 I think everybody is in. We can start. Thank you all for coming. I'm a firm believer of open source and sharing not just knowledge about code, but also about how we can run our businesses better, how we can run our businesses more sustainable, how we can earn some good money. So we've been on a journey with open social for three, almost four years now, and I would love to share a little bit of our experience there. I'll try to jam all these years into 15 minutes in question, so please come see me afterwards if there's anything I haven't talked about. There will be a lot more. We have a booth downstairs. So for those who do not know me, my name is Taco. That's really my name, not a nickname. It's a Dutch name. Dutch people are a little crazy. I'm co-founder of Golgorilla in 2008, and we started the open social project in 2016. I've been on the board of the Dutch Drupal Association, so many familiar faces here, so we're happy to see that. Since last night, we can announce we are winner of the International Special Awards. So if you think I look much better on the picture than in real life, that's because we had a really good night. I told my team I think that last bottle of wine was too much, and they said, well, actually, you got shot after that, which explains why I felt so bad this morning. But it was great, so yeah, we're happy to see the Special Awards now in 10 countries once we started it here in the Netherlands, so good stuff. So yeah, most of you know us as Golgorilla. We've been at 12 years active in the Drupal community under this name, and yesterday, if you've not seen the announcement, we announced that we're actually dropping the Golgorilla brand, and we're only being known as OpenSocial from now onwards. So it's very exciting for us to continue under this new name, and it also speaks for the success of the project that we do not work on any other Drupal project anymore other than OpenSocial projects. And I'll tell a little bit more about that journey, because it was quite a journey and still is. So every time I talk to investors or I talk to entrepreneurs, they always say moving to a product company is really, really difficult. And I'm like, yeah, yeah, if I had a euro for every time I heard that, I would be very rich by now. But, okay, why is it so hard? And I thought, you know, how hard can it be? And we've found the last three years and it will be quite challenging, so I think it's good to share those experiences so you guys can learn from it, and I'll try to drive home a few points that I think are very important and I wish somebody would, you know, stress me about when we started the whole thing. You know, it's a simplified presentation, so don't pin me down on this is not our only company goals, but for today this is the most important thing. So who of you have a Drupal shop or a Drupal agency doing hourly rates work? So yeah, and who is doing products already? A few? Well, yeah, if you're very successful in products, you don't need to come to the session. Who of you is doing services and do you want to make a product or is building a product? So pretty much everybody that has a service company wants to do products and that's also what we were doing. I gave some other talks about, you know, why we moved to this direction, so look at those, I'm not going into details, but again at the booth I'd love to talk more about it. You know, the service is you need to sell hours. So a client comes to you and says, look, we have this problem, fix it for me. You said, yes, we can fix anything, right? And the scope doesn't matter, you know, you just have a huge budget, we'll sell hours. And if you do this correctly, you make some good revenue and you keep some profit. That's this very simple business model. But in a new model, you really need to do one thing and do one thing well, it's maximize recurring revenue. Every time I talk to investors, they want to see your KPIs, but this is the one they want to see, recurring revenue. They don't really care about your selling hours, you're doing a lot of development work, design work, it's all about maximizing recurring revenue. And that's a really different business model and it's really hard to get that right. And I'll show you a bit of data on how we're growing into that. So again, the business model is changing and also what is really tough in this is that your whole financial system is changing. So what I also didn't realize is that it's very comfortable to sell projects because we ask an upfront payment. You know, most of us do this now, 10, 20, 25% sometimes. This is great, so you can pay your salaries and then you build a few months and then you either build a project and you get the money or usually now we do agile development so you sell the hours every month. And that's great because you get the money, you pay the salaries, you pay your office cost and well, you know, that's done. So you really get the work done and the payment upfront. But in a new situation, you're selling a product, you first need to build the product and then you start selling it. So you only get money after you build the product. So it's a complete different way. And that causes some problems. So here, if you have a 50k project, you know, you get the 10k upfront, you get a few months of work, you get another 20k and you're done, right? So if you build a product and we're selling this for a thousand euro a month, this is really good but I only get a thousand euro from one client and another thousand and another thousand. And we can do this for 36 months or 48 months and in the end it's the same amount of money but I get it only in years later and this causes a lot of a problem because you need to bridge that gap. And if you're a service company, you don't even realize this, right? So you can start like us from our dormitory, you don't need to make big investments. But we do with products. Also, in my experience, marketing