2024 Revenue
$2.4M(Est.)
Customers · 2021
100
Funding
$0
Team
7
Founded
2020
Testimonial Revenue (2024)
Testimonial generated an estimated $2.4M in annual revenue in 2024. Source: GetLatka estimate
Testimonial is a bootstrapped software-as-a-service platform that enables businesses to collect, manage, and embed video and text testimonials. Founded by Damon Chen, a software engineer who previously worked at Cisco, the company operates at testimonial.to and serves a broad customer base spanning e-commerce merchants, info-product creators, and SaaS founders.
As of June 2021, Testimonial had surpassed 100 active paying subscribers and crossed $4,000 in monthly recurring revenue, equating to roughly $48,000 in annualized recurring revenue. Chen launched the product in late 2020 after taking unpaid leave from Cisco, where his total compensation package was close to $200,000 per year.
The company received a small investment from Earnest Capital, less than $100,000, primarily for access to its founder network rather than for capital needs. Chen operates as a solo founder and has set a goal of reaching $100,000 in annual recurring revenue by the end of 2021, with a longer-term aspiration of growing Testimonial to multimillion-dollar revenue within three to five years.
Last updated
Testimonial Revenue
Testimonial crossed $4,000 in monthly recurring revenue in early June 2021, a milestone Chen told the host was being shared publicly for the first time. In the prior month, May 2021, MRR was just under $4,000. Annualized, that run rate equates to roughly $48,000 in ARR at the time of the interview.
Chen set a goal of reaching $100,000 in ARR by the end of 2021 and expressed a longer-term aspiration of $200,000 in ARR, describing both figures as realistic based on the company's growth trajectory at the time. His three-to-five-year ambition is to grow Testimonial to multimillion-dollar revenue.
Growth in June 2021 was driven almost entirely by Twitter, which Chen described as his primary and essentially sole distribution channel at that point. He added 30 new active subscribers in the prior month and 11 in the first portion of June 2021. Chen acknowledged that relying on a single channel was a risk and identified LinkedIn as a second channel he intended to develop. Organic search was also emerging as a growth driver: the platform's embed tool generates backlinks and time-on-site signals that helped testimonial.to rank for competitive keywords without dedicated blog content.
Testimonial Valuation, Funding Rounds
We do not have funding information about Testimonial yet.
No funding has been reported for Testimonial yet.
Founder / CEO
Damon Chen
CEO
Damon Chen, 32 years old at the time of the June 2021 interview, is the founder and CEO of Testimonial. He is a software engineer by background and describes himself as a self-taught marketer who was still learning marketing fundamentals at the time of the interview.
Before founding Testimonial, Chen worked at Cisco, where his total annual compensation package was close to $200,000, equivalent to roughly $15,000 to $16,000 per month. Rather than quitting outright, he took unpaid leave from Cisco to pursue Testimonial, retaining his medical benefits for his family, which includes a spouse and a two-year-old daughter. He built several prior products before Testimonial, most of them video-related, and used freelancers from Upwork for front-end design work on those earlier products. He spent $0 on Upwork for Testimonial itself, reusing design work from his prior projects.
Chen brought on Darren Westell, founder of pager.co, a marketing platform for agencies and recruiters that Chen described as a multimillion-dollar business, as an advisor in exchange for equity. Westell was providing weekly or biweekly strategic marketing guidance. Chen's net worth was not discussed in the interview.
Q&A
| Question | Answer |
|---|---|
| What's your age? | 35 |
Customers
Testimonial had just over 100 active paying subscribers as of the June 2021 interview. Customers pay either monthly or annually. The Premium plan is priced at $60 per month or $480 per year. The Ultimate plan, the highest tier, is priced at $180 per month or $1,440 per year.
Chen noted that his largest customers, those on the Ultimate plan, tend to be SaaS companies. The platform added 30 new active subscribers in May 2021 and 11 in the first days of June 2021. There is no mention of a free tier in the interview. Profitability and churn were not discussed.
Testimonial serves 100 customers.
Testimonial Business Model
Testimonial operates on a subscription model with monthly and annual billing options across two paid tiers. The Premium plan is $60 per month or $480 per year, and the Ultimate plan is $180 per month or $1,440 per year. With just over 100 active subscribers and MRR just above $4,000 in June 2021, the implied average revenue per subscriber was roughly $40 per month, though the exact mix of plan types and billing cadences was not disclosed.
