The idea is that a lot of businesses that are growing past a certain size—the magic number seems to be between $10 million and $50 million in revenue—reporting on analytics in Excel just doesn’t work for them anymore. Things get missed and mistakes get made and hours and days are lost to reporting. So they need to make the jump to being more sophisticated in their analytics. But the next level up is actually a half million dollar investment. They have to buy new tools, hire people to oversee them and spend up to two years integrating these things together before they even see any value. We want to help these up and comers get access to data and analytics and talent without having to break the bank to compete with bigger companies.
In the beginning, I had naïvely thought that most companies had a fulltime in-house team working to clean data. I was totally wrong—I missed that point. A lot of companies don’t have an in-house team. They don’t have those resources. For those businesses, typically smaller ones, they had the most need for what we did, but didn’t have any infrastructure to put it in place. Companies on the bigger side already had the infrastructure in place to benefit from our platform, but typically had already invested in some other tool.
We were stuck between a rock and a hard place. We weren’t sure which way to go. We finally made a decision and said, you know what, it makes sense if we help the companies without infrastructure—we’ll expand the product and its capabilities and go deeper into the stack and give them everything they need to get the data cleaned, organized, set up, governed, and then layer in all the reporting as well. We realized we needed to build this technology and provide a ready-to-go, out-of-the-box solution. So we made that hard pivot. We went deeper into the stack. We added more tools for greater functionality. And that was, I would say, when we really hit on the true market need.” -Abhijeet Sarkar, CEO of Typesift
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