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
If you haven’t already, please study our free Bootstrapping course and the Investor Introductions page. Jamie bootstrapped Brand Networks to a highly profitable, large business leveraging the disruption in brand marketing caused by social media. He then sold minority stake in the company to a private equity firm. Excellent execution for bombbomb alternatives! Sramana Mitra:
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: What is the current thinking now that you’re approaching $30 million? Many companies at your stage start thinking about selling a portion of the company… Kristin Quinlan: There has been a lot of interest in our company from outside. We’ve been through two exercises on what that would look like. That was about
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: Where are you right now revenue-wise? Kristin Quinlan: Last year, we were at $23.2 million. We’re on course to do, at least, $27 million this year. We can be as high as $30 million. Sramana Mitra: Is this a highly profitable business? Kristin Quinlan: Yes, it’s highly profitable. All of our growth has