In this episode, Matt Watson and Ryan Dowdy discuss the difference between professional service companies and SaaS companies. They explore the challenges and opportunities of scaling a service-based business and the importance of sales and distribution in entrepreneurship. They also touch on the significance of personal branding for founders and the role it plays in building trust and thought leadership.

The conversation focuses on the importance of values alignment, personal branding, and quality in business growth. They discussed how values alignment with customers and clients can lead to stronger relationships and referrals. They also emphasized the power of personal branding in building trust and attracting customers. The conversation touched on the significance of storytelling and transparency in marketing, as well as the challenges and rewards of running service companies versus SaaS companies. Finally, they highlighted the importance of quality and customer satisfaction in driving referrals and long-term success.

Takeaways
Professional service companies and SaaS companies have different business models and growth strategies.
Scaling a service-based business can be challenging, but it offers opportunities for growth and scalability.
Sales and distribution are crucial for the success of any business, regardless of its industry.
Personal branding is becoming increasingly important for founders and entrepreneurs to establish thought leadership and build trust. Values alignment with customers and clients is crucial for building strong relationships and driving referrals.
Personal branding can help establish trust and attract customers who align with your values.
Storytelling and transparency in marketing can be more effective than generic marketing messages.
Running a service company can be less risky and easier to get off the ground compared to a SaaS company.
Quality and customer satisfaction are key drivers of referrals and long-term success.

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This episode is sponsored by Full Scale:
https://fullscale.io/

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Sound Bites
"We are a software development company. We help other people, but it's totally different. Like I'm not writing the code. I don't do any of the work."
"Overall, only 1% of companies make it to 10 million. That's a giant accomplishment."
"Valuations of SaaS companies tend to be tied to top line revenue, while service companies are valued based on EBITDA."
"Do my values align with the person I'm doing business with?"
"The number one driver of sales for most companies is referrals."
"You don't control referrals, but they just happen."

Chapters
00:00 Introduction and Overview
02:30 Difference Between Professional Service Companies and SaaS Companies
05:49 Challenges and Opportunities of Scaling a Service-Based Business
12:58 Significance of Personal Branding for Founders and Entrepreneurs
23:39 Values Alignment and Business Success
26:55 The Unpredictability of Referrals
33:18 Quality as a Cornerstone of Business Growth

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In this episode, Matt Watson and Brett Sears discuss the importance of customer onboarding and training in software companies. They highlight the need for software companies to focus on getting customers to see value and have an 'aha' moment as quickly as possible. They also emphasize the significance of understanding the perspective of new users and providing a seamless onboarding experience. 

The discussion delves into the evolving landscape of user onboarding and customer success, highlighting the shift towards concise, value-driven content and intuitive software design. It emphasizes the crucial role of the adoption funnel in guiding users from initial onboarding through engagement and expansion while underscoring the importance of customer success teams in reducing churn and fostering referrals. The conversation explores the ongoing need for effective product marketing and introduces two platforms, Adopt IQ and Sequence, designed to enhance user adoption and deliver dynamic content. Throughout, the focus remains on providing quick value to users, creating user-friendly experiences, and implementing strategies to improve adoption rates, reduce customer churn, and drive expansion revenue in today's fast-paced software environment.

Takeaways
- Customer onboarding and training are crucial for software companies to ensure that customers see value and have an 'aha' moment as quickly as possible.
- Understanding the perspective of new users and providing a seamless onboarding experience is essential for customer success.
- Reducing churn and increasing expansion revenue are key goals for software companies.
- Complex software cannot be intuitive, but it can be made more approachable through user-centric design and support.
- Micro videos and in-application help can be effective tools for onboarding and training. Short videos and concise content are becoming increasingly popular as users seek quick answers and value.
- Software should be intuitive and user-friendly, allowing users to execute tasks without extensive training.
- The adoption funnel, consisting of onboarding, engagement, and expansion, is crucial for guiding users through different stages and ensuring their success.
- Customer success plays a vital role in reducing churn and driving referrals.
- Ongoing product marketing is essential for keeping users engaged and driving adoption.
- Adopt IQ and Sequence are two platforms that aim to enhance user adoption and provide dynamic content.

