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. Sanjay Shah is a tech entrepreneur, Founder, CEO & Chief Architect of enterprise software company Vistex. We've always had a few ideas about what we want to do with the space, but we never really started anything in earnest. Alejandro: 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? Sanjay Shah: I think the next thing Ive learned is always to learn to learn. Vistex also sells its applications to customers who aren't SAP customers. Sanjay Shah's Gift Combines Vision and Execution. 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. I best cheap hippie clothes, here pesma krimi rad text 2012 year calendar india . SAP was then making a foray into the U.S., into North America. 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. Different propositions, private equity being a different proposition as innovated. : I hired people that had the technical skills to help me write the software. Sanjay Shah: I was there for roughly two and a half years. What attracted you to it? : Its a massive organization. Sanjay Shah: We have a very demographic process. Its long. It happens to be associated with the president now it wasnt planned that way, but that doesnt change my mind about finishing the place or eventually spending more time there. We provide the technology that helps customers take their products and services to the marketplace. Sanjay Shah (CEO, Vistex) talks about recasting their pitch after having grown to over 1,600 employees and 20+ years in the business. 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. They were engineers. See How I Can Help You With Your Fundraising Efforts. He gets a salary of around 72 Thousand Rs. : So here you are in 1999. Business school in the U.S. is a draw for a lot of aspiration, and I succumbed to that draw if you will. A: Lee Iacocca. An entrepreneur cant say, Yeah, Im also on a double-duty and be able to sell into the enterprise. 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. Sanjay D Shah Addresses. It was a German software company that had been around for 20 years already by the time they came to North America. 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. Home / Companies / News / Salaries increase for top mutual fund CEOs. This is around $20 million. Exactly, especially if you intend to bootstrap, I think you have to have a good accounting streak in you. So what kind of challenges were you guys dealing with? So lets continue. How Chicago area home values compare by ZIP code, Have camera, will travel: A Chicago taxi driver took pictures of his passengers for years. So then what happens after you make the decision. : Yeah. 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. 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 . Then slowly over the years expanded to other regions of the globe. They might not have been born here, but they were raised here and they are very productive. Posted on December 3, 2020 by Sanjay Shah: Correct. : You scaled this up to 250 million before you accepted external financing, so how was that process? 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. Thats what explains our existence and our success. I was fascinated and intrigued by the software. 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. 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: Correct. But there was fun in that challenge as well. If you can leave a review as well, that would be fantastic. : 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. These folks are a part of the fabric of the country. 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. : Now, you have them as a strategic partner, so obviously, the relationship is there. 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? I was one of the spearheads of that. The number of players has increased, and the customers buying skills have increased tremendously. Sanjay Shah Vistex is the biggest Chicago-area software company you've likely never heard of. So again, working with SAP, such a gigantic organization has its set of challenges, and there have been several lessons learned. Dubai Police arrest hedge fund trader Sanjay Shah over $1.7bn Danish tax fraud case British financier previously denied charges and said he was working within Danish law British financier Sanjay Shah was arrested in Dubai by police with an international warrant. All of my family and extended family lived in a one-mile radius. : You guys were bootstrapping this. 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. I come from a family of traders and accountants. 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. In 2012, Donald Trump opened a twin tower structure in Turkey under the brand name Trump Towers Istanbul. My first two hires are still with me and still with the company. What were some of the early days like? There are so many different stakeholders. 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? There are plenty of examples where skills-based immigration has done wonders for this country. That was a very marketable resource. : I was there for roughly two and a half years. I thought, Wow. A lot of our revenue also comes from upselling. Sanjay Shah: Correct. 