The Ledger
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Mark Abbott: EOS framework lacks guidance on building business value
“EOS, which I'm very close to, really doesn't have anything about figuring out how to build value, right?”
Mark Abbott: Insight Partners loved 90's metrics more than its business
“They didn't actually understand our business as well as they loved our numbers, which is kind of a funny story.”
Abbott: 90 pays 10% of revenue to license EOS trademark terms
“Yeah, so we just pay a license fee to EOS to use the terms, so we pay 10% of our revenues to EOS to be able to use their trademark terms in our software.”
Abbott: 90 achieves sub-1% annualized churn when fully adopted
“If you use our system and you cascade it all the way down so everybody in your company is using our tools, including the feedback tool, our churn rate, annualized, is less than one percent.”
Ninety will auto-generate org charts and seat-level KPIs within a year
“Well, within Plus or minus a year from now, you can give us that information, and we will immediately give you what a likely organizational chart will look like for you. Not only that, we'll give you the KPIs, not just for your company, but for every single se…”
Over 13,000 companies and hundreds of thousands of users run on Ninety
“We have 13,300 companies now running, running on 90, and, you know, several 100,000 people in those companies.”
Mark Abbott: Three active trial users drive 80-90% conversion for 90
“If we can get three users in during a trial period, we're almost at like 80, 90% conversion rate.”
Abbott: 90's CAC payback period averages about three months
“On average our payback period is about three months.”
Abbott: 90 has under 7% user churn and 135% net dollar retention
“User churn is less than seven percent, and our net revenue net dollar retention's a 135%.”
Abbott: Software startups can talk to any investor once reaching $10M ARR
“We have no intentions of raising anything until we're at least at ten million ARR, because that's when I think, in my old world, that's when you started to be able to have conversations with almost anybody you wanted to, right?”
Insight's Jeff Horing claimed 90 had the best SMB KPIs he's seen
“Jeff Horings, who the managing partner of Insight, said we had the best KPIs he's ever seen in SMB.”
Abbott: Insight rated 90's first board meeting an eight over missing metrics
“Everybody gave the meeting a nine or nine and a half except for insight, and they gave it a, they gave it an eight, and they gave it an eight because we didn't give them all the numbers, the detailed numbers that they wanted to see”
Mark Abbott avoids venture capital to protect founder time and maintain control
“There's a lot of time needs to go into if you want to go raise equity. And right now we're, you know, we're running nine, eight, a 120 miles per hour, just doing what we need to do. And so as far as you know, just allocating my scarce time, that's not somethin…”
Ninety.io boasts a three-month customer acquisition payback period
“But if you pull that number out, it looks like our payback period right now, because we have not put that much effort into marketing. Our payback period is literally three months.”
Abbott: North American product fundraising is a $20B industry
“To completely automate this product fundraising business, which is about a two, a twenty billion dollar industry in North America.”
Equal Exchange, a $70M company, moves catalog fundraising to FarmRaiser
“Some of them are large, like Equal Exchange is a seventy million dollar a year company that does, you know, organic coffee and tea and chocolate. They're moving their entire catalog fundraising business onto the farm raiser platform.”
Abbott: FarmRaiser will reach breakeven volume by year-end
“So we should be there by the end of this fiscal year we should be looking at a real volume that allows us to break even.”
FarmRaiser founder claims platform can beat Amazon on marketplace flaws
“Of course I'm following Bezos cause he's going to be my new neighbor and much of what they did in their marketplace we like, and much of it that we don't like, we think we can beat them at.”
Abbott helped build and IPO a company now valued over $50B
“Helped build a company and a platform that was pretty successful. Helped take company public. To this day, the company's over fifty billion.”
Ninety saw its first revenue in 2017 and grew 85% in 2023
“First revenues were in 2017.
we grew, you know, like a lot of smaller businesses.
A hundred percent plus.
last year we were 85%.”
Ninety pays Exit Planning Institute a 10% to 20% revenue share
“And with regard to EPI, we do have a revenue share. It's between 10 and 20%.”
Mark Abbott: 90 had $4M ARR when raising its summer 2021 round
“So we raised money last summer, and at that point in time our ARR was around four Around four million.”
Abbott: 90 has 5,200 companies running on its software
“There's over 12.5000 companies out there, and if you saw the slide earlier, we've got 5200 running on our software right now.”
Abbott: 90 has grown revenue 5% to 8% month-over-month for years
“We've been doing five to eight percent month over month revenue growth for several years now.”
Abbott: Retained 80% ownership in 90 prior to Insight Partners round
“Yeah, so I was at 80% up until Insight came in.”
Mark Abbott: Two senior marketing contractors cost 90 over $500,000 combined
“And so right now I've got two senior guys in marketing, and together they're costing me over half a million.”
Abbott: Roughly half of Ninety.io's first 100 customers came from EOS coaches
“So we, I belong to a coaching network of coaches that teach this thing called EOS, the Entrepreneurial Operating System, and so approximately half of them probably came from other coaches.”
Mark Abbott: Average Ninety.io customer pays close to $140 per month
“So the average company is paying close to 140 dollars per month.”
Ninety.io charges tiered pricing from $12 down to $3 per seat
“So the basic way it works is we charge on a per seat basis. So it starts at 12 dollars. And then as the companies put more and more seats on the system, the price declines all the way down to three bucks if they have hundreds of people using, subscribing to th…”
Abbott: Ninety.io customer acquisition is split 50/50 EOS vs peer networks
“Yeah, we're probably it's, I want to say it's close to fifty-fifty in terms of people that are coming out of the community, working with another coach, and then, you know, people who are hearing about it through organizations like EO, right, the Entrepreneurs …”
Abbott: Ninety.io burns between $50,000 and $100,000 per month
“Somewhere between 50 and a hundred.”
Abbott: Ninety.io is in talks to raise $2M in debt
“We're talking to several groups right now, about a couple million.”
Abbott: Ninety.io annualized gross revenue churn is under 4%
“Right now, trailing 13 weeks, I almost don't even want to say this, Nathan but trailing 13 weeks, we're less than four percent annualized.”
Mark Abbott: FarmRaiser runs zero-upfront presales at ~50% wholesale margins
“No money changes hand up front. It's all a presale. So if it says suggested retail, 28 dollars, they're going to buy it for about 14 dollars. And so they're going to, so they're, their wholesale cost is about 50% of retail in general.”
Mark Abbott: FarmRaiser charges suppliers unit fees and takes 5-10% of retail
“We do, we have, we take out from both sides of the platform. We take a little bit from the supplier. So by adding on a small fee to each unit sold, not dissimilar to what Airbnb does. And then on the backside, we take five to 10% of the retail price.”
FarmRaiser nets $270 in platform revenue on typical $3,000 campaign
“So a typical fundraising campaign will sell about 3000 dollars with a product, which is about 270 dollars for us, right?”
FarmRaiser ran approximately 350 campaigns over the trailing 12 months
“So we did about 350 campaigns.”