and sales is quite easy. You know, we do the marketing, people come to us with their problems, we offer all these great services and we start selling, you know, the dream. And the client loves your portfolio, you know, you don't need to show the work. You're like, okay, we can do it, we can do it on time, we can do it on budget and the client needs to trust you and that you can get the work done and usually they do because you have a great reputation. So your marketing and sales is quite cheap. But when you sell your product, it's really hard because the product is already there, you know, and your competitors are also there as well with their products. So you need to sell something, you cannot sell the dream, you actually need to sell the product and there's no way around saying, oh, we can add that or change that. No, the product is what you're selling in the moment and it's really expensive to get these clients. So usually for business to business size, one-year payment is like a good amount. That means if you ask a thousand-year-old a month, getting a client costs you about 12,000 euros. The marketing and sales expense and you pay this upfront, right? So every client you get, you pay first, marketing and sales, then the client starts paying a monthly fee and then maybe in the second year or in the third year, you start making some money. And this is really hard because that means you need a lot of money upfront and even if you're more successful onboarding, getting the clients onboard, you start paying more money. And this is something that we kind of knew but we didn't realize. So we at first invested a lot in the product and they're like, okay, now we need to sell it. Oh, okay, we need marketing campaigns and we need a sales team and we don't really have the money for that, so how are we going to do that? And that's really hard because then you're in this circle where it's very hard to get out of because you need to start selling the product more. Otherwise you cannot invest big in the product and it's hard to break this circle. So again, say, you know, in the whole situation, you get 25k a month, you pay the salary and it's all good. But in a new situation, maybe you have four clients, they all pay 4000 euros a month, which is great. You know, it's still good. But you only get 4000 and how do you pay your salaries and how do you pay your office cost? And this is like really something that is difficult and you need to think about this in France. So just driving at home, how do you invest in your building your products? Getting your core team out there. You want to have a big core team, you know, back-end developers, front-ends, designers, testers, big team. But they're not doing any billable work for you. Still you need to pay the salaries. So how do you do that? Then again, spend a lot of money on marketing and sales. There's some really good examples of companies here like Acvia, Benzian, Platformer Sage. You know, you've seen their sales and marketing efforts and teams, right? That's really what they're good at. But they also need to do this in order to be successful. And then we need to balance this with a revenue that comes maybe years later. And usually when we talk about startups and the financials and it's very sexy to talk about the last period in this graph. Like, okay, you know, this company got 10 million investments and oh, they're doing great. And this is really good for news and it gets us all excited. But actually the first part of this graph, the value of death is where most companies 70, 80% never get out of. And why is that? And why is there so little focus on that? Because here, this line down, you need to build your product. You need to pay your office. Still keep doing this in the meantime. You need to get this marketing and sales on board. And also run your traditional service company at the same time. And that's why it's also called the value of death because most companies, they do not get out of it. Either they cannot get their product to market or they can get the product to market. But they've, you know, forgotten to invest in marketing and sales. People are not buying it and they have to switch back to the service model just to pay the bills. And this is a big danger and it's also something we had to do in the past because we couldn't pay the salaries. So we had to switch back to our old agency model in order to pay the bills and get some non-recurring revenue and do some different projects. And before you know it, you're back in doing agency work and you're stuck in that. So we did it a little bit different. We used 200,000 euro in crowdfunding. We have 115 investors, maybe some of them are here. We also spent about 300,000 euros that we already earned in the years leading up to the project. And with that we set a team apart to make sure we could build a product and use the entire year to fund that. But that only got us through 2016 and the product was in beta. And then, you know, how are you going to balance your agency work and then moving to the product phase? So this is pretty much what that looked like. So you can see the blue was 2016. We were doing agency work and then what we really want to do is drive that purple. You know, the purple is the recurring revenue. So you can see in 2016 we're starting to do a little bit. But we also were doing a lot of non-recurring revenue for OpenSocial. So our goal is always being to slowly turn the agency around. Like an oil tanker sometimes. And try to grow that recurring revenue. So that's the subscription model, the SAS fee, which is really the thing that you should be focusing on. But we also need the non-recurring revenue just to pay the bills, just to get everybody happy. And what we did was we used a lot of the non-recurring and OpenSocial revenue to funnel back into OpenSocial. So I'll show you a little bit about extensions that we built for the product. So what