Alejandro: Of course. My advice is, dont follow any advice. : Some of it was a bit of craziness, I guess. In many instances, its like a 24-month sales cycle. 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 many paths to progress and success. My true passion was developing software. 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. 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. : Its interesting. Photo by Christa Neu. You need a lot of patience as well when youre selling into the enterprise. : Thats right. One is I think I have learned to be a better listener. Home / Companies / News / Salaries increase for top mutual fund CEOs. : What have I learned about myself? Your email address is 100% safe from spam! What kind of (software) programs are you going to run? Alejandro: Why did you go about bootstrapping rather than perhaps taking a look at financing the operation? As a self-made man, Sanjay Shah appreciates the importance of giving back. An entrepreneur cant say, Yeah, Im also on a double-duty and be able to sell into the enterprise. I wanted to get some operational experience and work on the operational side of things, operation supply chain, different terms. : Sanjay, what is the way that you guys make money with this? : I hired people that had the technical skills to help me write the software. Alejandro: In this case, you guys were bootstrapping. Why? In fact, according to Trump&x27;s most recent . Of course, thats important because it establishes a benchmark of sorts, but also to provide us with the expertise that we need. 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. Vistex.com specialises in information technology and services, computer software. You need a lot of focus and dedication and a lot of persistence. Those are the revenue streams for us. : You brought this up to 250 million in revenue without taking any type of investors. To this day, continue not to be addressed adequately in the ERP System. 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? Alejandro: Now, you have them as a strategic partner, so obviously, the relationship is there. So what kind of challenges were you guys dealing with? Sanjay Shah: Correct. There is no one path to success. Fast-forward to today. Part of the Storycuts series, this short story was originally published in the collection Little Black Book of Stories. It was the appetite for companies to spend on enterprise software, which took a nosedive in 2001, 2002 was the first challenge. : Absolutely. Alejandro: Yeah. Shah was born in 1970 in Marylebone, London. : What was your biggest learning or lesson from working with them? Q: Has the current political climate affected your feelings about the property? His new book is titled Fares, Do Not Sell/Share My Personal Information. That is more than a fulltime job in and of itself. 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. What attracted you to it? [Laughter] Be a good listener. Sanjay Shah: The venture guys will probably come on in the very early stages, maybe in years 0 to 5, I would say. What kind of teams do you need? Supply chain is a more recent term, but back then, it was operations. Shah, 49, Vistex's founder and CEO, recently gave $5 million to his business school alma mater, Lehigh University's College of Business and Economics, with the goal, he said, of helping it better compete with other top business schools. 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. 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. And if you got any value either from this episode or from the show itself, share it with a friend. So what kind of challenges were you guys dealing with? We felt that we needed to bring in some external expertise to help us grow the subscription part of our business. So lets continue. There are different sources to get money in. Sanjay Shah: I think the advice I would give to my younger self is, dont follow any advice. Thats how I was able to bootstrap. This is pretty cool. Thats how I ended up working for them. 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. 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? : Why did you decide to all of a sudden bring outsiders into the mix? What were some of the early days like? 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. 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 . Alejandro: Absolutely, and well talk about your bootstrapping experience in just a bit. You spend time in classrooms learning about things, but spending time on the shop floor learning how actually products are put together, how they are transported, how the logistics work in terms of the distribution networks of large companies. 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. Alejandro: So here you are in 1999. Chicago filmmaker Jennifer Reeder looks at the awards season nominees so far where did all the women go? Kapoor was a contestant in the Indian reality show 'Bigg Boss' in 2011. : 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? We consider ourselves fortunate in having been able to arrive some of that. Expenditure allowance: Rs 4,000. : So, she was a little consumed. We license our software. 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. There are so many different stakeholders. Sanjay Shah, the unemployed trader who's now worth $700 million but is wanted for 'fraud' Sanjay Shah and Solo Capital Partners LLP are central figures in the Danish Cum-Ex scandal that helped investors to rapidly sell shares and claim multiple refunds on dividend taxes. We are a software company run by engineers, not marketers. 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. Dubai: Dubai Police arrested Sanjay Shah, the main suspect in the biggest tax fraud and money laundering case in Denmark. Everything was very hunky-dory. For the people that are listening, Sanjay, what is the best way for them to reach out and say hi? : 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. With all this, the list was small, and we found a great partner who we signed up with. Theyve been around for many years, a very notable firm in the Valley, and a lot of successes to their name. Right after Pricewaterhouse, you went to General Motors. What does the future look like for Vistex? Alejandro: Sanjay, in terms of the early employees that you got, those were engineers, or what were some of these people because you were saying that this was . I think Im a good listener over the years. Sanjay Shah, of South Barrington, is the founder and CEO of Vistex, a software company based in Hoffman Estates. Have you completed it? : I was living in a form of a bubble. Sanjay Shah: Yes. That really has helped us grow because we started out with SAP North America first. How was the growth of revenue overtime during those years? What kind of teams do you need? So I decided to explore. Sanjay Shah On Going From Zero To $250 Million In Revenue Without Taking Any Outside Investment. I did not know there are a few folks that work at Vistex (who) are affected by this directly. That has been the biggest bump. Please subscribe to unlock this content. Right after Pricewaterhouse, you went to General Motors. What were the immediate steps to bring this to life? Punjab National Bank. If you like the show, make sure that you hit that subscribe button. 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 . 