The Winning Sales Strategy

October 11, 2021Members, News

The Winning Sales Strategy

How Interim and Fractional Sales Can Transform Your Company’s Sales

It is a universal truth that very few products or services sell themselves! Nearly all sales in today’s world require some element of active outreach. How companies choose to conduct (and manage) this outreach varies greatly across industries, but at the end of the day every company has to effectively manage their sales in order to survive.

Many of the strategies historically used are failing today’s fast-growing companies. Learn more about the strategies traditionally used, why they’re failing today’s businesses, and the solution offered by interim and fractional sales leadership.

Strategy 1 – No Sales Leader

Leaving a sales team to its own devices is detrimental and will is widely agreed upon as a poor strategy for sales growth

Strategy 2 – Owner/Founder/CEO is also the Sales Manager

There are two reasons why this strategy fails companies looking to grow. The first is that founders typically have close to no sales experience, leaving them ill-equipped to lead their sales teams. And when a founder does have the right combination of sales management experience, the company will still suffer from the opportunity cost of a founder who is spread too thin and wearing too many hats.

Strategy 3 – A Sales Rep Doubles Up as a Manager

This person will forever struggle with competing priorities. Their attention will be split between closing their own opportunities as a sales rep and supporting the larger team as a manager.

Strategy 4 – Hire a Full-Time Sales Manager

Hiring a full-time sales manager presents a variety of challenges, especially for small firms. The first challenge is that a full-time sales leader with the right experience will cost any company a significant amount of money and other resources to recruit, hire and onboard. And for small teams with two or three sales reps, there are likely not enough sales management responsibilities to keep the manager fully occupied. 

The Winning Strategy – Contract a Fractional Sales Manager

Working with fractional or interim sales managers offers the best of both worlds to business owners who are looking to rapidly grow their sales efforts. By working with match-makers like Vendux, companies have access to a roster of experienced sales executives who they are unlikely to be able to effectively recruit and hire on their own. These sales leaders have the industry connections and experiences that today’s startups need to grow sales. The startups also benefit from the short-term nature of the fractional model, meaning the business pays only for the sales management they need and avoid the costly process associated with a full-time hire. 

A fractional sales leader has a clock ticking, so they don’t have a moment to waste. Their mission is clear from the moment they begin, and they bring a necessary urgency to the entire sales team.

Wouldn’t you like your CEO to be able to say:

“The fractional executive placement has now completely disrupted our executive team and culture in a very positive way. He leads the company’s revenue generation with speed, focus, and high intensity. He has all the sales and leadership skills necessary for our business, including the development of the right strategy and tactical execution. I have never been more impressed by a sales leader. He is the real deal.”

If you’re considering executive recruiting, sales training and/or hiring a sales consultant – instead take the alternative route and engage an outsourced, interim, or fractional sales executive with the exact right experience for your organization.

About Vendux Interim & Fractional Sales Leadership

Vendux fills the void when sales leadership is missing. Within days Vendux places a vetted sales executive on an interim, fractional, or project basis into your team. 

Schedule a meeting to learn more about how interim and fractional sales leadership can benefit your company.

Floating Point Group Group Raises $10M Series A to Fuel Growth

September 27, 2021Members, News

Floating Point Group Raises $10M Series A to Fuel Growth

The MIT crypto spinout simplifies the backend operations for investors to deploy cryptocurrency-centric strategies at meaningful scale.

Floating Point Group drastically simplifies the backend operations for investors to deploy cryptocurrency-centric strategies at meaningful scale. In a secure and insured custody solution, hedge funds, asset managers, and brokers can trade, stake, and seek yield with their assets within the confines of familiar and sophisticated administrator controls.

The company has recently closed a $10 million series A investment with participation from Tribe Capital, Coinbase Ventures, Anthony Scaramucci, F A S T by Gettlylab, Borderless Capital, CapitalX, Formulate Ventures, and executives from GoldenTree Asset Management, HC Tech, Pythagorus Investments.

With the new capital, the startup is aggressively growing its existing U.S. based software engineering staff to meet surging investor demand and expanding to new markets.

“2021 has helped the entire industry cross a threshold. The question is no longer if – but when. When will the infrastructure be ready for cryptocurrency adoption to happen at scale with efficiency, security, and reliability?” asked Floating Point Group Cofounder and CEO John Peurifoy. “I could not be more proud of the exceptional work of our team this year. With this funding comes a host of brilliant, dedicated partners helping us pave the way forward for trading, custodying, and ultimately using digital assets.”

