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Napkin Math
Charlie & Sabba
19 episodes
1 day ago
Join Sabba Keynejad (co-founder of VEED.io) and Charlie Ward (founder of Ramen Club) as they dive deep into the world of startups, AI, and the latest tech trends. These two legends of the London indie scene bring their no-nonsense, real-world insights to help founders, builders, and indie hackers navigate the highs and lows of entrepreneurship. Expect candid conversations, actionable takeaways, and the occasional hot take on where the future of business is headed. Whether you're bootstrapping your way to success or scaling your next big idea, Napkin Math is your go-to podcast for unfiltered discussions on what it really takes to win in the startup game.
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Entrepreneurship
Technology,
Business
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All content for Napkin Math is the property of Charlie & Sabba and is served directly from their servers with no modification, redirects, or rehosting. The podcast is not affiliated with or endorsed by Podjoint in any way.
Join Sabba Keynejad (co-founder of VEED.io) and Charlie Ward (founder of Ramen Club) as they dive deep into the world of startups, AI, and the latest tech trends. These two legends of the London indie scene bring their no-nonsense, real-world insights to help founders, builders, and indie hackers navigate the highs and lows of entrepreneurship. Expect candid conversations, actionable takeaways, and the occasional hot take on where the future of business is headed. Whether you're bootstrapping your way to success or scaling your next big idea, Napkin Math is your go-to podcast for unfiltered discussions on what it really takes to win in the startup game.
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Entrepreneurship
Technology,
Business
Episodes (19/19)
Napkin Math
B2B SaaS lessons from breaking your leg, VEED's new CTO and AI launch

After spending weeks in hospital with a broken leg, Charlie has had plenty of time to think about B2B SaaS lessons for the pod, and he delivers. The chaps also chat about VEED's new CTO hire, their Fabric 1.0 launch and brainstorm existing businesses that could inject AI to get to $100m quickly.

Timestamps

  • 00:00 Intro
  • 02:07 B2B SaaS lessons from breaking your leg
  • 19:50 Why VEED hired a new CTO
  • 25:15 VEED Fabric Launch
  • 32:03 Existing companies that could inject AI
  • 35:29 Shift to usage based billing
  • 39:48 Why courses are hated
Show more...
1 week ago
41 minutes

Napkin Math
Crazy Figma IPO, why VPNs have become VERY popular and is DeepMind the best acquisition of all time?

Today Sabba and Charlie break down the Figma IPO and speculate on which company will be the next Figma. They question whether the chat interface for AI is outdated, and debate if DeepMind might be the greatest acquisition of all time, plus who’s most likely to win the AGI race. They also dig into the UK’s online safety act, why VPNs are booming, and wrap up with a very cheeky “recording blocker” startup idea.

  • 00:00 Intro
  • 01:21 Figma IPO
  • 10:32 Who will be the next Figma
  • 17:25 "Tea app", Uber for X, Tinder for X etc...
  • 27:25 Is the chat interface for AI archaic?
  • 31:08 Is DeepMind the best acquisition of all time?
  • 34:29 Who will win AGI?
  • 37:01 UK's online safety act and the business of VPNs
  • 45:50 Recording blocker free startup idea
Show more...
1 month ago
48 minutes

Napkin Math
How VEED founder uses ChatGPT, Duolingo's $1billion freemium masterstroke and more AI chat

Sabba talks about how he uses ChatGPT, Charlie talks use cases for Claude Code and the duo debate whether the UK is an impossible place  to bootstrap. Sabba also share lessons on hiring top talent early, and dissect Duolingo’s $1billion freemium play (with a  15% churn rate) before comparing it to VEED’s freemium vs free trial approach.

  • 00:00 Intro
  • 00:28 How a VC-backed founder uses ChatGPT
  • 06:52 Use cases of Claude Code
  • 13:25 Napkin Math AI Animation
  • 16:14 Is the UK impossible to bootstrap?
  • 20:34 Hiring great talent early on
  • 25:31 Duolingo's $1billion freemium approach with 15% churn
  • 36:04 VEEDs approach to freemium vs free trial
Show more...
1 month ago
40 minutes

Napkin Math
Loveable's insane raise, how to make $1m with eSIMs and breaking down the most effective growth channels

The boys are back talking about Loveable's insane growth and $200m raise, the dangers of founder liquidity, plus more AI chat (of course). Charlie turns Sabba into BusinessGuruGPT prompting him with how he'd grow an eSIM business to $1m in a year. All this, and more, in this week's episode of NAPKIN MATH.

