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Eric Rea

Co-founder & CEO, Podium · 1 appearance on the record.

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founderexecutiveengineer@ericwilliamrea ↗LinkedIn ↗podium.com ↗

Eric Rea co-founded Podium in 2014, taking the business messaging platform through Y Combinator and scaling it into a multi-billion-dollar SaaS company. He previously worked as a software engineer for the International Atomic Energy Agency before launching Podium to help local businesses manage customer reviews.

15statements → 12claims → 3claims resolved → 67%fully supported → 3.87/5average certainty → 1.2/5average debate potential → 8said about them ↓

2 supported 1 partly supported 0 contradicted 9 not checkable as stated how the 12 claims stand · each chip opens the sources

1 prediction · 11 assertions · 3 disclosures · every statement was checked. The prediction and assertions are the 12 claims: statements the public record can support or contradict. 3 are resolved, and 9 name no date, number or outcome precise enough to check. Everything else (opinions, insights, what ifs, disclosures) can never be settled by the record, so it carries no assessment.

The record, in short

What the tape says about how Eric argues and how the claims held up. Everything they said, and everything said about them, is in the tabs below.

Their most notable supported claim

Assertion Supported
Eric Rea: Podium Charges $299 per Month per Location
“So we charge it. 299 dollars a month. And that's per location.”
Eric Rea Dec 30, 2016 ▶ 2:31 EP 524: Podium Hits $1m MRR in 12 Months, $4m Raised with 6500 SMB Customers sub 1% Churn with CEO Eric Rea

How they sound: not measured why? →

We measure speaking style by listening to the audio itself, and a fair number needs at least 2,000 words from one person on tape we have measured. There is too little of Eric Rea on measured tape to publish a rate. This says nothing about how they speak.

Everything Eric Rea said on Top Founders that made the record, most notable first. Filter by type, assessment or year in the ledger →

