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Phil Reynolds

๐Ÿ‘ค Speaker
221 total appearances

Appearances Over Time

Podcast Appearances

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

uh some of the gentlemen from flyover happened to be in a room with some people at a big company that were trying to solve this exact problem they're like huh that's weird i just talked to somebody who's trying to solve this problem too and so you know that's dumb dumb luck on my part as much as anything there um and then i think also just you know trying to be able to put together a really thoughtful uh projection you know all of the the why now why this you know all of that so you know it's not my first time putting together a deck that a vc would want to see

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

So at the moment, we have two SaaS tiers.

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

There's a third SaaS tier coming next year.

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

At the moment, it's professional and business are the two.

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

And so...

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

Professional, we're very much indexing off of other competitors in a similar space.

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

So professional starts out at about eight bucks a month per license and professional starts out at about $24 a month per license.

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

And so it's really, it's a very low price point, low barrier to entry.

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

And that's by design because this particular space is one, it's very crowded.

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

There's a lot of players here and you can't come in and charge, you know, thousands of dollars for licenses where no one would use you.

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

The first customer I closed was a consulting firm who was trying to solve this exact problem.

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

They were implementing software, the same piece of software over and over again for multiple customers.

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

And they just had this problem.

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

And I knew them through my own personal network.

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

And they heard what I was doing.

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

They reached out and said, hey, I'd really like to launch this.

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

And so to the point about charging, a lesson I learned a long time ago in building enterprise software is

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

your software is worth what you say it's worth a lot of times uh early on and so if you tell people it's worth nothing and you offer a freemium tier then it's kind of worth nothing so so so so that's something that i always try to just price it even with what's the value and did a lot of market research on what are people willing to pay what makes sense for everyone

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

Close, close.

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

We actually did something a little different in our, in our early group, as we were in this initial build phase for the last 18 months, we set up some advisory boards.