Clockify CEO Nenad Milanovic vs Nathan Latka – Podcast Transcript
Anothor super-interesting interview conducted by Nathan Latka and the founder of bootstrapped SaaS startup Clockify.com – Nenad Milanovic. Enjoy!
0:01
Nathan Latka
Hello, everyone. My guest today is known in melanoma. He is an entrepreneur. 15 years of managerial experience in engineering and software development. The founder of Oclock. If I a time tracking software with over a million users worldwide. His company’s, uh, echoing developed software, the service solutions. But also it has its own products as well as invest in technology startups. Right now. Are you ready to take us to the top?
0:23
Nenad Milanovic
Yeah. Thanks. Thanks for having me.
0:25
Nathan Latka
So So let me just be clear coating C o i n g Is that like an agency that holds all your saas projects?
0:31
Nenad Milanovic
Pretty much. Yes. Okay. The holding company
0:33
Nathan Latka
And clock ify dot me is your biggest one.
0:36
Nenad Milanovic
Well, yeah. I mean, clock, if I is currently the only successful product that we have improved portfolio
0:42
Nathan Latka
Well, we should either talk about all the failures or we could just focus on the one success. Let me just ask the ratio. Then we’ll focus on clock if I how many ones failed versus this one? Success
0:52
Nenad Milanovic
Eight. Fail to success.
0:55
Nathan Latka
I love that. All right, let’s talk about clock. If I What’s the company doing? How do you make money
0:59
Nenad Milanovic
Well, it’s I mean, it’s time tracking software, right? Pretty pretty known concept. And, uh, we make money by charging subscription for workspace. It’s 10 and 30 bucks a month in the cloud, and we also have a self hosted enterprise edition that costs significantly more because, um, each time we have, when we have a big customer, they have some special needs that we have to customize. So so that’s where we make 80% of our revenues.
1:30
Nathan Latka
Interesting. So if you took it, if you look at kind of the average customers paying you per month or per year on a logo basis, like the company basis, not a seat basis with the company, what would that number be?
1:39
Nenad Milanovic
So in the cloud, the average customer is $1919 to 19 per month. And, uh, yeah, And when it when it comes to when it comes to Enterprise Edition, that goes to significantly more so So I’m not going to pull that one into, uh, into this average.
1:59
Nathan Latka
But you said 80% of revenue comes from the enterprise cohort. Correct. So what is the enterprise code? Let’s just talk about that for a second. The enterprise core. An average is paying about what per month.
2:09
Nenad Milanovic
Well, it starts at 450. That’s the minimum that you have to pay to have your company used clock if I on your own
2:17
Nathan Latka
Server.
2:18
Nenad Milanovic
But like I said, average average amount is a lot bigger than that, So
2:24
Nathan Latka
Okay. Um, well, so I need I need a little help. Understand this so I can frame my questions, right? You’re either selling $19 per month plans to s MBS or you’re selling $450 per month kind of on their own server plans. Or you’re selling something way more expensive than that. Too much, much bigger enterprises. Which one is it? I mean, your your main cohort.
2:44
Nenad Milanovic
Yeah. So? So if you define a main cohort by where the biggest revenues coming from, that’s the big enterprise. Companies like H B and so
2:55
Nathan Latka
Forth. Okay. And And on average, what are those enterprises paying you per year for clock? If I
3:00
Nenad Milanovic
Well, it’s It’s typically hundreds of thousands of dollars.
3:03
Nathan Latka
Okay, So what is 100,000 bucks? A fair average?
3:07
Nenad Milanovic
It’s more than that. So I can’t really go into specifics of that
3:12
Nathan Latka
I don’t want to talk about any specific customers, but I don’t understand if it’s 100 grand or 900 grand, right? I mean, generally
3:17
Nenad Milanovic
Speaking, it can be it can be 900 grand. We have that and or it can be 150 grand. What
3:24
Nathan Latka
Is the average? That’s why I don’t wanna go on every customer because we don’t have time. The average in the enterprises. What is it? 200. 300? 400?
3:30
Nenad Milanovic
I’m sorry. I can’t disclose that information.
