Steve Achelis' s Vision Equis International- A Vision for the World of Financing Founder
Steve Achelis (pronounced a-kay-lis) started his company, company, Equis International, in 198! "e #as heavily involved in investin$ his o#n money, and #as al#ays lookin$ %or #a ys to $et &etter returns! 'ri$inall y &ootstrapped %rom the &asement o% his home in est est alley alley *ity, *ity, +tah, Steve has $ro#n Equis into one o% the #orlds leadin$ developers o% investment chartin$ and analysis so%t#are! rom the &e$innin$, Steve has had a vision o% ho# computers #ould chan$e the #ay people invest their money! m oney! .on$ &e%ore personal computers &ecame popular, he clearly sa# that computers #ould &e the $reat equali/er %or investors every#here - the avera$e investor #ould have the same in%ormation and analysis tools that onl y the lar$e all all Street %irms could previously a%%ord! At that time, Steve had a&solutely no e0perience #ith computers! ut he &elieved in his vision o% the computeri/ed investin$ market! So he took the %irst o% many %uture &usiness risks & y purchasin$ a computer (an ori$inal Apple II2) and teachin$ himsel% ho# to #rite pro$rams that #ould eventuall y chan$e the #orld o% investin$ %orever! As he started to &uild a company around this ne# &reed o% so%t#are, Steves only &usiness assets #ere his ener$y and enthusiasm! "e #ould sit in %ront o% the computer and #rite code %or days at a time (o%ten in his &ath ro&e, eatin$ all his meals at his desk), makin$ sure that #hat he #as creatin$ #ould have real value %or investors! As a result, Equis helped to t o create an all-ne# industry3 computeri/ed investin$! Equis has customers in over 45 countries, and 165 independent user $roups spread across the #orld! Since 198, Equis has sold more than 7 million in investment so%t#are and data! "is products have received numerous a#ards, includin$ PC Magazine's Editors' Choice Choice Award Award,, the :eaders *hoice A#ard %rom Stocks & Commodities Commodities Magazine (the industry &i&le) every year since its inception, and many m any others! ;lus, the %inancial press conti nues to $ive Equis so%t#are rave revie#s, includin$ Barron's, The Wall Street Jornal, and many others! Steves company is so hi$hly re$arded as the leader in its industry, it #as recently acquired &y :euters - the $lo&al leader in %inancial ne#s and in%ormation! "is success #ith Equis stems %rom t#o very important attri&utes3 (1) Steve has the a&ility to see technolo$y trends, and then turn that vision into products %or customers< () Steve can t hen motivate, or$ani/e, and lead his employees to &uild that vision! =ivin$ &ack to the community has al#ays &een a priority %or Steve and his #i%e >enise! In 1995, they created ?he Achelis oundation to donate money to charita&le or$ani/ations throu$hout +tah! Equis #as also a charter mem&er o% the +tah In%ormation ?echnolo$y ?echnolo$y Association (+I?A) (+I?A) - one o% the lar$est technolo$y or$ani/ations in the country! Equis is actively involved in i n sharin$ &usiness ideas #ith smaller + I?A mem&ers to help them $ro# and develop as Equis has! Getting to the Vision
In the early 1985s, Steve #as actively tradin$ the markets #hile #orkin$ as a mechanic! hile readin$ a popular investment &ook, he reali/ed that one day all o% the charts and calculations &ein$ sho#n could &e done &y anyone #ith a personal computer! So Steve decided to risk it all! "e quit his @o&, &ou$ht a computer, and tau$ht himsel% to #rite so%t#are! "is #i%e, >enise, #orked as a &ookkeeper #hile the couple stru$$led to &uild the &usiness! Steves ori$inal vision #as to enter #hat #as then a very narro# vertical market and create a product %or it as i% it #ere a hori/ontal market! ?he main competitor #as sellin$ their product %or 71,955 #ith a manual printed on a dot-
