How about if I move to the U.S. and develop it by myself, and if it works, you help me take it to market? So Im an entrepreneur by accident because if they had said, Yes, you can develop it even while youre in the U.S. I probably might still be with SAP. 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. Today, we have someone that has done something remarkable, which is bootstrapping from nothing to 250 million. Kapoor was a contestant in the Indian reality show 'Bigg Boss' in 2011. Shah bought the 14,000-square-foot penthouse for $17 million and in 2017 is working to build out the space. Once you have built a platform already, how do you accelerate growth versus venture capital is, Do you believe in my potential? They used to call it Platinum Consulting, where we go and help troubled SAP projects across the globe. : 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. 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 . Sanjay Shah (born September 11, 1970 in London) is a Dubai-based British businessman. Vistex Asia-pacific Private Limited's Corporate Identification Number is (CIN) U72900MH2003PTC142888 and its registration number is 142888.Its Email address is chirag.shah@vistex.com and its registered address is UNIT NO C R 12TH FLOORNIRMAL BLDG 241/42 BACKBAY RECLAMATION NARIMAN POINT MUMBAI MH 400021 IN . Alejandro: How many employees do you guys have today, Sanjay? It turns out that it was a great time to liquidate my stock options because I did that in 99, just before the big crash following. That has served us well. As I said, I was living in a bit of a bubble. What worked for one person may not necessarily work for you. Sanjay Shah: I think in 2001, I was able to land our first customers. My first two hires are still with me and still with the company. My first two hires are still with me and still with the company. The companies'. And in general, when youre bootstrapped, youre going to be very stingy with your marketing budgets and your sales budgets. But there are a lot of players out there. I was one of the spearheads of that. Vistex.com specialises in information technology and services, computer software. Then PricewaterhouseCoopers. Sanjay Shah: Okay. But there are a lot of players out there. I think that has been a bit of a challenge for us having built a business on licensing software and all the follow-on revenue that comes as a result of that has been a bit of a bump for us. Chicago entrepreneur Sanjay Shah owns a business software company, Vistex Inc, which is estimated to be approaching $200 million in annual revenue. And overnight, they literally go belly-up. It turns out that it was a great time to liquidate my stock options because I did that in 99, just before the big crash following. Thats quite a significant amount of employees. So without further ado, Id like to welcome our guest today to the show. I was enamored with him and was like, I wonder where he went to school? There are different sources to get money in. In many instances, its like a 24-month sales cycle. For the people that are listening, Sanjay, what is the best way for them to reach out and say hi? And in general, when youre bootstrapped, youre going to be very stingy with your marketing budgets and your sales budgets. I think the industry pivoted that way about somewhere between planning on your perspective five to seven years ago, and the entire industry has pivoted toward Software as a Service. 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. I didnt want to give up much equity. Thats something that I believe has sold people as well that I always wake up every day worrying about what is it that I need to learn more, and not bask in the success of what I have learned and what Ive achieved. 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. There are so many constituencies both from a product standpoint, from a technology standpoint, and from a go-to-market standpoint. When you continue to deliver value for your customers, then they see it. The number of players has increased, and the customers buying skills have increased tremendously. What was going on through your mind? Fast-forward to today. 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 you need professional sales help. Denmark, which is trying to recoup some 12.7 billion krone ($2 billion), or close to 1% of its gross domestic product, says the entire enterprise was a charade. That is more than a fulltime job in and of itself. A: This country is a country of immigrants. Sanjay Shah is a tech entrepreneur, Founder, CEO & Chief Architect of Vistex, making sure it all adds up for our customers. You and your wife are aligned. Its important to stay grounded and be a good listener. Anything you wanted. Alejandro: What have you learned about growth, Sanjay? You have your supply chain and your factories and you make stuff, and after you've made that stuff, how do you take it to market? I didnt want to give up much equity. So I decided to explore. People used to have only accounting software back then, but MRP was the first-ever software that was used by large companies. Shah bought the 14,000-square-foot penthouse for. Today, we have someone that has done something remarkable, which is bootstrapping from nothing to 250 million. 