The company’s new platform grants hedge funds, asset managers, and other investors direct market access to centralized and decentralized cryptocurrency exchanges and OTC desks. Users of the platform can secure assets through a Multi-Party Computation-based (MPC) wallet system without compromising on the security of their funds.

Anthony Scaramucci, an investor in Floating Point Group, commented, “Digital assets are at the forefront of financial innovation with promise to revolutionize money for small businesses and financial institutions alike. Floating Point Group is building transformative technology to deliver that promise by helping businesses access the cryptocurrency markets.”

Floating Point Group’s first product, an order and execution management system (OEMS) that’s now integrated with the company’s new custody and settlement platform has been used by dozens of institutional clients to trade billions of dollars of cryptocurrencies in 2021.

About Floating Point Group

Floating Point Group is a growth-stage MIT-born startup drastically simplifying the backend operations for investors to deploy cryptocurrency-centric strategies at meaningful scale. Regulated both within the U.S. and abroad, they offer a global client base a secure and insured custodial solution with integrations for trading, settlement, staking, and yield-seeking. Learn more on the Floating Point blog

Floating Point Group Co-Founder & Head of Business Development Kevin March is an efactory coworking member. 

Millennial Assistants Helps Startups Save Time & Money

September 1, 2021Members, News

Millennial Assistants Helps Startups Save Time & Money

Learn about the newest addition to our member perks program.

A New Partnership with Millennial Assistants

The efactory’s member perks program has grown again! We’re excited to add efactory client company Millennial Assistants to our member perks providers who offer exclusive discounts and deals for efactory members.

Millennial Assistants is a US-based, woman-owned virtual assistant services company that provides a wide range of remote administrative services to businesses. The company offers business owners the benefits of having a large team of professionals at their disposal with none of the headache and overhead of managing that team. 

Millennial Assistants allows small and medium-sized businesses to take advantage of technology and a remote workforce without any of the heavy lifting. Their team vets, hires and trains contractors across industries, assigns an account manager to get to know your business, optimizes your budget, and more – all with a money-back guarantee.

Millennial Assistants Member Perks

Working with Millennial Assistants allows entrepreneurs to focus on growing their business and doing what they love by tackling routine, day-to-day tasks. 

Through our new partnership, efactory client companies receive a 10% discount on any service package.

Additional Perks

The Millennial Assistants discount is one of several benefits available to efactory client companies. Companies are also eligible for savings from Google, Amazon Web Services, HubSpot, and more.

Four Companies Selected for Cohort 5 of the efactory Accelerator

July 7, 2021Members, News

Four Companies Selected for Accelerator Cohort 5

Meet the teams chosen for Cohort 5 of the efactory’s accelerator program

Meet the Companies: Cohort 5

The efactory is excited to welcome four great companies to Cohort 5 of the accelerator program. As part of the program each company will receive capital investment along with specialized support and curated programming to equip them with the resources needed to disrupt the status quo and build thriving businesses.

Make plans to hear from the teams at Meet the Founders: Cohort 5 on August 3.

AgButler

AgButler is a gig economy platform that serves as a solution to a rural labor shortage in America. The app provides on-demand jobs giving farmers and ranchers access to a high-quality labor force while boosting rural economies. Similar to “ride sharing” technology, AgButler allows farmers, ranchers and/or agribusinesses to connect with available laborers filtered by location, ratings, work experience and availability, all done within a secure payment structure organized in the app.

AgButler is available for download through the Apple App Store and Google Play.

Connect with AgButler and founder Kevin Johansen.

MiddleCoast Solutions

MiddleCoast Solutions’ goal is to design, produce and distribute web-based applications for correctional environments, with a specific focus on public safety. Owners Nic and Ali Lamphear, as well as their perpetual employee of the month Dusty Klinger, have over 40 years of experience in software design and development. What really sets this company apart is that all three team members also have backgrounds in law enforcement. This makes MiddleCoast Solutions uniquely positioned to tackle corrections and public safety issues using modern technology.

Get in touch with the MiddleCoast Solutions team and connect with founders Ali Lamphear and Nic Lamphear.

Tipper Mobile

Tipper Mobile aims to liberate content monetization on social media. Many content creators have a large enough following to earn money via Tipper, but not enough to monetize through traditional social media sponsorships and partnerships. Tipper allows users to support their favorite creators. 

Connect with Tipper Mobile and founder Jahbarie Jefferson.

