Three Pivots And A Billion Dollar Valuation Later

the latest tech news, global tech news daily, tech news today, startups, usa tech, asia tech, china tech, eu tech, global tech, in-depth electronics reviews, 24h tech news, 24h tech news, top mobile apps, tech news daily, gaming hardware, big tech news, useful technology tips, expert interviews, reporting on the business of technology, venture capital funding, programing language

Sales enablement platform Mindtickle, which turned into a Unicorn in August 2021, is a byproduct of three pivots. When it started in 2011, Mindtickle was more like a gamification platform. On its own, it was meaningful and had a purpose, but the founders, Krishna Depura, Nishant Mungali, Mohit Garg and Deepak Diwakar realized that they could address additional customer pain points, so they moved on to tackle employee on-boarding. 

Three Pivots And A Billion Dollar Valuation Later
Company Handout

Again, this was a great focus, but it was helping companies in only a part of their employees’ journey; that is, when they were just joining the company. That is when they realized that they had to make a bigger impact, adding to their platform’s capabilities to address sales rep productivity. “All this pivoting was against the backdrop of changing markets and technologies — and customer demands to keep pace with it all. Turning a Unicorn was a byproduct of everything: Our evolution continues to reflect customer needs as well as the changing world around us,” Depura, Chief Executive Officer told Entrepreneur India

the latest tech news, global tech news daily, tech news today, startups, usa tech, asia tech, china tech, eu tech, global tech, in-depth electronics reviews, 24h tech news, 24h tech news, top mobile apps, tech news daily, gaming hardware, big tech news, useful technology tips, expert interviews, reporting on the business of technology, venture capital funding, programing language

The startup raised $100 million in a Series E round in August 2021 led by SoftBank, at a valuation of $1.2 billion. “For those closest to the Mindtickle journey — employees, friends, family, investors — the prospect of turning into a Unicorn was more ‘when’ than ‘if’, he said when asked about how the unicorn has changed the perception of people around them. 

“The rest of the market, however, has changed its perception. Our category is now validated by Gartner and Forrester. We’re considered a more serious player. Mindtickle is now on the radar of many more people,” he said. 

Global Tech News Daily

Ideation and Journey

Depura met his co-founders in 2006. They all had a common passion for creating something new, something impactful, something different. “We were all driven by a philosophy of “why not?” We wanted to bring a consumer experience to the enterprise with gamification and leaderboards; trying to completely change how people onboard at a new company as well as the approach to sales training. We spent at least a couple of years on different ideas, never thinking they could turn into a company like Mindtickle,” he said.

Global Tech News Daily

The idea for Mindtickle began with “treasure hunts” because that’s what the founders knew best and they were fun. At the time, social and online games weren’t all that popular, but they felt that using online treasure hunts to engage employees in a corporate workspace could be a powerful way to effect change. Then, they realized the same could have an effect on onboarding too. “The reality was that new employees were getting lost. They were attending long, ineffective classroom sessions. We decided to convert our online treasure hunt learning platform into onboarding platforms that were fun and self-driven, and that incorporated competition,” he said. 

After a while, the founders felt that their approach could be applied to sales training as well. Sales reps had to continuously learn to keep their skills sharp; they had to be consistently updated on new products and services; and they had to be able to practice their pitches. But their training had to be engaging and fun. That’s when the idea of “sales readiness” came into play. “With our gamification platform underpinning sales training, companies could ensure their sales reps had the skills needed to succeed in the field, and that they could be coached according to their individual needs. Mindtickle came to be as a result of all this, and, in the last four or five years, sales readiness has become a successful and growing category,” said Depura.

Initially, the Pune and San Francisco-based company played a lot in the mid-market, and they were in a very defined category. One day, in a conversation with one of his mentors, Depura was told that Mindtickle would not grow if they targeted a limited set of people, such as a technology sector, exclusively. That’s when the founders decided to branch out from technology to pharma and insurance. “We also worked toward serving Fortune 100 and 500 customers. Proving we could close very large deals attracted large investors that bet on us for the long term and a bigger outcome,” he said. 

However, one of the first mistakes they committed early on was to focus on product first and problem second, which is to say that they didn’t focus enough on the core problem they were really trying to solve for customers. In fact, it took them a few years to really figure that out. But the game changed for them when they became customer-obsessed and homed in on the core customer pain points.

