With $10M Raised Will They Be System of Record for Your COO?

Nick Candito

In Episode #767, Nathan interviews Nick Candito. He is the Chief Executive Officer and co-founder of the company called Progressly, championing the company’s mission towards becoming the new standard for how teams find and execute business processes. He previously served as Relate IQ’s head of user success and business operations which was acquired by Salesforce, the first automatic and intelligent CRM solution. Nick founded Progressly to address how large industries operate, innovate and share around core business processes.

Famous Five:

  • Favorite Book? – Leaders Eat Last by Simon Sinek
  • What CEO do you follow? – Jeff Weiner, Satya Nadella, Dick Costolo, Jeff Bezos
  • Favorite online tool? — Hubspot tools for email, Pocket
  • How many hours of sleep do you get?— less than 8
  • If you could let your 20-year old self, know one thing, what would it be? – be patient, ask more questions and optimize by being around the best people

Time Stamped Show Notes:

  • 01:07 – Nathan introduces Nick to the show
  • 01:49 – Nick thinks Salesforce will win the CRM space, as well as Microsoft and LinkedIn
  • 02:25 – Nick is impressed by Base CRM and Social Capital
  • 02:57 – Nick stumbled into tech as he was originally a finance major
    • 03:15 – He started by joining a small software team building technology for the pharmaceutical industry and learned about the manual system of the tech industry
    • 04:04 – Nick then joined Crimson Hexagon and he learned how to take a company to the next level using tools like Salesforce
    • 04:38 – With RelateIQ, Nick learned how to create a sales system of engagement
  • 05:18 – Nick thinks the best founding duo he has ever encountered is Adam Evans and Steve Loughlin
  • 06:29 – Progressly is the operational system of records with a focus on the Fortune 1000 CROs or contract research organizations
    • 07:24 – The company has a mobile first strategy (people who are working outside of office)
  • 08:01 – Progressly works with a variety of companies; big companies that include Shell Oil and those in the mid-market segment
  • 08:25 – The highest price is $49 per user, with the IT Group of Chevron they have 60,000 employees within the company
  • 09:31 – The company was founded in 2014 and started to fundraise aggressively in 2015; they were able to raise $10 million in the seed, series A and after
  • 10:22 – They had a very specific profile for their seed round and focused on a large institutional investor, a micro VC, and some high value angels—it played out the way they planned
  • 11:17 – They are looking at getting a positive net churn and at how they can accelerate the growth of their accounts; for example, from site-wide deployment to regional deployment to enterprise deployment
  • 13:28 – They are now in the hundreds in terms of customers; the energy and utility sector has a high network effect
  • 14:05 – Nathan just interviewed Geoff Moore who said the more specific or weirder the sector, the better
  • 15:24 – The utility metric depends on what the user is running on operationally
  • 16:03 – The active number of seats are in the thousands
  • 16:46 – The first year revenue was pretty low because they did a paid pilot offering
    • 17:10 – They were looking into the pilot to use case expansion
  • 17:55 – They want to have a 100% growth, year over year
    • 18:10 – It is easier to drive a high growth rate rather than have customers who can refer you to others
  • 19:41 – Nick will celebrate when he gets to $5 million in ARR or accounting rate of return
  • 20:40 – Currently, they are doing less than 300 grand per month
  • 21:16 – Having an enterprise cycle in your business is slower upfront, but has the ability to experience significant growth in the long run
  • 21:31 – They have 30 employees with some in product design and engineering
  • 22:31 – The payback period is significantly lower than 12 months
  • 24:38 – The Famous Five

3 Key Points:

  1. Target a specific group for your customer base to increase the chances of referrals.
  2. An enterprise account may prove to be slow at first, but it will pay off in the long run.
  3. Ask your customers to promote your business to other people.

Resources Mentioned:

  • Simplero – The easiest way to launch your own membership course like the big influencers do but at 1/10th the cost.
  • 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
  • GetLatka – Database of all B2B SaaS companies who have been on my show including their revenue, CAC, churn, ARPU and more
  • Klipfolio – Track your business performance across all departments for FREE
  • Hotjar – Nathan uses Hotjar to track what you’re doing on this site. He gets a video of each user visit like where they clicked and scrolled to make the site a better experience
  • Acuity Scheduling – Nathan uses Acuity to schedule his podcast interviews and appointments
  • 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
  • Show Notes provided by Mallard Creatives