“So it was September, 2016. If we build the product and roll it out by April, 2017, then they wouldn't renew their contract because their contract was expiring with an incumbent and they would switch over to Forma.”
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More from Nabeil Alazzam
Opinion
Incumbent software Xactly failed to solve the root problem of sales compensation
“The second problem was the comp space, specifically sales comp had a tarnished history. Right. Exactly. Was this kind of poster child of like, oh, this technology SaaS platform to do sales compensation, but they didn't actually solve the heart of the root of t…”
Nabeil AlazzamJul 17, 2023▶ 10:39Nabeil Alazzam, Founder of Forma.ai | How the First Enterprise Sale Leads to Product Market Fit · PMF Show
Insight
Early enterprise customers are as visionary as the founders
“Your earliest customers are just as big of visionaries in the enterprise space as you are, because they see the problem and they put this solution together.”
Nabeil AlazzamJul 17, 2023▶ 6:32Nabeil Alazzam, Founder of Forma.ai | How the First Enterprise Sale Leads to Product Market Fit · PMF Show
Opinion
Bootstrapping for three years forced Forma.ai to build a better product
“I think we ended up building a better product because for the first three years I bootstrapped, the only thing that mattered was our customer because they were the ones that were effectively footing the bill.”
Nabeil AlazzamJul 17, 2023▶ 11:38Nabeil Alazzam, Founder of Forma.ai | How the First Enterprise Sale Leads to Product Market Fit · PMF Show
Insight
Enterprise buyers trust hard cost savings over revenue uplift from startups
“So this first one, you can kind of easily build up in the early stages with a customer. If they spend enough time with you could say, this is what's happening today. Here's exactly what you're going to do in the future. I can build a case off of cost savings. …”
Nabeil AlazzamJul 17, 2023▶ 24:46Nabeil Alazzam, Founder of Forma.ai | How the First Enterprise Sale Leads to Product Market Fit · PMF Show
Insight
Early enterprise buyers risk their careers and require extreme founder commitment
“You need to build up that level of credibility because the people that are Giving you that chance are betting their, sometimes their entire careers on the choice that they make. Those like the visionaries that are willing to buy in, they have a lot more to los…”
Nabeil AlazzamJul 17, 2023▶ 29:53Nabeil Alazzam, Founder of Forma.ai | How the First Enterprise Sale Leads to Product Market Fit · PMF Show
Insight
True enterprise product-market fit is when early customers advocate your vision
“Having our first enterprise customers not only be happy, but willing to be advocates to our future customers and talk about the vision as if it was, yeah, it's not just our vision, it's their vision and that's how they talk about it.”
Nabeil AlazzamJul 17, 2023▶ 44:23Nabeil Alazzam, Founder of Forma.ai | How the First Enterprise Sale Leads to Product Market Fit · PMF Show
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