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Corporations know that innovation is key to their continued growth, but what happens when serious product or service reengineering is not within the organization’s DNA? What if the company is just too successful or set in their traditional world?
That is exactly what happened when a multi-billion dollar construction company came to us with a software division they had launched internally. While the company was superb at architecting, planning, engineering and building major construction projects, developing software was a new ball game.
Interim CEO Solutions
There are opportunities to redefine industries and we knew when we saw this software that such an opportunity was being presented to us: the challenge of deploying both talent, capital and the company’s own legacy resources to create a new multi-billion dollar possibility.
We deployed a CEO from the RED Team, who after vetting the product saw it was sound and that it had market potential. Huge potential.
Next step was structure. Exactly how could this best be accomplished? We determined the best route was to spin off the division into its own entity. New investors would be brought in, although the parent company would retain a big chunk of ownership to be able to reap future rewards.
With a blank slate, the CEO was tasked to build out a team, position the product in the market, create sales processes, and drive growth at record speed.
Interim = Transformation & Growth
When people hear the word interim, they may instantly think temporary. But an InterimExecs interim = transformational. Our RED Team is an elite team of executives who are skilled at working with companies going through pivotal points whether that is company launch, exit, growth or reinvention. The executives we bring in help companies when very big opportunities or challenges need to be tackled. In this case, we matched the company with a CEO who had experience building a software company from zero to over 20,000+ resellers and distributors in 82 countries with major clients across the Fortune 500.
Since deployment, the CEO has led two successful rounds of fundraising, hired a team that includes marketing, sales, business development, and skilled software engineers. The company is on a tear, winning a national award for startup of the year, signing up high-value clients while revolutionizing a sleepy industry with an innovative SaaS solution, applying Internet of Things to how buildings are managed.