Hey, I'm Elias and I do case studies analyzing successful startups and solopreneurs. I wanted to share the summarized version of this one with you because this entrepreneurial journey blew my mind.
This post will be about FormulaBot (ExcelFormulaBot), an AI No Code SaaS founded by David Bressler back in August 2022. FormulaBot is currently making $40k MRR (monthly recurring revenue).
How did the founder come up with the idea.
David is a data guy who worked in analytics for several years. In July 2022, David got really interested in AI, especially ChatGPT. One night, he tried it out at home, just like we all did back in the time. But in his case, trying ChatGPT gave him a big idea. That idea ended up making him a lot of money and changing the life of 750 million people who use Excel.
That night David started by asking GPT easy questions, then complex ones. Since he used Excel a lot and helped his colleagues with it, he thought about an AI that could make Excel easier, like generating formulas from text. He looked online but found nothing. Seeing a big chance, he decided to do something about it.
What challenges did the founder face.
But David didn’t have any idea about how to develop an app. However, with no-code tools this is not a problem anymore. He discovered Bubble, a no-code web app tool that could connect with the OpenAI API.After, learning Bubble from YouTube tutorials and through trial and error and spending his nights studying the OpenAI API documentation, he launched the first version of the app in around three weeks.
Strategies that made the project successful.
David validated his idea by posting about ExcelFormulaBot on a Reddit Excel subreddit, receiving surprising attention with 10,000 upvotes. This encouraged him to offer the tool for free to gather feedback. Facing a hefty $4,999 API bill after the Reddit post, David quickly monetized his product with a subscription-based SaaS website. On launch day, 82 customers signed up, surpassing his expectations. A successful Product Hunt launch followed, generating $2.4k in sales within 24 hours, and a TikTok influencer with 4.5 million followers brought in thousands of new users overnight with a viral video.
Marketing approach:
-Paid ads: FormulaBot boosted website traffic with Paid Ads, notably on Google Ads, prioritizing Quality Score. This ensured ads aligned better with user searches, maximizing visibility and cost-efficiency, targeting those seeking Excel formula assistance.
-SEO:
a) Content/Keyword optimization: FormulaBot improved its SEO by making helpful pages about Excel formulas, like guides on topics such as "How to use SUMIFS."
b) Site Speed Enhancement: David boosted FormulaBot's marketing site speed by moving it from Bubble to Framer, aiming to improve user experience and SEO performance.
c) On-page optimization: David optimized FormulaBot's on-page elements by adjusting title tags, meta descriptions, and content to enhance SEO performance and align with search intent. These strategic refinements aimed to address ranking declines and emphasize FormulaBot's uniqueness, ultimately improving its visibility and competitiveness in search results.
-Virality: FormulaBot went viral as users found it highly useful and cool. Influencers on platforms like TikTok and Twitter shared it with their followers because they found it valuable. Offering numerous free features further enhanced its appeal.
Lessons: successes and mistakes.
Leverage industry expertise: David identified a problem in analytics and used his experience to start an online business addressing it, turning an industry challenge into a profitable venture.
Embrace learning new skills: Despite lacking initial technical know-how, David learned what he needed to develop the software himself, demonstrating a commitment to continuous learning and adaptability crucial for success.
Minimize dependency on third parties: Relying solely on the ChatGPT API poses risks for FormulaBot. Any issues with the API could disrupt functionality and limit scalability.
Caution with free tools: Offering a free tool can attract users and drive viral growth, but converting them to paying customers is challenging. Avoid relying solely on a 100% free model unless your revenue comes from non-user sources like ads. For businesses dependent on user subscriptions or purchases, balancing user attraction with conversion challenges is crucial.
How could you replicate this idea step-by-step.
To replicate the success of FormulaBot and similar AI wrapper startups, it's crucial to tread carefully in a competitive market. Avoid mere replication of existing solutions unless you can offer something distinct or superior. Consider these steps to effectively develop an AI Wrapper/ChatGPT wrapper product using Bubble as a no-code tool:
Feel free to comment if you have any questions, and let me know which similar ideas you'd like me to analyze.
This post will be about FormulaBot (ExcelFormulaBot), an AI No Code SaaS founded by David Bressler back in August 2022. FormulaBot is currently making $40k MRR (monthly recurring revenue).