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This episode is sponsored by Full Scale:
https://fullscale.io/

Find out more about AdoptIQ here:
https://link.traininglayers.com/LI2R

Learn more about Bret Siers here:
https://www.linkedin.com/in/bret-siers-%E2%96%B6/

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Sound Bites
"Recurring revenue requires recurring value."
"Figuring out the 'aha' moments is half the battle."
"The first question is, do I have any idea what I'm doing?"
"Now I think that's changed. That means that they're not getting the answer fast enough."
"Nobody wants to watch a 20-minute video."
"I think 80% of the people shouldn't learn how to use software. They should be able to execute on it."

Chapters
00:00 Introduction and Importance of Customer Onboarding
03:27 Understanding the Perspective of New Users
06:32 Reducing Churn and Increasing Expansion Revenue
12:01 Making Complex Software Approachable
15:01 Using Micro Videos and In-Application Help for Onboarding
22:49 The Importance of User-Friendly Software
28:28 The Role of Customer Success in Reducing Churn and Driving Referrals
31:34 The Significance of Ongoing Product Marketing
35:25 Introducing Adopt IQ and Sequence: Enhancing User Adoption and Providing Dynamic Content

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In this episode, Matt Watson and Ryan Dowdy discuss the importance and benefits of being recognized on the Inc 5000 list. They explore the motivations behind winning awards and the impact it has on company culture, employee morale, and recruiting. They also highlight the value of third-party validation and how it builds credibility and trust with customers and investors. The conversation emphasizes the significance of celebrating wins and the role of awards in showcasing a company's success.

Takeaways
Being recognized on the Inc 5000 list provides third-party validation and builds credibility and trust with customers and investors.
Winning awards can boost company culture, employee morale, and recruiting efforts.
Celebrating wins is important and often overlooked in the fast-paced world of entrepreneurship.
Awards and accolades serve as a marketing tool and give companies a reason to reach out to existing customers and potential clients.
The Inc 5000 list is attainable for companies that have experienced significant growth over a three-year period.
Applying for awards and nominations can be a strategic play to position a company as an industry leader.

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This episode is sponsored by Full Scale:
https://fullscale.io/

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Sound Bites
"We don't stop enough and give credit to the team and the whole company. Let's stop and celebrate as a company. If we did this big thing as a team, this is a team sport."
"People want to do business with winners. We all have that bias. We all want to win."
"Recruiting is a huge issue. Good people want to be part of winning teams and winning companies."

Chapters
00:00 Introduction and Background
02:38 Celebrating Wins and Recognizing the Team
07:16 The Impact of Awards on Company Culture and Recruiting
09:45 The Value of Being Recognized as a Winner
11:30 The Role of the Founder as a Cheerleader
15:43 The Inc 5000 as a Favorite Achievement

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Sim Desai, founder and CEO of Hive, discusses the creation of a secondary stock market for private companies. He explains the challenges of the current system, where selling private stock options is fragmented and opaque. Hive aims to centralize and automate the secondary market process, providing a platform for buyers and sellers to connect. The target market for Hive ranges from small companies with a post-money valuation of $300-500 million to large companies like SpaceX and OpenAI valued at $100 billion. While Hive is not accessible to retail investors, other providers cater to that market.

Takeaways

• Hive is creating a secondary stock market for private companies, addressing the challenges of the current fragmented and opaque system.
• The target market for Hive includes small companies with a post-money valuation of $300-500 million to large companies valued at $100 billion.
• Hive provides a centralized and automated platform for buyers and sellers to connect, improving transparency and liquidity.
• While Hive is not accessible to retail investors, there are other providers that cater to that market.

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This episode is sponsored by Full Scale:
https://fullscale.io/

Find out more about Hiive here:
https://www.hiive.com/

Learn more about Sim Desai here:
https://www.linkedin.com/in/sim-desai-a357aa11/

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Sound Bites

• "There seemed to be a real opportunity to centralize and automate the secondary market process."
• "The retail investor world is hungering for access to this stuff."
• "Hive has about 2000 companies listed on its platform."

