How Summaraize CEO Jay Desai grew Summaraize to $43.6K revenue and 30 customers in 2024.

guys Jay's a non-engineer who's launched a SAS tool called summarize.com Helping podcasts and YouTube hosts cut up their content summarize it and then Market it back out on platforms first non-line of code written in January this year he got going brought on a co-founder four months later they split Equity 40 at 50 50 monthly recurring Revenue today is called 2 000 bucks of which 30 customers paying 30 bucks a month is the recurring fee they do another pay-as-you-go model that makes up another 1K on top of that they've already grown this month in July 2023 they've already collected 3.4 million of Revenue his goal is hit 20 000 a month by the end of the year we will see what happened hey folks my guest today is Jay decides a three times first marketing higher previously helped a startup grow from six clients to 400 and under a year that's now exited currently co-founder of summarize he's built the MVP in one week through no code and a hundred dollars and now is head of marketing at Captivate Talent building uh Captivate Talent building out inbound from zero Jay you ready to take us to the top yeah let's do it all right so just be clear you're doing your own startup at summarize but you have a safety net you have a backup plan head of marketing at Captivate Talent huh yeah that's correct uh makes it a little bit easier I've done the uh founder role before without that safety net and uh it's not as fun don't you have to cut the safety net though so that you have no choice but to exceed at the start or succeed at the startup definitely but you know I have a lot of like personal like I guess risk factors as well so you know I just got a house with my fiance uh you know we have a car we've got other things to take care of bills and all of those things so it makes it a little bit easier where it feels like instead of coming from a place of like I need to start making Revenue like as fast as possible because I need to recoup my investment which is essentially draining for my personal bank account um to hey like we can actually make smart decisions think a little bit more long term versus like I need to collect as much cash as possible to to have that safety net tell us about the product uh specifically a customer that's using you today and how they use you yeah so we're used by a lot of podcast hosts content creators content marketing teams essentially what they'll do is they'll drop in either their podcast file or video content including like webinars customer interviews and we use AI to basically summarize that so we split it out we give you the time stamps quotes from each section overall summary title suggestions we turn it into LinkedIn posts Twitter threads blog posts uh just basically a bunch of stuff and all you do is like upload a file fill out a couple of items on a form and then we just deliver the content back to you in about five to ten minutes and what's the average customer pay you per month to use the tech so our average customer pays Us close to thirty dollars a month um I think our the last time I checked our uh average order value is about twenty eight dollars that's great and put this on a timeline for me when did you launch the business so I originally launched it back at the beginning of January it took me about a week to build out the MVP we get a break actually a Captivate Talent between Christmas and New Year so I spent that week building out a first version of the product uh launched at January 1st and uh the first version was built on no code I've brought in a co-founder about four months in and we've been working on it ever since together um what what Equity premium do you get over your other co-founder because you took the risk four months earlier we actually decided to split it down the middle and the reason for that is because a few other competitors started popping up as well around the same time and I don't have a technical background and these other competitors also had like two or three co-founders so for me I kind of had to make a decision like do I want to get 100 of a grape or 25 of a watermelon and I decided splitting it down the middle kind of a line incentives and I think that made the most sense for us well the big question is can the grape turn into a watermelon because if you know it can't then you'd rather own 100 of the grape right so let's dive into that a bit more growth right so you got your first customer earlier this year I got your MVP lab how many customers are using the platform today so we have about 30 customers on the actual subscription but we also have a pay-as-you-go model and we've acquired more customers through there so we have like a total of uh 70 customers around 70 customers that are basically have paid for the product at some point or another oh what's going on there YouTube good to see you guys now imagine this you love watching these interviews with SAS Founders but imagine if we took all of the valuation data out from over 2807 interviews I've done manually saves you a lot of time well we've done this we've built the into the beautiful interface inside of founder path check this out I'll show you how you can access this in a second but you log in you connect your stripe account you see your valuation real time you can see what it changed over the past 88 days and even set goals for evaluation this year now the secret valuation is there's many different ways to value a SAS business so the reason you're going to see three or four different evaluations inside of your founder path dashboard this is all free by the way is because depending on who's doing the buying of your SAS company you're going to get a different valuation a VC is going to pay a different valuation private Equity Firm is different if you're going to do a minority sale that's different and if you sell the whole business that's a different valuation you can see all those when I hover over here here right so the teal is what a VC would pay yellow is what private equity and red is if you sold the whole thing outright now what's cool about this is this is not built off random data again you guys hear these interviews on YouTube all these datas are built from real-time valuation data points Founders share with us on the show so traction 1.2 million seed round 3.7 raise they sold 22 percent of their business go in here and filter by the event maybe you only want to see companies that have sold the whole business well here are a bunch that have been acquired the valuation and the multiple maybe you're going out right now and you're raising your seed round well go in here and look at all this recent seed deals that went down what they raised what valuation they raised at and what percent that they sold there's never been a larger data set of SAS valuation than what you can get now inside of founder path and we're thrilled to bring it to you all right we're gonna go back to the YouTube video here in a second but if you want to check this tool out if you want to jump in and sign up you can check it out for free to get your valuation at this link this link founderpath.com forward slash products forward slash evaluations or if you go to founderpath.com and hover over products click on get your evaluation here and go ahead and sign up to give it a whirl again all that valuation data live right inside the platform I hope to see you there all right let's jump back into the interview so on the recurring side 30 customers paying on average 30 per month would put you about a thousand bucks a monthly recurring Revenue how much do you make on top of that for the pay as you go stop in June last year last month so last month we did about two thousand dollars in net volume so that's after taking out all of our striped fees and obviously we have some other costs over there as well and then this month actually month to date we've already done about thirty four hundred dollars and what's your success rate in terms of converting one-off pay as you go projects into monthly recurring predictable fees yeah so it kind of depends honestly the pay as you go users end up sticking on closer to a pay as you go plan because their content needs are usually changing like we just had a customer actually today that just did uh another pay as you go so I wouldn't say like it's a fair even like conversion it's more of hey do I have like consistent content needs that I need to do repurposing or is my podcast video content going to fluctuate month to month and so that's kind of where a user would make a decision whether to go for a subscription or pay as you go interesting and have you bootstrapped this so far today or your race capital uh completely bootstrap my investment personally was about a hundred dollars which we've way more than over like CAT pack at this point so at this point I kind of consider it as I'm playing with house money essentially so what would it take for you to quit the full-time gig and go all in here because you have competitors to your point working and trying to kill you that are all in yeah so for me I think our goal for the end of the year is to reach about 20K in mrr that's our big like goal I think we're making a lot of progress over there and that can be it doesn't necessarily have to be 100 20K mrr it could be 20K and net volume sales like I said we're already done month to date 3 400...