Brian Wong, who started his company Kiip after getting laid off. As his company has grown and matured, his cofounders have moved on. But Brian is incredible grateful for his company and believes in sticking to your decisions and putting your whole heart and soul into your business. Now Kiip is on track to make $20 million this year, so he must be doing something right.
Famous Five:
- Favorite Book? – Predictably Irrational
- What CEO do you follow? — Evan Spiegel
- Favorite online tool? — Evernote
- Do you get 8 hours of sleep? — No.
- If you could let your 20 year old self know one thing, what would it be? — Stop taking everything so seriously. Everything is going to work out.
Time Stamped Show Notes:
- 01:20 – Nathan introduces Brian
- 01:50 – Kiip is embedded into apps, and it rewards you for achievements in those apps
- 02:45 – 50/50 revenue share with brands who provide the rewards
- 03:20 – The economics of partnering with a brand like Gatorade
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- 04:00 – Customers must claim the award for either company to get money
- 05:00 – Why they use email to deliver the awards
- 05:38 – Brian’s journey to where he is now, at age 25
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- 06:00 – He found himself in business development
- 06:55 – Laid off in 2010
- 07:00 – He met with a few venture capitalists, and a startup seemed like the right direction
- 08:00 – He and his two cofounders got started
- 08:30 – They started with $300k
- 09:30 – Total capital now is $32 million
- 09:45 – Last year’s revenue was $11 million
- 10:00 – Margins are increasing as they are becoming more efficient
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- 10:40 – Reducing server costs, marketing costs, and creating different revenue streams
- 11:25 – They have a unique revenue model that brings in “new money”
- 12:35 – Engagement rate is 10%
- 13:10 – Both of Brian’s cofounders have left to do other things
- 13:45 – How Brian feels about his company’s growth
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- 14:15 – “At the end of the day, it’s what your exit is.”
- 14:50 – He feels thankful for what he has with his company
- 15:15 – “Make your decision and don’t look back.” You can always dream about what could be better or different, but follow through and stay committed to what you have.
- 16:50 – Goal for 2016 is $20 million
- 17:00 – Hopes to grow the margin more
- 17:15 – Twitter @brian_wong and Snapchat at bwong91
- 19:20 – The Famous Five
3 Key Points:
- When you make a decision, completely commit to that decision.
- It does no good to daydream about what could be better or different. Channel that energy into improving what you have.
- Take advantage of an opportunity when it is put in front of you.
Resources Mentioned:
- Host Gator – The site Nathan uses to buy his domain names and hosting for cheapest price possible.
- Freshbooks - The site Nathan uses to manage his invoices and accounts.
- Leadpages – The drag and drop tool Nathan uses to quickly create his webinar landing pages which convert at 35%+
- Audible – Nathan uses Audible when he's driving from Austin to San Antonio (1.5 hour drive) to listen to audio books.
- Evernote – Brian’s favorite online tool
- Show Notes provided by Mallard Creatives