Jon Nordmark’s biggest career risk was launching his first business, eBags.com, and walking the thin line between keeping the business afloat and running out of money.
“To start eBags.com, I quit my job, spent my 401k and savings, took on a $60,000 second mortgage and built up $60,000 of credit card debt,” Nordmark said. “I came within two months of running out of all my resources. In that case, I lucked out. The business came together, and we eventually sold $1.65 billion worth of luggage and travel products. That entire eBags journey involved many unique risks and challenges, most of which the team figured out how to overcome.”
Today, Nordmark is CEO and co-founder of Iterate.ai, an artificial intelligence software platform. “We provide enterprises with an advanced low-code software platform that includes approachable AI,” the company said. “We help organizations dream big and build fast by using our drag-n-drop architecture. We’ve proven that enterprises can use us to build digital applications up to 17 times faster than in the past.”
In 2011, Nordmark was a board member of an Eastern European Tech Accelerator in Kyiv, Ukraine, with Brian Sathanathan, who became his Iterate.ai co-founder. While in Kyiv, they saw firsthand that great technologies were being built in poor countries, thanks to the advent of cloud computing, open-source code libraries and technical founders. This led to an aha moment, when the two decided that the barrier to starting a company had become brains, not money. That’s when they launched Iterate.ai, which helps large enterprises discover, evaluate and deploy advanced digital solutions from all over the globe.
The company’s clients include Ulta Beauty, Circle K, Pampered Chef, financial institutions, telecoms, insurance companies and luxury brands in the U.S., Europe and Asia.
Nordmark was the EY Entrepreneur of the Year for the Rocky Mountain region while operating eBags.com. The company won the e-commerce Website of the Year award from the Direct Marketing Association five times during Nordmark’s 10 years as CEO.
Iterate.ai and its clients have been recognized by worldwide, continental, national and state organizations: Best 4 No-Code/Low-Code Platform Finalists, global, 2022; Europe’s Top Convenience Store Innovation, 2021; Industry Innovation of the Year, Canada, 2022; Deloitte Fast 500, North America, 2021; Technology Innovation, Direct Selling Association, U.S., 2022; and Colorado Company to Watch, 2022.