3:32
Nathan Latka
Why can’t you disclose an average in your enterprise core? We’re not talking about any specific customer.
3:36
Nenad Milanovic
Well, typically, I’m not communicating that data, so I mean, typically, I know what I can say and what I cannot. So, uh, this is, unfortunately, one of the things that that I cannot give you the exact
3:49
Nathan Latka
Number. I’m not okay. You’ve already told me that it’s between 100 and 900 right? So, I mean, I’m asking you for a little bit more specificity around that you’ve already shared the basics. Why would you not share the average?
4:00
Nenad Milanovic
Well, like I said, I just have I I just have a list of things that I know that I can say And some other things that I’m not.
4:08
Nathan Latka
Are you Are you working for? Are you working for somebody? Is it’s not your company.
4:13
Nenad Milanovic
Well, it’s my company. I’m 100% owner of the company.
4:17
Nathan Latka
Okay, listen, I’ll just I’ll just do my best to ask questions without knowing what kind of that ever that that that court is. So tell us more about the backstory here when you launch the company. What year?
4:26
Nenad Milanovic
So it was, uh I guess the real lunch was August 2017, and we started building it in, uh, March. So let’s say, yeah, it took us four months to release the initial version. So I would say that August 2017 is the birthday when we actually posted the product on product
4:47
Nathan Latka
Hunt. Okay. And what’s your team says today? How many folks on the product?
4:51
Nenad Milanovic
Well, unclassified. There’s around 70 people now.
4:55
Nathan Latka
70 Yeah. And what’s the breakdown? How many are engineers?
5:00
Nenad Milanovic
Uh, around half. So around pretty something. People are engineering, and the quality assurance or front end
5:09
Nathan Latka
And do you have are the price points. It sounds like if you have an enterprise price point. You have some sort of sales motion. Bill, do you have one of the SDR two A two CS rep Kind of system built out or no.
5:20
Nenad Milanovic
Well, we don’t We don’t get that many, uh, inquiries for the enterprise edition. So typically, if that goes through our support team, I’m the one who is going to be doing all the sales. So So I’m pretty much the, uh, the only the only person that someone will discuss enterprise deals
5:43
Nathan Latka
With. Okay, well, just because then, with that in mind, uh, you can’t be processing a ton of $100,000 plus a CV. Accounts all require touch. And if you’re the only guy handling them, you have a limit. How many you can handle per month?
5:57
Nenad Milanovic
Well, uh, like I said, I mean, I maybe do one call a week that that can be considered a qualified lead.
6:07
Nathan Latka
An enterprise and enterprise level leader.
6:09
Nenad Milanovic
Yeah. Yeah, on average, it’s one call a week that I that I do that I demo the product and show it to people that are actually considering investing into, uh, on premise time tracking solution.
6:25
Nathan Latka
And so since 2017. What? You’ve closed a couple of handful. Those 234 or something like that?
6:30
Nenad Milanovic
Well, we typically closed one enterprise account a month.
6:34
Nathan Latka
So you’re having five calls and you’re closing one of those. So you have a 20% close right on a demo of $100,000 plus
6:40
Nenad Milanovic
Level? I wouldn’t I wouldn’t say say that because we get a lot of inquiries that go to our support email and sales email. So I would say that one out of the 100 comes to, uh, talk to me, right? So? So No, it’s not. It’s not that closure, right? That’s only what I
6:58
Nathan Latka
I’m only I asked you who’s doing the enterprise sales? And you said, You are the only person that do the enterprise sales Is that accurate?
7:05
Nenad Milanovic
So how it works is that someone emails are email that it’s on the website. It goes to our support team that is also a sales team at the same time. But an email manner, right? So they typically disclose, uh, starting points starting figures. And typically people just don’t move forward to that. And then if they do and if, if they’re comfortable about talking about these kind of digits that require us that can actually, uh, make it viable for us to spend that much time on one account. That’s what comes to me. And typically that’s only, uh, that’s only 11 call a week.
7:48
Nathan Latka
And those are enterprise. Those that your enterprise cohort Big $100,000 plus a CVS?
