A conversation with Markus Palm, co-founder of Featurebase, about building a successful bootstrapped SaaS company at age 21. Markus shares insights on product development, distribution strategies, and startup advice for young entrepreneurs.
Key Points:
Company Overview:
Featurebase is a product feedback and management tool
Founded by 3 co-founders, 21-22 year olds
Currently at $50K MRR with 600 paying customers
Bootstrapped with no external funding
Negative churn rate (upgrades exceed churns)
Product Development:
One release every 1-2 weeks *Disclaimer: In the discussion Markus mentioned shipping three or more times a week, but that was false wording.
Focus on making features intuitive and self-explanatory
Use their own product for feedback collection
Prioritise features based on customer revenue impact
Planning to expand into live chat and ticketing
Distribution Strategy:
Started with Google Ads targeting competitor alternatives
Created comparison landing pages for ad traffic
Focus on 1-2 main marketing channels
Building long-term SEO and content strategy
Leveraging "Powered by Featurebase" links for organic growth
Key Advice for Young Founders:
Start with the right team before quitting jobs
Focus on core skills and capabilities
Don't need an original idea - can improve on existing solutions
Keep team small (3-4 people) initially
Build relationships through work experience
Notable Quotes:
"You don't need many people. You need one person for each core activity that your startup does."
"If you're 20, get the right people around you and get the right skills."
"Don't start with an idea - start with a problem to solve."
Links:
The episode provides valuable insights for early-stage founders, particularly those starting companies at a young age, with practical advice on product development, marketing, and team building.
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