Another mistake they made was to hold back on aggressive marketing. “It’s incredibly important — especially when you’re trying to create a category — to spend the extra effort to evangelize your product and really spell out its importance. Once we spent more time educating people and creating a wider market, Mindtickle turned a corner,” he shared.

Today, the founders are more secure. “But that’s no reason to become too comfortable. Always keep moving with the next milestone in mind,” he said. 

The Competitive Edge 

Depura believes that Mindtickle’s strength lies in its comprehensive approach to sales enablement; that is, a single, unified Sales Readiness Platform. “Outside of that, Mindtickle has some of the best talent, which continues to innovate day after day. We believe this puts Mindtickle in a strong position for continued leadership,” he said. 

The Sales Readiness Platform claims to help sales leaders achieve their goals consistently by elevating sales performance and maximizing the potential of their people, help enablement and ops teams impact rep performance and productivity in a measurable and scalable way and helps frontline managers to replicate the winning behaviors of their top reps and build a team of quota achievers. “We are making sales reps more productive, efficient and collaborative,” he said. 

Three Pivots And A Billion Dollar Valuation Later

Mindtickle was also able to take advantage of tailwinds caused by the pandemic. “It further accelerated the rate of digital transformation and hybrid work. Companies had to think about how to scale their employee base remotely, how to engage them and how to help them be successful in a virtual setting,” he said. 

Milestones and Future Plans

“The three biggest milestones for us so far are being ranked as the No. 1 enterprise product by G2 the last two years; being recognized as a best place to work or top cloud company to work for the last three years; and achieving unicorn status, attracting top investors, customers and partners,” he said with pride. 

One of the company’s short-term goals is to deep-dive into its Sales Readiness Platform to ensure that they are meeting all the needs of sales reps. Long-term goals include extending the concept of readiness to all customer-facing teams, making the entire company more productive, more capable and more confident. Mindtickle is already hiring in the U.S, Canada, U.K and India, and plans to expand into EMEA and ANZ.

News Related

OTHER NEWS

Asbury Automotive Group (ABG) Dips More Than Broader Markets: What You Should Know

Asbury Automotive Group (ABG) closed the most recent trading day at $151.49, moving -0.81% from the previous trading session. This move lagged the S&P 500’s daily loss of 0.37%. – ... Read more »

Cushman & Wakefield (CWK) Gains As Market Dips: What You Should Know

Cushman & Wakefield (CWK) closed the most recent trading day at $21.46, moving +1.18% from the previous trading session. This change outpaced the S&P 500’s 0.37% loss on the day. ... Read more »

Wesco International (WCC) Gains As Market Dips: What You Should Know

Wesco International (WCC) closed at $121.43 in the latest trading session, marking a +1.57% move from the prior day. The stock outpaced the S&P 500’s daily loss of 0.37%. – ... Read more »

Big Tech Looks To Buy Beaten Down Innovation-Fueled Entrants

The recent rate-fueled valuation crush among next-gen tech has created some ripe acquisition opportunities for cash-rich mega-cap tech. After rapidly deteriorating investor sentiment, Peloton PTON is the latest acquisition target, ... Read more »

HP (HPQ) Stock Moves -0.29%: What You Should Know

In the latest trading session, HP (HPQ) closed at $37.49, marking a -0.29% move from the previous day. This change was narrower than the S&P 500’s daily loss of 0.37%. ... Read more »

One Stop Systems, Inc. (OSS) Flat As Market Sinks: What You Should Know

In the latest trading session, One Stop Systems, Inc. (OSS) closed at $4.05, marking no change from the previous day. This change was narrower than the S&P 500’s daily loss ... Read more »

Luminar Technologies, Inc. (LAZR) Gains As Market Dips: What You Should Know

Luminar Technologies, Inc. (LAZR) closed at $14.84 in the latest trading session, marking a +0.27% move from the prior day. The stock outpaced the S&P 500’s daily loss of 0.37%. ... Read more »

Buckle (BKE) Gains As Market Dips: What You Should Know

Buckle (BKE) closed at $37.24 in the latest trading session, marking a +1.36% move from the prior day. This change outpaced the S&P 500’s 0.37% loss on the day. – ... Read more »

