Bootstrapping to $80 Million from Canada: Rob Purdy, CEO of Power2Motivate (Part 1)

If you haven’t already, please study our Bootstrapping Course and Investor Introductions page. 

Adding to our incredible roster of stories of entrepreneurs who have bootstrapped decisively, Rob’s is an incredible journey of a precise execution.

Sramana Mitra: Let’s start at the very beginning of your journey. Where are you from? Where were you born, raised, and what kind of background?

Rob Purdy: I was born in Ontario, Canada. Our family is very blue collar. I grew up in an environment centered around a steady 7 in the morning and home at 3:30 kind of routine. We were in an area of the city where General Motors dominated the local >>>

Bootstrapping to $10M+ From Australia: Financial DNA CEO Hugh Massie (Part 6)

Sramana Mitra: How did you stimulate that? Were these inbound leads or did you actually go after enterprise clients?

Hugh Massie: Both. There were inbound leads. People became aware that we existed. Because what we have done has been leading edge, it’s only now that these bigger firms are starting to having a goals-based financial planning model. What I’m finding more commonplace is request for proposals. That didn’t exist until the last year or so. It was all very organic. These firms >>>

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Bootstrapping to $10M+ From Australia: Financial DNA CEO Hugh Massie (Part 5)

Sramana Mitra: What did you price it at?

Hugh Massie: There are three pricing levels. The bottom one is $1,500 a year. The top one is $3,995 a year depending on what components of the system they buy.

Sramana Mitra: What was the mix of customers? Were you still selling largely to the small individual advisors or were you now selling to the larger financial institutions? >>>

Bootstrapping to $10M+ From Australia: Financial DNA CEO Hugh Massie (Part 4)

Sramana Mitra: How long did it take you to reach a million dollars in revenue?

Hugh Massie: We were about two years into it before we got to that level.

Sramana Mitra: That was still based on the product sales model, right?

Hugh Massie: Yes.

Sramana Mitra: What was the next major strategic thing that you did to grow the business? >>>

Bootstrapping to $10M+ From Australia: Financial DNA CEO Hugh Massie (Part 3)

Sramana Mitra: Whom are you selling to? Are you selling to financial advisors?

Hugh Massie: We sell a subscription package to financial advisors. We have a SaaS revenue-based model.

Sramana Mitra: Got it. What is the source of the data based on which you’re developing these models?

Hugh Massie: We have built psychometric systems using research techniques that drive the outcome. If somebody answers from three words put together – most like and least like – that will give us a behavioral insight about them. We have our own recipe >>>

Bootstrapping to $10M+ From Australia: Financial DNA CEO Hugh Massie (Part 2)

Sramana Mitra: When you decided that this was the mission around which you were going to create an offering, what did you decide to do? What was the product or service? What format did it take?

Hugh Massie: I realized that it needed to be a product that was scalable. It could be done by any person in the world regardless of their age, race, culture, or belief systems. That meant two things. It needed to be a very good technology system. Two, from a human behavior point of view, it needed to be validated. I needed to develop from the outputs that we needed to know about a >>>

Bootstrapping to $10M+ From Australia: Financial DNA CEO Hugh Massie (Part 1)

If you haven’t already, please study our Bootstrapping Course and Investor Introductions page. 

Wonderful story of yet another Australian founder who has diligently scaled to $10M+ in revenue.

Sramana Mitra: Let’s start at the very beginning of your journey. Where are you from? Where were you born, raised, and in what kind of background?

Hugh Massie: I was born in Sydney, Australia. I was privately-educated at a very good private school. When I finished that, I did a degree in Commerce and Economics at the University of New South Wales. Following that, I became a Chartered >>>