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    The Godfather of Bootstrapping Rob Walling CEO of Tinyseed & Microconf and what he looks for in his SaaS invrestments

    enNovember 09, 2021
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    About this Episode

    Rob Walling, entrepreneur, investor, CEO of Tinyseed & Microconf, and godfather of bootstrapping SaaS tells Geordie what he considers in his SaaS investments. Listen and learn.  

    Apart from building and selling different startups, Rob has been collaborating and assisting non-venture backed startup founders for nearly two decades now. He also hosts a popular podcast for bootstrappers, boasting 500 five-star reviews and over 10 million downloads. He talks to Geordie about his journey.  

    What You’ll Learn

    • What does Tinyseed & Microconf entail, and how do they work?
    • What makes Tinyseed different from other accelerators in the market?
    • Why SaaS founders choose Tinyseed and Microconf over their competitors
    • Importance of having an audience before launching your idea
    • Why pricing is a critical factor in SaaS
    • Why an entrepreneur's goals determine the type of product they build 
    • Why raising your prices too high is never a good idea 

    In This Episode

    Rob highlights podcasting for startups, working on Microconf, an in-person and online community for bootstrap founders from different parts of the world, and Tinyseed, the inaugural startup accelerator that strives to facilitate success for SaaS bootstrappers as his key roles. He says he spends most of his time on the latter two. How does he manage? Find out from the podcast. 

    Unlike other accelerators in the market today, Tinyseed is remote, and its terms enable people to operate a profitable company. He gives extensive details about Tinyseed in this podcast which you cannot afford to miss.

    Together with his team, Rob has started numerous investments with their 59 launching in the next few weeks. How does Rob identify these startups? Doing due diligence is a crucial part of ensuring that you are dealing with reliable people.

    Both Tinyseed and Microconf come with an application process that customers should fill before becoming part of the accelerator program. Rob says they do interviews, make offers, and give their applicants a terms sheet to fill. Once SaaS founders agree to the terms and conditions, they become part of the accelerator. Rob and his team then fund them. 

    Rob mentions that many of the companies they deal with are not interested in funding but want mentorship, guidance, advice, and the proper SaaS network. Before investing in a potential company, Rob’s team considers various factors. However, he only focuses on the three P’s, people involved, product fit, and price sensitivity or pricing.

    Potential companies have to answer questions about their businesses and competition. Listen to the podcast to figure out some of the questions that companies must answer before being considered.

    During the application process, aspiring companies must describe their unique advantage over competitors and their average revenue MRR per user. It is at this point where Rob begins his rating on a one to five scale. Rob mentions the importance of MRR for companies, and you can learn about it in the podcast. 

    To qualify for the accelerator program, applicants should have at least $500 in MRR, but Rob says they prefer SaaS founders with between $800 and $1,000 on the lower end. He insists that they can still fund people with lower amounts. 

    Running a business comes with various challenges, and Rob says there is no blueprint for doing it right. While entrepreneurs may have numerous ideas, they are never sure they will work, making it one of the core challenges for entrepreneurs on their zero to 5000 MRR phase.

    Apart from needing guidance, SaaS founders require reassurance to counter challenges along the way and work towards success. The Tinyseed Playbook defines funnels and guides SaaS founders, helping them understand the importance of pricing their products right. This playbook is ideal for -entrepreneurs in their 5,000 to 15,000 MRR phase. In this case, the entire team collaborates to identify what works best for the companies and ensure they are doing things right.

    Content marketing is a critical factor that Rob and his team consider before collaborating with SaaS founders. However, he mentions that the strategy is ideal for companies within the lower price range. He also discusses the role of LTV (Lifetime value) and SEO. 

    Pricing is one of the factors that Rob holds close to his heart. He says that a huge percentage of his candidates admit that their pricing is either overly low or off in a way. Listen to the podcast for a more elaborate explanation of why pricing can be a difficult task and what entrepreneurs can do to get it right. Businesses that have a higher price tend to grow faster, according to Rob. Find the reason why from the podcast. Rob concludes the podcast by talking about launching Tinyseed in the UK.  

