First SaaS Customers From a Wizard-of-Oz MVP to $2.5M

First SaaS Customers From a Wizard-of-Oz MVP to $2.5M

Author: Omer Khan May 29, 2025 Duration: 52:27
"This is not a product," one of his first SaaS customers told him. They were right. Cello had no dashboard, no login portal, and no analytics - just shared Notion pages and Python scripts. But those first paying users still paid because the referral program actually worked. Stefan Bader reveals how he landed his first SaaS customers by turning pre-seed investors into design partners, why success-based pricing removed all early adopter friction, and how a "powered by Cello" casual contact loop now drives nearly 1 million widget opens per month for compounding initial traction. Cello is an all-in-one referral platform powering programs for companies like Miro and Typeform. Stefan bootstrapped from a Wizard-of-Oz MVP to $2.5M ARR and 7 million monthly users. 🔑 Key Lessons 🤝 Turn investors into first SaaS customers: Stefan offered pre-seed round tickets to potential buyers, creating shared financial incentives that converted investors into committed design partners willing to tolerate an unfinished MVP. 🛠️ Ship the Wizard-of-Oz MVP and iterate on what matters: Cello delivered analytics via Notion pages and ran Python scripts behind the scenes. First paying users said "this is not a product" but stayed because results were real. 💰 Use success-based pricing to remove all friction: Cello charges nothing until referrals generate revenue. This eliminated risk for early adopters and created natural alignment. 🚀 Build a casual contact loop for compounding growth: The "powered by Cello" link reaches nearly 1 million opens per month. Each new customer adds users to the loop, making inbound grow exponentially. 📝 Lead with proprietary data to land top content partners: Stefan partnered with Kyle Poyar by providing unique referral benchmarks, getting Cello in front of tens of thousands of subscribers without paid sponsorship. Chapters Introduction What Cello does and the problem it solves Revenue, team size, and 7 million monthly users Origin story as CRO at a payment company Building the MVP with compliance and scalability first The Wizard-of-Oz MVP with Notion and Python scripts Freemium success-based pricing for first SaaS customers Building a compounding growth system with growth loops The casual contact loop and "powered by Cello" Content collaborations with Kyle Poyar Network sales and leveraging investors as first SaaS customers Lightning round and book recommendations Resources Full show notes: https://saasclub.io/445 Join 5,000+ SaaS founders: https://saasclub.io/email

For anyone building a software company, the journey from an idea to a sustainable business is filled with specific, often daunting, questions. The SaaS Podcast-AI, Growth & Product-Market Fit for SaaS Founders exists to answer those with concrete stories, not abstract advice. Each week, host Omer Khan sits down with founders who have actually done it-they discuss the messy reality of securing those first few customers, the difficult adjustments needed to find true product-market fit, and the tactical decisions behind scaling to and beyond a million dollars in annual revenue. Conversations delve into the nitty-gritty of pricing models, sales processes, reducing churn, and the practical application of AI in a SaaS context. Omer’s perspective is shaped by having personally coached over a hundred and fifty founders past critical revenue milestones and conducting interviews with more than five hundred others. This depth of experience means every episode cuts straight to actionable insights, whether you’re painstakingly bootstrapping toward ten thousand in monthly recurring revenue or managing the complexities of rapid growth. The focus is relentlessly on proven strategies that have worked in the real world. Tuning into this podcast feels like gaining access to a private mastermind, a resource where thousands of other founders gather weekly to learn from the honest successes and setbacks of their peers.
Author: Language: English Episodes: 100

The SaaS Podcast - AI, Growth & Product-Market Fit for SaaS Founders
Podcast Episodes
SaaS Pricing: Zero Revenue From One Costly Mistake [not-audio_url] [/not-audio_url]

Duration: 54:23
Usage-based SaaS pricing with no minimums. Customers could scale to zero without leaving. Ryan Wang launched Assembled with a pricing model that let revenue drop to nothing during COVID - even though no one was churning.…
Bootstrapped SaaS: $400K to $30M ARR With Zero Funding [not-audio_url] [/not-audio_url]

Duration: 45:57
$50 million exit already in the bag. But Sam Darawish chose to bootstrap his next SaaS with just $400K. He didn't pay himself for two years. He showed up to Affiliate Summit with nothing but screenshots. Two people signe…
Product-Led Growth: 8-Figure ARR With $0 Ad Spend [not-audio_url] [/not-audio_url]

Duration: 56:32
$200M exit. CEO of Foursquare. Then David Shim bet everything on product-led growth with zero ad spend. The first version flopped - just 5% of users came back after 30 days. But instead of hiring a sales team, David doub…
First Customers: 200 Free Websites to $27M ARR [not-audio_url] [/not-audio_url]

Duration: 57:26
50-70 year old customers who hated vendors, distrusted cloud software, and refused monthly subscriptions. Kevin Wagstaff won his first customers by building 200 websites for free and spending 10-12 hours a day in Faceboo…
SaaS Product-Market Fit: 200K Users With Zero Marketing [not-audio_url] [/not-audio_url]

Duration: 58:35
20,000 test billing emails sent to real customers. Total chaos. Sergiy Korolov's team built a quick fix - and accidentally discovered SaaS product-market fit. When they shared the tool with the Ruby on Rails community, i…
Bootstrapped SaaS Growth: Two Revenue Crashes to $10M [not-audio_url] [/not-audio_url]

Duration: 42:52
Five years of 60-hour weeks. Nights and weekends. Then COVID wiped out every customer overnight. Jonathan Kazarian's bootstrapped SaaS growth story is one of the most dramatic in SaaS history. He built Accelevents to $1M…
AI-Powered SaaS: 6 Years of Service Data to $18M ARR [not-audio_url] [/not-audio_url]

Duration: 50:13
Six years of logging every task. Thousands of hours of executive assistant data. Richard Hollingsworth turned proprietary agency logs into an AI-powered SaaS that went from $1M to $18M ARR in nine months. Fyxer's models…
B2B SaaS Sales: How Firing SMBs Led to 8x Growth [not-audio_url] [/not-audio_url]

Duration: 43:33
SMBs were 70% of revenue but churning fast with misaligned feature requests. Bernard Aceituno fired them all and focused on B2B SaaS sales in the mid-market. The result was an 8x revenue multiplier in one year, with deal…
Product-Market Fit Lost and Found After a 100x Spike [not-audio_url] [/not-audio_url]

Duration: 46:34
Negative 110% gross margins. Then COVID demand spiked 100x overnight - and nearly killed the company anyway. Pat Kinsel spent years chasing product-market fit while losing money on every transaction. When the pandemic br…
Product-Market Fit: 2 Failures to $200M ARR at Pendo [not-audio_url] [/not-audio_url]

Duration: 48:25
Two failed startups. Zero product-market fit. Then an obsession that built a $200M ARR company. Todd Olson spent a year doing founder-led sales, refused to hire salespeople until $500K ARR, and would not scale until he s…