How I raised $250k using a waiting list (Step by Step)

Easy and effortless 6 figure launch strategy...
Launch a FREE waiting list - bit.ly/score-wait
Register for a free workshop - bit.ly/kpi-workshop-dent
BookMagic - bit.ly/4d9nqg6
In this video, we'll be sharing how we launched and funded a new business idea in just 6 months.
Despite initial doubts about launching another project, the overwhelming response from a simple waiting list has proven that people really want this product.
Step 1: Ideation and Initial Testing
Our team at Rethink Press proposed using AI to streamline the book-writing process by breaking ideas into chapters and creating reader avatars. To gauge interest, we launched a waiting list with a simple landing page explaining the tool’s benefits but not writing the book for the user. The goal was to sign up 150 people, but to our surprise, 1,100 people joined, indicating significant interest.
Step 2: Data Analysis and Validation
We collected valuable data from the waiting list, including potential pricing, user expectations, and common challenges faced by writers. Analysis showed that users were willing to pay between £50 to £100 per month, much higher than anticipated. This data helped us forecast the number of clients needed for profitability, confirming the business’s potential.
Step 3: Securing Angel Investors
With solid data and a clear business plan but no developed technology, we approached angel investors. The strong interest from the waiting list and our clear strategic direction convinced them of the project’s value. We successfully raised around £4 million, selecting investors who could offer more than just capital.
Step 4: Product Development and Beta Testing
Using the funds, we developed the AI tool and expanded our waiting list. We conducted beta tests with groups of 30 and then 150 users, gathering feedback to refine the product. The positive response confirmed that we were meeting user needs and expectations.
Step 5: Launch and Early Success
We officially launched the product with two Zoom sessions attended by hundreds from our waiting list. On launch day, we achieved a six-figure annual recurring revenue, signing up 220 users at £39 per month. This milestone surpassed typical early-stage achievements in the software-as-a-service (SaaS) industry.
Conclusion
This case study illustrates the effective steps taken to validate, fund, and launch a profitable and valuable business using AI to assist writers. We invite feedback and questions in the comments to help others understand or apply similar strategies in their ventures.
Feel free to ask questions or share what aspects you found most intriguing or useful from this journey. We look forward to seeing how this tool continues to evolve and help more authors in their writing efforts.
Launch a FREE waiting list - bit.ly/score-wait
Register for a free workshop - bit.ly/kpi-workshop-dent

[@MONEYWISEDOCTOR]

As a Doctor, I have seen the power of a waiting list but connecting it with entrepreneurship and campaign focussed marketing is something Dan clearly has mastered and teaches in such a simple and powerful way. Thanks for sharing your insights. You clearly practicse what you preach. I'm oversubscribed!😊

[@KeyPersonOfInfluence]

Thanks for sharing!

[@devxsadik]

key things I learned: - you validate an idea thru waiting list - dont just collect email, ask good question (why's) - observe the feedback and use this data to further improve what you're offering - start developing the tool / product - create a beta version, and start giving access to smaller group of people, and collect feedback - observe the feedback and use this data to further improve what you're offering - fix all the bugs, improve the product and do a demo launch - invite people on the waitlist to a zoom session for the demo and discussion of the product - launch it to the public special note: lets not forget dan already has a great social presence on twitter, so a waitlist works great in this situation, and all of them are organic audience. but, if you're just starting out with 0 followers, its gonna be not so quick and easy. you may have to pay for ad, but you have to have a good reason why people should be interested in you, your product. So, building an online presence first, I think would be great starting point.

[@drearenee8330]

Wow!! You walked away from your landing page test with valuable, ethnographic data. What a beautiful way to make data collection a part of the culture before you even begin!! This method is amazing, hope it will help me in my journey!! As a infantprenuer I would love to hear more about how you build your teams like the one at AI press??

[@KeyPersonOfInfluence]

Thanks. For how to build a team, you can watch this video I released a few months ago. kzbin.info/www/bejne/eX3Vgp6voJyjj5o

[@dbaithon]

Thank you Dan. This is a clear example of how to launch a new business idea. It creates credibility all along the way. Most entrepreneurs launch without testing

[@KeyPersonOfInfluence]

Thanks for watching and sharing your thoughts.

[@VeintiunoDiez]

This IS the proper way to build from knowledge and foundations, rather than trial and error, good to know that it really works! Thanks for all the insights, always the best!

