Matthew Wegener, founder, president and chief executive officer of ISoft Data Systems and co-founder and president of the Turbine Flats Project, was one of three companies that presented on a panel about business model innovations in information technology at the 2011 Nebraska Research and Innovation Conference.
In college Wegener took a part-time job to pay the bills by working at a local salvage yard. During that time he realized the salvage yard desperately needed a way to inventory all that it had. This ultimately led to the eventual startup of ISoft Data Systems and an innovative marketplace business model.
Soon after ISoft developed its first version for that first salvage yard, the company soon realized the auto salvage industry was overrun by competition, and that what had been a $20,000 software package was now down to $1,000. Through talking directly to customers, ISoft realized there was a small side industry that was nearly untouched: the heavy truck salvage industry.
Over the years ISoft has taken a majority piece of this market. Since ISoft has such a high market penetration, it has started to innovate in several different areas to continue growing and serving its clients better.
Listen to this informative talk by Wegener and also be sure to check out two other talks by Joe Petsick of Proxibid and Paul Eurek of Xpanxion (soon to be released).
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