I am a fervent believer in skills-based immigration. Dubai: Dubai Police arrested Sanjay Shah, the main suspect in the biggest tax fraud and money laundering case in Denmark. You need a lot of patience as well when youre selling into the enterprise. : Then, all of a sudden, the idea of perhaps starting your own business starts to become more tangible and have more color. They were engineers. I think Im a good listener over the years. Especially, the larger the organization that you sell to, the more durable and the more persistent you need to be. 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. What were some of the early days like? Just navigating the politics and creating and developing the value, etc. But I quickly realized that confidence is good; over-confidence is not so good. Alejandro: And you went to Canada. Sanjay Shah: I hired people that had the technical skills to help me write the software. A: It's the pinnacle of all properties in Chicago. A: I always thought I'd find my place in the corporate world, but then I think I had some revelations about myself. How do you build and scale a cloud business? What were some of your biggest takeaways because now, you have your own company, but I think that being able to work with such a massive player and understanding the dynamics and how they worked, Im sure that many of those lessons youve applied to how youve built and scale your own business. Sanjay Shah's email address: xxxx@xxx.com | Find Sanjay's Email, Social Profiles, and Mutual Contacts both you and Sanjay know . : Very cool. Sanjay Shah: I was living in a form of a bubble. So, life was great. Sanjay Shah: The biggest bump in the journey has been this whole Cloud Revolution that customers no longer want to buy software and then run it themselves in their IT shops. Alejandro: Wow! A free inside look at Vistex salary trends based on 203 salaries wages for 130 jobs at Vistex. Sanjay Shah On Going From Zero To $250 Million In Revenue Without Taking Any Outside Investment. : Correct. Founder and President at Vistex, Inc. Hoffman Estates, Illinois . Alejandro: There are a lot of people that are on the line that are thinking about venture capital, and angels, and private equity. 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. Fast-forward to today. We were able to land a couple of accounts in the year 2001. We didnt have any salespeople on board, so we were engineers doing all of the selling ourselves. As per reports from several media portals, Boney Kapoor's net worth rocketed after he produced Company, which was directed by Ram Gopal Varma in the year 2002. Why did you decide to come to the U.S. because I believe it was business school? Alejandro: Very cool. Maybe I should trust A more than B, so I should do what A said. No. In 2004 he gave up his Kenyan passport and flew to the United Kingdom on a British Overseas citizen passport which permits temporary entry but not residence.He was then sent back to Kenya where he staged a 13-month protest, living in the international area of Nairobi airport between the departure lounges and the immigration desks. That helped definitely. Shah was born in 1970 in Marylebone, London. Enterprise sales require a lot of persistence and a lot of fortitude to stay in the race for the longer term. Sanjay Shah in 2020. . But you should seek input and feedback from everybody. I thought, Wow. You shouldnt necessarily follow somebodys footsteps, but just take inspiration and then chart your own path. But the reality now is different. They might not have been born here, but they were raised here and they are very productive. Sanjay Shah worked for software maker SAP for many years before launching his own software business in 1999, Hoffman Estates-based Vistex. Thats when I decided to expand the hiring for the organization. : Very nice. 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. Its also massively matrixed. Sanjay Shah: Absolutely. What was the next thing that youve learned? They would help us build and scale our cloud business and yet be comfortable being a minority investor. Get a custom action plan and all the help that you need to start raising more capital. I think Im a good listener over the years. The average being 2 1/2. Recently the company raised $65 million from Accel-KKR. So again, working with SAP, such a gigantic organization has its set of challenges, and there have been several lessons learned. The companies'. Sanjay Shah: We have a very demographic process. : Its interesting. If you can leave a review as well, that would be fantastic. Tell us about this. : Very cool. : Even though you didnt want to be a professional accountant, Im sure that having a good grasp on the numbers has made a difference for you. : I was living in a form of a bubble. In 2012, Donald Trump opened a twin tower structure in Turkey under the brand name Trump Towers Istanbul. Chicago filmmaker Jennifer Reeder looks at the awards season nominees so far where did all the women go? Thank you, Alejandro. Because it was bootstrapped, because we felt we had a well-engineered product, decided to get into a strategic partnership to help take it to market. Our customers tend to be larger companies, so perhaps we sold to one division, and then another division comes across, another geography for the company comes along. For Sanjay Shah, who made headlines for buying the Trump Tower penthouse in a record deal in Chicago in 2014, life has come a full circle. Sanjay Shah: Yes. Right after Pricewaterhouse, you went to General Motors. : Yeah. They want to outsource everything and just consume a service. : It wasnt the money or the capital. And in general, when youre bootstrapped, youre going to be very stingy with your marketing budgets and your sales budgets. This whole