How Demio’s Founders Overcame Their $100K SaaS Lesson – with David Abrams [153]

David Abrams is the co-founder of Demio, a webinar platform that helps businesses to engage, communicate and build relationships with their prospects and customers.

The company was founded in 2014, but it took them 2 years to develop the beta and launch. And so the product has been in the market for about a year. The company is self-funded and based in Tampa, Florida.

This episode is a story about two guys who decided they were going to build their own webinar software. They spotted a gap in the market and believed their idea could succeed.

But neither of the founders was technical. So they hired a company to build the first version of their product. They spent almost $100,000 and ended up with a buggy and poor quality product which they had to throw away.

Having learned a very important lesson for $100,000, they decided to start again and this time did a much better job hiring the right developer and being more involved in the design and development of the product.

It took them a long time to get things right. Their product was in beta for 2 years. But in the end, the hard work and patience paid off. Currently, they're generating about $500,000 in annual revenue and are growing fast.