The Story of DataSync

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Slideshow on the story of DataSync, from its inception to current operation.

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  • The Story of DataSync

    1. 1. The Story of DataSync
    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. And remember, balance is IMPORTANT!
    13. 13. Mike Vetter CEO - DataSync mvetter@datasyncorp.com twitter.com/intheexpanse InTheExpanse.com

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