Tell us about your startup….
VikRee is an ecosystem management platform that helps to acquire, engage, retain and grow partner ecosystems. Our 3 modules are Opportunize - for Planning/Pipeline management; Incentivize - for Incentive automation and InfoXchange - for secure 1-1 information sharing. Together they offer our clients a comprehensive platform that can help improve partner experience for the traditional channel, while helping them grow and transition to a broad ecosystem.
How was the idea for your startup generated?
Both co-founders, come with a wealth of experience in technology sales - over 20 years each of managing partners, growing alliances across multiple companies with different business models and products like Cisco, Telstra, Red Hat, IBM, TCS. One common pain point has been that all these companies have growing and complex ecosystems, that they manage on legacy systems or worse, spreadsheets. This leads to low data integrity, confusing baselines and overall lack of transparency. VikRee was created to address these issues, and also increase trust and information sharing across an ecosystem, leading to better customer value and higher ROI on partner dollars.
What problem are you solving?
Traditional partnering models which were resale-centric, are being replaced by diverse ecosystems with multiple vendor-partner & partner-partner interactions. Such diverse partnerships are today managed on legacy systems or more often, spreadsheets. VikRee helps companies negotiate such ecosystem interactions through an innovative SaaS platform that builds a high level of trust, attribution across multiple partners. We have three modules, Opportunize - to plan, managing joint pipeline; Incentivize - design joint partner incentives for maximum ROI and InfoXchange - secure, any-to-any information exchange.
How does your startup work?
VikRee’s core features are all built with the following, focused on ensuring higher transparency, information flow, better ROI across an ecosystem.
- Ecosystems - multi-party, networked alliances - is the basis of all features on the VikRee platform. We focus on ensuring a common data plane across multiple partners; integrating with standard systems with a high degree of transparency.
- Attribution, we develop trust by leveraging multiple technologies including Blockchain that leverage partner activities and not just sales transactions for measuring partner contribution.
- Incentivize module - we have a wide range of Sales & Activity based incentive templates that can be easily adapted by clients to suit any type of partner. For example, automations on claim process, smart contracts to reduce conflicts, get higher ROI on investment dollars especially for non-transactional partners. This is tied to automatic pipelines & activity management to increase partner engagement.
What market are you focused on?
Our focus is on mid-large size technology companies with a minimum of US$100M revenue with a fast-growing, multi-partner type ecosystem. Our clients are spread across the globe, and our global addressable market (as per Forrester) is US$2.6B (growing to US$5.7B by 2026).
What’s next for your startup?
Currently, we are running multiple Pilot programs and are focusing on fine-tuning the Product-market fit and the pricing model. Our roadmap is being developed with active customer feedback and includes features that will increase ROI on partner dollars considerably.
We are pre-revenue and will be revenue positive in Q2 CY 2021.
Are you currently fundraising?
Yes, we are currently raising our seed round of US$500k.
This will be used on 2 main areas:
- Expanding Sales to the US market - looking to hire a senior sales leader with extensive industry contacts
- Expand development team to bring features to life quicker.
Why are you uniquely positioned to solve the problem?
The founders have been friends, peers, colleagues, and partners for over 15 years across multiple companies including Cisco, IBM, Red Hat, Telstra; selling tech; managing Partner ecosystems (APAC, Global) and leading high-growth Sales teams across the globe. This experience of selling with and to partners has given us a ring-side view into issues that plague ecosystems - data integrity, a storm of spreadsheets, very low partner trust, and an inability to attribute partner activity.
We understand the problem, we know how to solve it (VikRee) and we come with a global network of senior leadership in technology companies that we are mining for our early customers. The extended team has the experience of delivering large projects across geos and timezones, the experience of developing SW for startups and a network in the technology world that has helped during development.
What is your superpower?
Problem-solving: Our sales careers have been built on solving customer problems, creating more value for them and helping them succeed. We are all engineers (from the best schools in the world) and leaders who have groomed teams across the globe, from diverse backgrounds and in multiple industries. We have brought our skills together to create VikRee so we can help our clients expand their ecosystems, increase trust and create more profitable relationships for each other.
EXPERIENCE WITH THE AMPLIFY
Why did you join Amplify?
We joined Amplify so that we can execute on our vision, grow our startup and be ready to raise capital.
What was your biggest takeaway from Amplify?
Our key takeaway is to mentally prepare for a 6-12 month strategy for Investments and be respectfully persistent.
Why would you recommend Amplify to fellow founders?
Amplify really helps early-stage founders 10X their startup and helps them approach capital raising, measuring and gaining traction and pitching.
What was the highlight of the program?
The highlight of the program was gaining a ton of knowledge and best practices about building a sustainable startup, growth and managing it successfully.
What sessions did you find the most useful?
The sessions on preparing for investors with Craig and hyper-growth with Nesh were the most impactful to us.
How did Amplify change your approach or what is the one thing/area where Amplify made a difference and how did you apply it to your startup?
The key takeaway for us is to focus on one dominant Value Proposition and to build a long-term investment strategy.
VikRee was part of Amplify, our 6 module program that delivers a how-to guide to raising outside capital and 10x’ing your startup growth. Doors are now open to join Amplify.
If you are interested in connecting with VikRee, please reach out to us and we can help facilitate an introduction.