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Jul 21, 2016 · 17m · top-founders

EP 362: 10,000 Nurses Pay Him $110k/mo To Get Certified with Tony Leonard of NurseVersity.com

Nathan Latka · 9m spoken Tony Leonard · 5m spoken
0:00 / 0:00

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

In episode 362 of The Top podcast, host Nathan Latka interviews Tony Leonard, founder of NurseVersity, who details how his adaptive exam preparation platform scaled to $110,000 in monthly recurring revenue across 10,000 subscribers. Leonard provides transparent financial metrics, customer acquisition tactics, continuing education retention models, and his upcoming seed round fundraising plans.

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 61.6% of the talking time here. How this is scored →

Nathan as informed peer 5.6 Guest teaching 3.2 Guest disagreement 1.6 Nathan pushing back 3.8
05100:0010:000:28–5:36 · Nathan as informed peer 8/10 Weekly Cash Giveaway and Upcoming Guest Preview Nathan drills deep into the discrepancy between Tony's claimed 10,000 subscribers, 35.50 ARPU, and monthly revenue of $152k. Nathan repeatedly challenges Tony's math until Tony clarifies that many are scholarships and 600 users bought lifetime packages.5:36–8:59 · Nathan as informed peer 6/10 Tackling Churn with Continuing Education Accreditation Nathan challenges Tony on how test-prep SaaS handles customer churn after users pass exams. Tony explains their continuing education accreditation, teaching Nathan how nurses are mandated to maintain accredited hours continuously.8:59–11:16 · Nathan as informed peer 8/10 Churn Metrics, Lifetime Value, and Fundraising Plans Nathan takes full command of the unit economics and fundraising mechanics, accurately predicting convertible note terms like the 8% interest and cap before Tony mentions them.11:16–13:40 · Nathan as informed peer 4/10 Connecting with Tony Leonard Online A brief transition segment with social handles, promo reads, and basic background questions regarding founding year and equity splits.13:40–15:19 · Nathan as informed peer 2/10 The Famous Five Rapid-Fire Questions Standard rapid-fire Famous Five format followed by an outro monologue; very low friction and conversational.0:28–5:36 · Guest teaching 4/10 Weekly Cash Giveaway and Upcoming Guest Preview Nathan drills deep into the discrepancy between Tony's claimed 10,000 subscribers, 35.50 ARPU, and monthly revenue of $152k. Nathan repeatedly challenges Tony's math until Tony clarifies that many are scholarships and 600 users bought lifetime packages.5:36–8:59 · Guest teaching 6/10 Tackling Churn with Continuing Education Accreditation Nathan challenges Tony on how test-prep SaaS handles customer churn after users pass exams. Tony explains their continuing education accreditation, teaching Nathan how nurses are mandated to maintain accredited hours continuously.8:59–11:16 · Guest teaching 3/10 Churn Metrics, Lifetime Value, and Fundraising Plans Nathan takes full command of the unit economics and fundraising mechanics, accurately predicting convertible note terms like the 8% interest and cap before Tony mentions them.11:16–13:40 · Guest teaching 2/10 Connecting with Tony Leonard Online A brief transition segment with social handles, promo reads, and basic background questions regarding founding year and equity splits.13:40–15:19 · Guest teaching 1/10 The Famous Five Rapid-Fire Questions Standard rapid-fire Famous Five format followed by an outro monologue; very low friction and conversational.0:28–5:36 · Guest disagreement 3/10 Weekly Cash Giveaway and Upcoming Guest Preview Nathan drills deep into the discrepancy between Tony's claimed 10,000 subscribers, 35.50 ARPU, and monthly revenue of $152k. Nathan repeatedly challenges Tony's math until Tony clarifies that many are scholarships and 600 users bought lifetime packages.5:36–8:59 · Guest disagreement 2/10 Tackling Churn with Continuing Education Accreditation Nathan challenges Tony on how test-prep SaaS handles customer churn after users pass exams. Tony explains their continuing education accreditation, teaching Nathan how nurses are mandated to maintain accredited hours continuously.8:59–11:16 · Guest disagreement 1/10 Churn Metrics, Lifetime Value, and Fundraising Plans Nathan takes full command of the unit economics and fundraising mechanics, accurately predicting convertible note terms like the 8% interest and cap before Tony mentions them.11:16–13:40 · Guest disagreement 1/10 Connecting with Tony Leonard Online A brief transition segment with social handles, promo reads, and basic background questions regarding founding year and equity splits.13:40–15:19 · Guest disagreement 1/10 The Famous Five Rapid-Fire Questions Standard rapid-fire Famous Five format followed by an outro monologue; very low friction and conversational.0:28–5:36 · Nathan pushing back 7/10 Weekly Cash Giveaway and Upcoming Guest Preview Nathan drills deep into the discrepancy between Tony's claimed 10,000 subscribers, 35.50 ARPU, and monthly revenue of $152k. Nathan repeatedly challenges Tony's math until Tony clarifies that many are scholarships and 600 users bought lifetime packages.5:36–8:59 · Nathan pushing back 4/10 Tackling Churn with Continuing Education Accreditation Nathan challenges Tony on how test-prep SaaS handles customer churn after users pass exams. Tony explains their continuing education accreditation, teaching Nathan how nurses are mandated to maintain accredited hours continuously.8:59–11:16 · Nathan pushing back 4/10 Churn Metrics, Lifetime Value, and Fundraising Plans Nathan takes full command of the unit economics and fundraising mechanics, accurately predicting convertible note terms like the 8% interest and cap before Tony mentions them.11:16–13:40 · Nathan pushing back 2/10 Connecting with Tony Leonard Online A brief transition segment with social handles, promo reads, and basic background questions regarding founding year and equity splits.13:40–15:19 · Nathan pushing back 2/10 The Famous Five Rapid-Fire Questions Standard rapid-fire Famous Five format followed by an outro monologue; very low friction and conversational.