The platform's growth mechanics include a built-in viral loop: customers share a testimonial.to link with their own customers to collect video or text testimonials, driving traffic and backlinks to the platform organically. Embedded testimonial widgets on customer websites generate additional backlinks. Chen described this as the primary reason Testimonial ranked for competitive search terms despite having no dedicated content marketing effort at the time.
Chen spent $0 on paid advertising and $0 on Upwork development for Testimonial as of June 2021. He indicated he would consider reinvesting recurring revenue into additional marketing channels as the business scaled. Gross margin, burn rate, churn, LTV, CAC, and profitability were not discussed in the interview.
Point-in-time figures shared on the GetLatka podcast, each linked to the exact moment it was said on camera.
Customers (2021)
A little over 100
“Damon Chen: I have a little bit over 100 active subscribers right now. They are subscribers, yes. They pay monthly or annually.”
WatchTestimonial Employees & Team Size
Testimonial was a one-person operation as of June 2021, with Damon Chen as the sole full-time team member. Chen described himself as a solo founder and bootstrapper. He had engaged Darren Westell as an equity-compensated advisor providing part-time strategic marketing guidance, but Westell was not a full-time employee. Chen had considered bringing on a co-founder but had not done so as of the interview date.
Testimonial employs approximately 7 people as of 2026, up from 2 in 2023. It serves 100 customers that rely on its solutions.
| Year | Milestone | Source |
|---|---|---|
| 2024 | Reached 7 employees (October 2024) | Not recorded |
| 2023 | Reached 2 employees (January 2023) | Not recorded |
| 2022 | Reached 2 employees (November 2022) | Not recorded |
| 2021 | Reached 1 employees (June 2021) | Not recorded |
Frequently Asked Questions about Testimonial
What is Testimonial's revenue?
As of 2024, Testimonial generated an estimated $2.4M in annual revenue.
Who founded Testimonial?
Testimonial was founded by Damon Chen.
Who is the CEO of Testimonial?
The CEO of Testimonial is Damon Chen.
How many employees does Testimonial have?
As of 2024, Testimonial had 7 employees.
Where is Testimonial headquartered?
Testimonial is headquartered in San Jose, California, United States.
Compare Testimonial to the industry
Testimonial operates across multiple industries. Browse revenue, funding, and growth data for Testimonial in each sector below.
Full Interview Transcripts
Helping a bootstrapped founder go from Twitter only to omni-channel marketing to grow past $1M ARRMar 17, 2023
[00:01] Hi everyone. Okay, my name is Guillaume. I'm the CMO at testimonial.tio. It's actually my first time at a conference, so please be mindful of that. So, testimonial is the platform to help you collect and display testimonials. [00:20] So, we're going to cover multiple topics and it's only twenty minutes, so you may feel like we're going a little bit fast, but I have it all set up so you can go back to that information later on. [00:32] So, we'll start with cold and warm outreach. Cold outreach. [00:39] So, for testimonial, there's a lot of different niche and different clients that we're trying to tap into. So, when it comes to real estate, we dug a lot, we looked at different platforms to use and if you're looking to find actually the email of a real estate agent that'll get into the inbox and that's not forwarding emails, the best one that I found so far has been Keller Williams. It will give you very practical emails to [01:02] use. Then as we're looking to work with different agencies, something because an agency account can actually give us multiple accounts from that point on. So, there's a lot of directories that you can use. For example, the HubSpot one is giving us 7,000 leads. So, then there's the same thing for Zapier for example or Webflow. So, in our case, we integrate with HubSpot. So, that makes it even more reasons to talk and work with them. Same thing [01:29] for Webflow, for example. So, then these AI tools. In our case, AI tools are very visuals. So, get result like this for them to create a wall of love is something that makes a lot of sense for them. So, it's something that we're trying to look for different directories and this sort of stuff. And so, then when it comes to created outreach, we just covered that. So, when it comes to customized outreach, we try our best [01:56] to pretty much customize every message that we send out. So, there's a couple of ways that we can do that. For example, we create a wall of love for different companies. So, we have different tools that we can go on the G2 for example, enter the company name and you'll give us a wall of love for them. So, then we can just actually contact people with a wall of love created for them. My plan is to [02:16] make a bunch for all of you here today and then DM it to you on LinkedIn or Twitter. And that's just an easy way for you to get good visuals of the potential result that you would have. [02:28] So then when it comes to finding new leads, something that we do is we have a product and automation that contacts everybody launching on Product Hunt. So, it's just fully automated every day. It's contacting the first 10 people launching. It's a very easy automation that you can set up on your own and you can do the same for a new domain pretty much registered with built with or you could do it for funding rounds at different [02:50] places receiving reviews. So when it comes to the cold outreach, we just talked about creating customized and automated. For the warm outreach, there's a lot of very basic sequences that you should be setting up like the onboarding flow, churn and reactivation campaigns. But what has been working the best for us has been the credits and limits. So every time that you're running out of for example, it's only two testimonial video testimonials that you can capture. So [03:17] in our case, being able to sending out different limits emails and we can even see that people are capturing additional testimonials. So that'll make them even better fit