Crusader Chronicles

Patrick Sansonetti ’93

Patrick Sansonetti '93

By Maura Kelly Fredey '94

Perhaps the entrepreneurial spirit is part of Patrick Sansonetti’s make-up. Approaching his 15-year reunion from Holy Cross, this mathematics and computer science major has worked with three start-up companies since graduating in 1993, one of which went public and two of which he was a co-founder. Patrick is currently vice president at his second start-up, UpdateLogic, based in Southborough, MA, and he is also one of three alumni founders of the new Holy Cross Emerging Technologies Group, which held its inaugural meeting on November 5 in Boston.

 

What inspired you to start your own company after your experience at SystemSoft?

SystemSoft was a company full of energy, and most of the projects at the company were innovative and new at the time. The alacrity of SystemSoft as a small start-up company was very motivating because it allowed---in fact, it required---each and every person to contribute regardless of his or her title, position, or experience. After I left SystemSoft, I decided to start another small software company to continue to work in that type of atmosphere. That said, I was also motivated by the potential of making the kind of money that founders of start-up companies were making in the late 90s, mostly via the public market, but also via acquisition.

What do you like most about working in the high-tech field? And what’s the most challenging aspect?

It’s the pace that I like best. At the same time, it is the pace that is the most challenging part. The pace at which things happen in the high-tech field is so different than the pace in academia or philanthropy. It is challenging to keep up with the pace of communication and technology advancements and with the competition. Things in this industry change very quickly from all angles, and from all parts of the world.
When I compare where we are now with technology to when I was at Holy Cross, it makes me feel old. Technology such as e-mail, cell phones, and the Internet were not at all prevalent when I graduated, and just think of how these have globalized and expedited communication. It is exhausting, but exhilarating.

Between the two companies you have started from the ground floor---Rachis in 1997 and UpdateLogic in 2003---you have raised angel, series A, and series B financing. How has the venture capital climate changed over the past ten years?

The venture capital climate is completely opposite. In the late 90s, the venture climate was carefree and flying high. Start-up companies were being funded at a record pace. And the liquidity event for those funded companies was happening quickly and bringing great rewards to the investors. Venture capitalists were funding too many companies too quickly and too soon in the life cycle of the start-up, wanting to place as many investments as possible in the marketplace. Now venture investors are slower to fund deals, and they are very cautious about where to invest. Venture capital firms are not typically funding early stage companies, but rather, they are funding companies with more fully developed business plans and ones that have demonstrated success. This is a good change. But it does make it more difficult for entrepreneurs in 2007 compared to 1997, when it seemed that money almost grew on trees.

Congratulations on the great turnout for the first meeting of the Holy Cross Emerging Technologies Group. You had to change conference venues to accommodate for all the folks who RSVP’d! How did you, your HC classmate Larry Naughton ’93, and Craig Cerretani ‘79 come to start the group?

The three of us are excited about the potential of the group, and so are many other alumni, faculty, and students, as evidenced by the more than 120 people who came to the meeting. In our respective careers, Larry and I have both been involved with emerging companies---Larry from the perspective of the law firm representing them and me from the perspective of the founder team managing the new company. Larry and I would discuss how we wanted to be able to connect with other Holy Cross people who work at or provide services (such as venture capital firms, law and accounting firms, and real estate and insurance brokers) to startups, but it was not easy to find those alums. We noticed that other schools, Boston College in particular, have alumni-oriented groups to help foster networking in specific fields. About a year ago, we met Craig, who provided the boost of energy that we needed to get this idea for a HC group moving forward. He was motivated and frustrated by the same things we were, and we all wanted to make it easier for HC graduates to get together.

How did you land on the focus for the first meeting?

Since emerging companies typically look to venture capital for funding, we decided to assemble an alumni panel with people from both sides. We had two people from venture capital firms and three people who are ‘serial’ entrepreneurs. This allowed us to discuss the start-up climate, and more importantly, it allowed us to demonstrate to other alumni and current HC students that starting your own company as an entrepreneur with a liberal arts degree from Holy Cross can be done, and it has been done well. Most alumni do not know much about the Holy Cross Pre-business and Entrepreneurial Studies Programs. This meeting was a perfect way to draw attention to them.

During that first HCETG meeting discussion you moderated in November, the HC alumni panelists talked about the importance of networking and relationships to business success. In what you do---sales and business development---this is key. You have had high-level business relationships with clients at companies such as Microsoft, Sony, Samsung, Motorola, and Scientific Atlanta (Cisco). What advice can you offer about maintaining good networks and strategic business relationships?

The cliché holds true---‘It’s not what you know, it’s who you know.’ Many people get their first jobs after college because of who they know. You also get loyal customers and form trustworthy partnerships that way. Larry and Craig are great at networking and maintaining relationships with people. I struggled with this early in my career, but I have learned that communicating well and providing value to every relationship is key. You can’t always take. You have to give too. Professionally, giving may mean providing expertise or insight that someone may not get elsewhere. Socially, offer concern and interest in someone’s life or career. Relationships and networks cannot work one way.

Historically, people may not have thought about HC as a college that prepares people for high tech fields, but that perception is changing. The huge turnout at HCETG’s first meeting is a sure sign of that. How did HC prepare you for what you do every day at work?

This may sound like the predictable answer, but it holds true for me. My liberal arts education from Holy Cross provided me with a core education from many different disciplines. As a founder of businesses, I needed to be able to have a good aptitude in several areas. My computer science classes, of course, gave me a good foundation in technology. Accounting and economics knowledge has helped me model financials. English and Spanish classes helped me improve my reading, writing, and language skills. Written communication via e-mail is a hue part of my work life every day. Many other classes helped me think critically and analyze situations. As graduates of Holy Cross, we have a unique combination of the well-rounded liberal arts foundation plus the Jesuit philosophy of collaboration and upholding a high standard of ethics. This combination helps me every day.

Maura Fredey ’94 is a member of the Alumni Association Board of Directors Communications Committee.