7:54
Nenad Milanovic
Typically, Yeah.
7:56
Nathan Latka
Yeah. So that that was back to my point. If you’re doing one of those calls per week, how, how? And I said, you have closed. You said you’ve closed one of those per month. If you’re doing five a month and you’re closing one a month, that’s a 20% closed right on your enterprise cohort. Is that accurate?
8:10
Nenad Milanovic
Well, if we look at that part of the funnel and I’m pretty much the last part of the funnel, that would be correct. But we can observe in that way because there’s a lot more leads. You
8:23
Nathan Latka
Know, you’re misunderstanding me and on I’m only talking about your qualified leads for Enterprise. I don’t care about everything that his support I don’t care about the thousands of leads at your support that don’t turn into anything. I’m talking about the qualified enterprise leads. Which said you’re the only one handling those and you’re handling 11 a week. So five a month. And I’m just asking, are you? You said you’re closing one of those a month out of the five. That would be a 20% close rate on your enterprise. Qualified leads.
8:50
Nenad Milanovic
Well, if you if you like to observe it from that part of the funnel, I guess that would be yes,
8:55
Nathan Latka
We’ll do. Your enterprise leads go anywhere else except to your desk.
8:59
Nenad Milanovic
Uh huh. Well, yeah. I mean, if you close, the deal is it’s going to go to engineering, and it’s going to go to the account.
9:06
Nathan Latka
I mean, before up to closing the deal. You are the only guy clothes you don’t have. A inbound sales team focused on enterprise accounts where there’s a base plus commission and an SDR to an age of CS rep.
9:17
Nenad Milanovic
No, we do not have that.
9:18
Nathan Latka
Yeah. So it’s you. You’re the guy. You’re you’re you’re You’re the rainmaker.
9:22
Nenad Milanovic
Well, I’m sure we could We could improve, uh, if someone better would be doing that, but, uh, at the moment, it’s only me and it’s and it’s doing quite good. I mean, we have a really, really good value in the free tier, and that attracts a lot of users
9:39
Nathan Latka
At $19 per month. Plan?
9:41
Nenad Milanovic
I don’t know. We also we also have a plan that is, uh that is absolutely free. And you can sign up as many users as you want. So, uh,
9:50
Nathan Latka
Talk me through that right? So that’s your top of funnel. How are people? How are people finding you in the first place?
9:55
Nenad Milanovic
So if you type time tracking, we’re going to be first in Google. So if you type time tracker, we’re going to be first in Google. So So with that position in Google, it’s very easy for us to get the top of
10:07
Nathan Latka
The just type time tracking into Google and skipping over the ad results. I see time tracking dot c o toggle dot com zap ear and then classifying the number four spot, and you’re saying that number four spot drives you a lot of traffic?
10:19
Nenad Milanovic
Well, uh, typically, it’s the first spot, so I guess it’s it’s I guess it’s a bit different when you’re looking from that location where you are
10:28
Nathan Latka
Now.
10:30
Nenad Milanovic
Yeah, but on average, our position is 1.2 or something like that.
10:35
Nathan Latka
But that’s driving mostly organic.
10:38
Nenad Milanovic
Yeah, that’s I mean, we spend $0 on advertising and, uh, yeah, that’s most of our traffic. And most of our top of the funnel leads are coming from search engines.
10:49
Nathan Latka
You know, it’s impressive. I mean, it’s impressive. Your Alexa ranking is really high as well. 9700 traffic rank in the US Your little widget under your sign up buttons as 48,210 people signed up last month. Those are free people using the tool. Yeah, that’s really great. So how have you? I mean, there’s there’s some lessons built in there, right? So how have you been able to rank so well from an SDO perspective? Is this like a something you’re really good at?
11:12
Nenad Milanovic
No, I mean we if you if you actually do the seo analysis of us, you will. You will conclude that Google is actually telling the truth that that the content is the most important thing. And it’s not that we have a great content in terms of that. We have some sort of articles. It’s just that we provide a really high value for the service and for the product.
