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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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Jul 18, 2017

Colin Day. He’s the chairman and CEO of a company called iCIMS which he founded in 2000 with a vision to deliver applicant tracking software, emphasizing easy-to-use, unparalleled, customer service. iCIMS is the largest stand-alone provider of talent acquisition software in the industry and stands among Forbes top 100 fastest growing private cloud companies in the country

Famous Five:

  • Favorite Book? – Good to Great
  • What CEO do you follow? – Satya Nadella and Marc Benioff
  • Favorite online tool? — Office 365
  • How many hours of sleep do you get?— 8
  • If you could let your 20-year old self, know one thing, what would it be? – “Trust your gut and trust your instincts”

 

Time Stamped Show Notes:

  • 01:08 – Nathan introduces Colin to the show
  • 01:47 – iCIMS know they’re winning by customer base
  • 02:02 – iCIMS is next to Oracle
  • 02:37 – iCIMS has a bedrock product that is their applicant tracking system
  • 03:07 – iCIMS is a SaaS business
  • 03:39 – iCIMS has multiple products, but the main product is the tracking system
    • 03:52 – It handles compliance around data
  • 04:14 – Pricing varies
  • 04:21 – Recruitment becomes an important part of a company when they reach 100 employees
  • 04:37 – iCIMS has price buckets that fit the smaller market, mid-sized and high-end markets
  • 05:10 – How Colin started a SaaS business in 1999
  • 05:17 – Colin graduated from Cornell with a degree in Psychology
  • 05:23 – Colin wanted to do something entrepreneurial
  • 05:38 – Colin’s first client was from New Jersey
  • 05:56 – Colin was logged into Comrise's proprietary system
  • 06:21 – Colin then thought to buy the rights to Comrise’s proprietary system to start his own company
  • 06:48 – Colin started as a recruiter in 1997
  • 07:36 – The CEO of Comrise believed in Colin
  • 08:43 – Colin saw an opportunity and bought the system
  • 08:57 – The CEO of Comrise loaned Colin the capital for iCIMS
  • 09:40 – When Colin was working as a recruiter, they couldn’t find enough technology to work
  • 09:55 – It was a “hey day” when Colin spun out
  • 10:20 – The capital was called a payroll loan
    • 10:48 – Colin will call the CEO every time he needed money
  • 11:11 – Colin didn’t negotiate equity upfront
  • 11:37 – iCIMS was charging monthly
  • 12:23 – Current team size is around 650
  • 12:33 – In November, they’ll be moving from New Jersey to Old Bell Labs HQ
  • 13:06 – iCIMS has grown without any outside money other than the loaned capital
  • 13:17 – iCIMS has brought in a private equity company
  • 14:14 – The money from the private equity company went directly towards the equity and not on the operational side of the company
  • 14:29 – Besides getting an outside investor, it is also a good choice to get a private equity company
  • 15:22 – Colin has a desire to win
  • 16:12 – iCIMS’s mandate is to convince the world to be contrarian
  • 16:51 – Colin wants iCIMS to be the definition of winning
  • 17:30 – Colin tries to always stay focused
  • 18:18 – CAC
  • 18:43 – Average annual contract price is around $30K
  • 19:50 – Average MRR
  • 20:40 – The Famous Five

 

3 Key Points:

  1. Don’t be afraid to ask someone about their business plan.
  2. Always desire to win and stay focused – it works.
  3. Trust your instincts; don’t doubt yourself.

 

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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