What worked for one person may not necessarily work for you. I think private equity can offer a lot of operational expertise and a lot of go-to-market expertise. As a self-made man, Sanjay Shah appreciates the importance of giving back. All of my family and extended family lived in a one-mile radius. Sanjay Shah: So, she was a little consumed. Alejandro: Did you recruit other people like talking of bootstrapping and especially in the early days, who were the initial people you got around you to help you out? 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. Never one to accept the status quo. : Wow! Sanjay Shah: I was there for roughly two and a half years. Dubai: Dubai Police arrested Sanjay Shah, the main suspect in the biggest tax fraud and money laundering case in Denmark. 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. What kind of teams do you need? 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. Lets just say that. A: Lee Iacocca. Sanjay Shah: Yes. These are not quick sales. I was enamored with him and was like, I wonder where he went to school? Under Sanjay's leadership, Vistex has grown into a global organization dedicated to transforming how businesses across multiple industries bring their products and services to market by taking control of mission-critical processes. So without further ado, Id like to welcome our guest today to the show. 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. 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? I guess I'm a small example of that. When you continue to deliver value for your customers, then they see it. We were able to get into new industries and even upsell to our existing customers. WLS CHICAGO (WLS) -- Chicago-based entrepreneur Sanjay Shah, founder and CEO of Vistex, Inc., which is based in Hoffman Estates, Ill., purchased the penthouse of Trump International Hotel and. We have a relatively flat organization. Sanjay Shah: Some of it was a bit of craziness, I guess. Shah bought the 14,000-square-foot penthouse for $17 million and in 2017 is working to build out the space. They used to call it Platinum Consulting, where we go and help troubled SAP projects across the globe. I would like to describe it as a bit chaotic, but a very functional democracy. Of course, thats important because it establishes a benchmark of sorts, but also to provide us with the expertise that we need. RECOMMENDED FOR YOU The party's over for tech startups A fiber-optic network now links Argonne. I was one of the spearheads of that. : Initially, for the first year, and a little over a year, it was just me by myself. In addition, he makes $6,222,220 as Chief Operating Officer at Beyond Meat Inc. Walk us through some of those days. There are so many constituencies both from a product standpoint, from a technology standpoint, and from a go-to-market standpoint. I think thats when I felt that we were onto something. 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. Sanjay Shah: Correct. A lot of our revenue also comes from upselling. What does the future look like for Vistex? : Absolutely. What type of product features and functions do you need in order to be successful in the Cloud? Theyre very skilled these days in terms of how they decide what to buy. 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. Sanjay Shah's Gift Combines Vision and Execution. Theres always a question that I ask the guests that we have on the show, and that is knowing what you know now if you had the opportunity to go back and give yourself a piece of advice, to that younger Sanjay that is about to launch the business, what would that piece of advice be before launching a business and why? Alejandro: All right, Sanjay. What were the immediate steps to bring this to life? Are you on Twitter or any other platforms? We felt that we needed to bring in some external expertise to help us grow the subscription part of our business. Alejandro: Very cool. Sanjay Shah is the founder and CEO of Vistex which is an enterprise software company, providing solutions to drive customer growth and partner relations. For the people that are listening, Sanjay, what is the best way for them to reach out and say hi? Alejandro: And in terms of enterprise sales, Sanjay, that you were eluding to, what are your biggest takeaways from enterprise sales because its a beast. Its important to stay grounded and be a good listener. There are many paths to progress and success. But even despite that, there are enough challenges when youre working with an organization the size 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. Alejandro: Wow! There is so much out there, and there is so much you can I think you can never rest easy and say, I think Ive learned what I need to learn to be able to be successful. You always have to have a continuous learning mindset. Then we also have professional services to implement our software. 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. Vistex also sells its applications to customers who aren't SAP customers. Sanjay Shah: Absolutely. You shouldnt necessarily follow somebodys footsteps, but just take inspiration and then chart your own path. You need a lot of focus and dedication and a lot of persistence. Fortunately, I had a view from the inside as well, having been one of the earliest employees of SAP. Global titans like Apple, Walmart, 3M, Turner, Dell and Bayer rely on Vistex to manage the full life cycle of programs through strategy, software, implementation, execution and analytics. We were able to land a couple of accounts in the year 2001. 