: Correct. : What were some of the key ingredients that you were looking for in a partner? I think private equity can offer a lot of operational expertise and a lot of go-to-market expertise. : All right, Sanjay. Im not a big social media citizen if you will, but from time to time, I will check LinkedIn. I wanted to give up a very small portion of it while drawing on their expertise. An entrepreneur cant say, Yeah, Im also on a double-duty and be able to sell into the enterprise. That was a very marketable resource. Sanjay Shah: Its a massive organization. : Now, you have them as a strategic partner, so obviously, the relationship is there. Its important to stay grounded and be a good listener. It happens to be associated with the president now it wasnt planned that way, but that doesnt change my mind about finishing the place or eventually spending more time there. Sanjay Shah: I would love to say that I came up with this fantastic idea, and I had this great vision, and so on, but the reality is that I was a company loyalist. Alejandro: Of course. In addition, he makes $6,222,220 as Chief Operating Officer at Beyond Meat Inc. 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 kind of teams do you need? A dark tale about the nature of stories themselves. Get a custom action plan and all the help that you need to start raising more capital. Sanjay Shah saw a void in the ERP market. Sanjay Shah is the founder and CEO of Vistex which is an enterprise software company, providing solutions to drive customer growth and partner relations. Sanjay Shah is a tech entrepreneur, Founder, CEO & Chief Architect of Vistex, making sure it all adds up for our customers. Alejandro: Very nice. (Vistex Foundation) A South Barrington resident, Sanjay Shah recently. Then from what I hear, it seems it was more you build it; you build something great and something that people would like to use, and then theyre going to come. They're Americans, for all practical purposes, short of a piece of paper that says they are. Shah bought the 14,000-square-foot penthouse for. Especially, the larger the organization that you sell to, the more durable and the more persistent you need to be. : Got it. Interesting. : 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. What were some of the early days like? Tell us about this. It is important that we strike a partnership with a very large player that can give you a tremendous amount of reach into the marketplace globally, and SAP was a natural partner for us because they have thousands and thousands of feet on the street. And if you got any value either from this episode or from the show itself, share it with a friend. Lets just say that. The idea was to write the software to address some functions that were not adequately addressed in ERP Systems. xxxx@xxx.com + Full Profile Information + Social Network Profiles . . Brazil, South Africa, all countries in Western Europe, Asia, etc. : Again, finding the cheerleaders for you is a huge challenge. So I grew up in a very close family both literally and figuratively. : 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. Then slowly over the years expanded to other regions of the globe. Q: Why do you feel so passionately about immigration policy? But there was fun in that challenge as well. But there are a lot of players out there. How was the growth of revenue overtime during those years? They want to outsource everything and just consume a service. Alejandro: Then, all of a sudden, the idea of perhaps starting your own business starts to become more tangible and have more color. Person A said I should do this, and Person B said I should do this. Sanjay Shah, welcome to the DealMakers show today. Its also massively matrixed. : Really interesting here. How was life there? So I ended up taking a job at Pricewaterhouse as a staff auditor right after I graduated from grad school. : I would love to say that I came up with this fantastic idea, and I had this great vision, and so on, but the reality is that I was a company loyalist. Thats quite a significant amount of employees. How was the growth of revenue overtime during those years? To this day, continue not to be addressed adequately in the ERP System. Alejandro: What was essentially the idea so that people listening get it? That was a very marketable resource. Sanjay Shah: We have three distinct revenue streams. 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. 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.. Theyve been around for many years, a very notable firm in the Valley, and a lot of successes to their name. In 2012, Donald Trump opened a twin tower structure in Turkey under the brand name Trump Towers Istanbul. Vistex.com specialises in information technology and services, computer software. Those are the revenue streams for us. As I said, I was living in a bit of a bubble. Then thats how we came to learn of SAP. 