Chapters

00:00 Introduction to Hive and the Need for a Secondary Stock Market

06:29 Target Market and Growth of Hive

10:35 Competition and Differentiation of Hive

12:45 Listing Companies on Hive and the Role of the Company in Transactions

21:34 The Future of Private and Public Markets

23:55 Revenue Model and Information Disclosure on Hive

27:33 Potential for Funds on Hive

31:47 The Role of Blockchain in the Secondary Stock Market

35:19 Advice for Marketplace Entrepreneurs

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In this episode, Matt Watson interviews Vijay Rajendran, the coach and CEO of Startup System, about startup resilience and fundraising in the current economic climate. They discuss the challenges faced by startups, the importance of being cashflow positive, and the need to adapt and refine value propositions. They also explore the role of marketing, the significance of communication and delegation for founders transitioning to CEOs, and the value of aligning goals and values. Vijay offers coaching and support to founders in various areas, including funding, go-to-market strategies, team building, and metrics.

Takeaways

• Startups are facing economic uncertainty and longer fundraising timelines, making it important to be cashflow positive and consider alternative funding options.
• Marketing is crucial during challenging times, as it can provide opportunities to capture market share and offer value propositions that help customers save money.
• Founders transitioning to CEOs need to focus on communication, delegation, and defining their role in strategy, culture, and fundraising.
• It is essential for founders to align their goals and values with their business to make informed decisions and find fulfillment in their work.
• Coaching and mentorship can provide valuable guidance and support for founders navigating the challenges of entrepreneurship.

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This episode is sponsored by Full Scale:

https://fullscale.io

Visit the Startup System website:

https://www.mystartupsystem.com

Learn more about Vijay here:

https://www.linkedin.com/in/vijayarajendran

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Titles

• The Value of Coaching and Mentorship for Founders
• Aligning Goals and Values for Informed Decision-Making

Sound Bites

• "There are things that we can do for ourselves, for our companies, for the people around us that can help us get through what is an extremely difficult period."
• "If we're not in a market where companies are spending a lot of money and there's a lot of growth out there, it'd be hard to raise a lot of capital and think, hey, we're gonna grow, grow, grow, grow, because now that is not gonna happen."
• "Your answer lies in their success. So figuring out how to offer them a message of hope and survival is how you're going to improve and refine your value proposition."

Chapters

00:00 Introduction and Overview 

02:16 Startup Resilience and Economic Uncertainty 

04:09 The Importance of Being Cashflow Positive

08:57 Adapting and Refining Value Propositions

12:25 Transitioning from Founder to CEO

27:37 Communication, Delegation, and Role Definition

32:58 Aligning Goals and Values

35:28 The Joy of Building and Creating

37:34 Contact Information and Conclusion

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In this episode, Matt Watson interviews Dale Walden, the founder of Njord & Co, a SaaS B2B marketing company. They discuss the importance of positioning in marketing and how it can help companies focus on their target audience. Dale shares his experiences in the B2C and B2B worlds and emphasizes the need for founders to niche down and focus on a specific customer profile. They also discuss the challenges of transitioning from a founder to a leader and the importance of building a talented team. Dale provides insights into pricing strategies and the differences between selling to SMBs and enterprises.

Takeaways

• Positioning is crucial for companies to focus on their target audience and effectively communicate their value proposition.
• Niche down and focus on a specific customer profile to make your marketing more relevant and effective.
• Transitioning from a founder to a leader requires delegation and building a talented team.
• Consider the size of the organization you're targeting when determining your pricing strategy.
• Selling to SMBs and enterprises requires different approaches and considerations.

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This episode is sponsored by Full Scale:
https://fullscale.io/

Find out more about Njord & Co here:
https://www.njordconsult.com/

Learn more about Dale Walden here:
https://www.linkedin.com/in/dalewalden/

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Sound Bites

• "Positioning is difficult to define, but you know it when you see it."
• "Make your pitch and proposition relevant to your customer's identity or aspirations."
• "Transitioning from a ruthless dictator mindset to a collaborative leader is crucial for scaling a business."

