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5 Learnings from 10 Years of SaaS Investing

My attempt to compress 10 years of SaaS learnings into a 15 minute presentation at Latitude 59. ;)

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5 Learnings from 10 Years of SaaS Investing

  1. 1. Tere päevast :-)
  2. 2. www.theangelvc.net @chrija #BadStockPhotosOfMyJob
  3. 3. www.theangelvc.net @chrija SaaS& Marketplaces
  4. 4. www.theangelvc.net @chrija
  5. 5. www.theangelvc.net @chrija 5 Learnings from 10 Years of SaaS Investing
  6. 6. www.theangelvc.net @chrija 1. Pricing
  7. 7. www.theangelvc.net @chrija SMB vs. Enterprise Pricing How you should be pricing SMBs Enterprises Your pricing Price SMBs Enterprises
  8. 8. www.theangelvc.net @chrija Learning #1 Ask enterprise customers for more $$$. Increase the spread between your entry plan and your higher tiers.
  9. 9. www.theangelvc.net @chrija 2. Scaling paid acquisition
  10. 10. www.theangelvc.net @chrija Scaling paid marketing Marketing spend CACs Your projections Your actuals
  11. 11. www.theangelvc.net @chrija Learning #2 Don’t assume that PPC will scale. Invest in product and content. NPS matters. If ARPA big enough, try outbound sales.
  12. 12. www.theangelvc.net @chrija 3. Hiring a VP of Sales
  13. 13. www.theangelvc.net @chrija „The 48 Types of VP Sales“ YOU
  14. 14. www.theangelvc.net @chrija Learning #3 Your 1st VP of Sales is probably you. Then, find one who can get you to $10-20M ARR. Always hire for the right stage.
  15. 15. www.theangelvc.net @chrija 4. Getting to $100M in ARR
  16. 16. www.theangelvc.net @chrija Which animal are you hunting? ARPA (in $ per year) # of customers (in 1,000s) 10 100 1,000 10,000 100,000 10 1 100 1,000 10,000
  17. 17. www.theangelvc.net @chrija Learning #4 Know what animal(s) you’re hunting. Align your CACs (and CoGS!) with your ARPA.
  18. 18. www.theangelvc.net @chrija 5. Startup graveyard
  19. 19. www.theangelvc.net @chrija Escaping startup graveyard CACs LTV
  20. 20. www.theangelvc.net @chrija Learning #5 Align your CACs with your ARPA. (yeah, sorry, I said this already, but this is important)
  21. 21. www.theangelvc.net @chrija Thank you! More SaaS learnings: www.saaslearnings.com www.theangelvc.net Questions? christoph@pointnine.vc
  22. 22. www.theangelvc.net @chrija Bonus slides
  23. 23. www.theangelvc.net @chrija You get a Term Sheet nobody wants to invest everybody wants
 to invest Time Investor interest
  24. 24. www.theangelvc.net @chrija Getting to PMF Time PMF How you
 get to PMF How it’s probably gonna look like think you’ll
  25. 25. www.theangelvc.net @chrija Company rank Return How you think What it really looks like Power Law 301 15 Power Law looks like
  26. 26. www.theangelvc.net @chrija Should I go through an accelerator? Is it YC? YES No Go for it! Do they want
 > 6%? YES RUN AWAY!!! No Think about it
  27. 27. www.theangelvc.net @chrija Finding good engineers engineers looking for a new job open positions
  28. 28. www.theangelvc.net @chrija Contracts Number of pages % of pages with a >0 chance of ever becoming relevant. 100% 0% 50% 1 200100 Legal fees ¤5k ¤100k
  29. 29. www.theangelvc.net @chrija When corporates discover „entrepreneurship“ We need more innovation! Let’s start a Corporate VC. Let’s spin.-off the VC. oops, we’re not attracting the best and the brightest. Let’s start an incubator. Let’s do an „intrapreneur program“ oops, we’re not attracting the best and the brightest. oops, we’re not attracting the best and the brightest.