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Oct 14, 2016 · 15m · top-founders

EP 448: "Day of Glass" Comes To Life, $1.8M Raised, $1.2M Revenue with Nobal CEL Pieter Boekhoff

Nathan Latka · 8m spoken Peter Boekhoff · 4m spoken
0:00 / 0:00

gold bands on the timeline = statements, start to end. Hover to read, click to jump. CC turns on captions

Host Nathan Latka interviews Pieter Boekhoff, founder of Nobal Technologies, exploring how the company produces interactive smart mirrors, scaled to $1.2 million in revenue, and balances enterprise hardware economics with high-margin recurring SaaS subscriptions.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Nathan holds 61.7% of the talking time here. How this is scored →

Nathan as informed peer 4.3 Guest teaching 2.5 Guest disagreement 0.3 Nathan pushing back 2.2
05100:0010:000:28–3:37 · Nathan as informed peer 4/10 Weekly Contest Winner Announcement and Subscription Instructions Nathan introduces the show and guest accolades before Peter outlines Noble Technologies' core product, hardware price range, and initial 70/30 revenue split between hardware and recurring SaaS.3:37–5:58 · Nathan as informed peer 6/10 Inspiration from 'A Day Made of Glass' and Company Launch Nathan catches a mathematical discrepancy between low unit volume and high top-line revenue, pressing Peter to explain that large upfront custom enterprise integrations account for the difference.5:58–8:03 · Nathan as informed peer 5/10 Hardware Economics, Team Size, and Government Grant Financing Peter breaks down 40% hardware margins and their strategy of leveraging non-dilutive Canadian government grants, which Nathan praises for protecting cap table health.8:03–10:33 · Nathan as informed peer 5/10 SaaS Subscription Economics, Pilot Deployments, and POS Integrations Nathan explores the unit economics of the SaaS tier at $300 per mirror and highlights the friction of 6-to-12-month enterprise sales cycles as Peter explains pilot deployments.10:33–13:22 · Nathan as informed peer 3/10 Entrepreneurial Transition and Online Contact Information Peter explains leaving his dev agency to build proprietary software rather than seeing client startups mismanage marketing, followed by guest contact info and sponsor promotions.13:22–14:35 · Nathan as informed peer 3/10 The Famous Five Rapid-Fire Questions Nathan conducts the rapid-fire Famous Five routine, jokingly reacting to Elon Musk being named yet again as the favorite CEO.0:28–3:37 · Guest teaching 2/10 Weekly Contest Winner Announcement and Subscription Instructions Nathan introduces the show and guest accolades before Peter outlines Noble Technologies' core product, hardware price range, and initial 70/30 revenue split between hardware and recurring SaaS.3:37–5:58 · Guest teaching 4/10 Inspiration from 'A Day Made of Glass' and Company Launch Nathan catches a mathematical discrepancy between low unit volume and high top-line revenue, pressing Peter to explain that large upfront custom enterprise integrations account for the difference.5:58–8:03 · Guest teaching 4/10 Hardware Economics, Team Size, and Government Grant Financing Peter breaks down 40% hardware margins and their strategy of leveraging non-dilutive Canadian government grants, which Nathan praises for protecting cap table health.8:03–10:33 · Guest teaching 3/10 SaaS Subscription Economics, Pilot Deployments, and POS Integrations Nathan explores the unit economics of the SaaS tier at $300 per mirror and highlights the friction of 6-to-12-month enterprise sales cycles as Peter explains pilot deployments.10:33–13:22 · Guest teaching 1/10 Entrepreneurial Transition and Online Contact Information Peter explains leaving his dev agency to build proprietary software rather than seeing client startups mismanage marketing, followed by guest contact info and sponsor promotions.13:22–14:35 · Guest teaching 1/10 The Famous Five Rapid-Fire Questions Nathan conducts the rapid-fire Famous Five routine, jokingly reacting to Elon Musk being named yet again as the favorite CEO.0:28–3:37 · Guest disagreement 0/10 Weekly Contest Winner Announcement and Subscription Instructions Nathan introduces the show and guest accolades before Peter outlines Noble Technologies' core product, hardware price range, and initial 70/30 revenue split between hardware and recurring SaaS.3:37–5:58 · Guest disagreement 1/10 Inspiration from 'A Day Made of Glass' and Company Launch Nathan catches a mathematical discrepancy between low unit volume and high top-line revenue, pressing Peter to explain that large upfront custom enterprise integrations account for the difference.5:58–8:03 · Guest disagreement 0/10 Hardware Economics, Team Size, and Government Grant Financing Peter breaks down 40% hardware margins and their strategy of leveraging non-dilutive Canadian government grants, which Nathan praises for protecting cap table health.8:03–10:33 · Guest disagreement 1/10 SaaS Subscription Economics, Pilot Deployments, and POS Integrations Nathan explores the unit economics of the SaaS tier at $300 per mirror and highlights the friction of 6-to-12-month enterprise sales cycles as Peter explains pilot deployments.10:33–13:22 · Guest disagreement 0/10 Entrepreneurial Transition and Online Contact Information Peter explains leaving his dev agency to build proprietary software rather than seeing client startups mismanage marketing, followed by guest contact info and sponsor promotions.13:22–14:35 · Guest disagreement 0/10 The Famous Five Rapid-Fire Questions Nathan conducts the rapid-fire Famous Five routine, jokingly reacting to Elon Musk being named yet again as the favorite CEO.0:28–3:37 · Nathan pushing back 1/10 Weekly Contest Winner Announcement and Subscription Instructions Nathan introduces the show and guest accolades before Peter outlines Noble Technologies' core product, hardware price range, and initial 70/30 revenue split between hardware and recurring SaaS.3:37–5:58 · Nathan pushing back 5/10 Inspiration from 'A Day Made of Glass' and Company Launch Nathan catches a mathematical discrepancy between low unit volume and high top-line revenue, pressing Peter to explain that large upfront custom enterprise integrations account for the difference.5:58–8:03 · Nathan pushing back 2/10 Hardware Economics, Team Size, and Government Grant Financing Peter breaks down 40% hardware margins and their strategy of leveraging non-dilutive Canadian government grants, which Nathan praises for protecting cap table health.8:03–10:33 · Nathan pushing back 3/10 SaaS Subscription Economics, Pilot Deployments, and POS Integrations Nathan explores the unit economics of the SaaS tier at $300 per mirror and highlights the friction of 6-to-12-month enterprise sales cycles as Peter explains pilot deployments.10:33–13:22 · Nathan pushing back 1/10 Entrepreneurial Transition and Online Contact Information Peter explains leaving his dev agency to build proprietary software rather than seeing client startups mismanage marketing, followed by guest contact info and sponsor promotions.13:22–14:35 · Nathan pushing back 1/10 The Famous Five Rapid-Fire Questions Nathan conducts the rapid-fire Famous Five routine, jokingly reacting to Elon Musk being named yet again as the favorite CEO.

