Bart Lorang, a proven entrepreneur executive and manager in the global technology industry. He’s very active in the startup community as an angel investor, strategic advisor, and speaker at many industry events. In fact, he supports entrepreneurs in his co-founder position and is managing director at V1.vc, a $5 million dollar, seed-stage fund dedicated to help crazy entrepreneurs change the world. More importantly, he’s an entrepreneur himself. He’s currently running FullContact which is responsible for communicating its vision and strategy. He’s a visionary technologist with extensive experience conceiving, designing, building, marketing, and selling enterprise software solutions on a global scale.
Famous Five:
Favorite Book? – The Hard Thing About Hard Things What CEO do you follow? – Warren Buffett Favorite online tool? – DocuSign Do you get 8 hours of sleep? – No If you could let your 20-year old self, know one thing, what would it be? – It’s about how you make people feel.
Time Stamped Show Notes:
01:40 – Nathan introduces Bart to the show 02:35 – FullContact is a universal contact management platform 02:50 – FullContact is a SaaS business and payment is based on the number of contacts 03:08 – Developers can pay for a developer platform 03:17 – The developer access is Bart’s largest revenue stream 04:00 – FullContact is continually building new features 04:14 – FullContact also offers KPI services 04:37 – HubSpot uses FullContact 05:10 – FullContact was founded in 2010 05:30 – There is no application yet that is focused on contacts 06:01 – First year revenue 06:28 – Bart had a couple of businesses before FullContact 06:56 – FullContact was funded through raised capital 07:17 – How can someone look at that market and tell that it is too big to bootstrap? 07:53 – “It’s all about the size of your vision and how fast you want to execute” 08:30 – FullContact has millions of customers 08:55 – FullContact has above 50,000 paying customers 09:03 – Bart shares what’s included in the free plan and paid plan 09:40 – Average monthly RPU 10:05 – Bart discusses the type of individuals using FullContact 11:05 – Average MRR 11:40 – FullContact in ARR 12:54 – Gross customer churn 13:18 – FullContact has an inside sales team helping their customers 13:37 – CAC 14:20 – Team location: they have a global presence 14:30 – Team size: 210-220 14:40 – FullContact had their Series C last August 2016 15:08 – How are investors in this space thinking about the SaaS valuation? 15:47 – They are looking at the SaaS business’ multipliers 16:00 – FullContact’s main competitors 16:35 – The MDM space 16:49 – Connect with Bart through FullContact and his email 18:18 – The Famous Five
3 Key Points:
Analyze your business well and have a goal so you know where you’re going to start. Funding is a very important part of business. It’s NOT about how smart you are but how you make people feel.
Resources Mentioned:
Acuity Scheduling – Nathan uses Acuity to schedule his podcast interviews and appointments Drip – Nathan uses Drip’s email automation platform and visual campaign builder to build his sales funnel Toptal – Nathan found his development team using Toptal for his new business Send Later. He was able to keep 100% equity and didn’t have to hire a co-founder due to the quality of Toptal Host Gator – The site Nathan uses to buy his domain names and hosting for the cheapest price possible. Audible – Nathan uses Audible when he’s driving from Austin to San Antonio (1.5-hour drive) to listen to audio books. The Top Inbox – The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens and follow-up with email sequences Bart@FullContact.com – Bart’s email address Show Notes provided by Mallard Creatives