Manmeet Singh: I stayed on my course. VCs were not ready to put in money. If you look at history, that was the worst time to raise money. That was the time that I had to go from one angel to another. I did coffee and lunch where I invited 10 to 20 people. Five
Sramana Mitra: Up till what point were you operationally involved? Beerud Sheth: I was there until 2005, or about seven years in the company. In 2001, we started this enterprise software and we sold it in 2007. While the company was heavily focused on the enterprise side, I was a little less interested in that part.
Sramana Mitra: Before you resigned, the site had already gone live? Jodie Fox: That’s right. The website broke-even within the first two months. We still have savings that we were relying upon, but it meant that there was financial security in the company. Sramana Mitra: When you say it broke-even in the first two months,
Sramana Mitra: This is from VCs or angels? Manmeet Singh: It was angels but most of these angels were working as partners in large VC corporations. They go personally to these conferences. They came by my booth, saw my idea, and asked me, “How many people?” I told them three. They were interested and asked me if I
Sramana Mitra: The movement right now is very much in favor of Elance. oDesk is more our platform but it’s the same concept. The only way I can run the company is because of what you’ve invented. However, I have always been a bit early in things. I did a fashion company in 1999. That
Sramana Mitra: What year are we talking? Jodie Fox: We went live in October 2009. The idea started to come together at the end of 2008 and the beginning of 2009. Sramana Mitra: How did you get it off the ground? Did you self-finance it? How did it all come together? Jodie Fox: We bootstrapped
Manmeet Singh: I started thinking of better ways to secure data. That’s when I started thinking about data masking. Data masking can keep the data relevant and useful for non-production, and in certain cases, production environment also and take the personal PII and PCI values out of it. I found a couple of people who
Sramana Mitra: What in your background made you think about Elance? Beerud Sheth: I think it’s actually connecting a lot of dots for me. Sramana Mitra: It’s always easy to connect dots when you’re looking back. Beerud Sheth: We actually approached it that way. As an Indian, you know that there are millions of talented