Timestamps

  • 00:00 Intro
  • 00:30 Loveable raises $200m
  • 05:58 Jason Lemkin's Replit disaster
  • 09:38 Takeaways from Loveable's raise and the future of AI companies
  • 15:53 Generative content opportunities
  • 18:19 Making £1m from e-sims
  • 30:17 Founder liquidity
  • 40:14 Focusing on a single growth channel
  • 45:25 Are AI influencers important in the future of marketing
  • 48:34 Should we be worried about the AI backlash?
  • 53:30 The seasonality of SaaS
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2 months ago
56 minutes

Napkin Math
Make £26k profit with fans, Ahrefs for LLMs and print money with an AI automation consultancy

Sabba and Charlie kick things off with some napkin math on how to make £26k per year in pure profit selling fans, then dive into a the real money maker; an AI automation consultancy. They talk about the rise of the “VEED (or Indie Beers) Mafia,” and discuss JB's Ahrefs-style tool for LLMs. 

  • 00:00 Intro
  • 00:20 Portable fan Napkin Math
  • 09:22 Startup idea: AI automation consultancy
  • 15:28 AI for marketing
  • 17:40 The VEED Mafia (Indie Beers Mafia)
  • 19:41 Ahrefs for LLMs
  • 25:16 Why in person events are so important
  • 28:20 The new Perplexity browser
  • 36:05 Why Charlie is pausing his SaaS
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2 months ago
41 minutes

Napkin Math
Figma going public, SaaS lessons from 50 Cent and the business of Glastonbury (and will Ramen Club become a nation state?)

After a hiatus that included a weekend at Glastonbury and a failed recording, the boys are back, and they are on fire. They break down the business of the Glastonbury festival and some new startup ideas around it, they talk about the Figma S1 filing and the insane numbers behind the software platform and Charlie talks about the future of Ramen Space potentially becoming a nation state.

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2 months ago
51 minutes

Napkin Math
Small bets are a terrible idea and how VEED ranked for "AI Video Generator" (SEO Playbook)

On this episode of Napkin Math, Sabba and Charlie explain why “small bets” are a terrible idea for most founders. They unpack how VEED ranks #1 for “AI video generator” (and other competitive keywords), explore Ben’s idea for a dream analysis app, the surprising business case for astrology, and how AI agents could thrive in markets like Nigeria. Sabba also shares why he believes the global adoption of stablecoins is inevitable.

Timestamps:

  • 00:00 Intro
  • 00:51 Small bets vs single focus
  • 11:03 How VEED ranks number one for highly competitive keywords
  • 18:32 Ben's dream analysis app
  • 23:48 The business of astrology
  • 29:25 AI agent app in developing markets (Nigeria)
  • 37:17 The adoption of stable coins globally is inevitable - Sabba
  • 41:26 Quick fire round
Show more...
3 months ago
43 minutes

Napkin Math
SaaS lessons from Trump & Musk falling out, TikTok shop business opportunities and why you need to reinvent yourself

There’s been a major catfight on the internet this week: Trump vs. Elon. So, Charlie did what any good podcast host would do and distilled the best lessons SaaS founders can take from the drama. The guys also share feedback from listeners, chat about opportunities in TikTok Shop, discuss why companies need to reinvent themselves, and of course, Charlie gets Sabba into trouble.

Timestamps

  • 00:00 - Intro
  • 00:32 - B2B lessons from Trump x Musk fallout
  • 03:41 - Napkin Math guest feedback
  • 12:51 - When did VEED get product market fit
  • 15:15 - VEED's 24 hour hackathon
  • 18:24 - Why companies need to reinvent themselves
  • 25:28 - The future of AI for VEED and 11 Labs
  • 31:55 - Business opportunities in TikTok Shop
  • 43:07 - Will ChatGPT be the operating system for AI?
  • 45:56 - Evolution of seat based billing
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3 months ago
50 minutes

Napkin Math
The cost of VEED's video AI model, did Slack just kill Charlie's SaaS? and LLM business ideas

Fresh off the launch of VEEDs new AI, Sabba is excited about the company having built their own fully fledged AI model, so breaks down how much it cost to build it. Charlie, meanwhile has had some bad news about his SaaS app, Cosy, potentially being killed off by Slack's new restrictions. The chaps also fire off some "Loveable for X" business ideas, with the main opportunity in gaming.

