Adam Schoenfeld, founder of Siftrock, discusses SaaS metrics with Nathan Latka, explaining why he ignores standard LTV metrics for early-stage companies.
Opinion
Schoenfeld: Bootstrapping is better than venture capital for many businesses
“I'm not, like, violently opposed to the VC model. I just think there's lots of businesses and lots of opportunities to you know, take a different approach, to take a more, a little bit of a slower, kind of more intentional approach to kind of the market, and t…”
Assertion Not checkable as stated
Schoenfeld: Siftrock Has 99.5% Gross Dollar Renewal Rate
“If I just look at everybody who's renewed over the last 18 months, we have a 99.5% dollar gross renewal rate”
Disclosure
Schoenfeld: Siftrock would reject a $5 million acquisition offer today
“Not for five. I mean, everybody's got some number, right? I'm not going to share it on your show here, but I think we are building the business as if we're going to be doing this in And if those conversations happen, like we'll, we'll entertain them.”
Assertion Not checkable as stated
Schoenfeld: Siftrock reached $1M ARR bootstrapped with 5 employees
“I mean, a six employee, we just hired our sixth employee. So you know, functionally a five employee company reaching a million of ARR on zero capital.”
Disclosure
Schoenfeld: Siftrock cap table gives him true co-founder equity
“No, no, I'm a true co-founder in that sense. I mean, obviously we tilted it a little bit for, you know, him and the sacrifices he's made, but it's a, it would be a typical, you know, if we had started the company and I had to pay for that, right?”
Assertion Not checkable as stated
Schoenfeld: Siftrock grew from $100K to $1M ARR in 18 months
“I mean, we went, we, it took us 18 months to go from basically a hundred K to a million of AOR. So, you know, when I came in, we were about a hundred K of just what he'd cobbled together. And, you know, we just crossed the 1,000,018 months after.”