speaking balance: gold is Nathan, purple is the guest (3 minute bins)

0:00 · Nathan 81.3% · guest 18.7%0:00 · Nathan 81.3% · guest 18.7%3:00 · Nathan 36.6% · guest 63.4%3:00 · Nathan 36.6% · guest 63.4%6:00 · Nathan 38.6% · guest 61.4%6:00 · Nathan 38.6% · guest 61.4%9:00 · Nathan 51.4% · guest 48.6%9:00 · Nathan 51.4% · guest 48.6%12:00 · Nathan 89.7% · guest 10.3%12:00 · Nathan 89.7% · guest 10.3%15:00 · Nathan 98.3% · guest 1.7%15:00 · Nathan 98.3% · guest 1.7%
Sharpest disagreement ▶ 4:57 Clarifying custom enterprise integrations

Peter reframes Nathan's skepticism regarding unit math by explaining that their enterprise retail contracts require hundreds of thousands in custom API integration work.

 Hardest push from Nathan ▶ 4:47 Challenging missing revenue numbers

Nathan directly halts the flow to interrogate the math when 10 units at maximum $15k each fail to account for $500k in reported revenue.

 Biggest teaching moment ▶ 6:54 Explaining NRC IRAP grant financing

Peter educates Nathan on how tech startups in Alberta leverage non-dilutive government R&D grants and student associates to fund product commercialization.