11:36
Nathan Latka
Yeah, there’s a lot. No, no, no, no. I’m sorry, and I don’t believe that. And I’ll tell you why. There’s a lot of companies that have the most amazing product, but no one knows about them, so it doesn’t matter. So they have to create great content. Great S E o great mouse traps to get people to view the product, and then it snowballs. So I don’t believe that you just you have the best product. And magically, everything else fell in the place. You did things tactically to make sure you had top of funnel.
12:00
Nenad Milanovic
Well, that’s a good assumption, but it’s not. It’s not that. So the thing is, if you do the analysis of the market of time tracking products, you actually make a conclusion that our product in the free edition gives the biggest value. I mean, it’s literally a $10 a workspace, and you can sign up 1000 people. So if you’re a company with 100 employees, you can get a time tracking with additional features for 10 bucks a month.
12:26
Nathan Latka
You understand, I’m agreeing with you, right? I am agreeing with you that you have the most valuable. I’m saying I’m gonna take you at your word. You have the most valuable free product. I’m not arguing with that. What I’m arguing is you can have the most valuable free product, and still nobody finds you. You have done tactical things to make sure people find you like this S e o ranking and what I’m asking. Why are you rolling your eyes when I say that people don’t you rank number 35 noise in.
12:49
Nenad Milanovic
I know it sounds impossible and crazy, but we actually only have one person doing the S e O. And like I said, if you do the analysis, if you actually use one of those tools to count our back links and so forth like all these things that people are focusing on, you’re gonna see that we’re we kind of suck at that. So, uh, so it’s I don’t know what Google likes about us, but I would assume that it’s a big number of people coming signing up and coming back again. So Okay, assumption.
13:19
Nathan Latka
Got it. That’s fair enough. You’re saying it’s not an s C o play. It’s just Google recognizing that people keep coming back to the site over and over and that lots of people are signing up every month and and they’re factoring that into their page rank.
13:29
Nenad Milanovic
They have some sort of mechanism. I mean, if you click on the result and if half a second later you click back, they’re going to know about that so they don’t need to. They don’t They don’t need to take your data from your browser. They’re going to know about that. I I think it’s connected to that because we don’t have back links we don’t have. We don’t have PR. You’re actually the first guy whoever got in touch with us to give us some sort of cover.
13:55
Nathan Latka
That means that means I’m pretty smart because you’re you’re building something pretty special, right?
13:59
Nenad Milanovic
Well, it is. But like I said, no one, uh, no one is covering it in terms of like there’s no big outlet that actually made a coverage about us who who? Who
14:10
Nathan Latka
Cares about press? They cover. They cover shit companies usually anyway, that have raised a bunch of capital that are burning cash and the and the founders are broke. You’re doing it the right way, right? That’s why I want to have you on.
14:19
Nenad Milanovic
Well, thank you. Have
14:21
Nathan Latka
You? Hold on. Hold on. Hold on. Have you raised capital? Are you bootstrapped the boots? I love it. See, I knew I was going to like you a lot. This is perfect. So bootstrapped. Um, how have you When you launched the company back in 2017, how did you fund the original over the original growth. Was that from the Coen kind of other agency revenue?
14:38
Nenad Milanovic
Yeah. So let me tell you so in the in the consulting industry, you don’t have a project. Always, maybe some companies will always have a project. But sometimes it happens that you some people on the bench, right. And at that time, we had, uh I had eight engineers on the bench, and I just didn’t know what to do with them. And I was like, Oh, let’s build time tracker. So, uh, so we launched the product after four months of work with eight engineers, and the initial version was quite useful, actually. So it was buggy, of course. And we didn’t have any paid plans But it was useful enough for us and a lot of our colleagues as well. And that’s how it came into existence
15:20
Nathan Latka
And how many totals over the past three years, Right? Since 2017 today. How many total customers are now serving?
15:26
Nenad Milanovic
So, uh, okay, so if we’re talking about the monthly active users we have in the cloud we have around 600,000,
15:36
Nathan Latka
Okay, Now are paid. Are those free and paid?
