Need Sales co-founder

[saved123]

I am launching my SaaS which has potential of hitting $500M valuation in 5 years. The MVP (90% of the final product) is ready. I have a team of 11 people working. Its bootstrapped for an year. I am a technical founder.

I would need an investor in next 6 months if I don't get revenue targets.

I have 2 options

1. Launch my product n do my best to start getting some revenue ASAP, keep cost low.

2. Find a co-founder, show the business idea, plan, opportunity, offer 10% shares and hope to get serious traction in 4-6 months.

About the product - Its a SaaS Solution for a domain where the market is not saturated and not even mature though there are some old and some established players. Most of the established players are sitting on $100M to $200M investor money even though most of them have ARR between $20-$40M revenue.

My product is different because its the only product in last 5 years. Its built on latest tech platform. Its direct impact on bottomline. It is technically far better than any other business.

I can choose to keep digging and give an investor higher % for low traction or get a co founder, get higher traction and split the % between investor n co founder.

Co founder will be more useful than investor right now since I have cash to run the biz without revenue for another 6 months.

Been 1 year in development.

 

[80sflashbacks]

@saved123 Bootstrap and keep focusing on reducing your burn IMO.

 

[saved123]

@80sflashbacks The problem is I have some USP. But I am competing against cash rich companies. And by the time I would gain market share, they will copy. And if I reduce burn, it will be hard to maintain leadership in terms of product.
It’s Time to market game. I should be ahead. Unless I get to something which can be patented. And that’s not a strategy

 

[613jono]

@saved123 make something different then

 

[saved123]

@613jono I am looking for reducing the risk. Not escaping.

 

[jamesapado]

@saved123 Don't always assume the incumbents can just copy you and rewrite their offering easily. It's often like trying to turn a large oil tanker and your speed boat already well ahead heading in the other direction.

If they aren't constantly innovating now then chances are they don't have large dev and product teams setup in a way that they can start churning out new/reworked features quickly. Management is likely set in their ways and have a customer base that they don't want to risk losing if they make a mistake so they may just play it safe and try to ignore you.

Launch and launch now! Switch 50% of your efforts to marketing and try and get paying customers! A presale or a discounted rate for a beta it doesn't matter now is the time to test your product market fit and gain more runway in the process.

 

[saved123]

@jamesapado Brilliant take. I dont want to assume anything about my competitors. There are 5 leaders. All of them are sitting on between $50 to $200 million cash. And I dont want to get into a price war. I need to keep my differentiator to be able to charge premium.

I want to keep the same focus on product even after launch. Till now I didnt have sales taking my time. I want someone to step in so that I can keep almost the same focus on product.

Yes. I am going to launch in next 2 weeks.

I know it will be a unicorn. When? I don't know. I am hoping not 7 years.

 

[rollinsonphilip]

@saved123 You are either a very experienced person who is developing something really big for a niche you've worked for years and know what you're saying.
Or you haven't researched the market enough.

In case it's the latter, then being new, being built on better tech platforms doesn't sell, you should have a strong USP. Either a problem no one else is solving, or you're solving differently or solving for a niche market.

Sales or funding both take time especially funding. Six months to the end of the runway is a short time, you should act quickly.

I'm the founder of a saas and an agency owner, we work with B2B saas companies for growth. Happy to chat and explore possible solutions if you'd like - not to sell my services. I might be able to point you in the direction of quick revenue generation.

 

[saved123]

@rollinsonphilip How do I connect with you? DM?

I have 15+ years experience in Tech and Business Strategy with PWC, Amex, Bank Of America Boeing etc. So I know a bit about technology and business.I wasnt looking for a market validation. I have self funded it so far with a team of 10+ people in 4 countries.I had to pause it coz my first team was all in Ukraine. The war started. I spent a lot of time and money on my team and nothing on the product.Then I stood up second team. I will still find money. I can get loan. I have many personal options.I am looking for a person who can bring in more value. And that why I am incentivizing for shares.I know the value of the idea. I know where it will go. I know at some point I will need more people to make decisions. The sooner I have them, the better it is.

 

[rollinsonphilip]

@saved123 Wow, you have a great experience! So, my first assumption was correct.

