Just a Minute with Loren Olson, President of Modeco Systems, LLC

Company address: 

W208 N16975 Center Street, Jackson, WI

Company Web site:

www.modecosystems.com

Industry:

Business software solutions – time, asset and inventory management

Number of employees: 5

Education:

Milwaukee School of Engineering (BSEE); Marquette University (MBA)

Family:

Not married and no children. Lisa Briggs (girlfriend); Dennis Olson (father) is operations manager; and Lynn Olson (mother) is sales manager.

What was the smartest thing your company did in the past year?

“Putting needed effort and investment into discovering/hiring top quality employees that have allowed the business to move to the next level. Finding the proper talent to fit into the environment and growth of a startup business is tricky, but can be very rewarding for all involved.”

What’s new at your company? 

“We have recently released Version 3.0 of our software program TimeScape.  New features include an asset management module and an inventory management module.”

Do you plan to hire any additional staff or make any significant capital investments in your company in the next year?

“Absolutely. We are in a very heavy growth period, as our 2007 Q1 sales surpassed our sales for all of 2006. We plan on adding an installation specialist, customer support representative, along with additional sales staff.”

What will be your company’s main challenges in the next year?

“One challenge in the next year is being able to properly manage our growth. With increased sales volume, we want to ensure processes are in place to properly sell, install, and service our software products for our clients.”

What’s the hottest trend in your industry?  

“The hottest trend in our industry is changing stored remote data collection into real-time remote data collection. This is being accomplished through GPS and cellular communication tools.”

Do you have a business mantra?

“All or none!”

From a business standpoint, who do you look up to? 

“I have always looked up to friends and acquaintances that own and operate small business, many of which started with nothing.  Being exposed to owners of a variety of businesses such as contracting, retail, and entertainment has given me great perspective and insight on many levels.”

What was the best advice you ever received? 

“Several years ago, a business acquaintance told me, ‘Never underestimate the value of a business.’ This advice has stuck with me and I many times reflect on the great opportunities that owning a business provides.”

What’s the funniest thing that ever happened to you in your career?

“Many of us have been in situations and said, ‘We will look back at this some day and laugh.’ Well, that day has come for me regarding our first trade show over three years ago. We rented a booth, presented our product concept and generated leads … all in an effort to test market acceptance of TimeScape. The funny part was that we were months away from releasing our fully developed product.”

What do you like to do in your free time?

“I also own a landscape contracting firm that I have always considered to be a hobby and very enjoyable. Beyond that, I enjoy boating, motorcycling, traveling and spending time with family/friends.”

Company address: 

W208 N16975 Center Street, Jackson, WI

Company Web site:

www.modecosystems.com

Industry:

Business software solutions – time, asset and inventory management

Number of employees: 5

Education:

Milwaukee School of Engineering (BSEE); Marquette University (MBA)

Family:

Not married and no children. Lisa Briggs (girlfriend); Dennis Olson (father) is operations manager; and Lynn Olson (mother) is sales manager.

What was the smartest thing your company did in the past year?

“Putting needed effort and investment into discovering/hiring top quality employees that have allowed the business to move to the next level. Finding the proper talent to fit into the environment and growth of a startup business is tricky, but can be very rewarding for all involved.”

What’s new at your company? 

“We have recently released Version 3.0 of our software program TimeScape.  New features include an asset management module and an inventory management module.”

Do you plan to hire any additional staff or make any significant capital investments in your company in the next year?

“Absolutely. We are in a very heavy growth period, as our 2007 Q1 sales surpassed our sales for all of 2006. We plan on adding an installation specialist, customer support representative, along with additional sales staff.”

What will be your company’s main challenges in the next year?

“One challenge in the next year is being able to properly manage our growth. With increased sales volume, we want to ensure processes are in place to properly sell, install, and service our software products for our clients.”

What’s the hottest trend in your industry?  

“The hottest trend in our industry is changing stored remote data collection into real-time remote data collection. This is being accomplished through GPS and cellular communication tools.”

Do you have a business mantra?

“All or none!”

From a business standpoint, who do you look up to? 

“I have always looked up to friends and acquaintances that own and operate small business, many of which started with nothing.  Being exposed to owners of a variety of businesses such as contracting, retail, and entertainment has given me great perspective and insight on many levels.”

What was the best advice you ever received? 

“Several years ago, a business acquaintance told me, ‘Never underestimate the value of a business.’ This advice has stuck with me and I many times reflect on the great opportunities that owning a business provides.”

What’s the funniest thing that ever happened to you in your career?

“Many of us have been in situations and said, ‘We will look back at this some day and laugh.’ Well, that day has come for me regarding our first trade show over three years ago. We rented a booth, presented our product concept and generated leads … all in an effort to test market acceptance of TimeScape. The funny part was that we were months away from releasing our fully developed product.”

What do you like to do in your free time?

“I also own a landscape contracting firm that I have always considered to be a hobby and very enjoyable. Beyond that, I enjoy boating, motorcycling, traveling and spending time with family/friends.”

Comments are closed.