Sramana Mitra: Do you have about 50 customers right now?
Andrew Plato: That sounds right. We’ve got a mixture of some on our platform. It’s not quite 50. It’s probably in the low 20’s. We’d 12 on the platform as of this year. Plus some existing business.
Sramana Mitra: These 20 odd customers have all come out of your referral network?>>>
I’m publishing this series on LinkedIn called Colors to explore a topic that I care deeply about: the Renaissance Mind. I am just as passionate about entrepreneurship, technology, and business, as I am about art and culture. In this series, I will typically publish a piece of art – one of my paintings – and I request you to spend a minute or two deeply meditating on it. I urge you to watch your feelings, thoughts, reactions to the piece, and write what comes to you, what thoughts it triggers, in the dialog area. Let us see what stimulation this interaction yields. For today – Cherry Blossoms, Night
Cherry Blossoms, Night | Sramana Mitra, 2018 | Watercolor, Pastel, Brush Pen | 9 x 12, On Paper
Sramana Mitra: How much money had gone into the company at the point of exit?
Garrett Goldberg: Probably around $60 million. They raised Series A, a Series A extension, and then Series B.
Sramana Mitra: Interesting. A question about real estate since that’s a background you have. What do you see happening given that we are going through this tremendous work-from-home trend at the moment.>>>
What is the best bootstrapping tactic for B-to-B startups? Solve an acute customer pain. Get paid an advance to do so. Leeyo Software CEO Jagan Reddy followed this strategy to bootstrap to $20 million. He built a niche software that solved a very specific problem and started selling it to enterprises for a lot of money. This story is a textbook case study of how well you can scale with no outside financing if you can identify a burning pain point in customers who are willing to pay a LOT to solve that pain.
Sramana Mitra: Let’s start at the very beginning of your journey. Where were you born, raised, and in what kind of background?
Jagan Reddy: I was born in India. All my schooling was done in India.
In case you missed it, you can listen to the recording here:
Entrepreneurs are invited to the 488th FREE online 1Mby1M mentoring roundtable on Thursday, June 4, 2020, at 8 a.m. PDT/11 a.m. EDT/5 p.m. CEST/8:30 p.m. India IST.
If you are a serious entrepreneur, register to “pitch” and sell your business idea. You’ll receive straightforward feedback, advice on next steps, and answers to any of your questions. Others can register to “attend” to watch, learn, and interact through the online chat.
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Cloud-based accounting and tax preparation software giant Intuit (NASDAQ: INTU) recently announced its third quarter earnings. The global pandemic has hurt the smaller businesses most and with the US tax deadline being extended, the company’s revenues were hurt. But it still managed to surpass market expectations.>>>
Sramana Mitra: Talk to me a bit about your go-to market experience. Were the first people you went out to people that you had been selling your professional services to?
Andrew Plato: It’s a combination. We went to some of our existing customers first. Many of them struggled to even comprehend what we were doing. A recurring theme in my whole career is this context problem. You’re talking to a person in this particular context, and when you give them a completely different context, you create confusion.>>>