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. So in your case and in your journey because in entrepreneurship, theres no such thing as a straight line. How was the growth of revenue overtime during those years? : How big was the business when you joined them? 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? Alejandro: In this case, you guys were bootstrapping. 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. : Correct. That was a very marketable resource. Sanjay Shah: Of course, at General Motors, we were one of the first companies to use whats called MRP, material requirements planning. Chicago tech has its first big funding round of 2019. If you like the show, make sure that you hit that subscribe button. 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. Sanjay Shah '89 presents a symbolic check to Lehigh President John D. Simon '19P and Georgette Chapman Phillips, the Kevin L. and Lisa A. Clayton Dean of the College of Business and Economics. Oh, he went to Lehigh.. They were engineers. Everybodys journey is unique, and everybodys circumstances are unique. He was a pioneer and how he went to Congress and convinced them that they should rescue this American icon (Chrysler). Anything you wanted. We found a great partner in Excel KPR. Sanjay Shah is a tech entrepreneur, Founder, CEO & Chief Architect of Vistex, making sure it all adds up for our customers. So those are the challenges. Some of it was just this level of fierce independence we wanted to have that I think we can pull this off because what we did during the day was highly marketable. What kind of marketing do you need to be able to sell effectively? What is private equity? 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. It has 360-degree views of the city. Alejandro: Who were these people that you hired? As we would bootstrap, I think it was important I realized that having because we are not spending as much on sales and marketing. Remember to unlock for free the pitch deck template that is being used by founders around the world to raise millions below. That has served us well. Fortunately, I had a view from the inside as well, having been one of the earliest employees of SAP. Thats quite a significant amount of employees. Alejandro: Very cool. I would like to describe it as a bit chaotic, but a very functional democracy. 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. Then slowly over the years expanded to other regions of the globe. 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. You shouldnt necessarily follow somebodys footsteps, but just take inspiration and then chart your own path. : I think the advice I would give to my younger self is, dont follow any advice. So I grew up in a very close family both literally and figuratively. WASHINGTON, DC: Sanjay Shah, 46, the founder and CEO of Vistex, a computer software company, has bought the most expensive condominium in Chicago's real estate history, a penthouse on the 89 th . I believe that if anything, you should know that you should always learn to learn. I think Im a good listener over the years. That has been the biggest bump. 2458 Likes 111 Comments - University of South Carolina uofsc on. But the reality now is different. Everybodys journey is unique, and everybodys circumstances are unique. : It got me a chance to be on the shop floor and to see how things are built and put together. Alejandro: Why did you go about bootstrapping rather than perhaps taking a look at financing the operation? They used to call it Platinum Consulting, where we go and help troubled SAP projects across the globe. So lets continue. Sanjay Shah: Its a massive organization. 00:00:00 00:37:40. So I decided to explore. When I decided to sever my ties with SAP, my wife was six-months pregnant with our second child. It was a German software company that had been around for 20 years already by the time they came to North America. What kind of teams do you need? Alejandro: Sanjay, what is the way that you guys make money with this? Thats what explains our existence and our success. That has served us well. Then there is annual maintenance tied with it. Shah bought the 14,000-square-foot penthouse for $17 million and in 2017 is working to build out the space. It's just some people came in a lot earlier than others. 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: Very nice. So our focus is, how can we help our customers succeed even more with our products and offerings? : No, Im not, but I plan to soon. To this day, continue not to be addressed adequately in the ERP System. Sanjay Shah: What have I learned about myself? But there are a lot of players out there. When I decided to sever my ties with SAP, my wife was six-months pregnant with our second child. That helped definitely. Sep 28, 2020 On June 26, 2012, Trumps sons Donald Jr and Eric were in the Philippines for the groundbreaking of the 150-million (P6.33 billion in 2012) Trump Tower Philippines, a 56-story residential building.. the trump tower is owned by Donald Trump hes a VERY rich dude hes old too Is Liam charmer a billionaire Yes he is and now he is a multi - billionaire. So I was introduced to software quite early on. Theyve been around for many years, a very notable firm in the Valley, and a lot of successes to their name. 