Sramana Mitra: What is the minimum revenue threshold you think you need to get to achieve that? Jon Ellis: My opinion is you need minimum revenues of about $50 million. However, plenty of companies especially in Australia, IPO at the level that we’re at now. Sramana Mitra: I don’t think that’s a good idea necessarily.
Jason Westland: We’ve been able to retain our vertical market there. Our nearest competitor is Clarizen. They have a Gantt. It’s technically just a read-only Gantt chart. It does work for small projects but the account size is very limited in Clarizen because of the inability to handle large volumes. The way I think about
Janet Kosloff: In the pharma industry, they tend to do these very long tracking surveys. They’ll do them quarterly or maybe every other month. They’re very expensive. Brands could spend many millions of dollars on these tracking surveys. They take a long time to execute each wave and it takes a long time to analyze
Sramana Mitra: In 2016, have you raised more money? Jon Ellis: We’re about to. We’re just raising now. We opened on Tuesday. We received a commitment from shareholders already for $3 million, and we intend to raise $7 million. Sramana Mitra: What does that mean? Is this some sort of a stock exchange in Australia?
Sramana Mitra: A bit of question about your sales cycle. At 2014, you’ve been in the market for a couple of years. You’ve got good reference customers. How did the sales cycle evolve? Janet Kosloff: It definitely got easier to get appointments as we got some recognition and references within companies. If we would get
Sramana Mitra: In 2015, your entire strategy was focused on Australia, China, and UK? Jon Ellis: It was. It was until we had our A round funding. Sramana Mitra: I was actually coming to that. You raised money in 2015? Jon Ellis: Yes, in the middle of 2015. Sramana Mitra: Tell me about that. Jon
Sramana Mitra: You said you started the company at about 2008 around the financial crisis. It took you nine months to get the first product out. The first product didn’t work. Can you put this in a timeline on when the traction actually started? Jason Westland: It actually started in January 2010. We had, what
Sramana Mitra: When 2012 ended, what kind of revenue level did you get to? Janet Kosloff: At the end of 2012, we ended up with about a million dollars in sales. That was our first full year in business. At that time, we ended up raising our small venture round. Sramana Mitra: With which firm?