Building an Analytics Company to $10M+ in Revenue: Mode Analytics CEO Derek Steer (Part 1)

Analytics has been one of the most active areas of entrepreneurship in this past decade as data has exploded up and down the value chain.

This is an exciting journey of a company in the space.

Sramana Mitra: Let’s start at the beginning of your journey. Where are you from? Where were you born and raised? What kind of background did you have?

Where Can I Find Case Studies of How Entrepreneurs Build Tech Companies?

If you haven’t already, please study our free Bootstrapping course.

This is a question we get all the time, in its myriad variations.

Where can I find MBA case studies for free?
Can a solopreneur build a successful tech business?
What are examples of Indian entrepreneurs who have built successful tech companies?
Are there examples of Unicorn companies that were bootstrapped?
Can you start a company without giving up your day job?
How do I develop entrepreneurial skills?
Do women entrepreneurs build Unicorns?

Well, I have a concrete set of suggestions for all of you looking for case studies.

>>>

Bootstrapping to $10 Million: Coalition Technologies Co-Founder Jordan Brannon (Part 5)

Sramana Mitra: Your primary business has been the e-commerce services business. You sunsetted the call tracking business. Then the rest of the product portfolio supported your services business. There was no other product that really took off, but you have more products that you have introduced to the market.

Jordan Brannon: Yes. We have a couple of smaller paid recurring apps. We have automated backup solutions for both Shopify and BigCommerce stores. Then we also have the LMS platform. We also have that recruiting software, which is now being used by about 800 companies. 

Bootstrapping to $10 Million: Coalition Technologies Co-Founder Jordan Brannon (Part 4)

Sramana Mitra: What revenue level did you close 2012 at?

Jordan Brannon: We finished 2012 at $1.5 million at about $125,000 per month. 

Sramana Mitra: What happens in 2013?

Jordan Brannon: 2013 was another growth year for us. We finished the calendar year just under $2 million. We had about 30% growth that calendar year. The product solution was incrementing close to 20% of our revenue.

Bootstrapping to $10 Million: Coalition Technologies Co-Founder Jordan Brannon (Part 3)

Sramana Mitra: Was there dominance in the platform? 

Jordan Brannon: Magento was the dominant platform at that time simply because of market demand. Shopify and BigCommerce were small players in e-commerce in the small to mid-sized space. They weren’t as well-developed.

Bootstrapping to $10 Million: Coalition Technologies Co-Founder Jordan Brannon (Part 2)

Sramana Mitra: What kind of customers were you able to attract, and how did you attract those customers?

Jordan Brannon: We primarily attracted businesses that were manufacturing products and selling through traditional retail channels. A company making garments and selling through a larger retail chain like Nordstrom was our early-stage target customer.

Bootstrap First, Raise Money Later, Build an EdTech Unicorn from Canada: John Baker, CEO of D2L (Part 6)

Sramana Mitra: Strategy-wise, it’s still large accounts selling and just bigger deals? No major change on that front?

John Baker: Not at that stage. We’re just accelerating that work and putting in place the infrastructure to grow faster. We did another round a couple of years later for another $80 million.

Bootstrapping to $10 Million: Coalition Technologies Co-Founder Jordan Brannon (Part 1)

Coalition is still largely a services company but also has a few products. It’s a well-managed journey.

Sramana Mitra: Let’s start at the very beginning of your journey. Where are you from? Where were you born, raised, and in what kind of background?