They want to outsource everything and just consume a service. There are many paths to progress and success. You need a lot of patience as well when youre selling into the enterprise. Is that right? Its important to stay grounded and be a good listener. I am a fervent believer in skills-based immigration. Then thats how we came to learn of SAP. They decided to hire me, but they said, The only position we have open for you in Operations is in Canada. I said, Ill take it.. Get Contact Info for All Departments Vistex Org Chart Sanjay Shah Founder, Chief Executive Officer, and Chief Architect 6 6 Sanjay Shah: Thank you. So again, working with SAP, such a gigantic organization has its set of challenges, and there have been several lessons learned. 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. Click Here For Sanjay D Shah's Last Known Address 7 Cutters Run, South Barrington, IL 60010 1106 Kingston Ct, Glendale Heights, IL 60139 744 W Bristol St, Elkhart, IN 46514. The company was bootstrapped to $250 million in revenue without outside investment. There are so many different constituencies at SAP to find the right balance to bring all of these together for hem to cheer for you. Alejandro: You guys were bootstrapping this. Then that gave me the funding I needed to do what I wanted to do. Alejandro: Alrighty. Alejandro: Wonderful. Sanjay Shah, of South Barrington, is the founder and CEO of Vistex, a software company based in Hoffman Estates. Sanjay Shah: We have a very demographic process. : Got it. I think private equity can offer a lot of operational expertise and a lot of go-to-market expertise. Sanjay's Email. Is that right? There are so many different constituencies at SAP to find the right balance to bring all of these together for hem to cheer for you. How are you going to price it? You need to find cheerleaders in an organization such as SAP if you want to rely on them to be your go-to-market partner. We found a great partner in Excel KPR. Its also massively matrixed. It's just some people came in a lot earlier than others. Fortunately, I had a view from the inside as well, having been one of the earliest employees of SAP. We were looking for a partner that has the chops, that has the history and the stripes to help us with our cloud journey. For more than 20 years, Sanjay Shah has led the company, a pioneer in transforming how organizations take their products and services to the marketplace through trade, channel and vendor programs, pricing, performance incentives and rights & royalties. Those are the revenue streams for us. Sanjay Shah (born September 11, 1970 in London) is a Dubai-based British businessman. : Its interesting. I look forward to seeing the final product. Of course, thats important because it establishes a benchmark of sorts, but also to provide us with the expertise that we need. Alejandro: So originally, Sanjay, you were born in Mumbai, India. : Initially, for the first year, and a little over a year, it was just me by myself. Thats quite a significant amount of employees. This is only one story. Different propositions, private equity being a different proposition as innovated. : Yes. His new book is titled Fares, Do Not Sell/Share My Personal Information. : So this was a private equity financing. It was a German software company that had been around for 20 years already by the time they came to North America. Alejandro: What were some of the key ingredients that you were looking for in a partner? Sanjay Shah: The biggest bump in the journey has been this whole Cloud Revolution that customers no longer want to buy software and then run it themselves in their IT shops. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash. An entrepreneur cant say, Yeah, Im also on a double-duty and be able to sell into the enterprise. : Very cool. So General Motors in Canada was willing to wager a bet on me. VISTEX CEO AND FOUNDER SANJAY SHAH. What was the next thing that youve learned? Exactly, especially if you intend to bootstrap, I think you have to have a good accounting streak in you. The companies'. Thats quite a significant amount of employees. Alejandro: Sanjay, what is the way that you guys make money with this? Sanjay Shah: No, Im not, but I plan to soon. : What was your biggest learning or lesson from working with them? : I was there for roughly two and a half years. Today, we have someone that has done something remarkable, which is bootstrapping from nothing to 250 million. In my early days, I used to be confused. Then from what I hear, it seems it was more you build it; you build something great and something that people would like to use, and then theyre going to come. Hello everyone and welcome to the, show. Vistex Hoffman Estates IL 60010, United States Get Sanjay's Email (it's Free) Takes 5 seconds to join, no credit card required. Not funding for everything, but it was an atypical path. Sanjay Shah saw a void in the ERP market. We dont have venture funding or angel funding to go launch ourselves in a big fashion to let the world know that were out there. In addition to just my personal beliefs, it also affects (Vistex). : Wow! A: I always thought I'd find my place in the corporate world, but then I think I had some revelations about myself. 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? That really has helped us grow because we started out with SAP North America first. I guess I'm a small example of that. Alejandro: So this was a private equity financing. But I quickly realized that confidence is good; over-confidence is not so good. What attracted you to it? What have you learned about yourself as a leader? And if you got any value either from this episode or from the show itself, share it with a friend. How was the growth of revenue overtime during those years? Alejandro: Very cool. Are you on Twitter or any other platforms? What were some of the early days like? As a business owner that helps you, serves you, and it never hurts to be fluent with numbers. Sanjay Shah: I was there for roughly two and a half years. What was going on through your mind? In addition, he makes $6,222,220 as Chief Operating Officer at Beyond Meat Inc. Alejandro: Of course. Sanjay Shah: So, she was a little consumed. Sanjay Shah of Vistex Inc at SAPPHIRE 2012 - YouTube For more information about upcoming events, click here: http://www.vistex.com/about-us/events/Vistex, an expanding company, offers. People used to have only accounting software back then, but MRP was the first-ever software that was used by large companies. Theyve been around for many years, a very notable firm in the Valley, and a lot of successes to their name. : What have I learned about growth? : Okay. So quite an accomplishment. I got an MBA in finance. It has 360-degree views of the city. 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. Theyve been around for many years, a very notable firm in the Valley, and a lot of successes to their name. Sanjay, thank you so much for being on the. So lets continue. According to Dubai Police, British national Shah was arrested in. Then there is annual maintenance tied with it. Interesting. Business school in the U.S. is a draw for a lot of aspiration, and I succumbed to that draw if you will. I think thats when I felt that we were onto something. So, life was great. So what kind of challenges were you guys dealing with? So I grew up in a very close family both literally and figuratively. 