#5 SaaS Bootstrappers Interviews - Shifra Cook

I got a chance to meet with Shifra, when we were in SaaStock Dublin and we had a fruitful conversation.

At that time, I was impressed with her journey and now I also give you to chance to learn more about her experience and background. :)

Updates from our end:

• Our latest issue related to “The Ultimate Guide about Bootstrapping” had many engagements and I will continue to enrich the article. For those who missed it, here it is.

• As most of you recognize, I started to test the format of our interview issues and share the summarized version here as it’s hard to read the whole. For those curious about the whole version; you can read it on my website.

SUMMARY of INTERVIEW

Background and Career Path:

• Career Beginnings: Shifra started her career in media and advertising as a media buyer at a media agency. She enjoyed the negotiation aspect of buying but was more drawn to the planning side, which involved a deeper understanding of customer behavior.

• Shift to Research: Shifra's interest in customer insights led her to a role in research. Disliking the rigid structure of large corporations, she joined a small business as a founding partner, allowing her to innovate and develop a proprietary technology platform for research.

• Entrepreneurial Ventures: After contributing significantly to the growth and sale of this business, where she served as managing director, Shifra started her own consultancy focusing on strategic insights. However, she realized the limitations of a service-based business model in terms of scalability.

Journey to Ayda:

• Identifying a Problem: While running her consultancy, Shifra encountered inefficient processes in research, particularly in physically carrying cash to pay participants. Recognizing the need for innovation, she saw an opportunity.

• Developing Ayda: Leveraging her experience in developing software solutions, Shifra created Ayda, initially focusing on digital payouts for research incentives. Ayda eventually evolved to address broader customer problems related to manual processes and data protection.

Business Growth and Strategy:

• Customer Acquisition: Shifra focused on businesses likely to find value in Ayda, using cold calls and emails for outreach. Her background in media and advertising, involving a lot of pitching, was instrumental in this process.

• Key Challenges: A major challenge for Shifra was the temptation to quickly shift focus to new products instead of fully developing their core offering. She realized the importance of focusing on what’s working and listening more to market feedback and instincts.

• Current Focus: Refocusing on their payment service, Shifra learned the importance of being careful with whom she takes advice and the value of trusting her gut feeling.

• Business Status: Ayda currently has four full-time members and six part-time contributors. The Annual Recurring Revenue (ARR) is around $400K, operating at a break-even point with a modest cash burn rate.

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Personal Growth and Future Plans:

• Personal Journey: The journey has been a significant personal growth experience for Shifra.

• Advice for Bootstrappers: Shifra emphasizes the importance of understanding personal strengths and building a team to complement these strengths. Recruiting excellent people, even part-time, can significantly advance the business. Listening to one’s gut and being cautious with advice are key takeaways.

Closing Thoughts:

• Shifra emphasizes the importance of being laser-focused on core features and being open to the possibility of VC funding if it aligns with Ayda’s future vision.

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