to potentially upgrade in the future. [03:30] So Damon has this system where he puts every product update on Slack. So then he helps me be able to create monthly product updates in no time just pretty much copy pasting over the information and that's about it. [03:43] So when we have a VA that pretty much goes into a spreadsheet and creates different fields for us. So then, every time that we contact people, it's very customized to what's actually already on their website. So, this has been very useful because people even This is sent to people that already signed up on the platform. So, then we visit the website and try to customize the outreach that way. So, now we're gonna get into my favorite [04:10] section. This is a section that I've This is stuff that I've been doing since I was very young. It's helped me work with a lot of musicians like Avicii or Grammatic. It's also gotten me a job at AppSumo through Noah and now with Damon just by sending cold DMs to them. So this is something that we do, for example, through Damon's account, through the testimonial account, and my personal account. So, you can use messages like this [04:34] that do not include any links. This is just plain text because you wanna make sure that your preview message is looking as clean as possible. So, in this case, there is no links. There's just a simple intro. The little emoji has been working quite great and you always wanna avoid any the fact that it's mentioning a link. So what you would do if you're sending a DM on Twitter directly, you'd wanna x out the thumbnail link [05:01] because then you'll actually show up like this even if there's a link within your text. So then there's a certain Chrome extensions that you can use that'll tell you the ranking of somebody on Twitter. So, HiveMark would tell you that Daemon is the number 15 in the Hindi hackers category. So, there's a bunch of different categories that you can use, like the no code one, and you can filter through them and find great leads that way. [05:27] And then, this is this has been my favorite thing on Twitter these days is people putting tweets that tell you to reply with something or to command to access something. What's great with this is this just gave us a whole bunch of leads located in San Francisco. And all those, what's great with those is if you try to DM them afterwards, there is a much higher chance of receiving a response because they're currently active on Twitter. [05:53] It's you know, if you just go through somebody's followers, it's a matter of follow them five years ago, so that's not very useful. In this case, it's people that commented you could do it the day of, you can let it run. If it's something that's gonna get a lot of traffic, may wanna give it twenty four to forty eight hours so it dies down and you don't miss out on too many deeds. [06:14] So, covers about the the Twitter outreach. When it comes to LinkedIn, we have a Slack automation that pretty much gives us a recap of who's signing up on the platform. So, every morning, I go through them and connect with people on LinkedIn. This is something that's actually been working really great because we schedule a lot of demos that way. When it comes to managing all of this, we do it with a tool called text.com. This is [06:40] a great way to pretty much, you can sync up all your inboxes. You still need an invite at this point, but if you go on Twitter, can find somebody that'll give you an invite pretty easily. [06:52] I've not seen many people use this, which is very simple, we'll skip through it quickly but it's just sending a very simple text shortcuts. If you're sending the same text often, it'll help you save a bunch of time. [07:03] Okay, so that covers LinkedIn. So, before starting to work on your blog, you obviously wanna do a lot of keyword research and that's something that we spend a lot of time doing ahead of time. You also wanna look for different niche content that's you know, very specific to your company. So, this is what's helping us get Google snippets for even keywords like Notion. So, if you were to Google this now, you will get this result here. [07:31] So, something that Damon, her Founder has been doing for a long time and he's doing very well is pretty much building in public and sharing what he's doing. So, he decided to stop sharing his revenue numbers publicly. So, he wrote about it and this is the kind of articles that get featured on the hacker news and this sort of stuff. So, this is the traffic that was generated at that time since we started to focus back [07:54] on the blog. You'll be able to see this later on if you want to see those charts in more detail. [08:03] So, we'll get a little bit more into building in public. This is something that's helped Daemon reach about 350,000 and above in annual recurring revenue just from building in public via Twitter, not even LinkedIn at the time. So, that was all from just Twitter. [08:22] But then, to expand on other things that will go a little bit broader. So, for example, he was featured on his favorite podcast, Indie Hackers and then a few other podcasts including the one from Nathan here from SaaS Open. And so, something that's a little detailed to us that's been actually working quite well is sharing designs on Figma. So, it's all free resources that you can find on your own, but it's getting a good amount of [08:49] traction. People are using it for free. And what's great with that is it's covering a lot of keywords. So, example, if you go on and you look up the one over here, social proof and review widgets. If you were to look that up on Google, you'll get results for that. But you'll also find it as you look through the Figma community. So, it's it's just helping us through different keywords and showing up for testimonial reviews and [09:14] user generated content and this sort of stuff. So, we're using everything that I just mentioned to share it on how can you use and get some traffic that way or we, for example, the Figma designs, we shared them on the Figma community on the Reddit and then we even created our own subreddit which we're calling SaaS alternative. What we're doing with