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. I think private equity can offer a lot of operational expertise and a lot of go-to-market expertise. An Indian immigrant, Sanjay Shah bootstrap story began when he left Mumbai, India to attend Lehigh Universitys business school, earning his MBA in 1989 at the age of 21. What is private equity? Alejandro: Very cool. Thats something that I believe has sold people as well that I always wake up every day worrying about what is it that I need to learn more, and not bask in the success of what I have learned and what Ive achieved. 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. : What were some of the key ingredients that you were looking for in a partner? The idea was for me to start it, and then depending on how it goes, and once I would get my first couple of accounts, then think about bringing on additional folks. You need a lot of focus and dedication and a lot of persistence. 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. These folks are a part of the fabric of the country. Sanjay Shah: Initially, for the first year, and a little over a year, it was just me by myself. There are so many different stakeholders. Sanjay Shah (CEO, Vistex) talks about recasting their pitch after having grown to over 1,600 employees and 20+ years in the business. I would like to describe it as a bit chaotic, but a very functional democracy. We didnt have any salespeople on board, so we were engineers doing all of the selling ourselves. Have you completed it? One is I think I have learned to be a better listener. Would you mind expanding a bit more on that, Sanjay? : So originally, Sanjay, you were born in Mumbai, India. As per reports from several media portals, Boney Kapoor's net worth rocketed after he produced Company, which was directed by Ram Gopal Varma in the year 2002. 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. I look forward to seeing the final product. Sanjay Shah: Thank you. Why Canada? Then thats how we came to learn of SAP. : You scaled this up to 250 million before you accepted external financing, so how was that process? Founder and CEO of enterprise software company Vistex to talk about balancing the benefits and harm of technology. Sanjay's Email. 56.8 1.7%. I believe that if anything, you should know that you should always learn to learn. Alejandro: All right, Sanjay. : Yes. Especially, the larger the organization that you sell to, the more durable and the more persistent you need to be. Were going to be learning a lot about building, scaling companies, and also about financing and then venture capitalist versus private equity firms, and also about building super-strategic relationships with larger players. Dallas-Fort Worth Metroplex. 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 In addition to just my personal beliefs, it also affects (Vistex). Supply chain is a more recent term, but back then, it was operations. Maybe I should trust A more than B, so I should do what A said. No. What was going on through your mind? In fact, according to Trump&x27;s most recent . xxxx@xxx.com + Full Profile Information + Social Network Profiles . Mr. Shah owns over 4,833 units of Beyond Meat Inc stock worth over $1,242,588 and over the last 3 years he sold BYND stock worth over $4,445,039. 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. So those are the challenges. And if you got any value either from this episode or from the show itself, share it with a friend. Alejandro: Really interesting here. VISTEX CEO AND FOUNDER SANJAY SHAH. 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 . The idea was to write the software to address some functions that were not adequately addressed in ERP Systems. Vistex founder Sanjay Shah talks about his love of flying, how work got in the way, and how he hopes to dust off his wings. How was the growth of revenue overtime during those years? Alejandro: Why did you go about bootstrapping rather than perhaps taking a look at financing the operation? Q: Why do you feel so passionately about immigration policy? They were engineers. : I think in 2001, I was able to land our first customers. Hello everyone and welcome to the, show. 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. They were engineers. : 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. Perhaps they will also appreciate it. How do you build and scale a cloud business? Most high-end penthouses in large cities tend to be multiple stories. If you want me to help you with your fundraising, just book a call. What kind of teams do you need? Sanjay Shah's email address: xxxx@xxx.com | Find Sanjay's Email, Social Profiles, and Mutual Contacts both you and Sanjay know . When I decided to sever my ties with SAP, my wife was six-months pregnant with our second child. Q: Has the current political climate affected your feelings about the property? If you can leave a review as well, that would be fantastic. : Our first challenge was when the dotcom crash came up. That is more than a fulltime job in and of itself. Shah, a naturalized U.S. citizen, also has spoken out in defense of the Deferred Action for Childhood Arrivals program, or DACA, in part because a handful of his employees are immigrants living in the country illegally who were brought here as children and rely on DACA protections to remain in the U.S. 