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

0:00 · Nathan 64.6% · guest 35.4%0:00 · Nathan 64.6% · guest 35.4%3:00 · Nathan 40.8% · guest 59.2%3:00 · Nathan 40.8% · guest 59.2%6:00 · Nathan 37% · guest 63%6:00 · Nathan 37% · guest 63%9:00 · Nathan 62.5% · guest 37.5%9:00 · Nathan 62.5% · guest 37.5%12:00 · Nathan 76.9% · guest 23.1%12:00 · Nathan 76.9% · guest 23.1%15:00 · Nathan 99.4% · guest 0.6%15:00 · Nathan 99.4% · guest 0.6%
Sharpest disagreement ▶ 4:02 Tony pushes back on revenue calculation

Tony clarifies that Nathan's simplified math is skewed due to lifetime $499 purchases and subsidized plans.

 Hardest push from Nathan ▶ 3:21 Nathan questions subscriber math

Nathan refuses Tony's headline numbers, pointing out that 10k users at $35.50 should yield $350k rather than $152k.

 Biggest teaching moment ▶ 5:51 Tony explains continuing education retention

Tony educates Nathan on how state board requirements force nurses to buy 10-12 accredited hours annually for career maintenance.

 Nathan holds their own ▶ 10:44 Nathan predicts note terms exactly

Nathan demonstrates sharp venture finance knowledge by pinpointing Tony's exact note terms of 8% interest and a $4 million cap.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
Weekly Cash Giveaway and Upcoming Guest Preview 8437 Nathan drills deep into the discrepancy between Tony's claimed 10,000 subscribers, 35.50 ARPU, and monthly revenue of $152k. Nathan repeatedly challenges Tony's math until Tony clarifies that many are scholarships and 600 users bought lifetime packages.
Tackling Churn with Continuing Education Accreditation 6624 Nathan challenges Tony on how test-prep SaaS handles customer churn after users pass exams. Tony explains their continuing education accreditation, teaching Nathan how nurses are mandated to maintain accredited hours continuously.
Churn Metrics, Lifetime Value, and Fundraising Plans 8314 Nathan takes full command of the unit economics and fundraising mechanics, accurately predicting convertible note terms like the 8% interest and cap before Tony mentions them.
Connecting with Tony Leonard Online 4212 A brief transition segment with social handles, promo reads, and basic background questions regarding founding year and equity splits.
The Famous Five Rapid-Fire Questions 2112 Standard rapid-fire Famous Five format followed by an outro monologue; very low friction and conversational.

