Assertion certainty 4/5 debate potential 1/5

Procurement Express Pre-Sold Its Software for Thousands Before Building It

James Kennedy · 1200 How He Got First 250 Customers, $65k in MRR from South Africa HQ · Nov 6, 2018 · at 6:17

James Kennedy, founder of Procurement Express, explains how early paid pre-sales validated the product to host Nathan Latka.

0:00 / 0:10exact quote · 10.7s
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“They're all paying. So they pre, we charged them like a couple of grand each. Say, if we build this, will you buy it? You know, and they gave us the money, a down payment that gave us enough confidence just to say, okay.”

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More from James Kennedy

Insight
Kennedy: All SaaS Economic Value Lies in Upsells and Cross-Sells
“Well, that was true for traditional products, but not for SaaS, because all of the value in SaaS is in the upsell and the cross-sell. So you've got to maintain that customer over time.”
James Kennedy Nov 6, 2018 ▶ 13:30 1200 How He Got First 250 Customers, $65k in MRR from South Africa HQ
Disclosure
Procurement Express Pays Partners Up to 40% Lifetime Revenue Commission
“We have a quite extensive partner network, and we do pay up to 30, 40% kickback, depending on, but that's a kind of, we look at that differently.”
James Kennedy Nov 6, 2018 ▶ 12:18 1200 How He Got First 250 Customers, $65k in MRR from South Africa HQ
Disclosure
Kennedy Would Reject a $3M Acquisition Offer for Procurement Express
“No, of course not, but I think Intuit are a great example of the type of, you know, they're a great example of types company that, like us, that serve SMBs, kind of look up to, you know, for sure, because of their partner strategy, you know, they've grown most…”
James Kennedy Nov 6, 2018 ▶ 16:30 1200 How He Got First 250 Customers, $65k in MRR from South Africa HQ
Assertion Not checkable as stated
Kennedy: Holloman Corporation paid Procurement Express $20k upfront
“Big customer early on called Holloman Corporation based out in Texas. They cut us a check for 20 grand, which I didn't believe was even possible at the time.”
James Kennedy Nov 6, 2018 ▶ 7:30 1200 How He Got First 250 Customers, $65k in MRR from South Africa HQ
Assertion Not checkable as stated
Kennedy: Procurement Express doubled its revenue over the past year
“We've about doubled in the last year.”
James Kennedy Nov 6, 2018 ▶ 9:38 1200 How He Got First 250 Customers, $65k in MRR from South Africa HQ
Assertion Not checkable as stated
Kennedy: Procurement Express converts one in twenty product demos
“It's one in 20. That's what we do.”
James Kennedy Nov 6, 2018 ▶ 11:38 1200 How He Got First 250 Customers, $65k in MRR from South Africa HQ
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