17 years of bootstrapping with $200k revenue per employee with Amir Salihefendic @Doist

saas.unbound is a podcast for and about founders who are working on scaling inspiring products that people love, brought to you by https://saas.group/ . I’m your host Anna Nadeina, Head of Growth for saas.group.

In episode #42, we talk with Amir, Founder & CEO at Doist, specializing in productivity software that simplifies and organizes the workday. Amir takes us back to the origins of Doist as a personal project and shares how it blossomed into an application relied upon by millions.

Building a Productivity Empire from a Personal Project

In the world of software and technology, the story of Doist is one of resilience, innovation, and the power of staying true to your vision. Founded in 2007 by Amir Salihefendic, Doist started as a personal project – a simple to-do app that Amir wanted to create for himself. Little did he know that this humble beginning would eventually blossom into a productivity empire relied upon by millions.

Amir’s journey with Doist is a testament to the importance of customer feedback and the unique challenges of bootstrapping a business. Unlike many tech startups that chase investor funding and rapid growth, Doist has remained a self-sustaining, bootstrapped company for the past 17 years. This approach has not only allowed Doist to weather economic storms but also to maintain a laser focus on building products that truly empower its users.

The Challenges of Founders in Building a Business

Amir’s background is in computer science, and when he first started Doist, he never saw himself as a leader or a CEO. However, as the company grew, he was pushed into these roles, and he had to learn how to manage people and scale the organization – skills that didn’t come naturally to him.

One of the biggest challenges Amir faced was learning to let go of the technical aspects of the business and focus more on the strategic and leadership components. He recalls turning down an investment offer because the investors wanted to replace him as CEO, a decision that ultimately proved crucial to Doist’s long-term success.

Amir emphasizes the importance of constantly learning and evolving as a founder. The business landscape is ever-changing, and to navigate it successfully, founders must be willing to expand their knowledge and skills beyond their initial areas of expertise. This could mean delving into marketing, finance, or even AI and technology, as Amir has done over the years.

Effective Remote Team Communication and Motivation

Doist has been a fully remote company since its inception, and Amir believes this has been a key to their success. By leveraging remote work and asynchronous communication, Doist has been able to attract top talent from around the world and foster a culture of independence and self-motivation.

Amir emphasizes the importance of having a clear and inspiring mission for the company, as this helps to align and motivate the team. Doist’s mission of “simplifying and organizing the workday” has been a driving force.

Additionally, Amir believes that effective remote work requires a strong focus on written communication and documentation, as opposed to relying heavily on meetings and synchronous interactions. This approach not only helps to keep the team aligned but also allows for greater flexibility and autonomy.

The Importance of Company Values

Doist’s company culture and values have been a crucial aspect of their success. Initially, Amir struggled to define the company’s core values, starting with a list of 14 before eventually settling on four key principles: communication, mastery, independence, and ambition.

Amir believes that the best company cultures are those that are “super polarizing” – either you feel deeply connected to them, or you don’t. Doist’s asynchronous, text-based communication style, for example, is not for everyone, but it resonates strongly with those who thrive in that environment.

By being clear and unapologetic about their values, Doist has been able to attract the right kind of talent and foster a cohesive, high-performing team. Amir emphasizes the importance of not trying to be inclusive of everyone, but rather focusing on building a culture that aligns with the company’s core mission and vision.

The Pursuit of Sustainable Growth

One of the key factors that has enabled Doist’s long-term success is their commitment to sustainable growth and profitability. Instead of chasing rapid expansion and investor funding, Amir has focused on building a “default alive” business – one that can cover its own expenses without relying on external capital.

This approach has allowed Doist to avoid the pitfalls of many VC-backed startups, where the pressure to hit growth milestones can lead to unsustainable practices and eventual layoffs. By prioritizing profitability and efficient operations, Doist has been able to scale steadily and maintain a lean, highly productive team.

Amir emphasizes the importance of leveraging technology and AI to drive this efficiency, noting that it’s possible to build a billion-dollar business with just 50 employees. This focus on productivity and revenue-per-employee has been a hallmark of Doist’s approach, allowing them to thrive in both good and challenging economic times.

Lessons Learned and the Path Forward

Amir’s journey with Doist has been filled with both successes and failures, but through it all, he has remained committed to the company’s mission and values. The biggest win, he says, has been building a sustainable, self-sufficient business that is not beholden to the whims of investors or economic cycles.

The biggest failure, on the other hand, was a period of complacency where Doist became too comfortable with the status quo and stopped pushing itself to grow and improve. Amir recognizes the ease with which a bootstrapped company can become complacent, and he emphasizes the importance of constantly challenging oneself and the team to raise the bar.

As Doist looks to the future, Amir remains focused on leveraging remote work, asynchronous communication, and the power of AI to drive continued growth and innovation. By staying true to their values and keeping the customer at the heart of their mission, Doist is poised to continue its remarkable journey as a bootstrapped productivity powerhouse.