Published: July 6, 2017, 9 a.m.
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Seymour Duncker. He\\u2019s the co-founder and CEO of a company called iCharts, the leader in cloud business intelligence and analytics and a seasoned entrepreneur who has been both a consumer and developer of visual analytics. Before founding iCharts, Seymour assisted SAP\\u2019s senior management in driving the company\\u2019s product strategy and was an early team member at 2 enterprise software startups before that.
Famous Five:
- Favorite Book? \\u2013 The Inevitable
- What CEO do you follow? \\u2013 Elon Musk
- Favorite online tool? \\u2014 NetSuite and Salesforce
- How many hours of sleep do you get?\\u2014 6-7
- If you could let your 20-year old self, know one thing, what would it be? \\u2013 \\u201cSpend a little more time outdoors\\u201d
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Time Stamped Show Notes:
- 02:26 \\u2013 Nathan introduces Seymour to the show
- 03:12 \\u2013 iCharts is a cloud-based business and intelligence analytics solution platform
- 03:24 \\u2013 iCharts is a SaaS model
- 03:36 \\u2013 iCharts partners with NetSuite which is a cloud-based EOP
- 03:48 \\u2013 NetSuite uses iCharts as an embed BI (Business Intelligence) engine that powers iCharts for NetSuite\\u2019s customers
- 04:05 \\u2013 iCharts is like an app inside NetSuite
- 04:55 \\u2013 iCharts can take any kind of data and visually represent it so that people can interact and analyze the data
- 05:16 \\u2013 The analogy of iCharts is like the car\'s\\u2019 navigation system which is separated from the car\\u2019s build
- 05:55 \\u2013 iCharts considers SaaS businesses as an ecosystem and NetSuite is a large ecosystem
- 06:05 \\u2013 iCharts has a mixed business model
- 06:24 \\u2013 iCharts is also looking into exclusive partnerships with a SaaS platform to distribute iCharts
- 06:55 \\u2013 Pricing starts at $15K per annum depending on the number of users on a platform
- 07:54 \\u2013 Seymour arrived in the USA, in 2010
- 08:10 \\u2013 Seymour is from Germany
- 08:50 \\u2013 When Seymour had an idea for a cloud-based business intelligence platform, he was thinking about where to build it
- 09:27 \\u2013 Back then, it was easier to sell in the USA than in Germany
- 10:10 \\u2013 Being in California was also a great idea for Seymour\\u2019s wife, so they built iCharts in the USA
- 10:37 \\u2013 Team size is 60
- 10:56 \\u2013 Sales team has 20 people
- 11:35 \\u2013 The majority of iCharts\\u2019 market
- 11:49 \\u2013 iCharts will know the pain points of the users of NetSuite
- 12:53 \\u2013 iCharts will already have an idea of the customer\\u2019s needs
- 13:45 \\u2013 iCharts has around 200 customers
- 14:04 \\u2013 iCharts started focusing on various markets
- 14:25 \\u2013 iCharts has raised $23M to date but they were initially bootstrapped
- 15:07 \\u2013 Churn is around 5-7%
- 16:20 \\u2013 CAC
- 16:32 \\u2013 iCharts is highly profitable from the initial time they closed a deal
- 17:04 \\u2013 There\\u2019s an advantage of growing faster and burning yourself as you grow too fast
- 17:44 \\u2013 At the end of the day, it\\u2019s all about having a high-functioning team that produces quality
- 18:04 \\u2013 Average ARR
- 18:21 \\u2013 iCharts also offers additional services for their larger customers
- 20:13 \\u2013 The Famous Five
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3 Key Points:
- Build your business wherever you\\u2019d like to\\u2014even if it means leaving your home country.
- Having a well-functioning team that produces QUALITY will drive your revenue and contribute to the success of your business.
- Make time for rest and vacations; this will relax and regenerate you.
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Resources Mentioned:
- The Top Inbox \\u2013 The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens, and follow-up with email sequences
- Klipfolio \\u2013 Track your business performance across all departments for FREE
- Hotjar \\u2013 Nathan uses Hotjar to track what you\\u2019re 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 \\u2013 Nathan uses Acuity to schedule his podcast interviews and appointments
- Host Gator\\u2013 The site Nathan uses to buy his domain names and hosting for the cheapest price possible
- Audible\\u2013 Nathan uses Audible when he\\u2019s driving from Austin to San Antonio (1.5-hour drive) to listen to audio books
Show Notes provided by Mallard Creatives
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