I clearly remember a rather surreal conversation with a client at the height of the dot.com boom. Those of us who lived through it will remember the crazy feeling that business was going through “a new paradigm” that revenues and profit no longer mattered and websites were valued by the eyeball ... the assumed correlation between the value of a website and the number of people who looked at it.
I remember the client saying to me:-
“Sandy, do you know that you can get money from customers? Not only that, if you give them what they want they’ll give you more money. And I’ll tell you another thing, they don’t even want shares for the money!”.
I have reflected a great deal on this basic business truism over the years and the fact that the best possible way to finance future growth is through retained earnings. Unfortunately, far too many companies still find it easier to talk to investors than they do to talk to customers. One of the most important lessons for every entrepreneur is to learn to put the customer first. If the customer comes first the investors will benefit as well and everyone is happy.
I was therefore delighted to receive the attached press release yesterday from Professor Asenov, the founder of www.goldstandardsimulations.com. This Glasgow University spin out is a world leading company in its niche area of expertise and it has just announced a multi-million Dollar contract with GlobalFoundaries.
Congratulations to the whole team at GSS for this achievement which is the start of a major strategic partnership for the Company.
They have worked tirelessly to become the best in the world at what they do and have networked assiduously with the right people in the right places to ensure that their technology has now been adopted by the world’s biggest company in its field.