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Best of Bootstrapping: Inspyrus Bootstraps Using Services to an Awesome Business Model

Posted on Friday, Feb 28th 2020

We’ve shared many Bootstrapping Using Services case studies with you here, as well as in the book on that topic. Inspyrus CEO Nilay Banker’s story is particularly interesting because of the absolutely awesome business model that Nilay and his team have implemented. Read on!

Sramana Mitra: Let’s go to the beginning of your personal journey. Where are you from? Where were you born, raised, and in what kind of background?

Nilay Banker: I’m from India, born and brought up in Ahmedabad, which used to be a sleepy town when I was born and growing up. It has now blossomed into a sprawling metro. It’s one of the five largest cities in India. I had a very interesting childhood. I grew up in a family of professionals. My father is an architect. My mother is a doctor. Pretty much, every person in my family is a professional with very few people who are not doctors. I consider myself a black sheep in the family.

When I was growing up, I wanted to be a doctor as well until one fine day when I got my hands on a computer and started making computer games. That’s when I fell in love with computer science. Within two days, my life changed. I no longer wanted to be a doctor. I was very fortunate to get the right opportunities at the right time in my school years and in my career.

Sramana Mitra: Did you do your undergraduate in India?

Nilay Banker: Yes, I did my undergraduate in India. I had an opportunity to get my Master’s in Computer Science at Stanford. That is what brought me to the US. I had a fantastic couple of years at Stanford. I’m still very connected as an alumnus. A lot of my colleagues have gone on to do great things in Silicon Valley and elsewhere.

Sramana Mitra: You did Computer Science at Stanford?

Nilay Banker: Yes.

Sramana Mitra: What years were you at Stanford?

Nilay Banker: I graduated in 1994 so I was there from 1992 to 1994.

Sramana Mitra: What happened after you graduated? This is the beginning of the commercial Internet. My career in Silicon Valley also started around that time. What did you do right after Stanford?

Nilay Banker: Exactly. That was the days of the first browser. This was even before Netscape was born.

Sramana Mitra: Mosaic, yes.

Nilay Banker: Yes. It’s very interesting how the email generation and the Internet generation was born at that time. Interestingly enough, I remember the days of Compuserv and AOL where we connect to those Internet services through modems with a telephone line. I remember doing all my reservations for vacations through Compuserv. Where we are today is just fantastic. That’s where the journey began.

My first job was with Oracle in California. I got an opportunity to do some significant things in a really small group in Oracle. In those days, Oracle was a much smaller company. I believe it had less than 5,000 people. Now it has over 120,000 people. I got to see the growth at Oracle as well. More importantly, I worked in a very small group which worked and developed things like a startup – the feel of what a startup is, how you stay up for 16 hours a day, then developing a product, and getting millions of dollars of revenue.

In those days, there was no product. There was no direction. We just came up with ideas on the fly. What started off as just a skunkworks project ended up being a very successful product at Oracle. It was part of the application server group. That has now become their web center portal product, which has a lot of success in the market. I remember the days when the team grew from three people to 120 people. That was just a fantastic experience for me.

Our conversation continues here.

