(Photo by Wikimedia Commons user Santeri Viinamäki, used under Creative Commons license)
Given that TeamPassword grew out of Brian Sierakowski’s his own needs when it was initially developed at Startup Weekend in 2012, it makes sense that the startup run by the OrderUp and SmartLogic alum track with the CEO’s own experience. The company’s primary customers are other startups, dev shops, digital marketing agencies and collaborative workspaces. Those are the kinds of places with lots of passwords to share not only internally, but also potentially with clients and their teams.
“The number gets out of control really quickly,” said Sierakowski.
Since Sierakowski went full-time with TeamPassword, the startup has been building its customer base. The company recently hit a milestone of one million shared logins, and surpassed 14,000 users. And many of the customers are staying.
“We’ve gotten really clear on who our customers are,” said Sierakowski. He has also been finding out more about what those customers want. The company recently conducted a survey, which provided data like the fact that teams are using the product to share an average of 147 passwords. A big pain point is onboarding of new clients. Sierakowski said the company has features that make it easier to give new employees access to all passwords, as well as removal of old employees. Survey results showed that the product is saving an average of two hours of work on that front.
Posted results also showed some of the features that clients want. There seems to be a groundswell for mobile apps, which Sierakowski said are also on the roadmap.
While companies like Outbound Ops and Terra’s Kitchen are among local customers, Sierakowski said the percentage of total customers locally is very few. Many are from elsewhere in the U.S. and about 35 percent are international.
The growth was helped by a $100,000 investment from TEDCO’s Seed Investment Fund. Sierakowski remains the only full-time employee, but he has plenty of help from a team of about 10 people. Lately, he’s also been working with Heather Fields, a marketing executive who previously worked with OrderUp and BillMeLater/PayPal. The two got connected through TEDCO’s Loaned Executive Program, which allows startups to borrow experienced execs.
While the product and engineering side have grown steadily, “Working with Heather and having someone that can help drive on the marketing side has been really helpful,” he said.
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