[@KeyPersonOfInfluence]

Thanks for watching!

[@mustafakivancdemirsoy1109]

Dan is the MANN!!!

[@brendawilson6188]

Success seems to be connected with action successful people keep moving. They make mistakes. But they don't quit. The stock market has plenty of opportunities to earn a decent payouts, with the right skills and proper understanding of how the market works.

[@MariaRosaRomero-ei8dm]

Assets that can make one successful in life

[@MariaRosaRomero-ei8dm]

1 Forex 2 Share 3 Stocks market

[@CynthiaOwens-to5dt]

​@@MariaRosaRomero-ei8dmYou are right.

[@CynthiaOwens-to5dt]

But I don't know why people remain poor due to ignorance..

[@hannahweaver8768]

It's not of ignorance but unprofessional b✅r✅o✅k✅e✅r in the market

[@jenfrahm]

How exciting! I'm a Scoreapp user (more leads than we can handle!) and I'm looking at a waiting list approach on our next product. I'm curious how you approached the pricing question - was it open endeded free text or did you give categories with suggested price ranges? Thank you for sharing.

[@davypaul9827]

Jen, assuming thats your name, crazy idea for you!! You Ready?? Might want to sit down for this. ...I didnt hear you say "Yes" to "You Ready?" ...All good, gonna assume the best(as always), and picture you screaming "Yes, Now tell me!" ha TRY BOTH WAYS!!!! I know, I know its Cray Cray thinking! But with the new thing, called Internet, you can try practically anything!! Bonkers Rights!! OK, Enough Davy! But JEn, seriously try multiple ways, get bold with ideas and try them. There is no "RIGHT/Correct" way! See what works for you, your business, and your audience/clientele. I am known for being wicked sarcastic, hope you werent offended by my joking, its not to insult(unless you come for a friend in angst.😉) Best Wishes @DavySTUN

[@tommasopittarello]

One of the most important elements that you didn't mention is the fact that you conducted as a very credible Key Person of Influence (founder of Dent and Scoreapp and many other things). Being a KPI was crucial for the investors.

[@DanielPriestley]

It’s true, being a KPI makes everything else work. Fortunately I know a guy who can help you with that too!

[@CaribbeanEmbassyUKTV]

0:15 - Step 1, The Idea 1:06 - Step 1.1, Waiting List 1:51 - Step 1.2, Survey 2:48 - Step 2, Analyse the Data 3:20 - Step 3, Talk to Investors 4:52 - Step 4, Developing 5:57 - Step 5, Launching The Product

[@DougPeris1]

Dan...what a great story. I have missed your wisdom since the early days of KPI in Singapore. This video has sparked some ideas for me. Cheers.

[@infamousboxer]

Daniel is a BEAST!!

[@bztrd80]

Thank you for sharing! This is very very valuable. Would it be possible to know a little bit about the timing of the process? Especially from the moment you began collecting your data through the waiting list. Thank you!

[@KCNwokoye]

Daniel is such a good teacher and hard worker. Thank you for all the knowledge you share.

[@KeyPersonOfInfluence]

Thanks for watching!

[@CREATIVECOMM.]

Amazing. Thank you

[@wv13]

This is an awesome format of video, thanks, Dan and the team Also I love this for sharing the website so we can check what information you shared on the landing page, because it really matters in terms of conversion rate of this whole idea

[@leadgenjay]

The strategy of using a waiting list to validate your business idea is brilliant. For entrepreneurs, remember that the quality of your waiting list matters too; segment your audience early to identify your most engaged potential customers. This can lead to a more targeted and successful product launch.

[@_KNUCKLE.]

My challenge is finding out how to get in front of potential investors. I wouldnt know where to start! Another great vid Daniel, thanks for sharing 👊🏽

[@dougnew5924]

You’ve had a major impact on me Daniel

[@KeyPersonOfInfluence]

Good to hear!

[@dougnew5924]

@@KeyPersonOfInfluence teaching is at the heart of the challenge to conventional economic wisdom across the planet

[@tomholscher8279]

Great video! Would really appreciate your ideas on a specific case. How would apply the thinking in a crowdfunding campaign for a movie?

[@MichaelWilliams-lo3ix]

Awesome

[@esrakokel3517]

Thank you Dan. It is a great steps that you explain. I have a question I have a great business idea but if I do not have many people to connect. Do I still go for it or do I need to wait to become a KPI then I may miss the opportunity?