AutoNation (AN) Dips More Than Broader Markets: What You Should Know

In the latest trading session, AutoNation (AN) closed at $103.57, marking a -0.46% move from the previous day. This change lagged the S&P 500’s 0.37% loss on the day. – ... Read more »

FuboTV Inc. (FUBO) Stock Moves -0.3%: What You Should Know

fuboTV Inc. (FUBO) closed at $10.07 in the latest trading session, marking a -0.3% move from the prior day. This change was narrower than the S&P 500’s 0.37% loss on ... Read more »

Fiverr International (FVRR) Dips More Than Broader Markets: What You Should Know

In the latest trading session, Fiverr International (FVRR) closed at $81.01, marking a -0.52% move from the previous day. This change lagged the S&P 500’s daily loss of 0.37%. – ... Read more »

Sterling Construction (STRL) Gains As Market Dips: What You Should Know

Sterling Construction (STRL) closed at $27.51 in the latest trading session, marking a +1.63% move from the prior day. The stock outpaced the S&P 500’s daily loss of 0.37%. – ... Read more »

Boise Cascade (BCC) Gains As Market Dips: What You Should Know

Boise Cascade (BCC) closed at $77.20 in the latest trading session, marking a +0.69% move from the prior day. The stock outpaced the S&P 500’s daily loss of 0.37%. – ... Read more »

CRISPR Therapeutics AG (CRSP) Gains As Market Dips: What You Should Know

In the latest trading session, CRISPR Therapeutics AG (CRSP) closed at $62.36, marking a +0.76% move from the previous day. This move outpaced the S&P 500’s daily loss of 0.37%. ... Read more »

Bausch Health (BHC) Dips More Than Broader Markets: What You Should Know

Bausch Health (BHC) closed the most recent trading day at $24.39, moving -0.53% from the previous trading session. This move lagged the S&P 500’s daily loss of 0.37%. – Zacks ... Read more »

ETF Strategies to Consider for February as Fed's Rate Hike Nears

Wall Street has been mostly kind to investors so far in February after a tough January. Market participants are upbeat about improving U.S. economic conditions as reflected by encouraging fourth-quarter ... Read more »

Bank of Nova Scotia (BNS) Gains As Market Dips: What You Should Know

Bank of Nova Scotia (BNS) closed at $73.75 in the latest trading session, marking a +0.78% move from the prior day. This move outpaced the S&P 500’s daily loss of ... Read more »

Fox (FOXA) to Report Q2 Earnings: What's in the Offing?

Fox FOXA is set to report second-quarter fiscal 2022 results on Feb 9.For the quarter, the company’s current Zacks Consensus Estimate for earnings is pegged at breakeven against a loss ... Read more »

Generac Holdings (GNRC) Gains As Market Dips: What You Should Know

In the latest trading session, Generac Holdings (GNRC) closed at $279.97, marking a +0.01% move from the previous day. This move outpaced the S&P 500’s daily loss of 0.37%. – ... Read more »

Spirit And Frontier Announce $6.6 Billion Merger

Spirit Airlines Incorporated (NYSE:SAVE) and Frontier Group Holdings Inc (NASDAQ:ULCC) have announced a $6.6 billion merger to create one of the largest low-cost airlines in the U.S. The new airline ... Read more »

First Trust Energy AlphaDEX Fund (FXN) Hits a 52-Week High

The First Trust Energy AlphaDEX Fund FXN is probably a suitable pick for investors looking for momentum. FXN hit a 52-week high and is up 59.6% from its 52-week low ... Read more »

Meta Threatens To Close Facebook And Instagram In Europe Over Data Scramble

In a document filed with the U.S. Securities and Exchange Commission (SEC), Meta Platforms Inc (NASDAQ:FB) has warned it could be forced to close Facebook and Instagram in Europe if ... Read more »

How a To-Don't List Can Help You Achieve Your Goals

To-do lists are helpful tools for many people, but they can quickly take over our lives, making daily living feel like just another item to cross off of a never-ending ... Read more »