this one is, we have a lot of competitors that have a domain that's less strong [09:39] than ours. So, we don't want to create alternative to pages within our domain. So, what we do is we're using the SaaS alternative subreddit and it's actually ranking on Google within about forty eight hours. [09:54] So, then we're going to get into programmatic SEO and ads and sponsorships. So, for integrations, this is, as I mentioned earlier, it's what's helping us get on a lot of Google snippets. So, we're covering a lot of different topics, for example, how to turn a Slack message into testimonials or even WhatsApp messages, little snippets that you get in Gmail. But then, we get even more specific in the tutorials hub. So, that's where it's collecting G2 reviews [10:23] on Shopify. So, this is covering pretty much two good keywords within one article. So, then we're sponsoring different newsletters. For example, the one from Justin Welch or the one from Eddie, very good copy. This has been great because you can also wanna build a relationship with them. For example, Damon is underpaying. He's underpaying by about $500 per ad spot for just being a good relationship with them and working with them for the long term instead of [10:51] just a single ad spot. [10:57] So, upsells and super fans. So, add ons and space quotas and all of that is something that our tool can benefit a lot from because you're collecting certain amount of testimonials or maybe you need certain features that's limited to your plan. So, Daemon has it set up in a way with a tool called airplane. Dev. So, it helps me be able to reply to the live chat and answer and handle the upgrade for anybody or the [11:23] seat quota for just pretty much entering the email and clicking the one that I want to. [11:29] Obviously, since we're just a small team of two people and still a little bit low on the side of trying to spend a lot on marketing and stuff like that, affiliate program has been very helpful. So, so far somebody is making $790 from just writing a single medium article and having that featured pretty show pretty high on the results of Google. So, different I would definitely recommend using a tool like RewardFull, so you can set that [11:57] up pretty easily. You can even then use the tool to actually get, as you're doing sponsorships, can simply create a reward for link for them and be able to better track the results that way. [12:11] So, Daemon had this what might seem to some people to be useful little feature which is you have a free plan and you had the starter plus plan hidden within the free plan. But then we started to think about it and I told him that I don't think enough people are actually seeing it. So what we did is we did a quick redesign and just shipped it on the site. So now you can see it on [12:35] top over there. And that overnight pretty much increased the adoption by 100% from just simply redesigning the pricing page, but not actually shipping any new features or shipping any new plans. So, just a simple redesign can actually have a big impact on your numbers. [12:53] So, then Daemon likes to ship as fast as he can and just fix bugs very quickly. So, this case, he gets people to sometimes even talk about us afterwards or sharing online or people that are happy with the results and just think that we're actually a bigger team than we are. [13:10] So, [13:13] Daemon likes to remove friction. This is, you know, everybody, these people trying to find your tool because we're called testimonial.to. It's not a very common domain name. So, he spent about $30,000 buying every other domains that he can think of And just about last week, we finally actually turned that profitable. So, you know, it might seem like a lot of money upfront, but it's actually turned into more revenue already and this is just a couple of [13:39] months in. So, if we keep on doing that and you keep seeing the revenue from that, it's actually very useful. [13:48] So, within intercom, people is always searching for different keywords. So, what we do is we try to include as many of them as we can. So, example, here we're including different integrations. So, this way if somebody is looking for how to turn Apple Podcast into testimonials, they can just put Apple Podcast and they'll see this result. [14:12] So, built a few fetching tools we call them. So, is for somebody that launched on Product Hunt, you can just enter your link and the people that built the tool and they will give you a whole wall of love. So, this is something that we do for G2 also and for Twitter collections. You just enter the link and turn it into a wall of love. And finally, [14:38] Damon, you know, there's a lot of little features that your tool needs. For example, he finally shipped a way for you to change the email on your account. He did that some time ago but this is he's doing that for every little thing that he thinks of just to simplify and remove any friction along along the way. So that was product led growth. And so that's that's about it. When it comes to finding everything that I've [15:04] mentioned and all the tools, you can go to testimonial.tiosasopen. You'll be able to find the entire presentation and you can submit a request for us to build a wall of love for you or you can find the fetching tools yourself. I definitely recommend checking out some of the tools like text.com. It's been saving us a lot of time. Feather is a way to pretty much run your blog within Notion, Rewardful as I mentioned. And if you're [15:29] trying to build great videos for your tool and different screenshots like some of the ones that you see, you can use screenshot as Screen. Studio or Snapper. Then airplane dev dev was the way to pretty much do a bunch of automated task within your system. Typefulli, many of you probably are familiar with it, is just to schedule tweets since it just made it that you can schedule stuff on LinkedIn also. Then Missive is a great way [15:54] to manage your inbox for free and HiveMark to find different collections on Twitter and find different leads that you can work with. So that's about it for testimonial and thank you very much for having me on.