Assertion Not checkable as stated
Rea: Podium's gross monthly customer churn hovers around 1%
“We usually focus on a net churn, but our gross hovers around about one percent monthly, which in our space is extremely good.”
Eric Rea Dec 30, 2016 ▶ 8:46 EP 524: Podium Hits $1m MRR in 12 Months, $4m Raised with 6500 SMB Customers sub 1% Churn with CEO Eric Rea
Assertion Not checkable as stated
Rea: Podium's average customer lifetime value is about $10,000
“So our LTV, our average LTV is about 10 grand. So if you take, it's about three, three year lifetime.”
Eric Rea Dec 30, 2016 ▶ 10:15 EP 524: Podium Hits $1m MRR in 12 Months, $4m Raised with 6500 SMB Customers sub 1% Churn with CEO Eric Rea
Assertion Not checkable as stated
Rea: Podium hit $11 million ARR in December 2016
“We just hit eleven million in ARR this month.”
Eric Rea Dec 30, 2016 ▶ 11:31 EP 524: Podium Hits $1m MRR in 12 Months, $4m Raised with 6500 SMB Customers sub 1% Churn with CEO Eric Rea
Assertion Supported
Eric Rea: Podium Charges $299 per Month per Location
“So we charge it. 299 dollars a month. And that's per location.”
Eric Rea Dec 30, 2016 ▶ 2:31 EP 524: Podium Hits $1m MRR in 12 Months, $4m Raised with 6500 SMB Customers sub 1% Churn with CEO Eric Rea
Assertion Not checkable as stated
Eric Rea: Podium Customers Pay an Average of $400 Monthly
“So average customers paying us about 400 dollars a month.”
Eric Rea Dec 30, 2016 ▶ 2:57 EP 524: Podium Hits $1m MRR in 12 Months, $4m Raised with 6500 SMB Customers sub 1% Churn with CEO Eric Rea
Assertion Not checkable as stated
Podium expanded from 15 to 110 employees over 12 months
“End of 20 15. We had 15 employees. And then today we have a 110.”
Eric Rea Dec 30, 2016 ▶ 4:18 EP 524: Podium Hits $1m MRR in 12 Months, $4m Raised with 6500 SMB Customers sub 1% Churn with CEO Eric Rea
Assertion Partly supported
Podium raised $500k seed in 2014 and $3.5M in December 2015
“We raised 500 grand in 2014. So that was our kind of seed round. And then we raised three and a half in December of 2015.”
Eric Rea Dec 30, 2016 ▶ 5:51 EP 524: Podium Hits $1m MRR in 12 Months, $4m Raised with 6500 SMB Customers sub 1% Churn with CEO Eric Rea
Disclosure
Podium gave up about 20% equity for its $4M in funding
“We have given up About. 20% of the business.”
Eric Rea Dec 30, 2016 ▶ 6:35 EP 524: Podium Hits $1m MRR in 12 Months, $4m Raised with 6500 SMB Customers sub 1% Churn with CEO Eric Rea
Assertion Supported
Rea: Small businesses go out of business at about 1% monthly
“Small businesses go out of business at about one percent monthly.”
Eric Rea Dec 30, 2016 ▶ 9:01 EP 524: Podium Hits $1m MRR in 12 Months, $4m Raised with 6500 SMB Customers sub 1% Churn with CEO Eric Rea
Assertion Not checkable as stated
Rea: Podium maintains a net negative churn of about 2% monthly
“And then we really focus on our net churn, which is about negative two percent monthly.”
Eric Rea Dec 30, 2016 ▶ 9:09 EP 524: Podium Hits $1m MRR in 12 Months, $4m Raised with 6500 SMB Customers sub 1% Churn with CEO Eric Rea
Assertion Not checkable as stated
Rea: Podium spends about $1,200 on average to acquire a customer
“We spend about 1200 dollars to acquire a customer. That's our cap.”
Eric Rea Dec 30, 2016 ▶ 9:59 EP 524: Podium Hits $1m MRR in 12 Months, $4m Raised with 6500 SMB Customers sub 1% Churn with CEO Eric Rea
Assertion Not checkable as stated
Rea: Podium grew from zero to $1.8M ARR in 2015
“We went from zero at the beginning of 2015 to, well, close to zero to 1.8 million in ARR. By the end of 2015.”
Eric Rea Dec 30, 2016 ▶ 11:05 EP 524: Podium Hits $1m MRR in 12 Months, $4m Raised with 6500 SMB Customers sub 1% Churn with CEO Eric Rea
Prediction Not checkable as stated
Rea targets reaching mid-$30M ARR for Podium in 2017
“2017, we'd like to do twenty five million dollars in new annual recurring revenue, which would take us to about somewhere in the mid thirties if our churn holds.”
Eric Rea Dec 30, 2016 ▶ 11:41 EP 524: Podium Hits $1m MRR in 12 Months, $4m Raised with 6500 SMB Customers sub 1% Churn with CEO Eric Rea
Disclosure
Rea: Domo CEO Josh James is an investor in Podium
“We Josh James, their CEO is an investor, so we actually get it.”
Eric Rea Dec 30, 2016 ▶ 16:44 EP 524: Podium Hits $1m MRR in 12 Months, $4m Raised with 6500 SMB Customers sub 1% Churn with CEO Eric Rea
Disclosure
Rea: Podium runs its whole business on Domo BI software
“Okay, so it's a local company. It's called Domo BI company, and I didn't even know if they had a real product, but we just started using about six months ago, and I, like, our whole business is basically run on Domo.”
Eric Rea Dec 30, 2016 ▶ 16:30 EP 524: Podium Hits $1m MRR in 12 Months, $4m Raised with 6500 SMB Customers sub 1% Churn with CEO Eric Rea

The other half of the tape: Eric Rea's own voice is left out of every number here. Other people bring the name up 8 times in 3 episodes on Top Founders. every mention, with the transcript →

Who brings them up most Nathan Latka 5John Stern 3

Every mention by year

tap a year for its mentions
003152201620172018201920202021episodesmentions
012201620172018201920202021episodes it came up in
001.5132201620172018201920202021episodesmentions per episode
2021 3 mentions in 1 episode
2016 5 mentions in 2 episodes 3 per episode

Appearances (1)

EpisodeDateSpeaking time
EP 524: Podium Hits $1m MRR in 12 Months, $4m Raised with 6500 SMB Customers sub 1% Churn Dec 30, 2016 7m
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