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Laurence Girard. He\u2019s the CEO and founder of Fruit Street. He was a pre-med student at Harvard University Extension School for three years before he decided to pursue Fruit Street full-time and move to San Francisco. In high school, he played soccer for the New York Red Bulls Academy as a goalkeeper, which sparked his initial interest in health. Later, he decided to pursue a career focused on social impact and spent a year volunteering in an emergency room unit in Huntington Hospital, Long Island. He\u2019s now exclusively focused in Fruit Street.

Famous Five:

• Favorite Book? \u2013 The Science of Growth
• What CEO do you follow? \u2013\xa0 Milton Chen
• Favorite online tool? \u2014 eShares
• Do you get 8 hours of sleep?\u2014 5 out of 7 days
• If you could let your 20-year old self, know one thing, what would it be? \u2013 Laurence would tell himself to put significant emphasis on the team when you are starting a company

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Time Stamped Show Notes:

• 01:25 \u2013 Nathan introduces Laurence to the show
• 02:10 \u2013 Fruit Street is a telemedicine software product that is licensed to healthcare professionals
• • 02:19 \u2013 Fruit Street allows professionals to do HIPAA compliant video consultations with their client
  • 02:32 \u2013 Each patient has their personal info integrated with gadgets like Fitbit
  • 02:48 \u2013 Fruit Street uses a SaaS model and the professionals will pay a monthly licensing fee
• 03:09 \u2013 MRR is $15K
• 03:15 \u2013 Fruit Street was launched in May 2014
• 03:33 \u2013 Average customer pay per month is $200 for the software
• 03:43 \u2013 Fruit Street is starting to expand to get enterprise customers
• 03:57 \u2013 Current customer number is around a hundred
• 04:10 \u2013 2016 total revenue
• 04:37 \u2013 Gross customer churn
• 05:30 \u2013 Current LTV
• 06:00 \u2013 Team size is 9 full time and Fruit Street has a joint venture agreement with Vsee
• 06:33 \u2013 Fruit Street is located in New York, and San Francisco
• 06:51 \u2013 Laurence wanted Fruit Street to be funded by physicians and not VC firms
• • 07:00 \u2013 Getting the feedback from the physicians would help Fruit Street to improve
  • 07:17 \u2013 Physicians can get Fruit Street more customers
  • 07:29 \u2013 \u201cFruit Street is actually a public-benefit corporation\u201d
• 08:08 \u2013 There is no tax benefit in being a public-benefit corporation
• 08:26 \u2013 Laurence wanted to attract investors that are primarily motivated by social impact and not by the financial outcome
• 08:54 \u2013 Fruit Street reached out to physicians through LinkedIn advertising
• • 09:00 \u2013 Fruit Street gave the physicians a one-on-one call using Fruit Street\u2019s telemedicine software
• 09:18 \u2013 Fruit Street\u2019s lawyer is using eShares to manage their cap table
• 09:47 \u2013 Fruit Street has a structure that allows them to make quick decisions
• 10:00 \u2013 Fruit Street has 180 shareholders that are not in a syndicate
• 11:45 \u2013 The Famous Five

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3 Key Points:

• With new technology comes the advancement in telehealth, making it easier for patients to reach out to their physicians.
• Choose an investor that shares the same vision as you.
• Put a significant emphasis on the team you build when you are starting your business.

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Resources Mentioned:

• Acuity Scheduling \u2013 Nathan uses Acuity to schedule his podcast interviews and appointments
• Drip \u2013 Nathan uses Drip\u2019s email automation platform and visual campaign builder to build his sales funnel
• Toptal\xa0\u2013 Nathan found his development team using Toptal for his new business Send Later. He was able to keep 100% equity and didn\u2019t have to hire a co-founder due to the quality of Toptal
• Host Gator\xa0\u2013 The site Nathan uses to buy his domain names and hosting for the cheapest price possible.
• Audible\xa0\u2013 Nathan uses Audible when he\u2019s driving from Austin to San Antonio (1.5-hour drive) to listen to audio books.
• The Top Inbox\xa0 \u2013 The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens, and follow-up with email sequences
• Jamf \u2013 Jamf helped Nathan keep his Macbook Air 11\u201d secure even when he left it in the airplane\u2019s back seat pocket
• Freshbooks \u2013 Nathan doesn\u2019t 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