Ever had an idea for an app that you think would make people’s jobs easier but didn’t know where to start? Well check out how one man went viral and built a million dollar company after creating a tool to help with excel formulas.

Top Comments:

  • “Shoutout to his wife who held down the home and kids, giving him time to devote to his passion project.”
  • “…Going from no coding to building a million dollar business is incredible. Well done David.”
  • “Love to see these kind of success stories coming out of the no-code world.”
  • “For entrepreneurs diving into AI, remember that integrating your solution with existing business workflows can drastically increase adoption rates.”

Case Study:

  1. How does this project make money?
    • He runs a web based tool called formulabot that allows people to create excel formulas simply by telling the tool what they want the formula to do. The site makes money by charging a monthly fee to use the tool.
  2. What do I need to create my own website like this?
    1. Your favorite no-code tool: Formulabot was built by a single person using bubble.io but you can create similar projects using most no-code tools or even custom code if you are comfortable writing it.
    2. A marketing strategy: After you build it you will need to get the word out.
  3. What was the marketing strategy for this project?
    1. Professional network: The initial test users were friends and colleagues who used excel at their jobs.
    2. Reddit: After posting on multiple subreddits for excel users and internet tools the project went semi-viral.
  4. How did he deal with competitors?
    • After he launched the product he faced lots of competitors copying him and releasing similar products. Even Microsoft became a competitor after partnering with chat gpt creator Open API. In spite of this formulabot continues to gain customers by talking to existing customers and based on their feedback launching new features that other products did not have.

Categorized in:

Design, Health, News,

Last Update: March 14, 2024