Chapters

00:00 Introduction and Overview

03:01 Entrepreneurial Journey and Lessons Learned

05:30 Identifying Common Challenges in SaaS Businesses

08:18 Niche Down and Focus on Ideal Customer Profile

11:18 Creating Relevance and Emotional Connection with Customers

13:15 The Benefits of Focusing on a Local Market

14:13 Defining Good Positioning

15:30 Key Questions to Answer in Positioning

16:24 Differentiating Value and Making the Proposition Relevant

19:07 The Challenges of Psychological Positioning for Technical Founders

20:04 Quantifying Differentiated Value for Enterprise Customers

21:11 The Challenges of Unfair Advantage Perception

22:06 Transitioning from Founder to Leader

23:21 The Importance of Delegation and Collaboration

25:18 The Challenges of Letting Go of Control

27:20 The Importance of Talent and Building a Great Team

28:31 The Top Three Mistakes in Positioning

29:24 The Importance of Targeting the Right Market Size

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In this episode of the Startup Hustle podcast, Matt Watson interviews Rich Brooks, the president of Flight New Media, about digital marketing and the Remarkability Formula. They discuss the impact of AI on marketing, the importance of finding your uniqueness, and the benefits of niching down. 

Rich explains the four lenses of remarkability: find, focus, frame, and forge. He also shares insights on recurring revenue and the value of building relationships with clients. Rich's podcast, Agents of Change, provides actionable tips for digital marketing.

Takeaways

- AI is transforming the field of digital marketing, increasing productivity and improving the quality of work.
- Finding your uniqueness and niching down is essential for standing out in a crowded market.
- The Remarkability Formula consists of four lenses: find, focus, frame, and forge, which help identify and leverage what makes a business remarkable.
- Recurring revenue is crucial for the long-term success and value of a business.
- Building relationships with clients is key to retaining them and creating a loyal customer base.

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This episode is sponsored by Full Scale:
https://fullscale.io/

Visit the Flyte New Media website:
http://www.takeflyte.com/

Check out Rich Brooks' podcast:
https://www.theagentsofchange.com/podcasts

Learn more about Rich Brooks here:
https://www.linkedin.com/in/therichbrooks/

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Sound Bites

"It's so much easier to just talk and just ramble and use AI to help you continue and improve it."
"You don't want to be competing with somebody else. You don't want to be competing on price."
"Find things that are very difficult to replicate and that your customers care a lot about."

Chapters

00:00 Introduction to Digital Marketing and AI
02:53 The Remarkability Formula and Leveraging AI in Content Creation
05:35 Transitioning to Recurring Revenue in Professional Services
11:41 The Value of Hosting a Digital Marketing Conference

See omnystudio.com/listener for privacy information.

In this episode of the Startup Hustle podcast, Matt Watson interviews Ozan Unlu, the founder and CEO of Edge Delta, an observability company. They discuss the challenges of managing large amounts of data in complex production environments and the need for developers to have access to production data without compromising security. 

Ozan shares his journey from being a software developer at Microsoft to becoming a solution architect and eventually starting his own company. They also delve into the unique problem that Edge Delta solves, which is processing and analyzing data at the edge to determine its value and optimize storage and retention. 

Takeaways
- Observability is crucial for managing large amounts of data in complex production environments.
- Developers need access to production data without compromising security.
- Edge Delta solves the problem of processing and analyzing data at the edge to determine its value and optimize storage and retention.
- The company provides flexible and scalable solutions for observability and data pipelines.
- Edge Delta competes with log management tools like Splunk and DataDog, offering 80% of features that customers care about.
- Edge Delta aims to be the best platform for customers in the long term, rather than focusing solely on revenue. Starting a deep tech and enterprise company requires a long-term vision and the ability to navigate both technical and sales challenges.
- Raising early-stage funding can be lengthy, but having a strong team and unique insights can help attract investors.
- The sales cycle for enterprise accounts is typically five to six months, involving multiple teams and evaluation periods.
- Storing and analyzing large amounts of data in the observability space is a significant challenge, and implementing next-generation architectures can help bring down costs.
- Entrepreneurs should seize the current market opportunities and the availability of talent and potential investors to pursue their dreams.

