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Steve Benson

๐Ÿ‘ค Speaker
518 total appearances

Appearances Over Time

Podcast Appearances

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

So this is what we looked like in 2012.

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

The first way I funded the company was by, let me zoom you back to 2012, right?

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

And maybe some of you are in situations similar to this today where you've got

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

four people on the team and you're making $50,000 a month or something.

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

And I guess I was probably making $25,000 a month then.

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

And it turns out the basic needs of a software company, the food and water that it needs, engineers and sales guys and product managers, they cost more than you can make at first.

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

So money has to come from somewhere.

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

And so you either have to have money in your pocket already or...

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

You know, hopefully your mom's rich or something.

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

But I was lucky in that I was able to fund the early parts of the business without equity because I had worked at Google early enough.

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

So I had like a million bucks to just light on fire, basically, and become broke again.

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

And so that's what I did.

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

But...

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

In the course of that, I managed to build a piece of software.

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

I didn't build it.

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

The engineers built it.

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

But I needed to keep paying them.

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

And so now it's 20.

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

So I started having it built in 2012.

SaaS Interviews with CEOs, Startups, Founders
How I hit $5m ARR, kept control using 3 different debt providers

Now it's 2014, and I'm just super broke.