Thanks for additional details. Im going to send you a DM.

 

[613jono]

@saved123 sounds like it’s a platform to sell Saas on

 

[saved123]

@613jono Its actually a business suite for small businesses. And I am looking for someone who could potentially help me in sales and not a gossip girl

 

[613jono]

@saved123 Good thing is i’m just a redditor commenting, not actually interesting in being a tech cofounder or anything like so. In a world of ideas, actions are the only real solution to things. And it sounds like you’re actionable. It seems like my barber has a pretty good grip on using a Square with some CRM / customer loyalty app. I don’t know what fees are for them but i’m assuming it’s the standard 2.9%. Have you done hard market research?

 

[saved123]

@613jono I am pushing this with what I can bring on table.

2.9% is reasonably high for the current trends. Salons and barbers seem like similar businesses. But service delivery is one of the only common pieces. Customer acquisition is almost 180. Retention is also very different.

Yes I have done my buyer persona and ICP research.

Also, 2.9% is a very considerable digit for US market. Globally, card txns are not that lucrative. Though my Gateway is present in 50+ countries. And no they are not Stripe.

 

[greenteapot3255]

@saved123 Do you have a deck that you can DM? Not clear on the proposition and the outcome. Have you done any sort of validation of the features you have built? Seems like you are all in with the idea which is a big commitment with a team of 11 engg. Also do you have an mvp with circulated with salon owners?

 

[saved123]

@greenteapot3255 Yes. I will send u some material. What do u need? Do u want investor pitch kind of? Or u want to see the product features? Or do u want to beta test the product?
I will be circulating MVP soon. Will be knocking doors myself.
Have knocked at 8 so far. 2 have shown interest. But I have not rolled out the software to them. I have rolled it in a non English speaking country. Have user feedback. Using some of those.

 

[greenteapot3255]

@saved123 Don’t need an investor deck. Just need a doc on what’s the core problem you are solving? What’s the outcome for salon folks? Why do they want this outcome? What are the current solutions in market and why are they inferior to yours? What’s the differentiation. Why do you think you’ll win. Just having a superior tech stack wouldn’t be a moat. What’s gonna make barber chose and stick to your platfrom?

 

[saved123]

@greenteapot3255 So, in nutshell to see how it goes.

1. Core problem is that small businesses dont have and dont need technical skills. But most of the solutions right now dont have a complete suite. My USP is it saves them cash. Bottomline.

2. I am build an apple whereas everyone has built Samsung. I am not in feature race. I am making features smoother, more intuitive and packaging it good.

There are many current solutions. There are some good ones. But their main focus is marketplace. The customers in this industry build relationships and retention is the key. They are successful because there is no choice in the market.

Some solutions are priced 5-8 times higher than where my price point is. And its substantial. Also, as the product gets bigger, it gets complicated. Most of the businesses dont need such clunky software. Mine is nimble. Does most of the things important. And does better and smoother. I am builing it ground up mobile first.

They are inferior because none of them solves the problem that I am solving. They did not have to. This is a growth market. Everyone is struggling coping with growth.

3. I will win because I am creating Apple style differentiator. I am doing almost everything differently. Easier. Because I didnt start building software. I started with UX. And changed UX again. I am spending enough on branding. People need to feel good on the money they spend.

My pipeline of features is packed with next gen solutions. My tech allows me to be 3 times faster than anyone in the market. That, along with features that no one has, and business model that doesnt make the same mistakes as current players. Last is the motivation. I am in this to grow to do something different. technology is at a point that I can make something extra ordinary. Everyone has tech debt. I dont. And I wont.

4. Why will they stick? Because product does what it is supposed to do. And will keep adding USPs that no one else will have. And customer support. I want to give Apple brand with Wayfair style customer service.

 

[greenteapot3255]

@saved123 Okay but it doesn’t answer my questions entirely. I think we can do a 15 min call on this. Do you have a website? Send me investor deck if you have that as well

 

[saved123]

@greenteapot3255 I don’t have a website that would give you all the details. And would love to jump on a call. Since I have some USPs, I would first talk and then send u the deck. And everything will be public by September end anyways.