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Sheri Atwood

๐Ÿ‘ค Speaker
178 total appearances

Appearances Over Time

Podcast Appearances

SaaS Interviews with CEOs, Startups, Founders
714: You Won't Believe What This Divorced Mom Raised $7 Million For

Okay.

SaaS Interviews with CEOs, Startups, Founders
714: You Won't Believe What This Divorced Mom Raised $7 Million For

Well, I started with the website, so basic HTML, CSS, PHP, so building out the website, and then it was out of necessity.

SaaS Interviews with CEOs, Startups, Founders
714: You Won't Believe What This Divorced Mom Raised $7 Million For

What books?

SaaS Interviews with CEOs, Startups, Founders
714: You Won't Believe What This Divorced Mom Raised $7 Million For

I had books.

SaaS Interviews with CEOs, Startups, Founders
714: You Won't Believe What This Divorced Mom Raised $7 Million For

I had the how to code, JavaScript, HTML, CSS.

SaaS Interviews with CEOs, Startups, Founders
714: You Won't Believe What This Divorced Mom Raised $7 Million For

I went to Barnes & Noble and picked up every book I could possibly find.

SaaS Interviews with CEOs, Startups, Founders
714: You Won't Believe What This Divorced Mom Raised $7 Million For

Correct.

SaaS Interviews with CEOs, Startups, Founders
714: You Won't Believe What This Divorced Mom Raised $7 Million For

We have now 25 employees.

SaaS Interviews with CEOs, Startups, Founders
714: You Won't Believe What This Divorced Mom Raised $7 Million For

So I just hired 16 employees in the past three months.

SaaS Interviews with CEOs, Startups, Founders
714: You Won't Believe What This Divorced Mom Raised $7 Million For

So we recently relocated to Sacramento, California from Silicon Valley.

SaaS Interviews with CEOs, Startups, Founders
714: You Won't Believe What This Divorced Mom Raised $7 Million For

And yeah, now we have 25 employees made up of our development team, sales and marketing.

SaaS Interviews with CEOs, Startups, Founders
714: You Won't Believe What This Divorced Mom Raised $7 Million For

So after I raised my first $3 million in capital, I realized I could not sustain a business in Silicon Valley.

SaaS Interviews with CEOs, Startups, Founders
714: You Won't Believe What This Divorced Mom Raised $7 Million For

At that time, I was only burning $90,000 a month.

SaaS Interviews with CEOs, Startups, Founders
714: You Won't Believe What This Divorced Mom Raised $7 Million For

But it wasn't even the burn rate that was the problem.

SaaS Interviews with CEOs, Startups, Founders
714: You Won't Believe What This Divorced Mom Raised $7 Million For

The problem I was having is when it came to technical talent, I could get them, and they'd be super excited.

SaaS Interviews with CEOs, Startups, Founders
714: You Won't Believe What This Divorced Mom Raised $7 Million For

And about six months into it, another company down the road would come and offer them more cash.

SaaS Interviews with CEOs, Startups, Founders
714: You Won't Believe What This Divorced Mom Raised $7 Million For

And I couldn't compete with that.

SaaS Interviews with CEOs, Startups, Founders
714: You Won't Believe What This Divorced Mom Raised $7 Million For

What I would have done differently is I think, number one, I would have focused on revenue a lot earlier.

SaaS Interviews with CEOs, Startups, Founders
714: You Won't Believe What This Divorced Mom Raised $7 Million For

So at the time, you know, I think as you're probably well aware, right, in March of last year, the whole world when it came to investment changed and it went from active users or a number of customers to amount of revenue.

SaaS Interviews with CEOs, Startups, Founders
714: You Won't Believe What This Divorced Mom Raised $7 Million For

And thereby, when you're not focused on revenue, you're much more dependent on outside or venture capital in order to sustain the business.