Insight
Fukuyama: Millennials require instant workplace recognition like social media feedback
“Recently, especially a lot of millennial are so used to post on Snapchat, Instagram, and once you do it, five seconds later, they get likes or comments. So that type of instant recognition is getting so important, but that's what they require in the workforce …”
Insight
Focusing on logo churn over revenue churn misleads enterprise SaaS companies
“Focusing on logo churn could kill us to, you know, focus on the wrong thing, so we tend to focus on the revenue side.”
Disclosure
Fond is currently fundraising and keeping revenue numbers private
“Yeah, we're a little sensitive right now for the funding, so if you could keep the, if you could not touch about the revenue, that'd be helpful.”
Assertion Not checkable as stated
Fukuyama: 90% of lost prospects do nothing instead of choosing competitors
“Mainly, 90% of companies who don't end up working with us typically don't end up doing anything. So, biggest competitor, it's not direct competitors.”
Insight
Fukuyama: Founders should build a 'minimum sellable product' over an MVP
“So I think this is a concept called like MS MSP instead of MVP. It's like a minimum desirable desirable, sorry, minimum sellable product that if there is a person that's going to be willing to pay, then most likely you can find a second one. And if you can get…”
Disclosure
Fukuyama: Fond expands via multi-product lineups rather than going upmarket
“Our strategy is less for going to the market, more so to expand to the more product lineups so that, that's why we added second and third product recently.”
Disclosure
Fond charges companies roughly $5 per employee monthly
“How we make money is we charge a fee from company based on the company size. So we typically charge around five dollar per employee per month.”
Assertion Not checkable as stated
Salesforce is one of Fond's largest customers
“Salesforce is one of our largest customers.”
Assertion Not checkable as stated
Fond serves over 1,000 companies on its platform
“Roughly over a thousand company right now.”
Assertion Not checkable as stated
Fond's average customer size is approximately 500 employees
“Yeah, most like 500 employees as a company is the average that we see.”
Disclosure
Fukuyama: Fond has raised around $24 million so far
“We have raised around twenty four million so far.”
Assertion Partly supported
Incumbents like Achievers and Globoforce generate hundreds of millions in revenue
“But for, especially for the recognition side, the large players are companies like Achievers, Global Force Aussie Tunners. Those are like hundreds of millions of revenue companies. Usually, those are the companies.”
Assertion Not checkable as stated
Fukuyama: Fond pivoted seven times in its first month at YC
“We actually changed seven times in the first month of the batch which was three month batch of programs.”
Assertion Not checkable as stated
Fukuyama: Fond secured its first sale with only an idea PDF
“We had only PDF of the idea.”
Assertion Not checkable as stated
Fukuyama: Fond targets monthly revenue churn of around 1%
“Right now on the monthly basis, we try to stay around one percent on the monthly revenue side, and as long as we can keep the range, then I think we're pretty on a good path.”
Disclosure
Fukuyama: Fond targets a 12 to 24 month CAC payback period
“We're just trying to stay within like 12 to 24 months range.”
Disclosure
Fukuyama: Fond spent over $1 million on marketing in the past year
“It's about the line. I think a little more than that, but we're trying to get aggressive on the marketing expansion side just to make sure that we are you know, the leader of the market.”
