Assertion certainty 4/5 debate potential 1/5

Austin: ExxonMobil funded Synapse software development as its first customer

Ryan Austin · Synapse Breaking $1m Revenue, Using $500k Debt To Scale Productivity Tool · Oct 18, 2020 · at 5:23

Ryan Austin, CEO of Synapse, explains to Nathan Latka how ExxonMobil became Synapse's first customer before software was built.

0:00 / 0:24exact quote · 24.1s
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“ExxonMobil. And they basically read about us in the newspaper after coming out of an accelerator and asked to see the software where we were like, well, we don't have software yet. Here's our plan. And it was a problem for them that, that they said, well, we'll give you a little money to help you develop this.”

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More from Ryan Austin

Assertion Not checkable as stated
Austin: Synapse has no direct competitors, only indirect incumbents
“We don't have a direct competitor still in the market right now. There's indirect incumbents.”
Ryan Austin Oct 18, 2020 ▶ 2:48 Synapse Breaking $1m Revenue, Using $500k Debt To Scale Productivity Tool
Disclosure
Austin: Synapse secured Comerica venture debt to take 30% debt in Series A
“So we brought on some venture debt through Comerica Bank. And it was mainly to really build the relationship early so that when we do our Series A, we can take about 30% of venture debt on top of that next round.”
Ryan Austin Oct 18, 2020 ▶ 11:38 Synapse Breaking $1m Revenue, Using $500k Debt To Scale Productivity Tool
Assertion Not checkable as stated
Austin: L&D Series A valuations range from $25M to $40M pre-money
“I've seen series A companies in our space as low as 25 pre money and all the way up to forty million pre money.”
Ryan Austin Oct 18, 2020 ▶ 16:03 Synapse Breaking $1m Revenue, Using $500k Debt To Scale Productivity Tool
Prediction Not checkable as stated
Austin: Synapse CAC payback will drop to 5-6 months with PLG
“Yeah, we think that payback will be five to six months once we roll out the product-led growth strategy.”
Ryan Austin Oct 18, 2020 ▶ 18:27 Synapse Breaking $1m Revenue, Using $500k Debt To Scale Productivity Tool
Prediction Not checkable as stated
Austin: Partner will onboard Synapse to 11,000 clients in two years
“Over the next two years, they're going to onboard us to 11,000 clients of theirs, which is exciting.”
Ryan Austin Oct 18, 2020 ▶ 4:21 Synapse Breaking $1m Revenue, Using $500k Debt To Scale Productivity Tool
Disclosure
Austin: Synapse eliminated minimums for $1,500 per seat pricing
“Annually and increased from there based off a per seat model, but we actually just flipped the switch with COVID to not having any minimums and pricing at 1500 dollars a seat to lower all barriers, and we're seeing contracts come through at greater deal value …”
Ryan Austin Oct 18, 2020 ▶ 6:38 Synapse Breaking $1m Revenue, Using $500k Debt To Scale Productivity Tool
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