In an exclusive interview with NIEC Magazine, Stian Rustad, the visionary founder of 24SevenOffice, shares the compelling story of his entrepreneurial journey and the innovative strides his company has made in the cloud-based ERP market. From his early realization of the Internet's potential while working at NATO Headquarters to the strategic listing on Nasdaq, Rustad's path is a testament to the power of foresight and adaptability in the tech industry. As 24SevenOffice continues to redefine how businesses leverage cloud computing, Rustad offers invaluable insights into the integration of artificial intelligence, the challenges of wealth tax in Norway, and the core principles that guide his investment decisions. Join us as we delve into the mind of a serial entrepreneur who has not only witnessed the digital transformation of the business world but has actively shaped it.
Background:
Can you share your entrepreneurial journey and what inspired you to start 24SevenOffice?
My entrepreneurial journey started with a strong desire to revolutionize business software. In the late 1990s, I noticed that many businesses were struggling with inefficient, outdated solutions for managing their finances, HR, and CRM systems. Cloud computing was still in its infancy, but since I worked at the Nato Headquarter in Brussels I realized the future of the Internet based on the access to all the intel. This realization inspired me to found 24SevenOffice in 1997 as one of the first cloud-based ERP systems in Europe. The vision was clear: create a flexible, scalable, and user-friendly platform that could empower businesses of all sizes to manage their operations more effectively.
Your Experience with the Norwegian International Entrepreneur Conference (NIEC):
How has your participation in the Norwegian International Entrepreneur Conference (NIEC) influenced your approach to business and networking?
Participating in the NIEC has been a valuable experience for me and 24SevenOffice. It provided a platform to connect with like-minded entrepreneurs, share ideas, and gain insights from diverse industries. The networking opportunities were particularly impactful; they opened doors to strategic partnerships and collaborations that have contributed to our growth. It also reinforced the importance of staying innovative and adaptable in an ever-changing business landscape, which has influenced our strategic direction and approach to global expansion.
24SevenOffice Listed on Nasdaq:
What were the key factors that led to the decision to list 24SevenOffice on Nasdaq, and how has this listing benefited the company?
Listing on Nasdaq was a strategic decision driven by our growth ambitions and the desire to access international capital markets. We saw Nasdaq as a platform that would enhance our visibility, credibility, and attract global investors. The listing has not only provided us with the capital needed to accelerate our growth plans but has also positioned 24SevenOffice as a key player in the international ERP market. Being on Nasdaq also reinforces our commitment to transparency and governance, which are vital as we continue scaling globally.
Fivefold Increase in Stock:
To what do you attribute the impressive fivefold increase in 24SevenOffice's stock price since its Nasdaq listing?
We actually haven’t increased fivefold since the Nasdaq listing, but since the beginning of the year. The significant increase in our stock price can be attributed to several factors. First, the growing demand for cloud-based business solutions has played a key role. As more companies digitize their operations, the need for flexible, scalable ERP systems has increased, and 24SevenOffice is well-positioned to meet this demand. Additionally, our investments in a scalable tech stack, as well as AI and automation have resonated well with investors who see the long-term value in these innovations. Our strong financial performance, coupled with strategic acquisitions and partnerships, has further fueled confidence in our growth potential.
Wealth Tax:
What are your thoughts on wealth tax in Norway, and how do you think it affects the entrepreneurial ecosystem and investment climate?
Wealth tax is a contentious issue in Norway, especially for entrepreneurs. On one hand, it’s crucial to maintain a fair tax system, but on the other, the wealth tax can deter investment and growth. For entrepreneurs, much of our wealth is tied up in businesses and reinvesting for growth. A high wealth tax can force the liquidation of shares or assets, which could otherwise be used to fuel expansion and create jobs. I believe there needs to be a balance where we encourage entrepreneurship and investment while ensuring that the tax system remains equitable.
Artificial Intelligence Integration:
How is 24SevenOffice leveraging artificial intelligence to enhance its products and services, and what future AI developments are you most excited about?
AI is at the core of our strategy to enhance and differentiate 24SevenOffice’s offerings. We’re leveraging AI to automate repetitive tasks, optimize financial processes, and provide predictive insights for businesses. For example, our AI-driven accounting tools can automatically categorize transactions and detect anomalies, saving time and reducing errors. Looking forward, I’m particularly excited about the potential of AI to deliver hyper-personalized user experiences and advanced analytics that empower businesses to make more informed decisions in real-time.
AI's Impact on Business Operations:
Can you provide examples of how AI has transformed specific business operations or decision-making processes within 24SevenOffice?
One of the most transformative aspects of AI in our platform has been in decision-making processes. For example, our AI-driven financial forecasting tools allow businesses to predict cash flow more accurately by analyzing vast datasets in seconds. This level of insight was previously unattainable and is enabling businesses to plan more effectively. Additionally, our AI-powered customer service tools have significantly improved response times and customer satisfaction by automating inquiries and delivering quick, data-driven answers.
Challenges and Opportunities with AI:
What challenges have you faced in integrating AI into your platform, and what opportunities do you see for AI in the future of business software?
Integrating AI has its challenges, particularly around data quality and managing user expectations. AI is only as good as the data it’s trained on, so ensuring that we have clean, accurate, and comprehensive datasets has been a priority. Additionally, some users are still skeptical or unfamiliar with AI, so we’ve focused heavily on user education and creating intuitive, easy-to-adopt AI tools. On the opportunity side, AI’s potential is limitless. I see immense possibilities in AI-powered analytics, automation, and the ability to offer increasingly sophisticated and scalable solutions to businesses of all sizes.
Investment Philosophy:
As a serial entrepreneur and investor, what key factors do you consider when deciding to invest in a new venture?
When investing in new ventures, I focus on three key factors: the team, the scalability of the idea, and the market potential. The founding team is crucial; they need to be resilient, adaptable, and visionary. I also look at whether the product or service is scalable and can address a large market need. Finally, I consider whether the timing is right—sometimes even great ideas fail if they’re too early or too late to the market. I always ask myself if the business can make a meaningful impact and if it aligns with my core values around innovation and sustainability.
Advice for Aspiring Entrepreneurs:
Based on your extensive experience, what key pieces of advice would you offer to aspiring entrepreneurs aiming to scale their businesses and achieve international success?
My advice is simple but fundamental: focus on solving real problems and stay resilient. It’s easy to get caught up in trends or quick wins, but the most successful ventures address genuine needs. Also, surround yourself with people who share your vision but bring diverse skills to the table—building a strong, complementary team is critical. Lastly, remember that scaling internationally requires not just a great product, but also a deep understanding of local markets. Be prepared to adapt and iterate, and always keep learning from both your successes and setbacks.
Thank you to Stian Rustad for taking the time to answer our questions.
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