Statements from this episode (15)

Disclosure
Tony Leonard: NurseVersity has over 10,000 subscribers
“Well, actually, we have, ah, over 10,000 subscribers today, and they pay a monthly subscription or a one-time fee, what we call pay until you pass.”
Tony Leonard Jul 21, 2016 ▶ 1:30
Assertion Contradicted
Tony Leonard: NurseVersity holds a patent on its Advisor algorithm
“Actually, the algorithm that we have a patent on is called the Advisor.”
Tony Leonard Jul 21, 2016 ▶ 1:58
Assertion Not checkable as stated
NurseVersity grew monthly revenue from $8,000 to $152,000 in five months
“In January, just to give you an idea, we were doing about eight to 10,000 dollars per month, and last month we ended up at one 52.”
Tony Leonard Jul 21, 2016 ▶ 2:26
Assertion Not checkable as stated
Leonard: NurseVersity generated $250,000 in revenue in 2015
“250.”
Tony Leonard Jul 21, 2016 ▶ 2:43
Disclosure
Leonard: NurseVersity raised $125k from 500 Startups
“We were a part of the 500 startup accelerator where they influxed one 25 but that's it.”
Tony Leonard Jul 21, 2016 ▶ 2:50
Assertion Not checkable as stated
NurseVersity heavily discounts or gives away 70% of its subscriptions
“But we've given away probably 65 to 70% of our subscriptions.”
Tony Leonard Jul 21, 2016 ▶ 3:23
Assertion Not checkable as stated
Leonard: NurseVersity sold 600 lifetime packages at $499
“Out of the 10,000, we've sold 600 of those to date.”
Tony Leonard Jul 21, 2016 ▶ 5:09
Assertion Not checkable as stated
Leonard: NurseVersity MRR fluctuates between $90k and $110k
“I would say we're flexing anywhere between 91 10.”
Tony Leonard Jul 21, 2016 ▶ 5:32
Assertion Partly supported
Leonard: Over 2.5M nurses require annual accreditation
“So now out of the 500,000 nurses that actually take the exam they become part of the bigger pool, which is in surplus of 2.5 million that need annual accreditation.”
Tony Leonard Jul 21, 2016 ▶ 6:00
Assertion Not checkable as stated
Leonard: NurseVersity customer acquisition cost is about $12
“Actually our cost is about 12 dollars.”
Tony Leonard Jul 21, 2016 ▶ 7:40
Assertion Not checkable as stated
Leonard: NurseVersity average customer lifespan is 16 to 18 months
“The average customer will be with us about 16 to 18 months.”
Tony Leonard Jul 21, 2016 ▶ 9:51
Assertion Not checkable as stated
Leonard: NurseVersity customer lifetime value is $300 to $350
“Yeah, it's between three, three 50.”
Tony Leonard Jul 21, 2016 ▶ 10:31
Disclosure
Leonard: NurseVersity is seeking to raise an $800k seed round
“We're looking to raise about an 800,000 seed round.”
Tony Leonard Jul 21, 2016 ▶ 10:41
Assertion Not checkable as stated
Leonard: NurseVersity operates with a team of five
“There's five of us.”
Tony Leonard Jul 21, 2016 ▶ 11:10
Disclosure
Leonard holds 80% equity in NurseVersity
“Actually, I have 80% equity and we have some for 500 and we have some for our team.”
Tony Leonard Jul 21, 2016 ▶ 13:26
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