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One Million by One Million: Concept Financing for a Fat Startup: Tomer Shiran, CEO of Dremio

Our CEO, Tomer Shiran and Sramana Mitra did a wonderful interview where they explain how concept financing still happens from time to time, especially for fat startups, but you need to have deep domain knowledge, and strong investor relationships, to pull one off.

Here are some of the highlights

“The user that has the need to answer any question don’t have the necessary skills or the access to be able to do that. That was the premise. It was to see if we could solve that problem. It’s not, by any means, a new problem but one that companies have struggled with for a very long time. We thought that that provided an opportunity to do something very different from anything that had been done before in the world of analytics.

We thought that we could build a system that would connect to your various data sources and expose them to the users that need access to that data on their own.

We went from having one sales representative that was responsible for the beta program to building out an enterprise sales team. We decided that we would build that out to about eight or nine reps in the US and put one person in Europe more as an experiment, which has been working out really well. Then we hired support. We had to build out the rest of the organization.

…we are very customer-driven. We count the number of times we’ve been asked for a specific kind of connector. If enough people are asking us for a connector to Postgres, then we’ll add a Postgres connector. Teradata is one such example where we added a connector recently based on a request from customers. It also depends on the type of companies.”