Xterprise Founder and CEO finalist for Ernst & Young's North Texas, Oklahoma and Arkansas region Entrepreneur of the Year
By: Ernst & Young, 12 Jun 2008
Dean Frew was attending an industry standards meeting on behalf of a former employer when he realized that Wal-Mart was poised to adopt radio frequency identification technology.
So in 2002 he launched Xterprise, a software company, to help vendors connect with RFID technology. Sure enough, the following year Wal-Mart began requiring RFID tags on incoming shipments, and a vast market opened up for Xterprise.
The turning point came in 2004, when Xterprise won a large bottling company account away from IBM and Siemens in a 7-figure deal. Today, Xterprise software integrates RFID into many industries. The company helps financial institutions track their assets, transport companies manage their pallets and roll cages, and automotive manufacturers know which parts are coming into their manufacturing sites.
Over the last four years, the Carrollton-based company has grown more than 60% compounded annually, and Xterprise is now at “break even” on a $7 million total investment, Frew says.
His best advice for other entrepreneurs? “Focus on real customer needs. Make sure there is market pull for a product before you build it,” he says. Stinginess doesn’t hurt, either. “While my peers did a $10 million first-round funding, I did $1 million. Our investors and shareholders are in a good position right now.” —W.L.S.
Click here to read the complete list of winners.