The number of players has increased, and the customers buying skills have increased tremendously. We license our software. Sanjay Shah Vistex.com is a company and has headquarters in Hoffman Estates, IL. I said to myself, If I work the first shift selling my services, then Ill be able to use that funding to develop what I need to develop on the second and third shift. Earlier on, I thought I knew how everything was supposed to work, and I had the recipe and the solutions to all of the companys problems. The average being 2 1/2. [Laughter] Be a good listener. They try to go after high-potential, high-growth, the mature organizations, and we fit the bill on that front. They were engineers. And I lasted a full six months and decided that I didnt want to be a professional accountant. Alejandro: You guys were bootstrapping this. For 20 years, Vistex has achieved unprecedented year-over-year growth without outside funding. We were able to land a couple of accounts in the year 2001. Sanjay Shah: I think the advice I would give to my younger self is, dont follow any advice. My true passion was developing software. What kind of teams do you need? Alejandro: Very cool. Sanjay Shah: I would love to say that I came up with this fantastic idea, and I had this great vision, and so on, but the reality is that I was a company loyalist. We found a great partner in Excel KPR. As we would bootstrap, I think it was important I realized that having because we are not spending as much on sales and marketing. And with a deeply rooted passion for lifelong learning, Sanjay Shah is a proud supporter of his alma mater donating $5 million to Lehigh University and creating the Vistex Institute for Executive Learning and Research. : Absolutely, and well talk about your bootstrapping experience in just a bit. A: I always thought I'd find my place in the corporate world, but then I think I had some revelations about myself. : Im happy to say that over the past 20 years of our existence, weve always grown every single year despite having been through two recessions. : Even though you didnt want to be a professional accountant, Im sure that having a good grasp on the numbers has made a difference for you. For Sanjay Shah, who made headlines for buying the Trump Tower penthouse in a record deal in Chicago in 2014, life has come a full circle. Subscribe: Google Podcasts | Spotify | Stitcher | TuneIn | RSS | More. Sanjay D Shah Addresses. : Correct. The average being 2 1/2. : To expand on the listening, before we go to the second one, on the listening, how do you, for example, like with employees or when youre going out to fundraise, what is the process of first in-taking the information and then being able to digest and react proactively about it? : Very cool. Sanjay Shah: The venture guys will probably come on in the very early stages, maybe in years 0 to 5, I would say. : Thats a good question. [Q&A: Beam Suntory CEO rides whiskey boom at home and abroad ], [Q&A: FCB Chicago ad agency CEO says big ideas still work on little screens ], [Q&A: Shinola looks to bring manufacturing back to the U.S., and stakes a claim in Chicago ]. We felt that we needed to bring in some external expertise to help us grow the subscription part of our business. Theyre very skilled these days in terms of how they decide what to buy. One is I think I have learned to be a better listener. We go in as explorers, not as conquerors because we know that the right kind of input is very critical to the engineering of a product. While ERPs were transforming organizations in all kinds of ways, there was still no solution for managing pricing, trade, royalties and incentive programs that so many businesses rely on to drive revenue. : What happened after that was because I was a very marketable resource at SAP, I helped start what is called the highest echelon of professional services at SAP. We provide the technology that helps customers take their products and services to the marketplace. A: Lee Iacocca. I did have a word with her, and she thought Id lost my mind because as you can imagine, being one of the first employees of SAP, I had a very good package with them including some stupendous stock options, which I would have to get rid of or liquidate. This is only one story. Lets just say that. And I joined in an analyst position, which meant I was able to get close to the shop floor. Sanjay. What were some of your biggest takeaways because now, you have your own company, but I think that being able to work with such a massive player and understanding the dynamics and how they worked, Im sure that many of those lessons youve applied to how youve built and scale your own business. Q: After you graduated college in India, you decided to move to the U.S. for graduate school and to pursue your career. Tell us about this. What type