A Closer Look: Spencer Snedecor III
Where are you from originally?
I’m an East Coast native, raised on Long Island, N.Y. I went to the University of Maryland, and upon graduation I was recruited into Xerox Corp. I spent 10 years with Xerox in many different cities on the East Coast, from Hartford to Boston to Atlanta to Leesburg, Va.
What did you do initially for Xerox?
I was hired in a sales role. I was asked to go sell in Hartford, Conn., which is the insurance capital of the world. Xerox was one of the early developers of networking technology. They had the right idea that insurance companies were very form-driven and were good targets for that type of automation. So I was really at the right place at the right time to be exposed to some really cool technology, and I embraced that opportunity to learn about it and enjoyed it very much.
What came next?
After Xerox, I started my first company. I was a Novell networking entrepreneur and did that for about two years. I got a call from an old Xerox friend who had gone to Symantec and said, “This is a great little company here and I need your help; why don’t you come join me?” So I went over to Symantec in a sales leadership role and helped drive that company from $80 million to $500 million in sales. I then went from there to Pretty Good Privacy, a data encryption software company. In one year, I was able to ramp that company’s revenues and get it sold to McAfee. I stayed (with McAfee) for a while, then had the opportunity to start another security company, PGP Corp., which was just acquired by Symantec last June.
How did you hear about Palisade Systems?
I was contacted by the DeWaay (Financial Partners) investment people, who are the primary funding behind this company at this point in time. They approached me on the idea that my operational skills were what was needed to take it to the next level, and that appealed to me.
What’s the potential for Palisade?
(Palisade) has been pretty successful in the Midwest, but it’s not been so successful nationally. To the extent that we can grow it nationally, it puts Iowa and the entrepreneurial community on the map. Along the way, we hopefully will get the attention of a bigger software company that says, “I like what they’re doing; that should be a part of our portfolio.”
Do you see Central Iowa emerging as a technology hub?
I think it’s early yet. I don’t think there’s anything that would limit it from coming. I think given Iowa State University and its technology presence, it’s a natural starting point. And from some of the business leaders that I’ve met so far, there seems to be a good focus on wanting to promote the entrepreneurial spirit and culture. …The challenge is always finding the capital to start such a business.
Did you bring your family to Iowa?
No, I didn’t. My family is in Raleigh, N.C. I do have an apartment here, but I commute. I’m here a couple of weeks at a time and commute in between. The main objective is to give Palisade exposure, so I spend time on the coasts, pretty much – California, Boston, Research Triangle Park in North Carolina – places where I can raise the visibility by way of additional technology alliances and sales and marketing alliances.
What are your hobbies?
I’m a cyclist, and I’d love to get involved someday in RAGBRAI. I’m also an avid saltwater sport fisherman; I spend a lot of vacation time on the Chesapeake Bay and the Outer Banks of North Carolina. … I’m a baseball fan, so I look forward to going to the Iowa Cubs games. I certainly appreciate some of the cultural aspects that downtown has.