Quit $200k Job for $4k MRR Side Project, Can he Hit $100k by December?Jun 9, 2021
[00:00] Hello, everyone. My guest today is Damon Chen. He's a software engineer turned to into a bootstrapping SaaS founder from building side hustles to quitting his full time job to making his current cost called testimonial.to, which enables you to collect video testimonials. Damon, you ready to take us to top? [00:17] >> Yes. So Okay. This is [00:18] this is when did you have the idea? When did you launch? [00:22] >> I launched testimonial.to back in last year, right before Christmas. And it's not my, you know, I didn't build testimonial.to for my first product. I actually built several product before Testimonial. So the Testimonial is like a pivot. So because back last year, you know, I took some personal leave, it's unpaid leave, so before my leave, you know, I was employed by Cisco, and I got my paycheck, you know, biweekly paycheck, and I have no urgency to [00:54] >> make any money, you know, make any revenue out of my product. But you know, and last year I took my personal leave, unpaid leave, so I have this kind of urgency to make my money. [01:06] Did you quit Cisco full time, or could you still go back? [01:09] >> I like, you know, I took some unpaid leave, you know, but unpaid leave is like, you know, I have no paycheck, but you know, I'm still covered by the medical because I have a two year old daughter at home, so I would think that, oh you know what, instead of taking the much riskier leaf, quitting completely, so why not just I take some unpaid leave in the middle and let's see how things go, and I can [01:35] >> just make use of the unpaid leave to to to to, you know, put more effort onto building testimonial, and see if that, you know, if that takes off, and I can, you know, step, you know, take a leap further, and you know, quit my job, and start really full time working on testimonial. That's what So D [01:52] I'm Minute's a big, it's a big risk. How much money were you making per month from Cisco before you decided to take a break? [01:59] >> My, you know, total package is close to 200,000 US dollars. Okay. I was there So [02:07] you were doing like 15 to $16,000 per month in total income that you gave up? [02:12] >> Yes. [02:13] Okay. So pressure's on. Testimonial is now here. Alright. So let's talk about testimonial. What are customers paying you for? How are they using you? [02:21] >> So my customers' demography is pretty spread, so because you think about testimonials, if you run any business, you're running a podcast, right, so you want people to know, oh, they're happy customers, my listeners are really happy about my Nathan's podcast, and I think if you're running podcasts, you need some testimonials from your listeners, and every business I would say if you, you know, my existing customers are from ecommerce merchants, they're from you know, info product makers [03:03] >> like you, right, and some SaaS founders, SaaS product, and also need Testimonial. So [03:10] would How say customers do you have today that are paying? [03:15] >> I have a little bit over a 100 active subscribers right now. [03:19] Are they all paying? [03:21] >> They are subscribers, yes. They pay monthly or annually. [03:25] And what do they pay per month? [03:27] >> The pricing is $60 per month, or $480 per year. This is for the premium plan. I have a high tier plan, what I call the ultimate plan, that costs $180 per month, or $1,440 per year. [03:49] And Damon, so what's the big number? What was monthly recurring revenue last month? [03:53] >> Last month was a little bit less than 4,000 US dollars, but this month and, you know, two days ago, I just crossed 4,000 US dollars MRR. [04:05] Is a podcast? Is that a Nathan Latka podcast exclusive? That's the first time you've shared that? [04:11] >> Yeah. This is absolutely the first time I shared it. [04:14] Amazing. Well, congratulations. This is exciting. So so what do you wanna grow at monthly recurring revenue to so that you'd feel comfortable leaving your Cisco job with a young kid at home? [04:24] >> Mhmm. I was I actually set my goal to, you know, a 100,000 by end of this year, and hopefully I can grow the business to 200,000. [04:34] A $100,000 per month by the end of the year? [04:36] >> No, no, no, annual recurring revenue by end of [04:38] the But they're gonna say wow, you've got big growth over the next five months. [04:42] >> I think it's a doable plan, and you know, don't wanna set my expectation extremely high, because you know, if I didn't reach the goal, you know, I'm just kinda disappointed, but I kinda set the goal to some realistic number. I'll make sure that I reach it, and I think based on the current trajectory of the growth, [05:06] >> I would have high chance to reach $100,000 You're [05:10] at $4,000 per month right now. It's June 9. You've got four or five months to get up