The software is offered as an online service, allowing companies to quickly access their financial and operational business information from anywhere (in the ‘cloud’). “The big difference with existing business intelligence tools is that our dashboard is not only used by two or three people from top management, but also by the board of directors or the sales people,” says Olivier Seynhaeve, one of the three partners. “Everyone in the company can use it. BrightAnalytics works with different permissions for its application, so a manager gets different information than a salesperson does.”
The company managed to convince about twenty customers, and wants to reach an annual turnover of one million in the coming years. Since September, the eight-person team has included one salesperson, and the company is not ruling out going into the capital market to build out its sales team. For the time being, additional capital was not needed. BrightAnalytics started with its own funds “just short of the garage” and tried to get by without additional capital by being frugal and creative, and by generating revenue from business applications. The start-up has a two-pronged revenue model: it charges money for the one-time installation of the platform, after which businesses pay a monthly fee for the start-up’s services.
Source: Trends, 30 October 2014, Benny Debruyne