The Ledger
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Mitchell: Yac operates with a completely unenforced paywall
“We don't actually enforce a paywall. So we say we have a paywall, but we don't actually enforce any of it. So it'll say, like, upgrade to get the desktop app. But you can technically still download the desktop app without upgrading. It says upgrade to get, you…”
Mitchell: Yac deliberately prices its monthly subscription just below Slack
“We've even priced this thing specifically around, like, we assume you will have Slack, so we don't be more expensive than Slack. We're going to come right underneath it in terms of a monthly price.”
Mitchell: Yac users who send group messages retain and never churn
“Like if you start sending group messages, you never turn. Like if you're a group messenger, for some reason, that's like a huge sticking point and you just start to stay with the product. If you've never sent like a group message, we definitely see you churn e…”
Mitchell: Yac differentiates by prioritizing internal conversational messaging over broadcasting
“The biggest differentiator here is kind of the social graph side of it, right? So instead of this being content that you're creating and you're putting on a help site somewhere, or you're sending in an email, you're dumping into your slack. All the actual comm…”
Mitchell: Yac charges $3 annually or $5 monthly per user
“Annually you're paying three dollars a user. Monthly you're paying five dollars a user.”
Mitchell: Winning a Product Hunt hackathon drove thousands of free users
“They put us in their newsletter. They put us on their medium blog. They tweeted about us, put us on their Facebook. And then we won the hackathons. We were on the homepage of their website and, All of that resulted in thousands of people coming into the funnel…”
Mitchell: Roche Healthcare organically adopted Yac after its Product Hunt launch
“And a lot of them were in, like, weird industries we didn't expect either, like Roche Healthcare, like kind of an enterprise healthcare company, not a fun, you know, remote-first startup. So yeah, they just found out about it through Product Hunt, downloaded t…”
Mitchell: Yac acquired 900 new team signups during its March 2020 relaunch
“When we launched in March, we had 900 new teams sign up that week. So can't tell you what we did launch day, but That week we had 900 new teams.”
Mitchell: Yac has 10,000 weekly active users across 300 teams
“So we're typically looking at like weekly active users. So you're looking at about like 10,000, you know, people that are on the platform. You're looking at probably like 300 teams.”
Mitchell: 10% of Yac teams pay despite its completely unenforced paywall
“So about 10% of our teams are paid, which is great for having zero actual paywall that hits them.”
Mitchell: Yac has raised just under $2.2 million to date
“Yeah, so we raised a little bit under 2.2 to date.”
Mitchell: Yac is targeting an $8 million Series A funding round
“So we're working around kind of an eight million dollar number. We're remote. We're based in Florida. You know, we can do a lot with a little, and so eight million gets us, you know, quite a long way.”
Mitchell: Yac's goal is to hit $1 million ARR in 2021
“You know, it's really the goal for this year is to hit the million AR.”
Mitchell: Yac built its initial product in just four days
“We paid, I don't know, I guess, contractors and a couple of developers on our own team for, like, four days of work to actually build the product out, but we didn't have to pay for any of this, like, newsletter sponsorship.”
Mitchell: Yac's initial 2018 launch drove 1,000 downloads and 500 active users
“Yeah, so I mean, that resulted in probably a thousand signups downloads, really, you know, it's translated into downloads. You know, I think we probably had at peak maybe like 500 people using the app on kind of a weekly basis.”