This segment is a part in the series : Best of Bootstrapping

. Bootstrapping to an Exit
. Why is Bootstrapping Important?
. How Can You Play this Low-Probability Game Intelligently?
. Do NOT Go to VCs as Beggars - Go as Kings
. Excess is NOT Required for Success
. Bootstrap First and Raise Money Later
. Some Bootstrapping to Exit Case Studies
. The Buy Side of Bootstrapping to an Exit
. Blitzscaling vs. Bootstrapping
. Bootstrapping to Unicorns
. Cinedigm Acquires Bootstrapped 1Mby1M Company Future Today for $60 Million
. Mailchimp Bootstraps to $600M Revenue
. Bootstrapping from Arizona to $10 Million
. Bootstrapped Basecamp Executes a No Nonsense Strategy
. How Under30Experiences Bootstrapped to $5 Million
. Bootstrapping with a Paycheck
. How CEO Amjad Hussain Bootstrapped using Services from Michigan
. Seed Investors Who Like Bootstrapped Businesses
. How iHeartRaves CEO Bootstrapped a Niche e-Commerce Company to $20 Million
. Bootstrapping with Services
. How The Intern Group CEO David Lloyd Bootstrapped to $13 Million
. How Passageways CEO Paroon Chadha Bootstrapped from Indiana
. How SmartBuyGlasses CEO David Menning Bootstrapped to $50 Million
. Death by Overfunding
. How RainmakerForce CEO Mack Sundaram Bootstrapped Decisively to $5 Million+
. How FormAssembly CEO Bootstrapped a Virtual Company with a Paycheck
. TimeSlips CEO Mitch Russo Bootstrapped to Exit with Sage
. The VC-Entrepreneur Compensation Disbalance
. BioConnect CEO Bootstraps with Sophisticated Strategic Maneuvering
. Tremend CEO Marius Hanganu Bootstraps from Romania
. Gesture CEO Jim Alvarez Bootstraps to $10 Million
. SproutLoud CEO Bootstraps to $30 Million from Florida
. Tuft & Needle CEO Bootstraps to Over $100 Million
. Co-founders Bootstrap Linguamatics to Over $10M from the UK
. Ownership Matters
. Vainu Co-founder Mikko Honkanen Bootstraps from Finland
. Entrepreneur Couple Bootstraps to $10M from Colorado
. Power2Motivate CEO Bootstraps to $80M from Canada
. Financial DNA CEO Bootstraps to $10M+ from Australia
. Big Barker CEO Bootstraps a Niche E-commerce Brand
. PrecisionLender CEO Bootstraps to Over $10M from North Carolina
. Master Bootstrappers with Over $1B in Exits
. Ultra Mobile Founder Bootstraps to Over $100 Million
. Bootstrapping a Two-Sided Marketplace to $10M
. Can You Bootstrap a Virtual Company to Over $5 Million?
. Capital Efficient Entrepreneurs Turn $1M into $80M
. Discussing the Journey Through Failure to Success
. From a Small Town to $12 Million
. Bootstrapping to Y Combinator and $10 Million Series A
. Bootstrapping a Marketplace to Over $10 Million
. Freightwise Bootstraps to $33 Million
. Bootstraps First to $5M ARR, Raises $10M Later
. Bootstraps in Europe, Raises Money and Goes Global in the US
. English Major Bootstraps a Tech Company
. Bootstraps with a Paycheck to $15M from Tennessee
. Queue-It Bootstraps from Denmark to the US
. Bootstrapping A Virtual Company To $25M
. ActiveCampaign CEO Bootstraps Using Services to $40M
. Alteryx Bootstrapped with Services to a Public Unicorn
. Inspyrus Bootstraps Using Services to an Awesome Business Model
. CEO Bootstraps Using Services to Millions from Russia
. Wiredrive CEO Bootstraps Using Services to $10M
. Scaling to Over $10M by Bootstrapping Using Services
. Bootstraps Using Services from Poland to a US SaaS Company
. ButcherBox CEO Bootstraps a Perishable Meat Business to Significant Scale
. Waveform CEO Bootstraps to $8M
. Bootstrapped Entrepreneurship from Estonia
. From Laid-off Engineer to Successful Startup CEO
. Imagine Easy Solutions CEO Bootstraps to Exit
. BannerBuzz CEO Bootstraps to $35M
. Bootstrapping a Virtual Company to Scale
. Bootstrapping Using Services from Wisconsin
. Best Tactic for B2B Startups
. Bootstrapping by Piggybacking from Romania
. Bootstrap First, Then Scale with VC Funds
. Bootstrap to +$10M First, Raise Money Later
. Madwire CEO Bootstrapped First, Raised Money Later to $120M
. Bootstrap Using Services First, Raise Money Later
. Wonderful Bootstrap with a Paycheck Story
. RushOrderTees CEO Bootstraps to $23M
. Bootstrapping with Freemium and Free Trials to $13M
. Bootstrapping, Pivoting, Gaining Liquidity, Scaling to $100M+
. Bootstrapping with Affiliate Marketing

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