In the dizzying world of technology startups, it’s easy to get lost in the hype of hot trends such as AI, blockchain, VR/AR and machine learning. What is often forgotten is the fact that some of the best startups in the world solve the simplest of problems.
This is exactly the approach that Pascal Henry, who is the CEO and cofounder of HReasily, took when he identified the fundamental needs of rapidly growing SMEs–to manage their human resources more efficiently.
Henry launched his Singapore-based HR firm in late 2015 as a Software-as-a-Service (SaaS) business that enables companies to increase productivity by using technology to streamline traditional processes such as payroll processing, leave management and expense claims.
“When I was running my first startup in Singapore, I had to do a lot of the manual processes myself. I felt the pain and the drain of it,” explains Henry. “It was taking up a lot of my time and energy, when I should have been focusing on building my business.”
HReasily’s mission is simple: To innovate and automate HR throughout the world. As one of the fastest-growing cloud-based HR SaaS companies in the region, their simple modules and features aim to transform many of the legacy HR processes and automate them to be accessible anytime and anywhere. Currently the company offers seven modules including payroll, staff leave, employee contracts and attendance. As HReasily grows, it continues to add product lines aimed at empowering companies to scale faster.
Previously, many businesses used solutions that each looked after a particular silo of an HR department. So you’d have one system to manage your payroll calculations, one for leave and others for other functions.
“What happened was you had to log in and out of many various systems, and these systems cost a huge amount of money,” says Henry. “What we’ve done is build a solution that is very affordable that integrates with all the functions on a unified platform.”
A simple but elegant business model HReasily runs a subscription-based revenue model. Starting with payroll, which is at the core of every traditional HR office, the company offers premium versions that run on monthly or yearly subscriptions, with add-on modules available such as staff leave and time attendance. This past summer at the RISE 2019 conference in Hong Kong, Henry and his team unveiled their latest benefits management module which will soon allow customers to acquire group level insurance, healthcare and even apply for credit cards or loans.
HReasily says its competitive advantage lies in its customer base, which is mostly SMEs. By initially focusing on the fundamental needs of this particular segment, the company has earned the support of larger banking and government agencies and has become known as an “SME champion.” Not surprisingly, as the company has grown it says that it began to attract larger corporations, publicly listed companies, multinational corporations and even payroll outsourcing firms.
“As we grew we acquired a more diverse customer base,” Henry says, “because a lot of larger companies are tired of the older and expensive solutions because they need to be installed on premise and they require a refresher every year when rules and regulations change.”
Partnerships are the key to rapid growth
Being based in Singapore has allowed HReasily to capitalize on the rapid growth in Southeast Asia. SME’s account for 97% of all the enterprises in the region, and employ half of the workforce, according to data from Asia-Pacific Economic Cooperation (APEC). HReasily’s growth has been nothing short of impressive. With nearly 30,000 companies on their platform and more than 100 new companies onboarding every day, HReasily is said to be growing rapidly in Singapore, Hong Kong, Malaysia, Indonesia, the Philippines, Thailand, Cambodia and Vietnam.
Some of HReasily’s notable customers include Love Bonito (in Singapore, Indonesia, Malaysia and Hong Kong), Sambat Finance (Cambodia), OnlinePajak (Indonesia) and TechInAsia. As the company looks to complete their coverage of Asia, the next major market they look to tackle is mainland China followed by Taiwan, Japan, Myanmar and Australia.
Investors have taken notice of the company’s growth as well. Fresh off a pre-series A funding round of $5 million from Envy Capital, HReasily is currently estimated to be valued at more than $100 million. Henry admits that the company’s rapid growth in the region has only been possible with the early support from their key strategic partners.
HReasily has been working with Citibank, Mazars and Stripe. The partnership with Mazars, which was a lead investor from the startup’s first round of funding, gives them access to a global audit, advisory and payroll outsourcing firm with 300 offices in 100 countries. Henry says it allows HReasily to localize its solutions to each individual market.
“Today, building a solid ecosystem of strategic partners is very important because you come from different angles, but you all serve one customer, which is the SME or the business,” says Henry. “By coming together, we collectively create a great end-to-end experience for them. There’s strength in numbers.”
Jay Kim is a full-time investor and the host of the popular podcast The Jay Kim Show, Hong Kong’s first dedicated podcast on entrepreneurship and investing in Asia. Inc. Magazine has named The Jay Kim Show one of the top three podcasts from Asia which are inspirational and useful to entrepreneurs. Jay is an avid supporter of the start-up ecosystem in Asia and frequently consults with leaders in local government on topics related to technology, entrepreneurship, early-stage investing and startups
Is your administration work taking too much out of your time? HReasily provides HR solutions for payroll processing, leave and claims management, employee scheduling and time attendance, so that business owners can focus on growing their businesses.
The U.S. Census Bureau predicts that millennials are projected to outnumber Baby Boomers as the largest living adult generation in America. With the millennial generation making up such a huge portion of American consumers, it is imperative that companies understand how to effectively market products and services to this group. For this generation, social media has become an integral part of their lives. Many companies have taken notice and are using social media to craft their marketing strategies, however, many organizations struggle to understand and determine how to successfully capture the attention of millennial consumers.
One person that companies can learn a lot from is MarQuis Trill, a social media influencer, investor, and entrepreneur who has figured out how to authentically gain and capture the attention of young audiences. MarQuis made his social media debut on Myspace in 2003, at the tender age of 12. In 2017, he was listed as one of the most influential people on the internet. Now, through his social media platforms, MarQuis reaches millions of people every month, with a large percentage of his audience being millennials and Generation Z. After deciphering the formula for success, MarQuis started an agency called Entertainment 258, which is focused on helping businesses, influencers, athletes and artists develop and expand their brands. What are companies getting wrong when it comes to millennial marketing strategies?
How does MarQuis keep his audience engaged? What are some best practices when it comes to millennial marketing on social media? MarQuis sat down with Forbes to discuss these questions and more.
Janice Gassam: Who is MarQuis Trill? How did you develop such a huge following on social media?
MarQuis Trill: It basically developed in college. I went to Prairie View A&M University on a full-ride scholarship. I had a chance to go to other big schools like Baylor, Texas A&M, USC…but I decided to go to an HBCU, just to change the culture…once I started attending the school, I saw the culture of the community. I went from playing basketball to [be] an artist, to [be] a promoter online and it just grew from there. I always had that marketing strategy inside me and my school kind of just brought that out of me.
Gassam: What are some mistakes that companies make when it comes to branding and marketing to millennials?
Trill: I think companies are getting things wrong, first, inside the company itself. They’re hiring people that are not a part of the culture—that’s the first thing. Everything we see on TV is a copy. We’ve seen multiple videos, multiple commercials from our favorite influencers. The people that work in those places are copying exactly what the millennials are doing, instead of coming to us and collaborating with us and actually hiring us and giving us jobs…instead of paying an influencer, how about hiring an influencer? It should start inside.
