SaaS Interviews with CEOs, Startups, Founders
Smart way to use ZoomInfo to get first $60,000 in B2B SaaS Sales
28 Nov 2023
Chapter 1: How can you use ZoomInfo to identify potential customers?
You are listening to Conversations with Nathan Latka, where I sit down and interview the top SaaS founders, like Eric Wan from Zoom. If you'd like to subscribe, go to getlatka.com.
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Guys, Product.ai competes with sort of Product Board and Pendo in that same space. They're doing $5,000 a month today in revenue across five customers that pay on average $1,000 per month. They raised about $500,000 worth of capital. It called a round of $3 million valuation. Two co-founders hustling, total team of five, but the two co-founders split equity evenly at the start.
Now going through Techstars, learning a lot about the network and growing fast. We'll see if they can go from five to 50 customers here quickly again at Product.ai.
hey folks my guest today is tony tommy he's been a startup guy since the age of 19 landed at a startup eventually worked in a few startups and enterprises to see the problem and started products ai to solve it it enables b2b product teams with intelligence tony you ready to take us to the top yeah let's go well what does that mean that's very broad enable b2b product teams with intelligence so yeah when when the companies usually scale from a founder-led sales or across
small process of close group to a very process-led multiple team sales gtm motion what happens is the product teams get detached more and more from the customers at the end of the day they are like very far from the customer and there will be teams like customer success support everybody interfacing with customers And the context is always coming from those teams mostly.
So during that process, the product team is not getting enough context to make all those decisions. What we do is we pick up all the customer data, feedback coming in from different locations, different tools, and generate insights on top of it so that the product team can use those insights to make more intelligent decisions, more smart decisions.
Do we think of you like Segment or Pendo or who would you compare yourself to?
Um, Pendo is a good example. Product board is another good one. Um, there are a few new companies that are out there as well, uh, doing the exact same thing. So we are, we fit in between if, if to be exact, we sit in between the customers and the product board so that we bridge the gap between the customers and the product. That's the right positioning.
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Chapter 2: What challenges do product teams face as companies scale?
So we serve approximately five right now. So some are coming on board, going through security and all of that. So we are super small right now.
Okay, so it's about $5,000 a month in revenue? Yeah. That's great. Now, have you self-funded this? I see you have a Techstars shirt on. Did you go through Techstars?
Yeah. I mean, in fact, we are going through Techstars right now.
Amazing. I forget what the deal is. It's like $150,000 for 7% or something, right?
$120,000 for, yeah, somewhere in that range. So the $100,000 note is like a separate one on your current valuation.
I see. But have you raised any other capital besides $120,000 from Techstars?
Yeah, we've raised 400K in additional from different angels and groups that we work with.
Okay, so about 520,000 race to date and call your pre-seed round plus the accelerator. Yeah, that's correct. Most folks are selling, you know, 15 to 20%, especially in today's compressed market, 15 to 20% in their pre-seed round. Were you in that same range?
Yeah, we are in the same range. So we are, in fact, less than 15%. Yeah.
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Chapter 3: How does Product.ai help product teams make better decisions?
So our valuation is higher than that, basically. So we sold less than 15. And we didn't actually take...
the Techstars money at this point we took outside money at a higher valuation so we didn't want to take the Techstars money at a lower valuation I thought Techstars forced you to take their money so you're in the program but you didn't take the money they have no equity it's optional so you don't have to take that money if you don't need it so Techstars today is not on your cap table
They are on the cap table, but that will be for a lower round. So it's basically the program works in such a way that you have a fees, which is by default given. And the 100K that they're putting in, that comes at evaluation predefined by Techstars. So we... Well, what is that? A million? That is 3 million. And there is like some technicalities in there where if you have
pre-commits at a higher valuation, then you get to match that commit. And we had commits, but the problem was we didn't have enough proof of the commit. It was all friends and family, and we didn't send any emails back and forth. It was all word of mouth that came at that valuation.
So you raised $400K at a $3 million valuation and chose not to take the $100K from Techstars?
Yep.
I see. I guess, what's the upside for Techstars? Why would Techstars let you in the program if they have no upside?
No, I mean, there's a common stock allotment for Texas.
Oh, how much is that?
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