I.T. SOURCE CORP.
BUSINESS: Information technology support for business.
TWO-YEAR GROWTH RATE: 1,604%
2010 REVENUE: $8.7 million
CEO Andy Kim: Co-founder Chun Kim and I wanted to help minority ethnicities prosper in America through the use of technology.
Eureka Moment: I.T. Source initially sold PCs and servers, and provided consulting services. Over time, the computing market became too saturated and there was no more margin left for hardware, so we migrated into the I.T. infrastructure support business, helping other companies grow their business through the use of our technology.
Business Goals: Provide cost-effective, efficient technology-infrastructure support services to a variety of clientele, ranging from small businesses to multinational corporations, without sacrificing the quality of customer service and support.
Biggest Challenge: We changed our business model in 2007, moving away from providing PCs and servers to providing wholesale telecommunications and merchant services. The process of changing to a different market meant that our whole entire business model would change. It was like almost starting a whole new business but with all the burden of the ongoing expenses. The biggest challenge of this process was to find new customers and vendors to accommodate for our new business model.
Biggest Goof: We initially concentrated on only one general area: PCs and servers. Our company nearly went into bankruptcy in late 2007 because our consumers were either bankrupt or defaulted on payments. As a result, in 2008, I.T. Source went through a transformation, rebranding itself as a wholesale telecommunications and merchant services company.
Fresh Ideas: We have recently launched Emajee, a new type of retail phone and Internet service provider for businesses. Our goal is to provide cost-efficient voice and Internet services without sacrificing the quality our customers deserve.
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