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. 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. I think getting the firsthand experience was critical. : 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. Why Canada? : 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. So walk us through the process of how you came up with this idea, and how did you incubate it all the way to fruition? So I grew up in a very close family both literally and figuratively. We want more growth, more customers, a larger solution footprint. : Yes. 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. Then PricewaterhouseCoopers. That has been the biggest bump. Constituency allowance Rs 18,000. Sanjay D Shah Addresses. I didnt want to give up much equity. Sanjay Shah: 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. We are trying to develop what I call a hybrid model. New video: https://vistex.link/2EQs - SAP's Tom Roberts and Vistex Inc CEO & Founder, Sanjay Shah, discuss today's announcement that #SAP has made a strategic investment in Vistex. Shah bought the 14,000-square-foot penthouse for. Q: Why would you spend so much money on a penthouse? So I ended up taking a job at Pricewaterhouse as a staff auditor right after I graduated from grad school. And if you got any value either from this episode or from the show itself, share it with a friend. What have you learned about yourself as a leader? SAP was then making a foray into the U.S., into North America. 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. There is no one path to success. Perhaps it should be neither, and I should do what Sanjay said would work better. : There are a lot of people that are on the line that are thinking about venture capital, and angels, and private equity. : Why did you go about bootstrapping rather than perhaps taking a look at financing the operation? So I was introduced to software quite early on. There are so many different stakeholders. : You guys were bootstrapping this. Growth is hard, [laughter] to say the least. Sanjay, thank you so much for being on the DealMakers show today. Per month for his designation as The Chief Minister of Delhi. 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. There are many paths to progress and success. I think weve just begun to scratch the surface of how our products and solutions can help customers and help our customers succeed even more. I got an MBA in finance. : Very nice. 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. We consider ourselves fortunate in having been able to arrive some of that. : What were some of the key ingredients that you were looking for in a partner? People used to have only accounting software back then, but MRP was the first-ever software that was used by large companies. You hear all these nightmare stories of startups that are doing very well, but theyre not able to project or manage the cash flows and their budgets accordingly. We've always had a few ideas about what we want to do with the space, but we never really started anything in earnest. In 2019, Sanjay Shah led Vistex to accelerated growth opportunities with its first minority equity investment from Silicon Valley-based Accel-KKR (AKKR), infusing up to $105 million to fuel the companys continued dominance. Then to ensure that they continue to receive value as they expand their portfolio of products. : 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? I got an MBA in finance. But there are a lot of players out there. We want more growth, more customers, a larger solution footprint. We were looking for a partner that has the chops, that has the history and the stripes to help us with our cloud journey. Sanjay Shah: No, Im not, but I plan to soon. So General Motors in Canada was willing to wager a bet on me. So weve been able to constantly grow, not just for a product footprint, but also our customer footprint as we continue to invest. I was one of the spearheads of that. Is that right? Sanjay Shah: Yeah. That is more than a fulltime job in and of itself. The first type of software in supply chain that was the first of its kind back then. That is more than a fulltime job in and of itself. Theyve been around for many years, a very notable firm in the Valley, and a lot of successes to their name. Fast-forward to today. In the 1980s and 1990s, he teamed up with Asrani and Kader Khan as the comical team in over 100 films. Posted on December 3, 2020 by Sanjay Shah: Correct. : Thats a good question. Sanjay Shah: Yeah. But even despite that, there are enough challenges when youre working with an organization the size of SAP. : What have I learned about growth? They might not have been born here, but they were raised here and they are very productive. So quite an accomplishment. : Sanjay, what is the way that you guys make money with this? Sanjay Shah On Going From Zero To $250 Million In Revenue Without Taking Any Outside Investment. 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