The Revenue Formula

How to build a $5M SaaS with 3 people and no VC funding (With Esben Friis-Jensen)

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After building a successful VC-backed company, Esben Friis-Jensen took a different path — bootstrapping his next SaaS startup to $5M ARR with just a team of 3.

In this episode, he shares why he turned down venture funding, how he built an efficient, product-led growth engine, and lessons on scaling smart without sacrificing ownership or speed.

  • (00:00) - Introduction
  • (00:32) - Meet Esben Friis-Jensen
  • (02:30) - The Decision to Bootstrap
  • (06:27) - Product-Led Growth Strategy
  • (11:25) - Competing in a Crowded Market
  • (18:54) - The Role of AI in Business Operations
  • (22:08) - Efficiency and Execution in Small Teams
  • (27:48) - Making Tough Decision
  • (31:17) - Revenue Metrics
  • (32:10) - Speed of Decisions
  • (38:43) - Challenges and Benefits of Founder-Led Companies
  • (40:49) - Joining a Bootstrapped Company

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    The Revenue FormulaBy Toni Hohlbein & Raul Porojan
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