V-Chain looks to success after making the ultimate sacrifice
19th December 2011 · 0 Comments
V-Chain Solutions founders James Vinson and Tom Sweeney put their money where their hearts were to start their company in 2005, offering a unique blend of supply chain and Silicon Valley software expertise.
Now V-Chain Solutions offers business intelligence, performance management, supply chain management and collaboration.
To launch, Vinson cashed in retirement savings, life insurance and maxed out credit cards. Sweeney followed suit, adding to the ante by selling his house and car.
They duo raised raised $440,000 to start building a prototype, but found themselves slammed by the economic downturn and fell on tough times, sometimes staying in homeless shelters after work. The true turning point came after they achieved two major milestones.
First, they developed the prototype which enabled more people to grasp the value proposition that they offered and, through a Sweeney connection in Georgia, found the right channel that placed the company on the national radar.
Their next step is to close a proof of concept customer, which is with a small manufacturer from Austin. With that in their hip pocket, V-Chain Solutions is expecting to close five deals in 2012, which are near the finish line and could generate $700,000.
The company is also seeking to raise $2 million to accelerate sales and implementation activities. Vinson said throughout the entire process, Austin technology incubators have been helpful because of their atmosphere of advice and operational support.
His advise for other entrepreneurs who invest their lives into their dream is to get involved with an accelerator or incubator program.
“You need to surround yourself with experienced individuals who have done it before and also enter the business plan competitions through a university system,” Vinson said. “It will prove to be the most valuable decision you can make, because you will learn much about the process of bringing an idea to reality.”