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? That helped definitely. We are trying to develop what I call a hybrid model. : I think the advice I would give to my younger self is, dont follow any advice. I also went to college right there, and my college also happened to be a mile away from where I lived. : There are a lot of people that are on the line that are thinking about venture capital, and angels, and private equity. So General Motors in Canada was willing to wager a bet on me. Sanjay Shah worked for software maker SAP for many years before launching his own software business in 1999, Hoffman Estates-based Vistex. Hello everyone and welcome to the, show. 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. Why? We've always had a few ideas about what we want to do with the space, but we never really started anything in earnest. Chicago tech has its first big funding round of 2019. 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. That is more than a fulltime job in and of itself. That really has helped us grow because we started out with SAP North America first. Chicago filmmaker Jennifer Reeder looks at the awards season nominees so far where did all the women go? Alejandro: Why did you decide to all of a sudden bring outsiders into the mix? 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 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. Thats quite a significant amount of employees. Sanjay Shah, of South Barrington, is the founder and CEO of Vistex, a software company based in Hoffman Estates. When you continue to deliver value for your customers, then they see it. There are so many constituencies both from a product standpoint, from a technology standpoint, and from a go-to-market standpoint. How do you guys monetize? In total, he gets Rs 84.5 thousand per month.) 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. I think the industry pivoted that way about somewhere between planning on your perspective five to seven years ago, and the entire industry has pivoted toward Software as a Service. When we say we listen, listening not just to our employees who are the closest to our customers and have the best product ideas, but also to our customers. : The future is theres more of everything. : Thats a good question. What type of product features and functions do you need in order to be successful in the Cloud? : Yeah. : Absolutely, and well talk about your bootstrapping experience in just a bit. We were able to get into new industries and even upsell to our existing customers. Alejandro: Very cool. : I think in 2001, I was able to land our first customers. So without further ado, Id like to welcome our guest today to the show. We were able to land a couple of accounts in the year 2001. What kind of marketing do you need to be able to sell effectively? 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. Sanjay Shah resides in Chicago, Illinois with his wife and two daughters. Youve been with SAP for six years. : No, Im not, but I plan to soon. Shah's $5 million gift will name the new Vistex Institute for Executive Learning and Research. Expenditure allowance: Rs 4,000. Alejandro: In this case, you guys were bootstrapping. If you engineer good products and show value, then customers will come your way. Alejandro: So here you are in 1999. Everybodys journey is unique, and everybodys circumstances are unique. Sanjay Shah, founder and CEO of Vistex, is photographed Dec. 8, 2014 in the penthouse atop the Trump International Hotel and Tower he owns. Right after Pricewaterhouse, you went to General Motors. : Some of it was a bit of craziness, I guess. 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 Out of this journey, what would you say has been the bumpiest part of it, and how did you get back up and keep running as a breakthrough from the breakdown of whatever dark days you were dealing with? Sanjay Shah of Vistex Inc at SAPPHIRE 2012 - YouTube For more information about upcoming events, click here: http://www.vistex.com/about-us/events/Vistex, an expanding company, offers. Vistex also sells its applications to customers who aren't SAP customers. : Wow! : What was your biggest learning or lesson from working with them? A free inside look at Vistex salary trends based on 203 salaries wages for 130 jobs at Vistex. 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. Alejandro: All right, Sanjay. (Michael Tercha / Chicago Tribune). So those are the challenges. Maybe I should trust A more than B, so I should do what A said. No. 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. Sanjay Shah is a former Kenyan national. I wanted to get some operational experience and work on the operational side of things, operation supply chain, different terms. They used to call it Platinum Consulting, where we go and help troubled SAP projects across the globe. : Yeah. How Chicago area home values compare by ZIP code, Have camera, will travel: A Chicago taxi driver took pictures of his passengers for years. 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. 