[@RobMcTaggart]

Congrats, Dan! This is a great overview. How long did it take between the initial waiting list and the launch?

[@DanielPriestley]

4-5 months

[@YasirKhanCoaching]

Is there a difference between a waitlist and collecting emails? What if people are interested in the survey but not receiving emails about the product launch itself? Do you email the audience and send them the survey separately?

[@DavidReillyletslearndigital]

I really like this case-study, thanks for sharing Dan My question to you; what tool did you use for creating a suitable landing page? Any recommendations appreciated How much volume of original sign-ups do you need to make this research credible?

[@MartinHuntbach]

He used ScoreApp, its free

[@KeyPersonOfInfluence]

www.scoreapp.com/ it's free to get started. You should aim for 30-150 people to get accurate data from the audience. Thanks for watching

[@DanielRoPhotos]

I'm surprised that 1,100 people signed up for the waiting list and don't know that ChatGPT or Gemini can already write books for them AI tools like Jasper AI do this already as well

[@KeyPersonOfInfluence]

BookMagic doesn't write the book for you. This is deliberate. The team at RethinkPress have been helping entrepreneurs to publish books for years. They have methods and systems to create effective books that get clients. BookMagic helps you to plan and structure your book using their years of experience.

[@alexdez9186]

Where do I post my waitlist? Does it matter if you're completely new or haven't posted to your social media platform (in a long time) you want to post the waitlist on?

[@GingerMathematician]

I have been thinking about an idea to train students to become Maths tutors via my Ginger Mathematician brand - would a landing page in the same style as the video be the first step?

[@nancyng9426]

Your idea of business is superb 🎉 what you think if my business is traditional service .."office n pantry supplies to offices " how can we get investors into us if we wish to turn to ecommerce platform and to make western Companies more convenient to get products from Asian markets.??

[@egorpetrov3156]

I’ve listened to this case study a few times now. And just like with score card, I struggle to apply it to my business. I’ve actually got a great idea now for the score card now, so I’ve figured it out and once I execute it I’ll share my experience. But, in case of a waitlist, I feel like you got a lot of hits not only because it was a great idea but also because you’re a ‘key person of influence’. Which I am not, yet. So how do I get enough exposure or where do I look for it to be able to understand if there’s enough interest from the public in, say, investing in my company? Do I first build my database and then do this? Or is there a quicker way?

[@KeyPersonOfInfluence]

This video will help you get leads if you do not have a big audience kzbin.info/www/bejne/qnmXpJipd9l0grM&t=

[@workandfamily]

How big was the audience you put the social post out to?

[@panthera_designs]

Please fix your workshop registration for the 21-day sprint because it will not register me and wont send me any emails. I have tried to get in contact and am not sure how else to.

[@AnonyMummy]

A little surprised so many original wait-listers sustained interest over a long enough period to become early buyers ... What sort of contact did you maintain over what period to keep their interest warm?

[@KeyPersonOfInfluence]

Not as many emails as you might think. This was very much a test to see if the idea had legs. In general, you should have more emails scheduled. We recently wrote a 19-part email sequence for a waiting list that you can use www.scoreapp.com/waitlist-email-sequence/

[@wanistani]

When you posted it on linked it in - was it a sponsored ad?

[@KeyPersonOfInfluence]

No, we didn't sponsor it.

[@debasmitabasu_456]

The key learnings from the video are as follows: The speaker shared a case study on how he raised $250k for a new business idea using a waiting list. Here are the key steps: Step 1: Conduct a test. Launch a waiting list to see if there is enough interest in the idea. In this case, the speaker created a landing page with a brief description of the AI tool that helps people write books and asked people to join the waiting list if they are interested. Step 2: Analyze the data. Analyze the data collected from the waiting list to understand how many people joined, what they are willing to pay, and what problems they are trying to solve. In this case, over 1100 people joined the waiting list and were willing to pay $50-$100 per month. Step 3: Talk to Angel Investors. Present the data and business plan to Angel Investors. In this case, the speaker presented to a few dozen Angel Investors and got funded by a group of them for nearly $250k. Step 4: Develop the product. Use the idea to build the product based on the feedback from the waiting list. The speaker also built a team and started ramping up the waiting list. Step 5: Launch the product. Do a soft launch to the people on the waiting list. The speaker did two zoom calls and demoed the software to around 800 people. He was able to sign up 200 people at £39 a month, achieving £100,000 in annualized recurring revenue.