Wade Beavers is the cofounder and CEO of DoApp, a mobile firm that started making apps “before it was cool.” With dozens of apps under their belt, DoApp recently sold some key technology to CA-based Corelogic, a $3b provider of property information, analytics and services.
How did the deal happen?
We had a relationship with CoreLogic going back three years now, where basically our mobile platform became their entire market solution. There are hundreds of thousands of agents already on it and still growing at a rapid pace, so I guess it just made sense to them!
What were the terms?
I can’t comment on that, but they are public & maybe it will come out in a disclosure? It was a really good deal for both of us.
This is the second time you’ve sold off an asset from the company, is that part of the plan?
That’s not what we originally intended, but because we have multiple products and we slice them that way, so goes it. We always thought we’d exit as one company, but it’s worked out good this way so far. There’s a pattern forming.
What does it mean for the team?
Seven are going to CoreLogic and ten are staying with DoApps; partner Dave Borillo is going to head up mobile their mobile initiative.
Advice for peer entrepreneurs, perhaps transitioning from service to product?
It’s easy to create an app, but it’s hard to maintain and grow it on a massive level. Biggest lesson I’ve learned is to think of ideas from a business perspective right up front. Fulfilling a need, finding out what it takes to get paid, and determine if that makes sense? All our products have always been profitable as a result of understanding how to make a niche profitable.
Find a consistent residual income. Early on, we were a hand to mouth company, one dev at a time. What I learned is that you can get so stuck in morass and requirements that I realized a consistent residual income helps to maintain and grow the product organically. When you make an app, the paint never really dries, challenge and opportunity is adding as you go.
We’re not trying to be Facebook here… were not seeing 1000% year to year growth or anything — but we have found a sweet spot that works well for Minnesota. My favorite player in baseball is Tony Gwinn, because he was consistently good at getting on base.
What base was this?
Haha…the first one was a single, this one…we’re rounding second.
Our publishing products are continuing to grow, we now have an office in Uptown [in addition to Rochester] and think we can build back up to 17 or more pretty fast. We’re refocused and fired up.