matri0 printer! Steve priced his product at 719 and provided his customers #ith hi$h-quality packa$in$, documentation, marketin$ materials, and product support! "e #orked out o% his house to keep overhead do#n! "e also #anted his employees to share in the $ro#th o% Equis, so he compensated them &ased on the companys per%ormance - somethin$ he still does t oday! Steves core mana$ement &elie% is that i% you trust people, theyll per%orm! Im not naBve enou$h to think that everyone is re#arded %or their $ood deeds, says Achelis! ut Im certain t hat #hat comes around $oes around! I% you treat people - employees, customers, and &usiness partners - ri$ht, theyll re#ard you! In those days, computeri/ed investin$ #as a ne# industry! ?he challen$e #as to educate people and sell them at the same time! Cany o% our marketin$ e%%orts - advertisements, trade sho#s, user $roups, and &rochures - #ere really educational pieces hidden in a sales #rapper, Achelis says! e tried to use every marketin$ tactic availa&le, Achelis continues! 'ne o% our &i$$est successes #as to create unique packa$in$ that people #ould &e proud to display, and #hich #ould $et the attention o% their %riends! ?his hi$h-quality packa$in$ has also #on numerous a#ards over the years! As he read industry pu&lications, Steve created a data&ase o% industry in%luentials - alm ost a hos ho o% investment so%t#are! ?hen, every day, he #rote personal letters to di%%erent people in the data&ase to &uild relationships and position Equis as the company that really #as tryin$ to help investors! Cany o% those relationships are still valua&le to Equis today! Even thou$h Equis is no# a stron$ industry leader, Steve still strives to instill the customer-oriented attitudes that helped his company $et #here it is today! ?his is particularly important as Equis takes advanta$e o% the ne# opportunities presented #ith the acquisition &y :euters and the e0plosive $ro#th o% the Internet! Equis Product Line
Equis #as created #ith one central vision3 to help people make &etter investment decisions #ith their computers! Steves a&ility to $ro# and develop Equis into a #orld leader is lar$ely a result o% his a&ility to stay %ocused on this vision! ?hrou$h the years, he has had many opportunities to take the company into di%%erent directions! ut hes al#ays stuck #ith #hat he kno#s &est - investment so%t#are! "eres a complete look at the Equis product line3 MetaStoc is the star o% the Equis product line! It helps investors chart and analy/e their investments to reduce their risk and ma0imi/e their pro%its! *learly the market leader in its cate$ory, CetaStock continues to #in industry a#ards and rave revie#s! (769) MetaStoc !" $ives investors all o% the chartin$ and analysis tools %ound in CetaStock, &ut is used &y pro%essional traders to track the markets in real-time! ith CetaStock :?, users can plot price quotes as %ast as they a re released &y the stock e0chan$es! (769) "he #o$nLoader is a pro$ram desi$ned to &e used #ith CetaStock and other similar so%t#are! Investors use ?he >o#n.oader #ith their modem to retrieve stock quotes at the end o% each tradin$ day and save them on their computer! ?hen they can analy/e those quotes #ith CetaStock! (799) Pulse Portfolio helps investors keep track o% all their actual investment transactions, their port%olio value, their return rate, and more! It handles nearly every type o% investment availa&le - even %utures, collecti&les, and real estate! (719)
"he "echnician is similar to CetaStock! ut instead o% chartin$ individual stocks and other investments, ?he ?echnician helps investors monitor the di rection o% the overall stock market t o determine #hether or not its a $ood time to invest overall! Equis also maintains the data&ase to #hich users o% ?he ?echnician can su&scri&e! (769, plus 715Dmonth %or data&ase su&scription) Innovative A%%roaches