Second…I call it ‘camouflage marketing.’ And what camouflage marketing is, is when you’re marketing something, but it’s not focused on the actual brand. So that could be merchandise, that could be accessories, that could be sponsorships, that could be a flash of your logo…I think they should focus more on that, and creating cool content…collaborations, collaborations, collaborations. As time goes on, a 13-year-old turns 21…you always have to change…you always have to connect with the millennials and with the new generation.
If you don’t do that, you’re going to be disconnected. Once you become disconnected, it doesn’t matter if you’re a million-dollar company or a billion-dollar company—you’re going to lose revenue dollars…that’s what I feel a lot of companies are missing. You don’t necessarily have to hire someone, like a kid, to be the CMO of your entire company, just a collaboration or maybe you can give them a smaller job where they are just over marketing strategies for Instagram…all you need is five millennials in the office space for Twitter and Instagram and you’re going to have a hundred thousand followers, a million followers and they’re going to run it all for you…they don’t need big budgets because they’re young kids and as time goes on and they start doing more for your company, you’ll be able to pay them anyway.
Gassam: What are some trends you anticipate on social media when it comes to millennial marketing?
Trill: Well…it’s always something new and something fresh…what I try to focus on is fast news and fast content. That’s where you’ll get most of the engagement and most of your following from. That’s how I grew my following originally. I was taking videos from YouTube and putting them on Twitter. I was taking videos from Facebook and putting them on Twitter because different platforms have different videos and different followings. Something that’s been posted on YouTube probably hasn’t been seen by the people on Twitter…Twitter, Instagram, Snapchat, Facebook, they don’t all have the same following.
Different people get on different platforms because they like the functionalities of that platform. Kids that are on TikTok might not necessarily be on Twitter. People that are on Snapchat might not necessarily use Instagram all the time. That’s what people fail to realize. Every single influencer, they may not have every single social media platform. That’s where a lot of people miss out on…Twitter is for news information and text. Instagram is for pictures. Snapchat is for, right there on-the-spot videos. Basically, live videos…TikTok, [for] six seconds dancing. You have to be creative…young kids are on [TikTok] all the way from eight years old all the way up to 21.
Gassam: So, companies need to learn that they can’t post the same social media content on every single platform and expect it to stick?
Trill: Exactly. They also have to use camouflage marketing. Using influencers, creating dope content that doesn’t necessarily have anything to do with their products. They can flash the product in between the content or at the end or the person that’s inside the content can actually say the product. It can be a one-minute music video and five seconds out of the music video, that artist is pouring cheerios…he’s not necessarily saying ‘I eat cheerios.’ Now the consumer and the person that is watching the content, they’re smarter now…they know what’s fake, they know what’s an ad now…with the rules and everything you even have to put ‘ad’ or ‘promo’. So now, when you put that, your engagement goes down even more…you have to do it in a camouflage sense.
Gassam: Is there a social media platform you would recommend companies use when marketing to millennials?
Trill: It depends on what their product or service is. If you’re selling merch, I would definitely say go with Instagram and YouTube. If you’re already a super known company, I would say go with Twitter because the engagement there reaches faster…you get more retweets, you get more favorites, more impressions. If you’re trying to sell anything, if you’re trying to become a brand yourself, if you’re trying to conquer a market, I would say use YouTube because Google owns YouTube and they create all [the] SEO that’s on the internet…when you search something like ‘how to dance,’ whoever made a video on ‘how to dance’ on YouTube, that’s what’s going to pop up for a search and that’s free marketing, free viewership for the person, influencers or brand that made that video. Now content is becoming the search. That goes for marketing and branding as well.
Gassam: How can companies stand out to millennials on social media?
Trill: They should be more direct with the consumer. The consumer is getting smarter because they’ve seen so much content, so they can tell if something is fake, something is real, something is being promoted and they won’t engage as much to it. If the consumer and the people that are selling products, if they intertwine and they come more direct with people that are in the communities…then that’s when you start getting more product sales and more distribution in your product. I wouldn’t buy anything that I’m not tapped into or that I didn’t see anyone else wearing.
iPhone is hot because everyone has an iPhone, not because it’s the best phone…they keep developing different products. They have apps, they have iTunes, they have podcasts…they’re tapped into every culture…they’re basically competing against themselves…subscription-based is what’s coming next. AR is coming next, virtual reality is coming next. And these are the things that these companies need to focus on…someone will always develop something new; someone will always come up with something that’s greater than the other platforms.
Gassam: Popeyes recently came out with a very successful marketing campaign for their new chicken sandwich. Should companies copy these campaigns in order to be successful? In regard to the millennial consumer, do you think controversy sells?
Trill: I wouldn’t say copy. But they should come up with their own strategy. Once you see something so much, you are making the consumer smarter. Your next marketing campaign is going to have to be harder.
I think controversy is always great…but if you’re deliberately doing things on purpose and expecting a great outcome, nine times out of ten, it might not go your way. But if you have a whole marketing strategy behind it and if you know exactly what you’re doing and where you’re trying to go, then it’s definitely going to work…we don’t have to pay for press.
This interview has been lightly edited for brevity and clarity.
To learn more about MarQuis, visit his website or connect with him on Instagram.
I grew up in five different states and across two continents, which was the catalyst to my interest in diversity. My ultimate goal is to help leaders infuse more love into the workplace, creating a culture that is more equitable and productive. Currently, I work as a professor at Sacred Heart University, teaching courses in management. In addition, I am a consultant, helping organizations create a more inclusive environment. I earned a Ph.D. in applied organizational psychology from Hofstra University, and I enjoy conducting research in the areas of diversity, equity, inclusion, hiring, selection, and leadership.
Founded in 1984, ONEX invests and manages capital on behalf of his shareholders, institutional investors and high net worth clients from around the world. ONEX platform include: ONEX Partners, private equity funds focused on larger opportunities in North America and Europe, ONCAP, private equity funds focused on middle market and smaller opportunities in North America, ONEX credit, which manages primarily non-investment grade debt through collateralize loan obligations, private debt and other credit strategies and Gluskin Sheff’s actively managed public equity and public credit funds.
In total ONEX assets under management today are approximately $39 Billion, of which approximately $6.9 Billion is their shareholder’s capital. With offices in Toronto, New York , New Jersey & London, ONEX is experienced management teams are collectively the largest investors across ONEX platforms.
ONEX main task is to increase customer profits. In trading, ONEX use automated bots, the latest strategies and approaches for working on each exchange, this ensures the declared high income. Safety is ONEX top priority. In every decision make, ONEX is supervised by security concerns. They use the most reliable and effective technologies available to ensure the safety of investors funds.
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The ONEX Financial Corporation team has specifically designed smart, high-return investment packages. Each package has its own life and type of charges. Be careful when choosing an investment rate. Those who believe in us will be satisfied and get a good profit. For us, the most important thing is the loyalty of our customers, therefore ONEX Financial Corporation always tries to take into account the general situation in the cryptocurrency market, this allows us to consistently increase the company’s profits, and earn not only an increase but also a decrease in the market.
General Electric (GE – Get Report) rose Friday after CEO Larry Culp purchased $2 million worth of shares in the company following reports that its accounting tactics were targeted by the whistleblower who helped bring down Bernie Madoff’s Ponzi scheme.
