One of the most important things a boy can learn how to do is to fish. Several summer vacations ago, family friend Garry Goudy agreed to teach my boys how to bass fish. Garry is a “type-A” Alpha, so just any old bass wouldn’t do. Below you can see the results of his teaching in the euphoric faces of two young boys:

 
Meet “Bubba”. Bubba was caught in 75’ of water in Lake Joe in Ontario. He was the one that got away – the first time. On day one, we dropped our lines, and within 40 minutes I had him on the line; the rod was completely flexed, and I was at the limit of the line. I reeled him in towards the boat, and within the last 50 feet or so, Bubba surfaced, jumped and threw the hook. It was a great story.

However, on day two, the boys kept talking about Bubba, so we went back to the same hole. The fish finder told us there was a big fish down there. Down the lines went. Several hours passed. Then Dylan’s rod flexed and the line ran. He had something big. It took about 15 minutes, but the two boys reeled him in. 8 lb bass are not that easy or common to catch. Not bad for their first outing. The fish fry that night was outstanding.

There are many ways to fish, and there are all types of fish to catch. One can gather up lots of fish by casting a wide net, then taking the time and effort to discard what is not in season, of size, or nutritionally relevant. One can use long lines and troll through the water hoping to attract some fish. Or, one can trophy fish – identifying where the fish are likely to be, using bait they are likely to favor, and having the patience to attract a strike and then carefully reel them in.

Trophy fishing is rewarding -- big fish get big because they are older and smarter. To be successful one needs to be smart, have something the fish wants, and have the patience to meet the fish on their terms (time of day, water temperature, season, etc.).

Fishing is a lot like selling software, there are all types of companies to sell to and there are all types of business models that can be used to attract customers. Prolifiq has chosen to “trophy” fish in some very specific holes. We solve very big problems that affect very large sales forces, and can cost companies lots of money. Because of our market segmentation, we seek very specific customers; because of our focus, we solve very specific problems. And we have the patience to meet our customers on their terms by integrating with specific legacy applications, workflows and business rules.

Recently, the team reeled in a couple of “whales”. Yes, it took time to bring them in; and, yes we risked them “throwing the hook”. However, the looks on the team’s faces was just as euphoric as Ian’s and Dylan’s. So, next time I tell you I’m “goin’ fishin’”, hopefully you’ll know what I mean.

Worlde cloud

 

Resting on an end-table in my parents' living room is a carbide miner’s lamp – a memento of my mother’s heritage. My mother, like Loretta Lynn, is a coal miner’s daughter. Her father, Anthony (“Tony”) Murray, entered the Northeastern Pennsylvania, deep-shaft anthracite mines his father owned when he was in the 4th grade. He started as a “slate picker” and worked these mines until he left for college at age 18. After graduating from Mansfield Normal School, he returned to run the mines his family owned. This life is well depicted in the 1970 film: “The Molly Maguires”, starring Sean Connery and Richard Harris. 
 
This lamp provided very dim task lighting and also served as a “canary in the coal-mine” alerting Tony to the presence of deadly gases that would rob the lamp of the oxygen necessary to burn, and potentially result in a deadly explosion or fire. The coal Tony mined helped fuel the economic expansion of early 20th century America – it heated schools and homes; it fueled foundries; it became steel.

On the dresser in my bedroom, I have a lead casting commemorating my grandfather, Carl Valentine Gaus, and his retirement after 50 years of service. He was a linotype operator for local newspaper “The Sunday Grit”. He started this job upon graduating high school and served through his retirement. In spite of constant and daily exposure to high concentrations of lead, this is how he provided for his family.

A recent Facebook post by two friends lamented how stressed they felt about their information-based occupations and how others viewed their work as “no big deal.” The past year caused many of us to contemplate our work, or lack thereof; and it caused me to reflect on the meaning of work.

