Driving change with senior level leadership
Technology Company – Turnaround
A startup wireless technology company in the initial stages of product development was looking to form a sales and marketing team. The company had recently hired its third executive team within the past five years and was in a difficult cash-flow financial situation due to engineering delays. Few employees in the company had the requisite skills to ensure success. Our Interim Executive was hired to form a sales & marketing team immediately upon relocation.
An assessment of the company determined that product delays of more than a year were likely for initial product offerings. Costs of goods sold were well in excess of products available from competitors. Within two weeks our Interim Executive started to re-build the executive team and temporarily directed engineering and recruiting activities as well as being heavily involved in raising venture capital funding. Sales and marketing efforts would wait until products were nearing release six months later.
Our Interim Executive successfully:
- Redirected engineering to reduce costs by more than 90% and expediting delivery of key products by more than a year.
- Appraised engineering and sales/marketing staff resulting in termination or reassignment of some 50% of these staff members.
- Recruited a world class management team including VP of Engineering, VP of Professional Services, Director of Marketing and Sales team.
- Landed accounts with six Fortune 200 companies within 18 months.
- Led efforts to achieve product becoming an industry wireless standard within 24 months.
- Jointly led efforts to successfully secure a $15M round of venture capital funding.
- Overhauled the go-to-market strategy from a “price war” to a “best value” approach.
- Led market research and product marketing efforts to define comprehensive offerings and prioritize target markets.
- Created a solutions showcase facility that attracted more than a dozen visitors from Fortune 500 companies within six months of opening.
Our Interim Executive was a major contributor in building the company from a negative value and no revenues position to a sale price of $225M.
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