Episode 669 | 10 Years to Overnight Success: Bootstrapping to a Multi-Million Dollar Exit

Jul 11, 2023

Rick Hymanson, founder of detamoov and former leader of Shugo, shares his fascinating entrepreneurial journey. He describes the emotional rollercoaster of exiting Shugo, dubbed 'ten years to overnight success.' Rick discusses the strategic pivot that led to product-market fit and building his SaaS business alongside a day job. He emphasizes the importance of intellectual property in driving value and reflects on the community support that paved the way for his next venture. Tune in for insights on navigating startup challenges!

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Intro

00:00 • 2min

From Consulting to SaaS: The Shugo Journey

01:38 • 18min

Navigating Software Engineering Hiring Challenges and HR Solutions

19:14 • 3min

Navigating the Journey to Acquisition

22:12 • 11min

Strategic Decision-Making: The Art of Saying No

32:48 • 2min

The Crucial Role of Intellectual Property in SaaS Success

34:35 • 2min

In episode 669, Rob Walling chats with Rick Hymanson, founder of detamoov and previously Shugo. They discuss Rick’s exit from Shugo in 2018 in what Rob calls “ten years to overnight success”. Rick recounts an early pivot for the company in finding product market fit, building the business with a day job, the logistics of the exit, and why he’s excited to join TinySeed with detamoov.

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Topics we cover:

1:59 – How Rick felt after exiting Shugo
5:10 – Deciding to start detamoov after the exit
7:09 – Creating a Shugo MVP and pivoting
11:15 – Building a SaaS product while working a day job
15:34 – Transitioning to full time and growing Shugo ARR
20:28 – Expanding the product feature set
22:11 – When did you know you had product-market fit?
23:28 – Finding an acquirer and navigating the process
27:38 – Starting and growing datamoov
31:12 – The value of relationship building
34:43 – IP ownership agreements

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