Work is a gift, it is how we provide for ourselves and our families; it is a means for us to use our individual talents for self expression or to accomplish. Many of us define ourselves by what we do (doctor, lawyer, salesman, etc.). Sometimes, as in the case of my grandfather, our work chooses us. Sometimes, we choose our work. Regardless, our work is often taken for granted (see: “Taken for granted”). Every time we turn on a light switch, we take a lot of people for granted. 50% of this country’s electricity is generated from coal. This past week saw the tragic loss of 29 coal miners in West Virginia in a deadly coal gas explosion.

These men were simply doing their work. They left their houses that morning to perform the work they knew. They left to contribute; they left to provide for themselves and their families. These men were executing their role in our society. Their hands – our hands – are the hands that build America. As the band U2 sings:

It’s a long way we’ve come
From the freckled hills to the steel and glass canyons
From the stony fields, to hanging steel from the sky
From digging in our pockets, for a reason not to say goodbye
These are the hands, the hands that build America.
Ahhhh America.

Regardless of what work we perform, it serves a vital function. Some serve others directly; others serve by driving the economy. Let us never take work for granted. Let us always do our best work; let us never take other’s work for granted. Let us always appreciate; let us never forget “The Hands that Build America.”

Wordle cloud

One of my most vivid Prolifiq memories is of Neil and I sitting in the offices of a CIO of a high-technology company. Our two internal sponsors were with us; however, they were very quiet.

The CIO has pedigree – he came from an early internet pioneer in Silicon Valley. He is very smart. He is gregarious. And he asks very direct questions.

He waved a Gartner Group report at me and demanded: “What do these folks have to say about you?”

I replied very directly: “Nothing. They don’t know about us yet.”

Now, if I could go back in time, I’d answer: “They will say we’re a cool vendor for sales content management.”

Stephen, here’s your answer.

Wordle cloud

I’m proud to report that Prolifiq was just selected as a “Cool Vendor” by The Gartner Group because of our pioneering work in sales content management. 

Wikipedia’s definition of “cool” is:

Cool is an aesthetic of attitude, behavior, comportment, appearance and style, influenced by and a product of the Zeitgeist. Because of the varied and changing connotations of cool, as well its subjective nature, the word has no single meaning. It has associations of composure and self-control (cf. the OED definition) and often is used as an expression of admiration or approval.

While there is no single meaning to the word, I’ll accept it as an expression of admiration and approval – especially coming from commentators such as The Gartner Group. Gartner is known as “…IT’s best first source for addressing virtually any IT issue.” Gartner provides best in class analysis and advice to the largest and most sophisticated companies about vendors, applications, strategies – all intended to make companies better at administering and managing IT solutions.

So, this week, we added to our list of industry recognition (Forbes America’s Most Promising Companies, Venture NW Audience Choice). To the folks at Gartner – thank you. To our customers – we are honored serving you. To the Prolifiq Team – CONGRATULATIONS on this very prestigious recognition!

It is one thing to be good at what you do; it is something completely different to be Cool. We’re COOL.

Wordle cloud

Recently, I received an informed suggestion from the Virginia Active Angel Network (VAAN) that points out some potentially problematic language in Senator Dodd’s Restoring American Financial Stability Act of 2010. The issue for VAAN, and small and start-up businesses, is the bill introduces unintended consequences for companies that seek capital from small independent investors (Angel Investors).

Here is the relevant language as provided to me by the VAAN:

Angel Capital Association believes that the bill was not intended to negatively affect angel investment, small business, and jobs. We recommend either eliminating sections of the bill or adding language that clarifies that angel investors and companies receiving angel investment are not affected by the legislation.

The Census Bureau and Kauffman Foundation have released studies that show that start-ups and firms less than five years old generated ALL of the net new jobs over a 25 year period. Many of these small businesses are the type that angels invest in. At a time when America is losing jobs, it strikes us as a major disconnect to create legislation that penalizes high growth, job creating, privately financed small business, in expense, delay, and wasted effort.

