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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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Aug 12, 2017

Gavin Wheeldon. With over 15 years of experience working in technology led or enabled businesses, Gavin has a deep understanding of the impact of technology on the bottom line of an organization. He sold his last business, Applied Language Solutions, a global language technology and service business, and has used some of the earnings to set up a new company, Purple WiFi.

Famous Five:

  • Favorite Book? – Who Moved My Cheese
  • What CEO do you follow? – Jack Welch
  • Favorite online tool? — InsightSquared
  • 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? – “I’d rather read more of finance”

 

Time Stamped Show Notes:

  • 01:24 – Nathan introduces Gavin to the show
  • 02:29 – Gavin travels a lot and is frequently reliant on public WiFi—that’s where the idea for Purple WiFi came from
  • 03:02 – Gavin sold his last company for over $60M
    • 03:20 – His last company was in the translation and interpretation industry
    • 03:23 – They used machine learning to translate languages with incredible accuracy
    • 03:43 – Theirs is also a human editing in between so the translation is perfect
    • 03:59 – Gavin was 36 when he sold it
    • 04:02 – It was completely bootstrapped
  • 04:44 – There’s no particular single owner of the space
    • 04:54 – Fon does domestic hotspot and other traditional utility wifi
  • 05:38 – Purple Wifi is the next generation of wifi
  • 06:03 - Purple WiFi is SaaS business, charging annually depending on the number of wifi points
    • 06:14 – For a single venue, the price is $13 a month
    • 06:22 – Purple WiFi also caters to stadiums and airports
    • 06:45 – An airport can average a hundred access points
  • 07:10 - Purple WiFi currently has 17K installations
    • 07:15 – It ranges from restaurants up to a whole city
    • 07:53 – They now have around 80K access points
  • 08:03 – Average MRR is close to a million
  • 08:25 – Purple WiFi offers discount for bigger venues
  • 09:00 – Sales cycle varies every hour
  • 09:19 – A physical venue owner is usually clueless about what is happening in the venue
  • 09:50 - Purple WiFi is channel-based and sells through partners
    • 09:55 – Some of the partners are Telstra and Singtel and other national carriers
  • 10:23 – Team size is over 100
    • 10:30 – 45 are focused on sales and partnerships
  • 10:46 – Telcos are usually built with partners
    • 11:09 – They can build their own access points but it takes years and a huge investment
  • 11:40 – Purple WiFi partners with half of the service providers in the USA
  • 12:37 – Purple WiFi partners with Cisco and Ruckus for the access points
  • 13:06 - Purple WiFi does post visit reviews which prompt the user to review the coffee shop or hotel
    • 13:19 – There was around 500 increase in TripAdvisor reviews
    • 13:21 – 600-700% increase in CRM generation
    • 13:28 – The value of Purple Wifi can be seen from day 1
  • 13:43 - Purple WiFi was launched in 2013
  • 13:48 – First year revenue was $200K
  • 13:59 – 2014 revenue was around $600K
  • 14:13 - Purple WiFi consistently grows over 100% year over year
  • 14:34 – 2017 target revenue
  • 14:48 – Gross margin is 80%
    • 14:59 – One of the challenges is the location and the huge number of data
  • 15:35 - Purple WiFi is processing around 500K data from all of their access points in a day
  • 15:50 – Purple WiFi has net negative churn and gross customer churn is 12% yearly
  • 17:00 – LTV is around 10 years
    • 17:10 – Most enterprise customers are signing 3-5 years with an upfront payment
  • 17:33 - Purple WiFi has raised $13M
    • 17:51 – The costs usually go to engineering and sales
    • 18:07 - Purple WiFi spends on event sponsorship too
    • 18:24 – They track the events prior to sponsorship
    • 18:50 – Payback period is around 12 months
    • 19:25 – Average CAC
  • 19:39 - Purple WiFi is headquartered in Manchester, UK and US office is in Austin, Texas
  • 20:26 - Purple WiFi is tremendously valuable for conferences
  • 23:04 – The Famous Five

 

3 Key Points:

  1. Public wifi solutions are becoming more and more of a necessity especially for establishments and events.
  2. Having your own wifi solution allows you to gather data more than you could otherwise.
  3. Study your business before starting your business.

 

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
  • GetLatka - Database of all B2B SaaS companies who have been on my show including their revenue, CAC, churn, ARPU and more
  • 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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