of product features and functions do you need in order to be successful in the Cloud? Employees at Vistex, Inc. rate Sanjay Shah higher than employees at Innovative Interfaces rate James Tallman : Then, all of a sudden, the idea of perhaps starting your own business starts to become more tangible and have more color. They might not have been born here, but they were raised here and they are very productive. We were able to get into new industries and even upsell to our existing customers. (Kejriwal's basic salary is Rs 32500. So I hired three or four resources in the year 2000. Dipen Shah Rajesh Chaganti #Vistex #SAP #Agro Liked by Dipen Shah https://lnkd.in/d4m_Ui2N Very proud of my wife Gayatri Raman, helping take Clearwater Analytics public. I come from a family of traders and accountants. So quite an accomplishment. What have you learned about yourself as a leader? : In this case, you guys were bootstrapping. The Vistex Foundation is a private foundation launched in 2012 through the support of Sanjay Shah, the founder of Vistex, Inc. We are committed to addressing the root causes of poverty by partnering with organizations whose programs provide education and health services to communities in need. When we say we listen, listening not just to our employees who are the closest to our customers and have the best product ideas, but also to our customers. Then to ensure that they continue to receive value as they expand their portfolio of products. Because it was bootstrapped, because we felt we had a well-engineered product, decided to get into a strategic partnership to help take it to market. You shouldnt necessarily follow somebodys footsteps, but just take inspiration and then chart your own path. : So this was a private equity financing. Hello everyone and welcome to the, show. Dubai: Dubai Police arrested Sanjay Shah, the main suspect in the biggest tax fraud and money laundering case in Denmark. I also went to college right there, and my college also happened to be a mile away from where I lived. I got an MBA in finance. Out of this journey, what would you say has been the bumpiest part of it, and how did you get back up and keep running as a breakthrough from the breakdown of whatever dark days you were dealing with? Exactly, especially if you intend to bootstrap, I think you have to have a good accounting streak in you. Alejandro: You scaled this up to 250 million before you accepted external financing, so how was that process? Sanjay Shah, of South Barrington, is the founder and CEO of Vistex, a software company based in Hoffman Estates. : Yeah. Indeed. I was able to sell my services and sell my time. Vistex Inc., the global leader in pricing, trade, royalties and incentives management solutions, announces the acquisition of Webdata Solutions GmbH's assets and team, a leading technology . Alejandro: What have you learned about growth, Sanjay? If youd like to do it, you can do it, but our R&D is in Germany, and youll have to do it here. And I wanted to move back to the U.S. My family wanted to move back to the U.S. So in your case and in your journey because in entrepreneurship, theres no such thing as a straight line. Walk us through some of those days. Sanjay Shah formed the Vistex Foundation, which provides grants to non-profits focusing on health, education and basic needs programming, as well as Vistex Endeavor, an employee-focused charity focused on volunteerism. An entrepreneur cant say, Yeah, Im also on a double-duty and be able to sell into the enterprise. I actually presented a couple of ideas to my development management and said that we should enhance SAP to perform these functions, at which point they said, Yeah. What were the immediate steps to bring this to life? Alejandro: How many employees do you guys have today, Sanjay? Then we also have professional services to implement our software. I think thats when I felt that we were onto something. How would you differentiate a private equity profile from the venture capital that perhaps the earlier-stage guys that are listening are probably looking at? Then PricewaterhouseCoopers. How was life there? A: Yes, but Chicago is my favorite city in the world and it will always be. Maybe I should trust A more than B, so I should do what A said. No. We want more growth, more customers, a larger solution footprint. He gets a salary of around 72 Thousand Rs. Theyve been around for many years, a very notable firm in the Valley, and a lot of successes to their name. Our customers tend to be larger companies, so perhaps we sold to one division, and then another division comes across, another geography for the company comes along. If you want me to help you with your fundraising, just book a call. Alejandro: You brought this up to 250 million in revenue without taking any type of investors. Sanjays approach