SaaS with a bootstrapper mindset and mindfulness with Niklas Hanitsch @SECJUR

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/, a serial acquirer of B2B SaaS companies.

In episode #8, Anna Nadeina talks with Niklas Hanitsch @SECJUR, a platform offering data protection solution.

Niklas Hanitsch’s journey is a unique one. Initially trained as a lawyer, he taught himself to code during high school. His experience working in various law firms, including the legal department at Amazon, exposed him to inefficiencies in the legal processes. This sparked the idea for SECJUR, as he recognized the potential for automation and efficiency gains in the legal field.

The Journey from Law to Tech

While working at Amazon in 2017, Niklas observed the impending changes brought by the General Data Protection Regulation (GDPR). He realized that many of the compliance requirements could be productized. With the knowledge that companies would need to appoint data protection officers, he saw a significant opportunity for automation in this space.

Transitioning from Consultancy to Product

Initially, SECJUR began as a consultancy. This is a common route for many startups, allowing them to gather insights from customers while developing a product. However, Niklas advises against this approach, citing the operational debt it can create. Many customers expect consulting services rather than software, which can hinder product development.

Learning from Customers

Despite the challenges, Niklas talks about the importance of customer feedback. Insights gained from customer interactions can guide product development. He highlights that understanding the cost of inaction is crucial when presenting to potential clients. Mature companies are often more aware of the financial implications of not adopting a solution.

Understanding Buyer Personas

One significant revelation for Niklas was recognizing the difference between the buying persona and the end-user. The decision-maker may be a business-oriented individual focused on KPIs, while the actual user is often in a technical or legal role, seeking practical solutions to everyday problems. This understanding shaped SECJUR’s go-to-market strategy.

Raising Funds: A Strategic Decision

After bootstrapping successfully, SECJUR raised funds in 2022 to compete with other companies in the market. Niklas explains that the decision to raise funds was driven by the need to enhance their marketing and R&D efforts. The competitive landscape was changing, and SECJUR needed to keep pace to avoid falling behind.

Navigating Challenges and Restructuring

After raising funds, SECJUR faced challenges related to financial management and scaling. Niklas candidly shares that they burnt through funds too quickly, leading to a restructuring phase. This experience taught them valuable lessons about capital efficiency and the importance of having robust financial processes in place.

Spiritual Awakening and Personal Growth

Beyond the business realm, Niklas discusses his journey toward mindfulness and spirituality. Initially skeptical, his experiences in Asia and at Burning Man opened him to the idea that spirituality could enhance well-being. He emphasizes the importance of self-reflection, meditation, and finding balance in life as essential components of personal growth.

Cultivating a Healthy Company Culture

SECJUR’s company culture reflects Niklas’s belief in direct communication and feedback. He emphasizes the importance of clarity and respect in the workplace. Training sessions help employees understand the value of direct feedback and how it contributes to a healthy work environment.

Lessons Learned and Future Plans

As SECJUR looks to the future, Niklas is focused on applying the lessons learned from past experiences. He emphasizes the importance of having a clear plan when raising funds and sticking to proven strategies that work. This approach will help SECJUR continue to grow and thrive in the competitive SaaS landscape.