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 : Why did you go about bootstrapping rather than perhaps taking a look at financing the operation? Just navigating the politics and creating and developing the value, etc. Especially, the larger the organization that you sell to, the more durable and the more persistent you need to be. We felt that we needed to bring in some external expertise to help us grow the subscription part of our business. : Really interesting here. If you engineer good products and show value, then customers will come your way. Most high-end penthouses in large cities tend to be multiple stories. Then PricewaterhouseCoopers. Shah noted that only a handful of SAP's 20,000 partners achieve Solution Extensions status. 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. Sanjay Shah: Thats a good question. Sanjay brings a high level of passion, energy and skills to address complex business processes for global organizations. Of course, thats important because it establishes a benchmark of sorts, but also to provide us with the expertise that we need. 2458 Likes 111 Comments - University of South Carolina uofsc on. 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. 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. Indeed. Then that gave me the funding I needed to do what I wanted to do. But you should seek input and feedback from everybody. My true passion was developing software. Sanjay Shah: Its interesting. I think private equity can offer a lot of operational expertise and a lot of go-to-market expertise. I believe that if anything, you should know that you should always learn to learn. The idea was to write the software to address some functions that were not adequately addressed in ERP Systems. 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. According to a media portal, the net worth of Boney Kapoor is Rs 153.34 crores. So lets continue. But even despite that, there are enough challenges when youre working with an organization the size of SAP. Fast-forward to today. The Founder, CEO and Chief Architect of enterprise software company Vistex, Sanjay Shah is a global businessman who has bootstrapped the company from its conception to its current role as a vital partner to worldwide titans like Apple, Walmart, 3M, Turner, Dell and Bayer. 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. 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? 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. Tell us about this. Then the logical progression was to work in accounting. 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. 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. Theres not always just one decisionmaker in such a large company, especially when we rely on them as our go-to-market partner. Recently the company raised $65 million from Accel-KKR. Alejandro: Very cool. So in having a degree in finance and having work experience in accounting is not exactly something that would draw potential employers for an operations position. : How many employees do you guys have today, Sanjay? Thank you, Alejandro. Then that gave me the funding I needed to do what I wanted to do. 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. 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:. I look forward to seeing the final product. 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? What were the immediate steps to bring this to life? Youve been with SAP for six years. Sanjay Shah: Some of it was a bit of craziness, I guess. Oh, he went to Lehigh.. Once you have built a platform already, how do you accelerate growth versus venture capital is, Do you believe in my potential? Sanjay Shah: I think the advice I would give to my younger self is, dont follow any advice. 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. : Yeah. Sanjay Shah: We have three distinct revenue streams. Maybe I should trust A more than B, so I should do what A said. No. Chicago tech has its first big funding round of 2019. 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. You have these ideas and visions of growth, and then there is reality unless youre exceptionally fortunate. We were able to land a couple of accounts in the year 2001. 56.8 1.7%. Sanjay has been instrumental in creating an entirely new category of business software called "Go-to-Market" programs and has charted a visionary path for Vistex that transcends the "business as usual" mindset. 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. View Sanjay Shah's profile on LinkedIn, the world's largest professional community. : Very cool. We were able to get into new industries and even upsell to our existing customers. Your email address is 100% safe from spam! Sanjay Shah, founder and CEO of Vistex, is photographed Dec. 8, 2014 in the penthouse atop the Trump International Hotel and Tower he owns. Enterprise sales require a lot of persistence and a lot of fortitude to stay in the race for the longer term. 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. Please subscribe to unlock this content. A: Not yet. So I ended up taking a job at Pricewaterhouse as a staff auditor right after I graduated from grad school. : Why did you decide to all of a sudden bring outsiders into the mix? Walk us through some of those days. There are different sources to get money in. Alejandro: What was your biggest learning or lesson from working with them? Sanjay, thank you so much for being on the. If you want me to help you with your fundraising, just book a call. 