Veeva, Co-founder Matt Wallach | Founding Philly Ep. 50

In this episode of Founding Philly, I sit down with Matt Wallach, co-founder of Veeva Systems, a cloud-computing company dedicated to pharmaceutical and life sciences industries. 

Starting with just $7M in venture capital, Matt led Veeva to an IPO within just six years, marking it as one of the most capital-efficient success stories ever.

Founded in 2007 by Matt Wallach and Peter Gassner, Veeva initially aimed to become the premier CRM solution for the pharmaceutical industry during a time when legacy software was transitioning to the cloud and becoming industry-specific. This shift created an opportunity for new 'on-demand' vertical product offerings. 

After experiencing significant early success, Veeva chose to focus exclusively on the pharmaceutical industry, revolutionizing a landscape previously serviced by over 100 software vendors with disconnected systems and inconsistent data.

Their robust CRM platform was just the beginning. Veeva expanded to offer a comprehensive suite of services that transformed how the industry manages data across multiple verticals, from drug development to market strategies. This suite of products not only generated immense value but also defined the company as it is today.

Reflecting on the company's journey from startup to IPO, Matt shared a moment from the eve of the IPO when Peter gathered everyone and said, "When you think about the great companies on earth, you don’t remember what they did when they were private. What everyone is going to remember is what we do from here on out."

During the interview, Matt delves into Veeva’s strategic focus on delivering integrated yet best-of-breed products tailored to the life sciences industry’s unique challenges. He highlights the importance of making people feel appreciated and the significant role of execution over strategy in achieving business success. 

Matt also offers insightful advice to entrepreneurs on maintaining discipline and long-term vision, emphasizing that true success comes from building a business that leaves a lasting impact, not just planning an exit strategy.

Tune in to episode 50 to discover Matt Wallach's journey in building the industry cloud for life sciences, taking Veeva public, and learning the pivotal lessons from running a company that has not only scaled rapidly but also maintained a relentless focus on building the industry cloud for Life Sciences.