Managing commissions on a spreadsheet is so 2000's. Yet when Spiff founder and CEO Jeron Paul surveyed companies, he found that 90% of them still manage commissions exclusively on spreadsheets. So Paul came up with a solution.
Paul is a longtime member of the local technology community. He's a serial entrepreneur with three exits under his belt. Paul graduated from BYU before going on to Harvard Business School and returning to Utah as a Principal at the local venture capitalist firm now known as Signal Peak Ventures. A self-taught coder, Paul wrote much of the early code for Spiff, turning the business idea into a thriving company.
Spiff recently announced that it has closed on $3 million in Seed funding from Peak Ventures, Kickstart Seed Fund, Peterson Partners, and local investor Jeremy Andrus. Spiff, a company that provides software to help calculate and pay employees that receive commissions or variable compensation, already processes over $3 million of incentive compensation calculations every month across thousands of deals. It launched its initial product offering last fall and counts local companies Lucid, Podium, Weave, Expertvoice, and Capshare as clients.
"Amazing as it may seem, there really isn't an effective, modern SaaS solution for managing incentive compensation and commission plans," said Paul. "Most companies use Excel or try to use decades-old software that is really just professional services masquerading as software. Software and our scientific understanding of what drives great behavior has changed so much over the last decade. We're excited to bring incentive comp into the 21st century. Along the way, we'll be introducing huge innovations that will drive better performance for our clients."
Learn more about Spiff here.
