How Dr. Kerstin Oberprieler Used Her Expertise to Grow and Sell a Six-Figure SaaS Business

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Growing and exiting an online business is a life-changing experience. Dr. Kerstin Oberprieler spent about six years growing a SaaS business before selling it to have more time with her family when her first child was born.

Dr. Kerstin’s experience and passion for gamification led to the 2016 launch of PentaQuest, a platform that unlocks employee motivation. In this interview, she shares the keys to PentaQuest’s growth and the reasons for selling the business in 2022. Read on to learn how she achieved this six-figure exit from her first experience with a SaaS business.

Please tell us about your background and an overview of PentaQuest.

I’ve always been fascinated with human behaviour. Growing up in a multicultural environment, often interacting with people who spoke different languages, taught me to read behaviour. It was fascinating to me how different cultures shape beliefs and behaviour. 

So I studied psychology and business, and when I came across gamification it was a ‘light bulb’ moment for me about how to connect individual psychology with the system and the culture of business. This is how the concept of PentaQuest was born – a gamified experience for staff that rewarded behaviour that was beneficial for culture.

Most organisations have incentive systems in place to reward things like billable hours or business targets, but they often lack a formal way to reward staff who contribute positively to culture, learning, and business reputation. The very first version of PentaQuest was designed to reward staff for these types of behaviours.

What was your motivation for starting PentaQuest?

The early versions of what became PentaQuest were designed to solve a problem in a business that I cared about. I did this because it was fun and made an impact. But I’d wanted to run a business of my own for many years, so when people would walk past the colourful physical leaderboard in the office and say things like “This is cool, I could use this for my team!” It became clear that there was value in what we’d designed. 

Realising that in order to make this gamified experience scalable required it to be digital was a catalyst for starting a business set up specifically for this SaaS business model. 

How did you grow the business and find clients?

We found clients through my profile, tenders, and speaking engagements. I’d been working in the gamification space for a while and had done a TEDx talk, so I was building a reputation and brand for gamification design.

We also read through tenders put out by companies and got our first big breakthrough, a government tender that was specifically looking for a gamified platform for their staff. And we also got clients through speaking at conferences and other presentations. 

What were some of the major obstacles you had to overcome, and how did you do it? 

Start-ups are hard, and we faced many challenges. These included managing cashflow early on, the concept of gamification being new and needing to explain it to clients, building a SaaS platform from scratch (something I hadn’t done before), and some gender bias in the tech and start-up space that makes it more challenging if you’re a woman.

It takes a lot of grit and determination to run a business, so it certainly tested me and pushed me to grow as a person as well as to learn new skills. This is only possible when you have a supportive network around you, and I’m forever grateful to my Co-Founder David Ireland, the PentaQuest board and investors, and the PentaQuest team for sharing the journey. And, of course, our clients, without whom the whole journey would not have been possible. 

What were the keys to your success with the business?

Having a clear vision and passion is key to navigating the challenges. I knew that we had something special and we had the talent and skills to share it with the world. Staying true to this was definitely part of the success we had. 

I was also appreciative of my networks, particularly the Canberra Innovation Network, which connected me with other founders and early start-ups. These networks are important for exchanging knowledge, getting support, and more. 

Why did you decide to sell PentaQuest?

It was a really tough decision to sell PentaQuest because I had poured my heart and soul into the business for many years. But I was expecting my first child and wanted to give the early days with him the time and space they deserved. I managed to sell PentaQuest and hand it over to the new buyer two weeks before my baby was born! 

What can you tell us about your experience selling the business through Flippa?

Flippa was fantastic! It was a very easy way to put the business up for sale. Flippa helped me get in touch with potential buyers all over the world, shortlist them, and close the deal. 

I wasn’t sure at first how it would go, but within a few days I had over 30 interested parties that I then shortlisted and spoke with those parties, until finally deciding on the best buyer that had aligned values and offered the best deal.

I recommend Flippa to online-based businesses looking to sell and investors or buyers of businesses. 

What did you learn through your experience with PentaQuest?

So much! As anyone who has run a business knows, it’s hard work that pushes you in every way. PentaQuest made me grow as a person, a business owner, a leader, an innovator, and a designer. It was exciting to be part of the early days of gamification and to push the forefront of creating engaging experiences that shift positive behaviour and culture change. 

I loved working with our clients and team and will forever be grateful for the wonderful experiences and connections I made. 

What are you working on now?

I’m working on a variety of behaviour change and gamification projects, which I absolutely love. So, I’m very much working in the same problem space but doing it through design consulting instead of a SaaS platform. I love being able to apply creativity, scientific rigour, and passion to work with my clients to solve problems and make an impact. 

I’m very excited to be writing a book on behaviour change and gamification. It’s a practical guide in a fun format that shares my PhD research and a decade of practical experience applying gamification. 

To learn more about Dr. Kerstin Oberprieler or get in touch with her, please visit her DrKerstin.com.

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