Securities and Exchange Commission filings from late Thursday indicate Culp purchased 252,000 GE shares at $7.93 each Thursday as the stock plunged following a Wall Street Journal report that outlined allegations from Harry Markopolos, an accounting expert who flagged issues surrounding Bernie Madoff’s investment fraud.
Markopolos called GE a “bankruptcy waiting to happen” and said he found that its insurance unit would need an $18.5 billion boost to its reserves. He also told that paper that other accounting issues, including in its oil and gas business, would amount to around $38 billion.
Markopolos is working with an undisclosed hedge fund that has an ongoing short position in GE shares, meaning they’re betting against them in the near and long term.
“GE will always take any allegation of financial misconduct seriously. But this is market manipulation — pure and simple,” Culp said in a statement Thursday. “Mr. Markopolos’s report contains false statements of fact and these claims could have been corrected if he had checked them with GE before publishing the report.”
GE shares rose 9.7% on Friday to close at $8.79 following Thursday’s 11.3% plunge (the biggest in more than 11 years).
GE’s power division raised concerns last year when the company said a $22 billion charge related to acquisitions that it booked over the three months ending in October 2018 was being probed by both the Securities and Exchange Commission and the U.S. Department of Justice.
“GE stands behind its financials. We operate to the highest-level of integrity in our financial reporting and we have clearly laid out our financial obligations in great detail,” the company said in a statement to TheStreet. “We remain focused on running our business every day and following the strategic path we have laid out.”
“We will not be distracted by this type of meritless, misguided and self-serving speculation and neither should anyone in the investor community,” the statement added.
Shares of General Electric fell in the pre-market Thursday after Madoff whistleblower Harry Markopolos released a report alleging that GE has masked the depths of its financial problems, resulting in inaccurate and what he’s calling fraudulent financial filings with regulators. GE responded by saying it hasn’t been contacted by Markopolos and the group’s report was produced to help short sellers profit by creating volatility in GE’s shares. CNBC’s “Squawk on the Street” discuss.
Dr. Joe DeSimone took his own path to entrepreneurship. His latest venture, Carbon, is changing the way things are made.
He’s assembled one of the most impressive Board of Directors and line up of investors to transform the $300 billion manufacturing industry.
Joe recently appeared as a guest on the DealMakers Podcast. During his exclusive interview, he shared how his team is transforming how the world makes things, the fundraising process, what it’s like building a nearly 500 person company in less than 6 years, and many more topics.
From Academia to Entrepreneurship
Joe DeSimone was born and raised in the suburbs of Philadelphia. Ever since high school, Joe found he had a knack for chemistry. For both understanding it and for teaching it.
He attended Ursinus College, and then Virginia Tech for his Ph.D. On a tip from a faculty advisor, he went to check out the University of North Carolina, at Chapel Hill—-one of the top 10 chemistry departments in the country.
If he would teach organic and polymer chemistry, then they would give him $500,000 to start a research program. He was convinced. At UNC, he enjoyed a highly successful career as a professor for 25 years.
Joe taught a lot of students chemistry and mentored many researchers. He learned that people have very different learning styles. From his perspective, if you want to be a great teacher, you have to take responsibility for explaining complicated topics in accessible ways.
It turns out that is a really important trait for entrepreneurs too. It’s a valuable skill whether you’re doing it in a classroom setting, talking to VCs or investors, or your own employees. The importance of bringing people along with you.
His position in academia enabled Joe DeSimone to pursue a handful of interesting startups based on his research before he launching his newest venture, Carbon, in 2013.
His first company was BioStent. A partnership with an interventional cardiologist at Duke University. They developed a coronary stent that is polymeric instead of metal-based. It dissolves in the body after 18 months, once blood vessels can operate on their own again. The company was acquired by Guidant, and then Abbott.
Next, it was Liquidia Technologies, a partnership with one of Joe’s Ph.D. students including Jason Rolland, now SVP of Materials at Carbon. Liquidia went IPO last year.
They developed technology that leveraged tools from the computer industry to make precision nanoparticles. It spawned new and more effective ways to deliver medicines to the airway.
It has proven valuable in improving treatment approaches for diseases like pulmonary arterial hypertension, and in creating next-generation vaccine platforms for infectious diseases and certain cancers.
After spending 25 as a faculty member at UNC, the opportunity to go to Silicon Valley and take on a new entrepreneurial challenge was something Joe couldn’t pass up.
UNC agreed he could take a sabbatical to pursue his idea. That was five years ago.
Departing Academia for Silicon Valley
When Joe left North Carolina for Silicon Valley to found Carbon, he didn’t know what the future would hold. Carbon is now one of the world’s leading digital manufacturing companies.
Based in Redwood City, Carbon’s mission is to enable companies to make breakthrough products that can improve human health and well being, transform industries, and change the world.
Joe launched the company and its groundbreaking Digital Light Synthesis™ (DLS) technology on the TED stage in 2015. DLS fuses light and oxygen to rapidly produce products from a pool of resin. Using DLS technology, Carbon is enabling companies like Adidas, Riddell, Ford and Johnson & Johnson to create breakthrough products at speeds and volumes never before possible, finally fulfilling the promise of 3D printing.
Joe believes that empowering product teams to make breakthrough products and bring them to market faster will change the way we live.
Carbon has cracked the code on 3D printing at scale. The manufacturing industry is a $12 trillion market and manufacturing polymers is a $330 billion market. There is enormous potential here for Carbon to lead the digital revolution in manufacturing.
Creating a Company Differentiated by its Technology, Business Model and Team
With a team of nearly 500 employees around the world, Carbon has also assembled an impressive team of board members and investors while raising $680 million in the process at a $2.5 billion valuation.
Carbon’s board includes former Chairman and CEO of DuPont, Ellen Kullman, former CEO of Ford Motor Company, and former CEO of Boeing’s Aircraft Division, Alan Mulally, and Sequoia’s Jim Goetz.
Some of their investors include Sequoia, Google Ventures, GE, Adidas, BMW, Johnson & Johnson, and JSR. They’ve also got Fidelity, Baillie Gifford, and Madrone Capital Partners as well as investment from additional international sovereign funds.
Storytelling is everything in fundraising and Carbon was able to master this. Being able to capture the essence of what you are doing in 15 to 20 slides is the key. For a winning deck, take a look at the pitch deck template created by Silicon Valley legend, Peter Thiel (see it here) that I recently covered. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash.
Critical Ingredients for a Successful Company
During the interview, Joe shared three of the most important components of building a successful company as being:
1. The importance of IP and patent-protection
2. Building highly differentiated technology
3. Assembling a world class team of people that are committed, passionate, and talented
DeSimone also shared his thoughts on the similarities between academia and entrepreneurship such as the importance of bringing people along with you and painting a vision for the future and how the world can be different.
