In 2016, Steve and Karl began discussing with venture capital firms about using the Consortium model in their industry. It seemed like a perfect fit being able to capture similarities with all the companies being acquired and also have the ability to aggregate the companies spend to show a story behind the numbers. Karl said this was always something that was at the end of the list. Since both Karl and Steve were executives at the time in larger corporations, it never gained any real traction.
Time was spent understanding what technologies and companies existed in the market place. Several companies were benchmarked including GRO and consulting firms. Steve and Karl had no intent to enter the market as a “Me Too” – differentiation was key.
As time went on, Karl and Steve decided to fly to Florida in 2017, with the intention of discussing the opportunity at hand. A bucket of beer on the beach and 2 days later, the decision was made that Karl and Steve would fund the company themselves. With Karl’s technology and platform already created, combined with Steve’s expertise in the supply chain, Sourcing Insights was born.
By analyzing the data and showing companies missed spend opportunities, it creates an advantage, but you need supply chain professionals to leverage the data and technology to help companies experience growth. This is where Steve and his team have built a strong reputation and excel. By combining technology with the right people, it creates visibility, control, and savings.
Come back next week! We will dive into the evolution of our world-class software, SourcingShark!
