Fishman: Boring businesses make money while sexy startup ideas often fail
“It's the boring stuff that makes money. Sometimes the sexy, interesting things are really great ideas, fun to use but aren't money makers, aren't durable businesses.”
Argyle's first MVP generated fake screenshot certificates for Uber drivers
“The very first version of the Argyle service was a website that an Uber driver just logged into, and they took a screenshot of, like, this sort of fake resume we would build. It would generate from their Uber profile data, but it would just sort of put, like, …”
Argyle founder: First paying customer was Level Goals at $1 per verification
“The first client that paid us was a business called Level Goals, which is still around. They were a small dollar lender, and Level Goals only only was interested in doing lending to gig workers, and so we had already built the first, you know, integrations int…”
Argyle founder: Startup had zero paying customers for its entire first year
“The first year of Argyle, I believe until, until the late part of 2019, Argyle was founded in 2018. Until the late part of 2019, we had no paying customers. We were just building.”
Fishman: The IRS lists about 6,000 registered payroll service providers
“The IRS says, That there's about 6000 registered payroll service providers, which is a really wonky term, but basically just means there's 6000 entities that are allowed to submit payroll on another company's behalf.”
Fishman: Replacing existing B2B spend is easier than selling net-new products
“It's easier to price around that because there's already a reference of value With a client, but they're already spending on it. So they're not allocating new spend or having to get a new PO or get a new approval.”
Argyle operates without a VP of sales, using vertical GMs instead
“Even today Argyle does not have a VP of sales. We have this GM strategy where there's a general manager for each one of our key verticals, but all on the purpose of like keeping ourselves as close as possible to the client.”
Enterprise income verification takes 12 to 24 months to fully deploy
“It takes 12 months, sometimes 24 months for a client to really use us for their main verification flow.”
Boggs: Early-stage deal terms matter far more than headline valuation
“Yeah, and I think the lesson I learned from Argyle is that the price doesn't really matter all that much. I mean, it matters, right? You don't want to sell 50% of your company that early, but there's sort of a range for what's reasonable. As long as you can ge…”