StatsDrone
About the Company
StatsDrone is a B2B software-as-a-service (SaaS) company founded by John Wright. The company’s primary product is an affiliate stats aggregator aimed at the iGaming industry. This tool allows affiliates to efficiently track and manage their performance metrics across different platforms. Despite initial challenges, the company has grown steadily, operating with a team of 12 employees and two founders. StatsDrone's objective is to extend its services to support the entire affiliate marketing industry, beyond just iGaming.
Idea Behind Company
John Wright's journey toward founding StatsDrone began after he graduated with a degree in mechanical engineering, focusing on robotics and AI. Initially skeptical about online gambling, John eventually ventured into iGaming and affiliate marketing. Over the years, he gained experience in various roles within the industry, including running affiliate programs, SEO consulting, and web design. These experiences led him to realize the potential for a software solution that could address common issues in affiliate marketing. His engineering background and passion for solving complex problems ultimately inspired the creation of StatsDrone.
Creating the Company
The development of StatsDrone was a challenging process. John initially designed the product as a desktop app, assuming customers wouldn’t trust a cloud-based solution. However, this decision led to several technical setbacks, including inefficiencies in processing data. After two years of development, the initial version was scrapped, and the focus shifted to creating a cloud-based solution. The current version of the app is still considered a minimum viable product (MVP), with plans for a full redesign focusing on user experience. Despite the challenges, John remained committed to the vision of creating a valuable tool for the affiliate marketing industry.
Launching the Business
The first attempt to launch StatsDrone in 2019 was met with criticism, as customers felt the product was not ready. This feedback led to a tough decision to scrap the desktop version in favor of a cloud-based app. The company was financed through affiliate marketing revenues, allowing it to bootstrap its growth without external funding initially. John emphasizes the importance of bootstrapping, as it forces entrepreneurs to network and deeply understand their industry. Over time, the company has experimented with various sales and marketing strategies, with video content emerging as a particularly effective tool for both attracting and retaining customers.
Earnings
StatsDrone has managed to bootstrap its way to nearly $20K in monthly recurring revenue (MRR). The company is now in the process of seeking investment to accelerate its growth and enhance its product offerings. John’s focus has been on improving the product rather than solely increasing revenue, which is reflected in the company’s strategy to hire more developers and a full-time designer in the coming year. The company’s earnings have been primarily reinvested into the business to fuel further development and expansion.
