1434 She Saved a Pre Revenue $60m Raised Company, Then Launched Own Passing $6m in ARR for Team Alignment Tool

SaaS Interviews with CEOs, Startups, Founders

Nathan Latka

Ceo, Entrepreneurs, Founders, Software, Business, Entrepreneurship, Saas, Startups

4.6 • 683 Ratings

🗓️ 28 June 2019

⏱️ 22 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Deidre Paknad is the CEO and co-founder of Workboard (https://www.workboard.com/)

🕒 Time Stamped Show Notes:
00:00 – Nathan's introduction to today's show
0:25 – How Workboard has been built to help companies acheive their stragtegic priorities faster
1:20 – Why the average customer is around $125k annually
1:45 – How they launched the company in 2014
2:45 – Why they've raised $12M in total capital thus far
4:45 – How they've landed 50 enterprise customers
5:15 – How they are doing around $520k in MRR today
6:30 – Why they decided to upsell based on number of seats
7:30 – How they are aiming for a 6 month payback period going forward
8:45 – Why they are hitting 140% net revenue retention
11:0 – How they are professional services and coaching to drive stickiness
12:20 – Why they are landing deals for around $17k with payback right away
13:35 – How their team of 55 is based in the Bay Area
14:15 – Why they aren't looking to raised until April 2019
15:00 – How she would view a $100M acquisition right now
15:50 – Why they are looking for a four month ramp period on their sales team
16:50 – The Famous Five

Transcript

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0:00.0	If you guys love the podcast, you want to get the audible version of my new book,
0:05.6	How to Be a Capitalist Without Any Capital at Capitalistbook.com.
0:10.4	A user named just Jay on Amazon said this in a review, a four-hour workweek for 2019.
0:16.9	He goes on to say, I bought this book because I read somewhere that it was like a four-hour work
0:20.5	week of 2019 and it absolutely delivered.
0:23.1	The book delivered on both big ideas and has specific actionable templates, including unredacted and minimally redacted emails.
0:30.2	This book is not chalk full of self-promotion or useless platitudes, but has broken down into four key rules explained in solid detail and with specific and often amusing
0:38.3	anecdotes. Reading this really got my wheels and my head turning of how to be resourceful,
0:42.7	which many say is the ultimate trait of a successful entrepreneur. My favorite of the four
0:47.1	rules is blank. You have to go read the review to find out. But guys, thanks for supporting me
0:51.4	on the podcast. I hope you go grab the book on Audible today at
0:54.6	Capitalistbook.com. Ran a big turnaround. Company that raised about 60 million bucks, you know,
1:00.8	a couple years in, nothing, pre-revenue, nada. She came in, turned it around, basically got
1:04.9	everyone's investors money back, which was great. Then it was at IBM for a bit. Saw a big need
1:08.9	for alignment inside of companies, left IBM
1:11.9	in 2014, launched Workboard. Today serving over 50 enterprise clients that pay on average 125 grand
1:18.1	in first year ACV. Doing about 500 grand, 600 grand per month right now on revenue. That's up
1:22.5	3x year over year. Net revenue retention, incredible economics here, 140%. Expansion is really through
1:28.2	the roof as they go from Leader 1 to leader 2. She's willing to spend up to a dollar to acquire
1:32.1	$2.50 in new revenue. They've got a team of 55 folks based between California, India, and other
1:38.8	remote locations. This is the top entrepreneurs podcast where founders share how they started their companies and got filthy rich or crash and burn.
1:51.5	Each episode features revenue numbers, customer counts, and other insider information that creates business news headlines.
	...

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