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The Top Entrepreneurs in Money, Marketing, Business and Life

Listen to The Top if you want to hear from the worlds TOP entrepreneurs on how much they sold last month, how they are selling it, and what they are selling - 7 days a week in 20 minute interviews! The Top is FOR YOU IF you are: A STUDENT who wants to become the CEO of a $10m company in under 24 months (episode #4) STUCK in the CORPORATE grind and looking to create a $10k/mo side business so you can quit (episode #7) An influencer or BLOGGER who wants to make $27k/mo in monthly RECURRING revenue to have the life you want and full CONTROL (episode #1) The Software as a Service (SaaS) entrepreneur who wants to grow to a $100m+ valuation (episode #14). Your host, Nathan Latka is a 25 year old software entrepreneur who has driven over $4.5 million in revenue and built a 25 person team as he dropped out of school, raised $2.5million from a Forbes Billionaire, and attracted over 10,000 paying customers from 160+ different countries. Oprah gets 60 minutes or more to make her guests comfortable to then ask tough questions. Nathan does it all in less than 15 minutes in this daily podcast that's like an audio version of Pat Flynn's monthly income report. Join the Top Tribe at NathanLatka.com/TheTop
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Now displaying: Page 1
Jul 10, 2017

Stu Sjouwerman. He’s a serial entrepreneur and currently the founder and CEO of KnowBe4.com. He’s a big Shark Tank fan. He’s based in Tampa, Florida.

Famous Five:

  • Favorite Book? – Positioning
  • What CEO do you follow? – Elon Musk
  • Favorite online tool? — SurveyMonkey
  • How many hours of sleep do you get?—6
  • If you could let your 20-year old self, know one thing, what would it be? – “I wished that my 21 old self knew that Bill Gates was going to go into Windows server, in about 1995”

 

Time Stamped Show Notes:

  • 01:21 – Nathan introduces Stu to the show
  • 01:46 – KnowBe4 is a new school IT
    • 01:51 – KnowBe4 focuses on modern security and awareness training
  • 02:08 – KnowBe4 is a SaaS company
  • 02:46 – Average pay per user is $15/year
    • 03:01 – The charge is annual upfront which is easier and most people prefer that
  • 03:26 – KnowBe4 focuses on organizations with 50 users and up
  • 03:36 – Average seat size varies
    • 03:52 – Average seat size for SMBs is 200-300 and for enterprise 1500-3000 seats
  • 04:21 – Stu sold his anti-virus company in 2010
  • 04:35 – It was called Sunbelt and Stu’s 4th startup
  • 04:56 – “We are growing like crazy”
  • 05:01 – KnowBe4 did $7M in 2015, $24M in 2016 and is targeting $50M this year
  • 05:26 – KnowBe4 does inbound marketing and they send newsletters to their list of 1.2M people
    • 05:40 – The list was built over several years
  • 05:57 – KnowBe4 was bootstrapped for 5 years and Stu spent around a million building the company
  • 06:07 – In December 2015, they took $8M from VC
  • 06:47 – Total fund raised was $13M
  • 07:11 – It was easy for Stu to let go of 20% of the company
  • 07:25 – Stu’s told Kevin Mitnick that he would give him 50% of his company in exchange for Kevin’s 30-year experience in hacking
  • 08:34 – The cap table
  • 09:10 – Stu is confident that KnowBe4 will earn $50M this year
  • 09:20 – Churn is 15% annually
  • 09:33 – It is relatively easy to predict whether a SaaS model will be profitable
  • 09:43 – KnowBe4 serves 9500 companies
  • 09:55 – Average ARR
  • 10:22 – March revenue
  • 10:58 – Enterprise sales come in March
  • 11:10 – Team size is 290
  • 11:27 – CAC is around $2600
  • 11:39 – CAC to LTV ratio is 7
  • 12:02 – CAC payback is instant
  • 12:17 – Average selling price per year
  • 12:42 – Stu likes Vladimir Putin
  • 14:03 – Eagles programs are state-sponsored programs that are offensive cyberattacks
  • 14:49 – USA also has offensive cyber weapons, same with China and Russia
  • 14:58 – Hackers go after the weak link in IT security, which is the human
    • 15:15 – It comes in the form of an email
  • 15:33 – KnowBe4 sends frequent phishing attacks that are similar to legitimate ones
    • 15:43 – This will make the team aware and cause them to be on top of their toes in case they receive an attack
  • 16:02 – KnowBe4 has a phish alert button
  • 16:30 – KnowBe4 trains people with the real stuff
  • 16:41 – Stu used to play soccer and is very competitive
  • 16:49 – Stu has 2 reasons why he wants to go public:
    • 16:52 – First, because he has never gone public before
    • 16:57 – Second is to expand further and faster
  • 17:12 – KnowBe4’s biggest competitors are PhishMe and Wombat
  • 17:26 – Stu gets their competitors’ information from Owler
  • 17:45 – There’s a possibility of Stu acquiring one of their competitors once they go public
  • 18:11 – Stu got $10M from his previous exit and he’s NOT doing KnowBe4 for the money
  • 18:57 – The biggest problem Stu had with his previous company was social engineering
  • 19:08 – “Nobody is really taking care of the human IT security”
  • 20:30 – The Famous Five

 

3 Key Points:

  1. There’s a big gap in human IT security and more and more people aren’t even aware they’re being hacked.
  2. Going public can help a company expand further and faster, and perhaps even acquire the competition.
  3. There is no such thing as retirement.

 

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

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