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Spencer Coon. He\u2019s the co-founder of HiBox.co and Joincube. He has over 5 years of experience in enterprise collaboration software and 7 years working internationally. He has managed teams across 3 continents and 5 countries. Previously, he was in investment banking at JP Morgan in New York City.\xa0\xa0

Famous Five:

• Favorite Book? \u2013 Black Swan
• What CEO do you follow? \u2013 Elon Musk
• Favorite online tool? \u2014 Intercom
• How many hours of sleep do you get?\u2014 7
• If you could let your 20-year old self, know one thing, what would it be? \u2013 Spencer wished he knew that technology was going to be more of his passion

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Time Stamped Show Notes:

• 01:50 \u2013 Nathan introduces Spencer to the show
• 02:20 \u2013 HiBox is a collaboration app for teams
  • 02:31 \u2013 It has an artificial intelligence to bring everything together and enhance productivity
• 03:19 \u2013 HiBox is a SaaS model with a 14-day free trial
  • 03:30 \u2013 It has 3 different versions, including a pro version and an enterprise version
• 03:57 \u2013 ARPU is $32 a month
  • 04:03 \u2013 An average account has 7-8 people
• 04:55 \u2013 Spencer wanted to have his own product, so he left JP Morgan
  • 05:13 \u2013 He wanted to create something tangible and has been passionate about Latin America
• 05:39 \u2013 Spencer started HiBox in Buenos Aires
  • 05:46 \u2013 It\u2019s less competitive to start a business in Latin America with talented people and their rates are more competitive
• 06:16 \u2013 There are 5 people on the tech team and 15 people in total
  • 06:28 \u2013 Most of the team is in Barcelona
• 06:36 \u2013 Spencer left JP Morgan in 2012 and went to another company where he met his now business partner
• 07:28 \u2013 First year revenue was less than $10K
• 07:43 \u2013 HiBox is Spencer\u2019s first baby as an entrepreneur
• 08:00 \u2013 Spencer used up his savings to start HiBox
• 08:41 \u2013 HiBox has raised some seed rounds
  • 08:54 \u2013 It was more difficult to access VC funds in the USA because HiBox is based in Latin America
  • 09:16 \u2013 They had 2 priced rounds with a total of $500K funds raised
  • 10:00 \u2013 Spencer is still in the middle of negotiations for their next round
• 10:20 \u2013 Over 10K companies have signed up to HiBox and there are 35K active users
• 10:38 \u2013 HiBox is their main focus at the moment
• 10:42 \u2013 Joincube is an enterprise social network focused on multi-national companies in Latin America
• 11:13 \u2013 There are 300 companies paying for HiBox
• 11:30 \u2013 MRR is around $10K for the pro version
• 11:54 \u2013 Last month\u2019s revenue
• 13:05 \u2013 Joincube will become HiBox corporate
• 13:34 \u2013 Gross monthly churn is 6.2%
• 15:10 \u2013 Spencer shares why their product would still be beneficial for their clients after the upgrade
  • 15:46 \u2013 It\u2019s almost similar to Intercom, but better
• 16:00 \u2013 CAC is $233
  • 16:10 \u2013 Most are used for online ads
  • 16:26 \u2013 It is a fully weighted CAC
  • 16:38 \u2013 $3K was spent on paid advertising last month
• 16:57 \u2013 Spencer is hoping that the business will be profitable at the outset
  • 17:32 \u2013 They\u2019re doing as many tests as they can
• 18:05 \u2013 ARR target by the end of 2017
• 19:00 \u2013 Weirdest thing we ever did to acquire clients was tell them I lost a bet and would give them a 50% discount forever
• 20:00 \u2013 Gross margin
• 20:48 \u2013 The Famous Five

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3 Key Points:

1. It\u2019s never too late to start your entrepreneurial journey.
2. Starting your business in a country with less competition is a cost-efficient and wise decision.
3. An upgrade should NOT affect customer loyalty and their experience with your product.

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Resources Mentioned:

• Simplero \u2013 The easiest way to launch your own membership course like the big influencers do but at 1/10th the cost.
• 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
• GetLatka - Database of all B2B SaaS companies who have been on my show including their revenue, CAC, churn, ARPU and more
• 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