How Nowinteract CEO Magnus Astrom grew Nowinteract to $2.6M revenue and 19 customers in 2017.

this is the top where I interview entrepreneurs to our number one or number two new in their industry in terms of revenue or customer base you'll learn how much revenue they're making what their marketing funnel looks like and how many customers they have i'm now at twenty thousand dollars per tough i haven't explained his havoc on global domination we just woke on a hundred thousand suitable mark and I'm your host Nathan lakha okay top tribe this week's winner of the one hundred dollars is dr. Virani the 22 22 year old apple and deploy and he's listening to the show and loving it for your chance when 100 bug every Monday and we scrub the project on itunes now and then check forward Nathan two three three four four four to prove that you did it Center folks many of you reached out to me and if they make them so many guest on your show talk about the importance of fashion but whenever I try them back you tell me that you go Nathan they don't book talks about time so you or they don't show up after they book it's frustrating the answers got you up use smart tools I use a tool called a cutie scheduling at Nathan lecture calm /schedule on please specifically how I use it later on in the episode Nathan lefty here at this episode 5 91 coming up tomorrow morning here to learn from Bugsy CEO they raised 1.2 million dollars and launches pricing to help you know why your mobile app crashes okay why your mobile app crashes it's kind of like hot jar for mobile devices with our seat with this video Alex tisha good morning guys Nathan Lackey here our guest this morning is magnets astral he's the founder and CEO of now interact a machine-learning stats platform for omni channel optimization he's also the founder of in lead a business consultant and sales operations company which was sold in 2010 and prior to that he was founder of prime log a transportation management SAS platform which was sold in 2006 magnets are you ready to take it to the top yes I'm ready so you've been doing this whole stash thing for a while huh yeah long before it cold says the first company Muslim with ASP application service provider so what would take it back real quick before we get into it now interact in 2006 prime log what did that platform do yeah we started that company 2000 right of the crash we have two here in Sweden I think we have a national crash as well but we started that company two thousand and what we did was you know connecting transportation providers with transportation buyers to help businesses to control their flow of goods in a better way and also the cost of the transportation and divide cost per package you know get better control and visibility over the of the logistics that was what we did and we started with the big you know bigger companies like Eric's on this case and those types of companies to get get started and before you sold it what was the trailing-twelve-month right now it was about two million to knock million roughly okay and who did you sell at you we sold it to a Swedish group that would building like a consultant groups combined with software so we sold it earlier than we you know and then the plan because the next the next the buyer was having a really really interesting plan and it turned out pretty well but now I think they sold most of the other businesses and no thanks we're primary is the core again so it's still running and well it's great what you tell for I don't know actually Tabo honest I don't remember it was awhile ago and I was quite heavily dilute diluted at that time so lemme do you have any soda i got enough to buy miss myself a big house and not have to worry about too much about you know costs and so that's that to get got me to the first step in the other entrepreneurial career and you know foundation to start you know the no comment why were you so deluded did you have a bunch of co-founders rearrange much capital or what I had a coup in both co-founders but we had the really really heavy heavy situation in Sweden at that time because we had a tremendous crash with blue calm and you know all the venture capital would totally out to the market and we we started the company basically a few days after that crash and I had seven employees on the very start I just bought a house with my family and you know everything was really really tough so we brought in money the money we could I brought in at very very low low low variation so much my dear eight and we raised roughly you know one and half million or something like that not more than that so there's no when he sold it did you have less than ten percent on the company roughly ten percent alright and in let's fast forward so after that you founded in lead weight in lead do and we were actually but the idea was to to help customers to sell to sea level instead of selling lower down in the organization we were helping them to get a hierarchical organization to get better deals and get it you know the better road map with the customers and so we had a method to do that and help customers do that but the idea behind it was to run those sales price processes for the customer in order to capture and get data about the decision making and their needs and start building a database across Europe and basically make money on that beta base instead of the sales process itself and we did pretty well but my voice pretty well yeah we returned it turned out to be too heavy on the consultant side so I decided to sell the company because it wouldn't be didn't turn out as a software play as i would like to it to be and the database itself were not as big as it should be so it ended up being more of a consulting business which I well it's interesting but it's not what I wanted it to be so I sold my share and went on to kannamma correct in question on on inly before we get to now interact what was the trailing-twelve-month revenue before you decide to tell you but this one and a half million in verse that was professional services tougher to the lawyers and that was function you know based on the time that we spend to customers that's all it wasn't fast forward now to now interact what does it do an addy make money so we are offering large businesses software based on machine learning algorithm errs to optimize the bridge between online channels in the compact center and we do that by personalizing how each visitor on the website is offered customer service channels like you know live chat phone numbers click the call options chat BOTS whatever the customers using we apply machine learning to offer the right channel to the right visitor which means that the customer gets or the our customer gets the best calls into the call center more sales online basically they're increasing their profits so if I'm if I'm paying now interact you might help me know that my last website visitor was from San Francisco so they maybe they like chat BOTS because you assume their tech savvy versus if someone visiting my website from the Midwest maybe you show them a number to call instead of a chat bot which might scare them that is an honor roughly right the real truth is that we are looking at very very detail on how they are behaving on the website so how they are clicking how they are scrolling the mouse movements and we combine that beta with you know call tracking we track chat to track conversations and chats and we combine that data and apply machine learning on it it turns out that you can tell quite a bit from just these footprints and really you know predict what's going to happen how to maximize the chance that we will sell so basically it's a deal right here you're taking on this data and help the salesperson close the deal yeah but it's more on in a business consumer perspective so our mice my wet dream is you know to get AT&T or Verizon or any of those big ones as a customer so they have you know millions of visitors on the website they don't want to have all these calls into the contact center they they want people to be able to self-serve buy online solve the customer service issues online but they know if they take away all the contact channels on the website phone numbers etc they will lose a lot of safes so they want to pick the you know that I don't know what you say in English but they want to have the state but get rid of the calls that is just call it's costing cost in the context and that's what we help them let you say your wet dream is to get AT&T paying you yes I love that all right what how do you make money so we make money selling to telcos insurance companies degree commerce companies you know energy companies travel companies and we deploy our technology and we have one group randomly chosen which is the target group where we do our thing our optimization and then we have one control group where we just crack and the customer can see with you know in the dashboard exactly how much profit we add by personalizing an optimized what's the business model is like hell there is a sauce model with the pay per month but the fee fee is based on the value that we deliver okay so on average the average customer of hanging per month 10k per month okay and and then let's take let's kind of go back a little bit a little bit so what you're just down the company in two thousand of them 2010 rnm you to have you kind of cell phone interview raise capital so we we we raised about 100k in total and now in the beginning and then we...