How he spun his software out of a corporation and hit first 5 paying customers

SaaS Interviews with CEOs, Startups, Founders

Nathan Latka

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

4.6 • 683 Ratings

🗓️ 13 October 2023

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

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Summary

They've spent $225k building the MVP. If burn stays this high, they need to raise $500k in Dec. They only want to sell 20% of the company implying a 40x multiple. Can he get it done?

Transcript

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0:00.0	You are listening to conversations with Nathan Latka, where I sit down and interview the top
0:09.8	SaaS founders, like Eric Wan from Zoom.
0:13.6	If you'd like to subscribe, go to getlatka.com.
0:17.7	We've published thousands of these interviews, and if you want to sort through them quickly by
0:21.8	revenue or churn, cack, valuation, or other metrics, the easiest way to do that is to go to
0:27.4	gitlatka.com and use our filtering tool. It's like a big Excel sheet for all these podcast
0:32.2	interviews. Check it out right now at gitlatka.com.
0:38.7	Canvano.de launched because him and his two buddies built it internally at a big company called
0:43.4	Trump. They said, we need to spend this bad boy out. Trump said, here's some money, six
0:46.7	figures, give us 20% of the new company. They spun it out. Now they've got, call it five paying
0:51.6	customers paying on average, you know, call it 500 bucks-ish
0:54.6	per month doing $2,500 per month right now in revenue, hoping to double revenue to $5,000 a month
0:59.0	by December and then go out and raise, call it $500K at a 2.5-ish post-money evaluation.
1:04.3	We'll see if he can get it done tough market right now.
1:07.1	Again, they are helping you drive up your employee engagement with their platform,
1:11.5	convano.de.
1:13.7	Hey, folks. My guest today is Yannick Dickel. He's building a company called Convano.
1:17.2	. . It's a B2B SaaS Appreciation platform. Yonick, you ready to take us to the top?
1:22.9	Yeah, sure. I'm. All right. So you launched this in 2020. It looks like you're playing in the HR tech space, a leading appreciation platform for employees.
1:31.2	What does that mean?
1:33.1	That's right.
1:34.0	We started last year.
	...

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