Listen in to the full podcast episode to find out more, including:
I am a serial entrepreneur and the author of the The Art of Startup Fundraising. With a foreword by ‘Shark Tank‘ star Barbara Corcoran, and published by John Wiley & Sons, the book was named one of the best books for entrepreneurs. The book offers a step-by-step guide to today‘s way of raising money for entrepreneurs. Most recently, I built and exited CoFoundersLab which is one of the largest communities of founders online. Prior to CoFoundersLab, I worked as a lawyer at King & Spalding where I was involved in one of the biggest investment arbitration cases in history ($113 billion at stake). I am an active speaker and have given guest lectures at the Wharton School of Business, Columbia Business School, and at NYU Stern School of Business. I have been involved with the JOBS Act since inception and was invited to the White House and the US House of Representatives to provide my stands on the new regulatory changes concerning fundraising online
A novel about who really invented the lightbulb by the screenwriter behind the Oscar-wining film “The Imitation Game.” It features the intertwining stories of Nikola Tesla, Thomas Edison, and George Westinghouse.
When a young Stanford neurosurgeon is diagnosed with lung cancer, he sets out to write a memoir about mortality, memory, family, medicine, literature, philosophy, and religion. It’s a tear-jerker, with an epilogue written by his wife Dr. Lucy Kalanithi, who survives him, along with their young daughter.
Westover, raised in the mountains of Idaho in a family of survivalists, didn’t go to school until she was 17. She would go on to earn a PhD from Cambridge University. This memoir chronicles her path towards higher education.
It’s what was passed on from Buffett’s father to Warren–the principle of having an “Inner Scorecard” rather than an “Outer Scorecard.” Either one can get you to success, but one matters more than the other. Buffett said:
The big question about how people behave is whether they’ve got an Inner Scorecard or an Outer Scorecard. It helps if you can be satisfied with an Inner Scorecard.
Unpacking Buffett’s “inner scorecard” principle
An outer scorecard is what most people have or want, often driven by hubris, greed, or a life lived off-balance. It’s an external measure of success that attempts to answer elusive questions like, “What do people think of me, my success, my image, or my brand?”
The inner scorecard is intrinsic and it defines who you are at the core of your values and beliefs. The focus is on doing the right things and serving people well instead of on what other people think of you. In one simple but hard-to-attain word in business, it’s about being authentic.
The inner scorecard has been the Warren Buffett way and what has worked for the self-made billionaire his entire life. It’s taking the higher road and it’s paid off for Buffett.
Investor and author Guy Spier writes in his book The Education of a Value Investor, “One of Buffett’s defining characteristics is that he so clearly lives by his own inner scorecard. It isn’t just that he does what’s right, but that he does what’s right for him … There’s nothing fake or forced about him. He sees no reason to compromise his standards or violate his beliefs.”
Here are four examples of how living by your own inner scorecard can lead to success, as it has for Buffett.
1. Start with what you teach your kids.
In Alice Schroeder’s The Snowball: Warren Buffett and the Business of Life, she quotes Buffett offering a parenting tip: “In teaching your kids, I think the lesson they’re learning at a very, very early age is what their parents put the emphasis on. If all the emphasis is on what the world’s going to think about you, forgetting about how you really behave, you’ll wind up with an Outer Scorecard. Now my dad: He was a hundred percent Inner Scorecard guy.”
2. Beware of whom you hang out with.
One summer after graduating from Columbia University, Buffett had to fulfill his obligation to the National Guard and attend training camp for a few weeks. That experience taught him one incredible lesson: hang around people who are better than you.
Buffett said in The Snowball, “To fit in, all you had to do was be willing to read comic books. About an hour after I got there, I was reading comic books. Everybody else was reading comic books, why shouldn’t I? My vocabulary shrank to about four words, and you can guess what they were.
“I learned that it pays to hang around with people better than you are because you will float upward a little bit. And if you hang around with people that behave worse than you, pretty soon you’ll start sliding down the pole. It just works that way.”
3. Don’t forget the only two rules of investing you’ll ever need.
Buffett pares down his inner scorecard investment philosophy to two simple sound bites. He says, “Rule No. 1: Never lose money. Rule No. 2: Never forget rule No. 1.”
Yes, he’s made billions but he has also personally lost billions–about $23 billion during the financial recession of 2008. What Buffett alludes to here is mindset–having a sensible approach to investing. That means doing your homework, finding sustainable businesses with good reputations, and avoiding being frivolous and gambling away your money. Buffett never invests prepared to lose money, and neither should you.
4. Never waver away from what matters most to you.
Buffett’s success is not so much about what he has done as it is about what he hasn’t done. With all the demands on him every day, Buffett learned a long time ago that the greatest commodity of all is time. He simply mastered the art and practice of setting boundaries for himself.
That’s why this Buffett quote remains a powerful life lesson. The mega-mogul said:
The difference between successful people and really successful people is that really successful people say no to almost everything.
This advice speaks directly to our inner scorecard. We have to know what to shoot for to simplify our lives. It means saying no over and over again to the unimportant things flying in our direction every day and remaining focused on saying yes to the few things that truly matter.
The short answer for such a massive superyact is, they didn’t really. But that doesn’t mean the experienced owner—who worked with the red-hot superyacht exterior designer Espen Oeino, interior designer Mark Berryman and the highly experienced, megayacht builders at Lürssen in Germany—couldn’t at least try. So, the 450-foot-long, 67-foot-wide yacht was built in the relative secrecy of Lürssen’s enormous manufacturing facility. And the yacht that took several years, and $100’s of millions to build (and probably more than a few non-disclosure agreements) was always referred to by its code name: Project Shu.
But then again, it was extremely hard to keep a yacht that’s much longer than a football field a secret when it finally emerged from the builders covered facility earlier this spring. And even harder once her sea trials on the Baltic began earlier this summer.
And as you can see in the few photos that have finally emerged (it’s now called by its real name—Flying Fox) Espen Oeino has designed an elegant yacht exterior that that looks sleek in spite of her massive over-all volume.
The balance and proportion of the exterior allows for generous deck space that offer a range of options for owners and guests to enjoy. Numerous terraces and platforms open out over the water to provide fantastic access the water. While every other exterior element, from sun decks and open entertainment areas to more shaded and intimate spaces, has been designed to provide the highest level of luxury.
For example, all superyachts have swimming pools, but Flying Fox is special in that its enormous swimming pool that runs from side to side on the main deck. The exterior also is equipped two helicopter landing pads, one on the bridge deck and another on the sun deck aft, that makes it possible to for owners and guests to use multiple helicopters.
Meanwhile, advance reports about the interior (no photos of the interior have been published yet) say interior designer Mark Berryman’s has interior has a calm and spacious feel featuring soft neutral tones and tactile finishes.
And as you can see from what the builder and project manager of this massive yacht said when the yacht was launched earlier this spring, they kept the “secret” going for as long as they could.
“Project SHU represents a major milestone for Imperial.” says Julia Stewart, Director at Imperial Yachts who brought their vast experience and knowledge to their supervision of the massive build project. “Being involved in impressive superyacht projects like these show our capacity and experience in superyacht and megayacht management, with regular deliveries of 80m+ projects supervised and operated by our team since 2015. Our strong and very dynamic links with Lürssen, Espen Oeino and Mark Berryman helped to achieve one of the most impressive vessel of the next decade”
Shipyard Managing Partner Peter Lürssen proudly states: “SHU fulfills the requests of a very experienced owner in an exceptional way. The owner’s input within all aspects of the yacht’s design was clear, strong and exacting. Building SHU was a significant challenge and we are very proud of this achievement. She represents another remarkable milestone in our history.”
