biz luncheon series: tom buman of agren
DESCRIPTION
From http://www.bizci.org/biz-resources/TRANSCRIPT
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Tom Buman AGREN
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Agren’s Leadership Background Farm Backgrounds USDA Natural Resources Conservation Service
Combined 24 years Six different field offices Lots of contacts
Degrees in Agronomy & Animal Science
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Agren’s Background July 1, 1996 Agren started as a consulting firm Work fell out of the sky Added staff
Family business
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During Last 15 Years Expanded list of clients Diversified consulting work But still…endless pursuit of work
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Desire For Change
Wouldn’t it be nice to be diversified where, in addition to consulting, we would have something to sell.
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Stars Line Up The idea
If we just had high quality topographic data… The opportunity
Iowa DNR purchased LiDAR The funding
NRCS Issues Conservation Innovation Grant RFP The knowledge
Past experience
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The Product Great reviews Increased efficiency Used new technology No one else doing it A vision for the future
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Changing The Business Model Agren = Consulting Work done with public funds NRCS needed this technology But NRCS was not interested
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Something To Sell Software as a Service (SaaS) Model Where to begin
Customers Knowledge Desire Competition
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We Got Lucky Iowa Department of Economic Development
Call Mike!
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What Mike Taught Us
Everything Else!
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Intellectual Property Ownership of IP—Contact an attorney Do contracts to retain IP ownership Patents, Trademarks, Copyrights What will past customers you developed the IP in the past care? Did you ask?
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Leverage
Products build on past services Products will build on future products
Content Code
Will it add cash flow and smooth cash flow
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Scale Growth within original market Additional markets Can Agren support the growth
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IdenGfiable Market We could identify our market We know our customers We can directly contact our customers We knew how to talk to our customers
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Time To Market We had the time
No competition Working with government
We knew the features Required Optional Nice to have
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Pricing The Product Where to start Could we be competitive
What evidence did we have Testing the price point
Benchmarks Cash-‐forward business model Auto-‐renewals
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Time To Cash Flow How much cash did we need
Where to get the cash How quickly can we cash flow Do we develop more tools Can the “Service Sector” provide the float
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RelaGonship In The Market Brand recognition
Would we be recognized Current customers
Would customers (NRCS) accept the product Current competition
Other vendors Collaborators
Support in the market
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Selling Model Our selling model Sales training/experience Leverage with partnerships
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MarkeGng Plan We have a clear plan
Need perseverance Need focus
Staying in contact/Customer Relationship Management Tracking sales cycle Automated sales
Realistic projections
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Time & Money (Do you know) Development costs Legal costs for IP on contracts Marketing costs Hosting or other support costs Support Marketing Services Administration & Billing Updates to stay competitive
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Long-‐term Decisions Do we keep the service sector
How long Do we keep the product sector
Bring programming in house Adequate resources
Do we keep both Can you do everything