The relevant sections of the bill are:

• Sec 412 (page 380) Adjusting the Accredited Investor Standard for Inflation
• Sec 413 (page 381) GAO Study and Report on Accredited Investors
• Sec 926 (pages 816-819) Authority of State Regulators Over Regulation D Offerings
  

Resources and Information on these issues:

ACA Open Letter to Sen. Dodd on March 22, 2010
ACA and National Venture Capital Association letter to Sen. Dodd
Web Site Urges Saving Regulation D
Dan Rosen Blog - Open Letter to Senators
Fred Wilson's Blog on Public Policy and Venture Capital (A VC - Musings of a VC in NYC)
How Dodd's Reform Plan Hurts Startup Finance (BusinessWeek)
Syndication Across State Lines Important for ACA Angel Investors (quick survey results)
National Securities Market Improvement Act of 1996 (description of uniform laws for Reg D filings)

Activity and Information on Other Issues
Peter Linder, Angel Capital Education Foundation, Testifies to House Small Business Committee on importance of angel investors in the "ecosystem" that supports companies helped by business incubators.

I am not asking, or suggesting, that you do anything; however, I will state for the record that without Angel Investors Prolifiq Software would not be what it is today. Angel Investors first saw promise in the ideas of our founders; these same Angel Investors supported us and stood by us through two of the worst economic periods in the last 80 years; and, it is people like them who fuel the economic engine of this country.

I will also state for the record, that the two Senators who represent the State of Oregon have received letters from me requesting the language in the bill be removed or modified to ensure that entrepreneurial activity not be constricted in any way. We cannot allow for good intentions to create collateral damage that will affect our economy long into the future.

Wordle cloud

Ian has played competitive basketball for three years. The team finished above 500 this season, a major improvement over last year. This has everything to do with teenage male physical development, coaching and practice; however, his team kept getting beaten by 3-point shots by the competition.

One unusual sunny Saturday in late January, Ian and I could be found taping the street in front of our house. We used high-school geometry to lay out the key, the free-throw line, and the three-point line. We then spray painted the lines (with black paint to be inconspicuous) so that he’d have reference points. His coach, he and I decided it would be best if Ian perfected a 3-pointer. We picked 3 spots from which he was to practice. The goal was for him to get to a 75% success rate in practice, so that under the pressure of a game situation he could hit more than 50% of the shots.

Virtually every night, Ian can be found in the driveway for 1-2 hours shooting hoops. He shoots about 200 shots, mostly 3 pointers. Has he met the 75% rate? Not yet, but he is working to perfect something that he is good at and that will help win games.

I recently attended a session on Market Segmentation; and, I learned a lot. The most important take away for me was validation of Prolifiq’s strategy of vertical market orientation for our sales content management solutions. While the sales content management function can be applied to ANY business that sells products or services; we are ideally suited to specific business segments. Business communications can be very complex, and trying to be everything to everybody can lead to being nothing for no one. We’ve chosen to be THE BEST in areas we know a lot about.

Just as Ian’s coach can count on him for a 3-pointer, our life sciences, visual media and technology customers can count on us to help them win.

Wordle cloud

It’s no secret we’re focused on serving the sales content management needs of Life Sciences companies (Medical Device, Pharma, and Biotechnology). Today was a watershed day in this effort.

AdvaMed is the major trade association representing medical device manufacturers, makers of medical equipment, medical software and medical supplies, and medical technology. Today we announced that AdvaMed has selected Prolifiq to be a member of its Business Solutions Program. Through this relationship, AdvaMed members gain access to Prolifiq’s applications and services to bring Good Promotional Practices (GPP) to their organizations.

If we are truly judged by the company we keep; we’re In Good Company.

Wordle cloud

The average physician receives 20 physical sales calls/week from medical device and pharma sales reps (see: Medical Device Link). That is a LOT of sales calls.

