Illumineto Raised $700k raised, Passes 100 Customers with DC Team with CEO Nick Caruso

Nick Caruso

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.

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Famous Five:

  • 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:

  1. It is possible for a startup to be profitable in as early as 6 months.
  2. Leveraging your connections can help you engage with customers and increase sales.
  3. Start your business as soon as you can, you’ll learn as you go.

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
  • 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