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. Sanjay Shah: What have I learned about growth? Sanjay Shah worked for software maker SAP for many years before launching his own software business in 1999, Hoffman Estates-based Vistex. Why did you decide to come to the U.S. because I believe it was business school? Constituency allowance Rs 18,000. We are a software company run by engineers, not marketers. So accounting runs in our blood. And in general, when youre bootstrapped, youre going to be very stingy with your marketing budgets and your sales budgets. Enterprise sales require a lot of persistence and a lot of fortitude to stay in the race for the longer term. They used to call it Platinum Consulting, where we go and help troubled SAP projects across the globe. : Very cool. Brazil, South Africa, all countries in Western Europe, Asia, etc. They used to call it Platinum Consulting, where we go and help troubled SAP projects across the globe. Obviously, one step in the wrong direction can be fatal. Happy to be here. I was fascinated and intrigued by the software. Sanjay Shah: No, Im not, but I plan to soon. 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. 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. Its important to stay grounded and be a good listener. Thats when I decided to expand the hiring for the organization. "Our relationship with . It's just some people came in a lot earlier than others. The first type of software in supply chain that was the first of its kind back then. Is that right? This is pretty cool. Thats how I ended up working for them. : Correct. About. Theyre very skilled these days in terms of how they decide what to buy. 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. Everything was very hunky-dory. Perhaps they will also appreciate it. Alejandro: All right, Sanjay. Sanjay Shah: Its a massive organization. But even despite that, there are enough challenges when youre working with an organization the size of SAP. : In this case, you guys were bootstrapping. Interesting. Today, we have someone that has done something remarkable, which is bootstrapping from nothing to 250 million. Part of the Storycuts series, this short story was originally published in the collection Little Black Book of Stories. Q: You could have built another magnificent property somewhere else. What were the immediate steps to bring this to life? [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 ]. And I lasted a full six months and decided that I didnt want to be a professional accountant. So I ended up taking a job at Pricewaterhouse as a staff auditor right after I graduated from grad school. Sanjay Shah: Yeah. Its long. Thats our vision. How was the growth of revenue overtime during those years? The first type of software in supply chain that was the first of its kind back then. It was a German software company that had been around for 20 years already by the time they came to North America. We consider ourselves fortunate in having been able to arrive some of that. Sanjay Shah in 2020. . Obviously, one step in the wrong direction can be fatal. 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. Then thats how we came to learn of SAP. I think Im a good listener over the years. On the one hand, you can say those jobs wouldn't be filled, but then is it fair to the other person who's also doing the job that's legal, that has to pay their share? Alejandro: 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. I believe that if anything, you should know that you should always learn to learn. There are so many constituencies both from a product standpoint, from a technology standpoint, and from a go-to-market standpoint. The average being 2 1/2. 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 think thats when I felt that we were onto something. Alejandro: In this case, you guys were bootstrapping. : Got it. But I quickly realized that confidence is good; over-confidence is not so good. My first two hires are still with me and still with the company. I did not know there are a few folks that work at Vistex (who) are affected by this directly. 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. When you continue to deliver value for your customers, then they see it. Employees at Vistex, Inc. rate Sanjay Shah higher than employees at Innovative Interfaces rate James Tallman So General Motors in Canada was willing to wager a bet on me. I think thats when I felt that we were onto something. And in general, when youre bootstrapped, youre going to be very stingy with your marketing budgets and your sales budgets. According to Dubai Police, British national Shah was arrested in. Shah's $5 million gift will name the new Vistex Institute for Executive Learning and Research. This is pretty cool. Thats how I ended up working for them. : I was living in a form of a bubble. That really has helped us grow because we started out with SAP North America first. Sanjay Shah: Again, finding the cheerleaders for you is a huge challenge. Fortunately, I had a view from the inside as well, having been one of the earliest employees of SAP. Alejandro: So originally, Sanjay, you were born in Mumbai, India. Alejandro: Absolutely, and well talk about your bootstrapping experience in just a bit. Sanjay Shah: Our first challenge was when the dotcom crash came 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. : What were some of the key ingredients that you were looking for in a partner? Sanjay Shah's email address: xxxx@xxx.com | Find Sanjay's Email, Social Profiles, and Mutual Contacts both you and Sanjay know . SAP was then making a foray into the U.S., into North America. Start Free People Search A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Directory of Profiled Business People: Sanjay Shah Sgrignuoli, Philip - Shahait, Mohammed > Shah, Ruskinarxon - Shah, Sayad > Shah, Sanit - Shah, Sanjaykumar > Shah, Sanjay 1-25 of 525 Contacts 1 Sanjay Shah: I think in 2001, I was able to land our first customers. : You brought this up to 250 million in revenue without taking any type of investors. What type of product features and functions do you need in order to be successful in the Cloud? 