How did compensation work? How was it structured in terms of base, commission, and equity?

Initially, it was pretty straightforward, structured as a 50/50 split. So, if your comp is $100K, your variable would be an additional $100K if you hit your target earnings. As you go more senior, comp is based on expansion and renewals. They changed the compensation structure while I was there to a team compensation model. They had a pooled number for all the enterprise account executives. Instead of an individual number to achieve, there was a team number across all the enterprise reps. The number was always plus or minus 10% of the forecast, so it was steady.

So it's not their core competence. What were the hardest parts of what Veeva had built that IQVIA failed to build?

Veeva has done well by maintaining a single workflow platform or a multi-tenant platform that isn't customized for every customer. They are slow to make changes because any change impacts all their customers. This has stifled innovation but allowed them to scale effectively. IQVIA quickly went down the path of promising everything to customers, ending up with bespoke solutions that couldn't scale to other customers. Essentially, they were building custom solutions for individual customers.