Vendux

Vendux is a matchmaker placing seasoned sales executives from the nation’s largest, pre-vetted community into companies facing growth challenges and having a sales leadership void. We disrupt by offering start-ups, scale-ups, and SMB’s an alternative to the measures traditionally taken to address challenges in sales: executive recruiting, training, consulting. If finding a skilled, experienced sales leader is a top priority, it is the ideal time to contract an interim executive: They are available within a few days, they have extensive experience in building and growing sales teams, and they can be fractional or part-time, and you only pay for what you need.

Connect with Vendux and founder Henning Schwinum.

Meet a Member: Scott Harned

June 21, 2021Members, News

Meet Scott Harned: CEO and Founder of Harvest

Scott Harned is Founder and CEO of Harvest, an Amazon Brand Builder agency that helps brands launch and grow on the Amazon platform using creative strategies, paid advertising, and proven analytics. Harvest features a host of services such as account management, optimization, photography, and advertising that help scale and grow your business on Amazon. 

Scott is a natural entrepreneur who began flipping and selling products out of his apartment during his time in college. Scott learned how to sell anything from shoes to electronics on the Amazon platform. Those experiences allowed him to learn what it takes to grow a brand and be successful in selling on Amazon. He slowly began to offer his services in and around the Springfield area, and it took off from there. In 2019, Scott was able to move from working full-time in ministry to focusing 100% of his efforts on growing his business, Harvest! Moving full time to building his company was a big leap, and Scott noted that it was only possible with his gracious wife by his side.

Curious about growing your brand and selling on Amazon? Schedule your free consultation to get answers to questions you have about Amazon!

What problem do you help people solve?

We help brands navigate the depths of the Amazon platform. We offer proven strategies to develop brands that customers trust!

What do you love most about what you do?

I love being able to create meaningful relationships with my clients and to create a positive client experience. What gets my juices flowing is when we are scaling a brand on Amazon that leads to creating an additional revenue source for that brand which, in turn, produces more jobs while having a greater impact through product reach!  

Meet a Member: Jace Thomas

June 10, 2021Members, News

Meet a Member: Jace Thomas

Meet Jace Thomas: CEO and Co-Founder of Hiperion

Jace is the Co-Founder and CEO of Hiperion, a software development and prototyping agency based in the Midwest. Hiperion specializes in long-term technical partnerships and provides custom software, mobile app, and cloud application development as well as big data software analytics, and iOT development and creation. The Hiperion team is currently self-producing a few really exciting projects and are competing in Elon Musk’s XPrize Carbon Removal Contest. No big deal, just a Springfield startup competing for a small $100 million prize! 

Jace launched Hiperion in mid 2020 as a chatbot marketing software company. It wasn’t long after that when he connected with Seth Kitchen, a fellow entrepreneur and Founder of Collaboarator, after seeing some of the cool projects Seth was involved in. Jace made the easy decision to work with Seth and together the two have grown Hiperion at a rapid rate. 

Interested in working with the Hiperion team on your next project? Schedule your free consultation today to get started!

What do you love most about what you do?

  I love owning small portions of exciting tech startups and the possibility of massive growth!

What problem do you help people solve?

Hiperion helps businesses bring their concept to life and works as a technical partner to promote the scale and growth of your company. 

Meet Swipesum

May 3, 2021Members, News

Meet Swipesum

The software-enabled service finds any business the best payments solution at the best rate.

Meet Swipesum

Consumers use non-cash payment methods for three in four transactions, according to the 2019 Federal Reserve Payments Study, meaning accepting and processing credit card payments is essential for today’s businesses. While it’s a critical part of today’s business landscape, the fees associated with accepting card payments are U.S. business owners’ second-greatest operating expense behind labor, representing a $70 billion burden annually. Payments are complicated, making it difficult for businesses to find the best fit for their business, not to mention the headache and time that comes with negotiating terms.

In 2016 Michael Seaman saw a broken system and an opportunity. The payments space, with its legacy merchant acquisition strategies, convoluted contracts, and complex patchwork of providers was leaving merchants frustrated. The research required of a business owner to find the best solution for their business could take months, and merchants never had the upper hand in negotiations. 

This $900B industry was ripe for innovation, so Seaman put together a team of experts and set out to build a technology solution capable of filling the role of a Chief Payments Officer at any company. The result is Swipesum – a network of experts who source the best payments solutions for businesses and help pre-negotiate the most favorable terms for free.

