john-daniel trask of mindscape on building businesses
DESCRIPTION
John-Daniel, co-founder and CEO of Mindscape, shared many of the lessons he’s learnt while building a successful software business now growing at 30% per quarter. Mindscape was built on a philosophy of having fun and building great software. John-Daniel’s journey started with a $10k investment from each of the then three founders, to raising >$1.5m angel capital and on the way turning down an opportunity to work for Xero. In JD’s words, “I’d rather own my own Lambourghini than drive Rod’s Porsche”. Raygun, Mindscape’s most successful product to date, is now eclipsing the company brand and represents the bright future of the company.TRANSCRIPT
Building Software BusinessesFrom developer to CEO of a growing software company.
#jdtalk
Who am I?
Our Philosophy• Build to flip is poor business.
• Demonstrate traction without OPM.
• Treat others how we want to be treated.
• Sales cure all.
• Earn while we sleep.
• Be frugal.
• Have fun, build great software.
Getting Started3 x 10k
Microsoft <3A 250k kick-start.
What did we learn?
• Investment in networking is powerful.
• Chances of “luck” can be improved.
• You can’t plan every tiny detail, embrace chaos.
Turning down Rod
What did we learn?
• Betting on your unproven self is really hard.
• I’d rather my own Lamborghini than to drive Rod’s Porsche.
Going LightSpeedTraining wheels
What did we learn?
• Recognise your weaknesses and learn.
• It’s hard to see success sometimes.
• Slow ROI
Selling Globally
Selling Globally
• Just Do It.
• !$1500 to setup.
• Charge in USD ( watch out for GST )
• Charge more. A lot more.
3 becomes 2Ouch
What did we learn?
• Don’t dwell on the door that closes.
• A Shareholders Agreement is a Good Idea.
• Starting a business is not for everyone.
• Know co-founders well.
GivealittleKiwi giving online
ValuecruncherBusiness valuation tools.
What did we learn?
• How VC’s & Angels worked.
• How capital raising worked.
• Met amazing people who proved to be more valuable than the equity.
• Focus is a limited resource, deploy it with care.
RaygunSet phasers to AWESOME.
Feb 2013
Why?
• Annual payments emphasis seasonal lumpiness, monthly is bliss.
• Deploy faster, happier customers.
• Product we knew would provide value.
• Address a larger market.
“We need to own you”
Our capital raise
• Basically broke most of the rules.
• It’s hard work - really hard work.
• Hold to your deadlines.
• Surround yourself with the right people.
• Wealthy folks take long holidays.
The rise of Raygun
• Learning new lessons on growing teams.
• Compound growth is bliss.
• Billions of errors processed.
• Just getting started.
• Hiring btw.
Looking to start?
• Be frugal - you do not need much capital.
• You have super powers, use them.
• Learn as much as you can.
• Meet people, network, help others.
• Do it now!
DO IT NOW
