702: With $5k Left in Her Bank TheMuse Was Launched, 50m Visit Annually and 600 Companies Pay

SaaS Interviews with CEOs, Startups, Founders

Nathan Latka

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

4.6 • 683 Ratings

🗓️ 26 June 2017

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Kathryn Minshew. She’s the CEO of founder of TheMuse.com, a career platform that is used by over 50M folks to find jobs, learn professional skills or advance in their careers. This platform is also used by hundreds of companies looking to grow their employer brand and to hire. Kathryn is a Harvard and Wall Street Journal contributor and she’s spoken at MIT in Harvard along with the Today’s Show. She’s been named The Smart CEO’s Future 50, INC’s 35 under 35 and a Duke alum. Kathryn worked at Rwanda and Health Access Initiative and before founding The Muse, she was previously at McKinsey.

Famous Five:

Favorite Book? – The Hard Thing About Hard Things and Traction
What CEO do you follow? – Jennifer Hyman, Elon Musk and Jeremy Johnson
Favorite online tool? — Boomerang and Pocket
How many hours of sleep do you get?— 7
If you could let your 20-year old self, know one thing, what would it be? – Kathryn wished she knew it was okay to be different and everything that is worth doing is hard

Time Stamped Show Notes:

00:42 – Nathan introduces Kathryn to the show
01:35 – The Muse was founded to be the most trusted and beloved place for people to navigate their career
01:42 – The Muse is a marketplace with over 50M people who uses the site annually
02:00 – The Muse has over 600 companies which they help in hiring and employment
02:25 – “If you want really great people, you have to compete for them”
03:00 – The companies can reach more candidates through The Muse
03:19 – The Muse is a SaaS-enabled marketplace
03:31 – The Muse somehow competes with LinkedIn Recruit and Glassdoor
04:05 – Most companies in The Muse sign up for an annual subscription
04:24 – Average pricing is $20-30K but enterprise is higher than the mid-market businesses
04:54 – The Muse works with every business size in every industry
- 05:04 – The businesses are categorized by team size
05:25 – Companies that are subscribed have access to different tools on the website
06:11 – The marketplace on TheMuse.com is where companies can post their profiles and job listings
06:21 – The Muse has also developed more products
06:41 – One of The Muse’s client has 50K to 150K employees
07:29 – The Muse also assists their Fortune 100 companies on their existing channels
08:12 – The Muse started targeting individual users
08:24 – The Muse was launched in 2011 having career related tools and content for individuals
08:31 – The Muse rolled out their first company profile after hitting 100K website visits per month
08:41 – The Muse have never had advertising on the website
08:58 – The Muse had their first 100K users in 6 months
09:05 – The initial cash for The Muse came from Kathryn’s savings
- 09:39 – When Kathryn left McKinsey, she had $25K in savings
- 09:50 – Then Kathryn got an offer to work at Rwanda
- 10:28 – Kathryn was 25 at the time
10:56 – Kathryn has always thought that savings equate to freedom
11:34 – When Kathryn came back from Rwanda, she started a business similar to The Muse
- 13:02 – Kathryn spent $20K on her first company
- 13:23 – With only $5K left in savings, Kathryn together with her co-founder started The Muse
- 13:45 – Kathryn tried to keep her expenses low
14:24 – Kathryn started The Muse because she had all the questions and wanted answers
14:29 – The community then gave Kathryn the answers
15:02 – The Muse initially had 50 articles giving career advice and providing resources
15:10 – The first job listing was posted after a month as a test
15:29 – The Muse used to get paid for the job listing but it doesn’t work that way now
16:17 – Kathryn shares how the conversation happened between her and the co-founders
- 17:11 – They wanted to work and make it happen
- 17:25 – The equity between them is almost even
17:54 – The Muse raised a round for $100K in 2012 and got into Y-combinator
18:41 – The Muse raised $10M in a series A in 2015, and $16M in a Series B: Q1 of 2017
19:12 – The Muse is closed to breaking even
19:31 – There are different ways in building a business and there’s no one perfect path
19:53 – The Muse has 600 active businesses
- 20:10 – Some companies just closed or got acquired
21:35 – Average revenue
23:05 – The Famous Five
23:32 – Kathryn’s book The New Rules of Work

3 Key Points:

You can start a business with minimal means and still grow it into a profitable one.
There is no one perfect path to building a business.
If a task or venture is hard, that’s a good sign it’s worth it.

Resources Mentioned:

The Top Inbox – The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens, and follow-up with email sequences
Klipfolio – Track your business performance across all departments for FREE
Hotjar – Nathan uses Hotjar to track what you’re doing on this site. He gets a video of each user visit like where they clicked and scrolled to make the site a better experience
Acuity Scheduling – Nathan uses Acuity to schedule his podcast interviews and appointments
Host Gator – The site Nathan uses to buy his domain names and hosting for the cheapest price possible
Audible – Nathan uses Audible when he’s driving from Austin to San Antonio (1.5-hour drive) to listen to audio books
Show Notes provided by Mallard Creatives

Transcript

Click on a timestamp to play from that location

0:00.0	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.
0:09.4	You'll learn how much revenue they're making, what their marketing funnel looks like, and how many customers they have.
0:16.1	I'm now at $20,000 per talk.
0:18.3	Five and six million.
0:19.3	He is hell bent on global domination. We just broke our $100,000 unit sold mark Five and six million. He is hell bent on global domination.
0:21.2	We just broke our 100,000 unit soul mark.
0:23.9	And I'm your host, Nathan Latka.
0:27.1	This is episode 702 coming up tomorrow morning and talk to Paul, and he breaks down the
0:31.6	accidental $10,000 per month side project.
0:35.3	Well, heck, how can you stumble into your own accidental
0:37.9	10 grand per month? Be sure to tune in tomorrow morning. Good morning, everybody. My guest
0:42.4	this morning is Catherine Minshu. She is the CEO and founder of the muse.com, a career platform
0:49.3	used by over 50 million folks to find a job, learn professional skills, or advance in their careers, and
0:55.4	by hundreds of companies looking to grow their employer brand and to hire.
1:00.2	Now, Catherine is a Wall Street Journal and Harvard Business Review contributor, and she's
1:04.7	spoken at MIT and Harvard, along with the Today Show and CNN.
1:08.9	She's been named as smart CEO's Future 50 in Inks 35 under 35,
1:12.8	a Duke alum. Catherine worked in Rwanda with the Clinton Health Access Initiative before founding
1:18.4	the muse and was previously at McKinsey and Company. Catherine, are you ready to take us to the top?
1:23.3	I am really excited to be here. Thank you for making the time. So tell us first for those folks that are not familiar, what is the Mews?
1:30.8	And specifically, what's your revenue model?
1:32.6	How do you generate money?
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Nathan Latka, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Nathan Latka and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.