But the secret is out now, and tuned for much more from Lürssen and Espen Oeino. The German yard, and Norwegian designer have been very, very busy.
During my previous life as an editor at several American yachting magazines, I was lucky enough to sail thousands of offshore miles on a wide variety of boats. My job as yachting scribe has brought me on adventures from the Arctic Circle to the equator, and to nearly every tropical destination in between. I’ve dodged high-speed hydrofoils on the brown waters off St. Petersburg, Russia, anchored in impossibly blue water off uninhabited islands in the Seychelles, Scandinavia, the BVI, and the Bahamas, and even flown aboard a Jayhawk helicopter with the US Coast Guard on training missions. These days, when I’m not travelling or writing about the magic that happens at confluence of superyachts, offshore adventure, luxury travel, and technology, I sail my ultra-simple, ultra-fast dinghy, ride my gorgeous and gloriously-expensive carbon fiber bike, and push our little one in a baby stroller all over New England.
Each year for the past five, Forbes has searched the country for the 25 fast-growing, venture-backed startups most likely to reach $1 billion in value. Graduates include: food delivery service DoorDash, home seller Opendoor, luggage brand Away and synthetic biology company Ginkgo Bioworks.
This year, with the help of TrueBridge Capital Partners, we scoured the country again for budding unicorns. TrueBridge analyzed the finances of more than 150 startups, then our reporters dug deeper. That research caught problems at San Francisco-based Cleo, a parenting app with a troubled workplace and a CEO who lied about her age and background. The company was removed from consideration after our investigation, and its CEO resigned in mid-June. (The full story is here.)
FOUNDERS: Michael Gronager (CEO), Jonathan Levin, Jan Moller
EQUITY RAISED: $53 million
ESTIMATED 2018 REVENUE: $8 million
LEAD INVESTORS: Accel, Benchmark
New York-based Chainalysis makes cryptocurrency investigation software that can shine light on how people use bitcoin, ethereum, litecoin and more. Financial institutions use the technology to screen customers and comply with regulations designed to prevent money laundering, while government agencies such as the Internal Revenue Service and the Federal Bureau of Investigation can identify illicit transactions and investigate alleged criminals. Before teaming up to found Chainalysis, CEO Michael Gronager, 49, cofounded cryptocurrency exchange Kraken, while CTO Jan Moller, 47, built the Mycelium cryptocurrency wallet.
FOUNDERS: Arshan Dabirsiaghi, Jeff Williams; CEO: Alan Naumann
EQUITY RAISED: $122 million
ESTIMATED 2018 REVENUE: $25 million
LEAD INVESTORS: Acero Capital, Battery Ventures, General Catalyst, Warburg Pincus
In 2010, software security analyst Jeff Williams, 52, started dedicating resources at his consultancy, Aspect, to developing a program that would automate software security analysis. In 2014, he and former Aspect analyst Arshan Dabirsiaghi, 36, founded Los Altos, California-based Contrast Security to monitor the code within running apps and directly notify developers of potential vulnerabilities. “The work that previously had to go through security experts now goes directly to developers,” says Dabirsiaghi, now the company’s chief scientist. In 2016, the company brought in an outside chief executive, Alan Naumann, formerly CEO of online fraud detection startup 41st Parameter, to expand the business.
FOUNDERS: Lior Div (CEO), Yossi Naar, Yonatan Striem-Amit
EQUITY RAISED: $189 million
ESTIMATED 2018 REVENUE: $50 million
LEAD INVESTORS: CRV, Lockheed Martin, Softbank, Spark Capital
Cofounders Lior Div, Yossi Naar, and Yonatan Striem-Amit met during their service in the Israel Defense Forces’ elite intelligence unit, Unit 8200, fertile ground for many high-tech startups. While working on cybersecurity in the military, they came up with the idea for Cybereason, a cloud-based cybersecurity platform specializing in continuous monitoring and response to advanced cybersecurity threats. The company launched in 2012, and relocated from Israel to Boston the next year. “You provide value by helping a big organization not to be in the news as someone that gets hacked,” says Div, 41.
FOUNDERS: Paras Chitrakar, Jason Wilk (CEO), John Wolanin
EQUITY RAISED: $13 million
ESTIMATED 2018 REVENUE: $19 million
LEAD INVESTORS: Mark Cuban, Section 32
As a college student at Loyola Marymount University, Jason Wilk, now 34, blew through his budget, collecting overdraft fees. Wilk, an avid “Redditor,” saw that overdraft fees are a common complaint among users. So in 2016, he founded Dave, short for David, who beat Goliath, which Wilk sees as the big banks. The app tracks expenses and warns when a user’s account is in danger of being overdrawn. It hit a nerve: Dave was Apple’s “app of the day” in April 2017, and has been downloaded nearly 10 million times in two years. “Entrepreneurs can keep their ear to the ground for the next idea,” Wilk says. “Any idea that can be Reddit tested is a good place to start.”
FOUNDERS: Blake Murray (CEO), Alex Bean
EQUITY RAISED: $257 million
ESTIMATED 2018 REVENUE: $8 million
LEAD INVESTORS: Insight Partners, New Enterprise Associates, Pelion Venture Partners
Expense tracking service Divvy is taking on Concur and Expensify by offering its budgeting, fraud detection, and spend management tools for free. Instead of charging per user, Lehi, Utah-based Divvy gives businesses custom Mastercards and takes a cut of merchants’ fees to the bank when people make purchases. Founders (and high school buddies) Alex Bean and Blake Murray, both 35, have won over more than 3,000 corporate customers so far, including WordPress, Evernote and Qualtrics.
FOUNDERS: Luis von Ahn (CEO), Severin Hacker
EQUITY RAISED: $108 million
ESTIMATED 2018 REVENUE: $36 million
LEAD INVESTORS: CapitalG, Kleiner Perkins, Union Square Ventures
The world’s most popular digital language-learning tool, seven-year-old Duolingo has 28 million monthly active users. Most use the free version of its gamified courses. Revenue, largely from subscription fees from ad-free Duolingo Plus, is expected to double this year. CEO Luis von Ahn, 39, is a 2006 winner of a MacArthur “genius” grant and a former Carnegie Mellon computer science professor. Before founding Pittsburgh-based Duolingo, he sold two inventions to Google, including reCAPTCHA, the software that spits out the squiggly lines you type to alert a website that you are not a bot. An immigrant from Guatemala City who says learning English transformed his life, he’s driven to offer free language education to the masses. For our feature on Duolingo, click here.