to $10,000 per month. Let's see if you How can do are you getting new customers today? [05:20] >> For now the major, I would say that, [05:25] >> yes, it's kind of like I do everything on Twitter, and so this is my major distribution channel. So I actually [05:38] >> don't have any other marketing channels. So I don't have any cold email outbound. I don't run any paid ads. This part I'm pretty proud of myself. Maybe I think in future because for now I have [05:56] >> recurring revenue coming, and I probably can just leverage, reinvest my revenue into different marketing channels. So for now I think this is a good thing for me because I gain most of my customers from Twitter. And also I would say this is kind of a bad thing because it's like a single point failure. So I cannot just rely most of my marketing effort on just a single distribution channel. I should do more. I should leverage, you [06:24] >> know [06:25] Why do you believe that, though? I mean, if Twitter's working for you, know, everyone believes always you need to do more, and do more, and more channels, and more spend. If one channel's working for you, why not just triple down on that one channel and get more from that same strategy? [06:38] >> I would say that the recurring revenue is still, you know, pretty small. It's a small number, 4,000. And, you know, but I would say most of my big customers for Testimonial, if they sign up the ultimate plan, most expensive plan, are from SaaS companies. And I would say, you know, apart from Twitter, I would say LinkedIn is another big distribution channel. I should really, you know, spend more effort and explore a little bit more. So for [07:11] >> now, I just, you know, because I'm a solo founder, I'm a bootstrapper, and you know, my time [07:15] You is really own a 100% right now, right? [07:19] >> I got a tiny investment from Earnest Capital, and but I still own [07:24] How much still is your earnings? [07:26] >> I'm not sure if I can disclose that number, but it's it's it's it's it's a small number, and I just, you know, sacrificed a little bit of my equity to Earnest. So that's that's all I can say. [07:38] Well, won't you be able to share it? I mean, it's your company. I mean, is it less than a $100,000? [07:43] >> It's less than a $100,000. [07:44] Okay. Okay. Got it. Why did you decide to do that? Like, did you actually need outside capital to to do this? [07:50] >> I don't need any capital. I don't need any monetary, you know, fundings. But all I need is the resources. As I said, I'm a solo founder, and my background is technical, and I'm totally new, but I'm totally newbie for marketing and sales. And for now I'm still watching, you know, go to YouTube and search, oh how to do marketing one on one, and I'm still watching those kind of videos. So I need resources more than the [08:20] >> money. So I think Earnest Capital has a great, has really large pool of really successful entrepreneurs, founders, so that whenever I need any help, whenever I need any resources, warm intro to my target audience if I need any, and I think, you know, Earnest could help a lot. [08:39] Have they helped you at all to date outside of the money? Have they emailed you to their list, for example, or things like that? [08:45] >> Yes. Yes. [08:46] And how did [08:47] that did that drive in new customers? [08:49] >> I think that yeah. It it did drive new customers. [08:52] That's great. Well, then there's good value add there. Now would you ever bring in a cofounder? [08:57] >> Cofounder, I I actually thought about that, but, you know, I'm still in the progress on getting a partnership, but I haven't found any co founder yet. But one lucky thing that I did in the past, Mark, is that I found a really good friend of mine from Twitter, and he agreed to be one of the advisor on board for Testimonial. [09:30] Did you give them equity? [09:31] >> I gave him equity. [09:33] Okay. Okay. So how do you do mean, that's the smart strategy. Right? It's a good way to get people close to you without, you know, paying them a bunch of money. What did what did you ask him to do for you in exchange for equity? [09:43] >> I will sync up with him every especially it's early stage, He just onboarded, and he will have a sync up meeting with me every week or biweekly, and he will lay out I mean, marketing he's [09:58] >> genius, and he run a multimillion dollar business in England, and I think, you know, he runs a marketing platform, and I think he would do a really good job to laying out a marketing strategy for me on Testimonial. [10:17] Who was this? [10:21] >> His name is Darren Westell. [10:23] Okay, and what was his company? [10:25] >> His company is pager.co, and it's a platform for marketing agencies, recruiters to, you know, get their business. [10:36] Yep, So [10:37] >> it's not, I would say it's not really a big business. It's, you know, multimillion