Immunovant (IMVT) Reports Wider-Than-Expected Loss in Q3

Immunovant, Inc. IMVT reported a net loss of 36 cents per share in the third quarter of fiscal 2022 (ended Dec 31, 2021), wider than the Zacks Consensus Estimate of ... Read more »

Buckle's (BKE) Sales Run Continues in January, Comps Gain 4.2%

The Buckle, Inc. BKE looks well poised on the back of its robust strategic efforts, including strength in e-commerce business and an impressive sales trend. BKE has been putting up ... Read more »

6 Best-Leveraged ETF Areas of Last Week

Wall Street put up a moderate show last week with the S&P 500 (up 1.6%), the Dow Jones (up 1.1%), the Nasdaq Composite (up 2.4%) and the Russell 2000 (up ... Read more »

Interpublic (IPG) to Report Q4 Earnings: What's in the Cards?

The Interpublic Group of Companies, Inc. IPG is scheduled to report fourth-quarter 2021 results on Feb 10, before the opening bell. – Zacks Let’s check out how things have shaped ... Read more »

Mednax (MD) Buys Night Lite Pediatrics to Boost Portfolio

Mednax, Inc. MD and its affiliated practices Pediatrix Medical Group recently acquired Night Lite Pediatrics, LLC in Orlando, FL. Night Lite is a private 13-clinic pediatric urgent care practice. The ... Read more »

Best Growth Stocks to Buy for February 7th

Here are three stocks with buy ranks and strong growth characteristics for investors to consider today, February 7th: – Zacks Apple AAPL: This company whose business primarily runs around its ... Read more »

Gol Linhas (GOL) Stock up 16.2% in a Month: More Upside Left?

Shares of Gol Linhas GOL have displayed an uptrend on the bourses over the past month, gaining 16.2% against its industry’s 3.1% decline. – Zacks Image Source: Zacks Investment Research ... Read more »

Top Research Reports for Bank of America, Coca-Cola & salesforce

Monday, February 7, 2022 The Zacks Research Daily presents the best research output of our analyst team. Today’s Research Daily features new research reports on 16 major stocks, including Bank ... Read more »

Sanofi's (SNY) Enjaymo Gets FDA Nod For Rare Blood Disorder

Sanofi SNY announced that the FDA has approved its monoclonal antibody, Enjaymo (sutimlimab-jome), to decrease the need for red blood cell transfusion due to hemolysis in adult patients with cold ... Read more »

The Zacks Analyst Blog Highlights: Alphabet, T-Mobile US, Advanced Micro Devices, Mondelez International and Chubb

For Immediate Release Chicago, IL – February 7, 2022 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the ... Read more »

Why Mid-America Apartment Communities (MAA) is a Great Dividend Stock Right Now

Whether it’s through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. But when you’re an income investor, your primary focus is ... Read more »

On Core Values, Self-Honesty and Having Fun with Jairek Robbins, the New President of SUCCESS

“You gotta answer your DMs, man,” says Jairek Robbins, half laughing, in his latest Brilliant Thoughts interview with Tristan Ahumada. Robbins, who is an acclaimed business coach, best-selling author and ... Read more »

Surging Earnings Estimates Signal Upside for Xilinx (XLNX) Stock

Investors might want to bet on Xilinx (XLNX), as earnings estimates for this company have been showing solid improvement lately. The stock has already gained solid short-term price momentum, and ... Read more »

BCB Bancorp (BCBP) is a Top Dividend Stock Right Now: Should You Buy?

Whether it’s through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. But when you’re an income investor, your primary focus is ... Read more »

The Zacks Analyst Blog Highlights: AbbVie, Merck, Eli Lilly, Novartis and Pfizer

For Immediate Release Chicago, IL – February 7, 2022 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the ... Read more »

BankUnited (BKU) Stock up 3.4% on New Share Repurchase Plan

BankUnited, Inc. BKU has announced a new share repurchase plan. The company’s board of directors has approved the repurchase of up to $150 million in shares of BKU’s outstanding stock. ... Read more »

TEGNA Inc. (TGNA) Soars 7.4%: Is Further Upside Left in the Stock?

TEGNA Inc. TGNA shares rallied 7.4% in the last trading session to close at $21.34. This move can be attributable to notable volume with a higher number of shares being ... Read more »