The Story of DataSync
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Vetter Solutions was launched in 2004 and provided IT support services before being incorporated in 2005. It expanded its services but ran low on cash in 2006. The company developed an idea for an online backup and hosting solution called DataSync in 2007. It struggled to raise $500,000 in capital through 2008. DataSync was able to close a Series A funding round in late 2008 and a follow-on funding round of $1 million in 2009. DataSync has since grown to 16 employees with thousands of users and partners worldwide.
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The speaker will share from experience some of the hallmarks of mature, leading data environments that leaders will be guiding their data environments towards in the next few years, with the goal of helping true data leadership emerge.
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The Story of DataSync
- 1. The Story of DataSync
- 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
- 5. 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
- 6. 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!
- 8. 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)
- 9. 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
- 10. 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!
- 11. 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
- 12. 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
- 13. 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!
- 15. 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
- 16. And remember, balance is IMPORTANT!
- 17. Mike Vetter CEO - DataSync mvetter@datasyncorp.com twitter.com/intheexpanse InTheExpanse.com