Opinion
Coppinger: Teamwork Was Built Because Basecamp Sucks
“Yeah, well, the reason we made this product is because Basecamp sucks.”
Assertion Not checkable as stated
Coppinger: Walt Disney was Teamwork's first enterprise customer after stealth usage
“Our first enterprise customer was actually Walt Disney. We'd been thinking about doing enterprise for a couple of years and we got a phone call out of the blue from Walt Disney saying we've been using your product in stealth for two years.”
Disclosure
Coppinger: Teamwork Switched Self-Service to Per-Seat to Stop Losing Prospects
“And what we've just done last month is we've changed all our self-service pricing tiers to the per seed model. And the reason we've done that is for a couple of reasons. It's First of all, we weren't capturing enough value from the mid market. The second thing…”
Disclosure
Coppinger: Teamwork's enterprise churn is near 0% after 18 months
“And then for the enterprise guys, we've actually in the history of enterprise in the year and a half of doing enterprise, we've only lost one enterprise customer. So our churn for enterprise is pretty close to zero percent.”
Disclosure
Coppinger: Teamwork.com is grandfathering legacy pricing for three years
“What we've done for our existing customers is we've chosen to grandfather them for three years, which is pretty unheard of in the industry, and then we're going to look after those guys as they transition from the old model over to the per seat model.”
Disclosure
Coppinger: Software directory listings currently outperform Google AdWords for Teamwork
“Getting listed on certain websites is working better for us than Google AdWords. So we're slowly doubling our how much money we're putting into those.”
Assertion Not checkable as stated
Coppinger: Teamwork sees 3% gross and 0.5% net monthly self-serve churn
“For our self-service guys we have about three percent churn per month but the net churn, For across all our self-service guys is only not .5%. That's net revenue.”
Assertion Not checkable as stated
Coppinger: Teamwork.com enterprise expansion is 30% to 40%
“If we add in the expansions, which is about, we're at about 30% to 40% Expansion on the enterprise side of things. And I don't want to give the exact numbers we're getting in enterprise, but it more than offsets while we're slowly losing on the SaaS side of th…”
Disclosure
Coppinger: Dedicated competitor data importers are a major growth driver
“One of the biggest things we do is we break down the barriers that stop people moving over from our competitors. So we aggressively make importers for all our competitors and we have a whole team on this and they maintain those importers and they make sure the…”
Disclosure
Coppinger: Teamwork won't consider exits or IPOs before hitting $100M ARR
“We have this kind of vision company that myself and Dan, my co-founder, we're not going to even stop and consider acquisitions, IPOs, anything, until we hit the hundred million dollar AR mark.”
What-if
Coppinger: Atlassian overpaid; I wouldn't pay over 7x revenue for Trello
“I wouldn't have paid more than a seven X multiple of their top line revenue.”
Prediction Held up
Coppinger: Atlassian bought Trello to expand into general business tools
“Well, I can only guess, but I think Atlassian are going to make a play to move out of kind of developer tools more into the general business tools, and this is just the start of it, and they just wanted to get there faster.”
Disclosure
Coppinger: Teamwork Hit $30k MRR in 2010 Before Going Full-Time
“Three years of working on the product kind of every Friday and all weekends until we got it to about 30,000 MRR. And at that point.
Nathan Latka: So that was, just to be clear, that was 2010?
Peter Coppinger: About 2010, yeah.
Nathan Latka: Okay.
Peter Copping…”
Prediction Not checkable as stated
Coppinger: Teamwork will reach $18M ARR in 2017, growing 50% year-over-year
“Actually, we're looking at growing 50% this year, and we're going to hit about the eighteen million dollar mark this year.”
Assertion Not checkable as stated
Coppinger: Teamwork's new sales team added $2M ARR this year
“We started the sales team a year and a half ago. That was the best thing we ever did. Those guys just this year have added two million AR to the bottom line.”
Disclosure
Coppinger: Teamwork is completely self-funded
“Yeah, so we're completely self-funded.”
Assertion Not checkable as stated
Coppinger: Teamwork has 20,000 customers, with 1,000 using both paid products
“We have about 20,000 customers across both products. Now if we say 25,000 somewhere, we need to fix that. But We have a bit of overlap. Then there's about 1000 of those customers that use both our paid products.”
Assertion Not checkable as stated
Coppinger: Teamwork's enterprise contracts range from $10,000 to $50,000
“The self-service guys typically 80 dollars a month up to maybe they pay us 2000 max a year. And then the enterprise customers, they kind of start anywhere at a 10,000 dollar range up to 50,000 dollars.”
Assertion Not checkable as stated
Coppinger: Teamwork's Disney Contract Expanded Roughly Sevenfold from $15,000
“That was pretty small to begin with. So I think that was like, and we were new to enterprise, so we actually didn't know how to price it. So we, I think it was just like 15,000 or so, but it's massively expanded. It's probably, probably seven X that now or so.”
Disclosure
Coppinger: Teamwork maintains an overall 8:1 LTV to CAC ratio
“Google AdWords has been a very mixed bag for us. We, we've got up to about a 30,000 monthly spend with Google AdWords with mixed success. We have a CAC to LTV ratio there of about three to one, but our overall CAC to LTV ratio across all our marketing efforts …”
Disclosure
Coppinger: Teamwork's fully loaded customer acquisition cost is roughly $360
“Roughly to acquire a customer, excluding wages and stuff is about a 114 dollars, including wages and so on. We're at about, I think, 360 dollars is what we worked out.”
Disclosure
Coppinger: Teamwork is building a 700-person main headquarters in Cork
“We're building a 700 person office in Cork at the moment, which it's going to take two years to build that. And it's quite exciting, but that's going to be our main headquarters.”
Disclosure
Coppinger: Teamwork donates 1% of annual profits to good causes
“Like we, one of the things we do is we give one percent of all our profits to good causes. I won't say charities, but good causes every year.”
