The Ledger
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Sotsky: MainStreet charges success fees while Incentify is pure SaaS
“Ours is also a little different than Main Street and the others that you mentioned. They're mostly working on a success fee. For us, we are a software as a service company. We're not an advisor. So we do take a monthly fee from the from the client to use our p…”
Sotsky: A trillion dollars in credits and incentives exists for organizations
“There's literally a trillion dollars of credits and incentives that are out there and available for various organizations.”
Incentify charges large enterprise customers an average of $10,000 monthly
“Our average price is around 10,000 dollars and 10,000 dollars a month for some big, big enterprise customers.”
Sotsky: Incentify took strategic funding from Ryan LLC, not institutional VC
“Ryan did put in money as a strategic round, but we are not yet calling that a series a, we haven't taken an institutional round yet from a VC.”
Incentify serves about 50 customers, mostly Fortune 500 companies
“So we have about 50 customers today, the majority of them, of course, in the Fortune 500, which is great.”
Ryan LLC invested in Incentify and deployed its product to 100 clients
“And then I mentioned we did sign a deal with Ryan. They did invest in our company and we're pretty close to rolling out a hundred, over a hundred of their the target's a 125. We're at just about a hundred now of their customers using our product as well”
Incentify sets account executive sales quotas at $250,000 per quarter
“So, so for us we're looking for our guys to sell a quarter of a million dollars a quarter, which is not that hard to do because you figure it's like two or three for us, it's two or three deals.”
Incentify benchmarks sales reps on five weekly discovery calls and three demos
“So our metrics in terms of productivity are a minimum of five discovery calls per week, which should translate to three full presentations and demos. And one of those three, we, in terms of our metrics, one of those three should move on into the funnel in sort…”
Incentify reached profitability and plans to raise capital in Q4
“We are probably going to raise a Q four. We were already profitable, but if we want to kind of, if we want to kind of take ourselves to a point of really being able to attack the market, we are going to need to raise.”
Incentify plans to raise a $10 million to $20 million funding round
“I think we'll, we'll probably be north of, we'll probably be somewhere between 10 and twenty million in our raise, and I think that'll really put us on a trajectory to transform the landscape of this particular asset.”