BADM 360
           DataSync:
A Practical Example of a Challenging
      Management Environment
First,
        The Story of DataSync...
Vetter Solutions was
launched as a sole
proprietorship in May 2004

 Offered Home...
Vetter Solutions, Inc.
Vetter Solutions was
Incorporated in July 2005

 Moved into full office
in Madison, SD

 Added net...
The ‘Capital Gap’

Nearly ran out of cash in
late 2006...

 Banks: No, more
revenue needed

 Investors: No way

 Vetter...
The new idea: DataSync
Customers needed a backup solution to
protect their data...

 We Believed online services had pote...
What did it mean?

Maybe we could host
services/software, pass
the savings on!

 VERY scalable model

 BUT, required
sub...
Capital: Giant Vision

We needed to raise
$500,000 to get the idea
off the ground.

 2006: Rejected

 2007: Semi-finalist...
Series A Offering
End of year 2008:
DataSync closes Series A
offering

 Used services of SBDC,
Enterprise Institute,
RAIN...
Rights Offering
October 2009: DataSync closes additional
$1 million in funding

 Follow on RAIN investment

 Individual ...
DataSync Today
Growing software
company with an innovate
product!

 16 employees

 1000’s of users around
the world

 2...
Lessons Learned

 Strong character is foundational

 Management is a learned skill, with
some intuition required

 Be S...
1. Character is Foundational

 Who you are manages you

 Your personal life affects your
performance at work

 Traits t...
2. Management is a skill

 You won’t wake up one day and manage
effectively

 Goals are key

 Motivating people is key
...
3. Be Strategic

 Strategic: The Forest
 Tactical: The Tree
         Look at the big picture!

 Day to day operations w...
4. Always Learn

 Do not try to be ‘the smartest guy in the
room’, you’ll end up as Enron.

 You’re only as strong as yo...
Always Learn: Get input!
DataSync is the result of collaboration of many!

 Be ‘the dumbest guy
in the room’

 Implement...
5. A Few Principles
       (Dealing with your Team)

 Think, then act

 Your most precious asset is your time

 Reports...
A Few Principles
          (Upper Management)

 Opportunity costs are real: spend your
time on what matters, not a list o...
A Few Principles
           (Making Decisions)
 Fully understand the problem, then act

 Make the best decision you can ...
Am I ‘successful’?
Success IS NOT
 Making more money
 Being the ‘head haunch’
 Beating other managers/employees
Success...
Conclusion

 Delivering effective management is one
of the most difficult jobs in business

 Effective management is the ...
And remember, balance is
      IMPORTANT!
Mike Vetter
    CEO - DataSync

mvetter@datasyncorp.com
twitter.com/intheexpanse
    InTheExpanse.com
Dakota State University BADM 360 Management Presentation
Dakota State University BADM 360 Management Presentation
Dakota State University BADM 360 Management Presentation
Dakota State University BADM 360 Management Presentation
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Dakota State University BADM 360 Management Presentation

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Presentation I gave on April 29, 2010 to students in a management class at Dakota State University.

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  • Dakota State University BADM 360 Management Presentation

