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Michael Hollauf, cofounder and CEO of MeisterLabs. The company works to provide resources to collaborate across digital platforms. Now they are introducing a new service, MeisterTask, which focuses on better task management and a fun user experience. Hear about how MeisterLabs has hit the ground running and is continuing to introduce new tools to help businesses and entrepreneurs succeed.

Famous Five:

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• Favorite Book? \u2013 Rich Dad Poor Dad
• What CEO do you follow? \u2014 Stewart Butterfield
• Favorite online tool? \u2014 Slack

• Do you get 8 hours of sleep?\u2014Yes
• If you could let your 20 year old self know one thing, what would it be? \u2014 Buy a flat in London. Be bold. Do it earlier.

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Time Stamped Show Notes:

• 01:05 \u2013 Nathan introduces Michael
• 01:35 \u2013 Managing director of MeisterLabs
• 02:20 \u2013 MeisterTask
• 03:10 \u2013 Trello was their inspiration
• • 03:40 \u2013 Better task management
  • 04:00 \u2013 Something more fun to use and focused on tasks
• 04:15 \u2013 550000 users
• 05:10 \u2013 60% of the downloads are through the app store
• 05:30 \u2013 Some features only available in the premium model
• 06:00 \u2013 5000 paying customers
• 06:50 \u2013 Why people upgrade
• • 07:00 \u2013 Better integration
• 07:20 \u2013 Funding
• 08:00 \u2013 MeisterTask revenue for 2015 was $20k
• 08:20 \u2013 MindMeister was $2.5 M
• • 08:35 \u2013 Monthly recurring was $220k
  • 09:00 \u2013 5 million users
  • 09:15 \u2013 30000 paying customers
  • Collaboration for mind maps
• 10:10 \u2013 Cost to acquire a new customer is about $30
• 10:30 \u2013 27% annual churn
• 11:50 \u2013 Average customer stays for about 20 months
• • 12:05 \u2013 Monthly plan was changed to a longer plan, which increased retention
• 12:30 \u2013 How MindMeister is growing
• • 12:40 \u2013 about $25k/month on Google Ads
  • 13:00 \u2013 best keyword is \u201cmind mapping\u201d
• 13:30 \u2013 Competitors
• 14:00 \u2013 Goal for the business is to create a suite of products
• 14:50 \u2013 MeisterTask valuation
• 16:00 \u2013 Michael Hollauf on LinkedIn
• 16:22 \u2013 michael@meisterlabs.com
• 28:35 -- The Famous Five

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3 Key Points:

• Don\u2019t be afraid to draw from ideas of existing companies.
• Establish your end goal for your business.
• Be bold. Start your business early.

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Resources Mentioned:

• Host Gator \u2013 The site Nathan uses to buy his domain names and hosting for cheapest price possible.
• Freshbooks - The site Nathan uses to manage his invoices and accounts.
• Leadpages\xa0 \u2013 The drag and drop tool Nathan uses to quickly create his webinar landing pages which convert at 35%+
• Audible \u2013 Nathan uses Audible when he's driving from Austin to San Antonio (1.5 hour drive) to listen to audio books.
• Trello \u2013 A similar service to MeisterTask that inspired Michael
• Slack -- Another online tool that inspires Michael and his team
• Show Notes provided by Mallard Creatives