We’re always impressed by entrepreneurs who manage to build sizeable companies without outside capital. Read how Cleverbridge has maneuvered to $40 million in revenue and doesn’t want to deal with venture capital and private equity. Sramana Mitra: Let’s start at the beginning of your story. Where are you from? Where were you born and raised?
Entrepreneurship is a marathon, not a sprint, usually! Persistence pays, as Henry’s story beautifully illustrates! Sramana Mitra: Let’s start at the very beginning of your story. Where were you born, raised, and in what kind of circumstances? What is the backstory to the Limeade story? Henry Albrecht: I was born and raised in Seattle, Washington.
Sramana Mitra: Are you building the whole organization in Utah? Dave Elkington: Yes. Here’s why. I’m maniacal about that. I drive everybody crazy. So much of a business, especially in hyper growth, happens ad hoc. It happens in the hallway. It happens in ad hoc meetings. If you distribute your leadership team, you impair them.
Sramana Mitra: In terms of your own customer acquisition, is it all direct selling? Do you have a field sales force? Bill Moschella: Yes, we have field sales and partner channel as well. We have an awesome partner channel team who are from Cloudera, Microsoft, and Oracle. They are now on-board and doing an amazing job.
Joe LeCompte: We have always been self-funded. It’s been a strategic decision because we feel that we didn’t need any funding. Also, we feel that if we did potentially accelerate growth, it would take our eye off the ball. It would take our focus from providing value to our customers to a different cycle. We were now
Dave Elkington: Everybody who was willing to give us term sheets were great firms but what mattered to me was the cultural fit. Ultimately, we did $35 million from US Venture Partners. It was because I had Steve Krausz and Dafina, who were one of the newer partners. They were the right people. I loved their
Sramana Mitra: Let’s say you do that segmentation and figure out where the gap is. Do you also handle stuff like Google PPC campaigns for them? Bill Moschella: Yes. They can either use their own agency, do it internally, or use our media-as-a-service where they pay a subscription cost to the media and then we
Sramana Mitra: In 2006, you had this product out. Relatively soon, you have three paying customers. What happens next? What was the next major strategic move? Joe LeCompte: The primary move was the IT focus. ITIL was really hot in 2008 to 2010. IT was looking for a way to better interact with their end