Today, we will look at Arizona’s entrepreneurship eco-system.
What I love about Arizona’s eco-system is that the entrepreneurs have a strong tradition of bootstrapping.
We first covered CRM software company Infusionsoft back in 2011.
Today, the company has over $100 million in revenue and has raised almost $150 million. It is the highest valued company from Arizona.
Online mattress is the hottest e-commerce category these days, and here is yet another one delivering venture-scale growth without venture capital.
One of my favorite entrepreneurs, Heidi Jannenga, and her co-founder bootstrapped WebPT to significant traction, then raised a small angel round. 2016 revenue was $40 million. The company has sold 51% stake to private equity and the founders have already experienced significant liquidity. Excellent story of a female entrepreneur who doesn’t make excuses. She just executes.
Jeremy Young is a serial bootstrapper. He has built a wonderful e-commerce business similar to Groupon, but with no outside money.
A smaller company, Axosoft, is led by Hamid Shojaee, who wrote a provocative blog post titled: ARIZONA MAKES WORKHORSES—NOT UNICORNS—AND THAT’S A GOOD THING
His journey is at: Bootstrapping with a Paycheck: Axosoft CEO Hamid Shojaee
More Arizona startup stories:
As for investors, Ron Heinz, Founder and Managing Director at Signal Peak Ventures, a venture firm operating mostly in the Rocky Mountain corridor, discusses what’s happening in Utah, Colorado and Arizona. Today, there are over a thousand funded startups in those geographies.
Photo credit: Alan English CPA/Flickr.com.