurship: Don Mal, CEO of Vena Solutions (Part 2)

Sramana Mitra: You grew up watching that way of life or owning your own business. That’s very common actually. I’m also an entrepreneur’s daughter. It makes that very big difference.

Don Mal: I used to help my father in different roles. When I turned 16, I actually got a job selling insurance to fishermen. There is a company that sells accident insurance to fishermen. They hire kids in school. I got this job where I drove to the fishing docks.

As fishermen used to come in with their catch, I would sell them a $10 insurance policy that would protect them if they lost an 

arm, ear, or eye. I ended up selling a lot of insurance. I realized that sales is something I’m good at. That was my first thing. I also got involved in music. I was lead singer in a band performing on stage. I actually dropped out of university to pursue a rock and roll career. We got signed by a record label. We recorded two albums and had songs on the radio, but not big hit singles.

Sramana Mitra: What years are we talking?

Don Mal: This is early 80’s. I did university for two years and then I dropped out to pursue rock and roll. To support myself financially, I got a job selling stereos at different stores around Toronto. I pursued that rock and roll career. What I realized was I was really good at selling stereos.

I asked my boss one day, “How good am I?” He said I’m in the top three. But I wasn’t making much money selling stereos and my rock and roll career was not going anywhere. At that point, I wanted to switch to an industry in sales that paid more. I asked my friends what the hot industry was.

My cousin who was in the computer hardware industry said, “If you want to get into where all the money and action is, software is becoming the hot thing.” It was ’86 when I got my first software job. I picked up a few PC magazines and learned about the hot software of that time. I applied for a job I saw at a job board. The company ended up being SoftKey Software.

Sramana Mitra: In Toronto?

Don Mal: Yes. Do you watch the show Shark Tank?

Sramana Mitra: I watch it from time to time.

Don Mal: Kevin O’Leary is one of the sharks. He was my first boss in software. He was the CEO of SoftKey that eventually sold for $4 billion. Right away, I had a boss like Kevin. He was all about making money.

Sramana Mitra: What year were you selling software?

Don Mal: ’86.

Sramana Mitra: Before the Internet, were you selling packaged software?

Don Mal: Yes. In fact, SoftKey’s mail list management software was the hottest product in PC Magazine. You’d put in a database and get your labels to put on envelopes.

This segment is part 2 in the series : Capital Efficient Entrepreneurship: Don Mal, CEO of Vena Solutions
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