Early blind spots in angel investing
- It's not your company. Investors are betting on the founder & their team to execute, the team will be doing 99% of the work.
- Overthinking the current Total Addressable Market (TAM) can lead to turning down great deals. Some of the best founders will grow the TAM.
Canny is a SaaS product to manage feedback for software companies, can associate requests/votes with individual users
- Their best customers are B2B SaaS companies
- Problems they solve with traditional feedback process:
- Issue #1: It takes a long time to process feedback forms
- Issue #2: Responding to every piece of feedback isn’t realistic, automated responses aren't great
- Issue #3: Live chat isn't made for feedback
Key stats:
- In 2019 they had $650K revenue with 20% profit margins
https://twitter.com/sarahhum/status/1329123495868067841?s=20
Spent 2 years 2017-2019 running company living a "Nomad life": (26 cities!)
- London, Lyon, Budapest, Berlin, Madrid, Valencia, Barcelona, Seville, Las Palmas, Lisbon, Dubrovnik, Split, SF, NY, Seattle, Vegas, Denver, Toronto, Vancouver, Hong Kong, Saigon, Bangkok, Malapascua, Taipei, Kaohsiung, Fukuoka, and Seoul**.**
- Now based in Toronto
Canny grew out of a community started by Sarah's co founder Andrew Rasmussen called Product Pains
- Screenshot of what community looked like
- They wanted to give companies feedback on any product, publicly.
- In the community beta, over 5,000 users left feedback for 200 products.
- Companies eventually asked if they could embed the widget on their site