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We bootstrapped to $60k MRR with no product team

... How We Built Our MVP to Virtually Guarantee MRR Fast

Rory Codrington · Trust Keith

Published September 1, 2022
About this resource

Rory Codrington, CEO at Trust Keith, shares:

- Our process for running unbiased customer research

- How to embed feedback loops

- Solving for higher ACV ($3k > $28k wasn’t an accident)

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What you’ll learn

Rory Codrington describes building Trust Keith without an initial product team by using unbiased customer research, a commercial lens, structured feedback, iterative product evolution, and disciplined gross-margin thinking.

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Key moments

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Ask unbiased questions

“I thought we were going to be close to a mill but we're a bit falling away every day um what helped with this business model from a bootstrap perspective is we have one-time startup fees and monthly recurring Revenue so the setup fees provide really good cash flow for us early on and they ranged anywhere from two thousand dollars we're not saying our largest is about thirty five thousand dollars so at every point it's giving us that retained profit that we can then reinvest ahead of our MRI from”

Build a commercial lens

“solve or how we're iterating how we're solving it but at any point really staying true to what is that customer problem at this very core is really really important particularly as we work back from any kind of product Market fit so an analogy might be the problem the customer wants is I need my grass cut ultimately there's tens of ways you can solve that whether it's lawnmower or certain types of scene or law seeds or lawn care and stuff like that we're not worried about the solution yet we're worried about understanding that core pain”

Capture feedback verbally

“them the email kept it quite like a casual intro kind of vibe and that's where we've got a lot of our initial leads and ultimately customers and it's something that we still do as like a dedicated Channel today”

Keep an eye on margin

“so in terms of those advisors we've really broken it down around three core functions as again is how we structure the business off the back of the Geno Wickman book so something that the revenue advisor it's really important to us that they have sold to our you know the kind of average custom value that we sell to a similar ICP and they've got that go to market Sprint that much further ahead than us and there's quite a few kind of high leverage activities any of these advisors can have and one of them is particularly around supporting hiring for the second one it's around”

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About the speaker
Rory Codrington

Rory Codrington

CEO · Trust Keith

Rory's work experience begins in 2010 with Cascade Events Ltd, where they worked as a Marquee Erector. In 2011, they became a Ski Instructor at Whistler Blackcomb, teaching children aged 3-12. In 2013, Rory Codrington took on multiple roles, including being the President of Durham University Wine Society and a Mentor in the Financial Literacy and Entrepreneurship Mentoring program at Moneythink. They also served as the Kickstart Weekend Project Manager at Entrepreneurs Durham, organizing and running Durham's first Kickstart Weekend. In 2013, they co-founded Flixtreme Ltd. and raised funding for the Actions Sports Meetup App. In 2015, Rory founded SLYCE TECH, a data-driven rewards platform for mobile operators. In 2016, they went on to found WeDelight, a company that enables companies to send physical rewards globally and at scale. From 2018 to 2019, they worked as an Analyst at DRH. Currently, Rory Codrington is the Founder and CEO of Trust Keith, a company that helps leaders manage data protection and compliance.

Company revenue
$1M
Team size
11

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