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SaaS Interviews with CEOs, Startups, Founders

What if you knew data behind the fastest growing SaaS companies today? Each morning join Nathan Latka as he spends 15 minutes interviewing SaaS founders. You'll learn how SaaS CEO's launched their startup and grew it into a business. SaaS Founders range from bootstrapped to funded, MVP to 10,000 customers, pre revenue to pre IPO.
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Now displaying: Page 1
Jun 13, 2016

Subbu Rama, co-founder of BitFusion, a service that gathers unused processing power to create a decentralised supercomputer. Subbu’s hoping to create something as big as VMware. Listen as Subbu answers the hard questions about splitting equity, raising capital, and building sales at the beginning of a big idea.

Famous Five:

Favorite Book? – Steve Jobs
What CEO do you follow? — Steve Jobs, posthumously.
Favourite online tool? — Slack
Do you get 8 hours of sleep?— Yes
If you could let your 20 year old self know one thing, what would it be?—I wish I’d started a company

Time Stamped Show Notes:
01:45 – Nathan’s introduction
01:50 – Welcoming Subbu to the show
02:35 – BitFusion grabs unused processing power to speed up clients’ processing
03:23 – Started in February 2015
03:36 – Based in Austin, Texas
03:50 – Subbu gave up a $250k salary at Dell to create BitFusion
04:20 – “The world is moving beyond CPUs...big computation is becoming more complex”
04:30 – “I thought - how do we bring hypercomputing to the normals?”
04:45 – Subbu’s co-founders quit Samsung and Intel
05:15 – The co-founders split their equity equally - 33% each
06:01 – “People don’t put the same energy in all the time...but in the end it all evens out”
06:45 – “I would recommend doing whatever you’re comfortable with”
07:26 – Raised $1.5 million in a seed round
07:42 – Went through the TechStars incubator
08:00 – Debt round via convertible note
08:40 – Nathan: “Are you making sales?”
09:05 – Have around 6 customers
09:40 – Customers pay $10-100k per year
09:55 – Looked for customers they could close with in 1-3 months
10:20 – Gained 6 customers in 2 months
10:40 – Revenue in the last year has been $100-500k
11:11 – Losing less than $100k per month in salaries - team of 9 people
11:50 – Hope to have enough customers in 2016 to run a Series A
12:25 – “I look at strategic investors, not valuation”
12:55 – “We want investors who will help us”
13:29 – Subbu wouldn’t sell for $20 million right now
13:50 – “We think this could be as big as VMWare”
14:18 – Connect with Subbu on Twitter
15:45 – The Famous Five


3 Key Points:
Look for strategic investment partners who’ll bring something besides money to the table
Sales are everything. Start bringing in customers as quickly as you can.
Computation is becoming more complex: services that capitalise on super-fast processing are going to succeed


Resources Mentioned:
Freshbooks - The site Nathan uses to manage his invoices and accounts.
Host Gator – The site Nathan uses to buy his domain names and hosting for cheapest price possible.
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.

Show Notes provided by Mallard Creatives

 

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