  • 00:00 Intro
  • 00:30 VEED AI video launch 
  • 06:17 How much does it cost to build VEEDs AI video engine
  • 13:05 Platform risk for Charlie's app, Cosy
  • 21:44 Is Apple's 30% cut a good thing?
  • 28:38 Lovable for X business ideas
  • 40:58 VEEDs hackathon
Show more...
4 months ago
45 minutes

Napkin Math
Google's impressive AI launch, Jony Ive's $6b Open AI deal and Sabba's breakfast at the PMs house

The boys have made it to 10 episodes, somehow. They are still talking about AI, this time after the impressive Google Gemini launch they discuss the possibilities (including getting a new podcast co-host). Sabba talks about the pastries he had at 10 Downing Street and if they think Jony Ive's $6bn Open AI deal is worth it.

Timestamps

  • 00:00 Intro
  • 00:39 Google's new AI launch
  • 09:12 Future challenges of AI video
  • 16:29 AI powered podcasts
  • 24:02 Claude 4 release
  • 27:43 Jony Ive x Sam Altman
  • 37:48 Sabba's Downing Street breakfast
  • 43:17 Charlie talks AI agents with Monzo ex-CTO
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4 months ago
49 minutes

Napkin Math
Opportunities in the running space, how to stick to ideas and Dracula's castle

Charlie is back from Dracula's castle and Sabba is back from running a marathon. They are both arriving inspired. They do some Napkin Math on the economics of the running industry and the opportunities there, and how long it will be before they can pump out daily Dracula movies.

Timestamps:

  • 00:00 Intro
  • 04:00 Marathon running breakdown and opportunties
  • 12:35 Runna acquisition Napkin Math
  • 25:18 Building interesting things vs networking
  • 28:31 How to stick to ideas
  • 40:08 How long before we can make feature length AI films
  • 54:32 Ramen Club launch party
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4 months ago
58 minutes

Napkin Math
Why you aren't working hard enough, big podcast update and a hack for creating luck

After 7 beautiful episodes, the MRR show is dead. But fear not, Napkin Math is born from its ashes. Sabba and Charlie discuss the performance of the show, dig into where Sabba invests his angel money, do a business breakdown (some actual napkin math) before going on a tirade on founders why founders aren't working hard enough...

Timestamps

  • 00:00 Intro
  • 00:23 New podcast name
  • 05:27 Podcast growth numbers
  • 16:22 Listener Labs napkin math
  • 23:49 Sabba's angel investing strategy
  • 28:03 Sabba's lunch hack
  • 36:23 How hard do founders need to work?
  • 46:50 Long term vs short term revenue
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5 months ago
58 minutes

Napkin Math
AI image generation opportunities, how to make an entertaining video and are trade shows worth it for VEED?

Sabba is tired after being at a trade show all week for VEED, but was it worth it? Sabba and Charlie discuss the cost and results. But there's nothing better than a pick me up recording with BBQ crisp-eating Charlie Ward, who finally has some MRR for his SaaS app. The chaps talk all things AI, opportunities, SaaS drama and more.

Timestamps

  • 00:00 Intro
  • 01:20 How much does a SaaS trade show cost?
  • 05:56 What makes an entertaining video according to VEED
  • 09:32 Rippling vs Deel drama update
  • 11:29 AI image generation opportunities
  • 16:24 Sabba gets upset
  • 19:30 Cool opportunities in the AI image generation space
  • 22:13 AI products to help user research
  • 28:35 Other AI ideas
  • 32:08 Will we get AI fatigue?
  • 33:01 Scam call curiosity
  • 35:34 Loveable 2.0 release
  • 43:41 Charlie has some MRR
  • 46:33 Matthew McConaughey's audiobook
Show more...
5 months ago
49 minutes

Napkin Math
Making money from tariffs, bullish on the UK and the evolution of "make something people search for"

Sabba went to Sri Lanka and came back with fire in his belly. He's ready to make money from the tariffs and so he discusses with Charlie how he'd do it. This got them thinking about the lack of energy in the US at the moment, and why they're bullish on the UK as a place to build. They wrap up talking about the biggest mega trend to make money with in 2025.

Timestamps

  • 00:00 - Intro
  • 00:27 What Sabba learned about business in Sri Lanka
  • 03:10 VEED's billboard ad cost and results
  • 07:38 Tariffs chat
  • 11:33 Making money from the tariffs
  • 15:25 Europe vs USA vs UK
  • 20:34 The evolution of "make something people search for"
  • 23:27 Sabba's mega trend - AI wrappers
  • 32:17 The future of AI products
  • 37:50 Charlie's coworking space update
  • 44:49 Charlie's vending machine business
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5 months ago
47 minutes

Napkin Math
The $100m ARR future of VEED, 11x drama and do you need an audience?

