Invest in yourself, says Smartsheet founder Brent Frei |
Connect with TechFlash on our Facebook page for all the latest technology news headlines and commentary, plus information and access to special events, photos from events, promotions and more.
Today On Techflash
- Can Microsoft overcome the smartphone app gap?
- Hey recruiters: Here's an R&D lab run by, and for, students
- Apps that waste your time (in a good way): Execs' addictions
- WTIA announces Industry Achievement Award finalists
- Analyst sees 7-inch iPad in Apple future
- Check out this app: Executives list the ones they use most
Mass High Tech
Invest in yourself, says Smartsheet founder Brent Frei
The economy is crashing. Stock portfolios are shrinking. And entrepreneurs are wondering where they are going to turn for help.
Smartsheet.com co-founder Brent Frei has an answer to the madness. "Invest in yourself," said Frei, who decided to participate in the company's $1.25 million venture round that was announced today.
Of course, that's easier to do when you have a venture capital firm like Madrona Venture Group participating in the deal. But Frei -- who prevously founded Onyx Software -- said it is better to take a risk on yourself in this climate than to let the money get beat up in the stock market. In fact, that's exactly what Frei had to say to his stock broker when he took the money out of his account to help fund Smartsheet.
"There’s no better time to double down on yourself than when the tailwinds are out of everyone's sail and you have strong rowers," he writes in a well-crafted blog post today on the funding. "Market inertia won't be driving your competitors around you, they'll have to put their backs to the oars if they expect to survive."
In an interview, Frei said that he sees similarities between Smartsheet.com -- a low-cost online business service -- and the market share gains achieved by Salesforce.com during the tech bust. His theory, customers flocked to a cheaper, more innovative solution.
Smartsheet, which makes a online project management tool for small businesses, is hoping it can follow on that success. Having a low-cost productivity application "isn't a bad product to have in this climate," he said.
In fact, Smartsheet signed up three times as many clients as it did in the fourth quarter than it did in the first three quarters combined, he said. The product ranges in price from free to $60 per month.
An inside round led by Madrona, Frei said that the company decided not to waste its time by trying to find external investors.
"Given the nature of the investment climate out there, it seemed like a waste to go shopping it around," he said.
With the new money, Frei expects the company to reach cash flow positive some time next year. Total funding now stands at $5.56 million.
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.
TechFlash Team
Recent Sponsor Posts
Who's creating today's energy efficient buildings? Find out at the BetterBricks Awards, Feb. 16
BetterBricks Awards salute the individuals leading the way for high performance commercial buildings with an emphasis on energy efficiency. Join us as we recognize these standout green building professionals.
Award categories include: Advocate; Architect/Designer; Facility Manager/Operator; and Owner/Developer.
Keynote Speaker: Kevin Kampschroer, Director of U.S. GSA's Office of Federal High Performance Buildings. Kevin leads the U.S. General Services Administration's efforts in building sustainability and accelerating industry adoption of sustainable principles across all aspects of a building's life.
Register here by February 10!
If you are interested in buying a table, email Monica Alquist or call her at 206-876-5404.
The Triple Door Presents: The Atomic Bombshells "J'ADORE!: A Burlesque Valentine"
Seattle's reigning Burlesque super-troupe delivers a gorgeous and glittering VALENTINE featuring some of the Bombshells' most exhilarating acts to date. J'Adore! promises to celebrate l'amour with good humor, style, and a healthy dose of dazzle! Bring a friend, a lover, a family member, or a secret crush, and celebrate with the Valentine's Burlesque spectacular that will leave you shouting: "J'ADORE......The Atomic Bombshells!" The incomparable Jasper McCann emcees with high style and charm.
Please visit www.thetripledoor.net for a full schedule of future performances.
The Triple Door Presents: Bob Mould – See A Little Light: An Evening of Reading and Music
"Bob Mould. Those two words are synonymous with integrity. From Husker Du in the last century to right at this moment, Bob is the real deal, writing and playing music for music's sake. He's a great songwriter and performer. I have been a fan of Bob's for thirty years now with no end in sight." -Henry Rollins
Please visit www.thetripledoor.net for a full schedule of future performances.
Why Choose BDO for your SOC (previously SAS 70) Reports?
BDO’s experience in providing attestation services (SAS 70/SSAE 16, AT 101, AT 201, AT 601, etc.) to a broad range of industries, and our team of skilled professionals distinctly qualifies us to serve as your company’s Service Auditor. By leveraging the BDO global network of control specialists, we are poised to provide global services in more than 1,000 offices and across 119 countries. Many organizations find that investing in reports on controls may result in benefits, including:
• Increased client confidence
• Improved competitive advantage
• Minimization of frequent audits
• Streamlined business processes and controls
• Enhanced risk management
For detailed information contact Paul Martini at pmartini@bdo.com.
