How to get your first 3 customers paying $72k, from Incident Response SaaS Founder
Feb 18, 2023
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Uptime Labs founder shares a success story about impressing a customer with their SaaS platform. Uptime Labs helps engineering teams simulate and solve IT incidents. Discussion on customer pricing, revenue, and growth plans. The speaker talks about raising pre-seed capital and building a team. The chapter also covers the distribution of equity among the founders and the company's future growth plans.
Uptime Labs focuses on improving incident response by providing skill training and simulated incident drills to help teams troubleshoot and resolve network outages quickly.
Uptime Labs emphasizes the importance of taking risks early on and distributing equity based on each team member's level of commitment.
Deep dives
Uptime Labs: Helping Teams Improve Incident Response
Uptime Labs is a SaaS platform launched last year that focuses on improving incident response. With three customers paying $6,000 a month, they help teams prepare and recover from IT outages quickly. By providing skill training and simulated incident drills, Uptime Labs enables engineers to troubleshoot and resolve network outages and other IT incidents efficiently. The company offers different tiers based on availability targets, with each tier providing a certain number of incident drills and seats. In their early stage, Uptime Labs is focused on learning from visionary customers to build a stronger product before optimizing for revenue growth.
Real-World Scenarios and Revenue Model
A customer story shared by Ahmed Silatani, one of the founders of Uptime Labs, highlighted the chaos that occurs during IT outages and the need for effective recovery. Uptime Labs allows engineering teams to practice and develop their response strategies in the face of simulated incidents, such as network outages. The average customer pays around $6,000 per month, which includes a certain number of incident drills and seats. Currently serving three customers, Uptime Labs aims to sign up five more visionary customers this year to further enhance their product.
Fundraising and Equity Distribution
Uptime Labs completed a pre-seed round, raising just under a million dollars at a $4 million valuation. The funding provided them with the necessary runway to build their product and navigate the current economic situation. With a team size of seven, including two co-founders, Uptime Labs went through discussions to determine equity distribution, considering factors like risk and involvement. Ahmed mentioned the importance of taking risks early on, which led to an equitable distribution based on each team member's level of commitment.