ConceptDrop Raises $1.1M, Helps You Get Creative Work Done Quick with Phil Alexander EP389

Phil Alexander

In Episode #389, Nathan interviews Phil Alexander, founder and CEO of ConceptDrop. His company has a mission to get your projects done while you’re sleeping. You can send your project to ConceptDrop and expect to see the end result within mere hours. Listen as Phil tells us about the incredible growth of his business and what he sees for ConceptDrop in the future.

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Famous 5:

  • Favorite Book? – The Wall Street Journal
  • What CEO do you follow? — Sundar Pichai
  • Favorite online tool? — Hubspot
  • Do you get 8 hours of sleep? — No.
  • If you could let your 20 year old self know one thing, what would it be? — You’re not going to learn everything in business school. Start selling as soon as you can.

Time Stamped Show Notes:

  • 01:05 – Nathan introduces Phil
  • 01:40 – ConceptDrop
  • 02:05 – Servicing over 300 brands
  • 02:25 – A global network of sellers
  • 02:58 – About 30% taken from the sellers
  • 03:25 – They set the prices
  • 03:48 – Upselling to the buyers
  • 04:10 – The average buyer
  • 04:25 – Started in 2012
  • 04:50 – First-year revenue was a couple thousand
  • 05:10 – Funds raised
    • 06:00 – Valuation was between $5 to $7 million
    • 06:20 – Reasons for the valuation come down mostly to growth rate
  • 07:15 – Investors
  • 07:30 – 300 buyers, and under 100 sellers
  • 08:00 – Average seller makes $500 per project, with 4 to 5 projects each month
  • 08:55 – Seeing great growth
    • 09:40 — $10,000/month to much higher
  • 10:35 – Repurchase rates
  • 11:24 – Total revenue for 2015 was just under $300k
  • 11:55 – Last month, 50 companies used the platform
    • 12:45 – Small, high-quality pool of freelancers
  • 13:10 – A lot of potential in the near future
  • 14:20 – phil@conceptdrop.com, @philalexander1 on Twitter
  • 16:30 — The Famous Five

3 Key Points:

  1. There is no perfect formula for starting a business.
  2. High-quality service is a great way to make your business stand out.
  3. Assess your business for its potential.

Resources Mentioned:

  • Host Gator – The site Nathan uses to buy his domain names and hosting for cheapest price possible.
  • Freshbooks – The site Nathan uses to manage his invoices and accounts.
  • 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.
  • Hubspot – Phil’s favorite online tool for marketing and sales