When Vxt founder Luke Campbell is asked to describe his product in layman’s terms, those terms are: “People fu&*ing hate admin!”
The startup is part of Phase One Incubator which aims to produce 10 ‘unicorns’ (or: ‘Kiwicorns’) using Kiwi technology by 2026.
The incubator fills important gaps inherent in more traditional programs, including the culture of what Phase One Ventures calls a “culture of customer obsession and problems.”
Campbell and his New Zealand-based team deliberately avoided falling in love with their own “good ideas” – instead focusing on the pain points their potential clients encounter on a daily basis.
Founded in 2018, the startup’s original product — voicemail management software — grew fairly quickly to reach an initially impressive number of users, but hit a ceiling in terms of scale.
“Spending time at the Center for Entrepreneurship at the University of Canterbury was essential. I took a course on the fundamentals of innovation, making the decision to move to software that we could scale; to a bigger and more expensive problem,” Campbell said.
So, after asking over 100 people, “What do you have to do on a regular basis that’s really frustrating?” ”, the Vxt team discovered that most professionals hate taking notes during the time spent on phone calls; as well as the administrator that these phone calls (5 to 10 per day) create.
This is how Vxt 2.0 was born.
“Throughout history, we’ve seen repetitive tasks gradually automated,” Campbell said.
“Vxt is leading the transition to a world where paperwork is a distant memory! »
Billable call logging
Vxt is a communications platform for professionals who need help automating the tedious administrative tasks associated with high volume phone calls. They use Vxt to make voice and video calls through an app on their PC or phone. The platform deals call recording and transcription, as well as the ability to extract specific/key data, automate workflows alongside plans to allow it to automatically populate documents.
Lawyers, for example, make an average of 10 calls a day. After each call, they have to write notes, ensure compliance (at a minimum), and then bill their customers, which costs them about 5-10 extra minutes per call.
The time spent on this administration, while business critical, does not generate revenue and at $300/hour represents a huge cost inefficiency.
After the call with Vxt, they can provide a first draft of documents, such as sales and purchase agreements for a property acquisition, instantly, while notes and invoicing are done within seconds of hanging up the phone. telephone.
The estimated savings can reach $50,000 per year per lawyer.
“It’s not impossible to imagine that in the future, Vxt might even help people write drafts or emails or invite clients to meetings on their behalf,” Campbell said.
“We leverage communications data to automate global administration.”
Go global from New Zealand
New Zealand VC GD1 was an early investor in the company and co-manager John Kells said the startup’s commitment finding the right size problem to solve – in the right niche – was impressive.
“They’ve been through several product pivots, and their determination throughout has been nothing short of stellar,” he said.
“Their belief in the potential of the startup is well founded, with an annual just 3% churn – extremely low for a SaaS product, 15% month-over-month growth, and 6-7 digit lifetime value per customer organization. »
Campbell said GD1’s investment gave the startup enormous credibility.
“Their support for portfolio companies is second to none – they are extremely generous with their introductions and access to their network and the essential operational support they offer is world class. They also have the ability to invest in follow-up tours. They are there for the duration of the trip! he said.
Vxt also participated in phase one supported by GD1 incubatorCampbell said helped them focus on the good aspects of their performance.
“Mahesh Muralidhar, CEO and Founder of Phase One Ventures, is New Zealand’s top startup startup mentor,” he said.
“Being part of a community of entrepreneurs has been incredibly encouraging, including the opportunity to network with experts on topics that could easily become roadblocks for early-stage startups. That kind of ‘been there; only wisdom is priceless.
“As a founder, it’s easy to be pulled in a million different directions. Choosing what to work on and focus on is an art.
“Mahesh taught me a lot about the pain of choosing well; and the following rewards. He has also created a community that provides invaluable emotional support when the going gets tough.
A An avowed “problem-obsessed” innovator, we asked Campbell for his advice for future entrepreneurs.
“When you’re trying to start a business; you have to identify the right problem – and it must be a big problem, for a lot of people,” he said.