Startup Feature: bizofIT
Learn more about our new coworking team bizofIT below!
1. What is your name, business name & town that you live in?
Bala Palamadai, I’m the Founder & CEO of Bizofit (Biz.of.IT), and I live in Naperville, IL
2. What does your company do?
Bizofit is an IT Services Marketplace and Sourcing Platform for Enterprise Customers & IT Service Providers. Using our 4P SUGAR Quadrant, we enable our customers with deep intelligence on software service providers and solutions to help them make smarter, faster, and more cost effective buying decisions. While the Platform has several unique features, the differentiating factor is our 4P SUGAR Quadrant. The “4P” refers to Bizofit’s proprietary, multi-dimensional, measurement tool consisting of of Platform, People, Process, and Partnerships; and SUGAR is an acronym, for ‘Specialized User Generated Aggregate Rating’. As the name suggests, this is based on ratings by specialized users, namely customers and analysts. The Bizofit Marketplace delivers full lifecycle features which help our customers to identify, evaluate, select, manage, and pay IT Services Providers entirely on one platform. Through a blend of social data, research, and our own analysis, we seek to help eliminate the sub-optimal performance of legacy sourcing and engagement models. Additionally, Bizofit provides advisory services in the fields of Business/Market Development, Mergers & Acquisitions, Executive Search. We align with our clients from the initial market research and analysis stage, to lead generation and deal closure to establish sustainable and incremental profitability in decided markets.
3. What clients do you work with and serve?
We provide consulting services to several large, multi-national, technology service providers. Our primary goal is to help those customers grow their sales volumes from their existing services/products portfolio, incorporate innovation into their current strategy, help identify M&A opportunities, and much more.
4. What has been a memorable project that you have collaborated on?
We are currently working with a large Financial Services company to help them identify exciting startups in the financial data analytics space. They are currently evaluating potential acquisition/investment targets and have commissioned us to study the market and identify potential candidates for the same.
5. What is up next for you and your business venture?
Bizofit is growing incredibly fast. We’ve recently added a new feature, which lets parties buy directly from our platform, and are looking to release several new enhancements in the coming months. We are also looking expand our team and bring on others who can infuse new ideas and help grow the platform.
6. What is some advice you would relay to other entrepreneurs, small businesses and tech startups?
It is incredibly tough to be an entrepreneur. Stay focused. If you fail, start over.
7. What are you most excited about with joining Rev3?
Rev3 is just incredible. The location is great, amenities are awesome, management is responsive, and most of all the people are fantastic! There are other Entrepreneurs in the building all working on building companies, so the entire atmosphere is just conducive to growth.
Founder, CEO - Bala Palamadai
Business Development - Arjun Dave