    1. 1. BADM 360 DataSync: A Practical Example of a Challenging Management Environment
    2. 2. First, The Story of DataSync... Vetter Solutions was launched as a sole proprietorship in May 2004  Offered Home PC support, business network support  Served 100+ residential, 25+ business customers  Ran out of the Vetters’ basement
    3. 3. Vetter Solutions, Inc. Vetter Solutions was Incorporated in July 2005  Moved into full office in Madison, SD  Added network management, web development, IT Security services  Burned through substantial cash learning, growing
    4. 4. The ‘Capital Gap’ Nearly ran out of cash in late 2006...  Banks: No, more revenue needed  Investors: No way  Vetter Solutions: Starving! The experience just about took me out! The result... ...my character was tested!
    5. 5. The new idea: DataSync Customers needed a backup solution to protect their data...  We Believed online services had potential  Began hosting customer backups, applications  Created management team/strategy  Due to large potential, Board of Advisors created (Rich/SDTBC put together team)
    6. 6. What did it mean? Maybe we could host services/software, pass the savings on!  VERY scalable model  BUT, required substantial capital  So, we went on the investor road show
    7. 7. Capital: Giant Vision We needed to raise $500,000 to get the idea off the ground.  2006: Rejected  2007: Semi-finalist  2008: Semi-finalist  No capital raised  Began to fear ‘gapping out’ again!
    8. 8. Series A Offering End of year 2008: DataSync closes Series A offering  Used services of SBDC, Enterprise Institute, RAIN network, GOED  Pitched all over the region  Funding came in within 15 days of running out of cash
    9. 9. Rights Offering October 2009: DataSync closes additional $1 million in funding  Follow on RAIN investment  Individual local ANGEL investors  Adds integration with Quickbooks, distribution channels
    10. 10. DataSync Today Growing software company with an innovate product!  16 employees  1000’s of users around the world  25+ partners  A chance at an exit!
    11. 11. Lessons Learned  Strong character is foundational  Management is a learned skill, with some intuition required  Be Strategic  Never stop learning - find mentors  A few principles of management
    12. 12. 1. Character is Foundational  Who you are manages you  Your personal life affects your performance at work  Traits that destroy managers: Stubbornness, arrogance, laziness, insecurity, lack of direction  A sloppy lifestyle makes a sloppy manager
    13. 13. 2. Management is a skill  You won’t wake up one day and manage effectively  Goals are key  Motivating people is key  LEARN! Read Drucker, Collins, Porter Be skeptical of ‘quick easy’ methods Listen to your gut!
    14. 14. 3. Be Strategic  Strategic: The Forest  Tactical: The Tree Look at the big picture!  Day to day operations will pull you to the smallest details  Being effective requires that each detail is looked at in light of the whole  Pay attention to how you are making decisions
    15. 15. 4. Always Learn  Do not try to be ‘the smartest guy in the room’, you’ll end up as Enron.  You’re only as strong as you’re weakest trait  Get smart people around you  Every situation requires new skill/ knowledge/wisdom  One size DOES NOT fit all
    16. 16. Always Learn: Get input! DataSync is the result of collaboration of many!  Be ‘the dumbest guy in the room’  Implement their advice  Don’t give up  Examples: Craig Anderson, Al Kurtenbach, John Hemmingstad
    17. 17. 5. A Few Principles (Dealing with your Team)  Think, then act  Your most precious asset is your time  Reports (employees) are essential to your success, don’t be an a**hole to them!  Teams operate more efficiently than tyrants
    18. 18. A Few Principles (Upper Management)  Opportunity costs are real: spend your time on what matters, not a list of tasks  Upper management (regardless of level) judges your deliverables  Concise communication with them is as essential as your actual performance  Set expectations, update them!
    19. 19. A Few Principles (Making Decisions)  Fully understand the problem, then act  Make the best decision you can with the information you have  Gain the advice and insight of others  Know the upside (potential benefit), downside (risk), and ultimate profile of your decision.  Admit when you’re wrong, use the experience as knowledge for the future
    20. 20. Am I ‘successful’? Success IS NOT  Making more money  Being the ‘head haunch’  Beating other managers/employees Success IS  Defining and delivering goals  Building a team that outlasts you  Accomplishing the organization’s goals  Finding satisfaction in working hard at challenging, ethical, long term focused efforts  Doing something that is truly worthwhile
    21. 21. Conclusion  Delivering effective management is one of the most difficult jobs in business  Effective management is the most valuable job in business  Becoming an effective manager is a lifetime endeavor  Management is the most difficult, but most rewarding journey I have attempted in business
    22. 22. And remember, balance is IMPORTANT!
    23. 23. Mike Vetter CEO - DataSync mvetter@datasyncorp.com twitter.com/intheexpanse InTheExpanse.com

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