Wing Venture Capital Invests in Company to Accelerate the Evolution of Sales Incentives
SetSail, provider of machine learning-powered incentives for sales teams, came out of stealth and announced the launch of the industry’s first true-progress incentives platform, which unlocks sales teams’ potential by rewarding what matters. Founded in February 2018, SetSail is backed by Wing Venture Capital, a leading early-stage venture capital firm focused on technology for business.
SetSail was created to solve the behavioral economics problem of traditional sales compensation, where the lag between day-to-day actions and future commission payouts leads reps to focus on easier, quicker-hitting deals rather than the higher value (but riskier), longer-term opportunities that are best for the business. This skew in prioritization creates a headwind on companies’ revenue performance, as reps miss out on high value sales opportunities.
The SetSail approach moves beyond playbooks and traditional compensation plans by leveraging machine learning and the latest natural language processing (NLP) techniques to provide real-time rewards for progress, measured with objective (not self-reported) signals such as sentiment of customer emails. In beta customer trials, SetSail produced a 23% increase in revenue per rep, and a 43% increase in engagement from high value customers in controlled A/B tests
“There are many machine learning-based tools that tout the power of artificial intelligence to assist sales teams, but none close the loop to effect actual changes in behavior,” said Peter Wagner, founding partner of Wing Venture Capital. “SetSail’s ability to directly improve sales results through real behavior change makes them a game-changer.”
Built with a keen understanding of the sales process and years of data analytics experience, SetSail transforms complex data sets into simple, user-friendly insights and empowers sales teams to make smarter, bolder decisions.
“The SetSail story begins at Google, where Bert Lui, our co-founder and Chief Product Officer, and I first experimented with combining machine learning and behavioral economics to produce significant improvements in sales productivity,” said SetSail co-founder and CEO, Haggai Levi. “We set out to build a novel product that changes how sales teams think about driving performance. SetSail aims to unlock sales teams’ potential by rewarding what matters and to empower revenue organizations to deliver extraordinary results. We are excited to help our customers meet and exceed their business goals.”