FOUNDERS: Marcelo Cortes, Daniele Perito, Max Rhodes (CEO)
EQUITY RAISED: $116 million
ESTIMATED 2018 REVENUE: $100 million
LEAD INVESTORS: Forerunner Ventures, Khosla Ventures, Lightspeed Venture Partners, Y Combinator
In a bid to help mom-and-pop stores survive in the age of Amazon, Faire wants to take the risk and hassle out of wholesale purchasing. The San Francisco-based company helps retailers discover and buy new products online, and will accept free returns from them within 60 days for items that don’t sell. Today, it offers 5,000 brands to 35,000 stores. CEO Max Rhodes, a 32-year-old former Square employee, came up with the idea after he started working with a New Zealand-based umbrella brand and spent thousands of dollars to sit at a tradeshow booth to convince U.S. store owners to stock the high-end umbrellas.
FOUNDERS: Dylan Field (CEO), Evan Wallace
EQUITY RAISED: $83 million
ESTIMATED 2018 REVENUE: $3 million
LEAD INVESTORS: Greylock, Index Ventures, Kleiner Perkins, Sequoia
Figma wants to move design online, casting aside the old model of software downloads and siloed creation in favor of a browser-based tool where designers can work and collaborate together. Founders Evan Wallace, 29, and Dylan Field, 27, met at Brown University—Wallace graduated, Field dropped out with a Thiel Fellowship—and launched the San Francisco-based company in 2012. Five years later, Figma started charging professionals to use its product. (Individuals are still free.) Today, professionals pay $12 per editor per month and businesses $45 per editor month to use Figma. More than 5,000 teams, at companies like Microsoft, Volvo, Uber and Square, are users. “Design is like this viral infectant because once your competitor is well-designed, you have to be well-designed, otherwise you’ll be disrupted,” says Field.
FOUNDERS: Arun Chandrasekaran, Matt Elenjickal (CEO)
EQUITY RAISED: $101 million
ESTIMATED 2018 REVENUE: $16 million
LEAD INVESTORS: August Capital, Bain Capital Ventures, Hyde Park Venture Partners
Matt Elenjickal, 37, a logistics geek with an MBA from Northwestern University’s Kellogg School of Management, founded FourKites in 2014 to help companies know where their deliveries are, when they’ll arrive and what’s going on along the way. Its predictive supply-chain management software is now used by more than 260 of the world’s top shippers — and upwards of 500,000 loads per day — including Best Buy, Kraft Heinz, Nestlé and Smithfield Foods. “If you are a shipper, once the truck leaves your facility you have no idea what is happening,” Elenjickal says. “That is how supply chains are run even now without a solution like FourKites. You cannot compete against Amazon.”
FOUNDERS: Mathilde Collin (CEO), Laurent Perrin
EQUITY RAISED: $79 million
ESTIMATED 2018 REVENUE: $16 million
LEAD INVESTORS: Sequoia, Uncork Capital
Mathilde Collin, an alumna of Forbes’ 30 Under 30 list, got the idea for Front while at her first job after graduate school. “I saw how much time was wasted with people sorting through their emails,” she says. So in 2013, she launched the San Francisco-based startup to help companies become more productive with a shared email inbox that incorporates Facebook, Twitter and SMS, and encourages team collaboration. Today, Front has 5,000 customers including Shopify, MailChimp and Stripe.
FOUNDERS: Sung Ho Choi, David Gandler (CEO), Alberto Horihuela
EQUITY RAISED: $145 million
ESTIMATED 2018 REVENUE: $74 million
LEAD INVESTORS: 21st Century Fox, Northzone, Sky
David Gandler, 44, a longtime network sales exec, launched FuboTV in 2015 to tap into pent-up demand in the United States for overseas soccer leagues. FuboTV offered live streams of soccer channels such as GolTV and Benfica TV to start, then expanded programming through deals with beIN Sports and Univision. Today, New York-based FuboTV is generally a cheaper alternative to cable (starting at $54.99 a month) that offers more than 90 channels.
FOUNDERS: Chris Clark, Stuart Landesberg (CEO), Jordan Savage
EQUITY RAISED: $213 million
ESTIMATED 2018 REVENUE: $104 million
LEAD INVESTORS: Bullpen Capital, General Atlantic, Lone Pine Ventures, Mayfield Fund, Norwest Venture Partners, Serious Change
Ask Grove Collaborative CEO Stuart Landesberg, 34, who his typical customer is, and he’ll give you a specific answer: “A 29-year-old mother of two working as a substitute teacher in Lawrence, Kansas.” Even in the age of Amazon, Grove has carved out a $104 million niche in e-commerce by selling natural products, from laundry detergent to sponges, in easy-to-order shipments. Around 60% of its revenue comes from products not sold on Amazon, says Landesberg. But he wants to do more than sell Seventh Generation or Method soaps online. In 2016, Grove started to manufacture its own all-natural products that now make up nearly 50% of its sales. The key? Designing products that are easier to ship. Its glass cleaner, for example, is highly-concentrated and smaller than a tube of toothpaste.
FOUNDERS: Augusto Marietti (CEO), Marco Palladino
EQUITY RAISED: $71 million
ESTIMATED 2018 REVENUE: $5 million
LEAD INVESTORS: Andreessen Horowitz, CRV, Index Ventures, New Enterprise Associates
Kong acts as a gatekeeper to companies’ APIs (code developers use to build apps) and monitors how often they’re used. Augusto Marietti, 31, and Marco Palladino, 30, launched the company out of a garage in Milan, where they both attended university, and were constantly flying back and forth to Silicon Valley to fundraise. “At this stage, we barely had enough money to eat,” Marietti says. “We definitely lost a few pounds when we were first starting up.” Now based in San Francisco, Kong has successfully penetrated the enterprise market with 130 customers that include SoulCycle, Yahoo Japan and WeWork.
FOUNDERS: Jack Altman (CEO), Eric Koslow
EQUITY RAISED: $27 million
ESTIMATED 2018 REVENUE: $7 million
LEAD INVESTORS: Shasta Ventures, Thrive Capital
Lattice founders Jack Altman, 30, and Eric Koslow, 28, learned first-hand the impact of work culture while working at startup Teespring, which sells custom t-shirts. In 2015, they decided to do something about it, starting Lattice. The San Francisco-based company’s human resources software uses surveys to shift the focus of performance management from employee evaluation to career development. Today, Lattice works with 1,300 customers, including Coinbase, Instacart, Slack and WeWork. “Employees are looking for more meaning from work than ever before, and have more visibility into and access to other jobs than ever before,” Altman says. Lattice helps their employers step up.
FOUNDERS: Elton Chung, Lidia Yan (CEO)
EQUITY RAISED: $125 million
ESTIMATED 2018 REVENUE: $46 million
LEAD INVESTORS: Brookfield Ventures, China Energy Group, Sequoia
Cofounded by husband and wife team Elton Chung and Lidia Yan in 2015, Los Angeles-based Next Trucking is moving freight brokerage online. While other startups like Convoy and Uber Freight move cargo from point A to point B, Next Trucking focuses on drayage, or the “first-mile” of transferring goods from port to warehouse. “Drayage is a lot more complicated because it involves terminals and ports,” says Yan, 38. As a result, Next Trucking has doubled revenue every year since 2016, reaching $46 million in 2018. Yan forecasts revenue will hit $120 million this year, helped by large contracts with retailers Dollar General, Rite Aid and Steve Madden. For our feature on Next Trucking, click here.