1. : What have I learned about myself? Alejandro Cremades leads the vision and execution for Panthera Advisors as its Co-Founder and. Its also massively matrixed. I am a fervent believer in skills-based immigration. Then to ensure that they continue to receive value as they expand their portfolio of products. [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 ]. What kind of marketing do you need to be able to sell effectively? The movie won six Filmfare Awards and was critically acclaimed at the Austin . This is pretty cool. Thats how I ended up working for them. Sanjay Shah, founder and CEO of Vistex, is photographed Dec. 8, 2014 in the penthouse atop the Trump International Hotel and Tower he owns. 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. Alejandro: What was your biggest learning or lesson from working with them? You need a lot of patience as well when youre selling into the enterprise. The average being 2 1/2. : What have I learned about growth? The Vistex Foundation is a private foundation launched in 2012 through the support of Sanjay Shah, the founder of Vistex, Inc. We are committed to addressing the root causes of poverty by partnering with organizations whose programs provide education and health services to communities in need. The whole business paradigm has changed as I described. SAP was then making a foray into the U.S., into North America. Thats the degree I had. Alejandro: How many employees do you guys have today, Sanjay? They might not have been born here, but they were raised here and they are very productive. We are a software company run by engineers, not marketers. Tell us, after this presentation then you speak with your wife or with your family, and you still have to think about the idea of going at it. : 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? What were the immediate steps to bring this to life? Employees at Vistex, Inc. rate Sanjay Shah higher than employees at Innovative Interfaces rate James Tallman What were some of the early days like? Alejandro: Absolutely, and well talk about your bootstrapping experience in just a bit. 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 . Shah discusses the American Dream, entrepreneurship, bootstrapping, adapting to . That is more than a fulltime job in and of itself. Sanjay Shah: It wasnt the money or the capital. You need a lot of patience as well when youre selling into the enterprise. Your email address is 100% safe from spam! Shah continues to lead the organization that helps global titans such as Apple, Walmart, 3M, Viacom, Intel, and Bayer improve revenue and margins. How do you build and scale a cloud business? Some of it was just this level of fierce independence we wanted to have that I think we can pull this off because what we did during the day was highly marketable. Alejandro: You brought this up to 250 million in revenue without taking any type of investors. The first type of software in supply chain that was the first of its kind back then. Also, remember, if you need any help whether it is with your fundraising efforts or with selling your business, you can reach me at [emailprotected]. Walk us through some of those days. View Sanjay Shah's profile on LinkedIn, the world's largest professional community. SAP was then making a foray into the U.S., into North America. Get Contact Info for All Departments Vistex Org Chart Sanjay Shah Founder, Chief Executive Officer, and Chief Architect 6 6 For the people that are listening, Sanjay, what is the best way for them to reach out and say hi? Sanjay has been instrumental in creating an entirely new category of business software called "Go-to-Market" programs and has charted a visionary path for Vistex that transcends the "business as usual" mindset. So those are the challenges. Alejandro: 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? You cant just shove things down their throat and hope that they use it. As we would bootstrap, I think it was important I realized that having because we are not spending as much on sales and marketing. I thought, Wow. They want to outsource everything and just consume a service. I didnt want to give up much equity. 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. As a business owner that helps you, serves you, and it never hurts to be fluent with numbers. These are not quick sales. This is only one story. I think getting the firsthand experience was critical. There are different sources to get money in. The first type of software in supply chain that was the first of its kind back then. Its important to stay grounded and be a good listener. Thats what helped us make the call with the partner we chose. Customers are getting smarter, especially in enterprise software, which is where we play. Sanjay Shah is a Dubai-based British-Indian businessman and suspected tax fraudster.He founded Solo Capital, a hedge fund firm which closed in 2016, and the NGO Autism Rocks, which closed in 2020.. Shah is a prime suspect in a case regarding the Danish Government being allegedly defrauded of 12.7 billion DKK for (1.65 billion euros) between 2012 and 2015, part of the CumEx-Files involving . The Vistex management team includes Sanjay Shah (Founder, Chief Executive Officer, and Chief Architect), Christopher Cutro (Senior Vice President of Marketing and Customer Success), and Arun Roy (Chief Financial Officer) . Oh, he went to Lehigh.. 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