Early on, Steve kne# that he needed a stron$ sta%% to help him accomplish his $oals #ith Equis! So he developed a variety o% #ays to make Equis the &est company in the #orld to #ork %or3 &onus trips to "a#aii, cruises, and cash! "e also instituted a quarterly pro%it &onus plan that $ets paid to every employee, %rom top-level mana$ers to parttime shippin$ clerks! Steve even provides %ree health insurance to all employees! hen the company #as at only 5 people, he had the %oresi$ht to hire a %ull-time in-house ;u&lic :elations sta%% to promote Equis around the #orld! Its &een a valua&le tool to access the in%luential people in the industry, such as the press, user $roups, &usiness alliances, and industry I;s! In the last year alone, the num&er o% independent Equis user $roups has $ro#n %rom to 165 - lar$ely throu$h the help and attention o% the ;: sta%%! Steve kno#s that helpin$ customers is the &est #ay to succeed! ?reat them %airly, and help them &ecome &etter investors is still the &ottom line in most company meetin$s! Equis customers are active investors #ho need access to accurate investment in%ormation! Steve reco$ni/ed the importance o% partnerin$ #ith key in%ormation providers in the industry to make it easier %or customers to $et access to that in%ormation! So Equis created a so%t#are product called ?he >o#n.oader and positioned it as the in%ormation %aucet %or historical investment in%ormation! In %act, the >o#n.oader $ives customers access to m ore data suppliers than any other so%t#are pro$ram o% its kind! ?hese partnerships $ave Equis customers access to hi$h-quality data, competiti ve prices, and a #ide variety o% in%ormation! It also &rou$ht Equis si$ni%icant ne# revenue in the %orm o% data royalties that helped the company continue to $ro#! ith data royalties, Steve #as also a&le to keep the price o% his so%t#are a%%orda&le and increase market share! ?hrou$h the years, one o% Equis main stren$ths has &een superior product development! In %act, Equis %la$ship product, CetaStock, #as %ar ahead o% its time in the mid-1985s #ith an easy-to-use inter%ace that let the customer track his investment charts in individual chart #indo#s #ithin the pro$ram! Equis customers #ere &ene%itin$ %rom this #ell-desi$ned $raphical user inter%ace #ell &e%ore Cicroso%t or IC $ot into the indo#s $ame! And it #as all implemented in the >'S operatin$ system! hen Achelis sa# that indo#s #as &ecomin$ mainstream, he developed products &uilt around an o&@ect oriented inter%ace - a trend that is @ust no# sur%acin$ throu$hout the industry! As a result, it places Equis %ar ahead o% competitors in the development race! Future Plans
Achelis sees a very simple plan %or Equis3 to help people use technolo$y to make &etter investment decisions, %rom top-tier investment %irms to the avera$e ne0t-door-nei$h&or investor! "e plans on accomplishin$ this throu$h com&inin$ the companys stron$ product development skills, e0istin$ &usiness partners, and ne# opportunities availa&le throu$h the recent :euters acquisition! ?hese plans include3
.evera$e Equis core technolo$y stren$th &y tailorin$ products t hat appeal to &oth ends o% the investment spectrum3 mass market individual investors and hi$h-end institut ional investors! ?his is #hy he chose to partner #ith :euters, &ecause it $ave him &etter access to &oth o% these important markets! A stron$ Internet presence - not only as an online store%ront, &ut more prominently as a so%t#are solution to investors #ho #ant to analy/e the investment in%ormation they %ind on the Internet! =ive customers access to more types and sources o% i nvestment in%ormation! ?his not only pleases customers, &ut increases Equis revenues! y constantly monitorin$ #hat Equis customers are lookin$ %or and then $ivin$ it to them, Achelis #ill continue to position Equis as the industry leader! And he has the track record to prove he can do it! Facing !iss
!Entre"renerism is all a#ot the willingness to take controlled risks$!
