Sramana Mitra: The IPO window will be fine even if the market corrects itself. Most of the problem with the market right now is with the late-stage venture capital as it pertains to private businesses. I don’t think there’s a lot of problem with the public market. Art Papas: I’d like to be a little
Sramana Mitra: In a nutshell, you basically pivoted to a vertical CRM strategy and then started building out more and more verticals and developing work flow in your product for those verticals. You went after mid-market companies in each of those verticals. Art Papas: We did. We have a lot of tiny customers and then
Sramana Mitra: I get the whole vertical workflow woven into your product. Can you provide some examples of what somebody who’s buying a Salesforce.com CRM system would not be able to do versus your system? Let’s say recruitment vertical. What’s an example of workflow that’s specifically designed in your product? Art Papas: A great example
Sramana Mitra: Before we go on to 2008, give me a bit more detail about the strategy of building the business. You started with this recruiter CRM system as you described it. How much business did you do in the recruiter vertical? It sounds like that’s you’re primary vertical in the beginning, right? Art Papas: It
Sramana Mitra: Was it a large recruiting firm? Art Papas: It was mid-sized. There was about 45 people. It wasn’t a huge business. For them, all of a sudden, they’re able to service national accounts. It was a big deal during the recession. He was really looking for ways to get his business going. He was now
Sramana Mitra: So you’ve been around doing this company for a while. Art Papas: Yes, we started in 1999. I stayed at Thomson for a year after college. Then, I went and joined another startup that I didn’t enjoy at all. Sramana Mitra: You really wanted to be on your own. Art Papas: I really did.
When Art started Bullhorn, the first idea didn’t stick, and much of the venture capital raised during the first dotcom bubble was exhausted. Read how Art pivoted out of that bind, bootstrapping his way to success. Sramana Mitra: Let’s start at the very beginning of your story. Where are you from? Where were you born