In Episode #260 Nathan interviews Drew Taylor, founder of AstroPrint – a software and app ecosystem described as “the Android of the 3D printing world”. Listen as Nathan and Drew talk 3D printing, making money, and how to dominate an emerging niche.
- Favorite Book? – Crossing the Chasm
- What CEO do you follow? — Tony Hsieh
- What is your favorite online tool? — Trello
- Do you get 8 hours of sleep?— Absolutely not
- If you could let your 20 year old self know one thing, what would it be? —I don’t know. I’m a fan of taking life’s lessons as they come.
Time Stamped Show Notes:
- 01:11 – Nathan’s introduction
- 02:00 – Welcoming Drew to the show
- 02:30 – AstroPrint started because Drew saw that 3D printing software needed to improve
- 03:00 – Two products: software, and cloud-based app store
- 03:25 – Free for personal use; charge for commercial use
- 03:50 – 70/30 split on profits from app store
- 04:10 – Founded in 2015 – with a different idea
- 04:45 – $150k total revenue in 2015
- 05:00 – 9 team members
- 05:10 – Raised $500k in convertible note
- 05:50 – Fundraising with accelerators including BetaSpring and 500 Startups
- 06:20 – How do you get enough sales to dominate?
- 06:45 – Partnering with larger companies
- 07:30 – Can provide the entire software base for existing printers
- 09:00 – Adds value to machine by connecting it to an app system
- 11:00 – Consumer revenue is entirely from app sales
- 11:50 – Currently almost no revenue from app sales – expected to take off around 2017
- 14:00 – Would be happy with a pre-money valuation of $10 million
- 14:30 – Currently in the middle of a fundraising debt round
- 16:40 – Famous Five
3 Key Points:
- Be creative about making money – what revenue models are working in other areas? How can you generate multiple revenue streams from one product?
- Accept that your start-up idea will change as you sound out the market. Learn from what doesn’t work.
- Don’t worry about making mistakes when you’re young – it’s all part of growing.
- Freshbooks – The site Nathan uses to manage his invoices and accounts.
- Host Gator – The site Nathan uses to buy his domain names and hosting for cheapest price possible.
- Leadpages – The drag and drop tool Nathan uses to quickly create his webinar landing pages which convert at 35%+
- Audible – Nathan uses Audible when he’s driving from Austin to San Antonio (1.5 hour drive) to listen to audio books.
- Show Notes provided by Mallard Creatives