dollar business. And, but I think that's exactly what I need. So I would say in future, I have confidence that I bring Testimonial to multimillion dollars in next, you know, I would say three to five years. And, you know, I need the person in front of me, you know, three, three to five years in front of me, instead of, you know, he's [11:06] >> a founder of, you know, NASDAQ listed companies, and gave me advices. And those advices are not really, you know, hands on advices. So I would say, you know, I need Darren's advice. I mean, he probably a few years in front of me, and his advice would, you know, I can take his advice into my, you know, real execution. And if I execute it well, and probably, you know, in the next three to five years, you know, [11:35] >> I could bring Testimonial to multimillion dollars. [11:37] On June on June 8, tweeted about ranking high for a certain keyword on Google, right, for the word testimonial, and you're now getting organic inbound. How did you do that? [11:48] >> There's actually no dedicated content. I didn't really wrote any [11:58] >> testimonial related blog posts. I would say one big advantage for Testimonial is that if you are one of my customers and you use Testimonial, and you will for sure send the link to your existing customers, and they will just open the testimonials link to record their video testimonial, or they can, if they're shy, can send a text testimonial. And that drives, you know, definitely drives traffic to testimonial sites, right? Another thing for testimonial is [12:32] >> people can embed all testimonials to their website. So the embed is kinda like, you know, once they embed all videos from testimonial and that would definitely, know, [12:50] >> I'm not sure, I'm not SEO guy and I think, you know, that if they embed something from Testimonial to their side, and I'm not sure if that that that's a [12:59] that qualifies for backlink. Just to give you credit, you're you're getting backlinks, right, because you have an embed tool, so your viral coefficient is high. Right? And also your time on-site is probably really high. If people are sending a link out like their e commerce brand is sending a link out to their buyers to record testimonial and that buyer clicks the link and records a video, they probably spend two, three, four minutes Yeah. On the testimonial [13:19] link Yeah. Totally. Totally. On Google. Right? Totally. Yeah. This is why you're outranking HubSpot, right, for the word testimonial and you're a start up with $4,000 in MRR. Mean, is obviously super impressive, so kudos to Thank [13:31] >> you. [13:32] Is the traffic converting well? How many new customers are you adding per month? [13:37] >> New customers, I was a new subscriber. Month I added 30 new active subscribers. And this month till now I added [13:49] >> 11 as for That's great. [13:51] Any plans to raise more capital, maybe more from Earnest or somebody else, or you want to stay bootstrapped? [13:59] >> I have no plan as for now, but I think once I lay out, know, together with my advisor, we lay out a good marketing strategy, and also, you know, lay out the roadmap for new features, and I will, you know, reevaluate to see if I need external resources. For now I can just, you know, if there's some, [14:26] >> you know, too much work to do on some new feature investment, new feature development, I'll just, you know, get on to Upwork to hire some freelancers to do the work. [14:37] How much that is have spent so far building a product, like on Upwork developers and designers, etcetera? [14:43] >> I spent zero. [14:45] Okay. So you don't use Upwork to hide don't what you just [14:51] >> So the funny thing is that I did use Upwork for my past products, but my past products are pretty much all related to video stuff. So I have Upwork freelancers on doing some front end UI design stuff for my past products. For Testimonial, I didn't use any because I can just, you know, reuse their existing work for my past products. So for Testimonial I didn't use any Upwork resources. [15:28] >> Funny And thing is that Upwork suspended my account [15:34] >> for the whole year, I mean for 2021, and I don't have any access to access my Upwork account. But recently they just unblocked my account so I can continue to use Upwork to do more I saw that. [15:47] Yeah. We're running short on time here. So last thing I want to give you an opportunity to talk about, there's a lot of people that don't understand how Earnest Capital works. Okay. So explain, can you explain to us in case other people wanna use Earnest, how does Earnest money work? [16:02] >> They invest, let's say they invest a 100,000 US dollars for let's say 60% equity. And you know, you probably get a term sheet, say in the next few years, if you generate revenue and you just return three x of the $100,000 which is $100,000 just returned back to Earnest. And