15:39
Nenad Milanovic
Now, most of them are not paid. And, uh, when it comes to the paid customers, we have, uh it’s it’s it’s intensive. Thousands, but but active users a lot bigger. So
15:52
Nathan Latka
Okay. Can you share when you say tens of that? I mean, can you share more specifically talking like 40,000 or 50,000?
15:59
Nenad Milanovic
No, I’m sorry. I cannot I can only say that it’s in tens of thousands.
16:03
Nathan Latka
Okay, well, that’s fine. I’ll just basically take that right. I’ll take the kind of the worst case right, which is 10,000 people paying. You said that plan is 19 bucks a month. So that puts you at two. About 200
16:13
Nenad Milanovic
1000. The average does the average. We have 10 and 30 bucks a month, so averages 19.
16:20
Nathan Latka
Cool. So again, assuming worst case scenario here you said tens of thousands. Let’s just assume 10,000, which is the minimum right at 20 bucks a month, puts you about 200 grand per month right now in revenue. Is that generally accurate?
16:32
Nenad Milanovic
Well, yeah, It’s good to assume that it’s succeeding,
16:37
Nathan Latka
That that’s good. And then what does growth rate look like over the past 12 months? Uh, so if you’re called north of 20 today, where we had exactly a year ago, do you know?
16:46
Nenad Milanovic
So when it comes to the revenues, uh, it’s not slowing down. Ever since we started charging for something, our revenues are going up 20 almost 30% month over month. Okay? Still like that. So I’m kind of watching every month and hoping it’s not going to slow down, and it’s still not slowing
17:06
Nathan Latka
Down. Do you remember? I can’t I can’t do that math in my head that quickly, 20% month over month growth over the past 12 months. So I mean, can you help me with that matter? So do you remember what you’re doing? A year ago?
17:18
Nenad Milanovic
Well, we started charging in April 2000 and 18, So
17:22
Nathan Latka
Oh, Okay. So April. So that was literally about a year ago. Yeah. Okay. Well, let me ask a different question when you closed out 2018, so that would have been, like, six or seven months ago. Do you remember what you were? What? December 2018 MRR was,
17:37
Nenad Milanovic
Uh, even if I did remember, I wouldn’t be able to tell. Tell it publicly like this. Okay, well, no one does that. This kind of information is online.
17:47
Nathan Latka
You haven’t listened to you. Haven’t listened to show I’ve had almost 3000 people on and almost every single one of them has. So you are just a unique guy. But I like that it’s working. Okay,
17:56
Nenad Milanovic
So I’m sorry about that.
17:57
Nathan Latka
Don’t apologize. I think it’s fine. What I do want to say, though, is it’s fair to say that over the past 12 months, you’ve gone from nothing a bunch of eight engineers and burn from nothing to over $200,000 per month in revenue. That’s accurate. Great. How have you Where did you decide to put the paywall up in the free plan to convert? You know, you have 42,000 people signing up each month for free. How do you know where to start charging?
18:20
Nenad Milanovic
So So what we did was actually pretty fair, in my opinion. So everything that we started with that was free and that started attracting users. Everything is still free. And in April 2017, we added a bunch of new features that we said, Okay, this is this is the stuff that we’re going to charge. So we’re not taking away anything that used to be free. So here’s some new stuff. And if you want them, you pay us 10 bucks a month and then, uh, couple of months later, actually, around six months later, we added another batch of features that we said, Okay, these are the premium features. If you need these, pay us 30 bucks, please.
18:57
Nathan Latka
Per workspace. Hold on. Just to be clear, do you not have any usage based up selling? It’s all feature based up selling
19:07
Nenad Milanovic
Exactly. So like I said, even if you have hundreds of, uh employees, you’re still going to pay 30 bucks a month.
19:15
Nathan Latka
Hold on. If I have 10,000 employees and all I need is access to your A P. I absent integrations I can get. I can do that at zero on your $0 plan. Yep. Yeah. So the only what I’m asking is the only reason people would go to $10 per month. Let’s say now I have still 10,000 people right on my team. I could pay just 30 bucks a month for all 10,000 total to use the tool and they’ll get hide pages, alerts, project templates, time for others. So it’s 30 bucks just because it’s not per seat. That’s $30 a month for the entire company of 10,000 people.
