Startups with fewer than 10 employees should not hire product managers
Ryan Salerno · Bank Calculator App Hits $400k ARR, Hit $7m Cap · Apr 24, 2022 · at 11:39
Ryan Salerno, co-founder and CTO of fintech startup Chimney, explains why his company chose not to hire a dedicated product manager at their current headcount.
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“Ultimately decided the small team of like eight or nine people who can't yet have a product manager, like our CEO needs to be the product manager for now.”
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Chimney's three co-founders split their equity 40/30/30
“So we're 4030, 30 the CEO, Matt Covey, it was his idea. So he has 40% and then Chase and I reached 30.”
Founders must know how to build their product before outsourcing development
“Like the joke is that you have to be able to build it yourself in order to have an outdoor outsource dev shop. So I'm giving them literally like the database schema and the relationships And the models and like, okay, here's how we should structure this. Here'…”
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“They do. They required the investment because we were like, you don't have to like, good. Like we raised the seed already. They were like, ah, we need to. And we're like, okay.”
Chimney reached $300,000 in revenue while remaining fully bootstrapped
“And so we made it to like about 300 K in revenues by being fully bootstrapped.”
Chimney spent $16,000 with an outsourced agency to build its MVP
“Nothing, I actually remember this, because this was the first money that we spent from nothing to MVP was 16,000 dollars. And this was a platform for people to log in, create the calculator, issue it to themselves, and then embed it to their website.”