it's like it is also buying back your equity from 60% to, know, let's say in the end, you just need to give them 2%. So [16:37] >> this is how they play the, you know, the investing game. So they would get [16:45] a 3x return, but still keep essentially 2% of the company for giving you the upfront cash. [16:50] >> Yes, yes, yes. So they still get a tiny portion of the equity, which means that, you know, they invest in you and they, you know, they have the motivation to further help you, you know, go going beyond. [17:05] Mhmm. Very cool. Alright, let's wrap up here with the famous five. Number one, what's your favorite My [17:11] >> favorite I don't read too much book, but you know, I recently the most recent book I read is Zero to Sold. Obviously, you know, you heard about it from Arvid Kahl, and I bought his second book, Embedded Entrepreneur, and I'm reading it right now. [17:27] Good. Number two, is there a founder you're following or studying? [17:33] >> A founder I'm following, one of, [17:39] >> I would say Kenneth Cassel is my favorite founder that I'm following, and he's doing he started from a gas station worker to a really successful entrepreneur and [17:51] What company is he building? [17:53] >> He built slip.so. A platform Slip, slip.so, and it's a platform for developers to sell their courses. [18:05] Number three, what's your favorite online tool for building testimonial? [18:14] >> For testimonial, all videos and hosting are hosted on Mux, and I pretty much use MUX for every of my video related products. [18:26] Number four, how many hours of sleep do get every night? [18:29] >> Last night I slept, I went to bed at 11PM, and I woke up at 8AM this morning, so I slept nine hours. [18:40] That's great. And what's your situation, married, single, kids? [18:43] >> I am married, and I have one kid. [18:45] One young one. And how old are you? [18:47] >> I'm 32 years old. [18:49] 32. Damon, last question. What's something you wish you knew when you were 20? [18:54] >> I wish I you know, when I'm 20 and all I want is to get a full time job for my dream company, which is Cisco, and I landed a job at Cisco. I wish there are actually quite a lot of other opportunities, like, you know, building side hustles, right. I wish I knew knew more about, you know, building side hustles and all this kind of, you know, passive income or, you know, not, you know, the incomes, the money [19:24] >> that are not offered from an employer. So I wish I knew more about that. [19:29] Guys, testimonial.to, a 100 customers, $4,000 a month in revenue, about $50,000 in annual recurring revenue right now. His goal is to pick a $100,000 in ARR by the end of this year. He gave up a $200,000 salary at Cisco to take unpaid leave to see if he could build this. Got a little extra help from Earnest. We'll see what happens next. One man show right now. Damon, thanks for taking us to the top. [19:50] >> Thank you very much, Nathan. [19:53] One more thing before you go. We have a brand new show every Thursday at 1PM central. It's called Shark Tank for SaaS. We call it deal or bust. One founder comes on, three hungry buyers, they try and do a deal live and the founder shares back end dashboards, their expenses, their revenue, ARPU, CAC, LTV, you name it, they share it. And the buyers try and make a deal live. It is fun to watch every Thursday, 1PM [20:17] central. Additionally, remember these recorded founder interviews go live. We release them here on YouTube every day at 2PM central. Make To sure you don't miss any of that, make sure you click the subscribe button below here on YouTube, the big red button, and then click the little bell notification to make sure you get notifications when we do go live. I wouldn't want you to miss breaking news in the SaaS world, whether it's an acquisition, a big [20:39] fundraise, a big sale, a big profitability statement or something else. I don't want you to miss it. Additionally, if you wanna take this conversation deeper and further, we have by far the largest private Slack community for B2B SaaS founders. You wanna get in there. We've probably talked about your tool if you're running a company or your firm if you're investing. You can go in there and quickly search and see what people are saying. Sign up for [21:00] that at nathanlatka.com/slack. In the meantime, I'm hanging out with you here on YouTube. I'll be in the comments for the next thirty minutes. Feel free to let me know what you thought about this episode. And if you enjoyed it, click the thumbs up. We get a lot of haters that are mad at how aggressive I am on these shows, but I do it so that we can all learn. We have to counter those people. We gotta [21:19] push them away. Click the thumbs up below to counter them and know that I appreciate your guys' support. Alright. I'll be in the comments. See you.
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