According to a recent report by Verified Market Research, the global enterprise collaboration market size is projected to grow at 9% CAGR from $29.45 billion in 2020 to $53.3 billion by 2028. Smartsheet (Nasdaq: SMAR) recently announced its third-quarter results that continued to outpace market expectations.
>>>Sramana Mitra: There are some pedagogy that we have come to understand. As I told you, I’ve done thousands of case studies. I have a lot of insight into how people have played their hands. Because you have domain knowledge, a very common way is to verticalize and go after specific verticals.
Vamsi Kora: That’s exactly what we did. If you look at our customer base today, every one of them is in either insurance or banking. We are also very specific. I came to realize is that this blind belief that playing to your strength always appeals to me. Everybody has their strengths and weaknesses. Playing to your strength always gives you so much freedom and opportunity.
>>>If you haven’t already, please study our Bootstrapping Course and Investor Introductions page.
Dan Stewart was a 1Mby1M entrepreneur when we spoke in 2017. Read how he navigated his way to an inflection point that brought him to the cusp of 4x growth.
Sramana Mitra: Let’s start at the very beginning of your journey. Where are you from? Where were you born, raised, and in what kind of background?
Dan Stewart: My family moved around quite a lot as I was growing up. I rarely stayed in a school for more than a year. That took me from West Virginia and Chicago, down to Florida.
Sramana Mitra: Which platform was the first one that you started getting traction on?
Andrew Chan: Shopify and eBay as well.
Sramana Mitra: Just to get a feel for this strategy, what you’re describing is a strategy that we have picked up on from various case studies that we have covered. We call it Bootstrapping by Piggybacking on Platforms. It’s a strategy of going to market that is working very well for a lot of small startups. As you pointed out, you’re going to market without a sales team. You are able to go to market by riding on somebody else’s marketing channel.
>>>Recently eSignature player DocuSign (Nasdaq: DOCU) announced its third-quarter results that surpassed market expectations. But its outlook for the fourth quarter was disappointing, which sent its stock down by more than 40%.
>>>Vamsi Kora: We decided to focus on our core strength, which is leveraging platforms and products that exist in the marketplace and leverage our services that we built so far, keep maturing them, and provide these as accelerators. In that sense, this is more akin to the business approach of Palantir.
You bring two critical aspects. You bring industry expertise and become a true partner for a CIO, Chief Data Officer, and Chief Digital Officer. You augment that with these accelerators that we built that help them think about the right combination of tools for them and argue why specific set of tools are needed or not needed.
>>>Andrew has built AfterShip by heavily leveraging the e-commerce Platform-as-a-Service (PaaS) Marketplaces. Read on for more.
Sramana Mitra: Let’s start by introducing our audience to yourself as well as AfterShip.
>>>The global cloud database and Database as a Service market is forecast to grow at 15% CAGR from $12.54 billion in 2020 to 2028. MongoDB (Nasdaq: MDB), a leading player in the market, recently reported its third-quarter results that continued to surpass market expectations.
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