Enterprises market to other enterprises. Startups sell to small companies. That's the way it works, right?
Not for the startups in Oracle for Startups.
Cloud startups like Yamí, GingaOne, Wevo, Circulor, NLPBots, and now Fairmarkit sell their vision and their products to midmarket and enterprise brands—in part due to their relationship with Oracle. Using low-cost, high-performance cloud computing and building innovative products that integrate neatly with enterprise apps like PeopleSoft and the Oracle CX suite, startups are scaling their business and selling big deals.
Boston-based Fairmarkit is a shining example of a startup that is hitting the gas on growth, using enterprise integrations and relationships. They just closed a Series A round, and COO and cofounder Tarek Alaruri was recently named a Forbes 30 Under 30 in Enterprise Technology.
Half of their business comes from layering their platform on to Oracle PeopleSoft ERP. The cloud platform offers customers, such as Univision, PPG, and two of the nation’s largest transit authorities a way to lower procurement costs, and save money, time and headaches.
Fairmarkit found a procurement niche in need of a solution – managing tail spend. Tail spend is the nonstrategic purchases, representing the 20% of the procurement process that often takes 80% of the staff's time. Think office supplies, parts, and laptops.
The cloud startup uses machine learning to automate the process and tap into a broader base of vetted vendors – an excellent option for companies looking to increase the diversity of their supplier base. It also includes components that help customers analyze their spend and can be bolted on to or integrated (via API) with an existing ERP.
Their customers are particularly pleased with the API Fairmarkit built to integrate with Oracle. "The information is coming right in, no risk for error, and we're not spending part of our day with tedious administrative tasks. It's tremendous," a large transit authority customer says, adding that the API integration went off without a hitch at a fraught time. "It was a limited scope, time-sensitive, pandemic-influenced upgrade."
Fairmarkit has been working with Oracle for Startups to expand their customer portfolio and global reach. It's an arrangement that CEO and cofounder Kevin Frechette describes as "ideal."
"Oracle gives us credibility. Prospects want a trusted solution, and they don't want to rip out and replace an ERP," says Frechette, who describes his trip to OpenWorld San Francisco last year as a heady experience. "We had 80 to 90 meetings at OpenWorld and met with Oracle's Machine Learning team."
Another great perk comes in the form of Brian Gruttadauria of Oracle's Cloud Business Group, who serves as a technical advisor to the company. "He's made sure we were truly enterprise-ready, up to grade across the board. He helped us think about our roadmap, how we complement Oracle, and how to position it. He's a great sounding board," Frechette says.
Startups collaborating with enterprise companies will become the norm – perhaps even more so as COVID-19 takes a whack at the traditional in-person accelerator programs. "Even before COVID-19 we were committed to virtual programs that meet entrepreneurs where they are," says Jason Williamson, Vice President for Oracle for Startups and believer in personal and professional resilience.
Oracle for Startups makes it as straightforward as possible for startups like Fairmarkit to gain broad access to a global network of customers, products, and marketing ecosystems. Startups don't need an invitation, code word, or secret handshake. They just need to join us.