How did the founder come up with the idea.
David is a data guy who worked in analytics for several years. In July 2022, David got really interested in AI, especially ChatGPT. One night, he tried it out at home, just like we all did back in the time. But in his case, trying ChatGPT gave him a big idea. That idea ended up making him a lot of money and changing the life of 750 million people who use Excel.
That night David started by asking GPT easy questions, then complex ones. Since he used Excel a lot and helped his colleagues with it, he thought about an AI that could make Excel easier, like generating formulas from text. He looked online but found nothing. Seeing a big chance, he decided to do something about it.
What challenges did the founder face.
But David didn’t have any idea about how to develop an app. However, with no-code tools this is not a problem anymore. He discovered Bubble, a no-code web app tool that could connect with the OpenAI API.After, learning Bubble from YouTube tutorials and through trial and error and spending his nights studying the OpenAI API documentation, he launched the first version of the app in around three weeks.
Strategies that made the project successful.
David validated his idea by posting about ExcelFormulaBot on a Reddit Excel subreddit, receiving surprising attention with 10,000 upvotes. This encouraged him to offer the tool for free to gather feedback. Facing a hefty $4,999 API bill after the Reddit post, David quickly monetized his product with a subscription-based SaaS website. On launch day, 82 customers signed up, surpassing his expectations. A successful Product Hunt launch followed, generating $2.4k in sales within 24 hours, and a TikTok influencer with 4.5 million followers brought in thousands of new users overnight with a viral video.
Marketing approach:
-Paid ads: FormulaBot boosted website traffic with Paid Ads, notably on Google Ads, prioritizing Quality Score. This ensured ads aligned better with user searches, maximizing visibility and cost-efficiency, targeting those seeking Excel formula assistance.
-SEO:
a) Content/Keyword optimization: FormulaBot improved its SEO by making helpful pages about Excel formulas, like guides on topics such as "How to use SUMIFS."
b) Site Speed Enhancement: David boosted FormulaBot's marketing site speed by moving it from Bubble to Framer, aiming to improve user experience and SEO performance.
c) On-page optimization: David optimized FormulaBot's on-page elements by adjusting title tags, meta descriptions, and content to enhance SEO performance and align with search intent. These strategic refinements aimed to address ranking declines and emphasize FormulaBot's uniqueness, ultimately improving its visibility and competitiveness in search results.
-Virality: FormulaBot went viral as users found it highly useful and cool. Influencers on platforms like TikTok and Twitter shared it with their followers because they found it valuable. Offering numerous free features further enhanced its appeal.
Lessons: successes and mistakes.
Leverage industry expertise: David identified a problem in analytics and used his experience to start an online business addressing it, turning an industry challenge into a profitable venture. Embrace learning new skills: Despite lacking initial technical know-how, David learned what he needed to develop the software himself, demonstrating a commitment to continuous learning and adaptability crucial for success. Minimize dependency on third parties: Relying solely on the ChatGPT API poses risks for FormulaBot. Any issues with the API could disrupt functionality and limit scalability. Caution with free tools: Offering a free tool can attract users and drive viral growth, but converting them to paying customers is challenging. Avoid relying solely on a 100% free model unless your revenue comes from non-user sources like ads. For businesses dependent on user subscriptions or purchases, balancing user attraction with conversion challenges is crucial. How could you replicate this idea step-by-step.
To replicate the success of FormulaBot and similar AI wrapper startups, it's crucial to tread carefully in a competitive market. Avoid mere replication of existing solutions unless you can offer something distinct or superior. Consider these steps to effectively develop an AI Wrapper/ChatGPT wrapper product using Bubble as a no-code tool:
- Design the user interface: Utilize Bubble's drag-and-drop editor to create a user-friendly interface with input fields, buttons, and result displays.
- Set up workflows: Define workflows to connect the interface with the ChatGPT API, enabling seamless interaction between users and the AI.
- Integrate the ChatGPT API: Obtain the API key from OpenAI and integrate it into your app using Bubble's API connector feature.
- Test and gather feedback: Thoroughly test your app, soliciting feedback to refine functionality and usability.
- Refine and optimize: Continuously improve your app based on user input and testing results to enhance performance and user experience.
Feel free to comment if you have any questions, and let me know which similar ideas you'd like me to analyze.