SM: Tell me about selling Crystal to Seagate. Did they come to you? TC: Yes. We were doing our thing out of Vancouver. We had grand visions of being a huge company. I remember thinking if we ever got to $20 million I would die a happy man.
SM: Did you have the same business model approach with Microsoft as you had with Borland? TC: Yes. We put some ‘nag ware’ in the product to check for updates. When you started Crystal Reports it said ‘Welcome to Crystal Reports, please register now or later’.
SM: What was the first product you built for your customers? TC: We built a little product called Quick Check, which was an instant check writer. The existing accounts payable function only let you write a batch of checks, which was problematic when the courier showed up with a COD. Our little product allowed small
SM: Let’s start by talking about your background. Where are you from? TC: I am from Vancouver, Canada. My family grew up in Montreal and my father moved to the west coast in the 1960s. In Montreal there was a group called the FLQ [Front de libération du Québec] that started to terrorize the city
SM: Are you seeing a lot of transactions in very inexpensive real estate? PF: The annualized transaction rate is 5 million units right now. That compares to 7 million at the peak. It is a fairly steady pace. In certain regions 80% of all transactions are distressed, meaning they are either short sales or foreclosures.
SM: Newspapers are definitely struggling, especially with their top classifieds such as jobs, travel and real estate. PF: That market is absolutely gone for them. Most of it has moved online; some of it has evaporated. Total spend has come down. We provide free to list.
SM: How many consumers are you touching right now? PF: Over 5 million unique users monthly. Trulia is one of the largest real estate sites in the US and is growing very rapidly. We want to grow more.
SM: You were also providing information regarding the price surrounding properties had sold for. Where was that data coming from? PF: Initially it was coming from listing agents who said they sold a property. They were promoting the fact that they had sold the property, so we simply tagged the property as sold and gave