Indico.io $4.5M Raised, Helps 20 Financial Firms Process Data Faster with CEO Slater Victoroff

Slater Victoroff

In Episode #570, Nathan interviews Slater Victoroff. He’s the CEO and founder of Indico Data Solutions. He’s a poet, a coder, MMA fighter, vegan Buddhist, and Red Letter Christian.

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Famous Five:

  • Favorite Book? – n/a
  • What CEO do you follow? – n/a
  • Favorite online tool? — Stack Overflow
  • Do you get 8 hours of sleep?— No
  • If you could let your 20-year old self, know one thing, what would it be? – Slater hoped he had realized how much he loved programming

Time Stamped Show Notes:

  • 02:26 – Nathan introduces Slater to the show
  • 02:45 – Indico is a text and image analytics provider
  • 03:25 – Indico’s business model
    • 03:52 – The enterprise client is their main revenue channel
  • 05:09 – Indico was founded in 2013
  • 05:25 – Indico has raised $4.5M
    • 05:30 – Indico started with a seed round
  • 06:10 – How Slater managed having a bridge round
  • 07:05 – First year revenue
  • 07:31 – 2016 revenue
    • 07:38 – Slater is hoping to hit a million dollar revenue for 2017
  • 08:03 – Average MRR
  • 08:22 – Indico is a SaaS company
  • 08:42 – Indico currently has 20 customers
  • 09:11 – Manulife is working with Indico
  • 11:30 – Each client of Indico wants to have their own set of algorithms
  • 12:00 – Nathan summarizes how Indico works
  • 12:30 – Indico gives their customers an engine
  • 13:20 – Slater worries about Facebook’s echo chamber
    • 13:33 – “Facebook’s algorithm is not designed to create echo chambers”
  • 15:17 – Customer churn
  • 15:53 – Zero spent on marketing
  • 16:00 – Most funding goes to the engineering team
  • 16:12 – Team size is 10
  • 17:40 – The Famous Five

3 Key Points:

  1. Having a bridge round does not mean you’re losing money—prove that you are growing and need more funding.
  2. Learn how to work around echo chambers.
  3. Find out what you love to do and go for it.

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