we tried to do was, okay, we can do some services for you, some extra development, but only if it is helping OpenSocial forward. So this year we are doing like one-third recurring, one-third non-recurring, and still one-third of goal gorilla. And early next year we will completely shutting down goal gorilla projects and only do OpenSocial projects. It's still exciting. So we have to really focus on driving the sales. But for us it's been really successful in order to funnel the work that we do for goal gorilla, funnel the service work for OpenSocial back into building OpenSocial and building this recurring revenue project. But that does mean you need to double your SAS sales every year and that's a lot of effort and that takes a lot of investment in marketing and sales. So we're talking to investors about speeding this up a little bit, but I cannot tell you more about that now. How are we on time? Yeah, pretty good. So I just want to drive some five points. What is really hard is to change your company DNA, but you have to change it because the whole mindset of us in a service company is the client is came, we want to sell ours, so everything that they come up with, you know, a new design, you know, a new feature, in the end we'll do it for them, a migration, an integration, and we do this very diverse. And we have to because, you know, we can build on these ours and it's good for us. But now you're selling a product, you know, so you need to stop thinking about, okay, how can I sell ours to the client and start really thinking how can I sell this product? And that's really hard for us as service companies because it's not in our mindset and it took us also three, four years to start changing this, not just for me, but also the whole developer team, for example, and the project managers. So this is the pricing point, the pricing page of OpenSocial. And we're really focusing now on this basic and pre-medium tiers. Basic is fully automated, so you can just install it, it takes a few minutes, and then you get an email, your OpenSocial installation is ready, you pay it by credit card, we have a Stripe integration. So this is really a SaaS product built on Drupal, fully automated deployments, fully automated updates, and you know, you can get up and running quite fast without any technical knowledge. And then we have a premium version, and that's the one that we can enable extensions with. So we have a very cool extension pages like e-learning, courses module, collaboration feature, office integration, single sign-on, but we only enable them in the premium package because the basic package should be, you know, you can get up and running fast, pay a very low monthly fee, but if you want a little bit more, if your project is successful, if you're ambitious, then please move to the premium package. So the premium is really our focus. It's not fully automated yet. We currently have to turn features on and off by hand. Next year we are investing in making sure that also the entire process of turning extensions on and off is automated. But that will be quite a big project still to do. And then we have the last tier that we call the enterprise tier that starts about six, seven thousand euro a month. And there we can do a little bit more in terms of integrations or migrations or customization, but even in that tier, that last one is really important to sometimes say no, because you're going to get requests that will try to pull you back into that agency work. Like, oh, we want to have open social integrated with e-commerce. And for us, it's not on our roadmap. It's very difficult to do. So we just have to sell no at that point. And even though it could be a great project. So you have to make sure that even in that last year, you don't move into the direction because the money seems good and easy. But if you do it, then you'll turn into an agency again. So we have to sell no in that tier. We just have like three clients that are pretty good pips with open social and they do a little bit more with complex integrations. Then your clients are going to come to you and say, oh, we want this feature. We want this extension or this customization. And your initial reaction is going to be, yes, we're going to do it because that's what you've been trained to do. Yes, we can help this client. We want to be very helpful. But we actually needed to learn to say no. Like first say no, I don't think we can do that. That should be your first response. And only if you know you've talked about with your team, you think this is really helpful for other clients. Then you can start doing it. And then we always try to make this into a separate extension for open social. So we have this extension page. Not all of these modules are open source. And this is something that we can then sell to other clients again. So for example, now we're building the Office 365 integration. That will be an extension for open social that we can resell to all the other open social clients driving your monthly, recurring revenue growth. So that's very different model than that we used to where we just use one-off projects for clients. But for us, it's really important now that every extension that we make is able to be turned off and on and can be used to drive this monthly, recurring revenue growth. And that often means that we invest a lot in the feature. So the client pays a little bit and we invest a lot ourselves to build the feature so we can then drive the recurring revenue growth. And that's also something that is a bit counterintuitive for us. This recurring revenue is a little bit of a fight sometimes with your clients, especially when you're in nonprofit or government agencies because they like to do projects and their budgets are project-based. So they have 100k for a project and they really don't want to sign a contract that says, you know, the initial cost is only 10k, but you're going to pay a