 Nathan holds their own ▶ 5:26 Synthesizing the enterprise pilot model

Nathan demonstrates business acumen by quickly articulating how upfront custom integration fees serve as non-dilutive cash flow to fund high-margin scalable recurring SaaS.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
Weekly Contest Winner Announcement and Subscription Instructions 4201 Nathan introduces the show and guest accolades before Peter outlines Noble Technologies' core product, hardware price range, and initial 70/30 revenue split between hardware and recurring SaaS.
Inspiration from 'A Day Made of Glass' and Company Launch 6415 Nathan catches a mathematical discrepancy between low unit volume and high top-line revenue, pressing Peter to explain that large upfront custom enterprise integrations account for the difference.
Hardware Economics, Team Size, and Government Grant Financing 5402 Peter breaks down 40% hardware margins and their strategy of leveraging non-dilutive Canadian government grants, which Nathan praises for protecting cap table health.
SaaS Subscription Economics, Pilot Deployments, and POS Integrations 5313 Nathan explores the unit economics of the SaaS tier at $300 per mirror and highlights the friction of 6-to-12-month enterprise sales cycles as Peter explains pilot deployments.
Entrepreneurial Transition and Online Contact Information 3101 Peter explains leaving his dev agency to build proprietary software rather than seeing client startups mismanage marketing, followed by guest contact info and sponsor promotions.
The Famous Five Rapid-Fire Questions 3101 Nathan conducts the rapid-fire Famous Five routine, jokingly reacting to Elon Musk being named yet again as the favorite CEO.

Statements from this episode (11)

Assertion Not checkable as stated
Nobal sells iMirror units for between $2,500 and $15,000
“We sell them anywhere between 2500 to 15,000 US, depending on the size and configuration.”
Peter Boekhoff Oct 14, 2016 ▶ 2:43
Assertion Not checkable as stated
Nobal generates 70% of its revenue from hardware and 30% from software
“Currently, it's about 70%. As we deploy more units, that's gonna flip as we have more software services, more units are out there in the field, but right now, we're hitting about 70 30.”
Peter Boekhoff Oct 14, 2016 ▶ 3:03
Assertion Not checkable as stated
Nobal generated over $500,000 in revenue from just 10 mirror units
“We've done about 10 and some custom integration. We've done over 500,000 revenue in the last 12 months.”
Peter Boekhoff Oct 14, 2016 ▶ 4:38
Assertion Not checkable as stated
Nobal's first deployment generated $250,000 in API and integration revenue
“Our first deployment had about 250,000 in integration on the APIs in the back end.”
Peter Boekhoff Oct 14, 2016 ▶ 5:20
Assertion Not checkable as stated
Boekhoff says Nobal hardware carries a 40% markup on production cost
“We mark them up about 40%. So say for example, the 5000 dollar version, it's costing us 25 to three grand.”
Peter Boekhoff Oct 14, 2016 ▶ 6:05
Assertion Supported
Nobal raised $1 million in equity and over $800,000 in grants
“We did a million about two and a half years ago, and we've got over 800,000 in, in grants and other funding financing.”
Peter Boekhoff Oct 14, 2016 ▶ 6:36
Assertion Not checkable as stated
Nobal Technologies has generated $1.2 million in cumulative revenue since 2014
“We've done 1.2000000.”
Peter Boekhoff Oct 14, 2016 ▶ 8:00
Prediction Not checkable as stated
Nobal is on track to reach $1.2 million in 2016 revenue
“So we'd like to hit one, 1.2 was our projection. So if we can double last year, we're doing well. Nathan Latka: Are you guys on track to do that year? You're almost done with this year. Peter Boekhoff: We are”
Peter Boekhoff Oct 14, 2016 ▶ 8:39
Assertion Not checkable as stated
Nobal generates an approximate 90% profit margin on SaaS subscriptions
“It's, we're about 90% profit on our, on the software SaaS.”
Peter Boekhoff Oct 14, 2016 ▶ 9:02
Disclosure
Nobal charges a $300 monthly software subscription per smart mirror
“It's a 300 a month. SPEAKER_05: Okay. Nathan Latka: 300 a month. And you pay per screen? SPEAKER_07: Yeah. Peter Boekhoff: You pay for mirror, per mirror.”
Peter Boekhoff Oct 14, 2016 ▶ 9:12
Assertion Not checkable as stated
Nobal faces a six-to-twelve-month enterprise pilot sales cycle
“It's about a six to 12 month sales cycle once we put in a pilot device and get everyone comfortable.”
Peter Boekhoff Oct 14, 2016 ▶ 10:07
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