Teqtivity: From Failed Hardware Pivot to 7-Figure SaaS Success

Hiren Hasmukh is the founder and CEO of Teqtivity, an IT asset management solution that helps companies manage their laptops, tablets, phones, and other technology assets.

In 2018, Hiren launched a hardware company called TechCube, where he invested $400,000 of his own money to build smart lockers that would help engineering departments loan out test devices.

For two years, he and his wife personally assembled these lockers, bootstrapping the business while developing the backend software they needed to manage the devices.

When the pandemic hit, companies stopped buying hardware solutions. Rather than give up, Hiren made the difficult decision to pivot and focus on the backend software they'd built, which he believed could become a standalone product.

The pivot took six months with just two developers, but they quickly landed their first customer through an RFP bid, which helped them validate their new direction.

But competing as a bootstrapped company against well-funded players in the IT asset management space wasn't easy, which meant they had to work harder to build trust and prove themselves worthy of enterprise customers.

Then came their biggest challenge yet – a data breach that affected one of their customers and put their entire business at risk.

Instead of making excuses, Hiren focused on being transparent with customers and strengthening their security. This approach worked – they managed to keep their customers and continued growing.

Today, Teqtivity generates seven-figure ARR with a team of 22 people and remains bootstrapped, despite regular interest from VCs and PE firms.