thousand euro a month for the next years. They don't like it. It doesn't fit in their model. For profit businesses, they usually love it because, you know, it's not their problem. They can just move the cost ahead. But you really need to be careful with the nonprofits and governments and it doesn't really fit in their business model. But again, if you don't do it, your recurring revenue growth, which should be your main KPI for investors internally as well, is not growing fast enough. So we're actually fighting a lot more for this. Sometimes a bit of give and take, especially big organizations like United Nations, it's really hard to fit in there. Still, we can sometimes drive the recurring revenue when we offer additional services or something like that. So try fighting for that and try to limit these services, the development and the design. You should really try not to do that much, which is something that we have to learn the hard way. We built some sites in the early days of OpenSocial that were very customized for the clients. Clients were really happy and now it takes like 30-40 hours to do an update on these projects and they're not paying these 30-40 hours because we agreed on a fixed size fee, so we have to actually invest those hours ourselves, which is not very sustainable. Yeah, this is the graph I'm obsessed with. This is our recurring revenue growth. You know, this is all in spreadsheets still, but we're moving to a CRM tool. So early this year we were at 20K and we're growing to 50K and recurring revenue this year. And that's my main focus, just to drive that growth constantly and I'm obsessed about it and you should as well. And this is something in our previous days as an agency just looking at hosting revenues and support contracts. It wasn't even close to this. And this is nice because this money will come in in the years to come and there's not a lot of work that needs to be done. This is just updating, keeping the sites up and running. What we always wanted to do is build the product first, get the first clients, show that people are happy with the product and then talk to the investors. I think we should have done it earlier because the company's been stressed in the last years because we had to drive the revenue for the old business, get the clients for open social, which I'm showing you is really hard to invest in marketing and sales. So we've been trying to squeeze every euro where we could and we're very lucky that we have a team that believes in open social and that's also willing to invest their time and effort in it. But I think in hindsight, we should have come to investors earlier. So make an investment plan and start talking to them earlier. Even if they're saying no, they'll give you some advice how you should restructure your business or how you should focus on different KPIs. So probably even before you want to build your project, just go out to investors and if they all say no, then maybe there's something wrong with your business plan. But do keep in mind that this is a multi-stage investment. So if you're going to talk to investors and they're going to ask you if your company is going to be worth 1 billion in five years, the answer should be yes. And if they're like, well, I don't know, they're probably not going to invest. So you have to think big and be ready to go through all these steps. If you're going to go to VCs, you're going to ask for money that means you need to do it next round and then next and then next and then next one. Acqua is a really good example of this. You need to go through all the steps and you need to be prepared for that and your team needs to be prepared for that. We really have to change our marketing and sales approach. I use a model that's winning by design. It's a website that has really excellent books as well. And for us, changing the whole marketing flow and also changing sales teams and account management and building customer success teams was super important. So normally, when we work with project managers or account managers, but when our sites are up and running, we don't tend to care that much about our clients anymore. Why? Because, you know, they already paid the bills and maybe in three, four years, their project needs an update. But when you pay a SaaS fee and it's a monthly contract, you really need to make sure your client is happy all the time because otherwise they'll switch their contract. So 50% of your sales average should go to getting the clients and another 50% of your sales average should go to keeping the clients and making sure they're happy, making sure they can use more extensions so you can drive your MRR growth. So we're using this model and we're actually hiring now customer success managers and also market development representatives to make sure we do the demos correctly, we do the chat online. So a lot of effort is going into sales and marketing and that was a big learning for us because, yeah, I think in the agency work, traditionally, we're not that good in getting 10, 20 leads a day on our website. And last but not least, keep your team on board because this is a big journey. We pictured it to take three years. We're now four years in and we asked a lot of patients and we asked a lot of investment from the team. And I think having an open conversation with them, making sure that they understand the risks is very important. So that was the last thing. I just want to say that we have a booth downstairs. Please come visit us. We'll give you a demo of the distribution or show you our SaaS product. And on Thursday, we have a summit which is free to visit. So you can go to lex.getopensocial.com and let's have this conversation and continue to learn from the journey that we have and hopefully you guys will do as well. Thank you for the time. Do I have time for one question? One question. Anyone? Okay, I guess we'll see you at the booth then. Okay, thanks.