The report from the consultants was thick enough to be a phone book, so Kurzius asked them for the key takeaway. It wasn’t good.“They said, ‘Absolutely, don’t do this business,’” he said, adding the pages were filled with potential competitors.
Yet Kurzius already had made a life of taking risks as an entrepreneur – and
he wasn’t buying it. He saw an opportunity for Asset Panda based on his own experiences and talking to others. He was right. Today, Asset Panda is doing more than $1 million a month in revenue – up from roughly $120,000 a month two years ago.
The company’s customer list includes some of the biggest names in corporate America, including Disney, Sephora and Panasonic. But it also works with smaller players that include a community church, Kurzius said.
The Frisco company has reached about 115 to 120 workers – and should expand to around 150 to 175 people overall a year from now. The company has other offices, including in India and the Philippines.“My plan with this is to grow it organically for a long time,” he said. “The marketplace is massive, and we’re just scratching the surface.”
Asset Panda is helping companies with the important, but hardly high-profile job of tracking physical stuff at their sites. That might be a laptop computer at a far-of office branch or tools for fixing something at headquarters. Keeping track of the various items is key to a business’ finances with potential savings on taxes and insurance, according to Asset Panda’s website.
Sometimes – and more often than some might realize – stuff gets lost, becoming a “ghost asset” that’s hidden from the financial department of a company. But by keeping an asset base updated – and eliminating ghost assets – companies get a full tax write-off in the year that its lost, instead of delaying a benefit by depreciating an asset that no longer exists.
“Asset Panda will track even more unusual items,” Kurzius said. That can include human cadavers, marble slabs from Italy, endangered prairie chickens, and even nuclear waste.
Overall, the company tracks assets valued at more than $2 billion, according to its website. To tackle it all, Asset Panda has come up with a more bottoms-up approach that lets employees use its platform as part of their normal work days, such as smartphone, instead of depending on a handful of folks in the controller’s office to handle it all, according to Kurzius.
Asset Panda can be integrated into systems that manage the process inside a company when an employee gets a new computer or borrows a tool at an amusement park to fix a ride. The software then knows about where and how those physical items are beings used and how they should be treated by the financial systems at the company.
And Asset Panda has created a system that’s especially flexible, using a “low code” approach that makes it simpler for folks to configure. Businesses can tailor the software for options around, say, locations and categories, among
“You can’t just be a me-too product that says, ‘Hey I track equipment,’” he said. “You have to look at it with a much grander vision. For us, it’s a wholistic view of handling anything you could every want to handle in regards to an asset.”
The company has been ratcheting up product improvement to draw in additional users and is set for the future amid interest in artificial intelligence and the Internet of Things, he said. And there’s more. Asset Panda has also taken on smarter ways to market itself. The company has developed a content-marketing piece, helping attract search-based online traffic to the site. That’s involved “lots” of content creation, he said.
The company’s been getting other online attention. It’s garnered 4.5 stars out of five on a sought-out site called Capterra, which has attracted users looking for ratings of software and other types of tech. It’s also picked up more than 900 reviewers compared to a fraction of that for some rivals.
While the company has mostly focused on English-speaking areas, that’s set to change as well. “We estimate 37 million organizations in English-speaking countries that are a potential ft for what we do,” he said. “We plan on going live in over 100 languages. So, we’re going to expand.”
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