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Luther Birdzell

๐Ÿ‘ค Speaker
142 total appearances

Appearances Over Time

Podcast Appearances

SaaS Interviews with CEOs, Startups, Founders
1334 This $600k+ ARR SaaS Helps Oil and Gas Companies Predict Oil Well Production

So we drill, we learn more from the data we already have.

SaaS Interviews with CEOs, Startups, Founders
1334 This $600k+ ARR SaaS Helps Oil and Gas Companies Predict Oil Well Production

Then we go do some things differently.

SaaS Interviews with CEOs, Startups, Founders
1334 This $600k+ ARR SaaS Helps Oil and Gas Companies Predict Oil Well Production

The only thing you're guaranteed, Nathan, when you drill an oil well is data.

SaaS Interviews with CEOs, Startups, Founders
1334 This $600k+ ARR SaaS Helps Oil and Gas Companies Predict Oil Well Production

So, no, they'd be out of business.

SaaS Interviews with CEOs, Startups, Founders
1334 This $600k+ ARR SaaS Helps Oil and Gas Companies Predict Oil Well Production

That's not really the way the industry works because of the way the land leases are set up.

SaaS Interviews with CEOs, Startups, Founders
1334 This $600k+ ARR SaaS Helps Oil and Gas Companies Predict Oil Well Production

You have to continue to drill to โ€“ or otherwise your leases become โ€“ get invalidated.

SaaS Interviews with CEOs, Startups, Founders
1334 This $600k+ ARR SaaS Helps Oil and Gas Companies Predict Oil Well Production

So if I'm leasing land to you and you just drill one well, well, there's all that revenue.

SaaS Interviews with CEOs, Startups, Founders
1334 This $600k+ ARR SaaS Helps Oil and Gas Companies Predict Oil Well Production

I only get the โ€“ that lease is based on the revenue generated by the wells in that lease.

SaaS Interviews with CEOs, Startups, Founders
1334 This $600k+ ARR SaaS Helps Oil and Gas Companies Predict Oil Well Production

So as the leaseholder or as the lease owner, the landowner, when I lease, I want to make sure that you're going to drill enough wells โ€“

SaaS Interviews with CEOs, Startups, Founders
1334 This $600k+ ARR SaaS Helps Oil and Gas Companies Predict Oil Well Production

for this to make economic sense for me, the landowner.

SaaS Interviews with CEOs, Startups, Founders
1334 This $600k+ ARR SaaS Helps Oil and Gas Companies Predict Oil Well Production

So churn, I mean, we're defining churn as people who've signed up, who then cancel subscriptions.

SaaS Interviews with CEOs, Startups, Founders
1334 This $600k+ ARR SaaS Helps Oil and Gas Companies Predict Oil Well Production

Yeah, no, that's fair.

SaaS Interviews with CEOs, Startups, Founders
1334 This $600k+ ARR SaaS Helps Oil and Gas Companies Predict Oil Well Production

Yeah.

SaaS Interviews with CEOs, Startups, Founders
1334 This $600k+ ARR SaaS Helps Oil and Gas Companies Predict Oil Well Production

Of the companies who we have signed up in annual contracts, all of them are still in those annual contracts.

SaaS Interviews with CEOs, Startups, Founders
1334 This $600k+ ARR SaaS Helps Oil and Gas Companies Predict Oil Well Production

No, we have, they're still at the, we're getting to our, we're approaching our first renewals and it's looking very good.

SaaS Interviews with CEOs, Startups, Founders
1334 This $600k+ ARR SaaS Helps Oil and Gas Companies Predict Oil Well Production

So we launched our go to market in early 2007, Q1 of 2017.

SaaS Interviews with CEOs, Startups, Founders
1334 This $600k+ ARR SaaS Helps Oil and Gas Companies Predict Oil Well Production

Um, you know, we did a couple of years of R and D and then through the downturn, um,

SaaS Interviews with CEOs, Startups, Founders
1334 This $600k+ ARR SaaS Helps Oil and Gas Companies Predict Oil Well Production

Things just slowed down.

SaaS Interviews with CEOs, Startups, Founders
1334 This $600k+ ARR SaaS Helps Oil and Gas Companies Predict Oil Well Production

So we continued to focus on R&D and improving and keeping things alive.

SaaS Interviews with CEOs, Startups, Founders
1334 This $600k+ ARR SaaS Helps Oil and Gas Companies Predict Oil Well Production

And we went to market in the beginning of 2017, signed up our first three customers by the middle of 17.