Matthew Wright, CEO and Founder of Specright: $45 Million Raised to Build the Specification Data Management Category

Matthew Wright

CEO and Founder

Bio

Matthew Wright is the CEO and Founder of Specright. With over 25 years of experience in the packaging industry, he has held leadership positions at International Paper, Temple Inland, and co-founded rightPAQ. Matthew has extensive expertise in leading multiple M&A deals and sits on the MSU School of Packaging and Industry Advisory Board.

Matthew Wright is the CEO and Founder of Specright. With over 25 years of experience…

Company:

Specright

Location:

United States

Description:

Specright is the first cloud-based platform for Specification Management, allowing companies to digitize and manage their specification data efficiently. Recognized by Fast Company as one of the Most Innovative Companies and named a Gartner Cool Vendor, Specright helps organizations reduce costs, increase profitability, and drive sustainability through improved data management and supply chain visibility. The platform supports various industries by enabling the digitization, mapping, and actionable insights of specifications for packaging, raw materials, and products

Specright is the first cloud-based platform for Specification Management, allowing companies to digitize and manage…

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Conversation
Highlights

Welcome to another episode of Category Visionaries — the show that explores GTM stories from tech’s most innovative B2B founders. In today’s episode, we’re speaking with Matthew Wright, CEO & Founder of Specright, a specification data management platform that’s raised $45 Million in funding.

Here are the most interesting points from our conversation:

Origin of Specright: Matthew identified a significant inefficiency in managing specification data in various industries, leading to the creation of Specright.
Category Creation Journey: Specright is pioneering the specification data management category, a challenging but rewarding process that requires constant reinforcement of their unique value proposition.
Industry Impact: The packaging industry, a primary user of Specright’s platform, benefits from enhanced efficiency, reduced errors, and better compliance with sustainability goals.
Enterprise Adoption: Specright’s approach includes engaging with major enterprises and leveraging third-party validation, such as Gartner, to establish credibility and adoption.
Retention and Growth: Specright boasts a 98% retention rate and a significant portion of new revenue from existing customer expansions, highlighting customer satisfaction and platform value.
Future Vision: The next phase for Specright involves expanding their network capabilities, enabling companies to share and collaborate on specification data globally.

Actionable
Takeaways

Emphasize Category Definition:

Be relentless in defining and reinforcing your category. Avoid the temptation to conform to existing categories that don’t fully capture your innovation.

Third-Party Validation:

Engaging with industry analysts and obtaining third-party validation can be crucial for gaining credibility and driving adoption, especially in enterprise markets.