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. We felt that we needed to bring in some external expertise to help us grow the subscription part of our business. And overnight, they literally go belly-up. 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. Thats the degree I had. As an R&D leader in the ERP world, Sanjay also knew that this type of solution wasn't on anyone else's roadmap. So I ended up taking a job at Pricewaterhouse as a staff auditor right after I graduated from grad school. Sanjay Shah: Yes. It is important that we strike a partnership with a very large player that can give you a tremendous amount of reach into the marketplace globally, and SAP was a natural partner for us because they have thousands and thousands of feet on the street. Expenditure allowance: Rs 4,000. My first two hires are still with me and still with the company. So those are the challenges. : 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. I was enamored with him and was like, I wonder where he went to school? I believe that if you engineer great product, and then dovetail or piggyback on top of a huge, successful go-to-market organization like SAP has globally, then that would be the recipe for success. And I lasted a full six months and decided that I didnt want to be a professional accountant. What type of selling skills do you need? We have people all over the globe, Vistex employs all over the globe and selling in virtually every geography. Alejandro: So for the people that are listening . In many instances, its like a 24-month sales cycle. I think Im a good listener over the years. Theres always some business to be had with on-prem software, but were also getting more aggressive and investing heavily to grow our business in the Cloud as they say; to sell our software as a subscription. Subscribe: Google Podcasts | Spotify | Stitcher | TuneIn | RSS | More. Once you have built a platform already, how do you accelerate growth versus venture capital is, Do you believe in my potential? Alejandro: Very cool. So weve been able to constantly grow, not just for a product footprint, but also our customer footprint as we continue to invest. You need a lot of focus and dedication and a lot of persistence. 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. Customers are getting smarter, especially in enterprise software, which is where we play. Fast-forward to today. Then from what I hear, it seems it was more you build it; you build something great and something that people would like to use, and then theyre going to come. : Why did you decide to all of a sudden bring outsiders into the mix? They try to go after high-potential, high-growth, the mature organizations, and we fit the bill on that front. 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. Overview Company Overview Top Contacts Sanjay Shah overview Vistex overview Vistex top contacts Try the contact number finder tool for free,get started in seconds No Credit Card Required : I think the advice I would give to my younger self is, dont follow any advice. What was going on through your mind? A lot of our revenue also comes from upselling. 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. Perhaps they will also appreciate it. They used to call it Platinum Consulting, where we go and help troubled SAP projects across the globe. What worked for one person may not necessarily work for you. A: It's the pinnacle of all properties in Chicago. Then slowly over the years expanded to other regions of the globe. Sanjay Shah: I think in 2001, I was able to land our first customers. Youve been with SAP for six years. I was one of the spearheads of that. So then what happens after you make the decision. London's High Court had previously dismissed a claim by Skat, Denmark's tax authority, to hear the case in the UK on the grounds it was . Q: Why do you feel so passionately about immigration policy? Sanjay Shah is a former Kenyan national. We were able to land a couple of accounts in the year 2001. 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. Also, remember, if you need any help whether it is with your fundraising efforts or with selling your business, you can reach me at, Roman Rittweger On Starting His Business At 52 And Raising $100 Million To Disrupt The Health Insurance Industry, He Built Turo Into A $1 Billion Business And Now Is Investing In Startups That Make Humanity More Resilient, Shelby Clark On Building Turo Into A $1 Billion Business And Investing In Startups That Make Humanity More Resilient, Important Things To Look For In An Investment Contract, He Sold His Last Company For Millions And Now Raised $38 Million To Identify The Best Sperm With AI And Improve IVF Outcomes, Gurjeet Singh On Selling His Last Company For Millions And Now Raising $37 Million To Identify The Best Sperm With AI And Improve IVF Outcomes. The privately held company's annual revenue totals $220 million, according to Shah, who is perhaps better known for his 2014 purchase of the $17 million, 14,000-square-foot penthouse atop the Trump International Hotel and Tower. View Sanjay Shah's profile on LinkedIn, the world's largest professional community. : Yeah. Thats right. Sanjay Shah: Absolutely. We have a relatively flat organization. Today, we have someone that has done something remarkable, which is bootstrapping from nothing to 250 million. [Laughter] Be a good listener. With all this, the list was small, and we found a great partner who we signed up with. We didnt have any salespeople on board, so we were engineers doing all of the selling ourselves. Thats how I was able to bootstrap. Thats our vision. There is no one path to success. Sanjay Shah Founder, CEO and Chief Architect Vistex Inc.2300 Barrington Road, Hoffman Estates, IL 60169www.vistex.com Industry: Technology Annual sales: $250 million Number of employees:. But the reality now is different. He funnelled his wealth into property across London, Hong Kong, Dubai and Tokyo, Shah said, amassing a portfolio that he put at about 70 million pounds. That has served us well. I was changing my disciplines significantly. : There are a lot of people that are on the line that are thinking about venture capital, and angels, and private equity. : Then after this, you join probably one of the companies that has had the major and probably the biggest impact on you as an employee and also as a founder SAP. Alejandro: In this case, you guys were bootstrapping. Sanjay Shah (CEO, Vistex) talks about recasting their pitch after having grown to over 1,600 employees and 20+ years in the business. Alejandro: Wonderful. : Sanjay, what is the way that you guys make money with this? A very close family both literally and figuratively Facebook with a friend Stitcher | TuneIn | RSS more! 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