And Steves developed a keen sense o% ho# to use risk in his %avor over the years! In the start-up days, St eve #as #illin$ to risk it all &y quittin$ his @o& as a mechanic to devote all o% his time and attention to creatin$ $reat so%t#are! ?hrou$h the ensuin$ $ro#th years, he %aced the challen$e o% constantly-chan$in$ technolo$y, #hich created an environment #here a %alse move #ould result in sure %ailure! In his private li%e, Steve en@oys adventure sports such as &ack-country sno#&oardin$, mountaineerin$, and #indsur%in$! hen hirin$ employees, Steve looks %or three qualit ies he thinks are crucial to success! "e #ants employees #ho are honest& hard-$oring& and $illing to learn As overachievin$ employees contri&ute more to the success o% Equis, Steve re#ards them #ith more responsi&ility and accounta&ility! ?hats ho# hes $ro#n his team o% key m ana$ement employees! y care%ul promotion %rom #ithin Equis, Steve ensures that every mem&er o% the key mana$ement team is %amiliar #ith Equis as a company, ho# its run, ho# it %its in the industry, #hat the strate$ic issues are, and ho# it can succeed in the %uture! ?he Equis mana$ement structure is very %lat, and is shared &y many important employees! or strate$ic pl annin$, key mana$ement mem&ers include3 Mie #enison& Vice President of Sales and Mareting ith e0perience as a #riter and an CA de$ree, Cike has helped $ro# the companys marketin$ %or the past si0 years! "is contri&utions include &uildin$ the direct mail e%%orts into a vital revenue source %or Equis, increasin$ the marketin$ scope &y creatin$ an in-house advertisin$ department, and leadin$ the char$e into electronic marketin$ throu$h email and the Internet! (en )unt& Progra**ing Manager Fen has a #ealth o% e0perience %rom his days as a military simulations pro$rammer, com&ined #ith his 4 years at Equis developin$ state-o%-the-art investment chartin$ and real-time data handlin$ so%t#are! Fen is actively involved in creatin$ ne# Equis so%t#are and mana$es the team o% so%t#are en$ineers! Allan Mc+ichol& MetaStoc Evangelist As a &roker and trader, Allans insi$ht into ho# customers use Equis so%t#are is priceless! "e plays a vit al role in desi$nin$ product inter%aces and %eatures! In addition, Allan travels the #orld speakin$ to Equis user $roups a&out CetaStock and other Equis products! ,ohn Slauson& "echnical Writer ith nine years o% Equis e0perience, ran$in$ %rom ?echnical Support Cana$er to creatin$ all product documentation to mana$in$ the companys Internet presence, Gohn rounds out the key mana$ement team #ith unique insi$ht into the Equis market! "e currently helps develop the companys key &usiness partners and industry I;s into revenue-$eneratin$ relationships! Attitudes Aout .a%italis*
Steve readily admits to &ein$ a capitalist, and that he creates products that support capitalism!
"e says that, $ro#th comes %rom risk, and the system must there%ore re#ard risk! ut hes quick to %ollo# #ith his &elie% that the system doesnt adequately support people on the lo#er end o% the social strata, and that everyone has an o&li$ation to help the people that arent supported &y capitalism! ?hats one o% the reasons he and his #i%e, >enise, created ?he Achelis oundation! ?hrou$h this charita&le %oundation, Steve and >enise have contri&uted si$ni%icant amounts o% money to the =uadalupe School in Salt .ake *ity, +tah! ?he =uadalupe School %ocuses on helpin$ children, throu$h early i ntervention, develop the skills they need to succeed in our society! Ive spent a lot o% time searchin$ %or di%%erent #ays to personally %ul%ill my responsi&ility o% makin$ this #orld a &etter place! 'ne o% the &est #ays Ive %ound is throu$h the in%luential #ork &ein$ done at the =uadalupe School! Steve has also helped local students at Curray "i$h School $et a $limpse o% li%e in the &usiness #orld! ?hrou$h a pro$ram desi$ned to link success%ul local companies #ith am&itious students, Equis has helped several o% these students understand not only ho# to $et a @o& in the real #orld, &ut ho# to stand out and e0cel! "o# does Steve summari/e his vie#s on helpin$ othersH Everyone deserves the opportunity to succeed< and everyone carries the responsi&ility to see that those opportunities e0ist! ?hrou$h his o#n actions, he strives to make this happen every day! /uestions for #iscussion0
1! hat questions did Steve pro&a&ly ask himsel% in order to come up #ith his ideas %or Equis InternationalH ! "o# #ould you de%ine his mana$ement styleH hyH ! hat did you learn a&out the investment industry &y readin$ his case studyH 6! hat attitudes does Steve have a&out riskH ! hat did you learn a&out Steve as a person and his development as an entrepreneurH ! "o# #ould you descri&e the responsi&ilities o% Steves key personnel and #hich o% the @o&s #ould you en@oyH hyH