SaaS Interviews with CEOs, Startups, Founders
706: This 31 Year Old Raised $1.3M To Help You Be More Efficient
30 Jun 2017
Chapter 1: What is the main topic discussed in this episode?
This is The Top, where I interview entrepreneurs who are number one or number two in their industry in terms of revenue or customer base.
Chapter 2: What is Process Street and how does it help businesses?
You'll learn how much revenue they're making, what their marketing funnel looks like, and how many customers they have. I'm now at $20,000 per talk. Five and six million.
Chapter 3: How did Process Street secure $1.3 million in funding?
He is hell-bent on global domination. We just broke our 100,000 unit sold mark.
Chapter 4: What role does SEO play in Process Street's marketing strategy?
And I'm your host, Nathan Latka. This is episode 706. Coming up tomorrow morning, I talk to Manny, where the government gives him power to let non-accredited investors invest. And I asked him, I said, Manny, are you in with the government?
Chapter 5: How does Process Street differentiate itself from competitors?
Why did you get the first rights to do this? You beat out all the big guys.
Chapter 6: What is the average customer revenue for Process Street?
You beat Indiegogo, Kickstarter, everyone else.
Chapter 7: What are the company's growth goals for the coming year?
Why you?
Chapter 8: What insights does Vinay share about effective business practices?
Well, tune in tomorrow to learn about this new way that you can invest in any company. Hello, everyone. My guest this morning is Vinay Patankar. He's the CEO of Process Street, the simplest way to manage your team's recurring processes and workflows. You can easily set up new clients, onboard employees, and manage content publishing with his tool.
He also co-hosts the podcast Business Systems Explored, where he goes deep dives into business systems with industry experts. If you see how other entrepreneurs structure their sales, recruitment, marketing, engineering teams, check out Business Systems Explored. All right, Vinay, are you ready to take us to the top? Yeah, I'm ready. Let's do it. All right, good.
So tell us, well, we got a little taste of what Process Street is, but how would you describe it and how do you make money? Yeah, so we're a tool that helps companies build and manage workflows and processes. We're a SaaS product. We make money by charging a monthly or yearly subscription to the product based on the number of users you have on it.
And so, yeah, like the, the kind of vision for the product is to make workflow really easy. And when you think of what workflow is, um, it's kind of two, two main parts. One is coordinating tasks. So who needs to do what, when, um, and then the second is like coordinating data. Um, because a lot of the time who needs to do what, when depends on some type of data along the way. Um, so yeah,
There's been a lot of tools that have... And there's a lot of incumbents that have built workflow products. All the big IT companies you can think of, Oracle, Microsoft, IBM, all have incumbent solutions. But they've all come at it from a very... enterprise-y textbook, how you design a business process. We're basically trying to come from a very user and intuitive perspective.
It's like if you've never gone and studied business, if you don't have an MBA, if you've never drawn a flow diagram before, if you don't know what BPMN is, it doesn't matter. It's just intuitively, oh, things need to get done in this order, and this person needs to do this and when, and this is what I need to do now. Just taking it, taking workflow and consumerizing it essentially.
And what is the average customer paying you per month? We don't really publish that. Hold on, Rene, come on. What do we know about your price points on your website? Yeah, exactly. Our price points on our website, we have between single user receipts all the way up to hundreds of employees in the company. And then you can see our pricing on the website, which is currently $15 a user a month.
Yeah. So I want, we only have 15 minutes, so I want to avoid the conversation of having to like break down every single cohort. I'd rather just talk about averages. So, I mean, are we talking the average customers paying you a hundred bucks a month or two bucks a month or 10,000 bucks a month? What's the range?
Yeah, it's, it's, it's probably, it's four figures a year would be like in that range of four figures a year. So between like kind of two and 5,000 a year. Got it. Got it. That's helpful. Good. So between two and 5,000 per year, and do you, do you make them sign annual plans or do you have a monthly product? So we have both options for pricing.
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