Gregg Scoresby has built a reputation as one of the Valley’s most accomplished startup entrepreneurs, and he now says his next chapter will focus on helping others build their own companies.
Scoresby started CampusLogic, an education technology company based in Chandler, almost 11 years ago, and it grew into a premier edtech company, specifically working on simplifying financing options for college students.
In January, CampusLogic announced that it would be acquired by Reston, Virginia-based Ellucian, one of the largest edtech companies in the United States.
The acquisition officially closed this week (the terms of which were not disclosed) and Scoresby told AZ Inno that working with Ellucian was the best way to keep growing CampusLogic’s impact.
“We got to 800 colleges and universities, we’ll serve nearly 5 million students this year. But to really amplify that growth, and even move beyond the financial friction and address other sources of friction, I wanted our company to be part of something bigger,” he said. “Ellucian has kind of the biggest megaphone in higher education and the biggest ability to have an impact more than anybody else.”
Ellucian is a much larger edtech company that offers a full suite of tech solutions to higher education customers, including student information systems, alumni relationship software and more. The company had its own financial aid products, but the CampusLogic purchase will greatly expand its offerings.
There are about 170 CampusLogic employees, most of whom are in Arizona, and almost all of them chose to continue their work under Ellucian. Scoresby said Ellucian’s goal is to double both the size of the team and the amount of revenue the business generates in the coming years.
Though CampusLogic will always be part of Scoresby, he will not be around much longer to shepherd it forward. He is currently serving as a strategic advisor to Ellucian CEO Laura Ipsen until the end of the year, after which he will leave the company.
Chris Chumley, the longtime COO at CampusLogic, is taking over the CampusLogic unit, and in time that brand will go away as the company assimilates into Ellucian.
“He's really been, I would say, not just important, but mission-critical to the growth of the company,” Scoresby said of Chumley, who joined CampusLogic in 2014. “We would not be where we are today without Chris, like, not even close.”
Scoresby said CampusLogic was the first acquisition that Ellucian has made in 10 years and that the company is confident in Arizona and the Arizonans that make up CampusLogic to continue building for years to come.
What's next
Scoresby said his complete focus is on ensuring the smooth integration of CampusLogic into Ellucian this year, but he has also thought about his plans for 2023 and beyond.
Scoresby is an Arizona native, he built his company here and he has already reinvested himself back into the Valley startup scene as a mentor, advisor and investor.
He said his next goal is to address the state’s “venture deficit,” a combination of challenges keeping startup entrepreneurs from reaching their full potential.
“We need more ambitious entrepreneurs, we need more access to capital and we need more available talent here,” Scoresby said. “I think the best way for me to influence that is in the direction of helping other B2B [business-to-business] software companies in Arizona scale.”
Scoresby points to other regions around Denver, Austin and Salt Lake City, all of which have smaller populations than Phoenix but much more prominent startup scenes, particularly when considering venture capital investment.
Arizona startups raised about $2 billion in venture capital last year, according to data from Pitchbook and the National Venture Capital Association, while Utah and Colorado brought in $3.3 billion and $6.6 billion, respectively.
But, Scoresby said, it's not only about bringing more investment dollars to the state.
“It's not just about more money, you also have to have the entrepreneurs that are taking big swings and solving big problems,” he said. “You have to have the talent, particularly software and product talent, but also, sales and marketing talent that can help scale those as well.”
The key, Scoresby said, is for people to stay in Arizona and stay invested in the broader ecosystem, whether that be by contributing dollars, ideas or labor. StartupAZ, as well as many others, refer to this pattern as the flywheel effect.
He pointed to several examples of this “compounding” success that have already happened in the Valley: The founding team at Better Agency previously worked at Keap and Jacob Finlay of Fullbay came from WebPT. People have also spun out from larger corporations to make Valley startups; founders at Botco and Footprint started their careers locally at Intel.
Founders that have big exits can also contribute to the compounding success of the ecosystem. Hamid Shojaee, who founded GitKraken, has started investing in local companies, as has Scoresby, who has invested in 10 local companies in the past three years through PHX Ventures, including Equipifi and Trainual.
Scoresby said he would elaborate more on his long-term plans in the future, once he’s finished his work at Ellucian, but he's confident that the Valley's startup scene will continue to blossom.
“I think that Arizona has the ability to be a hotbed for innovation, even more than you see already.”
