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EP 396: Why He Raised $3m Then Merged With #1 Competitor

EP 396: Why He Raised $3m Then Merged With #1 Competitor

FromSaaS Interviews with CEOs, Startups, Founders


EP 396: Why He Raised $3m Then Merged With #1 Competitor

FromSaaS Interviews with CEOs, Startups, Founders

ratings:
Length:
27 minutes
Released:
Aug 24, 2016
Format:
Podcast episode

Description

Kevin Davis, who came up with a creative solution for tech support. After waiting weeks to get his computer back from the Geek Squad, he thought there had to be a quicker, better solution. He created Geekatoo as a platform for people to find tech experts in their own neighborhoods. Famous Five:   Favorite Book? – Jason Calacanis’s Podcast What CEO do you follow? — Not really, I look at other marketplaces. Favorite online tool? — Base Do you get 8 hours of sleep?—Yes If you could let your 20 year old self know one thing, what would it be? — Make sure that you get your startup out as soon as possible.   Time Stamped Show Notes: 01:25 – Nathan introduces Kevin 01:50 – Musician, tech guy, and geek 02:10 – Geekatoo, “like an Uber for tech support” 03:00 – They started out aiming for a nationwide company 04:10 – A platform 04:50 – Founded in 2010 04:55 – First-year revenue was literally nothing 05:30 – It took over a year to get the product out 06:20 – He supported himself by living back home 07:00 – Now it is much quicker to bootstrap a launch 07:45 – They take a percentage for every job that comes through 08:00 – Switched to solving larger-level problems 08:50 – Three different plans and other services 09:30 – Customers are covered for the long term 10:00 – Onboarding takes people from one service to a monthly plan 10:30 – Total customers is 40000 10:50 -- $2.7 M in capital 11:10 – 2015 revenue was almost $4 M 11:25 – Biggest costs 11:50 – Provider payout and overseas center 12:25 – Ad words 13:20 – A focus on positive economics 14:15 – Average project value is about $130 14:40 – Acquisition cost is $20 to $30 15:15 – A large volume of customers had $0 acquisition cost 16:00 – Reasoning behind the merger with HelloTech 17:35 – “A bigger pie” 18:00 – New partners coming forward 18:35 – kevin@hellotech.com or @geekatoo on Twitter 21:15 -- The Famous Five   3 Key Points: Don’t worry about perfecting your business—get it out there as quickly as possible Do what is best to help your business grow. Find a simple way to communicate with your customers.   Resources Mentioned: Host Gator – The site Nathan uses to buy his domain names and hosting for cheapest price possible. Freshbooks - The site Nathan uses to manage his invoices and accounts. Leadpages  – The drag and drop tool Nathan uses to quickly create his webinar landing pages which convert at 35%+ Audible – Nathan uses Audible when he's driving from Austin to San Antonio (1.5 hour drive) to listen to audio books. Base – Kevin’s favorite online tool Show Notes provided by Mallard Creatives
Released:
Aug 24, 2016
Format:
Podcast episode

Titles in the series (100)

Over 10M founders, CEO's, and investors have downloaded this 15 minute daily podcast from Nathan Latka. Each day Latka interviews a software (SaaS) CEO and gets them to share how they've grown (or not) so fast all backed by hard data points. To date, over 1000 CEO's have been interviewed that together do over $6b in revenue, have raised over $5b, and employ more than 180,000 employees. The magazine for CEO's: http://nathanlatka.com/magazine The Book for CEO's: http://nathanlatka.com/bookamazon