FOUNDERS: Jack Conte (CEO), Sam Yam
EQUITY RAISED: $166 million
ESTIMATED 2018 REVENUE: $35 million
LEAD INVESTORS: Freestyle Capital, Glade Brook Capital Partners, Index Ventures, Thrive Capital
Musician turned entrepreneur, Jack Conte, 35, wants to break the “starving artist” archetype by helping creators earn a regular income. “Deciding to be an artist shouldn’t have to be a difficult conversation,” says Conte. “It should feel like a viable career choice.” Using Patreon, artists offer exclusive experiences in return for contributions from their subscribers or “patrons.” HBO’s Issa Rae, Humans of New York founder Brandon Stanton and comedian Heather McDonald are some of the creators currently using Patreon and by 2019, the company expects to pay out more than $1 billion to its users.
FOUNDERS: Denis Mars (CEO), Simon Ratner
EQUITY RAISED: $14 million
ESTIMATED 2018 REVENUE: $1 million
LEAD INVESTOR: Kleiner Perkins
The Proxy app is like having a set of keys on your smartphone: Your profile’s signal gives you access to any building where you’re registered, eliminating the need for traditional ID cards and keys. It’s a straightforward idea, but Australian-expat founders Denis Mars, 42, and Simon Ratner, 39, are confident that they’ve just scratched the surface of its potential. So far, San Francisco-based Proxy has proven popular with commercial real estate clients like WeWork. Mars and Ratner now hope to expand their technology (which includes the app, management platform and signal-reading hardware) to identity verification for ride-sharing and event check-in.
FOUNDERS: Ofer Bengal (CEO), Yiftach Shoolman
EQUITY RAISED: $147 million
ESTIMATED 2018 REVENUE: $50 million
LEAD INVESTORS: Bain Capital Ventures, Francisco Partners, Goldman Sachs, Viola Ventures
Israeli tech veterans Ofer Bengal and Yiftach Shoolman set up a fast-database service, in 2011, to help businesses looking to speed up responses on their apps. Redis Labs relies on what’s known as NoSQL, an alternative form of compiling data that is faster than traditional models. That lightening-fast processing speed has helped it sign on FedEx, Mastercard and other corporate behemoths. To scale up quickly, the Mountain View, California-based company offered a free, open-source version to hook developers. In 2013, it rolled out a paid version with costs starting at $5 per month per gigabyte. “You can’t do without open source if you want rapid adoption,” says Bengal.
FOUNDERS: Shivaas Gulati, Josh Hug, Matt Oppenheimer (CEO)
EQUITY RAISED: $312 million
ESTIMATED 2018 REVENUE: $80 million
LEAD INVESTORS: Bezos Expeditions, DFJ Venture Capital (now Threshold Ventures), Generation Investment Management, Naspers’ PayU, QED Investors, Stripes Group
Remitly is taking on Western Union with lower fees — estimated 1.5% on average vs. the money-transfer giant’s 5%. Matt Oppenheimer, who had worked for Barclays in Kenya, and his cofounders launched the business in 2011 to help people in developed nations like the U.S. and Australia send money cheaply to relatives in developing countries like Mexico and the Philippines. Today, Remitly serves 60 countries and processes $6 billion a year in money transfers, about 1% of the nearly $700 billion remittance market. Already one of the largest fintech firms targeting immigrants, the Seattle startup’s long-term goal is to branch out into other financial services, potentially including credit cards, personal loans and auto loans.
FOUNDERS: Xuan Yong (CEO), Mike Witte
EQUITY RAISED: $94 million
ESTIMATED 2018 REVENUE: $21 million
LEAD INVESTORS: Bedrock Capital, Founders Fund, Quantum Energy Partners
There are nearly 1,000 rigs drilling for oil and gas in the U.S. Each well requires the input of dozens of service companies and workers — everything from high-horsepower compressors for fracking, to miles of steel pipe, and millions of gallons of water and truckloads of sand. Cofounder Xuan Yong, formerly of Citadel and D.E. Shaw, believes RigUp can improve on the good ol’ boy network by more efficiently connecting the “hyperfragmented” market of roughnecks, engineers and business owners with the big oil companies that call the shots. RigUp pre-vets workers and vendors, and creams an estimated 4% off every contract made via its online platform. Yong isn’t worried about machines invading the oilpatch. “Even with A.I. there will be demand growth for labor,” he says. “Field tickets are still signed on paper and stamped.” For now.
FOUNDERS: Stephen Hawthornthwaite, Roth Martin (interim CEO)
EQUITY RAISED: $42 million
ESTIMATED 2018 REVENUE: $140 million
LEAD INVESTORS: Goldman Sachs, Lightspeed Venture Partners
Founders Roth Martin, a former art gallery owner, and Stephen Hawthornthwaite (aka “Hawthy”), a former investment banker, launched the footwear brand after listening to their wives complain about the lack of stylish, comfortable shoes. Rothy’s 3D-knitted round-toe and point-toe flats, made from recycled plastic water bottles, have gained cult status. In just three years, it expanded rapidly with direct-to-consumer sales online, reaching revenue of $140 million last year. For our feature on Rothy’s, click here.
FOUNDERS: Phillip Liu, Karthik Rau (CEO)
EQUITY RAISED: $179 million
ESTIMATED 2018 REVENUE: $25 million
LEAD INVESTORS: Andreessen Horowitz, CRV, General Catalyst, Tiger Global Management
SignalFx monitors cloud infrastructure in real time for companies like Yelp, Shutterfly and HubSpot. In 2013, Karthik Rau, 41, who previously worked at tech startups LoudCloud and VMware, founded the company with ex-Facebook software architect Phillip Liu, 51. While competitors collect and query data in batches every two to three minutes, SignalFx evaluates and alerts users to anomalies in two to five seconds. “The difference between getting reliable alerts within seconds and getting them in minutes is the difference of seamlessly dealing with an issue,” says Rau. “Or having all of your users on Twitter complaining.”
FOUNDERS: Paul Dabrowski (CEO), Michael Dabrowski
EQUITY RAISED: $157 million
ESTIMATED 2018 REVENUE: $20 million
LEAD INVESTORS: Founders Fund, 8VC
Gene-editing tool Crispr has unleashed a gold rush for new products made possible by cheaply and easily editing DNA. Synthego is cashing in by selling the genomic equivalent of pickaxes, shovels, maps and other tools. Its ready-made and custom kits allow researchers in academia and the private sector to rapidly develop gene-edited products, including new medical treatments. Its founders, brothers Paul and Michael Dabrowski, 34 and 38, previously worked at SpaceX as engineers and drew on that experience to bring a new way of thinking to biotech.
FOUNDERS: Umar Afridi (CEO), Sid Viswanathan
EQUITY RAISED: $13 million
ESTIMATED 2018 REVENUE: $48 million
LEAD INVESTOR: Initialized Capital
If you buy birth control from Nurx or hair-loss products from Hims, behind-the-scenes pharmacy Truepill will actually fill and deliver your prescription. The three-year-old startup’s founders Umar Afridi, 37, a former retail pharmacist, and Sid Viswanathan, 35, who previously worked at Johnson & Johnson and LinkedIn, see a growing market in bringing technology and efficiency to pharmacy. Although Truepill started with direct-to-consumer brands, it’s now making a bigger play to bring on corporate customers with pricey, specialty medications.