19:51
Nenad Milanovic
Exactly
19:52
Nathan Latka
How do you not lose money on me? It costs you more to serve 10,000 active users, then $30 a month.
20:00
Nenad Milanovic
Well, uh, maybe the secret is that most of my employees are in Serbia.
20:06
Nathan Latka
Uh, no. Your cost of goods sold on AWS for serving 10,000 active users.
20:14
Nenad Milanovic
Nope. That maybe if you’re serving images like in JPEG or something. But if you’re if you’re actually time tracking all these time entries are really small. Transaction.
20:24
Nathan Latka
Let me ask you a question. You said you’re processing. You have no options here for $100,000 per year. But you told me your closing $100,000 per year deals. So what are people buying? $200,000 per year if your most expensive, your most expensive planning is 450 bucks per month.
20:39
Nenad Milanovic
Yeah, but it’s self hosted. So you can take the software, install it on your own server and not worry about that. We’re going to leak some data or stuff like
20:46
Nathan Latka
That. So those big enterprise ones are where you’re doing, like basically on prem installations. You have no plans where you’re charging per seat or per number of, you know, users, projects or reports
20:57
Nenad Milanovic
We do. But that’s the enterprise. Uh, Enterprise.
21:00
Nathan Latka
Hold on, hold on. You say, unlimited time tracking years, um, products and reports on your free plan?
21:06
Nenad Milanovic
Yep. But in the cloud. So all those plans that you see for 10 and 30 bucks there in the cloud. So the enterprise plan is for the on premise version. So you get the software you install.
21:18
Nathan Latka
Did I see? Okay, So a lot. 80% of your revenues coming from this These this enterprise plan, where people want you to installed on their server. And in those plans, which I’m not seeing on your website, you do charge per seat per project per report, etcetera. Yeah, I see. Per user. Okay. That’s the key to your success, Really? I mean, that’s where you’re driving most. Your revenue.
21:39
Nenad Milanovic
Yeah, exactly. I mean, uh, it’s a big issue of privacy and security and and all these, uh, concerns that companies have their solving in a way, to have the ability to have the control over their data. Yeah, and they’re ready to pay for that,
21:55
Nathan Latka
Just to just to be clear. And then we’ll wrap up here with the famous five. The 10,000 you said, tens of thousands. Let’s just call it 10,000 people using your cloud solution at a $20 are poo on average at 200 grand per per month. That that’s just your cloud solution. You have a whole another business, which is your enterprise version. Correct. Okay. Got it. Very cool. And you see, that enterprise version makes up 80% of your total revenue, which means it’s at least four times as big as 200 grand per month. Yep. Okay. Got it. So you basically have a at minimum $800,000 per month Business on your enterprise side in addition to your $200,000 per month cloud side.
22:34
Nenad Milanovic
Sorry, I didn’t follow that. Exactly. So
22:37
Nathan Latka
You said that you said that only your cloud walk this very clearly. You said that 80% of your total revenue is your on prem solution. It’s not on the cloud. Is that right? Yeah. You said you said that of your cloud solution. You have tens of thousands people using it at about $19 per month, which is assuming a minimum of 10,000 users. That’s $200,000 per month on your cloud solution. Is that right? Yep. In order for your installed version, not the cloud version to be at least 80% of your revenue. That has to be at least four times your cloud revenue, which is 200 grand per month. Right? So four times 208 $100,000 per month on your installed on their server. And that’s what I’m. That’s why I’m getting the numbers from Yeah, So that would mean all. That would mean altogether. The business is doing at least a million dollars per month.
23:31
Nenad Milanovic
Well, yeah, we could say that.
23:33
Nathan Latka
Okay. I just wanna make sure they’re generally accurate. Don’t make you look too big or too small.
23:37
Nenad Milanovic
Okay, No problem.
23:38
Nathan Latka
Okay. The on Prem installation is that one timers that recurring?