Cloud Revolution, we feel that we are a bit behind in this regard in terms of being out there and being perceived more as a company that can do equally well with our cloud offerings. Going back to what you were saying that you were bootstrapping this and doing a couple more shifts that you used to do, at what point do you say, Now, I can finally jump on this fulltime? Why would you want to unnecessarily tinker with a program that is working so well for the country? Brazil, South Africa, all countries in Western Europe, Asia, etc. Sanjay Shah: Yes. How are you going to price it? An entrepreneur cant say, Yeah, Im also on a double-duty and be able to sell into the enterprise. My advice is, dont follow any advice. The idea was for me to start it, and then depending on how it goes, and once I would get my first couple of accounts, then think about bringing on additional folks. Alejandro: Very nice. Alejandro: Yeah. As we would bootstrap, I think it was important I realized that having because we are not spending as much on sales and marketing. so complicated that they baffled even some financial experts led Denmark's tax agency to send nearly $2 billion worth of refunds for taxes that had putatively been . This is pretty cool. Thats how I ended up working for them. It's how he presented and conducted himself and the arguments he (made). What did you experience? Fortunately, I had a view from the inside as well, having been one of the earliest employees of SAP. 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. Perhaps it should be neither, and I should do what Sanjay said would work better. I look forward to seeing the final product. Those are the revenue streams for us. They would help us build and scale our cloud business and yet be comfortable being a minority investor. Alejandro: Wonderful. Remember to unlock for free the pitch deck template that is being used by founders around the world to raise millions below. Vistex is the established industry leader with nearly $250 million in revenue in 2018, and despite two recessions, has expanded its operations globally and its portfolio across 14 industries. He funnelled his wealth into property across London, Hong Kong, Dubai and Tokyo, Shah said, amassing a portfolio that he put at about 70 million pounds. Facebook gives people the power to. Sanjay Shah: Thank you. Thats something that I believe has sold people as well that I always wake up every day worrying about what is it that I need to learn more, and not bask in the success of what I have learned and what Ive achieved. Vistex Hoffman Estates IL 60010, United States Get Sanjay's Email (it's Free) Takes 5 seconds to join, no credit card required. : I hired people that had the technical skills to help me write the software. So what kind of challenges were you guys dealing with? In total, he gets Rs 84.5 thousand per month.) Thats what explains our existence and our success. What is private equity? So I decided to explore. Sanjay Shah '89 MBAtech entrepreneur, founder, CEO, and chief architect of international enterprise software giant, Vistexjoins us on this episode of Lehigh University's College of Business ilLUminate podcast. : Yes. Get Contact Info for All Departments Vistex Org Chart Sanjay Shah Founder, Chief Executive Officer, and Chief Architect 6 6 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. Listen to what everybody has to say. You have these ideas and visions of growth, and then there is reality unless youre exceptionally fortunate. Thats quite a significant amount of employees. Then slowly over the years expanded to other regions of the globe. To this day, continue not to be addressed adequately in the ERP System. Thats what explains our existence and our success. You need to find cheerleaders in an organization such as SAP if you want to rely on them to be your go-to-market partner. I decided to come 10,000 miles away to go to business school. Supply chain is a more recent term, but back then, it was operations. I think weve just begun to scratch the surface of how our products and solutions can help customers and help our customers succeed even more. And I lasted a full six months and decided that I didnt want to be a professional accountant. I was fascinated and intrigued by the software. So in your case and in your journey because in entrepreneurship, theres no such thing as a straight line. There is no one path to success. We have people all over the globe, Vistex employs all over the globe and selling in virtually every geography. . Anything you wanted. When I decided to sever my ties with SAP, my wife was six-months pregnant with our second child. We felt that we needed to bring in some external expertise to help us grow the subscription part of our business. 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. A lot of our revenue also comes from upselling. The whole business paradigm has changed as I described. Growth is hard, [laughter] to say the least. We kicked things off about a month ago. Thats right. 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. Alejandro: Of course. : The biggest bump in the journey has been this whole Cloud Revolution that customers no longer want to buy software and then run it themselves in their IT shops. Different propositions, private equity being a different proposition as innovated. : I think in 2001, I was able to land our first customers. Would you mind expanding a bit more on that, Sanjay? There are so many constituencies both from a product standpoint, from a technology standpoint, and from a go-to-market standpoint. There are so many different stakeholders. So then what happens after you make the decision. 