1567 How New Employee Feedback Tool Plans to Monetize

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Top Founders 15 min 2 speakers 6 chapters transcribed

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What is the main topic discussed in this episode?

Nathan Latka 0:00

direct suggest a new idea for employee suggestions, just entering kind of pre-launch phase, still pre-revenue with a couple of pilots going on. Hopefully those convert into paid accounts here shortly as they work towards and move towards adding more and more of their employees to the base. Hello, everybody. My guest today is Riley Moore. He's the 24-year-old CEO of RM4Tech, a family-owned, family-run software company. Using his mix of technical and business influences to materialize his creative vision, their first product is DirectSuggest, the suggestion box reimagined. He has over 19,000 followers on LinkedIn and has spoken at several events. Riley, are you ready to take us to the top?

Riley Moore 0:35

Yes, I'm excited.

Nathan Latka 0:37

Thank you for having me, Nathan. You bet, man. All right, DirectSuggest. So first off, it is a SaaS company, right? Yes, it is. Okay, and what's the company do?

Riley Moore 0:45

So we're the suggestion box reimagined. So getting suggestions from your employees is something that's been found invaluable. And what we do is we connect decision makers directly to employees so their suggestions have the assurance that they arrive and do not get lost. So one of the big issues with a suggestion box, whether it's digital or not, is are decision makers seeing the suggestions and are they acting on them? So we've created a system with a delegation process to assure that suggestions arrived at the right place. And we also have things to help employee engagement, such as commenting and ranking. We have anonymous suggestions left in there as well. We're really focused on helping innovation and employee engagement.

Nathan Latka 1:26

That's great. And so who's paying for this, the employer or the employees?

Riley Moore 1:31

The employer pays. So it's a freemium model. It's free for companies with no more than 50 employees. And then it's no more than 50 cents per employee per month. As the company size increases, the amount they pay per employee is cheaper and we cap it $10,000 per month.

Nathan Latka 1:49

What's the average company pay per month?

Riley Moore 1:52

Right now it's ranging because we have different size companies. So right now we have some free companies. We have some larger size companies.

Nathan Latka 1:58

What's the average though? Add up your total revenue, divide by your customer count and boom, you get your average.

Riley Moore 2:03

So right now we're in an early process. We're in early revenue where we haven't signed any contracts that are paid yet. They're all currently in trial process.

How does DirectSuggest improve employee feedback?

Nathan Latka 2:12

Okay.

Riley Moore 2:12

So we do revenue today.

Nathan Latka 2:14

Yes, sir. Okay. No revenue. That's great. And then when did you launch? Well, when did you launch the company as a whole?

Riley Moore 2:20

So we launched in January of 2018. Okay.

Nathan Latka 2:23

So just bootstrapped. That's great. So how, I mean, how have you paid your bills?

Riley Moore 2:27

So we've paid our bills just on our own, our own money. Um, I'm currently splitting time between Santa Barbara Sacramento. We're family owned family runs. So it's both my parents, my brother and I, so we're all figuring out ways to pay the bills, get by and then grow this company all the way up.

Nathan Latka 2:44

Okay. So you launched January. So you've been in market for kind of 10, 11 months. Why isn't anybody paying yet?

Riley Moore 2:50

Uh, so currently we've just been going through the process of, of bootstrapping and going through a bootstrapped marketing process. We want to go with a really organic marketing process. So building connections, Through different things like events, through blogging, through just connections that you make, gradually build this organic awareness rather than spending lots of money. So the awareness has taken a little bit longer to build and we started getting companies really signing up in October this month or this year. So Nokia, Drive AI, Johnny Morris' Wonders of Wildlife Museum, they all signed up in October. We started with LinkedIn marketing. We've done Twitter. We've done Facebook. We've partnered with- What do you mean you've done these?

Nathan Latka 3:34

How much have you spent on these?

Riley Moore 3:36

So we haven't spent any money on Facebook, haven't spent any money on Twitter. We've spent around 500 bucks on LinkedIn. And that's all the money that we've spent. We've spent less than $2,000 overall.