Why would a physician subject themselves to this? Because they are needy (see: “The Needy People”). Physicians need the latest and greatest information to provide the best possible patient outcomes. How do they get it? By reading, listening and learning.

In many cases, the source of their information is Life Sciences companies. However, if you are a Life Sciences sales person, you have – at best – a 1 in 20 chance of making in impression in any given week. If your territory only allows you one visit a month, then you have a 1 in 80 chance of making an impression. Also, based on the volume of “competition” for a physician’s time, seconds count.

We found that sales representatives “get” this. In a recent Prolifiq user survey, here's what matters to our users: 1)how their company presents to their physicians, 2) they have the latest and greatest content available, 3) speed, 4) they appear innovative to their customers, 5) knowledge of how the physicians are reacting, and 6) they comply with their company’s rules.

I am not a bookie; but, 1 in 20, let alone 1 in 80, are long odds. Being the competitor I am, I will always do whatever I can to change the odds – in my favor.

Dylan “commands” my iPod while riding shotgun on the way to school in the morning. He repeatedly plays his favorite song: “Better Way” by Ben Harper.

His favorite verse:

Fools will be fools
And wise will be wise
But I will look this world
Straight in the eyes
I believe in a better way

There is no better description of him and his personality than this (see: “Dylan has flipped”) , nor is there a better way to describe his approach to his school work.

Last week Dylan and 3 classmates completed a major Medieval term “paper” project for their middle school humanities class. They wrote, storyboarded, filmed, edited and produced an 8.5 minute video short of a palace coup in an Irish kingdom set in the middle ages. They completed all of this in about 8 hours over two week-ends. They submitted the video 3 weeks ahead of schedule; the class and the teacher loved it. What was most important to me is these 4 boys were motivated and engaged in this form of expression.

I spoke about this at a recent SIIA CEO council event. My point was that this up and coming generation has personal communication tools and skills we could only dream of. I remember entering the workforce in 1981 and having my “secretary” (remember them?) gloating about her Exxon Information Systems Qwip memory typewriter. It had 16K of memory and a 32 character LCD display through which she could recall templates from memory for subsequent editing. What a far cry from a teenager with a video production studio of his own, consisting of:  a flip® HD camera, laptop, studio lights, a USB memory stick, and editing software.

I firmly believe that “video processing” applications and skills will be for this decade what word processing, desktop publishing, and website content management were for the last two decades. To remain relevant and current (see: “Relevant and current”) we will need to master, or at least be comfortable with, video processing applications and this medium of expression.

You see, I believe in a better way.

Wordle cloud

I met my wife while out on the road (see: “But, I got the girl”). When I arrived in town for our second date she informed me: “…tomorrow night, we’re having dinner with my mother. OK?” As Jeff P. says, no matter how I answered, there were consequences to my decision.

When I worked with NEC, we often used our Annual Users Group meetings as a strategic part of our selling process. We were involved in very complex decision processes, often lasting as long as 36 months; the customer life cycle was 15-20 years. The Users Group meetings were a way for both parties to size each other up.

There is no substitute for dinner with the family. It is almost a pre-requisite for all long term relationship decisions, whether personal or professional. Invaluable insight is gained by observing people in settings involving their most intimate relationships.

Prolifiq is in the midst of an equity raise involving institutional capital. On one of our investor calls, the managing director of a fund invited me to one of his quarterly portfolio meetings. As with my wife, there were “consequences” no matter how I responded. I rearranged my schedule in order to attend -- I’m glad I did.

I met all the principals; I saw how they interact. I heard the counsel and advice they provide; I witnessed how they treat their portfolio companies. And, I interviewed the CEOs of the portfolio companies (privately) to get an unvarnished perspective of the firm. And as one of the key members of the due diligence team told me: “….I didn’t realize how valuable this would be; it gave us a really good chance to do due diligence on you.” My sentiments exactly.

Excuse me, could you please pass the potatoes?

Wordle cloud