When Vxt founder Luke Campbell is asked to describe his product in simple terms, those terms are, “People who hate admin!”
The startup is part of the Stage One Incubator which aims to produce 10 Kiwi technology ‘unicorns’ (or: ‘Kiwicorns’) by 2026.
The incubator addresses key gaps inherent in more traditional programs — including cultivating what Phase One Ventures calls a “culture of customer and problem obsession.”
Campbell and his New Zealand-based team have consciously shied away from falling in love with their own ‘good ideas’ – instead focusing on the pain points their potential clients face on a daily basis.
Founded in 2018, the startup’s original product – voicemail management software – grew fast enough to an initially impressive number of users, but hit a ceiling when it came to scale.
“Spending time at the Center for Entrepreneurship at the University of Canterbury was key. I did a course on the fundamentals of innovation, where I decided to turn to software that we could scale; to a bigger, more expensive problem,” Campbell said.
So after asking more than 100 people, “What’s something you have to do on a regular basis that’s really frustrating?” The Vxt team found that most professionals hate taking notes during the time spent on phone calls. spent; as well as the administrator who create phone calls (5-10 per day).
So Vxt 2.0 was born.
“Over the course of history, we’ve seen repetitive tasks gradually automate,” Campbell said.
“Vxt is leading the transition to a world where administrative work is a distant memory!”
Log billable calls
vxt is a communications platform for professionals who need help automating the tedious administrative tasks associated with high phone calls. They use Vxt to make voice and video calls through an app on their PC or phone. The platform handles: Call recording and transcription, as well as the ability to extract specific/key data, automate workflows in addition to scheduling so that documents can be filled in automatically.
Lawyers, for example, call an average of 10 times a day. After each call, they need to take notes, ensure compliance (at a minimum), and then bill their customers, costing them about 5-10 minutes extra time per call.
The time spent on this administration, while critical to the business, generates no revenue and at $300 per hour is a huge cost inefficiency.
After a conversation with Vxt, they can immediately provide an initial draft of documents such as a sales and purchase agreement for a real estate purchase, while taking notes and billing within seconds of putting the phone down.
The estimated savings are up to $50,000 per year per attorney.
“It’s not impossible to imagine that in the future Vxt could even help people write drafts or emails or invite clients to meetings on their behalf,” Campbell said.
“We use communication data to automate the world’s admin.”
Go worldwide from NZ
New Zealand VC GD1 was an early investor in the company and co-managing partner John Kells said the startup is committed finding the right problem to solve – within the right niche – was impressive.
“They’ve been through several product pivots and their determination has been nothing short of amazing,” he said.
“Their belief in the startup’s potential is grounded, with an annual churn of only 3% – extremely low for a SaaS product, 15% growth per month and a lifetime value per customer organization of 6-7 figures.”
Campbell said GD1’s investment gave the startup tremendous credibility.
“Their support for portfolio companies is second to none – they are extremely generous with their introductions and access to their network and the critical operational support they provide is world class. They also have the option to invest in follow-up rounds. They are in it for the entire trip!” he said.
“Mahesh Muralidhar, Chief Executive Officer and Founder of Phase One Ventures is the best early stage startup mentor in NZ,” he said.
“Being part of a community of entrepreneurs has been incredibly encouraging, including the opportunity to network with experts on topics that can easily become obstacles for early-stage startups. This kind of ‘been there; done that’ 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 rewards that follow. He has also created a community that provides invaluable emotional support when the going gets tough.”
A self-proclaimed ‘problem-obsessed’ innovator, we asked Campbell for his advice for potential entrepreneurs.
“If you’re trying to start a business; you have to identify the right problem — and it has to be a big problem, for a lot of people,” he said.