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David Barrett

๐Ÿ‘ค Speaker
146 total appearances

Appearances Over Time

Podcast Appearances

SaaS Interviews with CEOs, Startups, Founders
985 How Expensify Hit $60m+ Magic on Bottom Up Business Model

Everyone, everyone will tell you, it's like, oh yeah, everyone knows how this works.

SaaS Interviews with CEOs, Startups, Founders
985 How Expensify Hit $60m+ Magic on Bottom Up Business Model

You raise a bunch of money, you spend it on ads.

SaaS Interviews with CEOs, Startups, Founders
985 How Expensify Hit $60m+ Magic on Bottom Up Business Model

Um, and then you get this, you know, high performance sales team.

SaaS Interviews with CEOs, Startups, Founders
985 How Expensify Hit $60m+ Magic on Bottom Up Business Model

And then that's how you build your business.

SaaS Interviews with CEOs, Startups, Founders
985 How Expensify Hit $60m+ Magic on Bottom Up Business Model

with the exception that no business you cared about was ever built that way.

SaaS Interviews with CEOs, Startups, Founders
985 How Expensify Hit $60m+ Magic on Bottom Up Business Model

Like every business, all the top names in the industry are built through word of mouth.

SaaS Interviews with CEOs, Startups, Founders
985 How Expensify Hit $60m+ Magic on Bottom Up Business Model

But no one talks about that because it's not possible to be funded with capital.

SaaS Interviews with CEOs, Startups, Founders
985 How Expensify Hit $60m+ Magic on Bottom Up Business Model

And so therefore, VCs don't care about word of mouth because it's not their business model.

SaaS Interviews with CEOs, Startups, Founders
985 How Expensify Hit $60m+ Magic on Bottom Up Business Model

And I think that's a big challenge being an entrepreneur is recognizing that your job is very different than your investor's job.

SaaS Interviews with CEOs, Startups, Founders
985 How Expensify Hit $60m+ Magic on Bottom Up Business Model

And your world out view is just very, very different as well.

SaaS Interviews with CEOs, Startups, Founders
985 How Expensify Hit $60m+ Magic on Bottom Up Business Model

No, we have no advertising going on whatsoever right now.

SaaS Interviews with CEOs, Startups, Founders
985 How Expensify Hit $60m+ Magic on Bottom Up Business Model

It's all 100% word of mouth.

SaaS Interviews with CEOs, Startups, Founders
985 How Expensify Hit $60m+ Magic on Bottom Up Business Model

That's exactly right.

SaaS Interviews with CEOs, Startups, Founders
985 How Expensify Hit $60m+ Magic on Bottom Up Business Model

And that's our whole business model.

SaaS Interviews with CEOs, Startups, Founders
985 How Expensify Hit $60m+ Magic on Bottom Up Business Model

And it sounds crazy that it could work at this scale, but like it does, it works great.

SaaS Interviews with CEOs, Startups, Founders
985 How Expensify Hit $60m+ Magic on Bottom Up Business Model

It's certainly not no touch.

SaaS Interviews with CEOs, Startups, Founders
985 How Expensify Hit $60m+ Magic on Bottom Up Business Model

There's no commission sales component, so no one's paid a commission at all.

SaaS Interviews with CEOs, Startups, Founders
985 How Expensify Hit $60m+ Magic on Bottom Up Business Model

But we certainly have a support team that stands by because it's activity-based pricing.

SaaS Interviews with CEOs, Startups, Founders
985 How Expensify Hit $60m+ Magic on Bottom Up Business Model

That means we only get paid when you get active.

SaaS Interviews with CEOs, Startups, Founders
985 How Expensify Hit $60m+ Magic on Bottom Up Business Model

But the only way that you get active is that you've gone through your whole setup process and gotten your company on board.