Jay Tokosch explains the operational difficulty of selling software to educational institutions compared to corporate markets.
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“The biggest thing with the education and the biggest is the drawback is the sales cycle. And this is so long. There's a short window for you to get involved in it. And then you know, you're looking at them putting it into their budgets, which most of them are in a school year budget, which runs around July timeframe. So that's your, that, that, that's the biggest downsides to that.”
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More from Jay Tokosch
PredictionNot checkable as stated
Tokosch predicts NoteAffect will reach $10K monthly revenue next quarter
“Yeah, absolutely. We've got we've got the 12 signed up and I probably have another 17 or 18 that are outstanding that I, that will pop.”
Jay TokoschAug 1, 2020▶ 12:22NoteAffect MVP Cost $1.6m, Founder Bootstrapping Using Cash From Last Exit
Insight
Tokosch: Early sales targets should be set at 50% of founder output
“Well, so I always like to be the person who does it myself first to see how well I do with it, right? Because if I'm, then I measure against myself. So if I'm able to do, let's say, 10 demos a month, right, I'm not always going to expect the salesperson who, y…”
Jay TokoschAug 1, 2020▶ 14:38NoteAffect MVP Cost $1.6m, Founder Bootstrapping Using Cash From Last Exit
AssertionNot checkable as stated
Tokosch bootstrapped CoreApps to 800+ clients and 1,600 annual events before exit
“I bootstrapped that company. I was very fortunate to get it going that way and getting it started. Doing a bootstrap on that one, and when we finished, we had a little over 800 clients, and we did about 1600 events a year.”
Jay TokoschAug 1, 2020▶ 2:46NoteAffect MVP Cost $1.6m, Founder Bootstrapping Using Cash From Last Exit
AssertionNot checkable as stated
Tokosch: CoreApps approached $10M in revenue prior to acquisition
“Oh, yeah, we were we were close to ten million.”
Jay TokoschAug 1, 2020▶ 3:05NoteAffect MVP Cost $1.6m, Founder Bootstrapping Using Cash From Last Exit
AssertionNot checkable as stated
Tokosch: NoteAffect charges schools $5 to $10 per student per semester
“Oh it's really inexpensive. They're paying anywhere from five to 10 dollars per student per semester.”
Jay TokoschAug 1, 2020▶ 5:51NoteAffect MVP Cost $1.6m, Founder Bootstrapping Using Cash From Last Exit
Disclosure
Tokosch plans to raise $1M for NoteAffect because software is complete
“Yeah, we're talking about a million. I don't need a lot. The software's done.”
Jay TokoschAug 1, 2020▶ 8:55NoteAffect MVP Cost $1.6m, Founder Bootstrapping Using Cash From Last Exit
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