    Resources 

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    How Tammy Developed a Security Application that Adults and Teenagers can use to Seek Assistance in an Emergency

    Tammy Haldeman, CEO of Your Shield, talks about coming up with the idea, developing it, their pricing plan, and why the application is ideal for adults and teenagers.

    You Shield is a safety application that users install on their phones. Tammy Haldeman, the developer, tells Geordie about it. 

    What You’ll Learn

    • How Tammy came up with the idea
    • Lessons Tammy learned along the way
    • Challenges Tammy and her team faced during the development process

    In This Episode

    Tammy Haldeman believes the You Shield app can protect users from sexual harassment, sex trafficking, kidnapping, bullying, and domestic violence. After activating it, users need to program a secret word they can remember easily, which comes in handy in an emergency.

    If you ever experience an attack, your attackers will never know about the app. All you need to pre-program your secret word on the app is shout your preferred term. The app will notify everybody you have programmed, begin tracking your location, and record audio. Tammy gives out an example in the podcast to better understand how the app works.

    Tammy describes, coming up with the idea as a gift. She narrates how a bullying incident where the victim, a 10-year-old girl, committed suicide affected her. Suddenly the thought of a security application hit her brain. She says aspects of designing and improving her idea kept flooding her mind, and that’s when she decided to actualize it.

    Investing in application development can be a costly practice. However, Tammy mentions that her heart was ready to go over and above to catch attackers or prevent them from violating other people’s rights.

    With zero experience in software, Tammy admits that venturing into the industry was intimidating. She struggled with finding the right people to trust with her idea and reputable professionals she could work with.

    Tammy narrates how she met Geordie, with whom they had an easy conversation. She says Geordie made her comfortable even though she was not conversant with software-related terms. Find out how Tammy and Geordie’s development team collaborated to build the app. 

    Geordie highlights how they struggled with finding the ideal sequence because they needed to configure the iOS operating system. At some point, they encountered particular regulations that barred changes on iOS. How did Tammy navigate that phase?

    She remembers one specific week when accessing her account on App Store was impossible for two weeks. However, despite the challenges, Tammy says everything worked satisfactorily because it allowed their developers to focus on the complexities of the application. That phase gave them sufficient time to prepare the app for launch. 

    Every entrepreneur struggles with the fear of the unknown, and Tammy was not an exception. Sometimes she feared that the app would never go live. However, she was certain she could keep pushing until her dreams actualized.

    Tammy quickly mentions that developing an application is a long, tedious, and time-consuming process. When it comes to app development, a celebration of the last day never comes because you are always thinking about what to improve to enhance the user experience. What’s more, customers keep demanding new features. Still, Tammy describes two moments when her persistence seemed to be bearing fruits. Listen to the podcast to learn about it.

    When Tammy started developing the You Shield idea, she had not emphasized sexual harassment. However, her niece was recently harassed sexually at school, which made her regret for not activating her niece’s Shield activated.

    In today’s world, where insecurity is rising exponentially, every teenager can benefit from using the You Shield app. Do you have privacy concerns regarding this app? Tammy says only app users can playback recordings from their devices.

    Further, they don’t collect the user’s information. Such data is only necessary for activating the app. She also discussed their payment plans in the podcast. If you are interested in the app, do not miss this podcast section. 

    This app is meant for both teenagers and adults as well. Tammy says you can never predict when something happens to you and insists that having the app can rescue you from risky situations. One of the most interesting features of this application is that victims can call out for help without their attackers knowing. 

    If you are an aspiring app developer, Tammy says documenting your dreams about the project is crucial. She says potential app developers should create recordings, draw their plans, and write down their expectations. Collaborating with trustworthy people with whom you can easily communicate is also crucial during the development process. 

    Your Shield app is only available on iOS, but Tammy says they are working on availing it for Android users soon. 

    Resources

     

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