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 . 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 A dark tale about the nature of stories themselves. 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. Alejandro: So here you are in 1999. When you continue to deliver value for your customers, then they see it. 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. : All right, Sanjay. Why would you want to unnecessarily tinker with a program that is working so well for the country? Sanjay Shah is an avid licensed pilot, is multi-lingual and holds multiple professional certifications and degrees. Sanjay Shah On Going From Zero To $250 Million In Revenue Without Taking Any Outside Investment. : 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. Q: Why would you spend so much money on a penthouse? My advice is, dont follow any advice. I wanted to give up a very small portion of it while drawing on their expertise. So what kind of challenges were you guys dealing with? When the leadership tea. : Then, all of a sudden, the idea of perhaps starting your own business starts to become more tangible and have more color. : No, Im not, but I plan to soon. A: It's the pinnacle of all properties in Chicago. I also spent time working for SAP at their headquarters in Germany in R&D for a couple of years of my six-year journey with them. Till some months ago, few outside the business circles had heard of Chicago entrepreneur Sanjay Shah. Shah bought the 14,000-square-foot penthouse for $17 million and in 2017 is working to build out the space. Alejandro: Then, all of a sudden, the idea of perhaps starting your own business starts to become more tangible and have more color. That has served us well. What was going on through your mind? Denmark's tax authority has won its appeal in the UK courts over an alleged 1.5 billion ($2 billion) fraud by Dubai hedge fund trader Sanjay Shah and scores of others. I didnt want to give up much equity. It was the appetite for companies to spend on enterprise software, which took a nosedive in 2001, 2002 was the first challenge. Shah bought the 14,000-square-foot penthouse for $17 million and in 2017 is working to build out the space. I think getting the firsthand experience was critical. : The venture guys will probably come on in the very early stages, maybe in years 0 to 5, I would say. Then thats how we came to learn of SAP. RECOMMENDED FOR YOU The party's over for tech startups A fiber-optic network now links Argonne. Tell us about this. So weve been able to constantly grow, not just for a product footprint, but also our customer footprint as we continue to invest. Thats what helped us make the call with the partner we chose. Anything you wanted. One is I think I have learned to be a better listener. Alejandro: You guys were bootstrapping this. People used to have only accounting software back then, but MRP was the first-ever software that was used by large companies. We are trying to develop what I call a hybrid model. A few weeks ago, the Indian-American CEO of Vistex donated $5 million to his alma mater, Lehigh University, in Pennsylvania, from where he completed his MBA 25 years ago. What does the future look like for Vistex? I was an SAP loyalist. Sanjay Shah MD is a pain management physician at SEPA Pain Spine in Horsham Langhorne and Chalfont Pennsylvania. But you should seek input and feedback from everybody. So I was introduced to software quite early on. Perhaps it should be neither, and I should do what Sanjay said would work better. Dubai: Dubai Police arrested Sanjay Shah, the main suspect in the biggest tax fraud and money laundering case in Denmark. Dallas-Fort Worth Metroplex. These are not quick sales. Alejandro: Really interesting here. : 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. You need a lot of patience as well when youre selling into the enterprise. Thats our vision. That helped definitely. I think private equity can offer a lot of operational expertise and a lot of go-to-market expertise. Sanjay Shah: Of course, at General Motors, we were one of the first companies to use whats called MRP, material requirements planning. Everything was very hunky-dory. Q: After you graduated college in India, you decided to move to the U.S. for graduate school and to pursue your career. How was the growth of revenue overtime during those years? Thank you, Alejandro. Sanjay Shah, welcome to the DealMakers show today. Sanjay, thank you so much for being on the DealMakers show today. 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. Thats what helped us make the call with the partner we chose. 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