Right now, we’re just having too much fun. We will take a look at that probably in the next three to five years. As far as our technology goals go, we have some goals that we want to reach. Sramana Mitra: What do you want to do with the company? Is this something that you want to sell, or do you want to keep building?īrad Lea: I didn’t start it with an exit strategy. Do you want to specify anything further than that?īrad Lea: Our revenue is closer to $20 million. Sramana Mitra: According to my notes, you are above $5 million in revenue. Sramana Mitra: You’re basically selling through a bunch of customers who are training companies who have large employee bases. One of our customers might have a thousand customers and each one of those customers might have 80 employees each. Sramana Mitra: Where are you now in terms of metrics? How many customers? What’s the revenue level? How many users across your different customers?īrad Lea: We have around 300 customers that have thousands of customers and millions of users. A company that wants to monetize their IP or put it online can come here and not have to go anywhere else. We have three studios – graphic designers, courseware designers, and instructional designers. I think the strategic move on our part was to create an all-in-on one-stop shop. Quite frankly, even if they did find them, they were very expensive. They didn’t necessarily know where to find them. Sramana Mitra: What other major strategic moves have you made in building the company so far that are worth discussing in a strategy discussion?īrad Lea: An important strategic move was creating our own facilities and services because we identified that a lot of the companies and subject matter experts didn’t have a lot of production services or abilities. How do we use it?” We came up with a pricing model that allowed them to just deploy it similar to a normal online learning system or an LMS model. One of our clients said, “This is a great platform, but we’ve got out own training. A lot of times, companies recognize the platform because they had purchased some of our revenue-generating clients’ content. They’re just looking to utilize the platform. They’re not looking to generate revenue or monetize the content. Since you brought up the other pricing model, at what point did the new pricing model kick in gear and start generating revenues for you in a different mode.īrad Lea: I would say it’s about 80/20, 20% being application pricing. Sramana Mitra: What is the percentage distribution today? You started with 100% in revenue share mode. On an average timeframe, I would say it’s cut in half. We’ve now done it in 10 days and 20 days.
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Sramana Mitra: Is that still the case? Does it still take 60 to 90 days to ramp up an account?īrad Lea: Ironically, yes because there’s a lot of planning, production, and development that goes into a full motion interactive VT system. There was a difference in varying degree. Usually, it would take between 60 and 90 days for them to become revenue-generating. Sramana Mitra: How long did it take for these accounts to monetize and start paying back? How long before you brought on a client that would start turning into revenues?īrad Lea: That’s a great question.
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Sramana Mitra: So in the beginning, you basically had to give people the software and convince them to get on the fee model. Sramana Mitra: Getting to that $1 million milestone, what percentage of your revenue was in the revenue share mode and what percentage was in the per user pricing model?īrad Lea: 100% was in the revenue share mode back then. We would knock on doors and wait until we got in front of them. We would find and select a target and camp outside their office. Sramana Mitra: What is your customer acquisition strategy? Were you basically calling these people who have motivational speaking or other kinds of training programs and just direct-selling them into your technology?īrad Lea: Yes, pretty much.
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