Boduch: Investor forced Pendo founders to abandon equal 25% equity splits
“We had one investor that insisted the CEO needed to own the most. We're actually gonna do 25, 25, 25, 25, and an investor actually caused it to change a little bit.”
Boduch: Pendo CEO Todd Olson is driving to take the company public
“He's, his, he would love to take it public. He wants to, you know, have another public software company in Raleigh, and he's driving to that point, and the growth is accelerating, and things are great in the business.”
Olson: Pendo jumped from a $1.5k deal to $60k ARR
“It was a 60 K deal ARR when our largest deal previous was about 1500 dollars ARR.”
Olson: I personally phoned every customer who emailed in early days
“In the early days of the company, I picked up the phone every single time a customer emailed me. Every time.”
Olson: I still monitor Zendesk and work support tickets at Pendo
“Folks, I still am in the Zendesk queue, and actually, even this morning, I was communicating with my VP of support. We're looking at doing a sprint to burn down our backlog, and I volunteered to go into the tickets and burn down the backlog with our support te…”
Olson: I personally read every Pendo NPS response every morning
“This morning when I woke up, I read every Every single MPS response we got this morning from the last time I looked, which is last night when I got off the plane and got to the hotel”
Olson: Personally interviewed nearly every candidate until Pendo reached 500 employees
“It is a fun fact that I interviewed nearly every person at the company up until 500 employees.”
Olson: Corporate layers sanitize frontline data shown to top executives
“The fact is you've got a lot of layers, and they all want to look good, and they all care about how they're perceived inside the organization, so if there's a presentation to someone high in an organization, you're gonna get three people's filter on what that …”
Olson: Startups must let systems break to know what to fix
“Sometimes things have to break and fall over to actually see what you need to fix.”
Olson: Pendo processes over 100 billion events per week
“We now get over a hundred billion a week, and this is when we had a hundred billion cumulatively. This is probably back in that 20 17 range. We have tens of trillions of events now.”
Olson: Revenue is a lagging indicator and insufficient for immediate product action
“The challenge with revenue is that it's a lagging indicator. So by the time you lose it is probably too late. Sorry if that's what your measure is, it's not enough to actually take action.”
Todd Olson Sep 28, 2017 ▶ 3:21 How to Measure Product Success // Todd Olson, Pendo (FirstMark's Data Driven)
Fast feature adoption directly drives conversion and customer lifetime value
“Every product has a key set of features that, you know, if people get to those fast, they're more likely to either convert to a paying customer and or stay a happy customer and ultimately renew and generate a ton of lifetime value.”
Pendo generated zero revenue during its first two years
“Zero year one, zero year two, and then we started making some the next.”
Pendo's average customer pays over $2,000 per month
“Average amount customers paying us per month is over 2000 dollars a month.”
Pendo maintains an annual revenue churn rate under five percent
“I mean, churn as a percentage is as a percentage of overall revenue is very, very small under five percent.”
Pendo achieves net negative churn with net retention over 130%
“We have net negative. Oh, absolutely. Yeah. Yeah. Our net numbers are in the one 40 range. So north of one 30.”