For the first time in 40 years, global lease accounting rules are changing drastically. New standards issued in 2016 require companies worldwide to recognize every leased asset (including equipment, vehicles, and real estate) on their balance sheets, adding an estimated $2 trillion in new balance sheet listings. All public companies with lease agreements are required to comply with these new standards by 2019, while private and governmental entities must comply by 2020. LeaseQuery is the first dependable accounting software that enables a seamless transition to the new lease accounting standards. The changing regulatory environment, combined with best-in-class software as evidenced by a churn rate of less than 1% and revenue CAGR of 262%, positions LeaseQuery as a clear leader in the $4.1B accounting software market.
LeaseQuery connected with Endeavor Atlanta in May 2017. LeaseQuery had just completed the 2016 fiscal year with plans to double revenue and full-time employees by EOY 2017. With the deadlines for compliance fast approaching, LeaseQuery knew they could move faster. They had a great product but sought the network, direction, and mentorship necessary to take the company to the next level. After a few meetings with Endeavor staff, LeaseQuery CEO and Founder George Azih and Chief Revenue Officer Chris Ramsey believed Endeavor could fuel the company’s growth and started Endeavor’s selection process.
Journey Through the Selection Process
George and Chris spent 12 months participating in Endeavor’s selection process. Selection requires candidates to go through a series of interviews with local staff, four to six meetings with mentors (both local and global), an in-person local selection panel, and a two and a half day international selection panel. Entrepreneurs must receive unanimous approval from the mentors at each selection panel. George and Chris actively sought feedback on LeaseQuery and their strategy throughout. They often met for long conversations after each interview to digest and implement the feedback received. Endeavor’s selection process alone provided the entrepreneurs with the following:
Direct introductions to 10+ Global, C-Suite mentors
Direct introductions to Global and Local investors
Over 30 hours of specialized mentorship, built around the founder’s and company’s needs
A detailed ten-page business profile describing LeaseQuery’s market, products, competition, and growth strategy
When asked why he agreed to participate in such a process, Chris responded: “Simply put, we received value out of every meeting. Every single mentor delivered so much value that we would have been silly not to participate. Endeavor is truly one of the best-kept secrets in Atlanta.” Endeavor treats the selection process as a service for entrepreneurs. Mentors often dig into many of the entrepreneurs biggest challenges giving feedback that can change the trajectory of the business. It was through the selection process that George and Chris learned they should recruit an advisory board, hire much faster and scale its management team.
Post Selection and Results
In May 2018, at the 79th Endeavor International Selection Panel, George and Chris were accepted into the Endeavor network. Once accepted George and Chris officially received access to Endeavor’s four services: access to mentors, global markets, talent, and capital. Since the ISP George and Chris have experienced the following support from Endeavor:
Creation and implementation of an advisory board
1:1 mentor calls with the CEOs of publicly traded companies and successful founders
30+ hours of specialized mentorship, built around the company’s needs
Connections to public company CFO’s for new product discovery
Hired an EMBA Fellow from Harvard Business School
George and Chris attending Endeavor’s custom Harvard and Stanford Business School’s Scaling New Ventures programs with global peers
George attending Endeavor Outliers for Endeavor’s top performing companies in the globe
Introductions to key hires, potential customers and potential investors
LeaseQuery has experienced tremendous growth in just one year after selection. The company was named the fifth fastest growing company in Metro Atlanta and one of “Atlanta’s Best Places to Work” by the Atlanta Business Chronicle. In two years LeaseQuery grew from 8 to 120 employees with 708% year-over-year revenue growth. When asked about his Endeavor experience George recently mentioned, “We are currently at about 120 employees today. Many would not be here were it not for Endeavor. The support we get from the local and global teams far exceeds our expectations and I look forward to Endeavor’s support as we grow from 120 to 1K employees.”