Based on preliminary academic research, Open Ratings' patent-pending
technology was commercialized in 1999 to simulate and improve the
decision-making processes used by buyers, including supplier selection,
evaluation and monitoring activities.
Today, Open Ratings is the global standard for predictive supplier
performance solutions for the Global 3000. Open Ratings is capable of
providing performance ratings and business information about millions of
companies around the world, giving buyers the tools to evaluate in real time
how a supplier is likely to perform in the future - in terms of product
quality, timeliness, and responsiveness to queries - empowering buyers to
fulfill their strategic responsibilities in a way never before possible.
I will talk about the following milestones in the evolution of the company:
a) First business plan
b) Raising angel money, and first round of VC financing
c) Hiring management team
d) Refining business plan, testing with customers
e) Outsourcing development for inital product launch.
f) Raising 2nd round of VC financing, partnering with an old economy player,
closing first deals
g) Reinventing business model as economy downturn diminishes market size.
h) Closing first deals
i) Managing bottom line to survive economy downturn.