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? 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. : So, she was a little consumed. I think sometimes, even when entrepreneurs reach a certain level of success, they feel that theyve mastered their domain, or they know what they need to do. Alejandro: Wonderful. 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. : What was your biggest learning or lesson from working with them? All of my family and extended family lived in a one-mile radius. Everything was very hunky-dory. 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? : Initially, for the first year, and a little over a year, it was just me by myself. So General Motors in Canada was willing to wager a bet on me. Perhaps they will also appreciate it. The whole business paradigm has changed as I described. Sanjay Shah, founder and CEO of Vistex, is photographed Dec. 8, 2014 in the penthouse atop the Trump International Hotel and Tower he owns. I look forward to seeing the final product. But the reality now is different. If you engineer good products and show value, then customers will come your way. Alejandro: What was your biggest learning or lesson from working with them? Youve been with SAP for six years. : What have I learned about growth? We have people all over the globe, Vistex employs all over the globe and selling in virtually every geography. Remember to unlock for free the pitch deck template that is being used by founders around the world to raise millions below. How do you guys monetize? 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. 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. . Perhaps it should be neither, and I should do what Sanjay said would work better. Everybodys journey is unique, and everybodys circumstances are unique. : Really interesting here. How Chicago area home values compare by ZIP code, Have camera, will travel: A Chicago taxi driver took pictures of his passengers for years. "We are delighted to welcome the highly talented team to Vistex, and to bring their intellectual property into our portfolio," said Sanjay Shah, Vistex Founder and CEO. So in your case and in your journey because in entrepreneurship, theres no such thing as a straight line. All of my family and extended family lived in a one-mile radius. Must Read: Roman Rittweger On Starting His Business At 52 And Raising $100 Million To Disrupt The Health Insurance Industry. Indeed. The buildings were constructed and remain owned by a Turkish company, but Trump licensed his name to the project and continues to derive significant revenue from fees for the use if his name. I wanted to give up a very small portion of it while drawing on their expertise. We were lucky that in our initial years, our go-to-market partner was SAP, and enterprise software was virtually nascent, and SAP was selling hand over fist. His new book is titled Fares, Do Not Sell/Share My Personal Information. Sanjay Shah, founder and CEO of Vistex, is photographed Dec. 8, 2014 in the penthouse atop the Trump International Hotel and Tower he owns. Thats right. It's just some people came in a lot earlier than others. Oh, he went to Lehigh.. Sanjay Shah: Correct. : We have three distinct revenue streams. : You guys were bootstrapping this. Thats how I was able to bootstrap. I wanted to get some operational experience and work on the operational side of things, operation supply chain, different terms. This is pretty cool. Thats how I ended up working for them. We are a software company run by engineers, not marketers. : Thats interesting because you have, obviously, the school of thought of you sell it, and then you figure out how to build it and deliver. He gets a salary of around 72 Thousand Rs. : Okay. With all this, the list was small, and we found a great partner who we signed up with. So I grew up in a very close family both literally and figuratively. In my early days, I used to be confused. We were able to get into new industries and even upsell to our existing customers. This is only one story. 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 . Shah noted that only a handful of SAP's 20,000 partners achieve Solution Extensions status. There are many paths to progress and success. That has served us well. Till some months ago, few outside the business circles had heard of Chicago entrepreneur Sanjay Shah. : Its a massive organization. Sanjay Shah: Some of it was a bit of craziness, I guess. Sanjay Shah: Our first challenge was when the dotcom crash came up. : Very cool. Exactly, especially if you intend to bootstrap, I think you have to have a good accounting streak in you. Is that right? Alejandro: Sanjay, what is the way that you guys make money with this? So quite an accomplishment. So I was introduced to software quite early on. It was a German software company that had been around for 20 years already by the time they came to North America. You need a lot of focus and dedication and a lot of persistence. Sanjay Shah, welcome to the DealMakers show today.

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