This Is How Your Super-Detailed Sales Contract Is Slowing Down Your Revenue
The following story was a guest column by Kauffman Fellows CEO Jeff Harbach in Entrepreneur.
Among the lesser known discoveries during the early days at Google was the realization that business could grow faster if customers didn’t have to spend weeks studying an unduly complicated contract.
Are your contracts slowing you down?
Miriam Rivera, an early attorney at Google, found the length of new business contracts were slowing down the pace of business just as the search firm was moving at rocket speed.
She slimmed down contracts from eight pages to one page, dramatically increasing the pace of new deals being closed – a notion she refers to as “revenue velocity.” It helped drive revenue up at Google from $85 million to $10 billion during those early years.
Now the co-founder of venture firm Ulu Ventures as well as a Kauffman Fellow, Miriam discusses what entrepreneurs can take away from her experience with Google.
Jeff Harbach is President and CEO of Kauffman Fellows. Jeff has been an entrepreneur and investor since 2002, and was Executive Director of the Central Texas Angel Network (CTAN), based out of Austin, TX, from 2011–2013, where he served his fellowship. He has led multiple startups, including two 7-Eleven stores, a luxury furniture store and interior design firm, and a private country club golf network. He was also an angel investor himself with the Vegas Valley Angels. Jeff holds a BS from Brigham Young University and an MBA from the University of Texas, Austin. firstname.lastname@example.org