As a founder, it can be daunting to see your competition raise more funding, especially if they imitate your product features. However, Kalyan Varma, CEO of the profitable Indian Saas Company Almabase, believes that having a well-funded rival can act as validation for your product model and set a benchmark for your business to improve upon.
In this video from the Value SaaS Series, which focuses on helping businesses survive on their path to their first million, Varma shares his strategies for dealing with competition that has raised more funding. He emphasizes the importance of focusing on your customers and product, rather than worrying about your competitors.
A Value SaaS Business is one that can make $1 of revenue through less than $1 of spend. Successful examples of Value SaaS startups include Veeva, Zoho, MailChimp, Atlassian, BrowserStack, and Salesforce, all of which made more than $1 Mn ARR with less than $1Mn in spend. By accessing and deploying founder-ownership friendly capital, these businesses are able to grow rapidly and thrive.