Practical Founders Podcast

#107: Brothers Sold Their Bootstrapped Software Company for $40 Million – David and Chris Sinkinson

Brothers David and Chris Sinkinson attended Queen’s University in Ontario, Canada, when David learned of the problems maintaining the blue emergency phones on campus. He proposed a location-aware mobile safety app, so Chris built it himself, and it worked great. 

AppArmor grew steadily to become the most popular mobile safety app and platform in Canada and the US used by over 250 universities.

With no outside investors, they bootstrapped the company to $6 million ARR with serious profits before selling it to Rave Mobile Security for $40 million. They stayed on for another year in transition before writing a book and running a podcast called Startup Different.

Quote from David Sinkinson, CEO and co-founder of AppArmor

”The biggest advice I give new founders is to ‘Ignore The Startup Noise.’ Throughout our experience, we had lots of people who we loosely refered to as haters. People who said everything from “we’re just a lifestyle business” to our idea is never going to work. One person literally told my cofounder brother Chris that we weren’t even a startup.

“Just ignore those people. Don’t pursue validation from your peers. Instead, pursue validation in the market. A couple of years into the business, that realization was a big change that helped me stay on track. So, my advice for SaaS founders is to ignore the haters and enjoy the journey.”

Links

Podcast Sponsor

This week’s podcast is sponsored by Full Scale, one of the fastest-growing software development companies in any region. 

Full Scale vets, employs, and supports over 300 professional developers, designers, and testers in the Philippines, who can augment and extend your core dev team. Learn more at fullscale.io to have a conversation about your practical dev staffing plans. 

 

The Practical Founders Podcast

Tune into the Practical Founders Podcast for weekly in-depth interviews with founders who have built valuable software companies—without big funding.

Subscribe to the Practical Founders Podcast using your favorite podcast app.

Get weekly Practical Founders newsletter and podcast updates.

Greg Head recorded this on episode on August 23, 2024 for the Practical Founders Podcast see all of the episodes.

Share Practical Founders

FREE 60-PAGE EBOOK

Win the Startup Game Without VC Funding

Learn how all 75 founders on the Practical Founders Podcast created an average founder equity value of $50 million.