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Kevin Zicherman

๐Ÿ‘ค Speaker
261 total appearances

Appearances Over Time

Podcast Appearances

SaaS Interviews with CEOs, Startups, Founders
MyWifiNetworks Turned Down $5.4m All Cash Offer Last Month, Despite Loosing 30% Due to COVID

We have installations in over 52 countries, and we saw just a massive drop in overall Wi-Fi usage.

SaaS Interviews with CEOs, Startups, Founders
MyWifiNetworks Turned Down $5.4m All Cash Offer Last Month, Despite Loosing 30% Due to COVID

Naturally, our Wi-Fi installations are in public spaces where guests gather and dwell, and that was almost illegal in most countries.

SaaS Interviews with CEOs, Startups, Founders
MyWifiNetworks Turned Down $5.4m All Cash Offer Last Month, Despite Loosing 30% Due to COVID

So yeah, we got hit pretty hard, and that has a ripple effect in our business because we don't sell directly to that end user.

SaaS Interviews with CEOs, Startups, Founders
MyWifiNetworks Turned Down $5.4m All Cash Offer Last Month, Despite Loosing 30% Due to COVID

We don't sell to that coffee shop or restaurant.

SaaS Interviews with CEOs, Startups, Founders
MyWifiNetworks Turned Down $5.4m All Cash Offer Last Month, Despite Loosing 30% Due to COVID

We sell to the MSP or the digital agency that services that restaurant.

SaaS Interviews with CEOs, Startups, Founders
MyWifiNetworks Turned Down $5.4m All Cash Offer Last Month, Despite Loosing 30% Due to COVID

So naturally, the domino effect happens where, hey, they don't get paid.

SaaS Interviews with CEOs, Startups, Founders
MyWifiNetworks Turned Down $5.4m All Cash Offer Last Month, Despite Loosing 30% Due to COVID

They come to us.

SaaS Interviews with CEOs, Startups, Founders
MyWifiNetworks Turned Down $5.4m All Cash Offer Last Month, Despite Loosing 30% Due to COVID

Hey, do we have to pay our bills?

SaaS Interviews with CEOs, Startups, Founders
MyWifiNetworks Turned Down $5.4m All Cash Offer Last Month, Despite Loosing 30% Due to COVID

And we were nice, and we extended free months for a lot of clients, extended 50% off for six months in many cases.

SaaS Interviews with CEOs, Startups, Founders
MyWifiNetworks Turned Down $5.4m All Cash Offer Last Month, Despite Loosing 30% Due to COVID

Our churn shot up to about 20.

SaaS Interviews with CEOs, Startups, Founders
MyWifiNetworks Turned Down $5.4m All Cash Offer Last Month, Despite Loosing 30% Due to COVID

We lost about 30% of our revenue alongside everything else.

SaaS Interviews with CEOs, Startups, Founders
MyWifiNetworks Turned Down $5.4m All Cash Offer Last Month, Despite Loosing 30% Due to COVID

I think that's kind of standard in the industry.

SaaS Interviews with CEOs, Startups, Founders
MyWifiNetworks Turned Down $5.4m All Cash Offer Last Month, Despite Loosing 30% Due to COVID

We were lucky to maintain a lot of that.

SaaS Interviews with CEOs, Startups, Founders
MyWifiNetworks Turned Down $5.4m All Cash Offer Last Month, Despite Loosing 30% Due to COVID

We actually pivoted indirectly to do a lot of work with the Cleveland Clinic, a lot of different medical offices that remained open that had traffic, unfortunately.

SaaS Interviews with CEOs, Startups, Founders
MyWifiNetworks Turned Down $5.4m All Cash Offer Last Month, Despite Loosing 30% Due to COVID

But we were able to not only offer great data, but also presence analytics, contact tracing, so a lot of new applications for Wi-Fi marketing.

SaaS Interviews with CEOs, Startups, Founders
MyWifiNetworks Turned Down $5.4m All Cash Offer Last Month, Despite Loosing 30% Due to COVID

The old world is no longer the current world, so we also had to change our product a little bit and how we apply it.

SaaS Interviews with CEOs, Startups, Founders
MyWifiNetworks Turned Down $5.4m All Cash Offer Last Month, Despite Loosing 30% Due to COVID

We have about 300 resellers.

SaaS Interviews with CEOs, Startups, Founders
MyWifiNetworks Turned Down $5.4m All Cash Offer Last Month, Despite Loosing 30% Due to COVID

We lost about 25% of our overall base.

SaaS Interviews with CEOs, Startups, Founders
MyWifiNetworks Turned Down $5.4m All Cash Offer Last Month, Despite Loosing 30% Due to COVID

Naturally, because we're a month-to-month in a lot of our products, people can easily drop off and come back.

SaaS Interviews with CEOs, Startups, Founders
MyWifiNetworks Turned Down $5.4m All Cash Offer Last Month, Despite Loosing 30% Due to COVID

The vast majority of everybody that's canceled has said, we love your platform.