About the company: ON24 is a multimedia marketing platform that uses webinars and virtual training. It helps companies generate pipeline with engagement-driven webinars and video content. Its patented cloud-based platform features an interactive and immersive user interface and industry-leading webinar analytics for events, campaigns and benchmarking. The Mistake: We were coming out of the housing crisis and the company was doing reasonably well, it was 2012. We made our first acquisition of a company in Spain. We’re a private company and we spent a decent amount of money, but I thought we’d buy the company at a good price because of the downturn. [We bought them because] they had a product synergistic in virtual events. I thought I saw entrepreneurs there. We had London-based operations that were smaller and we thought we could make our center of gravity Spain — that it was going be less expensive. But, the business began to bleed cash. Within a year after that, it was not working. What we bought it for, we lost 80 percent of that. I wanted to get out. It was time to eat humble pie. We decided to sell the company back to the people we bought it from. We acquired the company in the second quarter of 2012 and we sold it back in early October 2013. “Whether it’s decisions about strategic direction or employees, if you prolong things it just impacts the company.” The Lesson: You have to be decisive. That acquisition was bleeding cash. I had decided I was moving the company into full SAS framework and (the company) was not synergistic with our direction as Software-As-Service (SAS). The decision that I made, which in hindsight didn’t work out, was buying something in Spain when the market was tough. The positive lesson for me was the execution of pulling the plug. What it reiterated for me was the importance of being decisive. Whether it’s decisions about strategic direction or employees, if you prolong things it just impacts the company. It was a tough decision. I could’ve stayed on, taken more time and taken more losses. But within a year it’s time to make a decision to get out fast, to cut your losses.]]>
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ON24 Digital Experience Platform
Engage your audience on a more human level with an interactive, data-rich webinar and multimedia content platform.
Live – ON24 Webcast Elite
Captivate prospects with live, interactive webinars and get real-time insights from their behavior.
Always On – ON24 Engagement Hub
Drive more inbound leads through binge-worthy, on-demand hubs of multimedia content.
Personalized – ON24 Target
Target different personas with personalized and relevant content experiences.
Live - ON24 Virtual Conference
Create virtual event experiences that support ongoing user, partner or regional event programming.
Insights – ON24 Intelligence
Understand, track and measure every interaction with engagement analytics.
Action – ON24 Connect
Seamlessly deliver insights across your technology tools and business operations.
Find Your Fit
There’s an ON24 solution for every business need. Let’s get started.