However, the promise still stands, claims Mindjet CEO Scott Raskin.
The new products will go public in about three months, Raskin said, adding that they will transform how businesses engage with employees, customers and partners.
Mindjet, a collaboration software company, and Spigit, an innovation management platform, merged in 2013. Spigit now operates as a subsidiary of Mindjet.
Just yesterday, Mindjet raised $13 million in new financing led by its largest current investor, Investor Growth Capital (IGC). It plans to invest the money in Spigit's global sales and marketing and research and development.
CMSWire caught up with Raskin for an update on Spigit, its growth and branding efforts for an installment of our One Year Later series.
In the past year, Raskin claims Spigit has grown its third quarter new customer subscription revenue 185 percent. Compared to the first 10 months of 2014, new users are up 178 percent, he added. The company now has a reported 4.5 million users in more than 150 countries.
Companies like Mindjet are capitalizing on growing enterprise interest in innovation management tools, which Stamford, Conn.-based Gartner discussed in a report earlier this year (fee charged).
Innovation software uses algorithms, data science and analytics to help companies surface ideas and put them into action. They are critical, claimed Noah Walley, president of Spigit investor IGC, because businesses need to continuously innovate to remain successful and sustain competitive advantage.
Spigit wants to help companies "engage external folks with internal and add analytics and data science around it in a single platform to drive ideas into the business,” Raskin said.
He called it a new way to engage with a new set of analytics.
“When you have ideas of hundreds of thousands of thousand people you have to make sense of it,” Raskin said. “Let the best ideas and sentiment rise to the top. That’s been our big focus from the research and development perspective.”
Spigit promises to help companies:
- Invent new products
- Identify new markets
- Improve customer experience
- Streamline processes
- Increase employee engagement with innovation management
Raskin said there is “phenomenal" demand for innovation software, noting "there isn't a company on the planet" that would not benefit from increased engagement with employees, partners and customers.
Computer programmer Mike Jetter and his wife Bettina founded Mindjet in 1998.
Title image by E2 Conference