B2B SaaS drama has got spicy recently, with both 11x and Deel making headlines. Sabba and Charlie give their take on why the companies got in hot water and if it's justified. Sabba also gives his thoughts on the future of VEED as they storm towards their $100m ARR goal and what happens next for the company.

Timestamps

  • 00:00 MRR Show 005
  • 01:06 Harry Dry's marketing course
  • 08:02 The 11x drama
  • 14:16 Deel drama
  • 17:50 Do you need an audience?
  • 24:55 Loom exit
  • 31:55 The future of VEED
  • 35:01 Studio Ghibli virality
  • 39:47 The future of AI image generation
Show more...
5 months ago
43 minutes

Napkin Math
UK vs US for startups, Charlie's new coworking space and VEED's NYC subway advertising breakdown

This week Sabba and Charlie still struggle to get their audio recorded properly* but the content is top notch. Dubbed the UK's answer to My First Million, the two kick off with debating if the UK is better than the US for building a startup. Sabba questions Charlie's sanity starting a coworking space in London, before explaining how much VEED spent on bright green advertising on the NYC subway.

  • 00:00 Intro
  • 00:04 Charlie almost gets robbed by a creative director
  • 03:25 Is the UK a good place to build a startup?
  • 16:09 What to do when you're successful but unhappy
  • 24:45 Charlie's new coworking space
  • 38:34 One thing vs multiple projects
  • 44:33 Breakdown of VEED's NYC subway ad

*(salty Producer James writing this)

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6 months ago
52 minutes

Napkin Math
ADHD product opportunity, Third Space for martial arts and Project Europe

Charlie and Sabba are back three weeks later for their weekly podcast, bringing you some banger business ideas. The chaps dive into Exploding Topics and discuss opportunities in ADHD, creating a Third Space style martial arts gym and building a better dentist. They're also bullish on Project Europe.

Timestamps:

  • 00:00 Intro
  • 02:39 VC fund for consumer brands
  • 05:23 Charlie's consumer trend idea
  • 22:45 Innovating in the health space
  • 24:48 High end martial arts gym
  • 33:38 AI Agents
  • 43:18 Model Context Protocol
  • 49:24 Project Europe
Show more...
6 months ago
57 minutes

Napkin Math
Directories, a d*ck measuring app and a sure-fire $10k MRR idea

Charlie and Sabba are back, fighting through a challenging remote connection, bringing you a cracking set of business ideas. Charlie brings a few interesting product discoveries from Indie Beers in Lisbon and Sabba stumbled across a $5-10k MRR idea while in a Ford Fiesta.

Timestamps

  • 00:00 The MRR Show ep 2
  • 01:28 D*ck measuring app
  • 03:52 Funeral directory business
  • 08:16 Feedback on episode 1
  • 13:48 Car error code business idea
  • 23:02 How to find new business ideas
Show more...
7 months ago
30 minutes

Napkin Math
(Pilot) AI pets, growth for free and why you should start a sauna

Hello and welcome to the pilot episode of The MRR Show, with Charlie Ward and Sabba Keynejad. Charlie is the founder of Ramen Club and Sabba is the co-founder of VEED.io. The duo are coming together for this pilot episode, to share their thoughts on SaaS, tech and startups, from the perspective of two successful founders with Charlie being the heart of the london indie community and Sabba running an 8 figure VC backed SaaS. AI is a prominent feature in this first episode, talking about meetups, fine tuning LLMs and being able to talk to your dog.

Timestamps

  • 00:00 - Intro
  • 01:35 - AI Events
  • 04:30 - is Meetup full of grifters?
  • 08:18 - Who is going to be the next billion $ company?
  • 11:18 - Competing against AI
  • 16:56 - How to capitilise on the AI tool trend
  • 24:19 - Character.ai
  • 30:37 - Fine tuning LLMs
  • 35:44 - Loveable for X
  • 37:46 - Build something people search for
  • 41:12 - Micro tool strategy
  • 46:46 - Should you have a free plan 
  • 50:34 - Peach.ai
  • 52:12 - Sabba's local sauna
Show more...
7 months ago
58 minutes

Napkin Math
Join Sabba Keynejad (co-founder of VEED.io) and Charlie Ward (founder of Ramen Club) as they dive deep into the world of startups, AI, and the latest tech trends. These two legends of the London indie scene bring their no-nonsense, real-world insights to help founders, builders, and indie hackers navigate the highs and lows of entrepreneurship. Expect candid conversations, actionable takeaways, and the occasional hot take on where the future of business is headed. Whether you're bootstrapping your way to success or scaling your next big idea, Napkin Math is your go-to podcast for unfiltered discussions on what it really takes to win in the startup game.