Secrets of a Canadian Company with 465% Growth and $10 Million in Sales

I recently got the chance to interview Tony Lourakis, CEO of Complete Innovations. Celebrating its 10th year in business in 2010, Complete Innovations has increased its revenue by 465% within the past five years, achieved over $10 million in revenue, and has over 30,000 mobile subscribers.

Here is what I asked him and how he answered:

1) Please tell me a little bit about yourself and Complete Innovations.

I’m Tony Lourakis, CEO of Complete Innovations.  It is a company that provides mission-critical software solutions that optimize operational efficiencies, monitor, manage and track company fleets, to meet the growing needs and business challenges of mobile workforce and transportation-related companies.

Complete Innovations was founded in 2000 and continues to see significant product and partnership growth over the years.  We have tripled our revenue since 2006, increased our customer base by approximately 700 per cent and aggressively expanded our global presence.   In the past couple of years, we’ve been named one of IDC Canada’s “10 to Watch” and ranked as one of Canada’s Fastest-growing companies by PROFIT 100 two years in a row.

2) The mobile market is full of tough competition – what really makes you different?

I believe that Complete Innovations is forward thinking and innovative in all aspects of the business.  Having a go-to-market strategy, a strong product, a clear understanding how the market will evolve and positioning ourselves as having the right solutions in the right package at the right time have been the keys to our success.  You can introduce a product too early; there is “bleeding-edge” and “leading-edge”.

3) Where did the idea come from to start Complete Innovations and how did you get your first client?

I’ve always been an entrepreneur.  I founded my first software and IT consulting company at the age of 18 and as a result of my work and partnerships in the 1990s, I had a vision for transforming the courier service industry through the use of innovative GPS-based technologies.

My first client came about when I was dabbling in social media.  I was promoting Complete Innovations on an online courier forum and started getting leads.  I landed my first customer, who was based in Oregon, within 3 weeks of launching.

4) What 3 pieces of advice would you give to a startup entrepreneur who is trying to grow his / her business?

1.  Make your business cash flow positive as quickly as possible.

2.  Surround yourself with the right people.  Your first few hires are extremely important.  They need to be the best of the best; people who will over deliver and believe in your company from the start.

3.  Get out there and get customers as fast as possible rather than waiting for the perfect infrastructure.  Speed is often better than quality in the beginning.  Generate business and revenue quickly.

5) What’s the biggest mistake you’ve made so far in your business career?

Not firing when I should have.  If you have someone that doesn’t fit, but chose to ignore it or hope it will go away, reconsider.  Trust your instinct.

6) If you sold Complete and signed a non-compete so you couldn’t be in the mobile space, what would your next business be and why?

Depends on how much I sold it for.  If it’s enough, I’d open a winery in the Mediterranean.

What do you think about Tony’s advice? What would your 3 pieces of advice be for startup entrepreneurs?

I’d love to hear your thoughts if you leave a comment below!