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.. We go in as explorers, not as conquerors because we know that the right kind of input is very critical to the engineering of a product. Lets just say that. Thats the degree I had. So I was introduced to software quite early on. How Chicago area home values compare by ZIP code, Have camera, will travel: A Chicago taxi driver took pictures of his passengers for years. You and your wife are aligned. How would you differentiate a private equity profile from the venture capital that perhaps the earlier-stage guys that are listening are probably looking at? Alejandro: Now, you have them as a strategic partner, so obviously, the relationship is there. As I said, I was living in a bit of a bubble. Sanjay Shah Vistex is the biggest Chicago-area software company you've likely never heard of. Q: Has the current political climate affected your feelings about the property? What did you experience? The buildings were constructed and remain owned by a Turkish company, but Trump licensed his name to the project and continues to derive significant revenue from fees for the use if his name. So weve been able to constantly grow, not just for a product footprint, but also our customer footprint as we continue to invest. What was going on through your mind? : Did you recruit other people like talking of bootstrapping and especially in the early days, who were the initial people you got around you to help you out? What is private equity? Lets just say that. 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 . I think you have to be your own advisor and your own decisionmaker. Sanjay Shah, founder and CEO of Vistex, is photographed Dec. 8, 2014 in the penthouse atop the Trump International Hotel and Tower he owns. You need to find cheerleaders in an organization such as SAP if you want to rely on them to be your go-to-market partner. In my early days, I used to be confused. That has served us well. How was the growth of revenue overtime during those years? (Vistex Foundation) A South Barrington resident, Sanjay Shah recently. I also spent time working for SAP at their headquarters in Germany in R&D for a couple of years of my six-year journey with them. Were going to be learning a lot about building, scaling companies, and also about financing and then venture capitalist versus private equity firms, and also about building super-strategic relationships with larger players. I think getting the firsthand experience was critical. Employees at Boomerang Commerce rate Guru Hariharan higher than employees at Vistex, Inc. rate Sanjay Shah These are not quick sales. Its long. Overview Company Overview Top Contacts Sanjay Shah overview Vistex overview Vistex top contacts Try the contact number finder tool for free,get started in seconds No Credit Card Required CEO, and Chief Architect, Sanjay Shah, is the WINNER of the 2019 Ernst & Young (EY) Technology Entrepreneur of the Year Midwest Award. Interesting. I wanted to give up a very small portion of it while drawing on their expertise. Do you believe that Im working on something that has a great potential? Private equity, which is more how do you help accelerate growth, which was more our case. That has been the biggest bump. 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. : Thats right. What does the future look like for Vistex? Sanjay Shah: Yeah. But there are a lot of players out there. That is more than a fulltime job in and of itself. Chicago entrepreneur Sanjay Shah owns a business software company, Vistex Inc, which is estimated to be approaching $200 million in annual revenue. 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. I was an SAP loyalist. 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. Sanjay Shah: No, Im not, but I plan to soon. Sanjay Shah formed the Vistex Foundation, which provides grants to non-profits focusing on health, education and basic needs programming, as well as Vistex Endeavor, an employee-focused charity focused on volunteerism. I said to myself, If I work the first shift selling my services, then Ill be able to use that funding to develop what I need to develop on the second and third shift. While ERPs were transforming organizations in all kinds of ways, there was still no solution for managing pricing, trade, royalties and incentive programs that so many businesses rely on to drive revenue. Sanjay Shah: Correct. Shah bought the 14,000-square-foot penthouse for $17 million and in 2017 is working to build out the space. Alejandro: Then, all of a sudden, the idea of perhaps starting your own business starts to become more tangible and have more color. Alejandro: And in terms of enterprise sales, Sanjay, that you were eluding to, what are your biggest takeaways from enterprise sales because its a beast. 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 this day, continue not to be addressed adequately in the ERP System. Vistex Asia-pacific Private Limited's Corporate Identification Number is (CIN) U72900MH2003PTC142888 and its registration number is 142888.Its Email address is chirag.shah@vistex.com and its registered address is UNIT NO C R 12TH FLOORNIRMAL BLDG 241/42 BACKBAY RECLAMATION NARIMAN POINT MUMBAI MH 400021 IN . A:While I'm all for folks working these jobs, where otherwise those jobs would not be done, the question is, are those people then contributing their fair share to the economy in terms of taxes? As a business owner that helps you, serves you, and it never hurts to be fluent with numbers. There are so many different constituencies at SAP to find the right balance to bring all of these together for hem to cheer for you. Is that right? How do you guys monetize? So accounting runs in our blood. Thats our vision. So those are the challenges. I wanted to give up a very small portion of it while drawing on their expertise. 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