Sramana Mitra: We’re talking 2010 now? Dave Elkington: That experience was in 2011. Sramana Mitra: Where were you revenue-wise at this point? Dave Elkington: We were probably doing $6.5 million. A lot of companies in the SaaS space talk about bookings. When you’re bootstrapped, that gap is the only important thing that exists and most
Sramana Mitra: When you went to raise from this Manhattan firm with healthcare industry folks out there, what stage were you in? Did you already have a product? Did you have customers? Bill Moschella: We actually did. By the time the raise goes down at the end of 2011, we had a decent customer base.
Sramana Mitra: How did you come up with this? You were working with enterprise customers and requested this functionality? What was the process of coming up with this particular product? Robert Castles: That’s a great question. We have been doing much of what our product is today in a more ad hoc manner. We were
Sramana Mitra: Let’s get down to the specifics. We understand iteration. We’ve heard this many times. It’s part of our philosophy as well in terms of the methodology of how we train entrepreneurs. We are completely on the same page with you. Specifically, what were you selling? What was the segmentation emerging out of this
Sramana Mitra: What form did the idea take? When you decided that you were going to build your own product, you said you observed the gap in the CRM space within the healhcare market, what format did this idea evolve into? Bill Moschella: It evolved into what it still is today. We built a healthcare
Sramana Mitra: How did things progress from there? What’s the next major milestone after this? Joe LeCompte: We turned from website development into custom development jobs—not so much of web applications, but more of dealing with local companies and helping them solve business problems. We worked with Delta Airlines and Kimberly-Clarke. Robert Castles: We found
Sramana Mitra: I actually have a BMW 3 Series that I categorically lease. I change them every three years. Dave Elkington: It’s uncanny. Every time I give the example, there’s a 90% overlap. People cluster with other people who behave similarly. What I needed to build was a massive engine that collected all of those
Sramana Mitra: At what point does the strategy change? You described one strategic change which went from pure services to multi-year contracts and then to reselling other people’s software. What’s the next major change in strategy? Bill Moschella: The next major change in strategy happened somewhere around 2007 where the reselling of original equipment manufacturing