to building it and letting them come, The fun and challenges of bootstrapping your startup, How to grow yourself as a leader every day, : Alrighty. Sanjay Shah is the founder and CEO of Vistex which is an enterprise software company, providing solutions to drive customer growth and partner relations. So lets continue. : Very cool. Earlier on, I thought I knew how everything was supposed to work, and I had the recipe and the solutions to all of the companys problems. Sanjay Shah Founder, CEO, & Chief Architect at Vistex, Inc. Barrington Hills, Illinois, United States 500 followers 500+ connections Join to connect Vistex, Inc. Company Website Activity In. Out of this journey, what would you say has been the bumpiest part of it, and how did you get back up and keep running as a breakthrough from the breakdown of whatever dark days you were dealing with? Sanjay Shah: Business Profiles | ZoomInfo.com Reach your target accounts. What kind of marketing do you need to be able to sell effectively? : What have I learned about growth? Alejandro: Why did you decide to all of a sudden bring outsiders into the mix? Sanjay Shah '89 MBAtech entrepreneur, founder, CEO, and chief architect of international enterprise software giant, Vistexjoins us on this episode of Lehigh University's College of Business ilLUminate podcast. Business school in the U.S. is a draw for a lot of aspiration, and I succumbed to that draw if you will. This whole Cloud Revolution, we feel that we are a bit behind in this regard in terms of being out there and being perceived more as a company that can do equally well with our cloud offerings. Perhaps it should be neither, and I should do what Sanjay said would work better. There are plenty of examples where skills-based immigration has done wonders for this country. Theyve been around for many years, a very notable firm in the Valley, and a lot of successes to their name. Tell us about this. I love Chicago and this property provided me the vantage point to take in the city. But the reality now is different. So accounting runs in our blood. And overnight, they literally go belly-up. Then the logical progression was to work in accounting. : Of course, at General Motors, we were one of the first companies to use whats called MRP, material requirements planning. : Yes. Alejandro: And you went to Canada. What kind of (software) programs are you going to run? Just enter your email below. So, life was great. The interview has been edited for length and clarity. Alejandro: Now, you have them as a strategic partner, so obviously, the relationship is there. Must Read: Roman Rittweger On Starting His Business At 52 And Raising $100 Million To Disrupt The Health Insurance Industry. Fortunately, I had a view from the inside as well, having been one of the earliest employees of SAP. Thats what explains our existence and our success. Of course, thats important because it establishes a benchmark of sorts, but also to provide us with the expertise that we need. Going back to what you were saying that you were bootstrapping this and doing a couple more shifts that you used to do, at what point do you say, Now, I can finally jump on this fulltime? Its important to stay grounded and be a good listener. Sanjay Shah: Our first challenge was when the dotcom crash came up. Sanjay Shah: Of course, at General Motors, we were one of the first companies to use whats called MRP, material requirements planning. Not funding for everything, but it was an atypical path. If youd like to do it, you can do it, but our R&D is in Germany, and youll have to do it here. And I wanted to move back to the U.S. My family wanted to move back to the U.S. So then what happens after you make the decision. The company was bootstrapped to $250 million in revenue without outside investment. View Sanjay Shah's profile on LinkedIn, the world's largest professional community. Tell us, after this presentation then you speak with your wife or with your family, and you still have to think about the idea of going at it. so complicated that they baffled even some financial experts led Denmark's tax agency to send nearly $2 billion worth of refunds for taxes that had putatively been . They want to outsource everything and just consume a service. And in general, when youre bootstrapped, youre going to be very stingy with your marketing budgets and your sales budgets. : How big was the business when you joined them? The estimated Net Worth of Sanjay C Shah is at least $11.9 Million dollars as of 7 June 2021. Vistex also sells its applications to customers who aren't SAP customers. Photo: Antonie Robertson/The National. Would you mind expanding a bit more on that, Sanjay? Im not a big social media citizen if you will, but from time to time, I will check LinkedIn.
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