Competitors Rush In
In 2015, a BerniePortal competitor raised $500 million from venture capitalists. Yes, that’s right, a half-billion dollars. It had not been in business as long, did not know the customer as intimately, and was trying to destroy the health insurance brokers that HR at small employers often rely on. But still, to say this wasn’t distracting for the brothers would be completely untrue. It was a HUGE distraction! What’s more, several other companies had entered BerniePortal’s space and they also raised tens of millions of venture capital.
These companies got tons of media attention while BerniePortal got none. Not due to a lack of effort, though. Check out the great Saint Bernard we mailed to a leading HR technology journalist. Alas, it didn’t work. The guy loved the gift, but didn’t throw BerniePortal a bone.