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. Then to ensure that they continue to receive value as they expand their portfolio of products. What does the future look like for Vistex? Spotlight Directory Sanjay Shah '89 MBA, Founder, CEO & Chief Architect, Vistex, Inc. Sanjay Shah is a tech entrepreneur, Founder, and CEO of enterprise software company Vistex. . Sanjay Shah '89 MBA, tech entrepreneur, founder and CEO of enterprise software company Vistex will be featured at the 14th lecture in the Donald M. Gruhn '49 Distinguished Finance Speaker Series. Alejandro: So for the people that are listening . Maybe I should trust A more than B, so I should do what A said. No. We want more growth, more customers, a larger solution footprint. They would help us build and scale our cloud business and yet be comfortable being a minority investor. Customers are getting smarter, especially in enterprise software, which is where we play. : Very nice. As we would bootstrap, I think it was important I realized that having because we are not spending as much on sales and marketing. Alejandro: Who were these people that you hired? When you continue to deliver value for your customers, then they see it. We felt that we needed to bring in some external expertise to help us grow the subscription part of our business. We were looking for a partner that has the chops, that has the history and the stripes to help us with our cloud journey. Contact: Mr. Alex Dehnert Communications Manager Vistex, Inc. 2300 Barrington Road, Suite 550 Hoffman Estates, IL 60169 Phone: 847-490-0420 alex.dehnert@vistex.com SOURCE Vistex, Inc. : Very cool. Sanjay, thank you so much for being on the DealMakers show today. : 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? View Sanjay Shah's profile on LinkedIn, the world's largest professional community. They might not have been born here, but they were raised here and they are very productive. What have you learned about yourself as a leader? Would you mind expanding a bit more on that, Sanjay? So I hired three or four resources in the year 2000. Supply chain is a more recent term, but back then, it was operations. So accounting runs in our blood. Fortunately, I had a view from the inside as well, having been one of the earliest employees of SAP. 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. Youve been with SAP for six years. Sanjay's Email. You spend time in classrooms learning about things, but spending time on the shop floor learning how actually products are put together, how they are transported, how the logistics work in terms of the distribution networks of large companies. 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 . We found a great partner in Excel KPR. So in your case and in your journey because in entrepreneurship, theres no such thing as a straight line. Alejandro: 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. They want to outsource everything and just consume a service. I was fascinated and intrigued by the software. 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. 56.8 1.7%. You shouldnt necessarily follow somebodys footsteps, but just take inspiration and then chart your own path. So then what happens after you make the decision. The number of players has increased, and the customers buying skills have increased tremendously. Sanjay Shah: I was living in a form of a bubble. As I have grown both personally and professionally, there are a couple of important lessons. 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.. You cant just shove things down their throat and hope that they use it. Just enter your email below. 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. We license our software. Alejandro: What was your biggest learning or lesson from working with them? It's just some people came in a lot earlier than others. 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. Then that gave me the funding I needed to do what I wanted to do. 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. Interesting. Q: You could have built another magnificent property somewhere else. 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. They try to go after high-potential, high-growth, the mature organizations, and we fit the bill on that front. It has 360-degree views of the city. I was one of the spearheads of that. 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? Its also massively matrixed. Hello everyone and welcome to the, show. Alejandro: What were some of the key ingredients that you were looking for in a partner? With all this, the list was small, and we found a great partner who we signed up with. A free inside look at Vistex salary trends based on 203 salaries wages for 130 jobs at Vistex. 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. Then to ensure that they continue to receive value as they expand their portfolio of products. Sanjay Shah: Yeah. Then slowly over the years expanded to other regions of the globe. 00:00:00 00:37:40. So in your case and in your journey because in entrepreneurship, theres no such thing as a straight line. "We are excited to. A: It's the pinnacle of all properties in Chicago. The company was bootstrapped to $250 million in revenue without outside investment. 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. 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. And if you got any value either from this episode or from the show itself, share it with a friend. : Got it. We didnt have any salespeople on board, so we were engineers doing all of the selling ourselves. Different propositions, private equity being a different proposition as innovated. We were able to land a couple of accounts in the year 2001. Sanjay Shah saw a void in the ERP market. So I ended up taking a job at Pricewaterhouse as a staff auditor right after I graduated from grad school. Exactly, especially if you intend to bootstrap, I think you have to have a good accounting streak in you. Everybodys journey is unique, and everybodys circumstances are unique. I believe that if anything, you should know that you should always learn to learn. And you need professional sales help. : Very cool. Alejandro: Got it. Sanjay Shah: It wasnt the money or the capital. Vistex is the established industry leader with nearly $250 million in revenue in 2018, and despite two recessions, has expanded its operations globally and its portfolio across 14 industries. 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: Thats right. Subscribe: Google Podcasts | Spotify | Stitcher | TuneIn | RSS | More. Just navigating the politics and creating and developing the value, etc. 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. What is private equity? We've always had a few ideas about what we want to do with the space, but we never really started anything in earnest. 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. I come from a family of traders and accountants. I did have a word with her, and she thought Id lost my mind because as you can imagine, being one of the first employees of SAP, I had a very good package with them including some stupendous stock options, which I would have to get rid of or liquidate. : Sanjay, in terms of the early employees that you got, those were engineers, or what were some of these people because you were saying that this was . How was life there? 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. : The venture guys will probably come on in the very early stages, maybe in years 0 to 5, I would say. I thought, Wow. So quite an accomplishment. : Yeah. So again, working with SAP, such a gigantic organization has its set of challenges, and there have been several lessons learned. 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 Cremades leads the vision and execution for Panthera Advisors as its Co-Founder and. Software maker Vistex announced it has raised $65 million in funding from Accel-KKR, a private equity firm based in Silicon Valley. They want to outsource everything and just consume a service. So those are the challenges. 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