Seymour Duncker. He’s the co-founder and CEO of a company called iCharts, the leader in cloud business intelligence and analytics and a seasoned entrepreneur who has been both a consumer and developer of visual analytics. Before founding iCharts, Seymour assisted SAP’s senior management in driving the company’s product strategy and was an early team member at 2 enterprise software startups before that.

Famous Five:

Favorite Book? – The Inevitable
What CEO do you follow? – Elon Musk
Favorite online tool? — NetSuite and Salesforce
How many hours of sleep do you get?— 6-7
If you could let your 20-year old self, know one thing, what would it be? – “Spend a little more time outdoors”

Time Stamped Show Notes:

02:26 – Nathan introduces Seymour to the show
03:12 – iCharts is a cloud-based business and intelligence analytics solution platform
03:24 – iCharts is a SaaS model
03:36 – iCharts partners with NetSuite which is a cloud-based EOP
- 03:48 – NetSuite uses iCharts as an embed BI (Business Intelligence) engine that powers iCharts for NetSuite’s customers
- 04:05 – iCharts is like an app inside NetSuite
04:55 – iCharts can take any kind of data and visually represent it so that people can interact and analyze the data
05:16 – The analogy of iCharts is like the car's’ navigation system which is separated from the car’s build
05:55 – iCharts considers SaaS businesses as an ecosystem and NetSuite is a large ecosystem
06:05 – iCharts has a mixed business model
06:24 – iCharts is also looking into exclusive partnerships with a SaaS platform to distribute iCharts
06:55 – Pricing starts at $15K per annum depending on the number of users on a platform
07:54 – Seymour arrived in the USA, in 2010
08:10 – Seymour is from Germany
08:50 – When Seymour had an idea for a cloud-based business intelligence platform, he was thinking about where to build it
09:27 – Back then, it was easier to sell in the USA than in Germany
10:10 – Being in California was also a great idea for Seymour’s wife, so they built iCharts in the USA
10:37 – Team size is 60
- 10:56 – Sales team has 20 people
11:35 – The majority of iCharts’ market
11:49 – iCharts will know the pain points of the users of NetSuite
12:53 – iCharts will already have an idea of the customer’s needs
13:45 – iCharts has around 200 customers
14:04 – iCharts started focusing on various markets
14:25 – iCharts has raised $23M to date but they were initially bootstrapped
15:07 – Churn is around 5-7%
16:20 – CAC
16:32 – iCharts is highly profitable from the initial time they closed a deal
17:04 – There’s an advantage of growing faster and burning yourself as you grow too fast
17:44 – At the end of the day, it’s all about having a high-functioning team that produces quality
18:04 – Average ARR
18:21 – iCharts also offers additional services for their larger customers
20:13 – The Famous Five

3 Key Points:

Build your business wherever you’d like to—even if it means leaving your home country.
Having a well-functioning team that produces QUALITY will drive your revenue and contribute to the success of your business.
Make time for rest and vacations; this will relax and regenerate you.

Resources Mentioned:

The Top Inbox – The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens, and follow-up with email sequences
Klipfolio – Track your business performance across all departments for FREE
Hotjar – Nathan uses Hotjar to track what you’re doing on this site. He gets a video of each user visit like where they clicked and scrolled to make the site a better experience
Acuity Scheduling – Nathan uses Acuity to schedule his podcast interviews and appointments
Host Gator– The site Nathan uses to buy his domain names and hosting for the cheapest price possible
Audible– Nathan uses Audible when he’s driving from Austin to San Antonio (1.5-hour drive) to listen to audio books

Show Notes provided by Mallard Creatives

712: How To Use a Distribution Channel to Get 200 Customers Paying $15k per Year

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