23:42
Nenad Milanovic
It’s recurrent. It
23:43
Nathan Latka
Is recurrent. Yeah. I mean, look, this is a great business. You should You should. You should have be more happy to talk about it. That’s great.
23:51
Nenad Milanovic
Well, yeah. I mean, I’m very happy that everything is transformed in terms of business, and I’m super excited that where that we came from, from really casual start to something super serious in terms of that amount of data that that we help companies handle. And, uh, and some big names that I actually grew up, uh, grew up using their products when I was a kid, you know? And now I’m serving them to a very simple
24:20
Nathan Latka
App. I love it. How many of the on Prem installations have you facilitated over the past year?
24:27
Nenad Milanovic
Well, uh, I think I don’t know the exact number, but we’re we’re closing to, uh, we’re gonna We’re gonna get to to to our 30 a big customers
24:39
Nathan Latka
Okay, 30. Yeah. Yeah, That makes it so. 30 of the kind of on Prem ones. And again, you’re harvesting all of those leads from your massive top of funnel for user sign up because of the value of your free plan.
24:52
Nenad Milanovic
Well, yeah, that’s that’s the assumption. I mean, a lot of these for Okay, they are here. Uh, there’s always a funny story about someone using the free version and then recommending it to their company. And, uh, yeah, that’s That’s typically how the upgrade happens goes all the way to the
25:10
Nathan Latka
Enterprise. I love it makes a lot of sense. Alright, let’s wrap up here with the famous five. Number one. What’s your favorite business book?
25:18
Nenad Milanovic
Uh, well, I wouldn’t say business book, but let’s say that the nonfiction would be the rich Dad. Poor
25:27
Nathan Latka
Dad. I like number two. Is there a CEO? You’re following her studying.
25:32
Nenad Milanovic
I read a lot about Elon Musk.
25:35
Nathan Latka
You literally do You own the flamethrower?
25:38
Nenad Milanovic
No, Unfortunately,
25:39
Nathan Latka
Number three, What’s your favorite online tool for building your company besides your own
25:46
Nenad Milanovic
Trailer?
25:46
Nathan Latka
Number four. How many hours of sleep every night?
25:50
Nenad Milanovic
Uh, as much as I need. Let’s say eight
25:54
Nathan Latka
Hours. Okay. And what’s the situation in non married single kids?
25:58
Nenad Milanovic
I’m sorry. I cannot disclose that.
26:00
Nathan Latka
You can’t disclose if you’re married or not.
26:03
Nenad Milanovic
I cannot. Sorry about
26:04
Nathan Latka
That. So funny. All right. Not we’ll just say no answer there. Uh,
26:09
Nenad Milanovic
Yeah, I just I just want to talk about private life. Sorry.
26:11
Nathan Latka
No, no, that that’s fine. That’s fine. Um, talk to me about how old you are.
26:17
Nenad Milanovic
I’m 33.
26:19
Nathan Latka
33. Okay. Last question. Take us back to your 20 year old self. What do you wish that he knew?
26:24
Nenad Milanovic
Oh, my God. That’s a tough question. At least everything I know today.
26:30
Nathan Latka
No, that’s a That’s a cop out. Something, something tactical. You can take your time.
26:38
Nenad Milanovic
Uh, what would that be? Yeah, if I knew, uh, that consulting is not really a scalable business model. That would save me a lot of a lot of time and nerves.
26:53
Nathan Latka
Guys, consulting doesn’t scaled clock ify dot me a big surprise here. Right? They’re doing and have tens of thousands of paying customers on their cloud solution doing paying about $19 per month to $200,000 per month in revenue. There they have about 30 enterprise accounts where they actually cause for privacy reasons. Install their software on that company’s local servers. Those are north of $100,000 a CV account. So the company altogether doing more than a million dollars per month today in revenue. They have a great free engine, 42,000 new free sign ups every single month. Really valuable free tool gives them really good ranking on Google, which has driven most of the growth team of 70 people. Totally bootstrapped, which I loved and on. Thank you for taking us to the top.
27:34
Nenad Milanovic
Thank you for having me.
27:35
Gglot
Transcribed by Gglot.com