Fathom is a free app that records, transcribes and highlights your calls so you can focus on the conversation. It is the only start-up to be part of the 50 zoom app launch partners yet it is number 1 on the marketplace!
In this episode, Ryan is joined by the founder and CEO of Fathom, Richard White. He talks about his experiences in the start-up world across the years including working with the founders of twitch and selling a start-up on eBay! He also talks all about his company Fathom and what they are doing differently, where he sees the future of tech going and why he believes there are just 10 go-to-market strategies.
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Fathom is focusing on a consumer model currently, where they focus on virality and b2b growth, monetisation will follow.
Fathom is the number one zoom app on their marketplace, they are also the only start-up to be included in Zoom's 50 launch partners.
A combination of AI and great user tools enables Fathom to allow users to keep track of what happens in their calls in real-time, highlight important moments, key things that are mentioned and so much more and it’s all free!
With a background in computer science, Richard came into the start-up world when he bravely told the company Kiko Calendar that their product was technically good, but the design was terrible and he ended up working with them.
Richard got to meet some great people when working with Kiko Calendar, reddit was founded in the same room as Kiko Calendar and the guys that did Kiko went on to create twitch!
For Fathom, Richard has been able to build on his previous experience with start-ups. He was able to start building the product, and the team and raising money from day 1.
Richard wants Fathom to remain a free service but in time will be putting up a paywall for certain features, so that when the product gets adopted on a wider scale by teams there are additional products and services they will want to use and therefore pay for.
Growth rate, retention rate and k-factor are the key metrics Fathom have been tracking before deciding to move into the next phase of monetisation.
K factor is essentially tracking each user at sign-up and how many sign-ups they then generate. A K factor of over 1 is considered to be viral. This is the stage Fathom is at.
Richard designed Fathom so that everyone in the meeting could see it, as well as this following legal and consent laws/guidelines, it also is self-promotion for Fathom. Any attendee of a meeting where it is being used is a potential sign-up.
Fathom run a points system for all users, they also run a programme for their top users. They reward their top users with gifts such as swag boxes and also equity stakes in Fathom itself!
As a fully remote company, Richard and his team rely heavily on the apps Slack and Hubspot, they are the two apps Richard ranks the highest!
The AI tools and models Richard is seeing in the tech space mean that things are becoming truly automated for the first time, this is where he sees the future of tech.
“We’re human, we like seeing other humans, it really adds context to what is being said”
“There’s some % chance that any attendee at a meeting where fathom is being used, will lead to a sign up”
“All the things initially marketed as AI weren’t AI…for the first time we are starting to hit a tipping point where these things are starting to be really useful”
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