SaaSy Talk Unfiltered: Building a Global SaaS Company from the Gold Coast
The Cake Journey
S01.E28
In a recent SaaSy Talk Unfiltered episode, Jason, the co-founder of Cake, a global SaaS company, shared his journey of building a successful startup from the Gold Coast (GC). He discussed the problem he and his co-founder, Kim, were trying to solve and how they came up with the idea for Cake. Jason explained that they were initially working in the blockchain space but found it challenging to find viable projects to back. They then turned their attention to traditional equity, realizing that it was locked up and inaccessible to most people. They saw an opportunity to bring the speed and innovation of technology to the world of equity and set out to build a platform that would make a difference in the tech space.
Choosing a Co-Founder
When asked about how he chose Kim as his co-founder, Jason emphasized the importance of values alignment and complementary skill sets. He explained that both he and Kim were new to the tech industry and were volunteering in the local startup community. They saw that they shared a passion for innovation and entrepreneurship, and their skill sets complemented each other. Jason highlighted the importance of finding someone with whom you have a strong values alignment and who brings different skills to the table.
Challenges in the Early Days
Jason acknowledged that building a startup from scratch is incredibly challenging. He shared his experience of the early days of Cake, where they had to learn everything from scratch and face numerous obstacles. He emphasized the difficulty of finding the right people to learn from and the struggle to secure funding with no revenue or product. Jason advised founders to spend as little as possible, learn as fast as possible, and focus on building a strong core team. He also stressed the importance of perseverance and problem-solving skills in navigating the early stages of a startup.
Fundraising Journey and Tips
Raising funds was one of the most challenging aspects of Cake's journey. Jason shared his insights and tips for fundraising, emphasizing the importance of being investor-ready and having a clear understanding of how much money is needed. He recommended having both a short and long pitch deck to capture investors' attention and secure meetings. Jason also highlighted the value of smart money and finding investors who are aligned with the company's vision and can provide support throughout the journey. He advised founders to raise as little as possible and focus on achieving milestones before seeking additional funding.
The Importance of Usability in SaaS
One of the key lessons Jason learned early on was the importance of usability in a SaaS product. He emphasized the need for ease of use and quick adoption by users. Jason shared how Cake struggled initially to build a product that users could use without assistance. They focused on solving this problem and eventually built a product that could be used independently. He stressed the significance of usability in driving user adoption and the success of a SaaS company.
Celebrating Success and Global Expansion
Jason discussed some of the successes and rewarding moments Cake has experienced. He mentioned their participation in Startmate, a prestigious startup accelerator program, and their subsequent growth in the Australian market. Jason expressed his pride in building a company that is leading the Australian market in their niche and the positive feedback they have received from customers. He also shared their ambitious goal of expanding globally and their plans to enter 20 countries within a year. Jason acknowledged the challenges of global expansion but expressed confidence in their product's scalability and their ability to adapt to different markets.
The Journey of a CEO: Priorities and Future Plans
As the CEO of Cake, Jason outlined his top priorities for the company. He emphasized the importance of evangelism and making noise about the company's mission and value proposition. Jason also highlighted the significance of revenue growth and ensuring the financial stability of the company. Lastly, he emphasized the importance of building a strong leadership team and empowering the entire company to work towards a common goal. Jason discussed Cake's future plans, including their focus on US expansion, reaching a million equity holders, and introducing liquidity features to provide founders and early investors with liquidity options.
Conclusion and Future Outlook
In conclusion, Jason's journey with Cake highlights the challenges and rewards of building a global SaaS company from the Gold Coast. He shared valuable insights into fundraising, go-to-market strategies, and the importance of usability in a SaaS product. Jason's focus on values alignment, complementary skill sets, and perseverance serves as a valuable lesson for aspiring founders. As Cake continues to grow and expand globally, Jason's priorities of evangelism, revenue growth, and team empowerment will guide the company's future success. With a strong product and a clear vision, Cake is poised to make a significant impact in the tech space and revolutionize the way equity is accessed and utilized worldwide.
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Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any company mentioned.
