According to TechCrunch, the startup scene in Detroit, Ann Arbor and Grand Rapids has grown significantly over the past few years. Motor City offers affordable office space, a strong talent pool which draws from local universities and notable growth in venture capital investment. IT and life sciences command the lion’s share of VC investment. Detroit has 50% more venture-backed startups than it did three years ago. This statistic is from the Michigan Venture Capital Association (MVCA) which found there are 35 active venture-backed startups in Detroit. Successful Detroit area entrepreneurs work tirelessly to build their companies to the point where they have:
- A viable product or service in the market that addresses a business or consumer need
- Sales cadence and a pipeline which is generating sustainable revenue
- A skilled team in place to deliver on their business plan
- A set of long-term business goals, be it a revenue ceiling, acquisition, or an exit strategy As entrepreneurs meet with venture capital firms to seek funding, they need to be prepared with achievable revenue forecasts, realistic market size estimates and a clear vision for the future of their business. Whether a startup is pitching in a VC’s boardroom, or at a TechCrunch event like Battlefield or Disrupt, being prepared with metrics, proof points and context is critical.
- Financial data such as sales revenues, forecasts and expenses · e-commerce sales in multiple currencies
- Customer profile information across marketing, customer support and sales
- Professional service automation such as project management and utilization
NetSuite is a Proven Data Management Solution for StartupsNetSuite is a recognized leader in the cloud ERP space for startups. It can be implemented and configured quickly, without the IT cost and overhead of on-premise technology. For startups with remote and/or mobile teams, NetSuite offers excellent usability on apps for tablets and smartphones on the iOS and Android platforms. Users love how easy it is to navigate through the application, and business executives appreciate the powerful dashboards with real-time visibility across the business. In this era of lean startups, NetSuite’s tightly integrated “stack” of business applications eliminates the need to buy or build separate functionality for e-commerce or CRM. For entrepreneurs that need to extend NetSuite functionality, there are several purpose-built add-ons which accelerates time-to-market.
Strategic Partnership Opportunities for Venture Capital FirmsNetSuite recognizes the role that VC firms play in helping startups to help map out their business processes, and the tools they use to monitor and present accurate performance data. NetSuite’s Global Private Equity Services Group works with VCs and their portfolio companies, and Cloud Genius ERP provides implementation, integration, customization and consulting services for the NetSuite platform. When startups have real-time, secure access to their data where ever they are, they can make better decisions, and mitigate risk. Venture capital firms benefit from this data accessibility too, as they can monitor how companies are tracking against their performance objectives. The VC can take advisory action if there are peaks or valleys against planned revenues. The Cloud Genius ERP team appreciates the passion, dedication and perseverance that goes into a successful startup venture, because we’re entrepreneurs too. Our application engineers and business analysts will work with your team to transform your business processes into digital workflows and processes within NetSuite. Whether your startup or VC organization consists of a small team here in Michigan, or is based in Detroit with offices around the world – we have the skills and experience it takes to ensure a successful NetSuite deployment. Here are real-life deployment statistics that prove NetSuite is the best cloud ERP for startups:
- 56 of the JMP Hot 100 private software companies.
- 88% of Bessemer’s “Next Cloud Unicorns”
- 29+ recent software industry IPOs ran on NetSuite.
- 22 Wall Street Journal “Billion Dollar” Start-ups.