FOUNDERS: Benjamin Bercovitz, Filip Kaliszan (CEO), James Ren, Hans Robertson
EQUITY RAISED: $59 million
ESTIMATED 2018 REVENUE: $20 million
LEAD INVESTORS: First Round, Meritech, Next47, Sequoia
While many startups have tackled the “smart home” with varying degrees of success, Verkada has exploded in shy of two years on the market by offering big businesses, municipalities and schools a cloud-based system that combines hardware and software to detect movement and easily store and share surveillance streams. In 2019, the company founded by three Stanford graduates and the former cofounder of Meraki (a cloud startup since acquired by Cisco) signed on the city of Memphis — a nearly 1,000-camera contract — Juul Labs and Newtown Public School District, the district of the 2012 Sandy Hook Elementary School shooting tragedy.
Additional reporting by Susan Adams, Elisabeth Brier, Dawn Chmielewski, Lauren Debter, Michael del Castillo, Jillian D’Onfro, Christopher Helman, Jeff Kauflin, Alex Knapp, Alex Konrad, Christian Kreznar and Monica Melton
Cover Photographs by Tim Pannell for Forbes | Illustrations by David Wilson
If you want to know the best place to keep up with technology for your business, follow my weekly tech roundups for entrepreneurs each week. You’ll learn because I’m always learning.
So what have I learned? Businesses that invest in the right technologies are assuring future growth and success. I’ve also learned that there are a few apps, services and technologies – about ten categories in all – that are critical for small businesses in 2019. So in honor of National Small Business Week, I thought it would be helpful to share.
Customer Relationship Management
Don’t be fooled by CRM. People like to complicate this stuff and it’s not that complicated. It’s just a database of every person and company who you do business with – from prospects and customers to vendors, suppliers and partners. A great CRM system will integrate with your email and calendars and ensure that nothing falls the cracks and everyone in your company is sharing the right information. It will be mobile, include workflows and automation and integrates with tons of other great apps to do marketing and other functions. If implemented the right way (which is easier said than done) it will be an instrumental asset to your organization. There are many great CRMs for small businesses. I recommend looking at Salesforce.com, Microsoft Dynamics and Zoho CRM.
Managed Service Providers
If your inventory, order entry or other business critical application is older or located on your internal server you need to move it out of your office and into the hands of a managed service provider. Well-managed service providers will ensure that your data is secured as best possible and will likely have better security tools that you have internally. Your applications can be accessed by your team from anywhere and on any device. Many of them rely on public cloud services from Amazon, Google and Microsoft and that’s fine. With internet speeds hitting 5G, a well-managed service provider will deliver the performance, reliability and accessibility of your data at a cost that makes sense. Recommended providers include Right Networks, CloudJumper or any number of information technology firms.
If your accounting application is located on your server, it won’t be for long. That’s because most accounting vendors are moving quickly to the cloud. It makes sense for them, and for you. You pay a monthly fee and they get a revenue stream. In return, the software provider can provide faster support, upgrades and technical services. Cloud applications are also much easier to integrate with each other. Today’s cloud accounting apps provide the added benefit of doing invoicing, cash receipts or retrieving reports from any device, anywhere. It’s a crowded field of cloud accounting options so do your due diligence and lean towards good companies with big communities. I see QuickBooks Online, Xero, and FreshBooks being used often by business owners.
Back in the day, there wasn’t much you could do with a scanned invoice or document other than file it away. But with today’s Optical Character Recognition technology there’s a growing crop of applications that can extract data from any scanned document – from vendor invoices to airline receipts – and put it in a format so that someone in your office can easily review and then import into most popular accounting applications. This saves time, improves accuracy and cuts overhead. Recommended applications: Bill.com,EntryLess, Expensify.
HR platforms are exploding and, in my opinion, any company with more than five employees should have one. Why? Because they’re affordable and with a good HR platform your employees will be able to – usually through a mobile app – track payroll, update forms, schedule vacation, alert for sick days and even manage their performance reviews. The more your employees use the application, the less administrative time will be needed by your office staff – and that means less overhead and more productivity. Check out: Paychex, Gusto and BambooHR.
Back in the day, there were telephone calls, instant messaging, text messaging, emailing and lots and lots of yelling. Yes, we’re still yelling. But the good news is that today’s office applications have brought all those other things together under one umbrella so that your employees can conduct their communication, document management and collaboration activities – including video calls, file storage and sharing, messaging as well as alerting and reminders – from any device and wherever they are. Not only that, but today’s collaboration and communication systems have powerful searching tools to find old conversations and exchanges. The systems can even be configured for outsiders to access too. Applications that focus on collaboration include Microsoft Office 365, Google G-Suite, Box.
Our company, like many small businesses, uses contractors and employees who frequently work out of the office. The thought of maintaining an on-premise phone system seems expensive…because it is. That’s why, for the past ten years, we’ve been using a virtual phone service. Our service provides a toll-free number, dial by name directory, voicemail for all users including transcription and archive recordings and…well, you get it: a total phone system (even hardware) that makes my small business look like a big business. I pay by the mailbox (about $12 per month) and love it. Recommended applications: Grasshopper, VirtualPBX and Ooma.
E-Commerce and Payment
If you’re in retail then please pay attention to this word: convergence. It means getting a point of sale system that not only works in your store but works online too. That’s because you want to sell your products both from your store and over the web because that’s what successful retailers are doing to thrive. The best point of sale systems not only use tablets (a must for good customer service) and integrate with popular payment services, but they also provide the ability of setting up an ecommerce site that relies on the very same database you’re using in-store. Recommended applications: Paypal,Square, Shopify,Magento.
Yeah, yeah, I’m leaving some stuff out. Like email apps (but don’t we all have them by now?) and project management solutions such as Basecamp and Asana.
There was once a time when everyone in my company would be saving multiple versions of multiple documents and spreadsheets on their laptops, desktops and our servers. That…was a mess. But not today. Today, we all save to a cloud storage service which synchronizes the files (that we choose) to our respective devices. Everything is updated and I no longer fear what happens if someone leaves their device on the subway. To me, a business without a cloud storage service is a business that’s losing money. Applications that focus on this space: Dropbox,Microsoft OneDrive, Google Drive.
Ransomware has become a billion-dollar business and that makes sense: it’s finally a way for clever hackers to actually make money with their malware. We read about the stories of hotels, transit systems and city governments brought to their knees by security breaches like this, but we don’t hear of the thousands of small businesses that are also affected. To protect yourself you need to use a good cloud backup service, keep your operating systems updated and use a good security application in your company. Recommended applications: Carbonite (for backup), Malware Bytes,Barracuda.
What else am I missing? You tell me and maybe I can expand this list in a future column. In the meantime, take a moment to review the techs, services and apps you’re using in your business. Have you got all the bases covered?
Author’s Note: I have not been compensated by any of the companies listed above to be mentioned in this article.