Today, we speak with Korey Lee, Vice President of Operations and Analytics at SumAll, a real-time e-commerce analytics tool that allows store owners to identify patterns in their data.
What does “Made in NYTM” mean to you and your company?
From our employees to our company, every facet of SumAll is a product of and indebted to New York. SumAll was conceptualized, born and raised in NYC. We believe that NYC has always been about its vibrant community, so we’ve set aside 10% of our company’s equity towards our non-profit foundation. The SumAll Foundation is currently helping local and national non-profits better understand, visualize and make data-informed decisions. We’re working on projects ranging from human trafficking to prescription drug abuse.
SumAll.com, our core product, is aimed at helping small and medium-sized businesses (many of them entrepreneurs as well) aggregate and formulate insights from their business data. SumAll’s mission is to democratize data and make it useful, relevant and beautiful for the startups, entrepreneurs and mom & pop shops that can’t afford enterprise analytics software from IBM or Oracle.
New York is at the cutting edge and constantly evolving for the better. We share that sentiment at SumAll, and along with the SumAll Foundation, strive to evolve the way companies are run. In that vein, we make our salaries and cap table internally transparent so anyone in the organization can access this information, along with open access to team. The organizational structure is flat and major decisions are voted on by the entire team, not autocratically decided at the top.
What can be done to maximize the “Made in NYTM” campaign?
Broadcasting the successes of “Made in NYTM” companies would be a boon to drawing more businesses into New York from other areas, and encourage those already thinking about starting their own business. Whether it is through press releases on successful rounds of funding, cool new products making waves in the industry or an anecdotal feature spotlight on how a customer’s life was changed through a “Made in NYTM” company, advocating on this community’s behalf is key to its success.
What else can be done to promote early stage entrepreneurship in NYC?
Incubators and shared spaces like WeWork are great for networking and collaborating with others in the space. Sponsored network events, meetups and other startup community oriented activities would likewise help to build more buzz around the space.
From an FP&A perspective, minimizing the bureaucracy, paperwork and barriers to entry to incorporation would be a great start as well.
Tax incentives, business loan interest deferrals, easier credit approval (Amex refused to raise our credit limit because we haven’t been in business for more than 2 years) and discounted or subsidized office space (e.g. Take the H.E.L.M.) programs would also be great.
Where does your company fit in the ecosystem?
SumAll is a SaaS analytics platform aimed at providing an engineering free, analyst free and beautifully designed way for businesses to get transparency, gain insight and take action from their data. We love meeting and collaborating with other startups in NYC and hope that our 10% foundation model and transparent culture succeeds, while becoming a model for other companies to emulate.
We’re constantly interacting with the New York community, either through setting up meetups to promote and further the exchange of ideas with entrepreneurs in similar disciplines, or by having people interested in startups visit our office and get a feel for our culture. The people are what make NYC the nexus of innovation, with “Made in NYTM” companies at the forefront.
Read what other thought leaders have to say about “Made in NY™.”