In Episode #562, Nathan interviews Nick Caruso. He’s the CEO and founder of Illumineto. He’s the VP of Sales in Eastern US & Canada with Notable Solutions and he was there for 6 years. Before that, he was at Kofax as a federal sales manager and he also served the country in the Marine Corps as a Captain.
- Favorite Book? – Built to Last
- What CEO do you follow? – Drew Houston
- Favorite online tool? — API.ai
- Do you get 8 hours of sleep?— No
- If you could let your 20-year old self, know one thing, what would it be? – Nick wished he knew that starting a company was not as hard as he thought it would be and wished he’d started earlier
Time Stamped Show Notes:
- 01:06 – Nathan introduces Nick to the show
- 01:45 – Illumineto is a SaaS company and they charge monthly
- 02:00 – Nick has been in the technology field for 20 years and in sales for 15 years
- 02:15 – Nick wasn’t able to find a tool to help him close more deals
- 02:34 – Illumineto focuses on the individual sales rep and not the whole company
- 02:58 – Illumineto has a lot of sales reps from Fortune 500 companies
- 03:14 – Illumineto has been running for 6 months now
- 03:48 – Illumineto currently has a thousand of sign ups or users that represent several hundreds of logos
- 04:25 – Illumineto was founded in mid 2015
- 04:30 – Beta in 2016
- 04:50 – Nick has sunk in $700K before starting
- 05:00 – Illumineto had an Angel round
- 05:23 – Illumineto has 3 co-founders
- 05:32 – All of them had successful exits in different companies
- 05:55 – There are 5 Angel investors
- 06:15 – Current team size is 4
- 06:50 – Average pay per user per month is $30
- 07:00 – Average MRR
- 08:00 – Nick won’t disclose the amount, but Illumineto is profitable
- 09:00 – Nathan explains why he asks for numbers
- 10:15 – Illumineto has more than 100 paying customers
- 10:30 – Gross customer churn
- 10:52 – 0% churn rate on paying customers
- 11:31 – Illumineto had paid advertising
- 12:07 – They had thousands of people coming in for the premium model
- 12:50 – Illumineto leverages their connections in LinkedIn to get their customers from IBM
- 13:11 – The Famous Five
3 Key Points:
- It is possible for a startup to be profitable in as early as 6 months.
- Leveraging your connections can help you engage with customers and increase sales.
- Start your business as soon as you can, you’ll learn as you go.
- 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
- Jamf – Jamf helped Nathan keep his Macbook Air 11” secure even when he left it in the airplane’s back seat pocket
- Freshbooks – Nathan doesn’t waste time so he uses Freshbooks to send out invoices and collect his money. Get your free month NOW
- Show Notes provided by Mallard Creatives