“We focused on building a frictionless platform that connects businesses with a network of providers, enabling the business to source ideal partners and have the upper hand in negotiations,” said Swipesum CEO and Co-Founder Michael Seaman. “After building the core technology, the advantages of working with a software assisted payments consultant to navigate the complexities of contracts and integrations began to be recognized. In 2020 Swipesum consulted over $7B in credit card processing revenue, focusing on integrated software vendors, enterprise, e-commerce, multi-locations retailers and nonprofits, and we continue to grow.”

Michael Seaman
Swipesum CEO & Co-Founder

The company is showing no signs of slowing down. By late 2021, Swipesum is on track to save companies $100 million and they’re rolling out exciting new product offerings to make life even easier for their customers. 

Schedule your free consultation today to get answers to questions you have about payments, providers, your current setup, and cost-reduction. After the consultation you’ll receive a proposal outlining the best solutions for your unique business, and help eliminate most fees associated with accepting payments.

Staitment - The Secret Sauce

The secret sauce behind Swipesum’s consultation platform is their AI-powered statement reading technology, known as Staitment. This software can be licensed to banks, processing companies, point-of-sale dealers, and anyone that analyses processing statements to create cost-comparison sales proposals.

Between Staitment’s revolutionary statement reading capabilities and Swipesum’s team of payments consultants, the company can quickly and efficiently identify unnecessary fees and rates for customers.

About Swipesum

Founded in 2016, Swipesum is a software-enabled service that finds any business the best payments solution at the best rate, at no cost to them. By eliminating most fees associated with accepting payments or turning them into a lucrative revenue stream, Swipesum becomes any business’ “fractional Chief Payments Officer.”

To date Swipesum has raised more than $2.1M and serves regional clients including Amini’s, Plumbers Supply, Napa Auto and Tire, Ford Hotel Supply, Golf Discount, Old Hickory Country Club, Saint Louis Bank, and hundreds more nationally. The Swipesum team is headquartered in St. Louis, Missouri with additional offices at Codefi in Cape Girardeau and at the efactory in Springfield.

Compatio Launches SmartBuilder eCommerce Solution

April 13, 2021Members, News

Compatio Launches SmartBuilder eCommerce Solution

The startup has announced the release of its SmartBuilder technology just in time for the 2021 Bicycle Leadership Conference (BLC).

Making eCommerce Smarter

Compatio, founded to transform the way people shop for complex products online, is excited to announce the release of its SmartBuilder technology just in time for the 2021 Bicycle Leadership Conference (BLC). SmartBuilder is designed to accommodate any type of consumer specialty product and is immediately deployable for certain categories of outdoor gear such as bicycling and fly fishing. Focused SmartBuilder applications targeted specifically for the cycling industry are also available out of the box, including Bike Builder, Drivetrain Builder and Bike Accessorizer.

The SmartBuilder tool includes a variety of features that cater to consumers’ needs when shopping online, and discovering and pairing complex outdoor equipment.

Retailers and DTC manufacturers, as well as consumers, are more satisfied with an eCommerce site that utilizes Compatio’s SmartBuilder technology,” said Tim Baynes, CEO and Founder of Compatio.

“SmartBuilder allows consumers to discover and build a technically valid and complete custom solution with products from the retailer’s catalogue. It gives the consumer confidence that they’re purchasing the correct products or parts for their outdoor equipment setup, while ensuring that retailers and manufacturers are satisfying their customers’ needs and minimizing the risk of incompatible products being returned.”

Compatio CEO & Founder Tim Baynes at efactory Demo Day, 2019

SmartBuilder can be integrated into any open eCommerce platform. Key features include:

SmartBuilder for the Bicycle Industry

Bicycle retailers that use Compatio’s SmartBuilder technology on their eCommerce website will be able to offer their online customers the personalized experience they’ve come to expect in-store. Similar to personalizing a car on an automaker’s website, SmartBuilder’s recommendations will help consumers discover how to set up their bike and configure it properly for who they are and how they ride. Customers receive expert recommendations at the point of sale, and achieve a deeper attachment to cycling since they’ll have a better understanding of how to extract best value from their investment.

About Compatio

Based in Springfield, Missouri, Compatio is building the world’s first Knowledge-Based Commerce platform, and the only digital commerce platform engineered specifically to sell complete solutions and not just products. Tim Baynes, Compatio’s Founder and CEO, is globally recognized for his expertise in product configuration, a.k.a. CPQ or configure-price-quote systems. He has designed, implemented and led project teams for these systems at Fortune 100 companies worldwide. Compatio is an efactory accelerator portfolio company and a private office client.