The Ledger
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Salihefendić refuses to entertain any acquisition offers for Doist
“I would say, fuck you... I, you know, I have already like declined, you know, like I don't even like entertain that those ideas... I don't actually, why would I want to sell like this? You know, it's kind of like my life's work.”
Salihefendić ignores Doist's poor customer churn compared to SaaS benchmarks
“I mean, I know that the churn is bad, like compared to the benchmark, but honestly, like, I don't really care that much. Like there's some people inside a company that care more about this than me.”
Salihefendić warns against operating a company with no hierarchy
“So like, we also had like you know like I love affair with like no hierarchy and that didn't like, don't try that. Like it's not. Yeah. It didn't work that well.”
Building productivity software for individual users makes user retention brutal
“Creating a tool that is mostly for individuals is brutal. Like, If you're doing anything, like, that's not something I can recommend doing, because you have, like, very hard time to actually keep users because you don't have, like, a natural way to bring them …”
Doist historically ignored metrics and refuses to celebrate ARR milestones
“The thing to note is, like, we never actually celebrated any of the milestones so even right now, like, when you pass, like, one million or ten million in ARR, like, it's kind of, like, not really something that we celebrate a lot, and the same thing, like, wi…”
Bootstrapped Doist employs 90 people with zero salespeople
“So right now, like we are about I think, 85 people, maybe 90 because we are hiring more now. Initially most are engineers, like probably 50 engineers. We don't have any salespeople, so”
Doist is establishing a 25% employee stock option pool
“Like we are actually like rolling out the like employee stock options right now, but like I own most of it and the employees will own in the end, I think, 25%.”
Adding headcount reduced Doist's productivity due to lacking organizational structure
“I mean, we basically hired more people and we didn't really become more productive. We actually became less productive because we didn't really have the structure in place to actually make people productive.”
Salihefendić: Todoist has hundreds of thousands of customers and $100 LTV
“We have like hundreds of thousands of customers and most of them pay like, you know, the lifetime value is like I would say about like a hundred or something like that.”
Todoist for Business drives 30% of revenue despite lacking improvements
“We basically created this, like, I think we spent three months, and it basically had generated, like, 30% or more of our revenues for many years now, and we have not really improved it.”
Doist projected passing $15M revenue in 2020 and $20M in 2021
“Yeah, I mean I think, like, this year we'll probably pass 15 and maybe a bit more if we are lucky, and next year I think we'll definitely pass, like, 20. That's at least the plan.”
Salihefendić: Doist has never raised outside capital
“We didn't raise any money and we still have not raised any money.”
Salihefendić predicts Doist will surpass $100M annual revenue by 2025
“We want to pass like a hundred million in revenues in the next five years, or like, it's right now probably more like four and a half years.”
Salihefendić: Doist closed 2019 with around $10M in revenue
“I think it's about yeah, I'm actually not a hundred percent, but probably around 10.”