Opinion
Mark Abbott: EOS framework lacks guidance on building business value
“EOS, which I'm very close to, really doesn't have anything about figuring out how to build value, right?”
Opinion
Mark Abbott: Insight Partners loved 90's metrics more than its business
“They didn't actually understand our business as well as they loved our numbers, which is kind of a funny story.”
Disclosure
Abbott: 90 pays 10% of revenue to license EOS trademark terms
“Yeah, so we just pay a license fee to EOS to use the terms, so we pay 10% of our revenues to EOS to be able to use their trademark terms in our software.”
Assertion Not checkable as stated
Abbott: 90 achieves sub-1% annualized churn when fully adopted
“If you use our system and you cascade it all the way down so everybody in your company is using our tools, including the feedback tool, our churn rate, annualized, is less than one percent.”
Prediction Didn’t hold up
Ninety will auto-generate org charts and seat-level KPIs within a year
“Well, within Plus or minus a year from now, you can give us that information, and we will immediately give you what a likely organizational chart will look like for you. Not only that, we'll give you the KPIs, not just for your company, but for every single se…”
Disclosure
Over 13,000 companies and hundreds of thousands of users run on Ninety
“We have 13,300 companies now running, running on 90, and, you know, several 100,000 people in those companies.”
Assertion Not checkable as stated
Mark Abbott: Three active trial users drive 80-90% conversion for 90
“If we can get three users in during a trial period, we're almost at like 80, 90% conversion rate.”
Assertion Not checkable as stated
Abbott: 90's CAC payback period averages about three months
“On average our payback period is about three months.”
Assertion Not checkable as stated
Abbott: 90 has under 7% user churn and 135% net dollar retention
“User churn is less than seven percent, and our net revenue net dollar retention's a 135%.”
Insight
Abbott: Software startups can talk to any investor once reaching $10M ARR
“We have no intentions of raising anything until we're at least at ten million ARR, because that's when I think, in my old world, that's when you started to be able to have conversations with almost anybody you wanted to, right?”
Assertion Not checkable as stated
Insight's Jeff Horing claimed 90 had the best SMB KPIs he's seen
“Jeff Horings, who the managing partner of Insight, said we had the best KPIs he's ever seen in SMB.”
Assertion Not checkable as stated
Abbott: Insight rated 90's first board meeting an eight over missing metrics
“Everybody gave the meeting a nine or nine and a half except for insight, and they gave it a, they gave it an eight, and they gave it an eight because we didn't give them all the numbers, the detailed numbers that they wanted to see”
Assertion Not checkable as stated
Ninety.io reached $250,000 MRR with zero sales representatives
“We have zero sales people.”
Disclosure
Mark Abbott avoids venture capital to protect founder time and maintain control
“There's a lot of time needs to go into if you want to go raise equity. And right now we're, you know, we're running nine, eight, a 120 miles per hour, just doing what we need to do. And so as far as you know, just allocating my scarce time, that's not somethin…”
Assertion Not checkable as stated
Ninety.io boasts a three-month customer acquisition payback period
“But if you pull that number out, it looks like our payback period right now, because we have not put that much effort into marketing. Our payback period is literally three months.”
Assertion Contradicted
Abbott: North American product fundraising is a $20B industry
“To completely automate this product fundraising business, which is about a two, a twenty billion dollar industry in North America.”
Assertion Not checkable as stated
Equal Exchange, a $70M company, moves catalog fundraising to FarmRaiser
“Some of them are large, like Equal Exchange is a seventy million dollar a year company that does, you know, organic coffee and tea and chocolate. They're moving their entire catalog fundraising business onto the farm raiser platform.”
Prediction Not checkable as stated
Abbott: FarmRaiser will reach breakeven volume by year-end
“So we should be there by the end of this fiscal year we should be looking at a real volume that allows us to break even.”
Opinion
FarmRaiser founder claims platform can beat Amazon on marketplace flaws
“Of course I'm following Bezos cause he's going to be my new neighbor and much of what they did in their marketplace we like, and much of it that we don't like, we think we can beat them at.”
Assertion Partly supported
Abbott helped build and IPO a company now valued over $50B
“Helped build a company and a platform that was pretty successful. Helped take company public. To this day, the company's over fifty billion.”
Assertion Not checkable as stated
Ninety saw its first revenue in 2017 and grew 85% in 2023
“First revenues were in 2017.
we grew, you know, like a lot of smaller businesses.
A hundred percent plus.
last year we were 85%.”
Disclosure
EOS creator Gino Wickman has no equity in Ninety
“No equity in the business.”
Disclosure
Ninety pays Exit Planning Institute a 10% to 20% revenue share
“And with regard to EPI, we do have a revenue share. It's between 10 and 20%.”
Disclosure
The average Ninety customer pays around $2,500 per year
“About 2500 dollars.”
