We have a small insurance software startup; making money ($40k per month); positive cash flow; money in bank ($250k). We make insured payment portals, IVR's, and apps that work as a platform for auto insurance companies. We have tried in the past to get our marketing team up and selling and we have failed. We ended up spending about $100k with little results other than goodwill. We have some cash to spend but feel that we cant take another risk on a losing team. We could also REALLY use our funds on our devs and make an impact on our products. We are stuck at a crossroads of self-funding, seeking funding (have no clue from whom) and finding a larger company to be acquired by (we have a few that have been sniffing). With a good sales staff getting our products to middle tier auto insurance companies we feel that we can grow fairly quickly. With a small ($2 million) investment we can grow much faster with more products. Thoughts?
What do you/the founders want to do?
The scenarios you describe all have their own positives and negatives, and all represent very different paths.
I'd like to dive more into your statement, "we have tried in the past to get our marketing team up and selling..." I suspect your marketing team was tasked with doing non-marketing things. Like selling. Marketing and sales are very different, although they are aligned.
If you'd like to explore this more, book a call. Or you can add additional details here.
Answered 9 years ago
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