Find Startup Hustle Everywhere:
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This episode is sponsored by Full Scale:
https://fullscale.io/

Visit the Edge Delta website:
https://edgedelta.com/

Learn more about Ozan here:
https://www.linkedin.com/in/ozanu/

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Sound Bites
"I'm excited because not very often do I get a podcast host who also has a tremendous amount of experience in the space."
"I think my unique experience of being an ex-developer who then went solution architect and went salesperson, showing up once a week and really working with the customers on deep technical challenges, kind of in the front trenches, that..."
"Edge Delta is the concept of how do we start looking at data as it's being created, as close to the source of that data as possible, and how do we start to pre-process, pre-aggregate, and frankly have machine learning and some even basic AI running on the edge."
"We have to have a very long-term vision on this, even on day one."
"The team is probably the number one thing."
"It feels like you're on the treadmill, just trying to get a few customers landed."

Chapters
00:00 The Challenges of Observability and Data Management
06:17 Solving Unique Problems with Edge Delta
12:55 Competing in the Landscape of Observability Vendors
25:05 The Journey to Acquiring the First Paying Customer
31:22 Innovation in the Observability Space

See omnystudio.com/listener for privacy information.

Neelima Paraskar, founder and CEO of Snap IT, discusses her journey in the tech industry and the challenges of hiring and retaining talent in the IT field. She shares how Snap IT started as a training company to address the lack of affordable and skilled engineers in Kansas City.

Neelima also talks about the impact of AI on software development and the changing skills required in the industry. She highlights the importance of certifications and government contracts in growing her business. Neelima offers tips for entrepreneurs, including the value of networking and persistence.

Takeaways
- Snap IT was founded to address the lack of affordable and skilled engineers in Kansas City.
- The company started as a training company but evolved into an IT solutions provider.
- Retaining talent is a challenge in the IT industry, especially for small businesses.
- AI is changing software development and the skills required in the industry.
- Government contracts and certifications have been instrumental in the growth of Snap IT.
- Networking and persistence are key for entrepreneurs.

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This episode is sponsored by Full Scale:

https://fullscale.io

Visit the SnapIT Solutions website:

https://snapit.solutions

Learn more about Neelima here:

https://www.linkedin.com/in/neelimaparasker

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https://newsletter.startuphustle.xyz

Sound Bites:
"I wanted to hire talent, which is affordable."
"Everybody's a free agent, right?"
"We keep them in Snap IT for about three to four months till they become independent."

Chapters:
00:00 The Launch of Snap IT
06:36 How to deal with employees who leave
10:28 How to make opportunities for your future workforce
17:01 How AI is changing software development
22:31 Working with a significant other in the IT business
24:52 The real deal in getting government contracts
29:10 Neelima's journey in creating a software company
33:00 Tips for Entrepreneurs

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Maria Flynn, founder and CEO of AmbioLogix, discusses her background in healthcare technology, entrepreneurship, and the digital health industry. She shares insights from her book 'Make Opportunity Happen' and provides valuable advice for entrepreneurs. The conversation covers topics such as urgency, finding opportunities, and practical advice for business success.

• Urgency is a critical factor in entrepreneurship, and it's important to align urgency with partners and customers to drive progress.
• Finding opportunities often involves recognizing the cracks in closed doors and actively pushing them open to create new possibilities.
• Practical advice and templates provided in Maria Flynn's book 'Make Opportunity Happen' offer valuable insights for entrepreneurs, covering topics such as decision-making, rapid discovery, and hiring.
• Follow-up and persistence are essential in sales and business development, and having a routine for follow-up can lead to successful outcomes.
• Momentum is key in business and entrepreneurship, and taking small steps can lead to significant progress over time.

Find Startup Hustle Everywhere:

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This episode is sponsored by Full Scale:

https://fullscale.io/

Visit the Ambiologix website: 

https://ambiologix.com/

Check out Maria Flynn's book here:

https://makeopportunityhappen.com/

Learn more about Maria Flynn:

https://www.linkedin.com/in/mariasflynn/

Sign up for the Startup Hustle newsletter:

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Sound Bites

• "This is known to be the place to do animal health and similarly it should be the place to do digital health."
• "No, they can't sign a PDF file, guys. We need to send like a DocuSign or something like, why are we making it hard for them to sign the job offer? Like, it's all the little details like that that just add a lot of friction."
• "And if you don't feel like that, you should be doing something else."

Chapters

00:00 Introduction and Background

03:02 The Role of Urgency in Entrepreneurship

06:07 Finding Opportunities and Pushing Open Closed Doors

11:52 Practical Advice for Business Success

24:48 The Power of Momentum in Business

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